Sejal Glass (NSE:SEJALLTD) Q1 2027 Earnings Call

0:01 Ladies and gentlemen, good day, and welcome to the Q1 FY 'twenty seven Results Conference Call of Sejal Glass Limited. 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 that this conference is being recorded. I now hand the conference over to mister from Kiran Advisors Private Limited. Thank you, and over to you, sir. Thank you. On behalf of Kiran Advisors, I welcome you all to the conference call of Sejal Glass Limited. From the management team, we have Mr. Amrut Kedah, promoter of the company and Mr. Chandresh Rambiya, CFO.

0:53 With that, now hand off the call to Mr. Amrut Kedah for the opening remarks. Over to you, sir. Yes. Thank you, everyone, and for the participants here. So good afternoon, everyone, and welcome to the Q1 for FY twenty twenty seven earnings conference call of Sejal Glass Limited. On behalf of the management team, I would like to thank all our investor, analysts, stakeholders for joining us today. We sincerely appreciate your continued trust, confidence and support. For those who may be joining us for the first time, Sejal Glass is an integrated architectural glass company with manufacturing operation in both India and UAE. We offer a comprehensive portfolio of value added architectural glass solution, catering to residential, commercial and infrastructure projects. Over the years, our focus on quality innovation and execution excellence has enabled us to establish a strong presence across both domestic and international markets.

1:48 We are pleased with our performance of first quarter for FY twenty twenty seven, which reflects the strength of our business model and execution capability. During the quarter, we reported consolidated revenue of crores near to INR118 crores, registering a healthy year on year growth of 52.88%. Our India business delivered strong performance with revenue increasing 67.03% year on year to crore, while our UAE operation continued their strong momentum, reporting revenue of crore to 47% for thirty one year on year. This robust revenue growth translated into a healthy profitability with consolidated EBITDA increasingly by over 44% year on year to INR18 crore and consolidated profit after tax growing by more than 63% year on year to INR 7.22 crore.

2:52 We are encouraged by the consistent progress across both our operating geographies. Looking ahead, we remain confident in our long term growth strategy supported by healthy order pipeline and strong execution visibility. In our UAE operation, the order book has increased from approximately NIS 50,000,000 to around NIS 72,000,000, reflecting incremental order inflow of nearly D22 million to D27 million. Execution of this project commenced during June and July, and it is expected to continue over the next two quarters, providing stronger revenue visibility. Our India business also witnessed a healthy order inflow during the quarter, securing orders exceeding INR50 crore of leading developers such as Godrej, LNP, Prestige and Raja with execution planned over the next six months. Based on our current order book and execution pipeline, we see potential upside of our initial FY twenty twenty seven revenue growth guidance of around 25 or more. As execution accelerates, we expect further improvement in capacity utilization following the completion of our strategic acquisition of two units in India last year. The increasing order inflow will enable us to utilize the expanded manufacturing capacity more effectively.

4:15 Higher operating volume are expected to improve fixed cost, aberrations and supporting improvement in EBITDA margin of approximately 1% over the upcoming quarters. The long term outlook for the Architectural Glass industry continue to remain encouraging, supported by increasing investment in premium residential development, commercial infrastructure and energy efficient building. We believe Sejal Glass is well positioned to capitalize on this opportunity through its integrated manufacturing capability, diversified product portfolio and long standing customer relationship. At the same time, we remain focused on enhancing our product mix by increasing the contribution of value added architectural glass solutions like insulated glass, laminated glass, digitally printed glass.

5:00 This strategic focus is expected to strengthen our competitive positioning and improve our overall revenue mix. Alongside this, we continue to drive operational efficiencies across manufacturing, power consumptions, logistic and our supply chain as these initiatives continue to deliver results. We remain confident of further improving profitability during FY 2027. With that, I would like to thank all of you once again for joining us today and for your continued support and confidence in SEJALLTD Glass Limited. We will now be happy to take your questions. Thank you. Anyone who wishes to ask a question may press star and 1 on the touch tone telephone.

