Sejal Glass (NSE:SEJALLTD) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Sejal Glass Limited Q2 and H1 FY 'twenty seven Results Conference Call hosted by Kirin Advisors Private 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 Mr. Karan Thakur from Kirin Advisors Private Limited. Thank you, and over to you, sir. Good afternoon, everyone. On behalf of Career Advisors, I welcome you all to the q two and h one FY twenty seven earnings conference call of Sejal Glass Limited.

0:49 We have with us the senior management of the company led by mister Amarud Gara, promoter and Mr. Chandresh Rambiya, CFO. We will begin with the opening remarks from the management followed by a Q and A session. I would now like to hand over the call to Mr. Amruth Gara for his opening remarks. Over to you, sir. Yes. Thank you, Karan. Good afternoon, and welcome to the Q2 and H1 FY twenty twenty seven Results Conference Call of Sejal Glass Limited. On behalf of the management team, I would like to thank all our investors, analysts, shareholders, stakeholders for their continued interest and confidence in the company. Sejal Glass has been steadily evolving from its traditional glass business into an integrated architectural glass manufacturing company with an expanding presence in specialized and value added products with manufacturing facilities across Silvasa, Tallooga and Erod in India, along with our operational in Russell Kema, UAE.

1:52 We now have a full state of the art along with our manufacturing plant network with an annual production capacity of approximately 61.94 lakh square meter for all products put together, that is tempered, laminated and insulated glasses. Our focus remains on strengthening this platform by improving capacity utilizations, expanding our product portfolio, enhancing operational efficiency and increasing our presence across domestic and international markets. Coming to our financial performance for the Q2 of FY twenty twenty seven, On a consolidated basis, total income stood at 139.86 crore compared with INR 105.04 crore in Q2 of FY twenty twenty six, registering year on year growth of 33.14%.

2:40 Our consolidated EBITDA increased by 43.44% to crore from INR17.89 crore in the corresponding quarter of the previous year. Consolidated EBITDA margin improved to 18.35% from 17.03%, representing the expansion of one and thirty two basis points. Consolidated net profits stood to INR14.42 crore compared with INR8.11 crore in Q2 FY twenty twenty six, registering year on year growth of 77.61%. The net profit margin improved to 10.31% from 7.73%, an expansion of two fifty eight basis points. Earnings per share increased to INR12.52 from INR7.95 in the corresponding year last quarter. For the first half of FY twenty twenty seven, consolidated total income reached to crore compared to INR182.81 crore in H1 of twenty twenty six, reflecting a growth of 41.84%.

3:47 EBITDA increased by 43.79% to INR43.68 crore from INR30.38 crore, while EBITDA margin improved to 16.85% to 16.62%, an expansion of 23 basis points. Consolidated net profit for H1 FY twenty twenty seven stood to crore compared to INR12.53 crore in H1 of FY twenty twenty six, registering a growth of 72.6%. The net profit margin increased to 8.34% from 6.86%, an improvement of 149 basis points. Earnings per share increased to 18.79% from 12.28% representing growth of 53%.

4:32 Overall, our Q2 and H1 FY twenty twenty seven performance reflects healthy growth in income and profitability supported by improved margin and the continued development of our expanded manufacturing network. Operationally, our key priority is to continue integrations and ramp up of our Talosia and EROTE facilities acquired through the Glass Tech business acquisition in April 2025. Following the initial integrations and machine overall, our focus is on increasing utilization, improving production efficiency and generating a better operating leverage across the network. Our established Silvasa facility continue to provide a strong domestic manufacturing base, while our UAE operation remains an important contributor to the group's overall performance.

