Signpost India (NSE:SIGNPOST) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Q2 and H1 FY 'twenty seven Earnings Conference Call of Signpost India Limited. This conference call may contain forward looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then 0 on your touch tone phone.

0:48 Please note that this conference is being recorded. From the management, today, we have on call with us Mr., managing director Mr., executive director Mr., chief business officer Mr. Nareel Kumar Somani, Chief Financial Officer Ms. Kinjal Mistri, Company Secretary and Compliance Officer and colleagues from SGA, the Investor Relations Adviser. I now hand the conference over to Mr. Shripal Ashtekhar, Managing Director of Signpost India Limited. Thank you, and over to you, sir. Okay. Thank you so much, Shuda.

1:33 Good afternoon, everyone. Thank you, each one of you, for joining us for the Signpost India earnings call for the second quarter and first half of twenty twenty seven. I would begin with a brief review of first half of the fiscal year before turning to what I believe in this more significant story, the business we have built over the past years and what sets it apart in Indian out of home media space. Our first half performance was more or less influenced by two external factors, the timing of the festive calendar this year and major approach to spend among multinational or global clients.

2:28 As the Navaratri begin on eleven of October this year, vis a vis twenty second September last year, that moved a significant share of budget or wallet to the Q3 of this year. At the same time, the multinational and the large corporate advertisers were careful because of the global scenarios and the cost of fuel, which has challenging most of the consumers to sustain with their second quarter budgets. That was felt most with the agency led businesses, which are more aligned businesses or intermediaries, which connects with us as a business partner.

3:16 Despite these headwinds, revenue from the half year has grew by 6%. The number INR 286.8 crore is what we achieved. PAT rose by 11% to INR 34.5 crore. The operating cash, which was a struggle, now has tripled to 61.4 crore of greater significance, however, in this direction, which the business is moving, Our core strength of digital media now accounts for a onethree of our revenue compared with a quarter or a year ago.

4:06 The direct advertiser relationship by Sayad Arafat and his team for about last three quarters has grown. Together, this shift make our revenue more measurable, more sustainable, more durable and less reliant on the intermediaries businesses. As you all know, our listing journey started in 2024. We were present in around four to eight cities. Today, our footprint has grown beyond 30 cities. Over the same period, the share of digital in our revenue has grown from 19% to 26% in 2026, and now it is accounting in this year around 34%.

5:03 We have secured the long term concessions across multiple transit plus multiple media covered under out of home advertising, which are mostly the street furniture projects or the projects which are consumer convenience around. The Creasel has upgraded our long term rating and first time Signpost India has qualified for family, which is A minus stable, is still for recognition of our improving cash generation and balance sheet discipline. Scale, however, is only part of the story.

5:52 Expanding inventory is not in itself a differentiator. What sets Signpost India apart is that we are building a company at the intersection of three disciplines, which is media, greatly supported with the accuracy of technology and bridging the culture of every region. The third part, which is about the culture is a new thing which we added and we analyzed in last quarter. When we talk about media, technology and culture, our three strategic pillars for Signpost India, media remains our foundation for communication, for interaction.

6:47 And as we operate around 10,000 plus display points across the mentioned cities, held under long term tenure and the spaces as advertising rights where urban India works, shops, travel and spends its leisure time. So normally, we caption it under WEST, which is Work Entertainment, Shopping and Transit. Technology is what makes the media measurable, in turn, more valuable. And our proprietary planning proof of display platform, which is growing with the AI learning, gives the internal teams plus the external stakeholders as a verified record of what ran, how it has performed, why which every answer is taken as a learning and model has been improved by even by the advertisers.

7:51 Recently, we launched a project in Bangalore with existing contract at Majestic Metro Station. Here, we introduced what we believe in India's I would say, India's first experience of experiential advertising, which is beyond out of home advertising, which I'll explain you further. The culture is the newest dimension of our business and the one that I would like to dwell. As people do not walk to our media or on the panels to look for advertising, they come there for a purpose for their day journey. When they encounter something genuinely striking in the public space, which enhances the value of public space itself, However, they carry experience with them because as we experienced in Majestic Metro Station, the high grade with the normal advertising, with the experiential advertising has humongous traction in all the mediums, which are we call as UGC.

9:08 So they carry the experience, they photograph it, they film it, they upload on their social handle, personal handle, the news media or the newsprint media or the magazines, everyone covering that space because people are encouraging that this is what we were looking for. The search has grown, which is out of home advertising, basically a model, but has multiply effect or a domino effect with multiple mediums. Our objective is to make public spaces more open, more breathable, more clutter free, which creates a memory for the consumer or for the commuter.

