Ladies and gentlemen, good day and welcome to the Amara Raja Energy & Mobility Limited Q2 H1 FY 2026 earnings conference call hosted by IIFL Capital Services Limited. 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 the conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Joseph George from IIFL Capital. Thank you, and over to you, sir. Thank you, Sarthak. Hello everyone. On behalf of IIFL Capital, I welcome you all to the Q2 H1 FY 2026 results conference call of Amara Raja Energy & Mobility Limited. From the company, we have Mr. Y. Delli Babu, Chief Financial Officer, and Ms. Swajitha Rapeti, Head Corporate Finance. Now I'll hand over the call to the management for opening remarks. Over to you. Hi, good evening everyone. Thanks for joining the call. I'll give a quick brief of the performance of Q2. During Q2, the total consolidated revenues stood at INR 3,467 crore, which is a growth of around 6.5% over the previous year, out of which Lead-acid business contributes around 95%, and the rest comes from new energy business. Lead-acid business registered a revenue of INR 3,297 crore during Q2, which is a growth of around 5% on a YoY basis. The revenue growth is supported mainly by robust OEM demand across four-wheeler and two-wheeler segments. OEM volumes have grown about 30% during the quarter on a year-on-year basis, whereas aftermarket volumes remained stable across product segments on account of procurement delays following the revision in GST rates. International volumes have remained flat with no growth compared to the previous year on account of tariff uncertainties. However, this is expected to recover in the subsequent quarters. With respect to the other applications, loops continue to gain momentum in the market, and we have achieved a revenue of INR 50 crore during the quarter. Lead-acid industrial volumes have decreased during the quarter by around 11% over the previous year, primarily on account of declining telecom volumes. While the lead-acid telecom volumes are declining, the lithium telecom volumes have registered substantial growth during the quarter on a YoY basis. With respect to UPS, the volumes have grown by around 5% during the quarter. With respect to the new energy business, the Q2 delivered healthy quarterly performance with a revenue of around INR 170 crore, which is a growth of more than 50% compared to the previous year. This growth is supported by increased demand for telecom packs and chargers. Telecom volumes grew substantially with 150 MW of supply, whereas three-wheeler volumes remained largely stable during the quarter. Further, we also commenced supplying three-wheeler packs with LFP cells during the current quarter. While we continue to supply off-board chargers, the AC and DC chargers order book had crossed 5,000 numbers. During Q2, we increased INR 350 crore into Amara Raja Advanced Cell Technologies, which is a lithium subsidiary, and with this, the overall investment is now at around INR 1,200 crore. Coming to the profitability, the standalone operating margins stood at around 12%. However, if we adjust the lithium telecom batteries, the margins would be around 12.4%. Though the margins have improved by 0.5% on a quarter-on-quarter basis, they are subdued on a year-on-year basis, primarily due to provisions with respect to higher warranty expense and EPR liability provisions. AR is running a waste battery collection program over a period of years, and today we are able to collect 75%-80% of the batteries sold. As per the BWMR regulations, from the current financial year, we have an obligation to collect 90% of the batteries sold three years ago. This percentage was 70% till last financial year, and we met our obligations. We are also buying our EPR credit wherever there is a shortfall, and we anticipate the demand for this EPR certificate may go up in the future. Hence, on a prudent basis, we have provided for EPR credit cost in our books based on revised estimates on the scrap collection program. Going forward, as we ramp up our collections, provided the scrap recycling price is competitive with the LME rates, these provisions may come down or even may not be required. Hence, in the current quarter, there is an overall impact of around INR 35 crore. With respect to the CapEx outlay during the H1 at a consolidated level, we spent around INR 350 crore between new energy business and lead-acid business. For the full year, we are expecting a total outlay of INR 1,400-INR 1,500 crore, with a major outlay towards new energy business during H2. That is a brief on the Q2 performance. We are happy to take any questions. 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 their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Raghunandhan NL from Nuvama Research. Please go ahead, sir. Thank you, sir, for the opportunity. Good to see the strong performance in the new energy business. Sir, firstly, on the volume growth for the lead-acid battery, can you share some numbers for four-wheeler, two-wheeler? How is the OEM replacement export? Also on the industrial side, how much is the growth? With respect to the OEM volumes, there has been a strong demand. It has grown by around 30% during the quarter, whereas aftermarket, both on the four-wheeler side, it is pretty stable. We did not find much of a growth over there on account of this GST rate revision. On the two-wheeler side, there is a slight stable growth of around 1%-2%. Coming to the industrial volumes, the telecom volumes have seen, because of the lithium migration, there has been a decline in telecom volumes by around 35%, whereas the UPS has grown by around 5%. Thanks for that. OEM volume, 30%, this is for four-wheeler or two-wheeler? Both have grown significantly at a similar rate. Got it. Thank you. Also, in terms of EPR credit cost, which you indicated at INR 35 crore, would this sustain at these levels for coming quarters? How do you see this panning out? No, no, Raghu. I think this is a one-time cost that we have factored, considering what would be the total liability delay. We expect, because as we have explained in the opening remarks, almost 75%-80% of the total target we are able to collect through our regular scrap collection program that we are running. Until last year, there was no problem, and this year the number has gone up to 90%, while we hope to achieve even the 90% collection as well. The prudence in the accounting demands that if the existing run rate were to prevail in the future, and also considering the fact that the EPR certificate cost also is expected to increase in the future depending on the demand from other competitors as well, which is where we have taken a one-time provision of about INR 35 crore in this quarter. Going forward, the impact on a monthly basis will not be more than INR 10,000,000, depending on the sales volume. This is not going to be a recurring expenditure. Once for all, we have