🔍

GKENERGY - GK Energy

📊 NSE: GKENERGY 🏢 Civil Construction 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

GK Energy Reconstitutes Three Board Committees Effective March 14, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Mar 2026, 06:43 PM

GK Energy Limited has announced a formal reconstitution of its Stakeholders Relationship, Corporate Social Responsibility (CSR), and Executive Committees. The Stakeholders Relationship Committee is now chaired by Independent Director Mrs. Pooja Pawan Chandak, while the CSR Committee is led by Non-Executive Director Mr. Navaniit Narayandas Mandhaani. Notably, the Executive Committee now includes the Chief Financial Officer, Mr. Sunil Kamalkishor Malu, as a member. These changes were approved during the board meeting held on March 14, 2026, to align with regulatory requirements and internal governance standards.

Stakeholders Relationship Committee reconstituted with 3 members, chaired by Independent Director Mrs. Pooja Pawan Chandak.
CSR Committee updated with 3 members, led by Chairman Mr. Navaniit Narayandas Mandhaani.
Executive Committee now includes CFO Mr. Sunil Kamalkishor Malu alongside 2 Executive Directors.
All committee changes are effective immediately from March 14, 2026.

💡 This is a routine administrative update regarding corporate governance structures. No immediate action is required as these changes do not impact the company's financial performance or business operations.

GK Energy Appoints Ramawatar Suresh Laddad as Senior Management Personnel

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Mar 2026, 06:41 PM

GK Energy Limited has appointed Mr. Ramawatar Suresh Laddad as Assistant General Manager – Accounts, effective April 1, 2026. He has been designated as Senior Management Personnel (SMP) following a recommendation from the Nomination and Remuneration Committee. Mr. Laddad is a qualified Chartered Accountant with over 5 years of experience in financial management, taxation, and internal audits. This appointment is part of the company's efforts to strengthen its internal financial controls and compliance reporting.

Appointment of Mr. Ramawatar Suresh Laddad as Assistant General Manager – Accounts.
Designated as Senior Management Personnel (SMP) effective from April 1, 2026.
Mr. Laddad brings over 5 years of professional experience in accounting, audit, and taxation.
Expertise includes internal audits of listed companies and GST compliance.

💡 This is a routine management appointment to strengthen the finance department. No immediate action is required as it does not impact the company's core business operations or financial outlook.

GK Energy Appoints Shubham Suresh Jain as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Mar 2026, 06:39 PM

GK Energy Limited has announced the appointment of Mr. Shubham Suresh Jain as the Company Secretary and Compliance Officer, effective March 16, 2026. Mr. Jain, an Associate Member of ICSI (Membership No. A76578), will also be designated as a Key Management Personnel (KMP) of the company. He brings professional experience from Shree Refrigerations Limited, a BSE-listed entity, and various secretarial firms. This appointment ensures the company continues to meet its regulatory and corporate governance obligations.

Appointment of Mr. Shubham Suresh Jain as CS and Compliance Officer effective March 16, 2026.
Mr. Jain is an Associate Member of ICSI with Membership No. A76578.
The appointee previously served as Manager – Legal & Secretarial at BSE-listed Shree Refrigerations Limited.
The Board approved the appointment on March 14, 2026, based on the Nomination and Remuneration Committee's recommendation.

💡 This is a routine administrative change in the company's management structure. No immediate action is required as it does not impact the company's core business operations or financial health.

GK Energy Appoints New Company Secretary and Senior Management Personnel

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Mar 2026, 05:48 PM

GK Energy Limited has announced the appointment of Mr. Shubham Suresh Jain as Company Secretary and Compliance Officer effective March 16, 2026. The company also appointed Mr. Ramawatar Suresh Laddad as Assistant General Manager - Accounts to strengthen its senior management team. Furthermore, the board reconstituted the Stakeholders Relationship, CSR, and Executive Committees. These changes are part of the company's efforts to streamline corporate governance and regulatory compliance.

