Affordable Robotic & Automation Limited — Call Transcript 2025

Nov 6, 2025

Email: account@arapl.co.in Website : www.arapl.co.in

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Affordable Robotic & Automation Limited

CIN: L29299PN2010PLC135298

Date: November 06, 2025

To, To, The Manager Listing department The Manager Listing department BSE Limited NSE Limited Phiroze Jeejeebhoy Towers, “Exchange Plaza”, Dalal Street, Fort, Bandra – Kurla Complex, Mumbai – 400 001 Bandra (EAST), Mumbai – 400051 BSE SCRIP CODE: 541402 NSE SYMBOL: AFFORDABLE

– Subject: Conference Call with Investors and Analysts Transcript

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With reference to our previous communication dated October 23,2025, about Conference call with Investors and Analysts which held on October 31, 2025, please find enclosed herewith Transcript of the same.

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For Affordable Robotic & Automation Limited

Ruchika Digitally signed by Ruchika Jitendrakumar Jitendrakumar Shinde Date: 2025.11.06 19:42:12 Shinde +05'30' Ruchika Shinde Company Secretary

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Address: Village Wadki, Gat No. 1209 Taluka Haveli, Dist. Pune, Pune, Maharashtra, India - 412308 Mobile: +91-7720018914

Affordable Robotic & Automation Limited

(BSE: 541402 NSE: AFFORDABLE)

INVESTOR AND ANALYSTS CONFERENCE CALL OCTOBER 31, 2025

Management Participants:

Mr. Milind Padole (Managing Director) Mr. Rahul Padole (Director) Mr. Sengunthar Dakshnamurthy Kalidas (CFO)

Affordable Robotics and Automation Limited Earnings Conference Call 31-10-2025

Mr. Milind Padole:

Moderator:

Hi guys, thanks for joining in and let's start. Rajshree, you would like to take on.

I know, So, good afternoon, everybody. I welcome you all to the Affordable Robotics and Automation Limited Q2 at H1FY21 conference call. Today we have joined with Mr. Milind Padole, the promoter and managing director of the company, taking the company to the next level. He has got over two decades of the experience and he mainly looks after the R&D and the new product testing. Along with him, we are also joined with Mr. Rahul Padole, who is an executive director and looks after the marketing division, brand marketing strategies and outreach to the company. We also have the CFO, Mr. Dakshnamurthy Kalidas, who is the CFO of the company. Initially, we all will be in the listen only mode and then there will be opportunity for all of you to have a question-and-answer session with the management. So, now I am requesting Mr. Milind Padole to take us to the opening speech of the call and post that Mr. Murthy will take us for the financial performance presentation. Over to you, sir.

Mr. Milind Padole:

Thank you. Thank you all for joining in today and thanks for all your support through our thick and thin. As you know, we have been continuously in the process of optimizing the cost, optimizing the operational efficiency this year. The whole focus was to reduce the cost, re-engineer and you know, use different material to reduce the primary cost factor right, both operational and you know the material cost. So, that was our primary focus. Also, on the other side, our focus is on various product developments in all the 3 verticals, all the 2 verticals, welding automation and warehouse automation.

In car parking, our focus is to you know, enter into different geography this year and next year also. So Welding automation, you know we are entering into heavy welding this year and also trying to enter railway welding and construction equipment. So, these are some of the focus areas.

Also, we have done a joint venture, a JV thing to enter into AA category of welding where ARAPL was not there. So, that is the focus. Car parking, we have entered, started rather Pune, Nagpur this year and we will be starting some more geographies next year.

So, that was the 2 verticals in ARAPL. Also, we have reduced a lot of cost in material; you know a lot of cost in operations. So, what we have tried to do is, due to cyclic nature of our business, we have tried to reduce our fixed cost and whenever you know the order increases, we will have temporary manpower or you know the vendors.

So, we will engage with the vendors. So, that is how we have reduced the cost. As far as warehouse automation is concerned, you know we have been developing a product for the last couple of years and this year we have seen huge traction

From a lot of marquee customers like GXO or FedEx or Merck or DHL. So, these are the few target, So, these are the few customers we have got very good response and traction in US. You will see you know also considerable revenue this year through these products and so that is how it is that’s all. So, you know our focus is going to be drastic increase in warehouse automation sales in US because the same customers whom we were engaged with POC you know last couple of months have given us smaller orders like 5 robots or 6 robots or 10 robots order and the same customers are expected to give huge orders next year and we can expect huge growth in subsidiary in the following year and that is what we are expected to do. So, over to you Murthy, we can have a structured presentation for this.

Mr. Dakshnamurthy Kalidas:

Mr. Milind Padole:

Yeah. Good evening everyone. Thanks for the time and joining with us on this earning call. So, I will start with the presentations. Overall company overview, ARAPL deals with the fixed robotic solutions. As you all know, we are the first robotic company to get listed in the Indian stock exchanges and 20 years since the inception, we have stayed on our facility covering.

So, Murthy, I will take up this sheet. So, if you see the whole concept, so we have a company ARAPL which is listed into welding automation and automated parking. So,

that is fixed robotics and then we have a subsidiary ARAPL RAAS where ARAPL holds 83%. The brand name is HUMRO. That is into mobile robotics. So, anything which is mobile is going to come in ARAPL RAAS and whatever is fixed is going to prima facie come in ARAPL.

So, that you know is a broader division of how these two companies look like. Then we have five plants in Pune. One is for car parking, two plants are for welding automation and two are for RAAS. So, that is how it is. So, that is all pretty much here. Yeah, you can go to the next slide. So, this is our journey. We started 2005 as a proprietary company by the name Global Sourcing, which got merged into Private Limited. 2010, we started Private Limited and merged that right. So, 2010, Global Sourcing actually became a Private Limited company called ARAPL and you know a lot of milestones in between. We started a sales and service office in Shanghai in 2016. We got listed 2018, ~~2021.~~

2021, We started our subsidiary and then last year, we migrated to main board. In 2025, we actually launched our pallet handling robots. So, earlier, we launched bin handling robots, but then we pivoted and launched pallet handling robots, which we have seen a lot of success now.

So, broadly, these are the three verticals. So, first two verticals are fixed robots, robots which are fixed to the ground, comes under ARAPL and So, if you see welding automation, welding automation is a project business or you know what you can call as customized solution product business, a project business.

So, project to project, it is different and a lot of customization. So, our whole thought is towards moving towards product business. So, car parking is 80% product and 20% customization, like depending on the building. The third vertical, which is export oriented, is completely product business. There is no customization. There's only software customization in that. So, these are few customers. We have Tata, Mahindra, Bajaj, Piaggio, Eicher, Volvo, are a few of our repeat customers. Then, tier one are Cosmo Magna, Badawe, SKH-Y Tech are a few of the, again, repeat customers. Then on the real estate, we have Lodha, Ruparel, Vishakhapatnam, Smart City, as some of our, you know, Rustamji as our customers. On home row, we have customers like GXO, State, Apple, HP, and the list is long now. We are in talks with very big customers like Merckx, FedEx, DHL, UPS, you know. So, that's how it is. Yeah, next.

Mr. Dakshnamurthy Kalidas:

Yeah. So, now financial performance. So, on financial performance, front on standalone, quarter-on-quarter, this year we did around 26 Crore.

This quarter, this quarter, September quarter, we did around 26 Crore. Earlier June quarter was 19 Crore and the same last year, Q2 was around 22. So, we continued the growth momentum there. on the turnover.