5:55 If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while a question queue assembles. The first question is from the line of Gaurav Shukla from FinVestors. Please go ahead. Am I audible, sir? Yes, sir. You're audible. Please go ahead. Thank you, sir, for for giving me opportunity. Sir, just I want to know about the margin guidance for this year, blended margin guidance for, say, for '27.

6:42 Sir, I want to know margin guidance for this year, for '27. And this are not able to What margin, sir? Sir, I'm audible. Yes. Sir, margin guidance, EBITDA margin guidance for FY 2020? As we had already said that our EBITDA will be improved by around one percent and we are targeting on the improvement on the pad also. So nearly 9% pad we are expecting this year FY '27. Okay, sir. And closing order book, sir? I am not able to hear.

7:28 Closing order book for this quarter in that 31? Closing order book already we have given a guidance that we have already the order book in India for around INR50 crores and in UAE around INR70 crores in rupee terms. So that has guidance has been already been given in the exchange also. Sir, you have guided into 5% and more in just before. You know, sir, we... In turbo, you have said that, pay low to 50% and interview, 50% guarantee again. Oh, sorry. I know about that. We are not able to understand. Just just ten days before, a TV interview at them in that you said that 40% and more we can do.

8:23 And and now you have given guidance of 25% and more. Will tell you... No, no. Listen to me properly. So 25% is our minimum guidance, which we are 100% going to achieve. And secondly, in last two, last interview, I told that the UAE situation is now in a better situation, though here something is happening on the geopolitical situations. Once situation will be stabilized, then we are hopeful that we will reach up to 40% this thing. And further here also, the situation is also improving. So like last quarter, we have an additional INR 50 crores India book position, which has increased.

9:12 So we are hopeful this quarter also there will be bigger order closing. So that will take us to the reaching a 40% upward trend. Okay. Understood. You, sir. All the best for future. Welcome. You. The next question is from the line of Preet Shah from Bluestar Capital. Please go ahead. Am I audible, sir? Yes, sir. You're audible. First of all, congratulations for good set of numbers. Sir, I just want to understand what should we expect for this year. We should expect 25% or 40%. If you could please help me with that? See, minimum 25% and upper side 40%.

10:00 Okay. And sir, in Q1, we were as you said that we will have 9% PAT margin and in Q1, PAT margin was like 6.5%. Okay. So from Q2, PAT margin will increase? Yes, because I will tell you that capacity utilization once you start improving, then our fixed cost has impacts. So there will be distribution of fixed cost, which will enhance the EBITDA and directly it will impact to our pet. So we are hoping to 9% to 10% in range of pet in this current year. Okay. So sir, from when we can see the margin improvement from Q2 or from Q3? So we are mostly Q3 and Q4 will be a more impact on efficiency and EBITDA and profitability.

11:03 The next question is from the line of Nishta from Sapphire Capital. Am I audible? Yes, yes. Yes. So so I had a few questions. What is our current utilization? I'm sorry? You want the capacity utilization for the current quarter? Yeah. Yeah. Capacity utilization for the current quarter. Capacity wise, our Silvasa plant is at around 77% and Tologia is already at 55%.

11:51 It is around 15% and our UAE plant is around 71%. As we are talking on a temporary capacity utilization, which is our base product line. Right. So when you say that we'll have further improvement in capacity utilization, What is the peak utilization in all these plans that you just mentioned? Like what maximum capacity utilization can we reach? Can we reach around 85%, 90%? Silvasa, we are expecting by year end, we will be reaching at 85% to 90%. Aloja, we are expecting to reach at 75% in the next quarters. EUROAR, yes, we will target of around 25% to 30% in the next quarters.