5:18 Going forward, we expect improved capacity utilization across our facility and a more balanced contribution from India and The UAE to support sustainable growth. We have also continued to strengthen our order pipeline. In July 2026, our UAE subsidiary secured five significant architectural glass order aggregating approximately $8,027,600,000 dollars equivalent to around INR 71 crore for hospitality, residential and health care projects. In addition, we secured domestic architectural glass projects aggregating approximately crore across commercial residential and institutional applications. Our UAE order book reached approximately AED 78,000,000 in September 2026, providing visibility for execution over the following six to nine months. This project reflects continued customer confidence and strengthen our presence in the GCC region.

6:14 On the product development front, we are progressing towards a higher value product mix. Our digital printing capability have expanded our offering in decorative and specialized architecture glass, while our bullet resin glass has progressed through the testing in India. We are also an approved vendor for railway glass at three railway code factories and are participating in the tender opportunities. Although this business is currently at an early stage, we expect it to develop progressively over the coming quarters. Another important initiative is our entry into fire rated glass. Manufacturing line SoC technology has been imported and are being installed at our factory facility with the trial production and approval progress towards the commercial production target to end of Q3 FY twenty twenty seven. We see promising opportunity across real estate, healthcare, airports, infrastructure, defense and other applications where fire safety requirements are important.

7:09 As this specialized product scale up, we expect from the end to contribute increasingly to our revenue and product mix, while supporting our strategy of moving towards higher value glass processing solutions. Looking ahead, our outlook for FY twenty twenty seven remains constructive based on our assessment of market condition, real estate activity, infrastructure development and progress of our operations. We continue to expect year on year revenue growth in the range of 25% to 40%. We also remain focused on sustaining EBITDA margin at around 18% and maintaining a paid margin of approximately 10%. These objectives will be supported by better capacity utilization, operational efficiencies and gradual increase in the contribution of value added product.

7:59 Our broader priorities under the Luxe 2,030, we remain centered on speed, scale and sustainability. We will continue to strengthen our domestic presence, expand our reach across The GCC and other export markets, improve manufacturing efficiency, evaluate growth opportunity with focus on the long term value creation. We believe that our expanded manufacturing footprint established customer relationship and increasing capability in specialized glass position us well to participate in the opportunity emerging across residents in commercial, construction, hospitality, healthcare infrastructure and transportation. At the same time, we remain focused on disciplined execution, cost management, working capital efficiency and prudent capital allocation as we move into the next phase of growth.

8:51 With that, I would like to thank all our investors, stakeholders for their continued support and confidence in Sejal Glass Limited. We look forward to sharing further progress as we execute our plans for the remaining FY twenty twenty seven. Thank you. I will now hand the call back to the moderator for the questions and answer session. Thank you very much. Over to you, Praj. Thank you very much, sir. We will now begin the question and answer session. Session.

9:44 The first question is from the line of Gaurav Shukla from Finlisters. Please go ahead. Yes. Thank you, sir, for giving me opportunity and congratulations for great set of numbers. Sir, we see that Q2 FY27 has shown strong growth in both revenue and profitability. Could you please explain how much of this improvement is sustainable, particularly after the integration of the Loja and Evotec30 in 2026? What revenue growth and EBITDA margin do you expect from FY twenty twenty seven? And how will company improve cash flow and reduce debt while funding further expenses?

10:37 Yes. Hi. Overall, the performance improvement is on account of our improvement in COGS. So we had used many product mix to improve the margins. So our EBITDA is above 18% and we are expecting by FY twenty '27 to remain above 18%. And as you said that the improvement in all the areas, so we try to control the cost, improve the capacity utilization and that's how we will be able to mitigate our guidelines for '27. Okay. That's great, sir. And sir, what percentage of current revenue comes from specialized products such as higher rated bullet resistance, railway grade and easily printed glass?

11:27 What contribution do you expect these higher value products to make the revenue margin by FY 2028? So as of now, the contribution from railway grade or digital printed glass are very minimal. But yes, we are concentrating more and more. We are participating more and more in the tenders. So there is a process which will take some time. So in 2018, we are expecting a good growth in the form of railway grade glass supply as well as digital printed, fire rated or a grid proof. Fire rated, we are expecting to start from the quarter four as a commercial sale. In quarter three, we are expecting to have our trials run for the product on the floor. Okay, Sir, one thing I want to ask you about the erosion, you know, facility very integrated during the FY 'twenty six. What are their current utilization levels and revenue contribution and EBITDA margin?