The turnaround, the EBITDA, the initial itself, Mr. Milind Padole has told that this year our focus is more on the cost optimization and profit, to increase the profit, the profit level to see the increase. So, this year we turned H1 itself into profit. EBITDA margin

for Q2 alone was around 23% and PBT is around 4.38 Crores, which was last quarter in 3.6 Crore was on the negative side and the last year at the same Q2 was 3.17 negative side. At PAT, we did around 4.18 Crore. Last quarter it is 3.6 Crore on negative and last year the same Q2 was around 3.17 negative. So, this year we did the major turnaround.

Two, three factors are there here. As we mentioned, we did some cost optimization on the cost of the material by doing the design optimization and some cost negotiations have all happened there. Then fixed cost as the cyclic, our business is cyclic. So, in this year we have squeeze on the employee cost and all we reduced some fixed expenses. So, we wanted to keep that on the variable basis. So, whenever the demand increases, we will increase the cost.

As of now, the cost reduced. So, that profitability also increased here and then the third factor is we got some of the integration business in H1. So, due to that, the profitability was higher there.

And our standalone H1 basis, if you see, we closed around 44.5 Cr total income, Previous year it was around 41 and previous financial year it is 160. So, from 41 last H1 to be moved to 160.

So, this year also we have growth there. We did around 45. So, we will be targeting the same growth momentum for the next year also and again, here the EBITDA is around 3.95 Crores. Last year it was at the same time, it was 5.25 Crores on the negative. Here

it will close around 14.39. So, EBITDA margin is a pretty good here, 9%. So, last, which we achieved in the financial year end, that the same EBITDA margin we achieved in H1 itself. So, profit PAT, also on the positive side this year, 58 lakh, which was on the same last year around 8 Cr negative. This is on consolidated basis.

In consolidated we had additional revenue of RaaS around 2 to 3 Crores in this H1. So, this added to here. So, total income on standalone basis quarter on quarter Q2 increased to 29.56, which was of the same last year, was 24.69 and last quarter it was around 19. EBITDA is 6.26 Crores from last quarter of 2 Crores on negative sides, EBITDA being closed at the positive of 6.26. The same last year Q2 was around 3.43 on the negative side. PBT on PAT portion 4.56, we closed this September, quarter end was 3.68 negative. At the same time, last year the Q2 was around 5 to 4.82 Crores on the negative side. So, here as standalone, major contribution here was from the standalone basis. So, here it will bring us, we did the profitability there. So, that's added to this. On consolidated basis, H1 we did 48.43 versus 43.95 last year and EBITDA 4.29 this year versus 9.34 on the negative last year.

PAT we do those on the positive side 87 lakhs, whereas last year it was around 12.28 Crores on negative. On operational highlights, in ARAPL till September, when the history of ARAPL we have actually a milestone of staying profitable in H1 of the year.

This was mainly driven by strong operational efficiency and improved contribution from the core business segments and on order front, new customer acquisition is there

in H1. We received around 40 Crores of new orders from the new customers, which is almost 40% of the new orders we booked in H1 FY 26.

On car parking segment, as we informed, we have moved to the different geographical expansions also we did this year with the new corporate level clients and our continuous investment in deep technological innovation is there. In-house vehicle and motor controllers we developed already in-house.

Further development activity is there. Then for RAAS, HUMRO, we have already declared this to ARAPL board and approved for the proposal of new investment around 80 Crores into the subsidiary of ARAPL RAAS Private Limited. As a part of the plan, our company promoter Mr. Milind Padole has already given an interest free loan of around 26 Crores. This is with a provision to convert into, convert this into equity or warrants at the later date. ARAPL RAAS has rebranded as HUMRO, which is derived from a human plus robot the brand and the company's vision of collaborative automation and where the human and robots work seamlessly together to enhance safety, productivity, and efficiency. So far we have shipped 20 robots to USA from that already six next integrations started from this October.

And there is a healthy sales pipeline is there, in the HUMRO with the improvement on profitability. Order booking status as of September end, we have, this is the order booking status as of September ending automation we had 33 Crores, 32.59 Crores order booking at the opening. So new 56 Crores we booked from which we deliver

around 30.56. So closing as of September we have around 58 Crores order booking in welding automation. Car parking we have around 58. So whereas automation we have around this 26 Crores order in hand.

So with the opening, we started this year with 57 Crores. H1 we booked another 105 Crores this year and delivered 43. So we have another 140 Crores which will be delivered before this year end. So for the inner hand deliveries, all the orders we have in hand. So whatever further new orders we are booking, some might be split into the next financial year and some deliveries we might do before this year itself. Yeah. So that's it from the presentation points. Now we can start our Q&A sessions. You can drop your questions on chat or raise your hands to ask a question.

Moderator:

Mr. Tushar Khurana:

Moderator:

Yes. So whoever has a question, I request to raise a hand. In case you are not able to do it, you can type the question in the chat box too. We are taking the first question from Mr. Tushar Khurana. Kindly unmute yourself and go ahead. Sir, we can close down the presentation. Mr. Tushar Khurana, please go ahead. Mr. Tushar Khurana, please unmute yourself and go ahead. Mr. Tushar, can you hear me? Meanwhile, I'll take the next question.

Yes. Yes. Hello. Hello.

Yeah, Tushar, please go ahead.

Mr. Tushar Khurana:

Mr. Milind Padole:

Mr. Tushar Khurana:

Mr. Milind Padole:

I just got the option to unmute. Yeah. Yeah. Hi. Sir, can you just explain to me, given the total order book that you've just shown, we are at 140 Crore of order book currently, which we expect to complete by this year end. So can we also expect more orders flowing in and that would also lead to further increase in our top line for this financial year which we see last year or would we be at the same run rate this financial year as well? Maybe with better margins because of the optimizations that you're suggesting we are doing on the cost saving side. So that is my first question. I'm not able to hear.

Sorry. So generally, the orders which we have booked, you know, in the tail end, we are not able to deliver because you know, the delivery time itself is three months, four months and five months sometime. So probably another 10 to 15 days, whatever orders will be booked by mid of November, we would be able to deliver before March and post all that will get spilled over.10 delivery

And how do you see the margins for this financial year if you've done some optimizations on your end on the cost saving side? So what kind of margins can we expect in this financial year?

So definitely, it's I can't tell you the numbers, but definitely it's going to improve, right. So all these years, H1, we were in the loss, like six, seven Crores, like which we have made profit and, you know, year end is going to end the same way. So definitely, you know, the math is very simple. So that is what we expect.

Mr. Tushar Khurana:	Okay and so can you explain this rationale for this 80 Cr investment that we are doing
	in our subsidiary? So is it for the capacity expansion that we are doing or if you could
	elaborate more on that?
Mr. Milind Padole:	So most of it is for the customer acquisition and, you know, part of it like 1 million, 8
	to 9 Crores will go into the product sharpening or the product development, right and
	rests 2 million, close to 2 million to, you know, 3 million will go into inventory and 2
	to 3 million is like, you know, 24 Crores or 25 Crores will go into the inventory and
	then part of it is, you know, contingency and rest is, you know, the market acquisition
	cost, the marketing cost and the OPEX cost of US and part of India.
Mr. Tushar Khurana:	Okay and sir, what is our mix between domestic and export order book right now?
Mr. Milind Padole:	So, the third vertical is completely export and the first two vertical are completely
	indigenous, right
Mr. Dakshnamurthy Kalidas:	Welding automation and car parking is completely indigenous. HUMRO is the
	completely export for the internet.
Mr. Tushar Khurana:	So this warehouse automation, are we also focusing in India for this?
Mr. Milind Padole:	For the HUMRO?

Mr. Tushar Khurana:

Mr. Milind Padole:

Yes, yes. Where we do this warehouse automation? And any particular reason we are not doing it?

