Krystal Integrated Services (NSE:KRYSTAL) Q2 2026 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the Krystal Integrated Services Limited Q2 and H1 FY 'twenty seven Earnings Call. 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. Please note this conference is being recorded. This conference call may contain forward looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. The statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict.

0:46 We have with us today Sanjay Dike, CEO and whole time director of the company, and mister Barunde, chief official officer... Chief financial officer. I now hand the conference over to Mr. Sanjay Dike, CEO and hold time director of the company for opening remarks. Thank you, and over to you, sir. Thank you. Good morning, everyone. Thank you very much for joining us today for our Q2 and H1 FY 'twenty seven earnings call. As always, I'm happy to do this call along with you. Let me begin with a simple observation today. Every facility, whether it is a hospital, a railway station, airport, educational institute, manufacturing unit, retail, malls, theaters, multiplexes, they all depend on complex network of services to function efficiently.

1:40 From housekeeping, security, to technical maintenance, to to staffing, their payroll management, their other infrastructure management needs. These services are very, very essential to keep those facilities up and running even if they go often unnoticed. Today, organizations increasingly want a single reliable partner who can manage these operations seamlessly and at a scale and and to the to to the specifications of various customer requirements. This is the opportunity we are building at Krystal. We have delivered a very strong performance in the first half of FY 'twenty seven, with the revenue from operations growing 46% to INR 414.47 crores in Q2 and 28% to INR 775.18 crores in the H1.

2:36 Our PAT grew 42% to INR 18.7 crores in Q2 and 22.1% to INR 36 crores in H1. Beyond these numbers, we have made meaningful progress in expanding our customer base, strengthening our order pipeline, and entering new business verticals. Let me put this performance into a larger industry context. India's infrastructure and urbanization story is creating a significant opportunity for organized service providers. The Indian facility management industry is estimated to grow at approximately 8% to 9% annually, driven by commercial real estate, manufacturing, healthcare, education, airports, and other metros and the like services.

3:24 We are also witnessing a shift from fragmented service providers towards integrated facility management contracts, where customers prefer one partner managing multiple services and across multiple locations. In staffing, the Indian Staffing Federation estimates the formal flexi staffing market at approximately 2.2 lakh crore in FY '26. The formal workforce is expected to increase from 7,200,000 to FY '20 FY 'twenty five to 9,200,000 by FY 'twenty seven. The implementation of India's four labor courts on 11/21/2025, consolidating 29 central labor laws, is another important development. While the transition requires industry wide adjustments, we believe it will increasingly favor organized players with strong compliance frameworks.

4:17 The waste management presents another significant opportunity. Under the Swachh Bharat Mission, Urban 2.0, the government has an outlay of approximately 1.41 with the objective of making Indian cities garbage free. Urban India generates approximately 1.66 lakh tonnes of minceble solid waste every day, while waste processing has increased from 16% in two zero two... Two zero fourteen to approximately 80% currently of the INR 10,930 crore allocated for solid waste management. Projects worth INR 9,439 crore have been approved. Additionally, metro projects are under development in 12 cities alongside airport expansions, railway modernization, new railway tracks, new railway trains, and investments in urban infrastructure.

5:08 For Krystal, these developments represent more than market growth. They represent a structural shift towards organized, integrated, and professionally managed essential services. We believe our capabilities position us well to participate in this opportunity. Given our twenty five years of experience and the strong team team strength across the country with a network of over 36 offices and and a very well experienced and qualified frontline staff along with an excellent management internal bandwidth. We are absolutely poised to participate in this... In these newer opportunities.

5:55 Coming to our business performance, our focus remains on strengthening our core operations while expanding our customer relationships. During H1 FY twenty seven, we added 59 new corporate customers, including 31 only in Q2. As of 09/30/2026, we were serving more than 540 customers across over 4,700 locations, supported by 33 branches, five warehouses, and a workforce of 49,971 on-site employees. These additions demonstrate the increasing reach of our operations and our ability to serve customers across multiple sectors and geographies. Our recent order wins further demonstrate the breadth of our opportunities we are addressing.

6:48 Some of the significant contracts secured during the period include Twenty four month contract worth approximately 26 crore from the Southeast Central Railway Bilas Pool division for onboard housekeeping and lease and distribution. A three year integrated facility management contract worth approximately 134 crore from Maharashtra State Road Transport Corporation covering Mumbai and Chattravathi, Sambhaji, Nagar. Work orders worth approximately 290 crores representing our 40% share through the LC INTRANK KRYSTAL consortium for sewage treatment plants, intake and outlet structures and sewer networks in Pune and Ladpur under Sacha Bharat Mission Arband 2.0.

