Ceinsys Tech Ltd

- There is no indication of new long-term borrowings; current borrowings are only cash credit (CC) with an INR80 crore limit, of which about INR30 crores is utilized. - CFO states borrowings have not increased significantly and finance cost includes processing fees and BD (business development) costs. - INR40 crores was infused as capital for business development, especially for the U.S. subsidiary and acquisitions like VTS, not reflected as debt. - The company has raised INR170 crores through preferential allotment (equity), primarily to fund expansion in the U.S. and Middle East. - No explicit mention of planned new fundraising via debt or equity in the near term; focus is on efficient working capital management and collections.

- The company is consistently investing in technology upgrades, focusing on AI/ML product development with a dedicated team. - Most of these expenditures are treated as product development expenses rather than capitalized capex, though some capex elements exist. - INR40 crores was infused as capital into the U.S. subsidiary, primarily for business development, team building, and product development tailored for the infrastructure domain in the U.S. market. - Business development expenses related to the U.S. subsidiary were INR16 crores expensed in P&L during the quarter. - There are no indications of major new strategic investments or large scale capex beyond these ongoing technology and business development activities mentioned through the call.

- Ceinsys Tech Limited has demonstrated strong growth: 52% YoY revenue increase in Q3 and 78% in the 9 months ending December 2025. - The closing order book stood at approx. INR999 crores as of Dec 31, 2025, providing good visibility for FY '27. - Despite delays due to code of conduct and elections, the company anticipates closing INR600-700 crores worth of orders by Q4 or Q1 next year. - A robust bid pipeline is being pursued aggressively, including projects with 7-8 year horizons to ensure long-term sustainable growth. - The company expects to maintain momentum seen over the last 8 quarters, targeting consistent quarter-on-quarter revenue growth. - Growth is supported by expanding technology business, higher value-add projects, and new market forays (e.g., U.S., Middle East). - While no specific projections are given, management expresses confidence in sustaining growth based on pipeline and past trends.

- The company has shown strong growth momentum over the last 8 quarters, with quarter-on-quarter and year-on-year top-line growth of over 52% in the latest quarter. - EBITDA margins have steadily improved from around 17% to 23.4%, driven by higher value-add technology business. - Management expects EBITDA margins to remain stable or improve sustainably quarter-on-quarter, reflecting operating leverage. - A robust order pipeline, including large opportunities from government projects and technology missions, supports visibility on revenue growth. - Plans to build a 2-year order book by FY 2026-27 and a longer-term sustainable pipeline (7-8 years) underpin future growth. - Investments in U.S. business and strategic partnerships aim to expand geographies and offerings, which may contribute to future profitability. - The company refrains from giving explicit forward-looking numerical guidance but remains confident about maintaining growth based on the order pipeline and execution capabilities.

- Closing order book as of December 2025 is approximately INR999 crores (excluding recurring annual commitments of INR125-150 crores). - Order book was INR1,192 crores as of April 1, 2025, with around INR490 crores executed since then. - Bid pipeline delayed due to about 4 months of election-related code of conduct, causing postponement of tenders. - Expected to close INR600-700 crores worth of orders, targeting to maintain at least two years of order book by end of FY 2026-27. - Some orders may slip from Q4 FY 2025-26 to Q1 or Q2 FY 2026-27. - Management confident in pursuing a robust pipeline with opportunities in geospatial missions, land reforms, and government projects like Jal Jeevan Mission. - Aiming to create a sustainable order pipeline for 7-8 years to ensure long-term business visibility. - More clarity on order confirmations expected by end of Q4 or Q1 next fiscal year.