Appointment of Mr. Shubham Suresh Jain as KMP and Compliance Officer effective March 16, 2026.
Mr. Ramawatar Suresh Laddad joins as Assistant General Manager - Accounts in senior management.
Reconstitution of Stakeholders Relationship, CSR, and Executive Committees of the Board.
Authorization of CMD, CFO, and CS for determining materiality of information under SEBI norms.

💡 No immediate action is required as these are routine management appointments. Investors should observe the impact of new leadership on the company's financial reporting and governance standards.

GK Energy Company Secretary Jeevan Santoshkumar Innani Resigns Effective March 14, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Mar 2026, 08:34 PM

GK Energy Limited has announced the resignation of Mr. Jeevan Santoshkumar Innani from the position of Company Secretary and Compliance Officer. The resignation was officially communicated on March 10, 2026, and will take effect from the close of business hours on March 14, 2026. Mr. Innani is leaving the company to pursue professional opportunities elsewhere. As he is a Key Managerial Personnel (KMP), the company will be required to appoint a successor to maintain regulatory compliance standards.

Mr. Jeevan Santoshkumar Innani resigns as Company Secretary and Compliance Officer (KMP).
The resignation is effective from the close of business hours on March 14, 2026.
The departure is attributed to the pursuit of professional opportunities outside the company.
The disclosure was made in accordance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 This is a routine administrative change and should not impact the company's core operations. Investors should watch for the announcement of a new Compliance Officer to ensure continued adherence to SEBI regulations.

GK Energy Concludes GST Search; Faces Potential ITC Disallowance of ₹7.37 Crore

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 05 Mar 2026, 07:29 PM

GK Energy Limited has concluded a GST search conducted by the Maharashtra State GST Department between February 27 and March 4, 2026. The department has identified potential tax liabilities totaling approximately ₹7.37 crore across three specific categories of Input Tax Credit (ITC) disallowance. The largest portion involves ₹4.75 crore related to IPO expenses, followed by ₹1.65 crore for creditors outstanding beyond 180 days and ₹0.96 crore in blocked credits. The company intends to contest these findings through legal appeals and maintains that there is no significant impact on current operations.

GST search proceedings concluded on March 4, 2026, at the company's registered office.
Disallowance of Input Tax Credit (ITC) on IPO expenses amounting to ₹4,75,19,298.
Reversal of ITC on Sundry Creditors outstanding beyond 180 days totaling ₹1,65,46,126.
Additional disallowance of ITC under Blocked Credit provisions worth ₹95,90,977.
Company plans to exercise legal remedies and appeal the order under GST law.

💡 Investors should monitor the outcome of the company's appeal as a ₹7.37 crore liability could impact cash flows, though it does not affect core business operations. The stock may face short-term pressure due to the regulatory scrutiny.

Maharashtra GST Department Conducts Search at GK Energy Registered Office

🔵 WATCH ⭐ 6/10

REGULATORY 📅 27 Feb 2026, 08:47 PM

The Maharashtra State Goods and Services Tax Department initiated search proceedings at the registered office of GK Energy Limited on February 27, 2026. The search commenced at approximately 1:20 PM under the provisions of the Maharashtra GST Act, 2017. As of the announcement date, the company has not received specific details regarding any alleged violations or contraventions. Management has stated that there is currently no material impact on the company's financial or operational activities.

Search proceedings initiated by the Assistant Commissioner of State Tax, Maharashtra on February 27, 2026.
The search began at the company's Registered Office at approximately 13:20.
No specific communication regarding violations or contraventions has been received by the company yet.
Company reports no immediate material impact on financial or operational performance.

💡 Investors should monitor subsequent filings for the outcome of the search and any potential tax demands or penalties. Maintain a cautious stance until the company clarifies the nature of the investigation.

GK Energy Independent Director Chandra Iyengar Resigns Effective February 26, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Feb 2026, 08:13 PM

Mrs. Chandra Iyengar has resigned from her position as a Non-Executive Independent Director at GK Energy Limited, effective from the close of business hours on February 26, 2026. The resignation is attributed to personal commitments, and she has confirmed there are no other material reasons for her departure. Consequently, she will also step down from her roles in the Stakeholders Relationship and Corporate Social Responsibility committees. This change is part of routine board movements and does not impact the company's operational fundamentals.

