Ceinsys Tech Ltd — Important, 08-06-2026: Company Update

Ceinsys Tech Ltd.

Registered Office: 10/5, IT Park, Nagpur-440022.

Maharashtra, India I CIN: L72300MH1998PLC114790

info@cstech.ai I EPABX: +91 712 2249033/358/930 Fax: +91 712 2249605

www.cstech.ai

Date: June 8, 2026

To,

National Stock Exchange of India Limited

Exchange Plaza, Plot No. C/1, G-Block Bandra Kurla

Complex, Bandra (E) Mumbai – 400 051

Trading Symbol: CEINSYS

To,

BSE Limited

Phiroze Jeejeebhoy Towers Dalal Street Mumbai –

400001

Scrip Code: 538734

Subject: Submission of Transcript of Q4 FY2025-26 Earnings Call held on June 3, 2026

Dear Sir/Madam,

Further to our letters dated May 28, 2026, June 3, 2026 and June 8, 2026, regarding the Q4 FY2025-26

Earnings Call hosted by Arihant Capital Markets Limited on Wednesday, June 3, 2026, at 12:00 PM (IST) to

discuss the Audited Financial Results of the Company for the quarter and year ended March 31, 2026,

please note that due to an inadvertent error, instead of submitting the transcript of the earnings call, the

attachment uploaded with the captioned subject which was submitted earlier today i.e. on June 8, 2026,

contained the link to the audio recording of the earnings call, which was already submitted earlier vide

letter dated June 3, 2026, within due time.

We are now submitting herewith a copy of the Transcript of Q4 FY2025-26 Earnings Call hosted by Arihant

Capital Markets Limited, on Wednesday, June 3, 2026 at 12:00 PM (IST) to discuss the Audited Financial

Results of the Company for the quarter and year ended on March 31, 2026, with the Management of the

Company.

Please note that the audio link submitted vide letter dated June 3, 2026, and June 8, 2026, are same and

remains unchanged.

You are requested to kindly take the same on your records.

Thanking you,

Yours faithfully

For Ceinsys Tech Limited

Pooja Karande

Company Secretary &

Compliance Officer

M. No. A54401

Enclosure: As above

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“Ceinsys Tech Limited

Q4 FY26 Earnings Conference Call”

June 03, 2026

MANAGEMENT: MR. KAUSHIK KHONA – MANAGING DIRECTOR-INDIA

OPERATIONS – CEINSYS TECH LIMITED

DR. ABHAY KIMMATKAR – MANAGING DIRECTOR --

CEINSYS TECH LIMITED

MRS. AMITA SAXENA – CHIEF FINANCIAL OFFICER –

CEINSYS TECH LIMITED

MODERATOR: MS. ANANYA MUKNE – ARIHANT CAPITAL MARKETS

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Ceinsys Tech Limited

June 03, 2026

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Moderator: Ladies and gentlemen, good day and welcome to the Ceinsys Tech Q4 FY26 Earnings

Conference Call hosted by Arihant Capital Markets. As a reminder, all participant lines will be

in the listen-only mode and there will be an opportunity for you to ask questions after the

presentation concludes. Should you need assistance during this conference call, please signal an

operator by pressing star then zero on your touchtone phone. Please note that this conference is

being recorded.

I now hand the conference over to Ms. Ananya Mukne from Arihant Capital Markets. Thank

you, and over to you, ma'am.

Ananya Mukne: Hello and good afternoon to everyone. On behalf of Arihant Capital Markets, I thank you all for

joining into the Q4 FY26 Earnings Conference Call of Ceinsys Tech Limited. Today, from the

management, we have Mr. Kaushik Khona, Managing Director, India Operations; Dr. Abhay

Kimmatkar, Managing Director and Mrs. Amita Saxena, Chief Financial Officer.

So without any further delay, I hand over the call to Mr. Kaushik for his opening remarks. Over

to you, sir.

Kaushik Khona: Good afternoon everyone. It's a pleasure to welcome you at this Earnings conference call for the

fourth quarter and the full year ended financial year 2025-26. Let me at first thank our host of

today's con call M/s. Arihant Capital. We have a pleasure to present the best quarterly and

financial results of the company for the year ended 31st March 2026.

In the interest of some of the people who may be new to the company, let me first start by giving

you a brief overview of the company, followed by the performance highlights of the quarter and

the year under review. Ceinsys Tech has been rebranded to CS Tech AI, while the corporate

name remains as Ceinsys Tech Limited.

We are a leading technology solution provider in the IT-enabled sector, providing engineering

and technology solutions in the infrastructure domain. We are acclaimed for our expertise in

geospatial engineering as well as other engineering services and solutions. We offer a broad

range of geospatial intelligence services, including data creation, data analytics, decision support

system and enterprise web solutions.

After the acquisition of mobility business of Allygrow in 2022, we acquired geospatial business

of VTS in U.S.A. in the year 2024, which was majorly operating into telecom domain. Since

then, we are identifying some more targets for the inorganic growth to expand our horizons into

the domains where company is already operating.

That is the geospatial engineering services and the technology solutions for which the company

has already mobilized around USD28 million. We serve prestigious global clientele that include

large corporates, OEMs, asset management companies and government bodies, highlighting our

robust reputation in both geospatial and manufacturing sectors.

With offices in India, U.S., U.K. and Germany, the company combines local expertise with the

brand international reach. Additionally, the company has initiated and invested into development

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of product solutions focused on the infrastructure vertical and emerging technologies through

new vertical focused on artificial intelligence and machine learning and embedded electronics.

This vertical emphasizes the development of the AI and ML-enabled applications and solutions

to enhance our delivery from the -- for the existing domains at the outset, reflecting the

company's commitment to innovation and maintaining a competitive edge in a dynamic

technological landscape.

Now let me come to the highlights of our financial and operational performance for the fourth

quarter and the year ended 31st March 2026. We have delivered a best-ever quarterly

performance, marking continued sequential improvement and extending our growth momentum

over the last 8 quarters.