9:57 This gives a brand a meaningful role in the life of a city rather than merely a presence on its walls or on the panels. We applied this approach in two projects very recently in Calcutta Park Street project and Bangalore Metro Station project, which I have described it in short. In both the responses, we felt very encouraging and a collaborative approach by even by the civic authorities and even by the brands because they saw a significant change of way of communication without imposing anything on any commuter or consumer. This has significantly exceeded our expectations on the model what we always talked about, which is asset light model, which I'll explain you further.

10:52 When we connect the culture in action, the case study for Calcutta and Bangalore, which will be coming up by December as with the numbers and with the learnings and with the brand testimonials plus whatever we have learned out of it. But overall, with the team, internal team assessment, the first project I would like to talk about, which is Afeka Ashoma, which is a Durga Puja Corridor, which is the first time in the history of Park Street, Calcutta. We got lucky that our contract started this year, and this year, the first Durga Puja happened in that geography of the Canada. Under the our exclusive concession rights around Park Street or Tamak Street or Chorangi or the area which we covered connecting the flyovers of Maa Flyover.

11:48 We synchronized multiple formats, including technology driven static and the like overall, we treated it as a funnel or a tunnel to decorate it, to add value as a carnival and the communication around the carnival, not about the product much, which has integrated approach for every stakeholder and enabled the brand to own the visitors' entire journey throughout the festival. It was a clutter free environment and advertisers including like Lloyd's, then two wheeler brands or a lifestyle retail brand.

12:33 Over the festival period, the corridor generated surprisingly between a fifth or nearly a third of our Calcutta branch revenue, which is typically annual revenue. Within that ten day space, the second project is at Majestic Converse in Bangalore, which is at Nagar Prabhu, Kempegowda Majestic Metro Station, which is a hub point for the Bangalore city. It culminates the all the intercity buses plus station plus metro. So this majestic canvas, if you Google or if you check with somebody in Bangalore, it has got a humongous footfall every hour in every day of the week.

13:22 It is not morning, evening or the pattern which we see in Bombay or in some part of the country. Here, we own the funnel of around 16,000 square foot platform area, where we decorated, symbolized every part of that tunnel. We used Japanese technology, which is beyond eight ks, which is a 20 ks projection mapping. It is a permanent projection mapping first time ever any media owner or a stakeholder in the asset business has ever experienced. Here, we seeded a story of our history of Bangalore through a project called Stone to Life.

14:16 Without a civil modification or any structural modification on the platform area, we hosted a curated event, which has been participated by heart lovers, historians, the civic body heads and the installation quickly become part of Bangalore's public conversation. Bangalore Metro Rail Corporation Limited has since agreed to permit such projects, which are advertising driven but connecting with the community led public spaces where we add art, culture and the celebration moment what a city is lacking for.

15:04 Within a month of launch, Sayed would be the right guy to tell you, but around 20 plus brands has invested on that asset, which includes Flipkart, IKEA, Apollo Hospital, TVS, GE, then couple of lifestyle brands and real estate. Now this experience is not we are talking about creating an event. As we are saying, a story the city already owns because people are visiting that location, not for our event, we are becoming their part of life during the journey.

15:50 The public places has always held our stories. A station concourse or a street corner or a pandal or a food park street, people gathered, waited, prayed and celebrated these places long before any brand has arrived or we have arrived. We do not build events on top of them. We give and stitch the ideation and story as a voice. That is why Stole to Life woke Karnataka's mythical life inside the walls of Majestic Metro. That is why spoke to Calcutta in the language of longing every Bengali home known. Neither was staged for any audience. The audience was already there.

16:35 We gave them something worth carrying home. This is a connected which brings the media to life. Every single day, when technology meets public space, the wall becomes storyteller, the street becomes a stage. This is what Signpost India's vision statement is about science for tomorrow. A community led gathering with purpose, a story they recognize as their own and a brand woman into it, not stuck onto it. The moment does not stay where it happened. A mother's call from Park Street, New Jersey because when you see something great in your workplace or a place where we are celebrating, it is a very natural moment for sharing the moment on the Instagram or on the WhatsApp with the community, with the friends, with the family.

17:29 So we have seen the a clear cut direction where people have taken the moment on their smart device and connected Park Street to New Jersey or even in Santiniketan or even in Guwahati or even in Delhi, which has been carried by the people who felt it is something to share with. As I mentioned, it was covered by news channels, social media, influencers, print has given dedicated space for attempting this first time in Calcutta. So no media plan bought here by the CMO or by a brand. It is only an out of home space, which has triggered all this trend setting journey.

