Sunrakshakk Industries India Ltd

Yes, thank you, Sagar. Good afternoon, everyone, and thank you for joining us on Sunrakshakk Industries India Limited earnings conference call for the fourth quarter and full year ended 31st March 2026. Today we have with us Mr. Saurabh Chhabra, Promoter and Director; Mr. Sandeep Hinger, Finance Head of FMCG Division; and Mr. Pratik Arora, Finance Controller.

We will begin the call with the opening remarks by Mr. Saurabh Chhabra on the business operations, key initiatives, and broad outlook, followed by the discussion on the financial performance by Mr. Sandeep Hinger and Mr. Pratik Arora, after which the management will open the forum for the Q&A session. Before we get started, I would like to point out that some statements made or discussed on the today's call may be forward-looking in the nature and must be viewed in the conjunction with the risk and uncertainties that we face.

A detailed statement and explanation of this risk is included in the earnings presentation which has been shared with you all earlier. The company does not undertake to update these forward- looking statements publicly. I would now like to invite Mr. Saurabh Chhabra to make his opening remarks. Over to you, sir.

Thank you, Vaibhav. Good afternoon, everyone, and a warm welcome to all investors, analysts, and stakeholders joining us today for Sunrakshakk Industries India Limited Quarter 4 and FY26 earnings conference call. We sincerely appreciate your continued trust, support, and interest in our company. Financial year ‘26 has been a landmark year for Sunrakshakk. Over the past year, we have focused on strengthening and scaling the integrated FMCG platform that we have built.

And I am pleased to share that the results of these efforts are now clearly visible in our operational and financial performance. During the year, we witnessed strong growth across our FMCG, FMCG intermediates, and edible business. Our diversified manufacturing capabilities, expanding customer relationships, and growing presence across multiple product categories enabled us to achieve our highest ever revenue and profitability during the year.

One of the key highlights of FY26 was the continued scale-up of our FMCG platform. FMCG and FMCG intermediates now contribute the majority of our revenues and have emerged as the primary growth engine of the company. During the year, FMCG revenues crossed the INR500 crores milestone, reflecting the scale we have been able to build within a relatively short period.

We continued to strengthen our manufacturing footprint.

The successful commissioning and revamp of our Guwahati facility has enhanced our capabilities in soap noodles and cosmetics while improving our reach in the Northeast and other adjacent markets. In addition, our Bhilwara facilities continue to support the scale-up of the edible business which has started contributing meaningfully to our growth trajectory. Today, Sunrakshakk operates a diversified FMCG platform spanning soap noodles, detergents, personal care products, home care products, toothpaste, cosmetics, spices, savory products. Our manufacturing network across Bhilwara, Roorkee, and Guwahati combined with a customer base of over 200 customers provides a strong foundation for our future growth.

Another important development during the year was the successful capital raise through the preferential issue. The fundraised has strengthened our balance sheet and enhanced our ability to invest in manufacturing capacity, working capital requirement, and future growth opportunities. We remain committed to deploying this capital prudently and creating long-term value for shareholders.

What is particularly encouraging for us is that as our scale continues to increase, we are also beginning to witness the benefits of operating advantages and improving efficiencies across our manufacturing operations. The improvement in profitability during the quarter reflects the early outcome of this effort and gives us confidence in the long-term scalability of our business model.

Looking ahead, the opportunities before us remain significant. India's FMCG sector continues to offer attractive long-term growth potential supported by rising consumption, increasing penetration, and growing demand across categories. We believe our integrated manufacturing platform, diversified product portfolio, and expanding operational footprint position us well to capitalize on these opportunities. As shared earlier, our medium-term aspirations remain to achieve approximately INR1,000 crores in revenue by FY28.

We view this as an important milestone rather than the final destination. Our focus remains on building a larger, more diversified, and more profitable FMCG platform while maintaining disciplined execution and capital allocation. With that, I would like now to hand over the call to Mr. Sandeep Hingar, who will take you through the financial performance for the quarter and full year. Thank you. Over to you, Sandeep.

Thank you, Saurabh sir. Good afternoon, everyone. I will briefly take you through the company's financial performance for Quarter 4 and FY26. Quarter 4 FY26 was our strongest quarter to date.