7:38 Contract was approximately INR33 crore and INR6.6 crore from Maha Mumbai Metro Operation Corporation for housekeeping, facade cleaning and roof cleaning at metro and monorel stations. A contract worth approximately INR27.6 crores from the backward classes welfare department, Andhra Pradesh covering sanitation at 563 hostels across 13 districts. A five year manpower services contract worth approximately 17 crores from Maharashtra Raja, Sarkari, Sankude. A twelve month sanitation and waste management contract worth approximately 6.6 crore from Shri Khattusha Mandir committee committee. And annual manpower contract worth approximately 8 crores from Kossol Energy of two fifty technically qualified professionals at its Bawla facility in Gujarat.

8:30 These wins reflect our growing presence across railways, public transport, water infrastructure, institutional, sanitization, and industrial staffing. On the bidding front, we we we evaluated... Our tender team evaluated tenders worth approximately over 12,000 crore, and we participated in work... Bids worth approximately 4,500 crore. Based on our historical performance, we expect a very good conversion rate in this this tender oriented business. Our approach remains selective. We are focused not merely on increasing our order book, but on securing contracts that offer sustainable margins and align with our execution capabilities. KRYSTAL 2.0, our next phase of growth.

9:16 Let me now touch upon an important part of our strategy, which is this KRYSTAL 2.0. Over the years, we have established a strong foundation in integrated facility management and manpower services, manpower based services. We now intend to leverage that foundation to enter adjacent infrastructure related technology enabled businesses. There are four important areas of focus. First, power and light... City lighting through Citlam India. We have completed the ex... Acquisition of 100% of Citlam India from its existing shareholders including Citlam SAS of France. This acquisition marks our entry into city lighting and urban infrastructure business adding specialized engineering and technology capabilities to our business.

10:05 Bidding activities have commenced, and we are actively pursuing opportunities across India. The captive team is in place, and the is led by a very competent CEO who has over forty years of work experience in the lighting business. Over the next three to four years, we are targeting annual revenues of 300 to $3.50 crore from this vertical, supported by a planned investment of approximately 100 crore in engineering capabilities, technology platforms and business expansion. Solid waste management. We have added solid waste management as a new business segment and are working towards increasing our processing capability from approximately 400 tonnes per day to 800 to 1,000 tonnes per day. With increasing government investment in urban infrastructure requirement, we believe this can become an important growth vertical.

10:59 We have secured our first solar order from the EMEA, marking our entry into a solar EPC segment. We have also introduced technical facility management as a separate segment, allowing us to expand our service offerings and participate in more specialized infrastructure operations. The focus here is to participate in various electrical plants to manage their O and M turbine maintenance, etcetera. These initiatives are connected by one common objective, to build a diversified business with multiple growth engines while leveraging our existing customer relationships, operational capabilities and geographical presence. As look towards the second half of FY twenty twenty seven, we remain very positive about the opportunities ahead.

11:48 Our priorities are clear, converting our tender pipeline, executing our recent secured contracts efficiently, strengthening our emerging business verticals, improving our operational efficiencies, and penetrating more and more corporate sector across the country in metros and a, b, and c tier cities. We already have excellent corporate relationships. The idea is to cross sell various products to single corporates and leverage our relationships phenomenally. At the same time, we remain conscious of the importance of margin discipline, working capital management and cash generation. Managing nearly 50,000 employees across thousands of locations requires strong systems, processes and execution capabilities.

12:34 We will continue investing in these areas as we scale. Our ambition is not simply to make KRYSTAL a larger company. Our ambition is to build a stronger, more diversified, and consistently profitable organization that delivers sustainable value to our shareholders, our our team members, our bankers, and and and and everybody. So this is all from my side in my opening remarks on today's returns call. Thank you for patiently listening to me, and we'll be happy to take your questions later. Handing over to my colleague, Arun here. Good morning, everybody. Coming to our consolidated financials, revenue for Q2 FY 'twenty seven was 114.47 CR, up by 46.25% year on year from INR 283.4 and up by 14.9% quarter on quarter from INR 360.71 crores.