12:39 And UAE, we are already at 71%, so we are targeting to reach at 85% as we are already adding a third line of temporary. Right. So like by Q4, we'll read the utilization in all the plans that you mentioned, right? Yes. Okay. Okay. Understood. And my next question is, so like in this current quarter, we our margins have subdued quite a lot. And you mentioned that we can reach up we can like reach the 9% to 10% PAT margin. So the growth driver is the operating leverage kicking in once the utilization gets better. Is that the only catalyst for better margin? Or how can we improve our margins?

13:29 So see, the margins will be improved once the capacity utilizations are enhanced because our fixed cost on account of power and the manpower cost will be absorbed, which are the major component of the cost. So in these two units in India, like the Loja and E Road, if optimum capacities are utilized, definitely the margins will directly improve. Okay. Okay. Understood. My next question is on our order entry. So like to a previous participant, you mentioned that our closing order book in India will be INR 50 crores and in UAE, it will be INR 70 crores. So what is the current order INR $180,000,000 is our order book position in UAE. So in roughly, it is around $1.75 crores of order book as on date. In India, we are already having more than 50 crores order book in hand.

14:25 Okay. And the execution time, ma'am, is around six to nine months? Six to nine months. Okay. Okay. And see, there are always the inflow of regular orders, which are in the small in nature, but that always inflows. So something which is produced in this month and again the new order comes, which has been delivered within the one month or two months such small orders also keep on coming in India. Okay. Understood. And since, like, we are going to reach a peak utilization in Sejal Glass and UAE by the end of the year, do we have any CapEx plans for the CapEx plan? In India, there are some critical CapEx, which are not very huge in amount, maybe less than 1 crore, which are regular realignment or overhauling of the machines, which are required some parts to be changed over a period of time. Such CapEx is there.

15:26 In UAE, we had already planned for the CapEx in the form of like third tempering line, which is a high end technology. Machines are already there. It is in the installation stage. So in Q3, we are expecting to start the commercial production and fire rated technology, which has been also been installed at UAE, that also we are expecting to start commercial production in Q3 end. Okay. So what is the total CapEx that we are incurring for that? Around 15,000,080 is the total CapEx for UAE, including the third line and So 15,000,000 is the total CapEx, which will be commercialized by Q3.

16:18 So once the third line is added, how much our capacity is going to increase? What is the total capacity to start? Our CapEx plan for The UAE? Yes. Around $50,000,000 we are having a CapEx plan, which includes the third line and the technology. And along with that, the... For the installation of this machine, some CapEx is required in the form of the foundation and the other power utility. So once we add this third temple line, how much our capacity is going to increase? Our total capacity will be around 24,000,000...

17:03 24 lakhs temporary per square meter. And of that, we'll reach 75% utilization by Q4 for the total capacity? With the third line, the utilization will be in the range of... Because it will start in quarter three. So it will not be like 75% immediately for that line. So existing two lines, they are already having a 71%, which will reach to 75%. Right. And for third line, we can assume 1015% utilization. Percent, 20%. Okay. Okay. Understood. And so you mentioned that we can expect 25% minimum growth and cost of spend with the up side growth in FY twenty twenty. If you can give some sense on what sort of revenue growth can we have... Can we see in FY 2028, that would also be great.

18:01 Sorry? If we... If you can give some sense on what revenue growth can we see in FY '28 and the It is too early to give some guidance on that. But we are expecting year on year at least 25% growth. Okay. Understood. Thank you so much. Thank you. The next question is from the line of Rohit from Global Securities Private Limited. Please go ahead. Yes. Hi. Am I audible? Yes. Yes. Thank you for giving this opportunity, and congratulations on management for giving such strong numbers in q one FY twenty seven. My question is related to the new verticals, which you mentioned in the previous conference as well, like railway glass, bulletproof class, fire safety classes. So how much revenues are we generating from these verticals currently? And what are the plans going forward?