For the quarter under review, the operational revenue stood at INR171 crores, registering a

strong growth of 20% year-on-year EBITDA for the quarter increased significantly by 50% year-

on-year to INR40 crores with EBITDA margins improving to 23.6%, representing an expansion

of 475 basis points compared to the corresponding period of the last year.

Net profit for the quarter stood at INR 37 crores, reflecting a robust growth of 70% year-on-

year. PAT margins also improved substantially to 21.8% and an expansion of 641 basis points

year-on-year. For the financial year 25-26, the operational revenue stood at INR 661 crores,

registering a strong growth of 58% year-on-year.

The EBITDA for the year stood at INR 145 crores, reflecting a robust increase of 86% year-on-

year, while the EBITDA margins improved significantly to 21.9% on a full year basis,

representing an expansion of 327 basis points over the previous year. Net profit for the year

stood at INR133 crores, delivering an exceptional growth of 111% year-on-year and the PAT

margins also surpassed 20% for the first time with an expansion of 507 basis points year-on-

year.

This robust performance was supported by strong growth across various business segments. For

the quarter under review, our Geospatial Engineering Services revenue increased by 75% to

INR102 crores. On the Technology Solutions side, the revenue slightly declined to INR 68 crores

and therefore, reflecting the mix of the 2 segments.

For the full year, our Geospatial Engineering Services revenue increased by 76% year-on-year

to INR 359 crores. Similarly, our Technology Solutions grew by 41% year-on-year to INR 301

crores. Demand for our offerings remains strong. During the quarter, we booked our new orders

aggregating to INR 62 crores, including mobility -- excluding mobility and product services,

taking our closing order book as on 31st March 2026 to a healthy number of INR876 crores.

At the same time, we have maintained discipline on working capital with our net working capital

cycle improved marginally to 157 days from 162 days of the previous quarter. Another key

highlight for the year was our strong cash generation. We delivered positive cash flow from

operations and further strengthened our balance sheet with the overall net cash balance

increasing to INR 248 crores as on 31st March 2026 from INR 123 crores a year ago.

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We continue to strengthen our order book by securing multiple orders across domestic and

international markets. Domestically, the company has secured a major contract from MHADA

of worth INR 41 crores for the development and maintenance of integrated project management

system and GIS-based digital platform, along with the service order from ISRO, which also

contributes to a 3-year subscription renewal.

On the international front, the company has received an order of INR 21 crores for the design,

supply and installation of Georgia Land Information System. And through our U.S. subsidiary,

we have secured a purchase order also for hybrid power transfer case amounting to INR 4 crores.

This is a result of a continuous business development efforts, which we are doing for the U.S.

operations. These wins reflect the breadth of our capabilities and our continued success in

securing large and strategic projects across multiple domains. We have been aggressively

working on building the pipeline for the new orders and we are expecting good confirmed order

book in quarter 2, quarter 3 of this year.

There are many opportunities which could not be concluded due to several instance of code of

conduct in the last 12 months, but now we are seeing positive traction for those opportunities to

conclude in the near future. Overall, our strong financial performance, healthy order book,

improving cash position and continued success in securing strategic projects provide us with the

confidence on delivering sustainable growth and creating long-term value for all our

stakeholders. With this, now I open the floor for the question-and-answer session. Thank you.

Moderator: Thank you. We will now begin the question and answer session. Our first question comes from

the line of Ashish Soni with Family Office. Please go ahead.

Ashish Soni: Sir, first question is on the acquisition. You said 2 quarters back acquisition should be done by

sort of this timeframe. So what is happening on that front? And if you can elaborate what are --

when we can close an acquisition?

Kaushik Khona: Sure. So as you are aware, we have been targeting to get some inorganic growth, and we have

also been working for various opportunities which we have been tapping. In fact, the 2

opportunities which we were kind of tapping, there was some challenge as regards to the

business continuity, and therefore, we had to take a call not to pursue that. We have also been

pursuing a few opportunities.

And based on these opportunities, we find that the new opportunity which we are tapping right

now, there could be a closure of inorganic growth for the purpose of due diligence in next 1 or

2 quarters. The amount of INR 235 crores, which was mobilized had been earlier earmarked for

the particular 70%, 20% and 10% kind of scenario.

With the kind of options which we are getting, there may be a slight change in the requirement

of the funds, but that is why the Board has decided to slightly modify and instead of around INR

220 crores being – INR 210 crores for the purpose of acquisition and expansion, that has been

now restructured to also include the opportunities by way of joint venture, etcetera, which were

not earlier included. And therefore, that small changes are also being proposed for which the

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special resolution by way of postal ballot will be circulated. So there are some opportunities

which we are pursuing for which we are trying to find some changes, as already mentioned.

Ashish Soni: Okay. And regarding management changes, Suraj sir left, whatever little I know. So what is the

plan? Are we searching for some senior leadership because I think he was given last U.S.

leadership. So what is the plan? And do you think you can maintain the growth rate what you

have seen in last 2, 3 years going forward in the next 2, 3 years?

Kaushik Khona: Certainly, a good question. In fact, we were expecting Suraj sir to contribute to a new vertical.

but as he decided to move on. In fact, we have remobilized and, I would say, restructured the

entire organization structure. And the U.S. business is also being -- we have already, I would

say, recruited three major senior positions in U.S, who are -- include who are doing the business

development as well as execution.

And our COO, Mr. Rahul is going to head that U.S. business delivery also. So -- and he has

already been performing on a year-on-year basis with a growth of more than 50% on a CAGR

basis. He has already developed his team at U.S., and he is also being taking control of the new

initiatives.

In fact, the two major businesses which you see, the INR 22 crores of Georgia and INR 4 crores,

which I just mentioned, are the result of the continuous BD efforts and also his involvement over

there. So I think we have got the new management team, although it is -- we have realigned the

management team to take care about the U.S. business, and we are seeing a very good traction

for the efforts which we already built in the last 3 to 4 quarters.