12:27 So as we see that the capacity utilization in Taloja and Erode, both the plants have been now improving. So in Erode, we are positive EBITDA of around 10%, whereas in Teloja, we are more or less on the still on the breakeven side. So the capacity, yes, on the product side has been improved, like from last quarter, it was 55% on tempering in Teloja, now it is 69. On IG glass, it was 24%, now it is almost 40% in Teloja. Similarly, in ERORE, the utilization of tempering line was 13%, now it is more than 24%. And on IG glass, was less than 5% in last quarter, now it is more than 18%.

13:15 So on a quarter on quarter, we are concentrating to improve the capacity utilization that will definitely add to our EBITDA because the fixed cost will get absorbed. Thank you, sir. Sir, one thing revenue growth 33% in Q2 and profit growth is 28%. What is the main driver of this growth in all this year? This was capacity utilization in Erode as well as in Taloja, that was the one thing. Secondly, efficiency improvement in our operations where the COGS has improved to 3%. And similarly, and other costs are being absorbed because of the revenue growth and the efficiency has been improved in terms of manpower as well as in terms of machines.

14:14 And apart from that, there is then the all the turnover absorbs incremental cost of LV increments, year end increments, other expenses. And the another factor is the facade division in UAE, which has also contributed in this quarter in the EBITDA. Sir, has guided in annual report growth outlook of 35%. Sir, we are with that? Yes, we are expecting between 25% to 40% by year end. Minimum 25%, maximum 40% we are expecting a growth. Okay. Thank you, sir, for giving me the results very clearly.

15:04 All the best for future. Thank you, sir. Thank you. Thank you. The next question is from the line of Disha from Saphyr Capital. Please go ahead. Hello? Yeah. Am I audible? Yes. Very much. Yes. Thank you so much, sir, for this opportunity, and congratulations for a good set of results. Obviously, on your EBITDA margin, you said you're targeting EBITDA margin of 18%. Is this for the second half or for the entire year, if I only have, you're targeting 18% sort of EBITDA? Sorry. I didn't got your question. You mentioned that we're going ahead with targeting 18% EBITDA. So is it for the second half that we're looking at or for FY twenty seven as a whole we're looking at an 18% sort of EBITDA? We are at 18 plus right now in quarter two and we are expecting to be more or less above 18% in the second half also.

15:58 So overall, our margins already to be above 18% as a whole year. Right. And sir, you mentioned that the part of this increase in EBITDA also because of the product mix. Could you elaborate a bit more on that? On account of? The product mix, the change in the product mix? So product mix in the sense that the raw material composition has been changed to certain extent where we are trying to negotiate more on the purchase front, where we try to use more different kind of product like in silicon or in PVD, different vendors worldwide has been tested and utilized. So that way the composition has been changed to a certain extent, which has resulted in COGS less compared to last quarter.

16:51 Okay. Okay. And so, Ora, Dubai, the third... The CapEx is supposed to come online by the third quarter. Are we on track? More or less, we are on track for the third line of tempering as well as the higher rated. Okay. Okay. And so what should be the order book for the India business currently? It's around 85 crore. And you weigh around 200 here. Right? Yeah. It is 78,000,000 a d. Oh, okay. And what... And in terms of the peak revenue, I think, from the existing infrastructure, we're expecting around $606.50 c r. Any sort of internal target by when are we planning to reach that number? I think so we'll be able to reach in '28. So next year? Yeah.