19:01 See, right now in Q1, there is a I think maybe around 1% or is from the railway, less than 1%. But this is increasing and we constantly are now started participating in the tender. And number two, on the fire product, it will start in Q3. Okay. Okay. Any outlook on how much these verticals can contribute, let's say, next year as a percentage of total turnover? We are getting 10% of the revenue will come from that vertical. Including the railway glass? Yes. Okay. Okay. Sure. Thank you. That's it from my side. And also a quick suggestion, if I can, if you could also start providing the investor presentation, that will be great for us. You're already doing phone calls and timely interviews.

19:53 Just investor PPT as well, that will be really helpful. Okay. We'll do needful on that. Sure. Thank you. Yes. Thank you. The next question is from the line of Raj Sarraf from Finvestors. Please go ahead. Yes. Yes. Are you audible? Yes. Yeah. Okay. So first of all, congratulations on good sets of number. So the top line is very much unexpected lines because you mentioned in previous calls that now the capacity utilization will improve. But the margins, which is now holding back, which is, I think, the lowest margin for the last five, six quarters.

20:45 So apart from what is going on geopolitically, what is what are the factors which is actually holding our margin back? In this quarter, there is a performance appraisal and yearly increment, number one. And number two, there was a signature of our labor union, which is in Taluja plant. So there is an incremental around INR 1 crore impact of the people cost is there this quarter. So first quarter and the turnover compared to that this next quarter, there will be an impact. So then it will be in line with. So first quarter, there is a little bit of drop down on EBITDA because of that factor.

21:33 And also there is a June lead to this little bit of disturbance on UAE on the logistic, so little bit of hit on the logistic cost also. Now cost of goods, which we consume, that has also increased 1% due to this diesel and all this cost and energy surcharge. And we see now that the situation has improved comparing to the, I think, Q4 FY 'twenty six, barring this last fifteen, twenty days. So in spite of you are having good time in Q1 FY 'twenty seven. And now as you mentioned that some capacity is coming on in, I think, Q3 and guiding for, I think, percent, 10% PAT margins by the end of FY twenty seven. Is it annualized PAT margin of 9%?

22:28 Or from here onwards, it will be 9%? This 9% will be on Q3 and Q4 because yet efficiency is growing. But in Q2, I think the guidance will be around that particularly on the top line, we are going to progress more 15% to 20% from the current quarter sales. Is it quarter on quarter basis you are talking about? Yes, yes. So Q1 is around 118. So mostly, we are seeing 142 to one and forty two in between 140 to 145 Q2. And from when we can see that margin is improving because right now in this quarter there is no appraisal or anything and I think logistics have been improved.

23:22 On the cost of goods, on efficiency because increasing turnover will improve our efficiency. And also we are working on power factory, like our cost in all the units. So certain steps we have already taken, which will give us little bit of 0.25 improvement on the cost. Okay. And this just plastic, we have I think have breakeven in the last quarter, last month. So has it been back profitable till now? No, no, no. This quarter, I think we will have a pet mostly. You mean Q2?

24:07 Q2. And what can be the profitability on an annualized basis from this segment? Can you repeat? What could be the profitability on annualized basis from the Glass Stick segment and with utilization percentage? There is no different segment. It's a different unit. There is no different segment. It's only manufacturing two different units. So the capacity we are ramping up and the result of India is a standalone for all three units together. Yes, yes. Is different unit also. Yes, yes. We are part of it. There's no subsidiary of ours. I got it. There are three plants, Silvasa and Elastic Collosia and Elastic Erol. Yes. So the utilization percentage in these plants are, I think, below 40% in last quarter.

25:04 So what is the utilization percentage right now in Q1? And how we are going to ramp up this going forward? See, as I told you, that our order book position has improved. So doing this production will improve the capacity, number one. Number two, this Q2 and mostly the Q3 is the seasons, like seasonal festivals, Navaratra, then Ghanai to sell Diwali, Christmas. And there is not much rain after September. So the construction activity goes very smooth. And the home buying and interior work also take So capacity utilization compared to Q1, Q2 will be a very good utilization from Aerodentologia.