Ashish Soni: And the growth question, you said -- I asked that can you maintain the growth momentum what

we have shown in last 2, 3 years in next 2, 3 years?

Kaushik Khona: I'm sure that things are moving in the same direction. In fact, the kind of capabilities which we

have more -- we have developed. You can see that we have enjoyed a growth of almost 58%

CAGR in the last years, which is also part of our presentation. And we are hopeful while we are

already targeting to that, but we are hopeful that this growth momentum will continue.

Ashish Soni: And last thing, you spoke about the objective change for the preferential issue to include joint

venture. So any particular area you're lacking or it's a complementary to your thing, which you

are looking for? And will it give us a global reach or some clientele? I just want to understand

that perspective?

Kaushik Khona: So as of now, I would not be able to give you any further guidance. But yes, the kind of

acquisition which we are looking at are to acquire certain capabilities where there are some 2

options where there are industry leaders, and they are -- they may not be open for acquisition,

but they are open for alignment by way of a joint venture.

And therefore, this option is also being addressed. That is the only reason. And this is -- again,

we are not going to diversify from the existing businesses, which is Geospatial and Engineering

Solutions. We are going to fortify by enhancing the domains and also adding more clients by

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way of maybe having a good logos and all. So those purpose of acquisition and the inorganic

growth continue, the same.

Ashish Soni: And last question. What was the situation on receivables and the recovery from your

government. Because at AGM, we had a lot of issues last year. So can you elaborate how much

in terms of receivables left from that earlier thing and in terms of aging and where do you think

the recovery can happen?

Amita Saxena: Well, in case of recovery, we have a debtors of INR 153 crores outstanding as on 31st March

2026, out of which approximately INR 94 crores is less than 90 days. So you can understand out

of INR 153 crores, the INR 94 crores is the 61% quantum is less than 90 days. And less than 1

year, it was approximately INR 127 crores.

So the recovery of the aging, which we have more than 1 year is hardly INR 27 crores out of the

total INR 153 crores. So funds we are -- last year also, we have collected a lot of funds, including

JJM. And this financial also, we are targeting, and we are hopeful that we will be able to recover

our most of the funds from JJM and other projects also. So we don't foresee any problem in case

of recovery.

Ashish Soni: But the INR27 crores, which is more than 1 year, what's the challenge we are facing? Is this a

milestone or what exactly the challenge there?

Amita Saxena: So there are challenges, not maybe some are -- because of the milestone, other are because of

the government funds and sanctions, which we are waiting, and we are hopeful to get the same

in the same financial year 26- 27.Moderator: The next question comes from the line of

Kaushal Sharma with Equinox Capital Venture.

Kaushal Sharma: So my question is on your working capital side, I can see that your trade payable has increased

significantly during the year. So what was the key reason of?

Moderator: Sorry to interrupt, Kaushal, you're not quite clear. I would request you to use your phone on the

handset mode in case if you're on a hands-free mode.

Kaushal Sharma: Now is it audible?

Kaushik Khona: Yes, a little bit better, Go ahead, please.

Kaushal Sharma: Yes. So my question is on your working capital side, like the trade payable has been increased

significantly during the year. So what was the key reason? Did we renegotiate with our supplier.

And our unbilled revenue also increased significantly more than our revenue growth. What was

the reason over there?

Kaushik Khona: So if I can just address, first of all, the current liabilities. In most of the cases.

Amita Saxena: These are all back-to-back contracts. And once we will get the funds, even we will pay our

suppliers because we have the terms with them -- similar terms with them that once we will

realize our debtors, we will pay off our back-to-back contractors. That's why you might be seeing

that change in case of payables.

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Kaushal Sharma: Okay. What about the unbilled revenue?

Amita Saxena: Unbilled revenue, I think, yes, what you have pointed out is correct, that it has increased in this

financial year. But this is just because the milestones have not been achieved as on 31st March

2026, which may come up in this financial year, in this first quarter also and in the coming next

quarter also. We will be able to bill substantially out of this unbilled revenue because our

milestone, we will reach to the milestone of billing in this first and second quarter of this

financial year.

Kaushal Sharma: And sir, my next question is on your acquisition like you acquired VTS 2 years back. So what

is the current status and their revenue as of now and order book for the margin? What is going

on in the year?

Kaushik Khona: So VTS, we have invested a substantial amount by way of manpower, business development

efforts. And what we had earlier projected that this year, they -- in the FY 25-26, they were to

kind of enhance their revenue, which they have. But we are seeing the growth, we are expecting

the growth in this financial year after all the BD effort, which we had in last year.

So VTS, we may expect a good revenue jump. In fact, it may be more than 2x or more than 2x

from what we have achieved in the FY 25-26 on VTS. So we are expecting VTS to not only

contribute a turnover of more than INR 20 crores, but it could be also a profitable growth. So

we are quite -- and even quarter 1 is in line with the projection. So I think that has come out

quite well. We have been mentioning about this in the last 2 IR calls also that the business

development are being -- efforts are happening and that can come. So these are some of the

results of the continuous efforts.

Kaushal Sharma: So how much you get it can contribute in current financial year 26 and the profitability now?

Kaushik Khona: So in the finance year 25-26, the turnover was not significant. It was around INR 7 crores to INR

8 crores. And it was EBITDA positive. But after the BD expenses, it was negative because we

had incurred some of the BD expenses. And this, as I said, this year, we are projecting to be

more than INR 20 crores with a positive EBITDA and substantial positive EBITDA.

Kaushal Sharma: And sir, we have around INR 876 crores of order book. So what is the execution period that we

are expecting to execute this order book? And what is the order pipeline as of now in India and

as per the global level like you have the subsidiary in the U.S?

Kaushik Khona: So let me first clarify. There are 2 segments of business which are not mapped under the order

book, which is a mobility and a product solution. These 2 segments contribute, which is they are

an annual run rate kind of business where we further acquire new businesses and all. And these

contribute almost INR 150 crores of our total top line.

