Speaker #1: Okay.
Speaker #2: Ladies and gentlemen, I welcome you all to the Q2 and H1 FY27 post-earnings conference call of McPower CNC Machines Ltd. Today on the call, from the management team, we have with us Mr. Rupesh Mehta, CMD, along with his management team.
Speaker #2: As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risk and uncertainties. Also, a reminder that this call is being recorded.
Speaker #2: I would now request the management to brief us about the business and performance highlights for the quarter and half year ended, the growth plan and vision for the coming year, post which we will open the floor for Q&A.
Speaker #2: Over to the management team.
Speaker #1: Thank you very much, Vinay ji, and team Captify. To arrange the meeting for quarter 2, good afternoon everyone. I warmly welcome all of you to our Q2 FY27 H1 FY27 post-result conference call.
Speaker #1: Thank you for taking a time out of your busy schedules to join us. We truly value your continuous interest and support. The financial result and presentation have been uploaded on the company's website.
Speaker #1: I hope you have had a chance to review them. I will bring you walking you through the key highlight of our Q2 FY27 performance followed by an update on our strategic initiative and growth outlook after that we will be happy to take your questions.
Speaker #1: We are further to please to state that for Q2 FY27 also the company deliver is highest ever performance in McPower's history. In terms of revenue, EBITDA and PET, the revenue stood at 120 crore point 33, YOY growth of revenue is 40.39, EBITDA stood 19.93 crore, growth by 40.8, YOY with the EBITDA margin of 16.56%.
Speaker #1: PET stood 13.48 crore, grown 43.7, YOY with a PET margin of 11.20. Net profit margin stood at 11.20, up plus 26 BPS, YOY for the quarter ended.
Speaker #1: EPS stood at 13.47, up by 43.8, YOY for the quarter ended. Average machine realization is also increased now. It's 20.36 lakh, we are pleased to state that H1 FY27 the company delivered its highest ever performance across revenue, EBITDA, and PET.
Speaker #1: Revenue stood at 215.56 crore, for H1 FY27 with 46.9% YOY growth. EBITDA stood 35.36 crore for H1 FY27 with 60% 60.2% YOY growth. PET stood 23.6 crore for H1 27 with 65.5% YOY growth.
Speaker #1: Net profit margin stood at 10.7, up plus 120 BPS, YOY for the H1 FY27. EPS stood at 23.05, up by 65.5, YOY for the H1 FY27.
Speaker #1: Average value of the machine around in 6 month is 20.55. Lack in order book. Capex during the quarter was 2.89 crore, incremental Capex has lead to a corresponding increase in a depreciation.
Speaker #1: Robust order book and strong demand on pipeline. Pending order book as of Q2 and stand at 476 crore, reflected 36% YOY growth. Nexa series contribute in this order book is almost 40% of the pending order book.
Speaker #1: Domestic bid submitted 745 crores, tender bids government business it's 194 crores, total bids in the pipeline is 939 crore. Product innovations: recently we have successfully delivered and launched a several new models like DCM 5 meter V500G and VTX 1200.
Speaker #1: These are the large series Nexa product. Infrastructure and expansion of our future growth. Construction of our new capacity at newly acquired 13 acre 9 plus 4 land at nearby existing plant as started and it's expanded to come into operation by end of quarter 2, 2027, 2028.
Speaker #1: In order to support our long-term growth goals, this new facetity will enable de-bottlenecking, de-backward integration, and major scaling of our operation. The new capacity will be announced in a detail in quarter 2 post-result concall.
Speaker #1: This land will be sufficient to support the growth of 25 to 30% in upcoming 3 to 4 year. As far as 60 acre land is considered as we are awaiting for Gujarat government defense policy once the policy is implemented we will proceed with a land development on the site will commons with the new facility fully operational until then currently 13 acre land will come will start the work if we can get the land within 2 3 months also then also will not start this 60 acre development first will focus to develop the 13 acre after that will start the 60 acre land because in 13 acre land we have a minimum 3 years visibility to increase the production we are also expanding our market presence currently operating in a 9 branch office and 9 technical centers development work in our upcoming 4 tech centers in Kolhapur, Mumbai, Chennai, and Aurangabad is underway and we will expect to be operation in 3rd quarter.
Speaker #1: Expanding sales and service team we are going to display a new gen cutting edge 5 axis machines for aerospace and defense sector in upcoming exhibition in January 2027 India's largest exhibition IMTEX.
Speaker #1: Developed by our R&D team we are participating in almost all major industrial exhibition in 2027 including IMTEX Bangalore 2027 EMO Milano Italy this exhibition will provide a valuable operation to the showcase of our advanced CNC machine and automation technology strengthen customer engagement and expand our market presence.
Speaker #1: We will be we will we believe we will be able to improve our previous guidance and growth. I think in last first quarter we committed 30% growth and I think we delivered that growth in quarter 2 and now I am increasing the our guidance for the this year growth is nearly a 35% I would now like to open the floor to question thank you once again for your participation.
Speaker #2: Thank you sir. We'll now begin the question and answer session. All those who wish to ask ask a question please use the option of raise hand.
Speaker #2: And I would request the participants to limit their questions to two per participant. We'll take the first question from Gaurav Shukla. Please go ahead.
Speaker #2: We'll move on to the yes I'm audible sir.
Speaker #3: Yeah yeah Gaurav ji you're audible.
Speaker #1: Council sir for very good results.
Speaker #3: Thank you Gaurav ji.
Speaker #1: Thank you for thank you for giving me opportunity. Sir Q2 revenue has increased 120 crore after the strong H1 performance what is the management current revenue growth guidance for FY27 and FY28?
Speaker #3: 27 28 I think will continue our growth journey like 25 to 30% on coming 3 years visibility is very much clear with the new existing plant we can able to deliver the more machines and the guidance for the coming 3 years is 25 to 30%.
Speaker #1: Okay sir and sir how much of recent revenue growth has come from higher volume versus price increases and product mix? Have recent price increase beneficial?
Speaker #3: price increase I think we have a old inventory also we have a old pending order also so I think the price incremental growth we can see in quarter 3 because in this quarter I think the all the execution with the old order book with the old inventories so we increase the price before 2 to 3 months back but now this new price execution will be in quarter 3.
Speaker #2: Thank you. We'll take the next question from Disha Chaudhya. Please go ahead.
Speaker #4: Hello audible?
Speaker #1: Yeah yeah you are audible.
Speaker #4: Yes thank you so much sir for this opportunity and congratulations sir for a good set of results. Firstly sir so this for this quarter you mentioned realization was around 20.36 lakhs so that would mean that we have delivered volumes of about 591 machines.
Speaker #4: Is that correct?
Speaker #3: roughly I think you can say like that yes because there is a some a service revenue also but nearly the number of the machine is nearly a same.
Speaker #3: Which you mentioned.
Speaker #4: Right. So so so our current capacity is around so based on that we are at around 95% utilization. So our current capacity is 2500 and the next capacity will be coming by Q2.
Speaker #4: So for between this time with the next three four quarters where do you see the major growth coming from because we're already at 95% utilization.