So warehouse automation, there are a lot of reasons in depth and there is a very long answer, but I will try to answer in short. The, which we are selling and, you know, it is like 100 to 120.

The cost arbitrage of the labor to this product is not, will never justify that kind of product here in India. Obviously, there are different kind of products, which will be, you know, useful in India, but we are, we cannot manufacture the whole, you know, things. So, we are focused on three or four SKOS, which has a market in US and Europe. So, at the moment we are focused in US and largely in California.

So given a choice to me, I will only focus in California. California itself is a vital in economy and, you know, so that market itself is a very big market, but the existing customers like have at different locations. So, we have to go to different locations also. Otherwise, given a choice, we are trying to focus only in California state.

Mr. Tushar Khurana:

Mr. Milind Padole:

Okay. My last question now, sir, is what is the total revenue that we can get at with our current capacity at full scale?

So full scale, we have a capacity of around 250 to 300 robots annually.

Mr. Tushar Khurana: Okay and where can this take our revenues to? Mr. Milind Padole: So close to, you know, 30 million. Yeah, 30 million, 30 to 40 million.

Mr. Tushar Khurana: Okay. Okay. Okay. That's very helpful, sir. Thank you and all the best. Thanks. Thanks. I will take the next question from the ~~cursor K~~ austav, but just reminded to all the Moderator: participants, as there is a long queue for all the questions. I request you restrict yourself for the first two questions and then join by the queue once again. ~~Cursor~~ Kaustav, please go ahead.

Mr. Kaustav Bubna: Yeah, thank you. So, I have two questions. The first question, I'll just list out both my questions so you can answer. So, the first question is,

Is my understanding correct that the promoter selling that's happening in the open market is going to be, in a sense, reinvested into the subsidiary in which you're raising funds? So, is that the reason why you sold in the open market? But if that's not the reason, could you give the reason?

So that's the first question and the second question is, in this subsidiary, the ARAPL subsidiary, we are not 100% shareholders. So, who are the other key shareholders, could you please disclose that?

Because I couldn't find that in the public forum. Thank you. Mr. Milind Padole: Okay. So let me answer the simpler one, the second one. So in the RAS, the holding is 83% is by the ARAPL, which is listed entity. Then the 10 to 12% is Mr. Vijay Kedia and rest is the ESOP pool and co-founders. Okay. So that is a simpler answer and I am sure this market cap should be there in the public domain. If not, I will check and get it done. So Murthy, just can you note it down, why this is not in public domain? It has to be there in the public domain, right. So I will check, Rishil. This question is Saurabh's question? Moderator: Yes, Saurabh's question. Mr. Milind Padole: Whose question? Rishil? Moderator: Kaustubh. Mr. Milind Padole: Okay and the first question, so we expect to raise around 8 to 10 million dollars, right. And out of which, so there was some urgent requirement in the subsidiary. So I have decided to sell my stake, not in the open market, but to the HNIs in the open market. So we have reached out to some HNIs

And in the market rate, we have sold those shares, which I have given as interest-free loan to the company, ARAPL, which will get converted into the equity whenever that restriction period gets over. So once I sell, I have a restriction, I cannot convert my equity for next six months.

So once it is over, it will again be converted on the floor value and till that time, it is an interest-free loan I have given because there were some urgent orders to be delivered in the subsidiary RAAS.

Mr. Kaustav Bubna:	Thank you so much. Just last, if you can share the HNI you sold to, if you can't, it's
	fine.
Mr. Milind Padole:	So that is there available in the public, Murthy, it's in windows?
Mr. Dakshnamurthy Kalidas:	Quarterly compliance, yeah, quarterly, they can refer the quarterly shareholding
	patents, they can see that.
Mr. Milind Padole:	It will be there.
Moderator:	Thank you, Kaustubh.
Mr. Kaustav Bubna:	Thank you. Thank you.

Moderator:

Mr. Darshan Garg:

Yeah, in case if you have any more questions, please join by the queue. I am taking the next question from Mr. Darshan Garg. Please go ahead. Kindly unmute yourself.

Hello, thank you for the opportunity. So, sir, I have a question. What is our go-to market strategy?

Like, how are we going to make this scalable in the US and other export markets, which are highly competitive from global peers?

Mr. Milind Padole:

Okay. So, Darshan, as far as autonomous forklifts are concerned, it is 5% penetration in the market and I can share you or you can search online. So, prima facie, we think US warehouses are completely automated. It's not. 95% of the warehouses are all manual.

And so autonomous forklifts we are ahead of the curve, We are ahead of the time. If you see India, we are the only company who has made autonomous forklifts which goes till 32 feet and launched in the US and got a lot of traction. The only fact I can tell you is the kind of traction we are getting from FedEx or Merck or GXO target, UPS and DHL, that itself talks volume, right.

If it would have been a lot of competition, such big people would never have even answered my call. So, competitive, cost competitive as we are ahead of time, you know we are good. We are still competitive.

Definitely, there will be price deflection; there will be price war, three years, four years down the line as this product matures. But we are getting ready for that price war also and we have the plan ready for the price deflection, how we are going to reduce our price in next three years, four years to a level which I can't disclose, obviously, what is our strategy. But yes, we are planning very aggressively to you know for that price war to come in next three to four or five years or six years. Right

Mr. Darshan Garg:

So, sir, are we planning for any more partnerships with the US firms or to cater those markets? Like we have done before.

Mr. Milind Padole:

It's a continuous journey, right. It is a continuous journey. As of now, we have two partners and coming quarter or next quarter, you will see a full-fledged person on board just to get this partnership. So, we will get a lot of partners and once we reach a particular volume, what we are saying in FY27, we will have a lot of partners in other geographies of Europe too.

Yes, the GTM is to go through dealers and partners, if that is the question, yeah, yes.

Mr. Darshan Garg: Okay. That answers my question. I will get back to the Que. Thank you.

Moderator:

Thank you, Darshan. Prerak Gandhi, please post forward your question.

Mr. Prerak Gandhi:

Yeah. Hello, sir and congratulations for becoming profitable.

So I just wanted to ask that, what are the individual margins for all the three segment? If you can throw some light on that.

Mr. Milind Padole:

Mr. Prerak Gandhi:

Mr. Milind Padole:

Yeah. So automation, earlier also we have mentioned in some calls, so in automation, we have around 35% gross margin levels there, and car parking, we have around 2025%. Some improvements we are doing in this year on that, and this third vertical, we'll get the higher margins of gross, at the gross level, it will be around 40-50%.

Okay and, sir, just one more question, that with respect to how are we seeing the expansion in Europe and Brazil? I think you mentioned previously that once the US, you know, the US revenue reaches a certain level, we might, you know, explore Europe and Brazil markets as well. So where are we with respect to that?

So not Brazil for sure now, but Europe, yes. So first we will expand the geography in the US itself. As I said, so if you see the geography of the US, there are two big ports. One is in LA and one is in, you know, New York. So we are close to LA, we are happy in California, you know, it's a huge business. So, the second, you know, natural progression will be to go towards New York port. So, if you see strategically, we have two dealers, one from Pennsylvania, which is closer to New York port and second is in Ontario, which is closer to LA port. So we have two dealers in the place for the two regions,

But we are more focused towards this region now. So definitely we will first grow in US and then English-speaking countries in Europe and Canada. So that is the next, you know, and definitely we are looking for dealers. We have a marketing guy responsible for Europe who is, you know, working, meeting a lot of people, you know, but when the time comes, we will start, you know, because Europe also have some different kinds of certifications, which we are making ready for those certifications. Everything requires cost money, right. So we are prioritizing our funds. So definitely once we reach number, once we reach profitability at certain level, that certification will trigger for Europe and then the dealer will come in for the Europe.