18:16 The community chose to make it. This is why every CMO is changing the communication that further travels without a feeding, without a spend, without a performance marketing and the plan across the geographies with the trust of the community behind it. When one medium becomes a connected multimedia user generated platform, the brand stop renting attention and start earning belonging. Now these two experiences are the same. Our format would repeat, but the story never does. What I mean to say key formats, what we are talking about, will be repeated on multiple touch points, But everywhere, the stone to life or Durga Puja will not be repeated. There will be something new, which is relevant to the commuter, relevant to the season, relevant to the celebration.

19:22 So here, we are very confident about the knowledge around the culture with along with the our partnership with the institutions like JJ School of Art or the Art School of Calcutta or Bangalore, where we culminate and add value proposition for the understanding of the culture and build the calendar for the people. Second part is the experience, which requires technology and media, where this evolving technology outgrows the canvas. The creators, the cultural voices, the technology are the right partners with us.

20:13 That's why we could complete these projects within a time line and experience a great learning plus the revenue model. Here, we say the city were gathered, our story will travel there and brands will stay with us to connect with this city gathering. We are equally clear about the boundaries of our role. Our focus is on enhancing the city and connecting communities with what they celebrate. We do not operate within the religious or sporting or spiritual or any venues. Our responsibility ends at the gate of the celebration.

21:04 By March, we expect to have similar two, three additions, which are culture led projects in Mumbai or in Bangalore or in Calcutta within our existing signed contracts, which we are quantifying that this opportunity today, what we have learned out of the two plus this couple of more, which will be the coming in this quarter and next quarter, when we can announce our third quarter results, we intend to share the contribution the vertical has made so far and what is the capability to grow at a faster pace. Because here, I wanted to make you understand, we are not adding any burden of payout on us. We are utilizing the same space by adding more smarter projects, which is outgrowing the opportunity to reach multiple brands, multiple city gatherings.

22:04 With this, I think I should hand over this baton to Syed Hassiwarafat, our Chief Business Officer, to take you through the operational and recent performances of the company. Thank you. Over to you, Sayed. Thank you, Shrippu, sir, and good evening, everyone. I'll begin with three areas of our business. The evolution of our client portfolio, progress in activating our newly won assets, and our plans to enhance yield from the assets we already have. I will then take you through our financial performance. So like I said, let's begin with the client portfolio. It has been a more focused, more higher value based approach.

22:51 In our previous calls, we outlined our intent to deepen direct relationship with advertisers and move away move away from low yield fragmented bookings. The first half of this year demonstrates this execution at par. Within our direct channel of phone media, which excludes agency aligned accounts and trade big media, revenue grew 76% year on year in the first half. Over the same period, we deliberately reduced the number of active billers active direct billers by 35%. That is from three forty seven to 226, while the average revenue per biller rose approximately by a 170%. This demonstrates quality over quantity.

23:39 This performance was underpinned by developments across two client segments, the regional and MSME clients. The number of billers in this category declined from two sixty nine to 155, yet the revenue from this segment more than doubled, raising 118% and revenue per biller in this category nearly quadrupled in the same period. This reflects a deliberate decision to discontinue on hot single site rentals, not a loss of customers. Regional advertisers now purchase coordinated packages across our bus shelter networks, metro pandems, and bus fleets, covering an entire route or cluster rather than a single inventory or a single localized purchase, which has a lesser ticket value.

24:32 In the second category, we have corporate enterprise clients who align with our nationally mandate... Nationally aligned media plans. This base remained broadly stable at 71 active clients against 78 a year ago. While revenue grew 40% and revenue per client rose 54% in the corporate enterprise client category. This was led by multi quarter commitments from anchor client list such as Amul, Bhima Jewelers, Avada Solar, Sridam Properties, who provide greater revenue visibility and more consistent occupancy across seasons, giving us a clear hold on our revenue visibility.

25:17 The benefits are three folds. A smaller number of larger accounts lowers our servicing workload and invoicing costs, Our billing mix weighted towards established corporate carries a lower credit risk because of the hygiene of the payment cycles. And as our network expands, long standing relationships with brands such as Amul and Hyundai give a scope to increase our share of their spend across multiple cities and across multi formats that we are actually right now owning and go... Going ahead, we will be expanding. The next the next point I would like to high... Highlight is the asset activation.

26:02 Monetization monetizing the revenue on what we already own. Several of our recent contracts, one, are already generating revenue while implementation continues. For example, our Bangalore metro network. Approximately 50% of the assets have been activated. Installation on operational transit infrastructure is limited. Installation speed on the operation of transit infrastructure is limited to a window of about four hours every night, which is basically due to the high traffic of the metro trains, and we get to work only at post operational hours, which is about 12AM to 4AM, which which decides the pace of the rollout. Given that we have only covered 50% of the installation capacity, we are confident of reaching 75 to 100% of the activation by end of March.