Speaker #4: So will it be more price driven?
Speaker #3: I think Disha we have a in quarter 1 we have a capacity same capacity almost 700 plus machine because now if you can see the our capacity is 2500.
Speaker #3: So our per quarter capacity is almost 600. 600 plus. So in quarter 1 we have a some forward inventory which you utilize in the quarter 2.
Speaker #3: So still we have a some forward inventory. So this year we are easily able to deliver 2300 to 2400 machines in this financial year and the guidance for the entire year is nearly a 30% and we are sure that in quarter 3 and quarter 4 also will break the all the historical record.
Speaker #2: Thank you sir. We'll take the next question from Arnav Sahuja. Please go ahead.
Speaker #1: Hi. Thank you for taking my question. So my first question is that you know in the annual report we mentioned that we've expanded our distribution network to around 39 cities.
Speaker #1: So you know as we look to grow at 25 30% in the next 2 to 3 years are we going to focus more on you know increasing distribution network within these cities or are we going to try and expand to even more cities?
Speaker #3: I think almost I think compared to the market of consumption mostly this 39 city is the industrial city where our top five companies of machine tools have their establishment.
Speaker #3: Previously we are not expanding our distribution and marketing because of the capacity. Now we are going to build the big capacity in next financial year.
Speaker #3: So it is not a one day or one month journey. So we are expanding this marketing budget new cities development and new recruitment to get the opportunity for next year's new capacity will be added.
Speaker #3: So 39 city is enough for us right now and almost end of this financial year our team will be the double team of sales service and tech centers and our branches.
Speaker #1: Right. And you know just on your just on some financials so the working capital days improved very strongly this quarter from approximately 138 days in September of last year to around 110 days in September of this year.
Speaker #1: So I mean what were some of the reasons for this strong improvement?
Speaker #3: I think we delivered more machines in this quarter and there is no finished or unfinished inventory right now we have a and some of the inventory we try to control mainly it's natural that whatever inventory we purchase we mostly delivered the machines.
Speaker #3: It is not because I never focus on inventory as I mentioned in my previous quarter speech also that inventory is always a game changing for us because we have a more than 380 variants and we are managing the more than 20,000 component inventory.
Speaker #3: So we can predict the business of models by 70% 30% models is unpredictable but in the natural way we delivered the more machines so inventory days is reduced.
Speaker #2: Thank you sir. We'll take the next question from Mahik Palati. Please go ahead.
Speaker #5: Yeah hi sir. Thank you so much for the opportunity.
Speaker #3: Hello Mahik.
Speaker #5: Sir, you mentioned that you will be coming up with a large capacity which you are starting by Q2 of FY28. Any ballpark number of how much capacity are we planning to add as we are nearing the 100% utilization levels currently?
Speaker #3: I think for the next capacity I am able to explain in quarter 3 on call because we are calculating to increase the capacity I think first phase is de bottlenecking of the machining and component manufacturing right now we are calculating how much capex we are adding for the machines purchase process and instrument purchase material handling.
Speaker #3: So we are calculating and maybe within one month we'll freeze the our capacity increase calculation and we'll announce in quarter 3 result. But to increase the production we need the component.
Speaker #3: So we are focusing right now on component manufacturing and machining and backward integration. So almost our 90% calculation is completed now the time is for the order placed.
Speaker #3: So we are placing the order within a one month. My team is visiting the abroad. We are importing the many of the machines from other country and we'll get the benefit of Gujarat mixed Gujarat policy for this new capex by 25% of subsidy of construction and the machinery and equipment and 7% of interest subsidy.
Speaker #3: So we are able to give you the exact guidance on quarter 3 on call but I'm sure that each and every quarter we are able to delivered you 25 to 30% growth on YOY coming 3 years.
Speaker #5: So are we confident that we will be able to set up the new capacity in like 3 quarters time along with backward integration because the planning is still under place so?
Speaker #3: I think yes the delivery time for the all the machines is 3 months. We are not placed the order because we also not required the machine before May or June.
Speaker #3: So their delivery time is 3 month and logistic time is one month. So we have a enough time and I think now next month we are placing all the order almost 20% order we already where the lead time and delivery time is more 5 months to 6 month where we already place the orders to increase the spindle capacity to increase the sheet metal capacity to increase the telescopic cover now we are focusing on grinding and machining capacity and their lead time is not more than 3 months.
Speaker #3: So we are on time. And I'm sure that we'll because construction work compound wall work is completed bore work is completed architect team contractors is already appointed.
Speaker #3: So we have a close to complete the building within 6 month with the penalty close. So I'm 100% sure that we'll utilize this plant on time.
Speaker #2: Thank you sir. We'll take the next question from Bhargav Bhutadev. Please go ahead.
Speaker #4: Yeah good afternoon sir and. Yeah yeah good afternoon sir and congratulations on a good set of numbers.
Speaker #3: Thank you very much.
Speaker #4: Sir my first question is that if you look at the operating cash flow the operating cash flow for the quarter was very strong at about 30 odd crores.
Speaker #4: And a lot of improvement has come in terms of your receivable days. Reducing significantly. So there is it a coincidence that your receivable days are reducing and your revenues are also rising meaning is there a change in terms of customer profile that you are getting good payments and hence you are also giving a good revenues accordingly.
Speaker #4: So is there a correlation sir between both of them?
Speaker #3: Bhargav bhai exactly we are not giving credit to any of the customer. Some of the corporates like recently as I mentioned that they will pay us 5% 10% or 20% last 20% or 10% after machines received and we hand over to them with the commissioning report.
Speaker #3: So we not entertain the tier 1 and recently in last few months we are entertaining the customer like Hero Kiloscar Graphite India so we are now focusing more on corporate.
Speaker #3: So some of the 10% or 20% is the credit once machine will receive they will pay us. But the previously in certain months we have a one tie up with the some NBFC that with their commitment letter for 15 days 20 days short term financing because some of the customer of document is pending margin is pending.
Speaker #3: So they will give us the assurance letter. That you may dispatch the machine will release the fund within 15 days 2 week. So this time strictly we not accept this kind of because this scheme is not valid right now.
Speaker #3: So cash flow is increased.
Speaker #4: Great. Secondly sir I was just reading your annual report and I saw that almost 80% of the components are now manufactured in house. So for example your spindles sheet metal exposure then powder coating facility.
Speaker #4: So when do we see the benefits of this in your margin because now that a large part of manufacturing is in house can we expect those benefits to start flowing into the EBITDA margins as well sir?
Speaker #3: Bhargav bhai exactly our capacity of component is not that much enough. Right now our spindle capacity is nearly 1400 1500. So we are purchasing 1500 components.
Speaker #3: So we are de bottlenecking and adding our capacity in the new capex. Yes definitely once our capex will added our margin also will increase simultaneously our salary cost and operating cost also will increase.
Speaker #3: But definitely there is a fixed leverage as you know that that will give us the good sufficient improvement in the margin also. And gradually for the next year next year vision also we are investing some operating cost and we are adding some more R&D team.