Mr. Prerak Gandhi:

Mr. Milind Padole:

Okay. Okay and so one book keeping question with respect to the earlier commentary, you mentioned that there was a fixed cost, which you opted to go variable. So can I just highlight which particular cost was you opted to convert it from fixed to variable? You know, which helped us.

You know, okay. So, when you make welding automation or for example, welding automation will take. So, it's a product business, right. It's a customization business and a project business, right. It is not a product business; it is a project business. So there is a lot of cyclic load in that business.

So, and there are a lot of domain experts required for everything, electrical, electronic, mechanical, simulation and stuff like that. You know, I can go on telling different. So we have reduced and, you know, found a mean where we thought we will keep this and then, you know, the months which we know historically that there is a, you know, spike, we will get people or vendor for that.

So, every department, beat robo-teaching, beat PLC programming, beat, you know, design, metal handling design, everywhere we have reduced, you know, the... So earlier we were having manpower for the peak. Now we have manpower for the, you know, the peak minus delta, right, so that is what we have tried to do.

Mr. Prerak Gandhi:

Okay.

Moderator:

Mr. Prerak Gandhi:

Moderator:

Mr. Gandhi, I request you to join by the queue as there are a couple of participants already wanted to ask.

Yeah, sure. I will join the queue. Thank you.

Yeah. Thank you so much. Once again, I request all the participants to restrict themselves for the first two questions and pre-join by the queue.

I am taking the question in the chat box from Mr. Rashad, Sir, Ms. Milind sir, he wanted to ask, please explain the business model of HUMRO. If paid for use, then who will finance it?

What will be the structure?

Mr. Milind Padole:

So, we have all models. It is not pay-per-use first. That model is still not launched. But we have RAS model, RAS when we say is, you know, lease-to-own or the fixed lease. Okay. So, lease-to-own has slightly, lease-to-own and lease, slightly different lease-to-own you own after three years and in the lease you don't own. So, lease-toown, the installment is slightly higher and then the third model is the CAPEX. You can go ahead, go ahead and buy.

So, these are the three models. Pay-as-you-use, we have still not launched, though we keep on marketing, but we have not given to any customer. So, if it is three years and more contracts, we have a banker and financer who, you know, finances. If it is less than three-year contract, we have to finance ourselves as of now; we are searching bankers for that as well. As our operations, we get older,

	Our credibility and credit rating increases in US, we will get banker for lesser tenure
	also.
Moderator:	Yes. Next question is that 26 Crore of the loan which Milind had already put it in the
	RAAS or the ARAPL. So, and in which company the conversion to the equity will
	happen?
Mr. Milind Padole:	So as of now, we have kept it open either ARAPL or RAS both are open. So we will take advice from all the big investors and whatever is beneficial for the larger
	investor, we will do that.
Mr. Dakshnamurthy Kalidas:	Regulatory.
Mr. Milind Padole:	Regulatory also. Yes. Yeah.
Moderator:	I request Vijay Pandey, please ask your question, unmute yourself and please go
	ahead.
Mr. Vijay Pandey:	Hi, sir. Thank you for taking my question, Vijay Pandey from Nuvama.
Mr. Milind Padole:
	Vijay, you are from?
Mr. Vijay Pandey:
	Nuvama, Nuvama.
Mr. Milind Padole:
	Oh, hi, Vijay. How are you?

Mr. Vijay Pandey:

Hi., Hi. Hi, sir. Hi.

Mr. Milind Padole:

I thought you, but your camera was off, right. We'll meet next week. So, a couple of questions, sir. You still have questions?

Mr. Vijay Pandey: We'll meet next week. So, a couple of questions, sir. Mr. Milind Padole: You still have questions? Mr. Vijay Pandey: One was the follow up. So you said that we have two dealers in US, one, both are in California, one is in California. Mr. Milind Padole: No, one in California and one in Pennsylvania. Mr. Vijay Pandey: And they can, so that one dealer can cover entire California. We'll need other dealers also.

Mr. Milind Padole: So, no. So, we are in active discussion with one more dealer in California. So, as of now, you know, the POC queue is four months. We are not able to do POC. So, we are not looking for any new orders. These, the same, you know, POC getting converted is good enough. So we are going slow but steady and, you know, once we make that base, we know these are the huge customers.

We can't, you know, miss those customers. So, as of now, our question is not about, you know, the orders. We have to complete the POCs and get the orders. So, everybody is ready to give the orders after the POC, right. So, the POCs are free of cost and now we have started charging for POC. So, once we complete the POC, there are a lot of orders which are following up now.

Okay, sir. The second was on the HUMRO. So, what I understand from the previous participant question, that currently the models are leased to own or it's leased. So how do we? So, it is all the three, right. It is CAPEX also. It is leased to own also and leased also. So, all the three. But see, I'll tell you in a developed market like US, selling a forklift is not something new. It is an established way of selling, right. So, I can't go and change that thing. So, it is like age-old method of selling a forklift. So be it autonomous also, be it electric or autonomous, the method is fixed, right. So, if it is OEM, they are going to buy. If it is like 3PL, they are going to lease. More or less, that is the culture. I just wanted to check in terms of considering if a company buys a forklift of $100,000. So, in case if it is a direct purchase, then we record revenue of $100,000. But if it is a leased one, so we record it in period of 3 years or 6 years? Like how do we record that?

Mr. Vijay Pandey:

Mr. Milind Padole:

Mr. Vijay Pandey: I just wanted to check in terms of considering if a company buys a forklift of $100,000. So, in case if it is a direct purchase, then we record revenue of $100,000. But if it is a leased one, so we record it in period of 3 years or 6 years? Like how do we record that? Mr. Milind Padole: See, if the contract is for 2 years or 3 years, so it is monthly revenue, which is like you will get. Mr. Vijay Pandey: Okay and lastly, sir, when we say that our 141 Crores of order that is expected to be delivered by Q4, so we may get further orders over next 3 to 6 months, that will be also part of FY26? Keep on spilling over. Because there is a delivery time also, right. Mr. Milind Padole:

So how much time is between consider if I get an order in November?

Mr. Vijay Pandey: Considering approximately If by November 15th, we will be able to accommodate or Mr. Milind Padole: November 20th or more or less that. Approximately beyond that, it will all spill over. Mr. Vijay Pandey: Okay. Okay, sir. Thank you and we'll meet you next week. Mr. Milind Padole: And our next 4 months is like over packed. We can't take a single order as of now. So, it is completely packed. So, I don't think we will be able to take any further order in this year. It will all spill over.

Mr. Pawan Kumar: Hi, sir. Moderator: Mr. Pawan Kumar. Mr. Pawan Kumar: Hi. Thank you for taking my question. Yes. So, I have a couple of questions. Moderator: I request you to first restrict yourself for the first 2 questions and then be joined by the Queue Mr. Pawan Kumar: Yeah, sure. Sure. No problem. Mr. Miland, we had a discussion earlier on launching our own controllers and batteries and that thing last call. What is the progress on that part? So, we have our own vehicle controller now and batteries, we are not making our own Mr. Milind Padole: batteries. But we will be making batteries with our own design. Okay. So, but that is

still secondary. So, the first one was vehicle controller, which we have made and then we have localized a lot of components to reduce the cost. And we have achieved some and by Jan to Feb, we plan to achieve some more cost reduction in the robot cost. So yes, vehicle controller, we have already developed. Mr. Pawan Kumar: My next question is, we discussed in the last call that we are going to make an automated factory and we are in discussion of purchasing some land for that. Do we have some progress on that? So as of now, you know, unless we reach a certain number, probably FY27 till FY27, Mr. Milind Padole: we will not spend any CAPEX. Whatever fund is there, we will only spend to acquire customers and a little bit in product development. Because product development cycle is also... Mr. Pawan Kumar: Hello. Moderator: Yeah, I think his line is hung. We'll just wait back. Mr. Pawan Kumar: That's right. Yeah, that's right. I thought of my line is dropped. More or less, the product development is over. Mr. Milind Padole: Sir, we lost you for the last three seconds. So can you please repeat? Moderator: Oh, sorry. So I said most of the fund we will be using in customer acquisition and a Mr. Milind Padole: little bit in the product development because product development cycle is also

almost over except for the cost optimization part of it. Land and manufacturing, we will only do after FY27 results. So till that time, no spending on the CAPEX.