26:11 Okay. Just just seconding to the last participant's request to please provide us a investor presentation so that these small data we can track because we have to dig very, very deeper just to refer so many documents posted by you just to catch up this all in relation. Please provide the presentation and preferably with order book closing and how we are executing and how we are planning to execute in future. Okay. Sure. Thank you very much, and best of luck for future. Thank you. Thank you. Thank you. The next question is from the line of Nitin, an individual investor. Please go ahead. Yeah. Thank you for giving the opportunity. Am I audible? Yes. Yeah. So I would just like to know.

26:57 So we have three facilities in India and one facility in UAE. Yeah? So is it that UAE facility caters to only Gulf Region or something like that or it caters to the entire international exports? Or is it that some of the exports are also being done from Indian facility? If you can just throw a highlight on that. Yes. So UAE capacity right now is about right now 95% capacity we are utilizing in UAE and this market, little bit of this GCC country. Now we are starting also Africa market. And from India also there is exports to Cyprus and Israel. Yes. And segment wise, exports total is 6% from India and the domestic 94%.

27:50 And product wise, if we go and IG is a 34% sale, lamination is 32%, solid glass is 31% and other mix is a 3% on the product wise. So now from UAE, we are targeting more geographical expansion, particularly Africa market and European market also. So our margins typically better for the export orders? See margin is always either for the export or for the domestic. It's a market driven. But yes, certain product, we get a good margin and certain product, there is a moderate margin. But to fill the capacity and utilization of the capacity, we go in the taking the order, ramping up the capacity.

28:43 Got it. Got it. The geographical risk there, right now the dependency on the Europe sorry, U. A. Is more. So we will be geographically, know, divertifications. And your management is constantly working on all the risk parameter for the sustainable and sound growth. Correct, correct. Understood. So this 25% guidance, has been provided, is it on the revenue that has been clocked in FY 2025 fiscal, mean, on that INR $3.96 crore? Yes. Yes. Okay. I mean, this looks to be too modest because we are already locked in INR 170 crores almost INR 118 crores in the first Because the guidance was given during the last two, last two interviews, there were the geography of this geopolitical situation was not controlled.

29:38 Now it's getting stabilized. So that's why I told you that 25% is minimum and we can mostly go up to 40%. No, with this INR118 crores of clocking in Q1, even 40% also looks to be modest to me. I mean, I will just explain. There is a two parameter in our business. We are working with the architectural business and most of the developers and all. Correct. Second, there is a debt side debtors also that's giving the credit, number one. Number two, scaling the management and scaling the capacity. So skilled proper productions, then logistic and everything. And we are more taking care of whom we are supplying this right client or not there. So we don't want any bad debt later on.

30:30 If you see from last three years, we have not 0.5% bad debt. So that's the one part of taking care. Second, taking care, enhancing constant quality. So we will have a more good big project and cooperated clients choice of our clients. Understood. So that all particularly for the sustainable growth, will remain always conservative. And we don't want that developing a IT infrastructure, developing a efficiency, doing little bit of automation, and risk alignment. So our...

31:28 Your management is always conservating while giving the guidance, and we don't plan over commit and then... Yeah. Yeah. Yeah. I totally understand. So what will be the working capital days Motamuti? Working capital is. Minute. So in India, the working capital days are around hundred and... Sorry, ninety eight days. So it is around an eighty five days. Okay. And what... Got it. Got it. What would have blended tax rate that we should consider? I mean, that can be considered Blended tax rate? The tax, actually, in India, there is no income tax because of our carry forward losses. And for the 9% corporate tax is there.

32:14 Uh-huh. So the blended effective is, let's say, 8% to 9% rate, right? Less than 9% because India profit, we are not paying any taxes on date. Okay. When it will be like that? So we have around five years still to absorb this losses. So out of five years, I think already one, one point five year or two years have left? We can expect further from here if it is still four or five years still there. Four or five years, no? Yes. And what is the present debt in books? The present debt in India is around 52 crores, Okay. Which includes the working capital debt also of around 14 crores and the term loan is of around 38 crores.