Speaker #3: So our budget if you can see the R&D expenses is also gradually increased. But definitely once this new capacity will added our margin will definitely will increase.
Speaker #2: Thank you sir. We'll take the next question from Dagash Sanghvi. Please go ahead.
Speaker #5: Hello thank you for the opportunity and congratulations on the numbers.
Speaker #3: Thank you Dagash bhai. Yes.
Speaker #5: I just wanted to have some clarity on the land area that you have mentioned in the PPT. So in the previous quarter it was mentioned that 30 acres of land is what is under the greenfield expansion plan.
Speaker #5: But in this these quarters PPT it is mentioned 60 acres land. So I just wanted clarity is that 30 acres more land has been allotted to us or how is it like and when are we going to utilize the same?
Speaker #3: Dagash bhai first of all this 30 acre land is just I think excellent by the government 2 years back that this 30 acre land we are able to give you for the defense policy and after that I think there is a some issue in that land and after that they show us the 60 acre land.
Speaker #3: And we approved that 60 acre land and we had paid the token money amount and all the documents more than 32 departments clearance is completed and after that there is no defense policy we are waiting for the new policy because 2016 policy is expired and they extended that policy up to August.
Speaker #3: And now within 1 or 2 months or anytime we are waiting for the new policy. Then we'll receive this 60 acre land. But right now we have a 13 acre land for the another 3 years vision.
Speaker #3: So right now we are eligible to get the 60 acre land not 30 acre.
Speaker #2: Thank you. We'll take the next question from Sagar Shetty. Please go ahead. Yes Sagar. We'll move on to Ankit Shah. Please go ahead.
Speaker #4: Hello.
Speaker #2: Yes Ankit. Yes yes.
Speaker #4: So मेरा पहला question था replacement demand पे. ये जो मशीन होता है 5 axis मशीन उसका replacement कैसे होता है? मतलब कितना useful is कितना होता है?
Speaker #3: Replacement में almost मैं थोड़ा basic आपको.
Speaker #2: Ankit there is a background noise coming. Yes sir please continue.
Speaker #3: अगर हम हम हम ऑटोमोबाइल की बात करें तो same machines का है कि 3 to 5 years आपका बहुत अच्छा चलेगा. Maintenance mileage और wear and tear कम रहेगा.
Speaker #3: उसके बाद उनका पूरा reconditioning spare का cost तो normally जो high accuracy machines है जहाँ पे आपको less than 5 micro less than 3 micron का accuracy चाहिए उनकी life है वो 5 साल रहती है उसके बाद उनकी accuracy बहुत खराब और maintenance के लिए वो second में बेच देंगे या फिर reconditioning में डाल देंगे तो average life मैं जो predict करता हूँ वो 5 years का है.
Speaker #4: उतना capacity नया capacity कब तक आ रहा है?
Speaker #3: नया capacity quarter to end में आएगा.
Speaker #4: तो quarter one और quarter two अपना कैसा रहेगा next year का? क्योंकि उसमें
Speaker #3: quarter one में क्योंकि quarter one quarter four में हमारा एक कुछ highest inventory forward भी होगा और थोड़ा हमारे पास quarter four में हम लोग थोड़ा 250 machines का planning करके जा रहे हैं per month 750 का.
Speaker #3: तो मेरे ख्याल से almost हम लोग पूरा का पूरा capacity utilize कर रहे हैं जिसकी same capacity हमें quarter one में मिलेगी opening में क्योंकि कुछ recruitment कुछ logistic कुछ material कुछ machining कुछ inventory हम quarter four में establish कर चुके होंगे और जो quarter four में capacity build होगा उसका production capacity quarter one में benefit रहेगा और quarter one का जो demand है वो quarter four की comparison में 60 to 70% ही रहेगा.
Speaker #3: तो we are able to give you the good growth on YOY minimum 25 to 30% in existing plat on quarter one and quarter two also and then we'll give you the good numbers.
Speaker #2: Thank you. We'll take the next question from Manish Reddy. Please go ahead.
Speaker #5: Hello. Good afternoon. Thanks for the opportunity. Congratulations for the wonderful set of numbers.
Speaker #3: Thank you.
Speaker #5: My question is regarding the 5 axis machines program. So what is the current commercial status of that? Have customer validations or commercial orders commenced?
Speaker #5: And what revenue contribution could this product category is expected to deliver by FY 29? And the second question.
Speaker #3: Manish I will complete your first question that right now our compared to our Indian machine tools demand almost India is consuming 38 to 40,000 crore machines and India is producing 16,000.
Speaker #3: If you just see the our market contribution is consumption 2% and India's production 4%. So we are we are I think negligible market share right now.
Speaker #3: So my first priority is to capture the minimum 10% market share in coming 3 to 4 years and this 5 axis market is a niche market.
Speaker #3: It is not a technology we already produce display but we required this kind of special team to distribute to sell to train to programming essential team for aerospace industries right now.
Speaker #3: I'm not focusing on this Ferrari because the market is very niche market consumption of this kind of machine is not more than 150 machines out of that 90% machine is imported.
Speaker #3: So there are lots of legalities also to sell the 5 axis machines in this kind of machine is very tricky if this kind of machine is used in the defense purpose then our entire production line will choke up because the some of the European and Japanese company will not give us the material.
Speaker #3: So this is not the product which we cannot manufacture. We already manufacture right now we are going to display also but to sell 5 axis machines simultaneously right now 4 plus 1 we are focusing every month we are selling one machine but this 5 axis machine is not that much our focused area maybe after 60 acre plant will focus on 5 axis machine right now our focus is to get the more and more market share which this business is very easily available for us right now if you can see the our order book and our product basket and our distribution network.
Speaker #3: This business is very much easy for us. We need to focus only and only for execution of this order. So 5 axis machine I think will not focus but yes to develop the some of the case study we'll dispatch this 5 axis machine.
Speaker #3: Recently we have one order of 2 crore one machine value of 2 crore. But we are not focusing if in a natural way it will come we'll deliver this kind of the machine.
Speaker #3: But our mainly focus is 3 plus 1 4 axis and 4 plus 1 5 axis machines. So mainly we focus to makes the numbers.
Speaker #5: Thank you. My second question is regarding the defense and aerospace. Pipeline you know order pipeline. What is the current status of the major tenders under evaluation and what is a realistic timeline for conversion into confirmed orders and revenue?
Speaker #5: Also you mentioned the long term plan of reserving 50% of the new plan for defense work. Is this allocation based on confirmed demand or customer discussions or some some green show green shots you are seeing in this particular segment?
Speaker #3: Manish ji exactly right now we have a good orders of HAL. We have a good orders of the rifle factories and some of the ordinance factory and definitely all the order will execute in this financial year.
Speaker #3: And after that right now we are we limitedly and with the two higher price we are submitting our all the bids and average bids is released more than 1,000 crore.
Speaker #3: But we are participating only on 25 to 30% with the two higher price. Once we have a good capacity for the defense area we'll aggressively participate and all the tenders will participate and we'll try to get the more numbers.