Mrs. Chandra Iyengar resigned as Independent Director effective February 26, 2026.
The resignation is cited as being due to personal commitments with no other material reasons.
She ceases to be a member of the Stakeholders Relationship and Corporate Social Responsibility Committees.
The outgoing director holds significant committee roles in other listed entities like Adani Energy Solutions Limited.

💡 This is a routine management change and should not significantly impact the stock price. Investors should monitor for the appointment of a successor to ensure board independence and committee compliance.

GK Energy Q3 FY26: Order Book at ₹803 Cr, Revenue CAGR 96% and Expansion into Rooftop Solar

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Feb 2026, 02:12 PM

GK Energy reported exceptional growth with revenue increasing at a 95.99% CAGR from FY23 to FY25, reaching ₹1,094.83 crores. The company maintains a strong order book of ₹803.24 crores as of December 31, 2025, dominated by solar-powered pump systems. Profitability has scaled rapidly, with PAT growing at a CAGR of 263.53% over the same period to ₹133.22 crores. The firm is now strategically diversifying into the retail solar rooftop (RTS) segment to leverage its existing EPC infrastructure and the PM Suryaghar Yojana.

Order book stands at ₹803.24 crores as of Dec 31, 2025, including 33,067 solar pumps worth ₹787.58 crores.
Revenue from operations grew from ₹285.03 Cr in FY23 to ₹1,094.83 Cr in FY25, representing a 96% CAGR.
EBITDA surged from ₹17.61 Cr in FY23 to ₹204.05 Cr in FY25, a CAGR of 240.43%.
Company holds a 13.32% market share in Maharashtra for solar-powered pump systems under the PM-KUSUM scheme.
Expansion into Retail Solar Rooftop (RTS) EPC using an asset-light model to diversify revenue streams.

💡 Investors should focus on the company's ability to execute its ₹803 crore order book and the successful scaling of the new retail rooftop segment. The high CAGR in PAT and EBITDA suggests strong operational leverage that warrants a positive outlook.

GK Energy Reconstitutes Key Board Committees Following Board Composition Changes

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Feb 2026, 11:35 PM

GK Energy Limited has announced the reconstitution of three major board committees effective February 13, 2026. The Audit Committee, Stakeholders Relationship Committee, and Corporate Social Responsibility Committee have been updated following changes in the overall Board composition. These changes are part of the company's efforts to maintain regulatory compliance under SEBI Listing Regulations. The new committees feature a mix of Independent, Executive, and Non-Executive Directors to oversee various governance functions.

Audit Committee reconstituted with 4 members, chaired by Independent Director Susheel Dwarkadasj Bhandari.
Stakeholders Relationship Committee now chaired by Independent Director Pooja Pawan Chandak with 4 total members.
CSR Committee reconstituted with 4 members, chaired by Non-Executive Director Navaniit Narayandas Mandhaani.
All committee changes became effective immediately on February 13, 2026.

💡 This is a routine governance update and requires no immediate action from investors. It reflects standard corporate procedures following changes in board membership.

GK Energy Reconstitutes Audit, Stakeholders, and CSR Committees Effective Feb 13, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Feb 2026, 10:43 PM

GK Energy Limited has announced a restructuring of its key board committees following changes in the Board of Directors' composition. During the board meeting held on February 13, 2026, the company reconstituted the Audit Committee, Stakeholders Relationship Committee, and Corporate Social Responsibility Committee. Mr. Susheel Dwarkadasj Bhandari has been appointed as the Chairman of the Audit Committee, while Mrs. Pooja Pawan Chandak will lead the Stakeholders Relationship Committee. These changes are aimed at ensuring regulatory compliance under SEBI (LODR) Regulations, 2015.