Mr.	Pawan Kumar:	Okay. So, does that mean that we have enough capacity to serve whatever orders we are going to get in next one year, for example? So, we have made... Okay. Yeah, that
		makes sense. I was just wondering because we had that discussion earlier. So, I have
		that thing. Okay. What is the total debt level of the company, long term and short
		term both, If somebody can put the number maybe in the chat that is also okay
Mr.	Dakshnamurthy Kalidas:	It's both combined around the console level. We have around 55 Crores.
Mr.	Pawan Kumar:	Okay, 55 Crores total and you were saying that we have gone into a joint venture for
		heavy welding in the beginning of the call. If you can share some more light on that,
		like who is the partner?
Mr.	Milind Padole:	No. So I said we will be going in the joint venture. So, we will be declaring probably in some time. So, we are searching joint venture partner for everything from heavy
		welding. So, you will see a declaration very soon probably about the joint venture.
Mr.	Pawan Kumar:	Okay, that's fine and what is our total team size?
Mr.	Dakshnamurthy Kalidas:	Just keep it to two questions.
Mr.	Pawan Kumar:	Okay, sure. I'll join back. no problem
Ms.	Supriya Padye:	Next, I'm taking Mr. Ketan. Ketan, please go ahead. Mr. Ketan, once again, a reminder to please restrict yourself for the first two questions.

Am I audible now?

Mr. Ketan: Yes, clear. Moderator: Yeah. Sir, my question is, you know, we are in the need of a lot of funds to keep our Mr. Ketan: operations going on. Mr. Milind, you've sold your stake to put money in the subsidiary. My question is pointed towards the purchase of Mercedes-Benz that we did in the company. You know, the company is paying an installment and also the interest costs on that launch. So could you please throw some light and kind of, you know, help me understand like how do we justify the expenses when we are kind of, you know. Mr. Milind Padole: Okay, understood question, Ketan. So, when we are doing, you know, targeting 300 Crores, we need a car for customers or visitors or investors and the old car is like 10 years old, which is like almost, you know, so there was a new car requirement and that was bought, right.

Mr. Ketan:

Okay, fair enough and my other question is, you know, just a clarification, you know, because there's some confusion in my head regarding the order book numbers and all. So last year, we had an order book of about $4 million that we had received for the robotic warehouse automation and we started shipping robots from Q4 of 25 and we did it in Q1 as well. But in these two quarters, we did not book any revenue and now in Q2, we booked some revenue. So whatever revenue we booked in Q2 of 26, is that part of the older order book or the shipments that happened in Q4 and Q1 were they for POCs or for the orders?

Mr. Milind Padole:

So the first, you know, the robo, the first order what we got, we had to prove some use cases, right. So the robo is proved in our experience zone, but when it is actually deployed, say in 800,000 square feet or 900,000 square feet, there are a lot of variations, which we cannot do in testing of 10,000 square feet, right. So, we have to

prove that in the first case. So, four to five robots were for the POC, but the rest is there for commercial sale. But we have to prove those and the order which we had received, right.

$3 million, not $4 million, $3 million order, what we had received was for 90 days credit and, you know, we were not able to give him the credit at that time. So, yes, so wherever, so there are two dealers and there are a lot of orders which come directly to us. So whichever order is coming directly to us, if it can be converted into a front sale, we are going to give it to that dealer, okay.

So, the question is, yes, this order which we have received is directly to us. We can route it through a dealer. In that $4 million also, we have an option to route it, if he pays us upfront money.

Moderator:

Mr. Risheel:

Mr. Milind Padole:

Thanks, Ketan. I'm taking the next question from Mr. Rishi. Mr. Rishi.

Hello, sir. Sir, you mentioned in the previous question that there are a few companies who are showing a lot of interest in our products. It's like, if it is materialized, what can be the order size and like with the current capacity, can we fulfill the order or should we raise the funding?

So, you know, it's quite a complex question. I can't answer a lot of things. So, you can map our competitor landscape like, you know, I can give you the competitor landscape like VisionNav is our one of the closest, you know, competitor. So, you can see how much fund they raised, you know, and probably we might require that or not. You know, time will tell how efficiently we run. So that is point number one. Point number two, the customers which we are, you know, reaching now; They have like somewhere 100 warehouses to 500 warehouses like GXO has 500 warehouses and Mercs and all have 100 warehouses, right. And similarly, FedEx and others, right. So, they have huge potential. Every warehouse, if go completely automated, can have like 40 to 50 robots. If go completely automated, right. But everybody is going to do stage

wise automation. So, yes, as I said, warehouse autonomous is just 5% penetration. So there is a lot of headroom there available.

How much we can chew or how much we can deliver, you know, it's on to us and on our product. So we are focused on, you know, our product quality and our tech quality. So, yes, as of now, we have to prove in the smaller numbers and then, you know, we will go full-fledged.

Mr. Risheel:

Mr. Milind Padole:

So my second question is like, since we are a small company and struggling to fund R&D. So like if you see in US, there are like a lot of companies with potential billions of dollars in funding. So how can we compete with those kinds of companies with unlimited amount of money for R&D and all?

So, Rishil, we are from India, right. So, we know how to be frugal and if you see our journey, so first thing is our R&D thing is almost over. Our products are developed, launched, you know, we have started getting. It is only the journey of reducing the cost further. So the point number one.

Point number two. If you see our journey, we have developed the product, launched in US and started getting orders in just 10 million. OK, or less than less than 10 million, 7 million probably.

So if you see my peer, they have, you know, raised 70 million or 80 million to reach this level. So that is how we are. Right. So we know we are coming from India. We have limited funds. So we have to live with that. The fortunate part is a lot of

engineers, tech engineers. Our costs are very cheap. English speaking, very good tech engineers are available at a low cost. So that is our strength also. Right. So that's all we can just fight on our strength, not on our weakness, Rishil. That is what I can tell you.

Mr. Risheel:

Yeah, I have one small follow up question. Are we having any plan to find a domain expert in this so that we can lead it on a competitive basis?

Mr. Milind Padole:	Domain expert in what?
Mr. Risheel:	In the same domain, like the products which we are building. Is there any plan to get
	some domain expert technical?
Mr. Milind Padole:	We have enough domain expertise for product and we have developed product. We have understood the product gap. So, there we are good. Right. Obviously, finance, as
	you said, the kind of finance US tech companies can attract. Whether the deep tech
	companies in India can attract that. So that is obviously my day-to-day strength, my
	fight. So, yes, with this good customer interaction, there are a lot of US companies
	who have shown interest to fund. The time will tell, you know, and obviously, is there
	a lot of good tech funding happening in US than in India
	India will also reach that level where, you know, they will start, you know, honoring
	the deep tech companies. But yes, there we are.
Mr. Risheel:	OK, thank you.
Moderator:	I'll take the next question from Mr. Arya Shah.
Mr. Arya Shah:	Hi, thanks for the opportunity. So, I have two questions. So, one, how many proof of
	concept HUMRO robots are there in US and how many clients like have them.
	And what is the expected like the revenue in next one or two years from them, and
	then I'll take my second question.
Mr. Milind Padole:	OK, the first question itself is big. So, OK, we have close to, I think, 30 robots there in US, out of which we are using four to five or six robots for POCs. If that was the
	question and the second question is how many POCs we have completed. So we must

have completed around six to seven POCs and so these customers, one of the big customers where we have completed, two of the big customers we have completed. One is Target and second is Target 3PL and second is GXO. So GXO is 500 warehouses, right. So the potential of GXO itself is.