Speaker #3: So for the defense visibility we have a good numbers and we have a good strategy also for coming years when we have a good numbers and good capacity for the defense area.
Speaker #2: Thank you sir. We'll take the next question from Gaurav Shukla. Please go ahead.
Speaker #4: Sir. Am I audible sir?
Speaker #3: Yes Gaurav ji yes.
Speaker #4: Sir. How much your machine technology developed in house and how dependent are you on imports imported components? Such as controller drivers spindles and precision system.
Speaker #3: I think our story is same. Like all the Indian players story that balls crew linear motion guideways CNC controls bearings so it's like I think everybody is depend on the some of the component and it is not a good decision just like a car if you can see the car manufacturers they never manufacture the tires so some of the component is viable in the large scale only and it's required the different focused area where the new R&D new technology and this kind of the things if I'm giving you the example that FANUC is manufacturing the CNC control their per month capacity is 40,000 control 40 40,000 control they are manufacturing almost 40,000 per month.
Speaker #3: So this kind of the component it's required the large scale linear motion guideways and balls screw manufacture by the three company and this three company is giving the 99% world market.
Speaker #3: So it is not a good idea to manufacture all the component in house this is not your core area about the technology yes our all the design nearly we have a 388 390 basket model which develop 100% in our R&D team we not pay a single rupees of design we don't have any collaboration we don't have any take over also.
Speaker #3: So our team is capable to manufacture next generations component and machines.
Speaker #2: Thank you sir. We'll take the next question from Abhishek Jain. Please go ahead.
Speaker #4: Thanks for opportunity and congrats for a strong set of numbers sir.
Speaker #3: Thank you Abhishek ji.
Speaker #4: Sir. For my first question is related with the land acquisition. So what are the key hurdles for the land acquisition? Why it is delaying a lot?
Speaker #4: And if this land acquisition is not done then what is your plan B?
Speaker #3: Plan B Abhishek ji we already executed. Because this land we are waiting last one and half year and plan B is this 13 acre land where the almost our construction work and capex work is in execution way.
Speaker #3: So plan B is already implemented. We are now waiting for the plan A. Of 60 acre land. This this is delayed because of the government policy.
Speaker #3: Where we are getting the good numbers of benefit compared to the state government policy. And this policy is expired on last February. After that government extend this policy on up to September.
Speaker #3: And now anytime they said anytime. So we are waiting for the new policy. The hurdle is there is no policy. If they give us the land then we have to pay the market rate and I don't want to pay the market rate because I don't required this land within one month or two month if it will come within five month six month then it's also okay for me.
Speaker #3: So I hope that we can get this land very soon. And once we'll get this land I will not start any of capex in this land.
Speaker #3: First of all we'll complete the our 13 acre land project and then we'll start another capacity another foundry another component manufacturing and gradually we'll increase the our capacity and this both land will give us the 10,000 machines visibility.
Speaker #4: So just wanted to understand that you are going for the backward integration of many components but if I say that the gap between the you and your peers in terms of the margin is quite high.
Speaker #4: You having the margin around 16 to 17% while your peer is at 25 26% margin. So just wanted to understand what's your plan for the backward integration going ahead and what kind of the margin potential you have.
Speaker #3: I think yes we can able to extend the margin once the capacity will be 10,000. Maybe more than 20% margin we can able to sustain.
Speaker #3: After 10,000 machine and margin will increase in a two three different way. Some higher end product some fixed cost is there so once you increase the numbers your margin will definitely increase and the backward integration also.
Speaker #3: So yes we will increase the once our capacity once our backward integration capacity will increase it's a natural way and definitely will increase the margin also.
Speaker #2: Thank you sir. We'll take the next question from Aniket Jain. Please go ahead.
Speaker #5: Good afternoon sir. Good afternoon sir. I wanted to check how difficult or how easy it is to push incremental pricing to customers. So usually over receptive रहते हैं या थोड़ा pushback आता है.
Speaker #5: Customer से जब भी हम pricing increase करते हैं.
Speaker #3: हाँ अभी तो Ankit जी कोई इतना resistance नहीं है because global situation metal price बड़ा है currency का price बड़ा है और सारी peers company और import का जो price है वो तो बहुत ही dramatical बड़ा है तो मेरे ख्याल से import का भी जो percentage था वो थोड़ा shrink हुआ है और domestic player को opportunity मिला है और आज की date में मेरी mac power की अगर बात करूँ तो price की कोई discussion ही नहीं है यहाँ पे अभी हमारी जो struggle है customer के साथ वो deliveries की है तो price का इतना impact नहीं है हमने sufficient time दिया है customers को कि आपकी orders जो है उसकी execution आप two month में करो या आप मुझे ज्यादा payment करो या three months में करो और वो time line खत्म हो गई हमारा पूरा ना material था वो भी खत्म हो गया तो आज की date में last two months का जो order received है उसमें उसमें से एक भी Ankit जी order नहीं है जो पुरानी price का है
Speaker #5: Thank you sir. Thank you.
Speaker #2: Thank you. We'll take the next question from Disha Chordia. Please go ahead.
Speaker #6: Yeah thank you so much for this opportunity again. Just so one thing you mentioned sir that 20% plus margin you're looking at post all the capex happens.
Speaker #6: So this year what sort of margin should we look at and what will be the average realization that we should work with for this year?
Speaker #3: This year average realization will be same but gradually from the new plant maybe average realization will increase but the as I mentioned that if I manufacture the average realization of 22 lakh rupees 25 lakh and then I am deliver able to deliver 700 machine but I will focus to deliver 800 machine with the average realization of 22 lakh 21 lakh so for me the total revenue is important not the average price is important because you can get the same margin on because your expense expenses is also distributed with your total revenue.
Speaker #3: So but then also definitely will increase the average realization more sophisticated machines with recently developed if you can see the our nexa product basket order book is also increasing so maybe year on year our average price realization will increase.
Speaker #2: Thank you sir. We'll take the next question from Vineet Agarwal. Please go ahead.
Speaker #5: Hello. Am I audible? Thank you for the opportunity sir and congratulations on good set of numbers. So my first question is since we are seeing most of the domestic peers as well as your global OEMs who are localizing in India are all adding capacity.
Speaker #5: So how do you estimate total industry capacity additions over the next couple of years compared with the growth in Indian CNC consumption? I know there is a gap still but still wanted to get your sense on that.
Speaker #3: Exactly the Indian machine tools had recently released the numbers that our consumption in 2030 will cross the 50,000 crore. Because right now Vineet ji as you know that our manufacturing contribution in our Indian GDP is just 15% nearly.
Speaker #3: And government aim is to increase by 25%. And if they wanted to increase the manufacturing contribution in our GDP by 25% I think they required our machines because we are contributing more than 3,000 segment electronic engine parts and more aeronautic everywhere the machines is required.
Speaker #3: Still still still we will not able to manufacture 50% also because of the demand. And there is no new player entry will be coming in coming 10 years also whatever the growth of country we have to contribute by the 6 7 players.
Speaker #3: So I'm not worried about the demand in this segment. My game model is different. I'm controlling the operating cost. I'm not paying the interest cost.