When we talk about the order book, the 861-- sorry, INR 876 crores order book, it is having --

there are various projects, which are having an execution pipeline of 12 to 18 months. And many

of these projects would have closed within this year. We will have a spillover order book going

into the next 2 to 3 quarters of the next quarter in some of the projects. So we expect order book

to substantiate for this financial year as well as 1 or 2 quarters next year. And the order pipeline,

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I'm sure, Abhay ji, if you are there, he can contribute. Otherwise, he was at a clients call. Are

you there, Abhay ji?

Abhay Kimmatkar: Yes. Are you able to hear me?

Kaushik Khona: Yes, we can.

Abhay Kimmatkar: Yes. So coming to the order book and pipeline, we've been doing a lot of hard work on that side.

Q4 and Q3, we did good homework and we have created some funnel. Unfortunately, Q4, we

couldn't have these closures. But Q1 and Q2, we have substantial order book to be closed. We

are L1 in few cases. And there are some delayed orders or extension of the existing orders. Those

are all in pipeline.

And we've been able to do some growth in some of the major departments in Maharashtra,

outside Maharashtra as well, primarily in the infrastructure space. We are also doing some

inroads in the power segment. So these 2 will in the two quarters, we'll see there's a lot of orders

coming into this particular domains.

Kaushal Sharma: Could you please explain quantum of the order book pipeline?

Abhay Kimmatkar: I can't tell you the numbers. But when I say at that last quarter, I couldn't close it. It should be -

- the next two quarters, we'll have our numbers whatever we have designed to fulfil in two

quarters. It may match up to last year's or adding more into that. So number what we closed will

be definitely more than what we have closed last year.

Kaushal Sharma: Okay, sir. And sir, the EBITDA margin has increased substantially, like 347 bps. So what were

the key growth drivers in this EBITDA? And is this margin sustainable in future?

Kaushik Khona: So I think if you see our presentation, you will see that EBITDA margins have not suddenly

increased. There is a constant, persistent efforts based on the last 8 quarters, you can see that

EBITDA margins have been increasing. -- and it's sustainable. I would say the reasons that

would be -- I would bracket it into three reasons.

One is that we have improved our delivery capacity. We are, therefore, trying to tap higher value

segment rather than going into the lower value segment of data acquisition. We are more into

solutions. That is one reason. Second is the skilling of the people, which we are enhancing.

In fact, if you look at the number of employees to turnover ratio, which was in the 2023-24, the

employees to turnover ratio was around 24 lakh. Today, we are talking around 55 lakhs. So it is

only because the people who have been able to deliver a have been getting a better skilled people

or we are getting a new skills for the existing people.

And third is, we are able to tap certain new technology segments, which are enabled by AI. So

in the year this year as well as in the coming year, we believe that there will be certain technology

initiatives, which will contribute to a substantial improvement in the EBITDA on a consistent

basis. I think these are some of the initiatives, which we believe that this could keep our EBITDA

at a sustaining levels.

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Moderator: The next question comes from the line of Ashwin Patil with AlphaStreet Intelligence.

Ashwin Patil: Good afternoon. My question is India accelerating.

Moderator: Ashwin, you are not quite audible.

Ashwin Patil: Hello. Now, sir?

Moderator: Yes, please go ahead.

Ashwin Patil: My question is India accelerating offshore oil and gas exploration. Do you see any meaningful

opportunity in GIS mapping, digital twin and survey project from the sector over the next few

years?

Kaushik Khona: We are certainly experts -- I would not say expert, but we have all the capabilities of the data in

the mapping, the 3D plan as well as the digital twin, and it applies to other segments. Now oil

and gas, we have not had any earlier any exposure, except for 1 exposure which we had from

U.S. and we are trying to find out if we can tap those opportunities.

However, these opportunities are typically taken by the oil exploring companies themselves, and

it takes a little more time to get more drill into the new businesses with those sectors. But we are

exploring those, including some of the opportunities which we are working for transport,

telecom as well as maybe defense and all other segments, which we are expanding our domain.

So oil and gas exploration has not been -- except for one contract, we have not got into the

contracts, but we are certainly capable of delivering the digital twin by the 3D mapping of the

area to be mapped. So we are working on those options as well.

Abhay Kimmatkar: Yes. So Ashwin, to add further, the other domains being Ceinsys have its presence of

prominence are growing faster than oil and gas. And oil and gas in India is steadily growing and

there are a lot of already benchmark solution, those are the technical side. But as what Kaushik

just mentioned, we are there for the digital twin side of the operations and that we will pursue.

But having said that, the others are growing and we are really jumping into those opportunity

space. So by comparing this case, you will find we are growing faster in other domains compared

to this particular domain.

Moderator: The next question comes from the line of Gunit Singh with Counter Cyclical PMS.

Gunit Singh: Sir, firstly, my question is regarding the order book and the bid pipeline. So if you look at the

order book, it has been shrinking year-on-year. And I think in FY 26, we were -- order intake

was less than INR 400 crores, around INR 350 crores, which is less than what we executed

during the year.

And all throughout FY 26, we were told that in the next quarter, in the fourth quarter, in the 3

quarter order intake inflow would be high. because the bid pipeline is strong. And then in the

fourth quarter, I mean, we were assured that during Q1 before the call, I mean, we would see

some order inflow.

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So as an investor, I just want to understand, I mean, what is the bid pipeline? How much have

we bid currently? How many projects are we L1 in? And what kind of order inflow can we

realistically expect in FY 27? So if you share this information, we will have an idea as to, I mean,

how the actual environment is because right now, I mean, we have no idea as to what is going

on?

Abhay Kimmatkar: Gunit, good Question. And you are very right. We were saying last quarter that we will be able

to close a few of them, but those got really postponed. And we are still on those projects. We

have 3 L1 projects at this point in time. I won't provide a number to those L1, but those would

be any day we'll be able to get those orders.