Consolidated revenue from operation increased by 92.32% year-over-year to INR197.59 crores compared to INR102.74 crores in Q4 FY25. EBITDA increased by 76.67% year-over-year to INR20.14 crores while profit after tax grew at 87.89% to INR12.10 crores.

On a sequential basis as well, revenue grew by 20%, EBITDA increased by nearly 32%, and PAT increased by around 29%, reflecting strong business momentum across our key FMCG and edible categories. Importantly, profitability improved during the quarter with EBITDA margin increasing to 10.19% in Q4 FY26 from 9.31% in Q3 FY26, while PAT margin improved to 6.12% from 5.74%.

The improvement was largely supported by ramp-up of the Guwahati facility from January 2026, better capacity utilization, and improved operating efficiencies across the business. For the full year FY26, consolidated revenue increased by 237.34% to INR607.75 crores compared to INR180.16 crores in FY25. EBITDA grew by 128.75% to INR58.69 crores from INR25.66 crores in FY25 with EBITDA margin at 9.66% in FY26 compared to 14.24% in FY25.

Profit after tax increased by 217.72% to INR34.98 crores from INR11.01 crores in FY25 while PAT margin stood at 5.76% in FY26 compared to 6.11% in FY25. During the year, we continued to strengthen our manufacturing platform across Bhilwara, Roorkee, and Guwahati while expanding our presence across FMCG, FMCG intermediates, and edible categories.

We also remained focused on prudent capital allocation and efficient utilization of the funds raised through the preferential issue to support future growth initiatives. Looking ahead, we remain confident about the opportunities before us and continue to work towards scaling our business further with improving profitability and operational efficiency. With this, we conclude the opening remarks and would now be happy to take any questions you people have.

Thank you very much. We will now begin with the question and answer session. Your first question comes from the line of VK Soni with Rajat Associates. Please go ahead. Namaste ji. Hello. Yes, Soni ji.

Hello. Hello. I want to talk on this topic, if don’t have any problem..

Sorry to interrupt, Mr. Soni, may I request you to switch from speaker mode to handset mode?

Ladies and gentlemen, we have lost the line of current participant. We'll move on to the next question. Our next question comes from Ujjwal Jain with Jainam Real Estate. Please go ahead.

Hi. Ujjwal here. I've been an investor in Sunrakshakk for over a year and a half now and have had the opportunity to witness its exponential growth during this period. First of all, congratulations to entire team. I would love to ask a few questions and gain a deeper understanding of the journey ahead. My first question is that management has spoken about achieving approximately INR1,000 crores revenue by FY28. Could you walk us through the key drivers that will help achieving this milestone?

Thank you, Ujjwal, for appreciating the efforts we put in last one and a half year to two years' time. We are, as in the opening remarks Saurabh sir had said, that we have a target of achieving INR1,000 crores revenue by FY28 which is one of the destination which we are aiming and that is not our final target. That is something which I would like to highlight over here.

Second, the last quarter we closed at somewhere INR198 crores which if we annualize that, so we are near about to INR800 crores during this year on annualized basis. And we are expecting organic growth of 10%-15% on every year basis, that is point number one. Point number two, we are also adding new customer base for our soap section. So put together these two aspects, we are hopeful that we will be achieving this target of INR1,000 crores soon.

Okay. One more question. Can the company achieve the INR1,000 crores revenue target through existing capacities or will additional capex be required?

So this INR1,000 crores turnover can be achieved with the existing capacity and we don't see much of the expansion or investment in the capex side for achieving this INR1,000 crores topline. Okay. Okay, thank you. Thank you.

Thank you. Participants, you may press star and one to ask a question. Your next question comes from Nishita with Sapphire Capital. Please go ahead.

Yes. So I just wanted to understand that our margins have been in a downtrend like Y-o-Y. So what are the sustainable EBITDA margins and PAT margins that we can see going forward?

So the Y-o-Y EBITDA and PAT margin went down just because of the product mix. That is the major reason. If we go segment-wise, we are improving. We are, we have taken an internal target of achieving PAT at the rate 7% in the near future, and we are working on it. Last quarter we were at 5.74% in terms of PAT which improved this quarter to 6.12%. And with this stable percentage, if you talk from the PAT perspective, so we are aiming to have a stable 7% profit margins in a near future. So can we reach this 7% in FY27?

Sorry, your voice is not that much clear. I didn't get the query. Yes, please. Yes, am I audible now? Yes, now it's much better.