17:40 Okay. And so for the specialty segment, the fire rated segment, could you just elaborate a bit more on what sort of market size are we looking at? What is the margin differential? Like what sort of EBITDA will we be earning here? And what sort of revenue contribution are we looking at for the next year? So that we'll be able to give the guidance only in the first quarter of the twenty eight because right now the once the product is out, we will be testing and then we will be considering in the market. Margins will be definitely more in terms of EBITDA, it is more than 30% because it is a very value added product. And what's your market size, if any comment on that? Market size, it is as of now, it is difficult to say.

18:36 So approximately our understanding is about INR500 crores including India and UAE. Okay. Okay. Okay. Fair enough. And such is the last thing from my side. In our... So what sort of peak utilization level do we target? The math that we can reach for our plant? So peak utilization in terms of capacity you're saying for India? Yep. Across or, like, what's the fee high... The most utilization we can achieve it. Yeah. More than 85% in IG laminates and tempering because tempering in a way the product is also used for the production of IG and laminates. So our tempering capacity should be utilized near 200% and our IG and laminate glass should be more than 80%, 85% on a peak level.

19:31 Okay. Fair enough. Thank you so much. That is all from my side. Thank you and all the best. The next question is from the line of from. Please go ahead. Am I am I audible? Yes. Sir. So my first question is, so can you please let me know which all segments have a higher gross margin in your basket of products and what percentage of revenue is coming from? Product wise margins are always better in terms of IG glass and laminated glass. Okay. So it will come like a like a high margin?

20:19 Higher margin. Okay. And my second question is, so so do we expect that part of the business to grow at a higher speed as compared to the others and which would give us a higher barrier to entry, like higher gross margin and higher EBITDA margin? So which which will be... Which which segment products? No. I didn't get your question. Yeah. So I'm asking that which part which part of the business to grow at a higher speed as compared to the others, which would give us the higher value to entry, like, higher revenue and higher EBITDA margins. Hello? Ladies and gentlemen, the line for the management has been disconnected.

21:08 Please hold while we reconnect. Ladies and gentlemen, the management line has been reconnected. Over to you, sir. Yes. Hello? Yes. Yeah. Am I am I audible? Yes. Yes. Yeah. So so my question is, so do we expect that what what part of the business to grow at a higher speed as compared to others? And which would give us a high gross margin and hence good margin for EBITDA. So So as I said, that the value added products will definitely do a good EBITDA margin in terms of, like, supply of decorative glass, digital printed glass, spirated glass, bulletproof So these are the niche margin products.

22:04 And as compared to competitors, we are definitely working more towards COGS, which will enhance our gross margins and EBITDA. So the laminate glass and IG glass is always a priority in selling these products. So our UAE is completely selling IG glass and laminated glass. So India gradually, this product mix is changing from only plain tempered to IG and laminate glass. The next line will be from Abhijit from AJ Capital. Please go ahead.

22:55 Hi, good evening. Hope I'm audible? Yes, yes. So congratulations on a good set of numbers. My first question is that I've been tracking your business, and you have always been outperforming whatever you've guided for. I think in an TV interview also you guided that maybe Sejal will be able to grow top line this year by almost 14% to 50%, and you are tracking that. I just want to understand more about the business because know, still something that is in a very niche market. And since you're not glass manufacturer, also want to understand how sustainable the advantages of the businesses are. You have been doing fantastically well in the last two, three years. But want to assess whether this growth can continue for the years to come.

23:42 One part is that Dubai, you are almost operating a 95% capacity. You are being able to do INR $3.50 crores you were almost on track to do your $3.50 crores top line this year from Dubai itself. But could you help us understand your India business better, whether you're getting traction, whether you see the same kind of growth that you've seen in UAE coming in India business, because I think that next leg of growth will come from India. Can you help us understand how does the next two, three years look for phases from here on? So as you said rightly said that UAE, yes, definitely we are working about 90% in capacity in terms of IG class. And the second line, we are also expanding in tempering capacities, which is coming in the quarter three. So that will add up our capacity.