Speaker #3: If I'm doing back on integration my interest cost will increase. Ultimately the market is just thinking about EBITDA. I'm thinking about the pet margin.
Speaker #3: So I have a different model and I think I am making the something different within coming 5 years. About the highest margin highest capacity and minimum debt.
Speaker #3: So demand wise Vineet ji I'm seeing that India will not catch up the demand. In coming 5 to 7 years.
Speaker #5: Great. Thank you for that. And my next question is for us. Are we seeing because of capacity constraint are we seeing any cancellation or customers moving to some other competitors because of waiting time?
Speaker #5: And what share of the order book is backed by advances?
Speaker #3: My all the order book is with the advance. And second thing is except my distributor. Second thing is and government orders. Second thing is yes every month we are refunding 10 to 20 machines average not able to give the deliveries.
Speaker #2: Thank you sir. We'll take the next question from Bhavya Sonawala. Please go ahead. Yes Bhavya.
Speaker #3: Yeah.
Speaker #5: Yeah. Thank you for the opportunity and congratulations are fantastic execution.
Speaker #3: Thank you very much.
Speaker #5: So just two questions are. First question is in terms of what is the criteria when we look at backward integration? Is it only in terms of cost competitiveness or is it also supply chain?
Speaker #5: Can you just explain how we look at backward integration?
Speaker #3: Bhavya ji we are calculating in three different way. For the backward integration one is supply chain your backward integration cost may be I'm buying these teams or I'm doing the machining with 100 rupees and my machining cost is 102 rupees then also I have to put this capacity because there is no availability of this component in India or abroad.
Speaker #3: to manufacture if I wanted to increase the capacity. Second thing is the accuracy. This component is available but not with your standard. So to get the accuracy you have to invest in plan B.
Speaker #3: And plan C is the long delivery time long logistic time and plan D is to reduce the cost. It's increase your margin. So we have a four different different category.
Speaker #3: We are focusing we have a huge numbers of component inventory. We are putting each and every component in Excel and we are calculating the capacity analysis.
Speaker #3: This component will not available so you have to manufacture either it's affordable cost or not affordable. This component accuracy will not get so we are putting the Excel sheet A is our most priority B C and D.
Speaker #3: So we all together we are working on this ABCD. So there are four type of different different elements to manufacture the backward integration component.
Speaker #2: Thank you sir. We'll take the next question from Mahik Talati. Please go ahead.
Speaker #5: Yeah hi sir. Thank you for the follow up. So a couple of questions. Number one is the update on JV. Are we expecting the JV partner to finalize soon or there is still some delay there?
Speaker #3: Mahik ji recently we had a discussion in Germany with the few companies and they are also participating in January exhibition in India and we set up the meeting and I think they are also waiting for our new facility.
Speaker #3: So maybe once we have our facility the all the paperwork is completed maybe we can announce once our capacity will be executed.
Speaker #5: So is this a new partner or it's one of the three partners which we had finalized earlier?
Speaker #3: Yeah yeah. I think we same which we finalized.
Speaker #2: Thank you. We'll take the next question from Saurabh Vyas. Please go ahead.
Speaker #6: Hello sir. Am I audible?
Speaker #2: Yes sir.
Speaker #3: Saurabh ji yeah.
Speaker #6: Hi sir. Congratulations on a good set of numbers. Sir first question regarding the 5 axis machines. We congratulations that we have cracked that on our on our R&D team.
Speaker #6: But just wanted to know that this 5 axis machines right now cannot be built on the capacities and the and the entire works floor plan area of our current facility.
Speaker #6: So are we able to get this 5 axis machines production get started once the backward integration capacity has has gone live and we have achieved maximum capacity or this entire 5 axis machine will be gone will be manufactured in our new facility of the land acre parcel that we are trying to get it from a very long time.
Speaker #6: Just wanted to get a picture about how this 5 axis machines production or will be started in our books.
Speaker #3: Saurabh ji first of all understand the technology. The machine is same. There is a rotary table tilting rotary table which we are using in 4 axis also 4 plus 1 5 axis also.
Speaker #3: The 5 axis mainly is depends on the 5 axis license by the Siemens because Panu and Mitsubishi is not giving 5 axis control to India the machines is same which we are manufacturing right now it's a vertical machining center with the rotary table and these are the rotary table.
Speaker #3: So same machines the control variant is only a different there is no much more difference is 5 axis and 4 axis plus 1 4 plus 1.
Speaker #3: So machine is same if you can see in our picture in our website and our presentation the machine looks same. The difference between the regular machines and 5 axis is software and hardware.
Speaker #3: And it's available only and only by the Siemens. But there are lots of clearance that will not utilize this with the defense purpose will not export to the some enemies countries some will not export to the some of the country where the some restrictions by the US.
Speaker #3: And the market of India like Azad and some of the customer are using the 5 axis machine is not more than 200 machine. Out of 200 machines my believes is more than 65 to 75% is imported because they required the Panu.
Speaker #3: They required the Mitsubishi. But in India Mitsubishi and Panu of 5 axis will not permitted because of the restriction of the Japanese and some other country.
Speaker #3: So I am not focusing on 5 axis there the clearance is too long and second thing is this is the Ferrari why should I focus and utilize my capacity to develop the new market right now market is open for me.
Speaker #3: Everywhere I can get the order of entire market. Out of 40,000 India will produce 40,000 machine this year. Out of that there is a 200 machines market in India.
Speaker #3: So I am not focusing in this financial year there is no much more rocket science to manufacture the 5 axis if you can visit the Bangalore exhibition I am demonstrating the lots of aircraft component
Speaker #7: manufacturing in my 5-axis machines in coming exhibition in Italy and in Bangalore, but my business model will not permit to waste the energy time to encash this business.
Speaker #7: When you have very easy fruits in your pocket, then why you have to catch these tough fruits? It's tough by the law. Tough by to get the license, tough by to get the restrictions.
Speaker #7: And one of our prior company had already faced this problem, like they supplied to the Russia, Lokesh Machinery sanctioned for 2 years. So I don't want to take any single person risk.
Speaker #7: to show the market about 5-axis, Y-axis. So my focus is to sell the machine for medical industries or some of the commercial aircraft manufacturing company as a testimonial basis, but I will focus once I have a 10,000 machines capacity.
Speaker #8: Got it, got it. So one last question from my side. Uh, you said that, uh, going the entire facility, uh, will be full up and running for the backward integration by Q1, Q2 FY27.
Speaker #8: So meanwhile, we will be building up our inventory, uh, on a, on a bit higher scale. So is there any working capital stress due to which we can see that the EBITDA margins may grow by Q3, Q4, but we see a slight, slight compression on the PAT margins, or is it, uh, or, or is it that the backward integration will be started by Q3, Q4 itself?
Speaker #8: And there won't be— and the inter— then the working capital compression will be negative. Just wanted to get a bit, uh, clear picture on that.
Speaker #8: I think our working capital will not be
Speaker #7: issue for these industries. Because we are getting almost 90% material with the long-term credit basis, like 90 days, 120 days. Sometimes 6 months also.