26:56 Similarly, Kolkata, 40% to 45% of the streetscape media is live and already generating revenue. With early earnings boosted by strong Durvapuja bookings like Shipuchat just pointed out in October, We expect to complete the project by March. This has a clear bearing on our revenue trajectory. A substantial portion of the revenue we have already secured is yet to be fully monetized. As activation increases, revenue from these assets should rise accordingly without the need of new concessions. The next act... The next act... Aspect is enhancing in from existing sites. The third lever is the upgraded sites already in our portfolio. Our project team has prioritized these upgrades into three groups, and we plan to complete the first highest priority group by...

27:46 Before March. The upgrades include digital and technology led formats that allow both existing and new advertisers to do more at the same site. By way of example, we have held a site at a major corporation... At the major junction in Bangalore called the Corporation Junction for about ten years. As a conventional format, it currently generates about 33 lakhs a month. Following the upgrade, we expect its revenue potential to increase substantially. Now this multiplied and applied across the portfolio, this is how we intend to raise yield per square feet without adding capital intensive new assets. Now let me take you through our consolidated financial performance for the second quarter and the first half of FY twenty twenty seven.

28:38 Before I discuss the results, I would like to draw your attention to one change in accounting policy. With effect from 04/01/2026, we have changed our method of depreciation on property, plant and equipment from the return down value method to the straight line method was a balanced useful life prescribed under Companies Act 2030. As a result, depreciation for the current year is not directly comparable with the corresponding periods of FY 2026, and I will highlight its effect relevant. Turning first to the second quarter. Revenue from operations stood at INR134.5 crore compared with INR134 crore in the corresponding quarter of last year.

29:27 Within this, digital revenue grew by 38% and revenue from direct clients grew by 44%. Gross profit was INR51.6 crore at a margin of 38.3 against 41.4 a year earlier. Cost of services, which largely comprises fixed fees on long tenure media rights, rose 6% to INR 83 crore with the addition of new transit assets. As these costs do not vary within quarterly billings, the margins narrowed as revenue shifted into the third quarter. Coming to the employee costs, which rose to INR 13.9 crore from INR 11.2 crore, reflecting annual increments and strategic hiring ahead of our next phase of growth.

30:21 Other expenses declined seven percent to INR 9.2 crore. EBITDA at the same time stood at INR 28.4 crore with a margin at 21.1%. Depreciation was rupees 6.1 crore against rupees 9.8 crore, primarily reflecting the change in method. Finance cost was rupees 4 crore against 3.2 crore and profit before tax stood at rupees 19.7 crore. With the taxes expense of rupees 3.9 crore against 6.9 crore, profit after tax was 15.8 crore at a margin of 11.7, in line with the previous year. Earnings per share stood at rupees 2.96.

31:11 Now turning to the first half of FY twenty seven, revenue from operations grew 6% to INR 286.8 crore. Gross profit rose 2% to INR 110.4 crore at a margin of 38.5%. Operating EBITDA was INR 62.8 crore at a margin of 21.9% against 24.4% in the first half of last year. Depreciation for the first half was INR 11.6 crore against INR 19.1 crore, again reflecting the change in method. Profit before tax rose 6% to INR 45.3 crore, while profit after tax rose 11% to INR 34.5 crore, representing a margin of 12%.

32:03 Earnings per share increased from INR 6.45 from INR 5.79. Now turning to our cash flow and balance sheet. Cash generated from operations tripled to INR 61.4 crore in the first half from 20.1 crore a year earlier. This improvement was driven by the working capital. In the first half of last year, working capital absorbed about 40 rupees 47 crore, whereas this year, it was neutral. Trade receivables declined by rupees 44.2 crore to rupees $2.73 crore. Trade receivables declined by rupees 44.2 crore to rupees $2.73.1 crore, and part of these collections was used to reduce supplier payables.

32:56 The steps we outlined in our last call to streamline multi city billing and approvals are beginning to deliver those results as seen here. Capital investment during the first half amounted to rupees 48 crore directed mainly at new transit media assets and funded through internal occurrence. Fund based debt stood at rupees $1.95 crore, broadly unchanged from rupees $1.96.1 crore in March, and our debt to equity ratio improved to 0.16 x from 0.68 x. Cash and bank balances increased to rupees 35.3 crore from rupees 24.24 crore, and network network stood at rupees $3.21 crore as on 09/30/2026.