We have one order, which is the LOI. We have started executing that, but we haven't declared

because we haven't got a firm order. But as the timeline is very challenging, so we have started

up executing that. Having said that, Q1, what we were anticipating, again, it got slipped to Q2,

I agree to your statement.

But Q2, definitely, we have a strong and strong pipeline that I can assure you that what we have

closed in 26, we will surpass that in Q2 itself. That's my statement. So we have a strong pipeline

in the infrastructure space. When I say infrastructure, it's on the road side, it's on the metro side

and other building construction side. Those are all big pipeline.

So we have usually a different life cycle of project on the BD where you will get one or the other

domain picking up and getting because as government funds, government budget comes,

accordingly, even the business runs. It's a natural phenomenon. So similarly water took 2 hour

to 2 years because JJM was the funding it now the infrastructure side.

On the highways, on the metros and similarly the ports and this kind of projects are coming up.

And we are very much lined up for them. And we have bid a few of them. Definitely, we'll bid

those projects because we see that we are pretty competitive and we have intelligence that we

may likely to win those.

Gunit Singh: Got it So basically, in Q2, what we are trying to say is by Q2, we should have order inflow more

than FY 25, which was around INR 354 crores. Is that a fair assumption?

Abhay Kimmatkar: We will be able to match what FY 26 will close by Q2. And then we'll be able to surpass what

we achieved in FY 26 by Q3.

Kaushik Khona: And Gunit, thanks for your continuous kind of interest. And I can also substantiate that earlier,

the run rate business, which was not supported with the order book was small. Now the run rate

business has also increased substantially. So I think what we are trying to build is a sustainable

business where we don't need to rely on orders on a one-time order.

So I think in the beginning of the meeting also, I mentioned that we have 2 divisions, which is

mobility and the product solutions where more than INR150 crores worth of orders, our

execution is not backed by order book because they are a run rate business. So I think that we

are confident about the growth as what we have been pursuing.

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Gunit Singh: I just want one clarification. Did you mention that the order inflow by Q2 would be more -- I

mean, equal to the order inflow in FY 25. Is that what you mentioned?

Abhay Kimmatkar: Come again. I didn't get you. What is that?

Gunit Singh: So basically, you mentioned that by Q2, the order inflow that we will see will almost equal or

exceed the order inflow in FY -- whole of FY 25. Is that what you mentioned?

Abhay Kimmatkar: Yes. For the FY 26 we just closed, we may exceed to that by Q2 or half of Q3.

Gunit Singh: Okay. In terms of order inflow, right?

Abhay Kimmatkar: Order value. Cumulative value of all orders received. So the number of orders.

Gunit Singh: We closed FY 26 at INR 800 crores order book. So I mean, I don't understand exactly what

you're trying to say?

Abhay Kimmatkar: No, no, that was revenue. Yes, Kaushik Ji.

Kaushik Khona: Gunit, I think what we mentioned is that during the year FY 25-26, we had a new order of more

than INR 350 crores. And in Q2, Q3 beginning, we should at least get those new orders of that

value, although we are not able to quantify because we don't give the numbers. But as and when

we will get the confirmation, the same will be kind of intimated. But I think the pipeline is

substantially good. And as Abhay sir already mentioned, there are 3 large orders where we are

L1.

Gunit Singh: Perfect. So if we talk about the bid pipeline, what kind of bid pipeline are we looking at

currently? I mean -- and how does it compare if we were sitting at the same time last year? Is

the bid pipeline healthier? And I mean, if you can throw some light on that?

Abhay Kimmatkar: Yes, Gunit, what usually happens, the bid pipeline sums up when you work for 2 quarters or

more than 3 quarters. Then you get the RFPs published and then bid submitted and it's about to

close. So this is long-term process usually takes 3 quarters. What has happened this year, what

we have done last 2 quarters, those are getting matured.

And we are about to get some bids published. Whatever bids we have bided or whatever RFPs

got published in Q1, we just got those getting closed in this quarter or early quarter. So it's a

really good pipeline, what we have. So we have done a lot of hard work because when we saw

that FY 26 is not converting into like kind of closure.

So we started working on the new projects, new areas and then whatever new funds which were

given by central government and state government. So those projects we tapped. And then we

were able to publish some of the projects or some of the RFPs for those projects. And so there

is a good bid pipeline, and we have already created some RFPs. So unlike what Q4 and Q1 we

have.

Gunit Singh: Got it. So my next question is regarding the unbilled receivables that we have about INR 330

crores. So these seem to be growing at a very fast rate. So I want to understand what is the

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reason? Is it because -- I mean, why are we not able to bill our clients at the milestone number

one, so there's a mismatch?

And are we, I mean, doing some aggressive accounting currently because the unbilled revenue

seems to be growing at a very fast rate. And as on date, I mean, how much of this INR 350 crores

as of March 31, how many of this has actually been billed? And how does it work? I mean if

you can help us understand in detail what's going on here, that will be really helpful?

Amita Saxena: I think I have already explained this unbilled revenue of 31st March 2026. Yes, the number is

higher side on 31st March 26 because the milestones which are required to bill has not been

attained at 31st March 2026. We will be attaining those milestones in first quarter and second

quarter, and those unbilled revenue will get converted into billing and we will recover the funds

in these 2 quarters.

So there is no aggressive kind of accounting what we are doing. It is the normal as per Ind AS

accounting is being done. And the amount which you are looking in unbilled revenue is just

because the milestones in government projects, we have a milestone wherein only we can bill

once the milestone has been achieved and the certification process is done by the government.

So we are expecting that it is in process, and we are expecting that to complete in this Q1 as well

as Q2. So this unbilled revenue will come down substantially in these 2 quarters. But at the same

time, the new work will happen, the new execution will happen. So another new unbilled revenue

will also come. So it's a continuous cycle.

Kaushik Khona: Gunit, also, you should appreciate that the turnover is increasing by almost 58% -- so unbilled

revenue because the cycle will continue -- the cycle of execution will continue. And obviously,

when you are working with at least 10 major projects and almost like 50 small projects, every

project has a different timeline or milestone for billing. So I think that's a normal practice. And

when we grow, I mean, we are -- if we talk about comparing ourselves before 2 years and now,

I think the numbers itself, the baseline itself has changed. So I think let's -- these unbilled

revenues are obviously.