Yes, so like can we reach this 7% PAT margin in FY27?

Yes, in FY27, we will be nearby to the target. Nearby to the target.

Okay, understood. And you mentioned that on organic basis we see a 10% to 15% growth, but like with the current run rate if we have 10% to 15% growth that seems a little conservative because you've already guided like we'll achieve INR1,000 crores of revenue by FY28. So like are we also going to do some inorganic growth which is going to add to our revenue so we reach INR1,000 crores?

So INR1,000 crores number can be achieved with the organic growth now itself because last quarter, as I said, that we closed at INR197 crores. So if we annualize that, we are near about to INR800 crores. That is point number one. And I think with regard to the other questions of inorganic growth, so definitely we are constantly looking for the opportunities for any acquisition or inorganic growth. Something which will be lucrative in terms of ROI, we will definitely grab that opportunity in future also.

So what sort of acquisition like we are looking at? In what sort of segment?

It will be in line of our vision, that is in the FMCG segment.

Okay. And since we are reducing our share from textile segment, are we looking to like de- merge both of these segments? How do we see that segment going forward?

So the textile segment is contributing, in last few years textile segment had contributed let's say around 20% of the total revenue. In the coming years we are expecting to be having the share of textile business around 10% to 12% max. That is what is our expectation. With regard to your second question of de-merger, so we have not thought of anything about it. And that is not as such in our plan as of now.

Okay, okay, understood. And we don't see any incremental capex in FY27 and FY28, is that understanding correct?

If it will be there, it will be to align the overall capacity. It will not be a big amount which will be invested.

Okay, okay, understood. Yes, thank you so much.

I just want to clear, made one point a bit clear now that organic growth which I was saying of 10% to 15% was over and above the INR800 crore. Okay, understood.

Now I think things will be much clear, very clear on that. Yes, thank you.

Thank you. Your next question comes from the line of Rohan Mehta, an individual investor.

Hello, yes, good afternoon. Thank you for the opportunity. Sir, if you could shared some light on the Guwahati facilities which has now been up and running since some time now. How are things going on there? If there's been any takeaways and the response from customers? How it has been? If you could shed some light on that, that would be helpful.

Yes. So actually that unit has, is doing very well and we see potential in the market which is catering to the Northeast region and which also includes the other adjacent states including Bengal, Bihar. That plant is catering and it is growing at a decent pace if you see the performance. The production has increased gradually and we are expecting it to further increase in future as well because the product acceptance is quite well for the products which we are manufacturing from that plant. So hopefully, yes, that also contributes in our organic growth and should grow over a period of time.

Okay. Okay, sir. And sir, if you could touch upon the edibles business which seems to have grown quite well recently and quite quickly. So which categories under this are contributing the

most to growth and where do you see this overall edibles portfolio going over the next maybe two, three years?

So in the edible categories, we are mainly into the spice and savories. So both the categories are growing at a decent pace and in near future, whatever product line we want to add, we can, and we will add into this segment.

Okay, but do you see it becoming a sizable segment over the next four, five years, sir?

We again see a growth of 20% in the coming years in this segment. 20%. Okay. Okay, sir. And just lastly, if you could also give some color on the FMCG intermediates, if we are going to enter any adjacent categories, or you know in terms of competitive landscape for our FMCG intermediates, how do you see that line of business, sir?

So FMCG intermediate, in the FMCG intermediate, the product which we are manufacturing, we are captively consuming it tentatively 15% and rest 85% of the product we are selling to the market, which again being used by the another FMCG players like ITC, Jyothy Laboratories, and all these companies. And definitely there also we had grown in a decent pace in last a year or so, and in coming year also we will be growing at the rate of again 15 to 20% kind of.

And sir, the ratio of how much we are using captively vis-a-vis what we are selling out, will that also remain similar, especially with products like soaps and detergents?

No, it will be more or less to the same tune kind of, because that much of consumption in-house will also get increased basis the other products which we are catering to the market.

Right, right, sir. Right. Sir, just one last if I may, the preferential issue that was done earlier this year. If you could again highlight, you know, key areas where the proceeds are going to be utilized and you know what to expect from that, sir.

So out of that preferential, most of the fund is being utilized for expanding our manufacturing facility in edible category and the FMCG Guwahati unit. Remaining amount is, and if I say, 55 tentatively, INR55 crores we had utilized for FMCG segment and rest I believe 10, our INR10 crores FD is available with us and remaining amount we had used for edible section.