Audit Committee reconstituted with Mr. Susheel Dwarkadasj Bhandari as Chairman and 3 other members.
Stakeholders Relationship Committee now chaired by Mrs. Pooja Pawan Chandak, an Independent Director.
CSR Committee formed with Mr. Navaniit Narayandas Mandhaani as Chairman.
Changes are effective immediately from February 13, 2026, following board approval.

💡 This is a routine governance update regarding committee compositions and requires no immediate action from investors. It reflects the company's adherence to regulatory standards for board-level oversight.

GK Energy Appoints Solar Expert Subhash Vasant Ghaisas as Independent Director for 5 Years

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 13 Feb 2026, 10:15 PM

GK Energy Limited has appointed Mr. Subhash Vasant Ghaisas as an Additional Director in the Non-Executive Independent category for a five-year term effective February 13, 2026. Mr. Ghaisas is a highly distinguished physicist and renewable energy technologist with over 40 years of experience in solar energy and semiconductor physics. His background includes leading MNRE-supported initiatives and establishing Asia’s first UNDP-GEF funded Solar Concentrator Testing Facility. This appointment is expected to significantly strengthen the board's technical oversight and strategic innovation in the renewable energy sector.

Appointment of Mr. Subhash Vasant Ghaisas as Non-Executive Independent Director for a 5-year term until February 2031.
Mr. Ghaisas holds a Ph.D. in Experimental Physics and has authored over 100 international research papers.
Previously served as Director of the School of Energy Studies at Savitribai Phule Pune University.
Established Asia’s first UNDP-GEF funded Solar Concentrator Testing Facility and received the IBM Faculty Award.
The appointment is subject to shareholder approval and complies with SEBI debarment regulations.

💡 Investors should view this as a positive development for corporate governance and technical leadership. The addition of a nationally acclaimed renewable energy expert aligns well with the company's business focus and may improve long-term strategic execution.

GK Energy Q3 Consolidated PAT Surges 257% YoY to ₹1,332 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 09:54 PM

GK Energy Limited reported an exceptional performance for Q3 FY26, with consolidated revenue from operations reaching ₹10,948.27 million, a 241% increase compared to ₹3,203.78 million in Q3 FY25. Net profit for the quarter stood at ₹1,332.05 million, up significantly from ₹372.96 million in the same period last year. The growth was almost entirely driven by the EPC Business and Supply of Systems segment, which contributed ₹10,938.26 million to the topline. The company has successfully utilized ₹3,443.32 million of its IPO proceeds, primarily for long-term working capital requirements.

Consolidated Revenue from Operations jumped to ₹10,948.27 million in Q3 FY26 from ₹3,203.78 million YoY.
Net Profit (PAT) increased by 257% YoY to ₹1,332.05 million.
EPC Business segment remains the primary driver, accounting for 99.9% of total segment revenue.
Basic and Diluted EPS rose to ₹7.86 for the quarter, compared to ₹2.21 in the previous year's corresponding quarter.
IPO proceeds utilization is nearly complete, with only ₹246.11 million remaining unspent as of December 31, 2025.

💡 Investors should note the massive scale-up in the EPC segment and the resulting margin expansion; however, they should monitor the sustainability of such high-growth quarters in the solar energy sector.

GK Energy Reports 9M FY26 Consolidated Revenue of ₹12,385.17 Million and PAT of ₹1,422.22 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 09:35 PM

GK Energy Limited reported a consolidated revenue of ₹1,488.47 million for Q3 FY26, with a net profit of ₹340.28 million. For the nine-month period ended December 31, 2025, the company achieved a robust consolidated revenue of ₹12,385.17 million and a PAT of ₹1,422.22 million. The EPC business remains the primary growth driver, contributing ₹10,970.13 million to the 9M revenue. Additionally, the company has utilized approximately 93% of its IPO proceeds, primarily for long-term working capital requirements.

Consolidated revenue for 9M FY26 reached ₹12,385.17 million compared to ₹1,488.47 million in Q3.
Net profit for the 9M period stood at ₹1,422.22 million with a basic EPS of ₹7.86.
EPC segment contributed 88.5% of total 9M revenue, amounting to ₹10,970.13 million.
IPO proceeds of ₹3,443.32 million have been utilized out of the total ₹3,689.43 million raised.
Standalone Q3 PAT was ₹340.28 million on revenue of ₹1,488.47 million.