13:46 H1 revenue was 775.18 SEER, up 27.82% year on year from 606.48 SEER in H1 FY26. By segment, Manpower and Related Services contributed about 91% of H1 revenue and Catering and Related Services up to 9%. EBITDA without other income for Q2 was 24.86% year, up 38.82% with a margin of 6% as against 6.32% in Q2 FY twenty twenty six. H1 EBITDA was 47.66% year, up 21.39% at a margin of 6.15 against 6.47%.

14:46 The moderation of 32 basic points in margin comes from employee cost, which was 75.9% for Q2 revenue against 72.3% last year, partly offset by lower material and other expenses as the share of revenue. We continue to prioritize the margin activity walks as we scale. PAT for Q2 was 18.67%, up 41.66%. And for H1, it was 36.04 up 22.09% at PAT margin of 4.65.

15:32 Q2 PAT grew faster than the operating profit, held by lower effective tax rate of 12.5% as against 16.6% last year. Earning per share for h one was 25.85. On the balance sheet front, the net debt of... As on September 30 was... 26 was 63.84 CER with the borrowing of $1.44.64 CER and cash and bank balance of 80.80 CER. The net worth stood 539.09 CER and trade receivable dates were about one hundred eighteen days, in line with March 26 despite increase in business.

16:22 With that, we are now happy to take your questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 1 on their touch tone telephone. If you wish to remove yourself from the question queue, you may press 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Yash Parker from Patel Investments.

17:28 Hi, sir. Congratulations on great set of numbers. So my question is regarding margins. So while we have delivered good revenue growth of nearly 46% in quarter two year on year, EBITDA margins have moderated from 6.32% to 6%. So could you help us understand the key factors behind this margin contraction? And how should we look at the margin improvement over the coming quarters? Yeah. Thank you, Yash. Good morning to you. Basically, if you hear... If you heard my entire speech, our our endeavor is to attract contracts, work on contracts, and build our efficiency to...

18:14 Efficiencies to grow the market. The entire game plan is that as as we grow our top line, we need to build our margin profile as well. What happens when you acquire a newer business, a larger chunk of business in a particular quarter? The the initial investment done in that phase to stabilize that contract and during the startup phase is a... Attracts a little more a little more working capital and other expenses, then you do it on a normal month to month regular basis. So, therefore, every quarter that we see... You'll see that we attract a new... We we signed up a new contract, you see a little dip in the margin because it is a. And this is the nature of our business.

19:00 As in now that we add our O and M businesses, our technical businesses, etcetera, you will see that the efficiency is then taken care of by these businesses. So it is simply the nature of a business cycle when we attract a bigger customer. So right, sir. Sir, we have also mentioned an order book of approximately 3,100 crore. So could you throw some light on the execution time of this order book and the revenue contribution that we can expect over the next six to twelve months? See, two questions you are asking me. So one is this order book position of $29.80 approximately 3,000 for for the next three years. So you will see the way that some contract get over in your contracts build up. So that is our order book position for the next three, three and a half years.

19:54 And based on the tenure of the contract, that order book feels low. Now coming to your second half of the question, we we have achieved more than about 46, 45% of our projected revenues in our growth zone that we have between 18% to 23. So we have a very strong pipeline in corporate sales. We have a very strong pipeline in our wastewater solid within any of the government tendering business. So I I... I'm very confident that we should be able to give good revenue number at the end of thirty first batch, two zero two seven. Mhmm. Sure. And last question from my end, sir, regarding this acquisition of that we have done. So with this, we have also entered into City Lighting and Urban Infrastructure segment.

20:53 With the revenue ambition of nearly INR 350 crores over the next two to three to four years, So could you elaborate on the execution road map to achieve this target? See, we acquired Central India Private Limited. They already... They have done the entire city lighting of Ahmedabad City. They've also done street lighting in Noida and other places. They also had a very significant presence in in the Tata projects, Mojindra projects, etcetera in the. So we have acquired a company which already has a strong pre qualification. Because of that, it enables us to build for city lighting, whether it is new design and development or revamping of existing lighting or upgradation or updation across the country. So now that we have started participating in the tender, we also have the same team which was earlier working with, we have taken on board. So business has continued completely.

21:49 We don't have to... We have not stopped anywhere and restarted and lost time. So the work is in full swing there. In the coming couple of months, I'll be able to throw more light on how it has progressed. Right, sir. Just a follow-up question on this. So with that plan call it. Yeah. Sorry? No. No. Just ask me. Yeah. So will this business primarily focus on government led projects or private sector opportunities, sir? Both. Both. Okay. That answers my questions. Thank you so much for the opportunity. Thank you. Thanks. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants, Please limit your questions to two per participant.