24:32 And apart from that, India, we have already three plants where Eero and Talosia is still underutilized in terms of capacity. And considering the potential in India real estate infrastructure development of high rise residential and commercial projects. So that will definitely add up the revenue in our sales and the capacity utilization. Okay. So this INR80 crores order book that you have in India right now, what is the timeline was this has to be executed? Are these for FY 2027 or some of this will flow into FY Yes. 2028 as So there are actually the order book is always keep on adding and something will be keep on delivering. So basically, these projects are in the range of six to eight months of timeline of deliveries.

25:30 And generally, in our industry, it is a make to order product and it is very specific product. So the sizes are generally released from the architects or the facade consultants and then after the product is made and delivered to them. So it is a continuous process where the projects will be added and something will be delivered. So these are in the range of So I'm saying that these are the projects of six to eight months of timeline. Generally, sizes are released by the architects and the consultants. So every month, the new projects are added and again the old projects, some of them are delivered to them.

26:24 So I want to understand you since you've been running this business very efficiently and you yourself have seen stable growth. FY 'twenty seven is almost you can see what the company will look like. But I just want to understand from you whether you can also build for the future, like you can look into FY 'twenty and FY 'twenty nine, do you see the growth continuing? What sort of business do you see Sejal becoming in two years? If you could just help us understand what you are seeing on the ground and yes, because it's a very niche industry, don't have any macro markets also to look at to draw some comparison that Sejal would be able to grow by this month, etcetera. So just wanted an insight on the growth of the are expecting the 25% year on year growth in this on the same capacities. If we keep on adding some capacities in our coming years or in the coming quarters, that will definitely add up further to our business.

27:20 So considering the India, the 2047 targets of government on a fixed rate Bharat, so definitely there is a huge growth and potential in terms of the industry. So India industry in terms of glass is more than US$39,000,001,000,000,000. So and in this also, if you see the architectural glass or the process glass is more than 60% in contribution. So definitely, the industry looks like bright and considering this space at which the market is growing, real estate infrastructure development, this will definitely help the company to grow.

28:07 Thank you. That's all good from my side. Thank you. The next question is from the line of Parag Shah, an individual investor. So my first question is what is the strategy to increase India's share of consolidated revenue and move towards a targeted 60 to 40 ratio in India or India UAE revenue mix? India UAE revenue mix is, as we said that it will be sixty-forty. 60% is from The U. A, 40% from India. Yes. But what is the strategy to increase India's share? The strategy is that capacity utilization of tallow and erode units.

28:55 So that will help us. Apart from that, we are also looking at opportunities in terms of growth for acquisition or capacity addition in the coming quarter, in the coming year. Okay. Is there any expectable plan? We are working on it. Nothing is concrete to disclose as of now. Okay. And how are they exposed to Africa and Europe progressing? What's the revenue contribution can this market generate over twenty to eighteen months? So it is less than 5% as of now, the export to Europe or in Africa. So we are also developing a market in Africa.

29:43 We have one salesperson to market our product over there. So again, it is a time taking process because it is not that mature market. Africa is still on a very lower side in terms of the product and quantities to be exported. Okay. And what's the remaining CapEx requirement for The UAE tempering and fire rated glass line? Both the tempering third line and the fire rated and the other the facilities to be required to make this operation is around in the range of 20,000,080 of our total investment in terms of the Okay. And source of this investment and how it is going to be funded?

30:32 Sorry? How it is going to be funded? So is it the From the internal accruals to certain extent and to certain extent, we will be looking for a banking finance also. So in the range of more or less 60, 4060% from our internal approvals, 50% from our banking finance. Okay. We have indicated that the specialty products could contribute 5% to 7% of FY twenty seven revenue and 15% to 20% in FY twenty twenty eight. So is this guidance unchanged or... No. More or less the same thing. We are expecting 5% in this year from the value added products and next year 15% or 20%. Okay. One last question from my side. What is the current order inflow for railway grid class?