Got it, understood, sir. Understood. All right, that's all from my end and thank you and all the best, sir. Thank you. Thank you.

Thank you. Your next question comes from the line of Mudit Mansinghka, an individual investor. Please go ahead. Yes, hi, sir. Am I audible? Yes, you're audible. Please go ahead.

Yes, first of all, I would like to congratulate you for the great FY26 the Sunrakshakk team has had in terms of revenue, PAT, and everything. On the similar lines, I just wish to know that what was the key factors behind such a tremendous growth in revenue and profitability in the current year?

During the year, the amount which fund we raised which we raised through preferential, we invested that fundraised into the acquisition of edible section and the FMCG business at Guwahati. Both those two units had performed very well in the last six months or a quarter, and that was the major driver for our growth in last financial year.

Okay, sounds great. So as we have already discussed like in terms of revenue, we would be heading to INR1,000 or INR900 crores, so what kind of typical margins that are also being discussed? But in terms of operating leverage side, would we hold any?

Sorry, I just missed out. Can you please repeat it out again? Sorry.

I would like to know about the operating leverage, like since we are heading to a good revenue growth as well as a good marginability, so how about the operating leverage in the similar sense? Like how we would be having the benefit?

So definitely the operating leverage will get improved in next near term as the capacity utilization is also getting increased on quarter-over-quarter basis. So once we will be achieving or attaining the full capacity utilization, the absorption of fixed cost will get improved and the operational leverage will definitely get improved by this.

Any specific percentage or any numbers where we can like just judge in terms of numbers if we can quote?

So I think these are the things which we were targeting that we will be, we are aiming a PAT of 7%. So currently we are at 6% kind of, tentatively 6.12. And last quarter it was 5.7. So another 1.25% kind of operational leverage can be taken from the better utilization or more utilization of the capacity.

Got it, got it. Again, the last one, sir, since like is there in a five-year trajectory, do we have any plan to move to B2C segment or is it like we are still in the B2B segment, would continue with the B2B segment only?

So currently we are into the B2B segment. We are looking but again it's a, it's something which will be, which is an aim in a longer run. That we will, if we find a good opportunity, good partners for B2C, definitely we may come into that segment also.

Sounds great, sounds great. That was all from my side. Thank you, sir.

Thank you. Your next question comes from the line of VK Soni with Rajat Associates. Please go ahead.

Hello. Am I audible? Yes, sir, please go ahead.

Many, many congratulations to Sunrakshakk team for the good results. And now I want to know whether company is going to advertise on regional level or national level for its products for the future presence in the market and rapid growth of the sales and margin.

So actually we are currently into the B2B segment of business. So in B2B business segment, there is not much of the need for any kind of publicity and advertisement. So this is not going to happen in near future. With regard to improvement in margin, I think we answered this in our previous questions also that in a near future we will be improving the capacity utilization and that capacity utilization improvement will definitely leverage the operations and margins will get better by another 1, 1.25% in the coming time.

And in the line of that as this company is going to cross INR1,000 crores market cap, but any knowledge in Indian stock market it is not shown in anywhere. How we can present ourselves in share market, our company's presence. That's why I want to know or I want to suggest you to give some advertisements or any other things which improve our company image.

I'm actually not getting your question at all.

Can I say that in Hindi? The way the company has built its large market cap and is progressing further, there is no public advertising or anything of the kind visible anywhere in this market that would keep the company moving forward for continued growth? Whether it goes into B2B or B2C, there should be a provision for advertising as well. It's my suggestion.

Okay. So as I said that we are into the B2B segment, therefore we are not having any advertisement and those sort of thing. Definitely your suggestion is good for us. Let's see what we can do. Okay. Thank you, thank you very much.

Thank you. A reminder to all the participants, if you wish to register for a question, please press star and then one now. Your next follow-up question comes from the line of Nishita with Sapphire Capital. Please go ahead.

Yes, so I just wanted to clarify something. So you mentioned that we are only in B2B segment as of now. So just wanted to understand that in our presentation, the product pictures that we have uploaded, they are in the brand name Swechha. So is that a brand that we are marketing or like what is it if you can clarify that?