Amita Saxena: They are part and parcel of business.

Gunit Singh: Got it. And for this subsidiary, which is loss-making, I think if we go from stand-alone to

consolidated figures, our EBITDA fall by INR 26 crores. So are we -- I mean, by when do we

think that this will breakeven loss-making subsidiary? And if you can throw some guidance on

how the business is going there?

Kaushik Khona: So if I can just recap, we have been communicating about this business development in last 3,

4, 5 quarters about our efforts in business development because these were acquisitions and we

wanted to grow. Now these investment into BD has also developed into -- and we also developed

some IPs, which have been expensed out in the subsidiary at T Inc. And therefore, the console

results have shown lower results than the standalone.

However, in Q1, as I think in the earlier question, I already mentioned that in Q1 this year, there

is a visible improvement. We have seen new orders, which I also mentioned, one new fresh order

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of INR 4 crores, another order of Georgia of INR 22 crores which is also because of the sustained

efforts of business development. And as per the business plan, which is envisaged for this year,

we are expecting a good turnaround and no negative profit.

Amita Saxena: We will be in breakeven in this financial year. We are targeting to have that breakeven in these

subsidiaries, but we may also incur certain expenses towards BD in this financial year also. But

yes, the numbers will substantially change in this financial year.

Gunit Singh: That's great. So I mean, we can expect the stand-alone consolidated margins to -- I mean,

consolidated margins to move tend more towards standalone, right? And was the INR 40 crores

investment in technology, was that expensed out?

Kaushik Khona: Yes, except for INR12 crores, which we have capitalized, the other expenditure has already been

expensed out in the subsidiaries.

Moderator: The next question comes from the line of Shubham, an Individual Investor.

Shubham: Sir, congratulations on the good set of numbers. I have a couple of questions. So the first question

is with respect to the tax rate in FY 26. What I could see is that the tax rate has been dropped

sharply with respect to FY 25. It was around 29% and dropped to 14%, 15%. So sir, what was

the reason for this? And what is the normalized tax rate that we can assume for FY 27 and FY

28?

Amita Saxena: No, no, that is not the tax rate has gone down. We have got a refund of INR8 crores, INR9 crores,

which has received in this financial year. We have reversed the provision, excess provision

which we have done in income tax in FY 24-25, which got reversed in FY 25-26. That's why

there is the difference. So there is no change in the tax rate. It is -- the tax rate applies to company

is 22% plus surcharge plus this. So there is no such.

Kaushik Khona: I think FY 27-28, it will be 25% tax rate.

Amita Saxena: Normal tax rate.

Shubham: Got it, sir. Sir, the second question is that I think as you mentioned in your opening speech as

well that technology solutions segment has seen some decline in revenue as well as EBITDA in

Q4. So sir, is this temporary or is it indicating that there is some moderation in demand? Like

how do we see this going forward?

Kaushik Khona: No, no, it is completely temporary. In fact, the overall mix of technology solutions in the contract

has been more than 55%, 60%. And as it happens during a particular quarter, maybe I have not

achieved a milestone for recognizing the revenue. And therefore, the percentage of the

technology solutions revenue is slightly lower. But if you see the overall annual percentage, I

think we have grown 41% on the technology solutions also. So it's a temporary.

I mean every project has elements of technology solutions and engineering solutions. In a

particular quarter, technology solutions may have -- for that contract may have been less, and

therefore, you see the percentage falling. But on an overall numbers, you would have seen at the

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last 5, 6 quarters, the technology solutions percentage has increased. And I also mentioned in

my opening speech that our AI/ML-enabled solutions will enable the -- which is a part of the

Technology Solutions turnover will further enhance the turnover in the coming quarters.

Shubham: Understood, sir. Sir, other question is that like we know that our company is primarily in AI,

ML, geospatial opportunities, right? These are all like very tech-focused segments. So how much

revenue today that is coming is actually coming from proprietary IP platforms versus how much

is coming from manpower and engineering services, if you can give that split at least in terms

of percentage?

Kaushik Khona: First of all, let me clarify, we don't do any manpower services. So we are all solutions provider

only. There are certain projects which are created on the OEM platform as required by the

customer. So what happens is that there will be certain customers who want a particular solution

based on a particular software or OEM. It could be Autodesk, it could be Bentley, it could be

Esri.

There are certain solutions which are -- the AI-enabled solutions are all proprietary because we

have the IP already applied for that. And there are certain open source applications also which

we have developed, which we are providing for the -- some of the solutions. So I think it's a mix

of OEM-based solutions and the open source solution and it is all guided by the customers'

requirement.

And wherever there is a possibility that customer doesn't specify any specs, then obviously, we

will try to prefer our open source applications. And the open source application turnover also is

steadily growing because of the enabling of the AI and ML based on some of the products which

we have developed.

Shubham: Understood, Sir, just the last question. Sir, we see that there are a lot of additional tailwinds that

have come in, like, for example, Jal Jeevan Mission has been extended. And then obviously,

then oil exploration also related to that, a lot of schemes have been introduced by the

government.

And I feel that we are at somewhere at the center of this where we are able to benefit -- benefit

from all of this. So just wanted to understand like the future outlook would still be like how we

have been growing. Obviously, we have done a very good job for the last 2, 3 years. But will the

growth be -- are we still being conservative in giving the growth numbers or can we expect that

the growth can be faster in coming years? Like any commentary on that, sir, like whatever you

can?

Abhay Kimmatkar: You are mentioning 2 domains. Are you connecting that growth to these 2 domains only or you

want the entire.

Shubham: Overall, I'm asking overall?