33:51 In April, Crescent Ratings upgraded our long term rating to a minus stable alongside a short term rating of a two plus. With that, I would like to hand back to Shifu sir for closing remarks on the business outlook. Thank you so much, Ajith. As we move into the second half, we are very much encouraged by the momentum the recent festival time has started building across the businesses. The second half is supported by several clear drivers. The full festive season falls in third quarter. Our projects in multiple cities continue to ramp up by progressing towards completion by March, what Sajid has mentioned.

34:45 First group of sites, which requires upgrade, will be completed by March, which will add value on the current revenue model. Then the marquee projects will be commencing in February, supporting the fourth quarter extending into the first quarter of twenty twenty eight. In addition, we expect two, three new culture led projects to underway in multiple cities, as I mentioned earlier. Overall, we understand the business. Overall, we know what we are operating. Every team member is confident of delivering what we committed earlier, which is double digit revenue growth in '27 with a stronger second half in both revenue as well as the profitability.

35:44 To conclude, let me return to the larger picture, which I outlined at the start. Over the past three years, Signpost has expanded from few cities to multiple cities, the stronger and more mature and quality based clients, longer relationship, direct relationship, less dependencies on intermediaries and we are now adding the third dimension, which is I mentioned and we are very enthusiastic about the cultural model, which for the public spaces, which will transform our asset light model on the experiential side that every citizen, every stakeholder values for and looking for.

36:29 We believe this combination of media, technology and culture is distinctive in Indian market and we look forward to demonstrate what it can deliver in quarter side. As we approach the biggest festival of India for the consumers, which is Diwali and for all of us, including our families, I would like to extend my warmest wishes to each of you and your families for a joyous, prosperous festive season. Let the Diwali be more green and more wholesome for everyone to enjoy. Thank you so much.

37:16 Thank you. Now we can open the floor for Q and A. Sure, sir. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assemble. The first question is from the line of Daki Nasir from Nasir Investment.

38:12 Sir, good afternoon, and congratulation on a very strong set of numbers considering the festival has shifted for a few day... Few weeks. Sir, my question would be three, sir. Number one is we've got now 10,000 plus display points. I think the growth in profitability from here would would be how you how you monetize each other or milk each asset to the maximum. What are your thoughts? And what how would Signpost go about doing this, sir? Thank you, Nathiji, and welcome to Q and A. So when we talk about the operational assets, what we have live with the company over the period of time, the profitability expansion is more of a growing the relationship with the longer tenure clients Part A, which Sajid was mentioning about like Amol or multiple Hyundai, which are driving the assets on a long term basis.

39:25 So engaging more such brands, which is on the plate of business team. Now the second part, which I explained, which is a project team, which grows the capability of the same asset by adding either a technology or by a smart investment in terms of a static display because only digital cannot work. It has to have a multiple part around to grow the asset without increasing any cost on it. That is a part B. So one is the business, second is the project. And third one is what we are talking about, which is creating a premier iconic experiences, which will outgrow the performance of both.

40:17 This is the way we look at the profitability to grow apart from the conventional growth of 4%, 56%, which happens in the leasing or overall rental model. Next would be, sir, we had last quarter you had mentioned that in the next three quarters you will get the receivable cycle under control. Is this progressing as per your satisfaction, sir? Not as per my satisfaction because still we are at around $7.74 over 72 from 300. But efforts are in the right direction. We are not leaving any stone by using a tool of a legal barrier or a legal procedure.

41:10 It is more of a matured conversation, the shortfall of documents or proof of displays or disputes to get resolved, which is a documentation issue. And we are look forward about what we have committed to achieve by March. Sir, and my third question would be your thoughts on the geographical spread of our company, sir, and especially with a bit of insight into your partnership with BPHP because these are very interesting partnerships. So our geographical spread or thoughts on geographical spread with a special emphasis on these relationships, sir. So as I explained to you about the city celebration or the touch points.

42:04 So when we talk about a geography, it is we cannot compare it like a west, south, northeast. For example, if we do something around Kamakia for the festival, where we have already have a contract with IOCL or BPCL or in Houri, what we have. So I am saying we are looking at the proposition, which are more PIN code level or a DG PIN code level, where we vertically build the business on the current assets and grow business there because quantity will not help us to build the business of more profitability and sustainability. Definitely, growing and controlling more of a regulated market in multiple urban cities will help us to grow, which we are putting our effort.