31:24 And are you seeing any increased traction from the Porsche manufacturer or Vandevarat or other in the application? So the railway is actually a continuous process where you have to bid or continuously process on the tendering. So as of now, the tenders are so there are more than INR 100 crores of tenders every quarter comes from the railway side, which we participate, where the other criterias of apart from L1, L2 criterias, our system suppliers and that has also been considered. So as of now, we are whatever in terms of tendering, we are participating. We are getting small orders. Once this process will continuously happen and the number of orders delivered is more, so this percentage of the order allotment will increase.

32:17 And what's your generalized between ratio? Sorry? What's your generalized between ratio for this tenders? Tendering, generalized as of now, 5% conversion. Okay, fine. I will get back in with you. Thank you. Thank you. The next question is from the line of Pankaj Kumar, an individual investor. Please go ahead. Hello, sir. Yes. First, I would like to call... Congratulate you on great set of numbers. Yes. My question is that your major business part is in UAE.

33:04 So is geopolitical instability disturbing your business in any way? What is disturbing? Geopolitical situation in Middle East, sir. As of now, yes, we are doing well in spite of this geopolitical tensions over there. Of course, there is an increase in cost of some of the things because of logistic cost, shipment cost has been increased. So my input cost to certain extent has been increased, but which we are still passing on to the end users and the customers. But the activities of the developers or the facade companies are still going on. So they are also in the process of completing their targets or delivering the to their customers.

33:58 Right. And my second question is that, is there any debt reduction plan in future? Sir, as of now, the debts are in are more of like long term debts from the banks, which are being paid as on EMI system and regularly. So right now, as such, nothing on that front to reduce that or making a prepayments with the bankers. All right. You, sir. Once again, congratulations to great results. Thank you. Thank you. The next question is from the line of Rajna Kukreja from SIMPL PMS. Congratulations on a good set of numbers.

34:49 My first question would be on gross margins. On consolidated level, gross margins have been the highest this quarter. So what would be the key reasons for the same? And is it sustainable from a long term point of view? And how gross margins would look in the rest of second half of the year? So the gross margin this time, as I said that COGS has improved in UAE plant because of some product mix has been changed. We have better negotiated certain items of input cost and rest is the efficiency improvement in our main part as well as on the machine side.

35:35 Apart from that, in UAE, we have a facade division where also this has also contributed in this quarter. And we are expecting that this will continue in the next quarters and it is a very much sustainable gross margin. We are in fact trying more and more improve our EBITDA margins. So it is more from a cost perspective and not from a product mix perspective? So product mix on a sales side, it remained more or less same as such the IG is the highest in terms of sales in UAE. In India, of course, as the capacity utilization changed in Ero and the Teloja, this has helped us to get better margin.

36:24 Okay. What would be the key drivers for improving the IGU utilization in from 43% in q two. We have seen 43% in q two f y twenty seven, and we are targeting 50% by f y twenty seven. So what would drive that? It is actually a project sale... Project based sales. So we are getting more and more project sales of this product IG and the laminate. So Okay. Which is on that? So it is more for real estate projects? Correct. Infrastructure, real estate, which includes commercial, residential. Okay. Last question, as per our Raksha 2,030 plan, what would be our specific initiatives that we are taking on the speed to market and execution front?

37:20 And if you could give me a broad view of how does our execution capability stand as of today in India compared to three three, four years ago, and what measures are we taking in export markets including UAE to improve speed and execution and stay ahead of competition in export market? So in export market, earlier in two, three years back, we were not there. From India, we were not exporting to any country. But since last one year, we have started exporting to Israel or to Cyprus. This year, we are supplying to Sri Lanka as well. So our definitely marketing network has been enhanced on that front.

38:06 So the quality product which we are supplying has been accepted and that's how the we are expecting more export orders. We are price competitive as well. We are trying to make our margins in that range where we can offer better price to the customers. And in terms of our three years that is speed, sustainability scale and sustainability, we are working towards 2030 target. So everywhere speed in our action, whatever we decide, we should immediately implement those things. Sustainable by sustainable, we mean a sustainable business and growth to continue for a long term vision of the group?