So, the potential is huge. How much we can do, we will get depends on a lot of things and Target itself has around 100 warehouses probably. So both are big. rest are smaller, like one of the logistic company is like having 12 warehouses. So each warehouse will have around 30 to 40 to 50 robots and they will go stage wise. Nobody is going to, you know, change everything in one year. So they will change 10 or 15 first year, then 20 and then 30, something like that.

Mr. Arya Shah:

Mr. Milind Padole:

Mr. Dakshnamurthy Kalidas:

Mr. Arya Shah:

Mr. Dakshnamurthy Kalidas:

Any expected revenue? Like the last part of the question. Expected revenue in like by FY26, because to 26, I think we are done with 140, 27, 28.

So the question FY26, if it is, so as Murthy has said, right, 25 to 26 Crores, we are targeting and FY27, again, we are targeting a quite big number. I don't know whether I'm allowed to tell the numbers, but yes, we are expecting a J curve from there.

Okay….

So my second question is, so we have 40 Crore intangible assets approximately. So is the amount still going to go up or we'll start expensing it now? Because the product development, I think is done now.

So this is so far, I think earlier presentations also we have mentioned, we have developed around the IPs there in India, right. Around six patents we have filed there and now the two more patents are getting filed in the US. It's in the process. So this cost may be around, as I said, very little part will increase in future for the product development. Most of the product development happened already.

Mr. Arya Shah:	So then this 40 Crore, we start expensing it from the next year or what? It will still be capitalized in the books.
Mr. Dakshnamurthy Kalidas:	Yeah, from next financial year we will expense this.
Mr. Arya Shah:	Okay. Thank you.
Moderator:	Thank you. I take the next question from Akshay Shah.
Mr. Akshay Shah:	Thanks for opportunity. Sir, I am new to the business. So first of all, I want to understand that Q1 H1FY21, we have de-grown. So what was the reason for the
	same?
Mr. Dakshnamurthy Kalidas:	No, there is a growth. It's not de-growth. From last year, from 41 to this year, we did
	H1 of around 45. So growth is there. It's not de-growth.
Mr Akshay Shah:	Okay and sir, in terms of capabilities, are we in war with China in terms of cost and
	technology both?
Mr. Dakshnamurthy Kalidas:	As of now, yes.
Mr. Akshay Shah:	Okay and one order you got from Apple. So what kind of order it is and what is your technological capability in that?
	So it is all mobile robots, right. So it is all material movement from position A to
Mr. Milind Padole:	position B for the warehouse.

Mr. Akshay Shah: Okay. Thank you so much. Moderator: Saurabh Pandey, please. Saurabh Pandey, you can go ahead with your question. Meanwhile, he also put in a chat. So what is the company's growth plan in the next 10 years? There is a question from Saurabh. Mr. Milind Padole: Yeah. So, you know, we want to be a billion-dollar valuation company in next 4 to 5 years. That is what is, you know, we are targeting and we are working towards. Moderator: Okay. We have next question from Mr. Pankaj Bobade. He says the standard entity is making a profit while console entity is losing, loss making. So what is leading to the loss at consolidated level and how long do you expect the loss to continue? Mr. Dakshnamurthy Kalidas: So, consolidated since last 2 years, we were doing the developments and all, right. Now is the time to see the fruit of the development. So revenues already started from in a subsidiary. So consolidated started on the profit side. It's already the journey started off. Moderator: There is a question from Mr. Jogesh Mehta, do we have any recurring revenue stream in HUMRO, even when there is one time sale to the customer? Mr. Dakshnamurthy Kalidas: Yeah, it is there, the subscription, softer subscription cost will be there, which will be recurring in the nature. Moderator: Okay. Mr. Vijay Pandey wanted to know, what is our FY26 target for sale and EBITDA?

It is better than last year itself, we can say that, I don't know whether the numbers could Mr. Dakshnamurthy Kalidas: be the right words or not, but it will be better; of course it will be better in the last year. Okay. Mr. Jogesh Mehta wanted to know, of the three products, does HUMRO have Moderator: the maximum potential in terms of the revenue? Which product has the maximum potential? So, you know, all these two businesses will grow, the welding automation and the Mr. Milind Padole: parking, we expect to grow by, you know, 17 to 18% or 20% CAGR, the HUMRO can see a J curve, because that's a product business. Okay. Question from Mr. Azaz, he wanted to know, how many patents we have, how much Moderator: percentage of revenue goes to R&D? So we have filed six patents in India, got one, filing two more patents in US. So last Mr. Milind Padole: two years we have been spending almost a lot of money in R&D. So figures, Murthy, can you tell how much we have spent in R&D?

	Around 25 to 30, we spent on R&D and separate on product development and
Mr. Dakshnamurthy Kalidas:	business acquisitions and all are around 14 to 15 Crores. So total 45 to 50 Crores.
Mr. Milind Padole:	R&D, R&D itself, how much?
Mr. Dakshnamurthy Kalidas:	R&D itself is around 25.
Moderator:	Yeah. Now I request Mr. Arthur Syed to go ahead with this question. Mr. Arthur Syed.
	Mr. Syed.
Mr. Dakshnamurthy Kalidas:	I think Syed has posted also, how much we have.
Moderator:	The order pipeline. Yeah.
Mr. Dakshnamurthy Kalidas:	So that's 141 Crores right now. So 140 we have mentioned there in the confirmed orders
	we have in hand. So ordering pipeline is huge.
Moderator:	Okay. Mr. Prerak, go ahead with your question.

Mr. Prerak Gandhi:

Mr. Dakshnamurthy Kalidas:

Mr. Prerak Gandhi:

Mr. Milind Padole:

Mr. Dakshnamurthy Kalidas:

Yes. Thank you, sir, for taking my question again. So, sir, with respect to the automated car parking, I remember in the balance sheet, you mentioned that you are trying to double the revenue for this particular segment for the next three to four years. So can you just provide in the presentation as well as segmental bifurcation for the top line and the bottom line, because I have gone to the different presentations, but we don't have segmental bifurcations?

Yeah. So if we see our last financial year, we closed around 30% from the total revenue of 30% from car parking and 70% is from the other segments of automations. So that will continue. Gradually from this year, you could see 30 percent will move to 40%.

Okay and so just one last question on the product differentiation side, with respect to the forklifts you mentioned in India, you were the only one to have 32 feet long forklift. So where does it put us on the map in comparison to the global peers, like in terms of product, how does a product stand apart from our competitors?

Sorry.