33:01 So no long term debt as such? Yeah. That that term loan is a long term debt, which is a long term. Correct. So total... I mean, long term is 38 crores. Am I right? 38 crores. Yes. Okay. Good. And what's with the cash as of now? Cash reserve? Yeah. Cash reserve. Correct. Cash reserve is minimal because because we are using a working capital limit. So we are not keeping in that way, the cash reserve. Understood. Understood. Yeah. That's it from me. I would really appreciate, I mean, for your candid answers. And if I get opportunity, I'll check-in once again. I'll opportunity to others. Thanks a once again. Thank you. Thank you. The next question is from the line of Raj Sarraf from Finvestors.

33:55 Please go ahead. Mister Raj, can you hear me? Yes. Yes. Now am I am I audible? Yes, sir. You're audible now. Please go ahead. Yeah. Thank you very much for giving me a opportunity once again. And just wanted to know, you contributed, I think, last month, if I could remember, with more than 10,000,000 AED. And it was told that it will reach up to 31,000,000 by Q1 and then by Q2, it will be 35,000,000. So are we on the same track or any revision upward downward on the same track? We are on the same track.

34:43 Okay. So can you please share us with what has been the July number, if you can? July is 11,000,000 somewhere. 11.87. 11.87. Okay. Yes. Okay. So the improved utilization and improved number can take us with, I think, improved margins. Am I thinking, right? Yes. Okay. Yes. Okay. Thank you. Thank you. You. Thank you. The next question is from the line of Shanki Bansal, an individual investor. Please go ahead. Hello? Yes. Yes. So I have a couple of questions.

35:29 I think in last Q4, you have indicated that you have the order book of 60,000,000 And I have seen that in last four quarters, the company is doing monthly sales of around INR 10,500,000, dirham. Correct. Correct. I just want to know that if you are having a order book of $6,070,000,000, why we are not able to cross that threshold of $1,010,500,000 monthly since we are having a 70, 71% utilization. So is the maximum capacity 70, 71 or what could be the scenario? Can you please explain this thing? No. So basically what happens that in our line, the order book we get, but the sizes to be released from the end customer, it takes time because their site readiness, their architects, design approvals, everything takes little bit time. And based on that, the size release, we have to take it into production.

36:31 So that's why the sometimes because it is a completely tailor made product, so we cannot keep it ready. So we can only keep the glass stock, which is required to be required in the product is ready with us. And the making of the final product takes time because it depends on the size to be released by the end user. So basically now As we said that in July, we had already crossed 11,870,000. It is definitely crossing every month. Okay. Understood. So I think just now the previous participant has asked and you have also said that there is a CapEx of 15,000,000 AD in the way, which is the third line of tampering glass.

37:22 Just want to know that how much debt you have taken to fund this CapEx? So we are right now it is whatever they've been funding is then is from the internal approval. And apart from that, now we are tying up with the fund from a bank, which is around AD 7,000,000. We are proposing to take as in long term debt over there. AD 7,000,000? Correct. In the range of so in the range of 50, the debt and equity. Okay. Okay. And one last thing, I think in the annual report also for 2025 and 2026, I seen that management has an ambition to become another largest glass player in India with a more balanced approach with the India and UAE mix.

38:17 So recently also you have indicated that you are looking for one more acquisition in automotive space. So my point is that beyond 2027, next three to five years, how investors look at Sejal Glass with a long term perspective? Three to four years, number one, I think if you see our past two to three years track record, every quarter we have grown up and every year we are growing. Talking about two to three years or three to four years, I think we will maintain in the range minimum 25% growth and maximum 40% growth every year.

39:03 So this is the range. And secondly, if you're looking to the GDP growth of India, number one. Number two, the Dixit Bharat's whole story in infrastructure, in real estate, in other all industry, we also give boosting. So once year on year, what is the opportunity, what is the growth, based on that, we will plan our expansion, geographical expansion, capacity expansion, looking at different countries also and also entering new parallel product in architectural glass or automotive glass. So at this stage, yes, we are confident that year on year from minimum 25% growth to 40% growth.