💡 Investors should monitor the execution of the EPC order book as it is the dominant revenue contributor. The efficient utilization of IPO funds for working capital suggests a focus on scaling operations, though the sequential moderation in Q3 revenue warrants a closer look at project timelines.

GK Energy Receives CARE BBB+; Stable / CARE A2 Rating for ₹300 Crore Bank Facilities

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 04 Feb 2026, 07:46 PM

GK Energy Limited has been assigned new credit ratings by CARE Ratings Limited for its bank facilities totaling ₹300 crore. The company's long-term and short-term facilities of ₹235 crore received a 'CARE BBB+; Stable / CARE A2' rating, while dedicated short-term facilities of ₹65 crore were assigned 'CARE A2'. This investment-grade rating indicates a moderate degree of safety regarding timely servicing of financial obligations. The 'Stable' outlook suggests that the rating agency expects the company to maintain its financial profile in the near term.

CARE Ratings assigned 'CARE BBB+; Stable' for long-term and 'CARE A2' for short-term bank facilities.
Total bank facilities rated amount to ₹300.00 crore across major lenders including Bank of Baroda, HDFC Bank, and ICICI Bank.
Long-term/Short-term fund-based and non-fund-based limits account for ₹235.00 crore of the total exposure.
Dedicated short-term non-fund-based limits (Bank Guarantees) total ₹65.00 crore.
The rating assignment provides the company with an investment-grade profile, potentially aiding future borrowing costs.

💡 Investors should take this as a positive indicator of the company's creditworthiness and financial stability. Monitor future earnings to see if the stable credit profile translates into lower interest expenses and improved margins.

View All GKENERGY Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The core EPC business (Solar Pumps and Rooftop) grew 51.75% YoY in H1 FY26 to INR 636.82 Cr from INR 419.66 Cr. Trading of Solar cells (DCR) and others grew significantly to INR 92.01 Cr in H1 FY26 from INR 45.55 Cr in FY25, driven by strategic supply chain initiatives.

Geographic Revenue Split

Operations are concentrated in high-potential agricultural states including Maharashtra, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh, which collectively account for over 85% of national PM-KUSUM allocations.

Profitability Margins

Operating Profit Margin (OPM) improved to 18.2% in FY25 from 13.1% in FY24. PAT margin rose to 12.1% in FY25 from 8.8% in FY24, aided by operating leverage and volume-based procurement efficiencies. H1 FY26 consolidated PAT margin stood at 11.56%.

EBITDA Margin

Consolidated EBITDA margin was 18.34% in H1 FY26 (INR 133.70 Cr). The core EPC segment achieved a higher EBITDA margin of 20.20% in H1 FY26, a 124 bps improvement over 18.96% in H1 FY25, due to expertise-driven volume growth and an asset-light model.

Capital Expenditure

The company plans to set up a largely debt-funded solar module assembly plant for captive consumption in a phased manner to support backward integration, though specific INR Cr values for the plant were not disclosed. Fixed assets increased from INR 13.97 Cr in FY25 to INR 89.36 Cr in H1 FY26.

Credit Rating & Borrowing

Infomerics and ICRA have assigned/upgraded ratings with a 'Stable' outlook. Borrowing costs are supported by a healthy interest coverage ratio of 8.96x in FY25. Total debt-to-equity improved to 0.53x in H1 FY26 following a INR 500 Cr IPO infusion.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Solar Cells (Domestic Content Requirement - DCR), which are procured via partnerships with manufacturers, and Solar Modules/Panels. These constitute the bulk of the EPC project costs.

Import Sources

Sourcing is primarily domestic to comply with DCR (Domestic Content Requirement) mandates under government schemes, focusing on Indian solar cell and module manufacturers.

Key Suppliers

The company partners with leading solar cell manufacturers to procure and supply cells to module manufacturers. Specific vendor names are not disclosed, but they operate under a 'cash-and-carry' procurement methodology.