So, like 32 feet, we mentioned autonomous forklift, we are the one from the India; we are manufacturing this as of now. In the competitors, we can see a global level, there

	are multiple, means another one or two competitors are there. But we don't know that
	32 feet anyone has developed, they have around 24 or 22, something like that.
Mr. Prerak Gandhi:	Okay. Thank you, sir.
Moderator:	There is a question from Mr. Ramesh Dabal. Is manufacturing of a robot in-house or
	outsource? Could you explain the costing of the manufacturing?
Mr. Rahul Padole:	So, Ramesh, I'll take the question. I'm not going to go in detail because a lot of it has
	our cost-cutting strategy in the next couple of years. But some parts, the fabricated parts
	are currently in-house while bought-outs are bought directly, like motors or battery. We
	have some things in plan to reduce costs in the next two to three years. So we are not
	going to go more in detail about that.
Moderator:	So Ramesh wanted to say, a company can make the world's number one robotic and
	automation company in the world?
Mr. Rahul Padole:	I don't know if that is a statement or a question.
Moderator:	So what is your outlook about that?
Mr. Milind Padole:	What is the question? I didn't hear that. What is that?

Moderator:	He has actually just mentioned a question or statement. So without the question mark
	sign, it is difficult, but then he just wanted to know. So we have those capabilities. So
	can we be a number one world company in the robotics and automation?
Mr. Rahul Padole:	In our sector, we can definitely.
Mr. Milind Padole:	Of course, right. Everybody has a dream to come first, right. So yes, of course, we have
	the capability, we can come. It is only, see, we have made the product, I will say, a very
	good product, which customers are liking. From here to number one, it is only, you
	know, right partnership and correct partners
	Everywhere like financial partners, you know the dealers. So yes, if we execute it
	properly, yes, we can be there.
Moderator:	I'm taking the last question from Mr. Syed, he wanted to ask, could you, sorry, could
	you please highlight our company's strongest and the weakest quarter?
Mr. Rahul Padole:	Strongest is always the fourth quarter, weakest is always the first quarter.
Mr. Milind Padole:	No, That is not the answer. I have not understood the question only. So in the 20 years,
	that's what Syed, your question is or what is that?
Mr. Rahul Padole:	Could you highlight a company's strongest and weakest quarters?

Mr. Milind Padole:	That's okay. Okay. Okay. So then that answer is right. The strongest is quarter four and
	the weakest is, I don't know, quarter one or quarter two, Murthy? Quarter one.
Mr. Dakshnamurthy Kalidas:	Quarter one is the most weakest. Historically, from now as we turn, we change that
	cyclic trend right now. So, from next year onwards, Q1 also will be on the stronger side
	only, but the strongest is Q4. Yeah.
Moderator:	So if you allow me to take the last question, Mr. Ketan wanted to know what are our
	sustainable margins?
Mr. Rahul Padole:	For last?
Moderator:	Sustainable margins, it's going forward.
Mr. Milind Padole:	Yeah, Murthy, you can take that.
Mr. Dakshnamurthy Kalidas:	Yeah. So going forward is a standalone. This year we did around, last year we did
	around, at that level, we did around 4% margin. So we are targeting minimum 50%
	growth year-on-year basis. So it will be there and then RAS, as we mentioned, that is
	the gross margin is around 40-50%. So definitely at the PAT level, we'll have a good

	margin somewhere at around 10-15%. So more than that, with the subscription model
	and all.
Moderator:	So there's one question coming from Tushar Khurana, if you permit, I can go ahead.
Mr. Milind Padole:	Yeah, yeah. Please go ahead.
Moderator:	Yeah. Tushar, please go ahead.
Mr. Milind Padole:	So there are a lot of hands still raised. I think we can still take it, right.
Moderator:	We can take it. Okay, sir. Yeah. Tushar, please go ahead.
Mr. Tushar Khurana:	Yeah. Last question on the product mix that we have for these ongoing orders that we
	have. So just want to understand like how margins would look like given the product
	mix that we have currently. How is it usually for us? Like can margins also go south
	because of the product mix not in our favor? How does it work for all the segments that
	we operate in? A general question.

Mr. Dakshnamurthy Kalidas:	Margin improvement will be there, Tushar, on console level since we have high
	margins on this product-based business from Humro.
Mr. Tushar Khurana:	And then for this financial year, do you expect our margins to be good enough given
	the product mix that we have?
Mr. Dakshnamurthy Kalidas:	Well, Tushar, we are actually not able to hear you clearly.
Mr. Tushar Khurana:	Is it better now? Is it better now? Yeah, yeah.
Mr. Dakshnamurthy Kalidas:	Much better.
Mr. Tushar Khurana:	Yeah. I'm asking. So given our current product mix that we have for our ongoing orders,
	is it good enough for us to have good margins given the cost of measures that we are
	taking?
Mr. Dakshnamurthy Kalidas:	Yes, it is. It is. Yeah. Okay. Okay.
Mr. Tushar Khurana:	Thank you so much, sir. Thank you.
Mr. Milind Padole:	So there is one funny question which I just read. Raj has asked. When will the share go
	up? Raj, tell me also when will the share go up? Is it good to have a good product?

	Yes, Pawan Kumar wanted to know are we going to have the concall on each quarter
Moderator:
	or how it is going to be?
Mr. Dakshnamurthy Kalidas:	Yes, we will have a earning call on each quarter.
Mr. Pawan Kumar:	So it won't be random like we had last time, right. We had the last call in December
	and then I was kept on waiting.
Mr. Dakshnamurthy Kalidas:	No, we will have post this Q3.
Mr. Pawan Kumar:	Okay. Great. Thank you. Do we have any revenue guidance for FY27?
Mr. Dakshnamurthy Kalidas:	At parent level, the growth momentum will be there. As we mentioned, there is a pretty
	good growth will be there and you can see 27 will have exponential growth from
	HUMRO
Mr. Milind Padole:	So the next question is what is HUMRO team size in USA? It is seven people as of
	now. Then there is a question from X Shah. Can we have a plant visit? Yes. Anytime
	you can come to the plant.
Mr. Dakshnamurthy Kalidas:	Prior intimation just in time…

Mr. Milind Padole:	Yeah, you need to coordinate with Murthy.
Moderator:	Arya shah question
Mr. Arya Shah:	Actually, I just wanted to clarify my question's answer. So we have 7 million books
	from the POCs, right. Apart from POCs in the US right now.
	You told me and 4 million, we have an option to do it directly or from the dealer. So
	11 million or can you like correct me if I'm wrong?
Mr. Milind Padole:	No, no. What is the question in order?
Mr. Arya Shah:	So, the question was how many proofs of concept, HUMRO robots are there in the US?
	And how many clients have them? And any orders we have got, like we have converted.
Mr. Milind Padole:	So how many robots there are in the US? So ask one by one question so I can answer.
Mr. Dakshnamurthy Kalidas:	So in US we have around 26 robots. He is asking how much POCs we did. So we have
	answered that.
Mr. Arya Shah:	I'm asking…

Mr. Dakshnamurthy Kalidas:	One minute.
Mr. Arya Shah:	Okay. Can I say? Yeah. So you told me 30 robots out of which 6 to 7 we have used
	already for the POCs, right. And rest.
Mr. Milind Padole:	Yeah. We have POCs. Right
Mr. Arya Shah:	And two companies.
Mr. Milind Padole:	So POC. Okay. I'll tell you what is. We go there; we show and then take the same robot
	to other customers. So we rotate those. Okay. Yeah, and then. So out of 30 robots, the
	inventory. We are using 5 to 6 for POC. Yeah.
Mr. Arya Shah:	Okay and the order book we got like that we converted this year. You told me 7 million
	and 4 million. It's still pending, right.
	No, no, no, no. Not 7 million. Not 7 million. Man, 3 million we had got from a dealer
Mr. Milind Padole:	and then now we have got half. What was that 3 Crore murthy?
	3.8
Mr. Dakshnamurthy Kalidas:

Mr. Milind Padole:	3.8 Crores that we will route through the same dealer so that we have got directly 3.8
	Crores that we will route through this if the payment terms, you know, if we agree with
	the payment terms. So it is 3 million. The order is 3 million. Okay.
Moderator:	So Darshan wanted to know what is our capacity and how much robots can we
	manufacture at our plant?
Mr. Milind Padole:	I think that is also. So I think, you know, we have already answered, but still let me
	answer. Close to 300 robots we can manufacture. So depends on model mix, but yeah,
	average we can say 300.
Moderator:	And we are providing the maintenance for these robots also.
Mr. Milind Padole:	Yes. So we have AMC and software AMC both.
Moderator:	I believe all the question has been taken up. In case there are any further questions.
	Yes. The last question from the Azaz. What are the tariff impacts about the US?
Mr. Milind Padole:	So tariff impact is there. We have said close to $9,000 out of which $5,000 we are
	taking and $4,000 we have passed on to customer.
Moderator:

About the market investors that are already mentioned in his opening remark. So any other questions we have? Do we have any further questions? When we close the preground of FBA.