Abhay Kimmatkar: We've not been very conservative but not very wild as well. We've been very steady and we've

been projecting and trying to achieve what we have said. Some last -- if you see 3, 4 years, we

have been gradually growing as far as order book grows and even the revenue side. So -- and

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then we plan it properly what we -- every year, we do some brainstorming and decide to do some

kind of inroads into some of those departments where the funds are going to come and the huge

technological intervention is going to happen.

So by virtue of those, we create our entire funnel, entire roadmap. And accordingly, we go to

the department and go to -- and we hire people and create our entire business development

funnel. And then we start creating the RFPs and start bringing the projects. So it's a long process.

But we've been very much on the job. What we see that the next 5 years, how are we going.

Accordingly, we are hiring people. Accordingly, we are even trying to see the government funds,

how they are coming and building up our entire business. I hope I addressed your question.

Moderator: The next question comes from the line of Ashish Soni from Family Office.

Ashish Soni: Sir, what is happening to our collaboration with Tech Mahindra? Are we getting any business?

So if you can throw light and are we having some bigger pipeline or joint solutions with them?

Abhay Kimmatkar: Yes. So I will answer that. Tech Mahindra, we've been exploring what are the areas, which are

the domains, which are their individual domains and where we can intervene. We have already

done a few POCs. We are doing some projects with them, some POCs in U.S. with them. They

won some projects, and they are going to give those projects to us.

So those are -- I cannot spell out the names of those projects. We've been doing collaborating --

now telecom, we have begun with. Slowly, we move into the other domains like energy and

water, but they wanted our assistance in telecom and that we've been providing them what they

want. So we have already done a small project, but we'll grow this over the years. And then they

are also committed to -- committed for this partnership. And we are very, very optimistic about

that. You've seen our growing.

Ashish Soni: Okay. And another question is, I think management alluded earlier that your international

business will be a good chunk of maybe over a period of time in next 2, 3 years. So do you see

-- still see that trajectory moving in that direction and dependency on maybe Indian government

schemes to be reducing? So where do you see in next 2, 3 years that progressing?

Abhay Kimmatkar: Yes. The first part, Kaushik, rightly hand and elaborate how we grow and what are the plans for

next 2, 3 years. And now Rahul has taken over and he is handling that international piece.

Ashish Soni: My question is trajectory-wise, do you see international business becoming a good part of your

business and dependency reducing the next 2, 3 years? That's the question because you are still

-- I feel like...

Kaushik Khona: Yes. Abhay Ji, may be in a network zone, which may not be quite clear. But to answer your

question, yes, in fact, if you look at our vision statement before more than 1 year, that is our

vision that we want to expand into international, reduce the government dependency, but still

grow both simultaneously. So I think that's what we are doing.

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Ashish Soni: And any other senior management hire you are looking for achieving that or everything is in

place in terms of your international expansion?

Kaushik Khona: So we are already completely onboarded with the team. Internal expansion, international

expansion team has already been there for last more than 2 quarters now. In fact, a few of them

were there before 3, 4 quarters. The team is already in place. The orders are already coming. The

execution has already started. So I think in the sense, the new order execution has also started.

So we have taken those steps. And I think right now, the team is adequate enough.

Amita Saxena: It will grow as the business will grow. But right now, the team is available to meet the present

requirements of business.

Ashish Soni: Okay. I think somebody mentioned about some IP development in U.S. I think when I think

Gunit or somebody spoke about the question of expanding out expenses. So can you just

highlight anything new in terms of IPs we have developed over the last 1 year or which will help

in the business going forward?

Kaushik Khona: So we have developed 2 IPs, which are already applied for. We are expecting maybe a

registration soon. In fact, we have also been using those IP -- those product solutions for not

only POCs, but also commercial utilization. But I think the focus for the current year will be to

build more IP products in this 1 and 2 years. We want to invest more into that. So I think there

is a focus of enhancing the IP portfolio.

Ashish Soni: And how much will that expenses be for IP development of IP?

Kaushik Khona: In the recent AOP, we have identified at least 3 major IPs where the expenditure outlay is

targeted to be in the range of around INR 12 crores to INR 15 crores, but that is also a part of

our revenue expenditure.

Ashish Soni: Okay. Any risk and challenges do you see for your growth in next 1 or 2 years? And what's the

plan to mitigate that?

Kaushik Khona: I mean, it's a normal SWOT analysis for any company. We have our action plan taken to ensure

that we expand ourselves in line with the demand. And therefore, you see that we have been able

to be fungible to move from, let's say, energy to water. And now we are trying to refocus on

where new investments are coming into infrastructure, digital twin or transport.

And also a little bit focus on how to enhance the satellite defense and all. So we have been, I

would say, adjusting to the domain where there is demand and there is outlay. So we are taking

our adequate care that the risk obviously will always be there for any business, but we are trying

to have a mitigation plan for that purpose.

Abhay Kimmatkar: For that matter, we have adequate base of various domains. So we are not confined to one

individual domain where we put all our eggs -- so every alternate or some time or other, you

have other one domain performing and other domain going down. So because as per the

government demand, as per the market, the things comes into picture.

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And accordingly, you get your business. So that way, we also plan and we have our plans created

for next 2, 3 years. How the individual domains would perform we have those ideas, taking the

numbers of the market, how the market has expanded, how the government has formulated like

the National Geospatial -- National Geospatial Data Policy. So it has enabled a lot of new areas

of opportunities. So likewise, we create our funnel and we focus on the market.

Moderator: The next question comes from the line of Maitri Shah with Sapphire Capital.

Maitri Shah: Most of the questions have been answered. Just a few. Firstly, on the growth side. So for the last

2 years, we've grown upwards of 60%. And again, we are saying that we'll grow in line with

those targets. So where do you see the -- which domains are you focusing on more? Also,

currently in order book, how much contribution are you getting from JJM and any new JJM

contracts we are bidding for?

Kaushik Khona: So answer, there are 3 questions. I would answer 2. One answer, I think Dr. Abhay will give.