This brand is being owned by one of our customers, and we are manufacturing the product for under their brand name. So Swechha is a brand name owned by our customer.

Okay. So is it an exclusive manufacturing contract or are we also manufacturing for other brands?

We are manufacturing for several brands. We are manufacturing product for ITC, we are manufacturing products for Godrej, we are manufacturing products for Patanjali, we are manufacturing products for Jyothy Laboratories, we are manufacturing products for RCM, and likewise other players.

Okay, okay. And like do we plan to venture into B2C segment in near term?

So in a longer run, as I answered earlier also, that if we will get good partners, we can plan for B2C in a longer run. Not in the immediate future.

Okay, okay, understood. Thank you for that clarification.

Thank you. Your next question comes from the line of Chaitrika, an individual investor. Please go ahead.

Hi, sir. Good afternoon and thank you for the opportunity. So my first question is, as an investor, beyond revenue, what are the key financial metrics we should track over the next two years?

Definitely beyond financials, the ROI is one of the aspect which you can track. Definitely the profitability percentage you can track. And at all these fronts, we are improving on regular basis.

Okay, sir. And sir, one more question is what is our current debtor cycle and has it remained stable despite strong growth?

Sorry, can you please repeat the question? Sorry.

What is our current debtor cycle and has it remained stable despite strong growth?

Yes, the debtor cycle is being stable, it's not increasing.

Okay. And one more question, sir, I have. It is related to, will the edible segment became one of the top revenue contributor over the next three to five years?

FMCG category is going to be the top contributor in the revenue. Thereafter, the edible will be there.

All right, sir. And what are our biggest risks that could potentially delay or our delay achieving the FY28 revenue aspirations? Any risk which we are facing?

No, we are not forcing any such kind of risk in achieving that topline by 2028.

Okay, okay, all right. Thank you for the answers, sir. Thank you, thank you.

Thank you. Your next question comes from the line of Aniket Redkar, an individual investor.

Hello. Very good afternoon, sir. And thank you for the opportunity. Hello. Yes, yes, we can hear you.

Yes, so sir, just wanted to understand, are we looking for any particular customer segment or geography that company is looking for next phase of growth?

So we are having the customer pan-India basis. Yes, I'd like to answer that question. So we actually majorly target all B2B customers, so some of the potential capacity which further we can have spare capacity in especially in personal care category. So I mean there is no particular region where we can we'll be looking for the customers but overall the brands which is selling their products across the country or across the globe, we can look into them as our potential customer for future. So majorly companies are selling personal care products where we have more spare capacities.

Okay. Okay, okay. And sir, just wanted to know like the product that we have, particularly in the soap noodles and the detergent related products. So what are the competitive landscape you're looking, I mean you're having right now?

So basically, I mean if we look at it's a, there's a regional basically competition which you have to take care. And since we have got a decent market credibility now, so there are lot of existing customers with whom we are majorly first phase targeting with them to grow. So as their volumes are growing, we are also growing with them. And second, we are focusing on acquisition or targeting the new again established brand.

So generally we focus more on growing with existing customers rather than acquiring regularly new customers, so that actually helps you to strategically associate with them on a you know transparent cost-benefit basis. So which generally tends not to let them change on a frequent basis. So any company whom we are associated, they generally associate on a long-term basis.

Okay, okay. Okay. And sir, from three years or five years down the line, so whatever the product mix we have or the revenue contribution have, so are we looking to change from the current product mix and the revenue contribution? Are you, I mean are you looking for any other opportunity or changing any product mix in our segments?

So currently, I mean if we look at this past financial year, we have already increased our overall product portfolio in edible and the overall FMCG category. We have got a good sizable categories which we are now catering. And definitely we are exploring further products which can be added as a manufacturing capacity. So that helps to increase the portfolio and service to the customers.

Okay. Sir, one last question if you can give guidance on the revenue and EBITDA front for the next two years, that would help.

So by FY28 we are having a target of achieving INR1,000 crores of topline with an improvement of around 1%, 1.5% in the existing EBITDA margins.

Okay, okay. Okay. Thank you, sir. This is from my side. And all the best.

Thank you. Your next question comes from the line of Akash Sharma, an individual investor.

Hi, sir. Thank you for the opportunity. I have few questions. So my first question is, sir, that edibles business has scaled up relatively quickly. So how large do you see this segment becoming over the next three to five years?