Speaker #7: To keep the inventory for 2 months, 3 months, our manufacturing time 1 month, 4 months, then you can get the advance money, then you can get 100% before dispatch.
Speaker #7: So I think if you are properly managing this, uh, so always you can generate the cash flow. There is no problem for these industries if you cannot divert the fund into the CapEx or any other activities.
Speaker #7: So I'm not worried about the inventory. Uh, interest cost of the inventory because we have a huge cash flow. Once your production capacity will increase, your Yes, definitely our debtors will be increased, but our working capital utilization will not that much.
Speaker #7: If you can see, I have a ₹30 crore cash right now. Which is not my money. It is, I think, that our, our supplier's money.
Speaker #7: So if we utilize the proper way, we can generate the cash flow. not impact on the PAT, or it will not increase the working capital interest cost also.
Speaker #7: Yes, definitely. Once we do the backward integration and the sum of the fixed cost is there. So definitely with this new capacity will increase the— our margin also.
Speaker #7: Thank you, sir. We'll take the next question from Veerab Shah. Please go ahead.
Speaker #8: Hello, am I audible? Yeah, yeah, yeah, yeah. So I, I wanted to ask that, uh, currently you are manufacturing 600 machines every quarter, right?
Speaker #7: No, totally our capacity is 2,500. Um, So average, you can say 800 machines per quarter. Uh,
Speaker #8: 600, right? 800 would mean it would be 3,200. 3,200. Sorry. Yeah, yeah. So after the 13-acre plant, how, how many, how many, uh, will you be able to produce?
Speaker #8: From 600 to
Speaker #7: Uh, as I mentioned, in Q3 I will exactly announce the numbers of total visibility of coming 3 years, but I am 100% sure that with this new capacity, next financial year we are definitely able to give you the 25 to 30% growth in a year-on-year basis.
Speaker #8: Okay, sir. And lastly, what— how do you plan the Nexa? Like, currently it is 40% of your total book, so will it increase substantially?
Speaker #8: Because I believe that this is a high margin side and low volume product.
Speaker #7: But higher margin can also improve the— your operating level margins. And 40% is more than enough, I think, for the Nexa product. But definitely we'll try to increase this 40%.
Speaker #7: If this 40% in terms of the numbers, if you just see that in terms of the value, definitely it will increase. But our aim is, uh, to reach the 50% in 2028-29.
Speaker #9: Thank you, sir. We'll take the next question from Anup Kumar. Please go ahead.
Speaker #7: Congratulations on good set of number. Thank you, thank you very much, sir. Which industries currently contribute the most of the revenue, like automotive, general engineering, aerospace, defense, and others?
Speaker #7: And which segments are expected to grow fastest over next 3 years? I think, uh, I'm not worried about the segment right now, Anup ji.
Speaker #7: As I told you that consumption is 2% market share, so wherever we are, but we have good data numbers. Uh, right now the automobile is the fastest growing and die and mold, medical, agriculture Uh, each and every industry is booming right now in, uh, Magpower customer base.
Speaker #7: So I think highest number, I'm believing in steel automates. Okay, so my next question is, I joined late, if my question is repeated, please sorry.
Speaker #7: And what are the operating margin for, uh, and EBITDA margin for FY28? Uh, definitely it will increase by gradually, it will increase, but definitely it will be more than 20%.
Speaker #9: Thank you, sir. We'll take the next question from Sanjay Mahajan. Please go ahead.
Speaker #7: हेलो हेलो या थैंक यू फॉर द अपॉर्चुनिटी सर आह एंड एक जो चीज हमें समझ में आती है कि हर बार कॉल में कि देर डिमांड इज़ वेरी स्ट्रांग And one of the thing that we are trying to understand कि demand इतनी strong होते समय भी हमलोग capex में what is our strategy and thinking कि how do we expedite that?
Speaker #7: बिकॉज़ जो अनलिस्टेड प्लेयर है उन्होंने मेरे ख्याल से उनके जो पब्लिक फोरम में उनका वीडियो है और डिस्क्लोज किया है दे हैव बीन एबल टू कम अप विद द capacity expansion in 6 months' time.
Speaker #7: They have said 4, so I assume from drawing to execution and making it ready, they took 6 months. So What is, what is that holding us?
Speaker #7: Is it just land or anything else? Because demand strong, balance sheet strong, and we still are struggling to come up with the CapEx at that speed.
Speaker #7: And the concern is not only about losing the order or we are becoming too ambitious about the growth. The other angle, probably how important would be it from management side कि अगर अदर कंपटीटर्स आर पुटिंग ह्यूज कैपेसिटी एट अ फास्ट पेस तो टैलेंट पूल भी मिलना डिफिकल्ट हो जाएगा। और इस दैट सफीशिएंट टैलेंट पूल फॉर एवरीवन टू ग्रो एट दैट पेस क्योंकि जितनी कैपेसिटी अभी रिसेंटली ऐड हुई है बाय लिस्टेड एंड अनलिस्टेड प्लेयर्स आह इस दैट thing we are trying to understand.