The current order book percentage of Jal Jeevan Mission is less than 15% or 20%. I have not

exactly calculated, but these are less than 15% now. That is one. Second's is the domain-wise,

we are changing our -- as we already mentioned that we keep on shifting the focus based on the

focus where the government spending is more because these are all infra projects and infra

projects require large expenditure. And therefore, we kind of modify ourselves to that. As

regards to Jal Jeevan Mission, Abhay Ji, the new BD. Are you able to hear, Abhay Jii?

Moderator: Sir, Abhay sir has got disconnected. I will reconnect it.

Kaushik Khona: So the new pipeline is not focused on Jal Jeevan Mission, except for some of the projects where

there is expansion and enhancement. So there are a few projects where we have already

implemented some of the projects and maybe the ambit is getting expanded or there are projects

where the limit -- the time limit is getting extended. So there are a few projects where we are

expecting enhancement in those Jal Jeevan Mission projects. But most of the new initiatives are

into domains like the infrastructure or transportation or energy or even some of the initiatives

which we are taking for defense.

Maitri Shah: Okay. That is great. And also, you mentioned that on our VTS kind of has a positive EBITDA

will stop the drag on the console. So where do you see this business getting our console EBITDA

margin at a steady level up to?

Kaushik Khona: So this year itself, CFO has already explained that this year, we expect to be a breakeven. So the

drag on the consolidated results are not expected at the year-end. And obviously, the margins --

because of the margins improvement. And next year onwards, we can see the positive results

from the subsidiaries also.

Maitri Shah: And the growth on the 50% that you maintain that for the next few years because we're entering

new domains where we're seeing better focus now coming forward?

Kaushik Khona: We don't commit any numbers on growth. We keep on pushing ourselves. So it will be difficult

for me to answer numbers or the percentage growth.

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Maitri Shah: And the 3 projects we are L1 in are currently in these new domains that we are targeting. Is that

fair?

Kaushik Khona: Sorry, 3 projects, what did you say?

Maitri Shah: The 3 projects that we are L1 in, these are in the new domains we are targeting?

Kaushik Khona: Yes, yes. Not new domains, yes, but some transport, energy and those sectors.

Moderator: The next question comes from the line of Amit Kochar with Padam Investment.

Amit Kochar: My question was regarding Mr. Tarun Raisoni, who was a strategic investor and an adviser to

the company. So is he associated with the company for advising any of the AI or in any ways?

Or is he not associated right now?

Kaushik Khona: No, no, he is a strategic adviser. So he does give his inputs for our AI initiatives. In fact, he has

also been developing a new venture in U.S. as well as -- so he is obviously on our Board for

advisory. And he does give input for any expansion related to any IP project. So I think he is a

good input he always keeps on giving.

Amit Kochar: Right. So if I'm not wrong, the Rare CP is their company or is it someone else's?

Kaushik Khona: Rare CP is a U.S.-based fund. And obviously, the promoter is, I think they are U.S.-based.

Amit Kochar: Mr. Raisoni and Mr. Mehta.

Kaushik Khona: Yes. So they may be joint promoters, but this is something which they have invested, I think,

before 2024.

Amit Kochar: Right. And the warrants being converted right now in 2026 even?

Kaushik Khona: Yes, they are already converted, fully converted.

Amit Kochar: So it is fair to believe that they are associated with the company?

Kaushik Khona: They are, they are.

Moderator: The next question comes from the line of Gunit Singh with Counter Cyclical PMS.

Gunit Singh: So I want to understand the tax rate going forward. So what should be the steady-state tax rate?

Do we have any more credits left?

Kaushik Khona: No, no. Tax rate is 25%. Credits have -- it was a onetime feature. And therefore, tax rate will

continue to be at 25%, which is including surcharge, etc.

Gunit Singh: Got it. And with regards to the projects L1, the margin profile would be similar to our margin

profile since you mentioned that there are some energy and transport. So what is the margin

profile?

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Kaushik Khona: Yes. The margins are typically almost similar in all the domains where we operate. That's -- so

we don't have a sector-wise drag of any one domain on to other. So I think every project has a

decent margin, which enables us to keep up the overall EBITDA margins.

Gunit Singh: Got it. And in terms of the long-term view, say, over the next 3 to 5 years, I mean, where do you

see the company standing? I mean, do you have some aspirations in terms of top line, bottom

line or mix of government versus international projects? So I just want to understand what is the

strategic direction of the company over the coming 3 to 5 years?

Kaushik Khona: I think long-term vision, we have already shared once and then our idea is to grow. Obviously,

I can't quantify, grow and grow in both the segments, which is the International segment as well

as India segment. India segment continues to be kind of contributed more by government

business.

So grow international faster, grow India business at its own pace without taking much exposure

or risk and still have a combination of changing the mix from the present of government business

from, let's say, average 70% to less than 50% over the next 2 to 3 years, but while continuing to

grow.

Gunit Singh: Got it. So I mean, obviously, you haven't given a number of the kind of growth that we should

expect. But considering that the beginning order book is low. So do we still feel that the company

will actually grow on a -- at least for the India business this year?

Kaushik Khona: I think even international business will grow. So we have already pulled up our socks. We

already got some opportunities. I think Abhay Ji has already mentioned about the 3 L1s and new

projects. So I don't see any problem in execution targets for this year.

Gunit Singh: All right. So I mean, we should expect the company to grow at a good rate this year as well. I

mean that's a fair understanding, right?

Kaushik Khona: Yes, absolutely. That's correct.

Moderator: Ladies and gentlemen, we will take that as the last question for today. I would now like to hand

the conference over to the management for the closing remarks.

Kaushik Khona: Thank you, Arihant Capital. Thank you all for participating in this earnings conference call. We

hope that we have been able to answer all your questions satisfactorily. If you still have any

further questions and you want to know more about our company, please reach out to our IR

managers at Valorem Advisors. Thank you once again, everyone, and Arihant Capital.

Moderator: Thank you, sir. Ladies and gentlemen, on behalf of Arihant Capital Markets, that concludes this

conference call. Thank you for joining us, and you may now disconnect your lines.

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