No, so as I said that in the coming time, the FMCG category is going to grow at a higher pace as compared to edible. Definitely edible is going to contribute to a substantial share in the overall revenue, but at the same time FMCG category is going to be the lead contributor to the overall revenue.

Okay, okay. So, sir, then among our FMCG business, so you know which category I would say is currently seeing the strongest demand momentum?

In the FMCG category, both in the personal care and home care, these two are the categories which are contributing substantially as of now. And definitely if we get opportunity in the other segments, we will go or we can grab those opportunities also in the near future.

Okay. Okay, sir. And can you just highlight something on the competition that we're facing in this FMCG segment, especially from the personal care and these segments? Like how do you plan to you know tackle the... Sorry, you're saying something? Yes, so just on the competition, sir.

Yes, so as I just mentioned that I mean as such there is no major like risk we see as a specifically as a competition. So we have to be efficient in terms of cost and quality and catering to our existing customers. So the way we are growing with the existing customers, we have to continuously servicing them well. So you know, I mean we can actually have a strong base for future as well. So there's no major as such competition we see in the current category.

Okay, sir. And lastly, I would just like to ask that is there any other product categories that you are currently unable to you know meet customer demand due to our capacity constraints?

No, no. I mean like there's no capacity constraint as of now. We have expanded, we've grown the capacity, so we have sufficient capacities to cater to the market.

Okay. Okay, sir. That's it from my side. Thank you. Thank you for the opportunity.

Thank you. Your next question comes from Sachi Jain with Hem Securities. Please go ahead.

Hello. Congratulations for a good set of numbers. Am I audible? Yes, yes, you are audible.

I want to know about current capacity utilization at the Guwahati plant.

So in our Guwahati unit, the cosmetics segment we are utilizing our capacity at around 45% to 50% for Guwahati. And for Guwahati plant, another capacity which we built was for the soap noodle and there also we are in this almost, almost same range. That we can, we are at a capacity utilization of again 45% to 55% kind of a category.

And I also want to know, is there any type of risk you're facing in raw material prices due to ongoing war?

So definitely there was a bit pressure in terms of pricing during the end of the Quarter 4 and the beginning of Q1 FY26. With regard to supplies, we don't force or we didn't face any challenges.

We got the supplies right on time because our supplier partners are also we have selected on a very strategic basis. So all of them had catered in this situation also. Okay. Thank you, that's it from my side. Thank you, thank you.

Thank you. Participants, if you wish to register for a question, please press star and then one now. Your next question comes from the line of Shravan Modi with Syndicate Family Office.

Good afternoon, sir. Thank you so much for the opportunity. My question to you regarding is the edibles business has quite recently scaled up. So how large do you see this segment becoming over the next three to five years in terms of the growth?

So the edible segment had grown very well in last financial year. And at the same time FMCG segment is also growing. Definitely we had added the capacity in the last quarter. So in a time horizon of three to five years, for definitely the biggest contributor in our revenue is going to be FMCG. And at the same time, the edible sector will also grow substantially in the coming time.

Right, sir. So my one more question regarding is currently are there any product categories where the company is not able to meet customer demand due to capacity constraints?

So as such there is no constraint right as of now. We do have spare capacities in almost all the categories. So and we actually we plan the expansion basic on the basis of the you know market forecast which we see that the way we are growing with these customers. So we do take care so we've got spare like you know already the strategic the plant the way they have been laid out.

So generally we prepare ourselves that if in case the demand is growing, we can grow the production capacity. So that has been taken care during the plant allocation and planning. So hopefully that should not be an issue.

All right, sir. Thank you so much, sir. That's it from my end.

Thank you. Your next question comes from Lalit Duggar, an individual investor. Please go ahead. Saurabh ji, can I talk in Hindi? Yes.

Saurabh ji, right now, trading happens on our BSE, when will trading start on NSE??

So there are certain conditions to get it registered on NSE and once we comply all the conditions we will be registered on NSE. Okay. Thank you.

Thank you. Participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Saurabh Chhabra for closing comments.

Okay. Thank you so much to all the participants for joining taking time and for all the questions you've asked. Hopefully we've answered your questions well. Thank you so much.

Thank you. On behalf of Sunrakshakk Industries India Limited, that concludes this conference.

Thank you everyone for joining us and you may now disconnect your lines.