Capacity Expansion

Installed 24,502 solar agri-pumps in H1 FY26, a 50.77% increase over 16,251 pumps in H1 FY25. Planned expansion includes a new solar module assembly plant to transition from a pure-play EPC to a partially integrated manufacturer.

Raw Material Costs

Raw material costs are managed through an asset-light model where price fluctuations are negotiated with vendors. Trading revenue from solar cells (INR 92.01 Cr) was a strategic move to secure the supply chain and understand panel manufacturing costs.

Manufacturing Efficiency

Efficiency is driven by 'expertise-involved' volume growth and a D2C (Direct-to-Consumer) approach for farmer-side allocations, allowing for better margin retention despite competitive bidding.

Logistics & Distribution

The company utilizes third-party installation partners for decentralized operations, which helps manage distribution costs across rural regions.

📈 Strategic Growth

Expected Growth Rate

418%

Growth Strategy

Growth is driven by a robust outstanding order book of INR 1,029 Cr as of August 2025. Strategy includes geographic diversification beyond Maharashtra, backward integration into module assembly, and leveraging the PM-KUSUM and PM Suryaghar Yojna schemes.

Products & Services

Solar-powered agricultural water pump systems (Agri-pumps) and Rooftop Solar solutions (1235.20 KW installed in H1 FY26).

Brand Portfolio

GK Energy.

New Products/Services

Expansion into Solar Rooftop systems under PM Suryaghar Yojna and planned captive solar module manufacturing.

Market Expansion

Targeting increased penetration in Haryana, Rajasthan, UP, and MP to reduce geographic concentration in Maharashtra.

Market Share & Ranking

Self-identified as India’s largest pure-play provider of EPC services for solar-powered agricultural water pump systems.

Strategic Alliances

Partnered with a leading solar cell manufacturer for strategic sourcing; works with state nodal agencies like MREDA, MEDA, and HREDA.

🌍 External Factors

Industry Trends

The industry is shifting toward massive scale-up via PM-KUSUM and PM Suryaghar Yojna (25-27 GW rooftop capacity expected). GK Energy is positioning itself by moving from a pure asset-light model to backward integration to capture more value.

Competitive Landscape

Faces intense competition from organized players (e.g., Shakti Pumps) and unorganized local players in the agri-pump segment.

Competitive Moat

Moat is built on a strong execution track record, empanelment with key state agencies, and a D2C-like expertise in handling large-scale rural installations. Sustainability depends on maintaining these government relationships.

Macro Economic Sensitivity

Highly sensitive to government fiscal policy and subsidy outlays for renewable energy in the agricultural sector.

Consumer Behavior

Increasing farmer acceptance of solar pumps over diesel/grid power due to government subsidies and reliable irrigation.

Geopolitical Risks

Potential trade barriers on solar components; mitigated by focusing on Domestic Content Requirement (DCR) compliant sourcing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by MNRE standards and state-specific nodal agency guidelines for PM-KUSUM and rooftop solar installations.

Environmental Compliance

Business is inherently ESG-aligned by replacing diesel pumps with solar; projects comply with Ministry of New and Renewable Energy (MNRE) quality standards.

Legal Contingencies

No adverse social incidents or disputes reported; company maintains compliance with statutory employee welfare requirements.

⚠️ Risk Analysis

Key Uncertainties

Policy risk (99% dependence on government schemes) and tender-based revenue volatility are the primary uncertainties.

Geographic Concentration Risk

Over 85% of revenue visibility is tied to five specific states (Maharashtra, Haryana, Rajasthan, UP, MP).

Third Party Dependencies

High dependency on third-party installation partners and solar component manufacturers for project execution.

Technology Obsolescence Risk

Risk of shifting solar cell technologies; company is mitigating this by deepening its understanding of panel manufacturing through strategic cell-trading partnerships.

Credit & Counterparty Risk

Receivable days stood at 120 in FY25 and increased to 198 in H1 FY26. While counterparty risk is low (government agencies), payment delays impact working capital.