22:52 Next question is from the line of, an individual investor. Please go ahead. Hello. Good morning. Am I audible? Yeah. Yeah. So, sir, you have been giving a revenue target of 300 to $33.50 crores. So do you think that you have that required infrastructure or the capabilities to achieve it? And... Or do you operate primarily through an asset light model? So this is the... You're talking about the city lighting business, right, that we require? Yeah. Yeah. Yeah. So I just explained if you are listening just now, I just explained that when we have acquired this company, we've acquired the capabilities also and the prequalifications.

23:40 So we are not going to take any time to build capabilities. Only thing when we acquire a project, wherever in the country, then the project team has to be rolled out for for, rolling out the project. So we are not going to need any lead time when we when we acquire a project. We have the systems in place, processes in place, and the people, which is a captive team in place. So that is the number one. What was the second one that you asked? The asset... Do you update to the asset light content? This is... Yeah. So this is basically this is kind of city lighting design installation, commissioning, and. So it is not going to have our assets involved in it. It is a part of the project. These are all project driven business, so we don't need to invest any assets.

24:30 Okay. That answers my question. Thank you, sir. Welcome. You. Next question is from the line of Isha Jain from Jain Investment. Please go ahead. Good morning, sir. Yeah. Good morning. Yeah. So I have two questions. My first question is, does the company have indicated and... Has the company has indicated and accepted tender conversion rate of 15% to 20%? Could you please share the historical tender conversion rate achieved by your company? It is it is it is a little difficult to actually give a ballpark figure on how how the conversion is specifically.

25:23 We... It all depends on how tenders are being structured, what are the criteria, and etcetera. But historically, the trend, and this is the trend, this is not a committed number. Historically, the trend of conversion of dual tenders is somewhere between eight to 10%. Okay. Okay, sir. That answers my question. Okay. Yeah. Thank you. Thank you. Anyone who wishes to ask a question may press star and one on their touch tone telephone. Next question is from the line of Myra Mitel from Mitel Investors.

26:08 Please go ahead. Thank you for the opportunity, sir. Sir, my question is that, so there is a revenue growth we are seeing for 46.25%, and it has also grown by 38.82, but the margin has declined. So, sir, what is the reason... Primary reason for the margin contraction? Yeah. I answered somebody... I I answered first question only because we have started a couple of bigger contracts in in a particular quarter. And when we do this, their initial investment there goes to stabilize the contract. And then over the period of time, the contract streamlines. So therefore, you see we have a... Particularly in a phase where we've acquired bigger contract, the margin takes a little dip and then stabilizes over a period of time.

26:56 This is the nature of the business. Okay, sir. And so the employee cost has also increased to 79... 75.9% of the revenue. So can you explain that, like, how much of this increase is due to wages or or new contracts or change in business mix? Yeah. Like, we've acquired, like, we we acquired almost 33 new customers in q two over the last... In 2027, we've acquired 59 customers. So therefore, the employee cost has gone high because we require the people to service this contract. Okay. And sir, what is the medium to long term EBITDA margin, like, the contribution?

27:48 And, like, what operational measures you are taking to drive improvement in EBITDA margin? I'm sorry to interrupt, ma'am. There's a background noise from your side. Yeah. Is it okay now? Yeah. Yeah. Our EBITDA margin profile is anywhere between 6.25 to 7.5%, and we we aspire to keep ourselves between that zone. To keep ourselves between that zone, we continuously strive to build in our operational efficiencies, our cost rationalization measures internally so that so that we keep there. We are also now trying to push multiple services through a single to a single customer by cross selling different products so that our cost of sales acquisition is also minimal. So it is not one single measure, but couple of measures that we take to ensure that we we continue to remain between that zone of EBITDA.

28:54 Okay, sir. And, sir, just last question. Sir, can you give you a breakup... Segment by breakup of the 3,100 crore order book? No. I'm afraid I can't give that breakup or a call. It's a pretty serious problem. Okay, sir. Okay. But what what... Again, the the order book, you can... If you see our trend that our government business is almost 65%, corporate business is around 35%, So you can have that kind of assessment on your end. Okay. Okay. Works. Thank you. Okay. Okay. Thank you. Next question is from the line of Vikram Sahu from RK Advisory.