Speaker #7: संजय जी मैं पहले बताऊं कि डिमांड सबका नहीं है मगर आप पीयर्स कंपनी का रिजल्ट और उनका फिगर से आप देख लेंगे तो ये मैक पावर के लिए डिमांड है क्योंकि मैक पावर की मशीन्स, मैक पावर की सारी प्रोडक्ट बास्केट मैं इंडिया का टॉप थ्री प्रोडक्ट बास्केट रखता हूँ, इंडिया का टॉप थ्री डिस्ट्रीब्यूशन नेटवर्क ताऊं और मेरी मशीन्स जो है उसके अंदर लोडेड फीचर्स जो स्टैंडर्ड प्राइस में सबसे ज्यादा है मेरी सर्विस मेरी कस्टमर रिलेशनशिप अभी जो डिमांड है वो डेफिनेटली अच्छी है लेकिन मैक पावर के लिए डबल है अगर आप सब कमपनीयों का देखेंगे तो ये जनरलाइज वर्ड सबी कमपनीयों के लिए जो सिंगल डिजिट कंपनी है एट टू नाइन उसके लिए ये एलिजिबल नहीं है काफी कंपनी के रिजल्ट आ चुके हैं और कुछ प्राइवेट लिमिटेड कंपनी के आप देखेंगे तो नंबर वन ये है, दूसरा ये है कि मेरा जो बिजनेस का मॉडल है और स्टाइल है मैं इंडस्ट्रीज़ में मोर देन थ्री डेकेड्स निकाल चुका हूँ। अगर आप खाली कैपेक्स कर लोगे और आपका प्रोडक्शन डबल हो जाएगा, ये गलतियाँ पास्ट में बहुत सारी कंपनियों में हुई है कि आप हजार करोड़ की कैपेक्स कर लो और हजार करोड़ की रेवेन्यू जनरेट हो जाएगी वो नहीं हुआ है उनकी इंटरेस्ट कॉस्ट से उनका कंपनी का पेट जो है वो कभी भी ऊपर नहीं आया है। ये मॉडल मैक पावर बहुत सालों से अपना रहा है कि इसमें खाली पैसा डालने से आपकी कैपेसिटी नहीं बढ़ेगी। आपको सप्लाई चेन, आपको रिसोर्स मैनेजमेंट, जियोपॉलिटिकल कंडीशन, लीड टाइम, लॉजिस्टिक टाइम और स्किल्ड मैनपावर और गवर्नमेंट पॉलिसीज़ इस सब को ध्यान में रखके करना चाहिए मैं ये मानता हूँ कि सिंगल डिजिट का जिसका मार्केट सेर है उसको 50 परसेंट से ज्यादा ट्राई नहीं करना चाहिए क्योंकि आपकी ऑपरेटिंग कॉस्ट, आपकी फिक्स लिबर है और आपका इंटरेस्ट कॉस्ट बहुत ही बढ़ जाएगा। अगर आप 200 परसेंट का कैपेक्स कर लेते हो 400 लेकिन मैं ये मानता हूँ कि कोई कंपनी डबल नहीं कर पाएगी। हिस्ट्री में नहीं हुआ है ना होगा। ये 50 परसेंट तक का मैं प्रिडिक्शन उनके लिए कर रहा हूँ जिनका मार्केट शेयर लेस देन 5 परसेंट है, वो कर सकते हैं। जिनका मार्केट शेयर है वो लेस देन मोर देन टेन परसेंट है उनके लिए डबल करना क्या इम्पॉसिबल है तो जो मार्केट शेयर थर्टी परसेंट रखता है उनके लिए मैं मानता हूँ कि दस पंद्रह परसेंट से ज़्यादा ग्रोथ इम्पॉसिबल है जो मार्केट सेर पाँच परसेंट से कम रखता है उनके लिए पचास परसेंट का पॉसिबल है तो स्किल्ड के लिए मेरे पास काफी अच्छा एक मॉड्यूल्स है, मैं काफी अच्छे एक मॉडल पे काम कर रहा हूँ, वो मेरा बिजनेस सीक्रेट भी है, और वो मुझे नहीं लगता है, मुझे अगले कुछ सालों में चैलेंज देगा क्योंकि आज मेरे पास एक हजार लोग हैं और कमिंग टू थ्री इयर्स में मेरे पास और दो हजार लोग ऐड होने वाले हैं तो वो मेरे लिए चैलेंज नहीं होगा मैं और चीज को पहले आसान बनाता हूँ, फिर इन्वेस्ट करता हूँ। तो डिमांड का, स्किल मैनेजमेंट का, सप्लाई चेंज का और उतना बड़ा चैलेंज मुझे नहीं आएगा कि कभी भी मैं 50 परसेंट से ऊपर ग्रोथ के लिए मेरा कैपेक्स और मेरा ऑपरेटिंग कॉस्ट में बढ़ाऊँगा ही नहीं इसलिए मैक पावर अपनी हिस्ट्री में ना कभी डेट लिया था। अपनी हिस्ट्री में ना कभी प्लेज किया था और ना अपनी हिस्ट्री में कैश फ्लो के लिए या वर्किंग कैपिटल के लिए स्ट्रगल किया था। दिस इज़ माय फाइनेंशियल एंड बिजनेस मॉडल।
Speaker #9: Thank you, sir. So due to time constraint, we'll take the last question from Piyush Jain. Please go ahead.
Speaker #8: Hello. Hello.
Speaker #7: Rupesh bhai, today you are in excellent form. Yeah, yeah, in different form. Different form. Today listening you is great, sir. Only one thing to know.
Speaker #10: दाई हजार मशीन पे अभी अपन काम कर रहे हैं और एवरेज रिलाइजेशन के साथ से हम मोर और लेस साड़े 500-600 मशीन कोटर का बना रहे हैं तो हम अल्मोस्ट फुल यूटिलाइजेशन पे काम कर रहे हैं बराबर जी जी जी ये नया जो अपन ने तेरा एकड़ वाला जो लैंड लिया लीफ पे ये आई बिलीव अगले साल के Q2 में स्टार्ट होगा जी तो मतलब नेक्स्ट ईयर मतलब ऑलमोस्ट ऑप्टिमम यूटिलाइजेशन पे ही हम चलेंगे तो मोर और लेस हम ये ढाई हजार किल कैपेसिटी के अंदर ही रहेंगे करेक्ट And उसके बाद भी sir next year Q2 ramp up होते होते small होते होते so the larger impact of the new facility which I believe is again 2,500 machine Correct me if the number is wrong, will come in 2028 का second half and 29 full year.
Speaker #10: Is my understanding correct, sir?
Speaker #7: प्यूजी पहले तो मैं बताओं की नेक्स्ट फर्स्ट सिक्स मंथ का 2500 का जो अपना एक्जिस्टिंग है उसमें साड़े 1200 काम स्ट्रेच करके 1300, 1400 टू क्वार्टर के लिए यहीं पे बनाएंगे और अभी मेरे पास एक रिसेंट मैकपोर के एडजॉइनिंग एक बड़ा प्लेस हमने रेंटल पे ले लिया है तो मेरे पास विजन की क्लियरिटी है और मुझे लगता है कि quarter one, quarter two में ये जो नया मैंने अभी rental पे अपनी adjoining Macquarie की बाजू में ही एक अच्छा सा चालीस हजार स्क्वायर फुट का जगह लास्ट मंथ में लिया है तो मेरे पास पूरा गेम और पूरा विजन क्लियर है हमलोग डेफिनेटली पूरे साल में और पूरे क्वार्टर ऑन क्वार्टर 25 से 30 परसेंट का ग्रोथ हर एक क्वार्टर में देंगे वो आई एम 100 परसेंट शोर और उनके लिए मेरा पूरा ग्रा�ун्डवर्क पेपरवर्क और विजिबिलिटी क्लियर
Speaker #10: परफेक्ट सर सर एक और चीज़ बस जैसे हमारे कंपटीटर वगैरह हैं कोई उनका एवरेज रिमाइजेशन तकरीबन थर्टी सेवन लाख से फोर्टी लाख के आसपास है हमलोग सर पिछले कुछ सालों में उन्नीस लाख से भी बीस लाख साढ़े बीस लाख पहुंचे हैं तो सर मतलब क्या है हमारा जो आपने भी बहुत कुछ बताया कि five x में अगर आपका उतना फोकस नहीं है because वो कम percentage of overall market है and you are targeting focusing which is your strength बट क्या ओवर ए पीरियड ऑफ़ टाइम वी विल बी मूविंग टूवर्ड्स अ हाईअर रिलाइजेशन मशीन लेट्स से 24 लाख 25 लाख क्योंकि हमने मतलब पास्ट में रुपेश भाई आपने कभी ये भी ये भी बोला था कि बैकवर्ड इंटीग्रेशन करके ये वो
Speaker #11: हम 20 परसेंट के ऊपर तक का मार्जिन कभी ट्राई कर सकते हैं। वो अभी पिछले कुछ क्वार्टर्स में गाइडेंस वाइज हम थोड़ा सात-सात-सोलह-सेट्रा परसेंट की बात कर रहे हैं। तो इस साइड में आपका क्या थॉट प्रोसेस है?