Mr. Ketan: Moderator: Mr. Ketan:

Hi, can I ask a question? Yeah sure.

Yeah. So I just put the question in the chat box. So I'm saying without giving guidance, can you please explain how we have a J curve in terms of FY-27 numbers as you've been explaining that 27 will have a J curve kind of a growth. So can you just explain how we will have without giving any numbers?

Mr. Milind Padole:

Okay. So these, so how the order acquisition happens in US I'll tell you. First, you need to approach them and such big customers, you know, to approach them itself takes two to three months, which we have done, right. Then is the second thing is you have to do a POC, which again takes, you know, two to three months. So that also has been done with a lot of big customers. Then they will give a small pilot order, which is a paid order.

Of course, pilot order is if they have like a 100 warehouses or 500 warehouses, you know, so they will give two warehouses to you and two warehouses and, you know, if they require 50 robots in each of the warehouse, and if they have 100 robots in two

warehouses, for example, so they will give six robots or seven robots in one warehouse and seven, eight robots in another warehouse.

So it's a pilot order, small order in the restricted area, and they will see how, you know the integration of their software’s or how the robots function, how is the productivity and stuff like that, right. So at the moment, we are all doing small orders with multiple customers. We have crossed all that, right. We have got approval. We have, our POCs were successful. They have got a small order. So these, the same customers are going to give you the big orders, you know, after this. So that is how we are expecting the bigger J-Curve, if that satisfies.

Mr. Ketan:

Yeah. Thank you so much. Thank you.

Mr. Milind Padole:

Thanks. Yeah. Pawan still has a question?

Mr. Pawan Kumar: No, I am good, Mr. Milind. Thank you.

Mr. Milind Padole:

Azaz has a question. Like, you know, some people are putting in chat, some people are raising hands. So I'm just getting confused.

I just had one question, if I may, sir.

Mr. Prerak Gandhi:

Yeah.

Mr. Milind Padole:

Mr. Prerak Gandhi:

So I just, it was more of a request. I just wanted, if you could make the presentation of more details so that we could understand the business dynamics in a much better manner, because a lot of things are unsaid. I really got an opportunity to attend this call. So I'm thankful for that. But if the presentation was more detailed, it could have given us a better framework of the entire business.

Like what, Prateek, what information you want?

Mr. Milind Padole:

Mr. Prerak Gandhi:

Yeah. So first of all, the revenue bifurcation, segmented bifurcation, then what we want is that how does your product probably compete in terms of global peers and where do you stand with respect to that?

Also, a number of robots shipped, you know, like quarterly basis or a half yearly basis, how many robots have been shipped and how much are under production? And what is the timeline for the entire process to get complete? So let's say you start making the robot from day one and how much time does it require for the entire fleet to get completed?

	And what are the batch sizes? A basic or probably just release a document which
	explains the business dynamics.
Mr. Milind Padole:	So Prateek, you are from which company?
Mr. Prerak Gandhi:	We are from Vruksha Capital Research.
Mr. Milind Padole:	Okay. So can we have a workshop probably? You can, you know, coordinate with
	Murthy and, you know, either you can have a workshop next week, or then we are even
	planning to have an analyst in-person meet, you know, sometime next 10 to 15 days.
	So probably at that time we can meet and, you know, we can have in detail.
Mr. Prerak Gandhi:	Absolutely. I'll just drop a mail to sir. Sure. Thank you. Thanks.
Moderator:	Yes and again, a question, how does our product fare against the competition and both
	in terms of the price and the performance?
Mr. Milind Padole:	Yeah. The analyst meet we are planning to keep in Mumbai. So more analysts come in
	person.
	Yeah. So our product against the competition. So all the three sectors differently. So
	welding automation, we hold around 35 to 40% in our C type of category welding and
	B type of category, we might be around 10 to 15%. A, we are zero. We are trying to

enter that type of welding, you know, competition. Cost wise, we are very, very, we stick by our name, Affordable Robotics. So we are affordable. Car parking. We are, you know, having around, say, 15% market, 10 to 15% market and there also we are very, very cost competitive and as far as HUMRO is concerned.

Moderator:	Sir we have lost you for last 3-4 seconds
Mr. Rahul Padole:	So in HUMRO we are cost competitive when it comes to our peers. But that is the most
	expensive product.
Mr. Dakshnamurthy Kalidas:	we have lost you for last 3-4 seconds
Mr. Milind Padole:	So I said HUMRO. HUMRO, we are almost 15 to 20% cheaper than our nearest
	Chinese competitor.
Moderator:	Yeah and one question for Mr. Azaz. Now that we have figured out the technology, are
	we looking at the consumer side?
Mr. Milind Padole:	Who is looking after the consumer side?
Moderator:	Robots. So Azaz, you wanted to clarify more on your question?

Mr. Milind Padole:	No. So if you are asking whether we want to increase our product portfolio, the answer
	is no. We will be focused only on these products and we will never go in B2C. We will
	always be B2B.
Moderator:	Okay. Do we have any further questions? What is the outstanding receivable currently,
	Mr. Murthy?
Mr. Dakshnamurthy Kalidas:	Yeah. So we declared around 48 Crores was there.
Mr. Milind Padole:	So Raj, if lease to own
Moderator:	That will be very expensive.
Mr. Milind Padole:	Yeah, the software is always the perpetual license. It is never, one cannot buy the
	software license. So it is lifelong perpetual license.
Moderator:	Okay. So I think there are no further questions. So we can end the call. So I request Mr.
	Milind to give your closing comments.

Mr. Milind Padole:

Guys, thanks a lot for, you know, coming and supporting us and I understand we are small and slightly, you know, we have to organize much more. So Mr. Murthy, please ensure and the PR agency, please ensure that we have this earning call every, after every result so that, you know, this is the second time investors have reminded us and we should, you know, do this meticulously. So that is one takeaway for me. I will definitely ensure that, you know, either I have to put my PR and my CFO's KRA link to that now, you know. So we have to get it done, you know. So that is the one takeaway. I promise we will do that.

Mr. Rahul Padole: And I think we have lost…. Moderator: Yes. Mr. Rahul Padole: So with that, I would just like to thank everyone for attending. From ARAPL side, I am Rahul and this is Mr. Murthy. Thank you for joining us. And still if you have any questions, please write it to us, cs@arapl.co.in. With this, I Moderator: thank all the participants and ladies and gentlemen for attending this call. With this, I thank every participant from the management to and I request to close the call. Thank you everybody for your participation.

Mr. Milind Padole:	Thank you.
Moderator:	Have a nice weekend.
Mr. Milind Padole:	Thank you. Bye.