42:52 So we see the geography around Signpost businesses. Ideally, we should look at the trigger points where we see the gatherings happening and why and how we can connect with them. For example, we have a Kaban Park station, which is right connected to IPL masses, which has a low footfall during the year, but that ninety days is a humongous traffic around that station, which is only connection point for the station. And how we capitalize that for that ninety days, which pays you for annual revenue, which was not coming, that becomes the model, which I'm trying to explain you. We are going deeper, not by the region, not by the city, but we are driving towards the PIN code level model, which triggers the gathering around the location, which triggers the value for the brand, which triggers the value for the stakeholders who are supporting us as an authority.

43:50 So that is what we are looking for. Thank you, sir. And wishing you all a very happy Diwali at Signpost and looking forward to a blasting second half, sir. Thank you. Thank you. Thank you, Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to two per participant. Thank you. The next question is from the line of Krish Jain from NAFA Asset Managers. Please proceed. Yeah. Hi. Good afternoon. So my first question will be around the FY twenty seven revenue and EBITDA guidance. So earlier, you had guided for 20% revenue guidance in the earlier call, but right now, it says double digit. Am I reading it right that the guidance has come down a little?

44:52 And even on the EBITDA margin guidance side, the earlier mentioned number was 25% to 27%, and H1, the number is 22. I understand because you have fixed term contracts and revenue has moved to the move to Q3 because of the festive season. Is that guide still intact? That is my first question. Yes. Go ahead with your second also. Second is regarding the square feet you have across transit area and digital and tactic media. And what was the utilization of it in H1? Okay.

45:40 I missed your name. Can I? Krish Jain, right? Yes, right. Krish. Yes. Yes. Hi, Krish. So I am requesting everyone to measure us on a yearly basis, a long term basis, not about the quarter by quarter because some quarters are low or soft because of multiple reasons, which are beyond our control. But overall, the guidance, what we have given initially or today, we maintain the same tone, the same language, and we are expecting to achieve what we have committed.

46:33 As far as the second question, it is not right platform to discuss about the occupancy of the asset, which is our internal numbers, which doesn't give any exact meaningful insight for the investor. It is about the capability building. It is about quantifying the asset as an iconic asset or a noniconic asset. Suppose if I have an asset in Mumbai Airport, whether it's Chelidhi Airport, and if I say I have 100% occupancy in Chelidhi and 50% in Mumbai, How you're going to quantify it? We have to quantify with each PIN code level asset, what the capability is, how much number it is driving.

47:23 So this question of yours are if I answer it, I'll be giving you which is not right on the platform to share. I hope you understand my limitation. It is nothing to hide, but to understand the model of business. It is not a hospitality business,, and I calculate everything as a measurement tool. Okay. Got it, sir. I understand your perspective as well. I have a few other questions. I'll just get back in queue. Thank you. The next question is from the line of Madhur Rathi from countercyclical investments.

48:16 Sir, have two questions. Firstly, on the receivable part. Sir, we are so the target one hundred twenty day receivable day. So when can we expect to achieve the same? And sir, with two of the strategies that we are following, one is a direct billing. How does a receivable cycle work lower in terms of direct billing that has grown 76 y o y in h one as you mentioned? And with the fewer customer but higher value customers, how does that shift? If you can help us understand on that. And, sir, second question was on the Nagpur Airport order that we have received. So so where... What is the status of that, and when can we expect to operationalize the scene? And sir, I also understand that think Madhur Ji, I think you're in a one question, you're asking seven questions. I'll not be able to answer it. Let's take it to two.

49:10 Yes, sir. So firstly, on the receivable days, if you can help us understand when can we expect to achieve the one hundred twenty day? And with the two strategies that we are following, how should our receivable day move going forward? Yes, that is one question. Second? The second one was on the Nagpur Airport. What is the status of that project? And sir, what I read is that Nagpur Airport is itself expanding from what it was earlier. So how does the scope of work improve for Signpost India, if you can help us understand? So that was the two questions from me. Thank you so much. Thank you. Thank you, Madhuji. So the first question about the cycle of collections, which I mentioned, I'm not very comfortable the numbers what we have achieved from two zero one million to 174,000,000 But coming back to the commitment, what we are internally committed with each one of us to achieve the one hundred twenty day cycle by March 2027, which will be around that, we will be able to achieve either the numbers, what actually around 120 or even better than that.

50:23 Because overall, the relationship, what we are driving are fetching the better numbers. Some of the old legacy has driven this number what we are seeing. So we will be able to around catch the number what we discussed earlier and commit today also about the same. Secondly, about the Doctor. Baba Sahib Ambedkar International Airport at Nagpur has been privatized and now will be expanding in the next, I think, five or six years. But you need to understand the quality of traffic, the connectivity will start growing once the Phase one or Phase the first Phase one is completed.