29:49 Thank you for the opportunity. Good morning, sir. So I have primarily two questions. First being, what percentage of our company's total outstanding receivables is contributed by the government clients? And second... Should I continue with the second one? Yeah. Yeah. So... And the second one being that, what are the initiatives that we are taking to enhance the contribution of private sector and corporate clients to our overall business? Okay. I'll answer the second question first. If you see our... We... We've added over the p... Traditionally, we had a seventy thirty kind of composition, 70% government, and 30% corporate. I think last year, we have scaled the corporate business, and we have tweaked that composition to around 65% government and corporate, 35%.

30:41 So we have built a very strong corporate team, and we have established our presence. And, therefore, if you see last year, we added more than 177 new corporate customers. So which is a record. And our corporate business itself grew by over 40% in last financial year. So we... We've... Our corporate, what do you say, corporate basket is also substantially increased. Our business has increased. Therefore, we we are very focused on going up our corporate business. And while we are doing that, we are maintaining our focus around also good order book position for those business because opportunities are also coming.

31:27 So answering your question, it is it is about sixty five thirty five last year. It could be sixty forty. It could be in that zone of 70 to sixty thirty to 40, that that range. And I'm saying your first question about the outstanding also. The outstanding is also in a similar ratio, that sixty five thirty five. Generally, that outstanding will also move in that in that range. Okay. Perfect. Thank you so much for the detailed answer, sir. Thank you. Thank you. Next question is from the line of from SBI.

32:12 Please go ahead. Hello. Hello. Sir, I have three questions,. The first one being that when do you expect to change the solid waste processing capacity to 802,000 tons per day? And the other one being that with your help, how is your revenue currently distributed between government and corporate customers? Yes. I I would... Like, was telling our government and corporate customer, revenue revenue is distributed sixty five thirty five. 65 comes from government, 35 comes from corporate. And about the solid waste management, we already have about 400. We are with the TMC,, and the other quarter that we are doing. It is 400 tons per day, TPD.

32:59 And now with the 400 TPD qualification, our qualification to bid for larger tonnage of contract has increased. So we are in a active bidding process. And through this active bidding process only, we are planning to scale it up to around 800, 2,000 t p d. Okay, sir. Could I just ask one more question, please? By any... Could you share the further details of the first SORAL EPC order that has been awarded by the? Yeah. Of course. The, we we were all... We were already servicing the business in terms of facility management. And when they came up... And it is on the same premises that we are already working.

33:49 It is solar power solar power enabled infrastructure. So this is a fifteen year fifteen year contract that we have got. Okay, sir. Thank you. Thank you. You. Next question is from the line of Krystal, an individual investor. Please go ahead. Hello? Am I audible? Yes. Yeah. So my first question is since you are entering into new geographies, so what principal risk are you monitoring?

34:42 We we try to avoid the principal risk by going into a geography then establishing a business wherein we have already done expense in infrastructure, and then we wait for business to come. So that is not the way that we follow. Generally, we enter a geography where our customer is expanding so that our business is assured. So in that way, we eliminate the risk of having... Expanding the infrastructure and the entire setup of our office and then wait for business. So therefore, there is no principal risk that is first. We we already mitigate that risk because we move in newer geographies along with the customers with identified and confirmed businesses.

35:32 Okay. Then man... Does management expect to recover the additional category employee costs through price revision or any other contractual mechanism? That's a good question. There... And we we are working very closely with customers. And, obviously, there is a there is a mechanism of recovering this cost. There there are already some customers who have started paying those costs. And with others, there is communication and meetings which are already underway. I'm very confident we will we will mitigate this issue also. Okay. Thank you. That's all from my side. Next question is from the line of Mahesh Kumar from MU Investments.

36:24 Hello. Am I audible, sir? Yes. So first of all, congratulation on the strong revenue growth this quarter. While revenue has grown around 46% and EBITDA has been slightly lower at 39%, resulting in some moderation in the margin. Just wanted to understand what is dry... Driving this margin pressure and whether can we expect it going... Improving going forward in newer contracts? Yeah. Newer contracts. We are focusing on newer contracts, which are technical in nature, which have a little less manpower. They are related engineering driven. So, obviously, there is a good opportunity to to, what can I say, to improve the margin profile? Having said that, time will tell exactly how this moves ahead. But the entire strategy behind pursuing these lines is to improve better margins, is to harness long term order book positions, and also engage in newer technologies and engineering to create a very solid business lines in the next five to eight years.