39:55 And if more opportunity comes and GDP is growing more and certain corporate tire comes as an opportunity, then we'll plan the expansion also. So that will enhance the what we are seeing the figure. Okay. Because right now, if I see Sejal Glass, so there is a heavy reliance on UAE sales. So I think there is a geographical concentration in the books we can see because the entire profitability is right from UAE. So any hiccup will dampen our growth also. And considering the fact that we are catering into architecture glass and if we're venturing into automotive glass, that will be a product differentiation where we cater both segments.

40:43 Yes, will tell you as a part of risk management, we have already taken the initiative to from UAE to expand in different geographical area, number one. Number two, in India also, can expansion product portfolio also. Like so right now, we are looking automotive as a not direct OEM, but maybe start with the replacement market. Second, we are also entering in the industrial product, where there is appliances and all. So we are dividing our product portfolio gradually, number one. Number two, we are also working on geographical distinct. And third, like last year, there was a contributions of about 75% from India, UAE operation.

41:28 This year, it will be sixty-forty. And coming here, it will be fifty-fifty. So that last year, it was India was 31% and this quarter. And India, if we look at the revenue base. So sixty-forty we have arrived. Last year, it was more than that, seventy-thirty. So we are also balancing this portfolio also. Okay. Okay. That's commendable and best of luck. Thank you. Thank A reminder to all the participants to press star and one to ask a question. The next question is from the line of, an individual investor. Please go ahead.

42:18 Yes. Thanks for giving the opportunity once again. So can we consider ourselves comparable to India Glass? And if yes, and otherwise, who will be the other listed peers as such? Right now, in architecture space, there is no listed. Even the ASI is also in architecture, but there are 90% revenue coming from automobile. Correct. And Varusil is in the solar glass. So we are not in the same segment. So if we see particularly on the architectural glass segment, we are the only entity. So otherwise, who will be comparable, unrestricted or in private player? Private player to so many. There is a, you know, organized, unorganized, semi organized and unorganized. So number of player. A lot of SMEs, you know Any small multinational or big big names?

43:08 Sorry? Multinational or big names in in architectural comparable peers? No multiversal player here. Assahi and Sangobin is there, but they are in different segment. Correct. Correct. So there is a more regional player. It. So we are now like on Pan India network. We are aggressively going Pan India. And is there any client contribution like if I were ask what is the contribution from top five clients assets? So they're also distributing. We have around in India, the contribution is coming from fifteen fifteen clients, are getting contribution more than 70%. And we have around 200 regular clients, so we give 30%.

43:55 But now we are again managing the risk. So 50% of the turnover will in future come from the top 15 clients and rest 50 in the 100 or more clients. And our this around 200 clients is the repeated clients. Every quarter is coming and our customer satisfaction level is above 95%. And our on time supply is around now above 95% also. So is there something we can say, I mean, what will be the market share in organized market, I mean, ours and can we say something like that? We don't exit data, but I think within the next two quarters we will have this kind of data.

44:42 And we'll give data to our own shareholders. Got it. Got it. Got it. So if I have to understand, considering whatever utilization of capacity we have done till March and whatever is balance, am I right in understanding the maximum revenue that can be done with this present without any comment even without the ongoing CapEx, what we're doing in UAE, the third line, is 600 to $6.50 crores is the maximum revenue that can be clocked from the present capacity? 600 crores? Yeah. So what I would ask is if considering the present capacity utilization, am I right in understanding the maximum revenue that can be generated without any present ongoing expansion would be somewhere around 600 crores?