51:09 So if suppose we are operating at around 50 flights per day, unless and until we grew it by substantial number, there won't be any expectation by the brand to expand its investment in Nagpur. Plus, we are not into a business of F and B or a parking fee suppose flight revenue It is about the quality of traffic. Why, when, how people travel to that touch point. So if we are talking about F and B or a parking, then we can say additional traffic will or parking. We are not into a consumption model. We are more into a point of interest model where people spend time, the touch point, the conveyor belt, the security hold areas, which are the kingmakers of the airport.

52:00 So overall, a growth of Nagpur in coming time, I don't expect anything to happen till we complete our Phase I with the private partnership, which is aligned with us because we are running that airport from more than two decades. And we started our existence in this industry from that city. So we love that city. We care that city for a number of reasons. But as far as the revenue is concerned, I don't see any major shift in next one year. Got it. Sir, thank you so much. Thank you. A request to all participants, please restrict your questions to one question per participant.

52:52 For more questions, please rejoin the queue. The next question is from the line of from Glass World Capital. Please proceed. Thanks for the opportunity. Sir, thanks very much for the very elaborate address. Clears up a lot of things. My main question is we've had really iconic projects in terms of Bangalore, Kolkata, streetscaping over the last wins over the last one year and looks like we are set up for a fantastic FY 2028 in terms of revenue growth and margins as well given all of these will get monetized next year. My major question is, are we seeing the pipeline of such large iconic projects over the last six to nine months, so that we win them and obviously there's going to be a lot of investment for FY 'twenty eight and beyond. We are not just looking at one year. So just wanted to understand your pipeline, not in terms of names or whatever it is, because confidential, but how confident are you of large iconic project wins as we go ahead in the next Yeah. Anymore or this is the question I should answer.

54:18 As far Hello? So we have left the queue. Okay. So as far as the new pipeline or the projects which we are evaluating, pitching and are in a mature discussion, which are more into the cities which we are present currently and growing there vertically will be the better positioning. Plus, there are a couple of opportunities which we are evaluating, which could drive or build the bigger businesses what we have gone or recently on. So overall, we are qualifying the project, which connects to our model, which is about the longevity plus the quality of commuters, plus the open policy of the authority because we don't want to get into any landlord tenant situation.

55:21 We grow with our experience and we contribute to the society and the government. That is what we are looking at. And currently, we are in a stronger negotiation discussion about almost two projects, which will get mature by the March. Thank you. Thank you. The next question is from the line of Kumar Saurabh from Scientific Investing. Please proceed. Hello, sir. Sir, my question is around the lumpiness of the business. So point, I understand that we have to look at the business on yearly basis.

56:09 But if I look like last year from March to June to September, revenue increased. And this year, it's decreasing. So there is some bit of lumpiness. If you can explain the reason for this lumpiness, why it happens? And at an annual level, what gives us confidence of diluting the growth we are in Visaging? Yes. So I don't see the word you are using is the right word because overall, if you see the number of growth what has come in last two years or three years, then how we see a quarter by quarter. There are multiple third party or beyond our control, reasonable contributors, which is about war situation, which is about the market, which is about consumers or the festival.

57:08 So overall, this world for our balance sheet doesn't stand. We are delivering what we have committed over year on year. There might be a measurement analysis as a statistician for a quarter to analyze. But the pattern, what you see across the years are, I think, speaks about themselves. Bharat, we can have the next question. Sure, sir.

57:56 The next question is from the line of Hitesh from Kosha Capital. Please proceed. Hi. Thank you for the opportunity. So for me, my first question is on this BMR project, the metro... Bangalore metro project. Could you just share if the entire licensing fee associated with this project, is it part of Q1, Q2 P and L? Or is the fee linked to the number of stations that gets activated? How is it if you can share that? That's the first question. No, no. So Sayed has mentioned, the operational hours, what we have to operate our assets and complete the asset implementation.

58:45 The fees, which is connected to the contract is fully covered in quarter one, quarter two, in spite the number of assets what has been activated because we got the time of gestation period, which you can go through an open document, which was there with us. But yes, I think I have... Okay. Sure. So there's a sizable cost which is sitting on the books, which is where the station activation is yet to happen. It will happen over the next two quarters, it should most of the I don't think so. I don't think so because we focusing on more of a quality or a quantity. So if I say I have 100 square feet, I have completed 40 or 50 square feet. But if that 50 covers my premium, I connect 20%, 30%, which is within 100%.