37:36 Okay. Okay. And sir, during H1 FY 'twenty seven, the company added around 13 new corporate customers. Right? So just wanted to understand what kind of incremental revenue contribution can we expect from these customer going forward, particularly in the second half? It's a good question, but right now, I won't have figures often because these are 31, 32 customers. So every customer, what billing they are giving. But if you see our seventy thirty configuration of corporate and government business, you know, your overall contribution will come come to the same thing. That is what I am assuming even at the end of this financial year. Okay. Okay. And on inorganic growth strategy, sir, so just wanted to understand whether the company is actively evaluating any further acquisition opportunity for service offering or strengthening presence across new geographies or markets.

38:34 Yeah. Yeah. This is also a good question. We are we are we are we are evaluating newer opportunities for inorganic growth in in... With startups and other companies which have a winning edge on a national level. We have a specific... Whoever specific manufacturing engagement in robotics, who have... Who are smaller smaller startups indulging in AI related matters. So these are some things that we are looking at. Okay. Okay. That's it from my side, sir. I'll join back the queue for more question. Thank you so much. Thank you. Thank you. Anyone who wishes to ask a question may press star and one on their touch tone telephone.

39:27 Next question is from the line of Isha Jain from Jain Investments. Please go ahead. Hi, sir. I have few more questions. My first question is, there any significant geographical concentration in the recently secured contract? We are working across the country. So our geography where we are operating is Maharashtra, Gujarat, Delhi, Anja Pradesh, Tamil Nadu. And based on the tenders that come or based on the newer business that we acquired, the numbering position of one, two, three, or in terms of that order keeps on shifting on a annualized basis.

40:15 But we are a company which has a national presence. We are present across all states right from Himachal to Kerala and right from Gujarat here to West Bengal and Assad. So we are a company with a national footprint. However, to answer your question, the geographical presence is very dynamic, and it is not static. It keeps on shifting year on year. Okay. Yeah. That answers my question. My second question is, are there any sizable tenders for which the current company is currently the preferred bidder, or are there any awaiting final awards? Quite a few of them. Because we have already bid, and we are waiting for the results.

41:03 Okay. Any numbers I... Specifications, any on that? We we cannot specifically say that, but we we... In my in my opening speech, have already mentioned that we have evaluated almost more than 12,000 crores of tenders, and we have all... Participating in almost more than 4,004 thousand 200 crores of tenders. And I also disclosed the kind of conversion ratio. So you can have your own math and figure out. Okay. Also, one last question. What measures does the management should that the aggressive bidding does not actually compromise the profitability or the operating margins of the company?

41:59 Yes. So the idea is the bidding process here is a l one, l two, l three kind of process. But we we have a committee in place, so where... Which evaluates every tender participation and the p and l... Projected p and l of the tender for the tenure of those tenders. So it is a very conscious decision whether to bid or not bid, whether to participate or not bid, which is based on our operational capability, working capital requirements, and profitability ratio. Ultimately, there's not a single person decision, but a committee which takes a decision to bid. And this is exactly how we ensure that we don't bid very competitive and lose our margin.

42:47 Okay. Thank you so much, sir. That answers my question. Thank you. That was the last question for today. I now hand the conference over to mister Sanjay Dheera for closing comments. So thank you, everybody, for the questions that you have asked. Some really, really pertinent questions coming from individual investors and other investment companies. I really appreciate your interest and enthusiasm in Krystal Integrated Services Limited and the business that we are doing. I am also happy that you are very, very interested in the way in the future that we are seeing to build. So it was absolutely a clear pleasure to be on this call with you. So to summarize, h one f y twenty seven, this has been an encouraging period for us. We have delivered revenue growth of 27.82% as explained...

43:41 Expanded our corporate business, secured significant contracts, and strengthened our presence in newer business verticals. Our core business continues to provide a strong foundation while solid waste management, solar EPC, and technical facility management create additional opportunities for growth. As we move into the second half of FY twenty seven, our focus will remain on execution, profitable growth, and a disciplined capital allocation. We appreciate the confidence and continued support of our investors and shareholders and, of course, our customers. For any further queries, please reach out to Saloni Dagmekar from AdFactors PR, our investor relations team. Thank you once again for your time, your support. Thank you, the moderator, the ad factor, all my team at Krystal Integrated Services.

44:29 It was very nice talking to you. Thank you. Thank you, sir. On behalf of KRYSTAL Integrated Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.