Speaker #11: Not today, maybe in one year, two years. Will we move towards the value chain of 24-25 lakh, 27 lakh? Will we move towards a margin of 17-18-20%?
Speaker #7: देखो 20 परसेंट से ऊपर का आज भी मैं बोलता हूँ कि पॉसिबल है आपका 20 लाख का एवरेज प्राइस है 25 लाख का है या 30 लाख का है वो आपका जब नया कैपेसिटी बिल्ड होगा, नॉट नेक्स्ट ईयर, बट उसके बाद का, उसके अंदर आप 20 परसेंट के ऊपर आप मार्जिन कर सकते हो। दूसरा कि अभी मेरे लिए जो कैपेसिटी है वो कंस्टेंट है। अभी मैं कुछ एक्सपोर्ट पे या कुछ हाई वैल्यूड मशीन्स पे प्रोडक्ट मेरे पास रेडी पड़ा है, मैं कभी भी मार्केट में आ सकता हूँ। उनकी डिस्ट्रीब्यूशंस के लिए मुझे अलग से टीम चाहिए जैसे फरारी बेचनी है मारुति बेचनी है तो ये दोनों कॉमन टीम नहीं चलेगी दूसरा है कि मुझे एक्सपोर्ट पे जाना पड़ेगा अभी वर्ड का मार्केट कैप्चर करना पड़ेगा और इंडिया का जो पियर्स कंपनी है सिंगल डिजिट की उसमें से सभी की एवरेज प्राइस जो है वो 25 लाख के अंदर ही है। एक्सेप्शनल केस में मैं कुदू का नहीं क्योंकि ये सब चीज़ करने में मेरा ऑपरेटिंग कॉस्ट मेरा डेट जो है वो बहुत ज़्यादा बढ़ने वाला है और वो एरिया मुझे तब करना है कि मेरे सामने पड़ा हुआ इजी फ्रूट में पहले खालू उसके बाद मैं फेस टू में जाऊँगा पहले मैं पांच हजार मशीन्स का मार्केट कर लूँ उसके बाद मैं पांच सौ मशीन्स वर्ल्ड मार्केट में या हायर एंड प्रोडक्ट कुछ कॉलेब्रेशंस के साथ उसको मैं आगे बढूं जिसमें मैं कोई एक्सपेरिमेंट ना करूं तो मेरे पास विजन क्लेरिटी बहुत अच्छी है पांच साल की लेकिन वो क्लियरिटी मैं एक्जीक्यूशंस के लिए मुझे प्रॉफिट चाहिए वो चाहे 20 लाख की एवरेज से आ रहा है या 40 लाख की एवरेज से आ रहा है हमें बिजनेस पे फोकस है, प्रोडक्ट पे फोकस और एवरेज प्राइस में तब करना चाहिए जब आपके पास एक सफीशिएंट मार्केट हो चुका है अब आप वो एरिया में ग्रोथ नहीं कर सकते उतना सिग्निफिकेंट तभी आपको क्योंकि उनकी पावर कंडीशन अलग रहेगी, उनकी जो मशीन्स की हाइट है वो अलग रहेगी, आपको एक्सपोर्ट में जाना पड़ेगा। आपको वर्ड मार्केट के एक्जिबिशनों में हर एक कंट्री में तो उनका एक पूरा गेम अलग है उस गेम को मैं अभी चालू कर दू लेकिन उस गेम में मैं एक्जिबिशन तो कर नहीं पाऊंगा तो ये मेरे लिए बिजनेस मॉडल जो है वो रिस्की है और मैं कभी रिस्क पे बिजनेस नहीं करता हूँ आप 20 साल की मैक पावर के बैलेंस शीट निकाल दो हमने इवन कोविड टाइम में भी प्रॉफिट किया है तो ये मेरा बिजनेस का मॉडल रहा है कि स्लो एंड स्टेडी और नो हाई ग्रोथ पोटेंशियल को देखके आप उतना ज्यादा रिस्क मत लो, आप ग्रेजुअल ग्रोथ करो और अपने पैसों से ही करो और वो मॉडल मेरा निकाल लो मेरी इंडिया की सारी मशीन टूल्स कंपनी ने जो नहीं कमाया है टॉप लाइन कर करके उससे ज्यादा मैंने कमाया है पूरी बॉटम लाइन पे ही अगर वो हजार करोड़ के कमाते थे वो मैं तीन सौ करोड़ में कमाता था तो आप एक बार बिजनेस मॉडल देखो मैकवावर का तो ये सब एरियाज में इट्स टू अर्ली तो हम लोग उसके लिए कॉलाबरेशन इसलिए कर रहे हैं, हम लोग फाइ एक्सिस मशीन इसलिए डेवलोप कर रहे हैं, हम लोग 60 एकर का कैपेक्स जो करेंगे इसलिए कर रहे हैं, लेकिन इसके लिए आपको गेम सेट करने के लिए दो से तीन चाल चाहिए मैं पहले गेम सेट करूँगा फिर कूदूँगा अभी कूद के फिर गेम सेट करने में सभी की हालत पास्ट में बहुत खराब हुई है तो डेफिनेटली हमलोग पेट और एबीटा के लिए काम करते हैं और मैं ज्यादातर पेट के लिए काम करता हूँ मेरे लिए एबीटा भी एक कॉस्ट ही है क्योंकि इंटरेस्ट कुछ कंपनीज का हमारा पास्ट का आप देखेंगे तो जितना कमाया उतना तो बैंक लेके गई तो वो मॉडल मुझे नहीं लेना है और मेरा ये बिजनेस मॉडल मुझे लगता है कि मार्केट को और मुझे और मेरे कस्टमर को मेरी टीम को भी अक्सेप्टेड है तो हमलोग हाई वैल्यूड मशीन्स पे फोकस कर रहे हैं 40 परसेंट हमारी ऑर्डर बुक बढ़ गई है हाई वैल्यूड मशीन्स की जिसको हम नेक्सा बोलते हैं उसके बाद की जो मशीनें हैं, उसमें हम फोकस तब करेंगे कि जब हमारे पास कुछ सफीशिएंट फैसिलिटीज़ और कैपेसिटीज़ बिल्ड होगी पीयूष जी।
Speaker #9: Thank you, sir. So since that was the last question, would you like to give any closing comments?
Speaker #7: Do you have any last question, Mohsin bhai? No, no, last question is done, sir. आप कुछ आखिर में कुछ कहना चाहेंगे? So I, I think thank you very much everyone.
Speaker #7: to joining with us on our Q2, uh, Concourse. And thank you, Vineet ji and team Captify, Mohsin bhai and your team. Thank you very much to arrange the I think largest meeting ever.
Speaker #7: I think more than 130-140 people are in this group. I think this is also a record-breaking participation in this con call and
Speaker #9: Hope soon that with the new record, we'll see you soon in Q3. Thank you very much. Thank you, sir. Thank you to the management team, and thank you to all the participants for joining on this call.