59:33 So the balance 50% is the filler one or the one which will not drive the bigger, bigger amount of business, but it will definitely add value in terms of some of the capabilities of the the connected touch points. Sure. Got it. No. No. Completely understand. And, sir, my second question is with regard to the Sorry. Discussion can't talk with Mr. Hitesh, but can you please rejoin the queue? Thank you. The next question is from the line of Vishal Prasad from Raj Mahal Capital. Please go ahead. Yes. Thank you. So, Shepard, you guys have asking the question because I have a lot and probably I'll not be able to ask. I... As a shareholder, I wanted to give a feedback. This is our second call, and you kept your promise to conduct these quarterly calls, and thank you for that.

1:00:22 However, since you are not a IT or FMCG business with many listed peers, you are a unique company and hence difficult to understand. But when I that That is your and my problem. Just resolve Exactly. Selectively. So but when I look at the previous call as well as the current call, last call management spent twenty five minutes providing the details, and this call, it was forty minutes. And the total call duration last time was one hour. So we as an investor as well as an analyst, we got thirty, forty minutes to ask questions. There's a lot lot of people who are at home and one... After we ask one question. So my request to the management would be there are different tech of managements in in India. Some who end the call in fifteen minutes, some will end in nineteen minutes, and some will allow people to ask questions till they are done. So it will take three, four calls for us to for us to get...

1:01:16 Ask whatever they want to ask to get the clarification. If you could consider having a longest call so that we understand the business. Numbers is okay. You... Numbers you provide in the PPT, numbers you provide in the... All the disclosures. But the quality of business, where we are moving, how how the contracts work, how the contract work, I don't understand it. So that's a feedback from my side. You can consider it or you can reject it. Mhmm. Yeah. And if you We can do offline with the management team or whoever is available as the mutual convenience to connect on the more elaborated call through SGA request, and I think which will help you to understand more better.

1:02:02 But overall, as a company of communication, you have might have learned the business of television or radio or Google or a meta. Here, we are talking about asset, which is a physical asset, which has got his importance and qualification because of the longer tenure commitment by the city authority. Then how Signpost has been always the flag holder while attempting for newer technologies, including the digital in India or glass mail connectivity in India or recent work projection mapping we've added or the experiential work we added. So you need to compare it with the relevance of the competition, not with the because from the day one, I'm trying to convey, we are not a billboard company.

1:02:57 We are a media tech company, which attempt to connect with the spaces where city gathers, where city travels. And over and above understanding about a contract, it is an open document for anyone to dwell with. To read, understand the obligation, what we have, what the authority has. I don't see anything which is not to understand because suppose if you are talking about a leasing business, yes, we are in leasing business. If you are in infrastructure, yes, we create infrastructure for the city. When I'm explaining very cleanly by giving the result of each of the activity company has done in last three years.

1:03:48 I don't know why there is still a confusion, what we do is not getting resolved. If you have any apprehension about the business model, that is your problem to resolve. If I'm saying my numbers are delivering every year, we are growing in the most competitive space because the domestic players are more heavier here. The family driven businesses are heavier in last twenty, thirty, forty years. We are the one apart from us, there are a couple of companies who are not listed, but driving the professional contribution to the industry. We are talking about the smart connectivity of the devices without a phone. Then why we are not getting understood by the people like you who are analysts, who drive businesses of multiple format.

1:04:33 If I meet our advocate, suppose, or a doctor, normally, he understands my problem very easily and gives me a solution. As an analyst, I don't understand what the relevant question you could ask me, what is going to trigger your balance sheet? What is stopping you? It is a time which requires to mature. It is not the ticket I am selling. It is a brand who is investing in me. Shepaji, the problem is not from your side. We need to ask questions and multiple questions, and probably by the end of it, we will understand it. It's not that you are not communicating. You are communicating in a perfect manner. There's a lot of details that we have provided. So I'm not saying that the the problem is in terms of communication or there is some complexity in the business. I need to ask Sorry to interrupt you, mister Prasad, but can you please rejoin the queue?

1:05:25 So I think learning calls have started now. We'll we'll mature the discussion over the time, and people will, on a larger platform, will understand faster. Sir, he has left the queue. Now I'm taking the next question from the line of Krish Jain from NAFA Asset Managers. Please go ahead. Actually, all my questions are answered. So so actually, I'll get out of queue. Yeah. Thank you. Yeah. Thank you, Krish. Thank you. Okay. Thank you. Thank you, everyone. Wish you wish you Thank you very much. Very happy Diwali. Thank you so much. Thank you very much. On behalf of Signpost India Limited, that concludes this conference.

1:06:13 Thank you for joining us, and you may now disconnect your lines. Thank you, everyone.