45:29 Yes. Yes. And post this expansion of this UE third line and the recent acquisition what we've done, would it be somewhere around $7.25 crores or INR $7.50 crores? One minute with the expansion. See, including I think, you know Talujair here. Including third line and Talujair capacity, we can move up to more 75 crore. Sorry, how much? More INR 75 crore. More INR 75 crore. So on INR 600 crores, another INR 75 crore, you're saying? Yes. Okay, okay. Got it. So yes, I mean, that's it. I mean, really appreciate once again for your candid reply and congratulations and wish you all the best. Thanks once again.

46:28 Thank you. The next question is from the line of Devang Shed from Aden. Please go ahead. Jayjendra, Amurupai. Jayjendra. Tayeb, just to update, I saw your NDTV interview as well and very fascinated to have such a stock in my portfolio as well. So just to update, how are we going about the CapEx plan, about the fundraising and all about as you discussed... Fundraising plan, whatever the CapEx planning is there, which is within the internal profit and second little bit of debt. Right, right. Okay. And sir, we need to apply reality reality this is a separate company. So Sejal Glass is nothing with the real estate.

47:18 Right, right. So any future demerger plans about the real estate business, sir? We remain focused on the glass only. Okay. Okay. Right, right. No worries, sir. The results are extremely good, and we found really promising the future ahead. So do stay committed, sir. That's what we would ask for. Yes. We are very much focused on our architectural glass core business. Real estate is our separate divisions. So there is a separate team, separate capital, separate, you know, family CEO. Right. So there is no diversion of any focus. Right, sir. Right. Right. And, sir, about the recent order win, can you brief up, like what was it about? Are we planning into something into railway also for glass?

48:07 Yes, yes. Are already supplying, and we are now participating more aggressively on the railway, all tenders, all India. We are a good vendor for all the Kapatula, Raiberilly and Chennai manufacturing facility of railway. Right, right. No worries, sir. Thank you so much, sir. Thank you so much. Thank you. The next question is from the line of Pawan from Vyansh Ventures. Please go ahead. No. All my questions have been answered. Thank you. Thank you. The last question is from the line of Nitin, an individual investor. Please go ahead. So we recently ventured into this railway vertical.

48:52 So margins wise, which vertical will come on higher margin? Like will it be railways automotive or which one? Yes. So what is of confidence that payers like Assai, India Glass or St. Gopin, they cannot enter into this sector and can disrupt this architectural distinctly more into other verticals like automotive and distinct? You see, actually, it's not about the confidence, but it's about the company's core competency and core business. So Assai's core business in India from last twenty five years, they have made first on the automobile.

49:39 And I think they have so much focus that there is no dilutions from 90% market share in India in automobile. So obviously, their focus is clear. And SEJALLTD capacity on the floor manufacturing and coated glass manufacturing remain focused. They are expanding every alternate two years capacity building up. And they are supplying to our kind of customer. So I don't think as their strategy, they will compete with their customer. Yes. And their competency globally is a float manufacturing. How... Are investing more R and D on coated, float technology and all.

50:24 So they are and also India is a different region and these are always dub dub dub and virtuous of SME in India. Correct. Correct. So this SME sector is a very big sector. So that's somehow confident that no company will divert from their core competency. And we also remain in our core competency. Got it. And which vertical will give us highest margin like railways or architecture or automotive? Architectural. We are majoring in focus in architecture. Architectural. Yeah. So, yeah, that is once again. I really appreciate once again, and thanks a lot for being so candid. A lot. Thank you.

51:13 We take that as the last question. I would now like to hand the conference over to the management for the closing comments. Management line, we cannot hear you. Yeah. Hello? Yes, sir. The line is audible. Yeah. Anyone else? Any other questions? Or we can, you know, conclude? So we can conclude. Yeah. Thank you, everyone, for, you know, participating in investor phone call and thank you for your questions, support and we as management, we are committed to what we say and we are committed to our core competency.

52:04 Thank you. Thank you everyone for joining the conference call of SEJALLTD Limited. If you have any further queries, you can write us at research@theriskreeneradvisors.com. Once again, thank you again for joining the conference. Okay. On behalf of Kiran Advisors Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.