38:56 No. I mean, speak to execution in India market. What would we... What would be the internal effort in terms of reaching to the market? So I understood about the UAE business, but more on the India and what would be the execution initiate... Initiatives we are working on currently? So execution initiative in terms of what we are reaching more and more towards bigger projects. So we are supplying now in Bangalore. We are supplying now in Hyderabad. We are supplying to Bombay or in Gujarat. So that's how we are reaching out to a bigger project. We are trying the meeting with the all the good architects, consultants, a certain company. So so they they need a constant supply on a timely supply on a quality product.

39:44 So these three parameters generally they want any glass architectural glass company to deliver. So that on that front, we are delivering on time. And that's how our execution is much 99%, whatever the date has been committed, we are trying to fulfill that. So that speed we are implementing our day to day business operations. And more on the working capital fund, our margins have been improving, but our cash flow still remains little weak. So just on the working capital fund, if you could give some some color on how are we improving on our working capital.

40:30 So, see, working capital as a UAE market is more on the trade market as always. So there, the PDC concept is still exist. So everything works on the PDC. But we are the company who is investing on a LC term, so our 25% business is still from the LC, where we get the LC from the customer and we get a discount to improve our working capital cycle. In India, the larger projects, of course, you need to buy the goods or the glass in advance because the specified glass, which are coated or reflective glass, where the manufacturer like SEJALLTD has their own run. So by that time, when the run is there, you have to buy that glass and you have to keep it in inventory.

41:16 And when the sizes are released from the companies or from the end user, we will produce the glass for them. So like that. So that's why the little bit blockage in the working capital is seen. And we are managing within the internal resources, the working capital. So whatever the profits are there, which are flowing back in the working capital. Understood. Thank you and all the best. Thank you very much. Thank you. The next question is from the line of Bimal Panchal from Bimal Panchal and Associates. Please go ahead. Hello. Yeah. Congratulations. Yes. You... Congratulations on the good side. Remember, you answered all questions very very optimistically.

42:05 Just want to know, do we have presence in solar glass panel, or are we exploring in to enter into it? No, no. We are not into solar glass panels. Solar glass is a different product. We are into architecture glass and to railway glass. Okay. Got it. Got it. Yeah. As of now And one one of the previous participant has asked one question, like, bid to win ratio, and you replied at five per... 5% conversion. I think that question you almost understood. Bid to win, isn't that... If you suppose if you feel 10 tenders, how how tenders do you award it? That that was the question. That's in 5%. So in 10, if you say... If I bid for 100, I will get five You got 5%.

42:50 Okay. Five tenders in your favor. Is is that competitive or highly competitive that much? Competitive as of now because we are the new entrant over there. So there are some criteria in the railway supply. There are categories of we see that we have supply, vendors. So once we will cross from C to B to A, definitely the tender flow will be more. The orders will be more because they are just some criteria on that front that we're supplying on a regular side, we've completed more of this supply projects. Mhmm. Okay. Okay. And do do we lose the risk on tender fees on something? There's no such tender fees or anything, which is a You directly work with architect or something like that? Directly, you have to... On that quarter.

43:42 Okay. Right. Okay. Okay. Right. So is any plan visit is possible? We will be we will be arranging very soon. Mhmm. Okay. Because that gives them any good interest in some management just for all these facilities and all this. Yeah. Yeah. That's all.. Thank you very Thank you very much. Much. Karan, can we conclude this call? Yes. Thank you. That was the last question for today. I now hand the conference over to Mr. Karan Hakar for closing comments. Yeah. Thank you. Yeah. Thank you everyone for joining the conference call of Sejal Glass Limited. If you have any further queries, you can write us at research@sejalGlassLimited.com.

44:30 Once again, thank you everyone for joining the conference. Thank you very much. Thank you. On behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining, and you may now disconnect your lines.