estimated the provision, and then we have taken it. If the scrap prices were to be competitive enough so that we get in comparison with LME procurement, even this provision may not be required in the future. As a prudent measure, we have taken this in this quarter. Got it, sir. If I understand correctly, in standalone, quoted margin is 12%. Adjusting for EPR, it would have been 13%. Also, that lithium business cost, if I adjust for that, it will further increase by another 40 basis points, 13.4%. Would that be the right understanding? Just continuing. If I take out the lithium trading revenue out of the standalone goods, then naturally you will see that. Except for the EPR and the trading revenue, what you said is absolutely correct. Got it, sir. Sir, earlier you had explained that you have triggers like the tubular plant will go to full capacity in Q3, the power cost issues will get resolved, and also the recycling plant will be up and running in Q4. How do you see the benefits to the margin given these three initiatives going forward? As I mentioned earlier, Raghu, I think tubular manufacturing impact will only be felt in the next season. Obviously, now I am taking some depreciation expenses because commercial production we have just commenced, and obviously the volumes will be subdued in this quarter per se. In Q4, I'm sure there will be volumes that are coming up from this. Manufacturing revenue should definitely help us improve a bit of margin, while I have given earlier the indicative margins, but I wouldn't want to give absolute numbers in this call. The power issues also, to a major extent, it got resolved except for the electricity duty issue, which is currently subsidized. We hope some resolution will be found sometime towards either the beginning of next year. The scrap recycling battery breaking operations, right now we are expecting that we will come in sometime in the month of January. We may see some bit of, once the plant stabilizes and if we are able to improve the recovery beyond what we are getting today, it should definitely be margin accretive on the operating side. I would like to discuss the specific numbers once these actual operations kick in. Got it, sir. One more question before I fall back to the queue. Sir, CapEx in first half is around INR 400 crore in standalone. How much would be the full year CapEx? And lithium investment so far is INR 1,200 crore. How much more will be invested in FY 2026 and FY 2027? Ladies and gentlemen, please stay on hold. The management has disconnected. We will reconnect the management and continue the call where we left off. Please stay on hold. Ladies and gentlemen, the management is back in line with us. Thank you for your patience, and we can continue where we left off. Hi, should I repeat the question? Yes, yes, please. Yes. Sir, just quickly, on the CapEx side, INR 400 crore was the investment in H1 in standalone business. What would be the full year CapEx on lead-acid battery? And lithium investment so far is INR 1,200 crore. How much more will be invested in FY 2026 and FY 2027? Raghu, on the lead-acid side, this INR 400 crore includes even the tubular battery CapEx that we have invested. On a full year basis, lead-acid will net off the tubular investment, which should be around INR 500 crore-INR 600 crore because we are investing some money on a couple of line expansions and also some of the Factory of the Future digital initiatives. As far as new energy is concerned, we may have to spend another INR 600 crore-INR 700 crore during the year because all three projects, which are E-Positive Labs and CQP, as well as the first gigafactory factory, are now running in full speed. In fact, equipment installation is going on with respect to the E-Positive Labs and CQP. For next year, I think we'll again, since next year there will not be much of an additional CapEx from a lead-acid point of view, we may fall back to a level of about INR 350 crore-INR 400 crore of maintenance and other small debottlenecking CapEx in lead-acid. We may need to spend about another INR 1,000 crore-odd in the next year. These efforts will vary based on what is the pace at which these projects get implemented. Got it, sir. Thank you so much. I'll fall back to the queue. Thank you. Our next question comes from the line of Aditya Jawar from Investech. Please go ahead. Yeah, thanks for the opportunity. A few questions on the lithium-ion business. The recent announcement from China on restriction on equipment used for lithium-ion cells, are we seeing any impact or deferment because of that? See, there is a Chamber of Commerce guideline as to which machinery they should not export and which machinery they can. A couple of days back, there was an announcement again to postpone that deadline from, I think, if I remember correctly, the original deadline was 8th of November. There is also a talk about postponing that deadline as well. To the extent of the machinery that we have ordered so far, both for all the three projects, we do not see a challenge. If at all there are going to be any challenges, we are also exploring alternatives from other geographies as well. At this point of time, while there could be some minor delays because it is not a blanket ban on exporting those machineries, it is more of getting certain clearances from certain agencies in that country so that they can still export. That way, while there could be some delays, I do not see a major challenge in terms of not being able to procure a machinery for any of the orders that we have made so far. There can also be alternatives in other geographies. Sure, sure, sir. My second question is, in our presentation, we speak about that NMC capacity of 2 GW will come in first half of 2027, and then it talks about directly the second capacity expansion directly in 2030. In between, when can we expect LFP? And if you can just explain the timeline from now till 2030 in different phases of expansion. See, there are internal timelines that have been discussed, but I am unable to put a specific timeline now considering the various product demand discussions that are happening. While yes, we expect that there could be a year delay between NMC launch as well as LFP launch. I will come back to you with the specific dates in the coming quarters. At this point of time, I am unable to give you a very phased-wise LFP capacity addition. We just need some more time, and then there are certain demand discussions that need to rectify so that I can give you the proper timelines. I'll be needing some more time before I come home to you. Sure, sir. Now, sir, just one clarification. On the CapEx front, you mentioned that in FY 2026, our CapEx excluding tubular expansion would be INR 500 crore-INR 600 crore. And including tubular, what would be that number, sir? It is, I think I thought I said INR 600 crore including tubular. Fair enough. So final question. So far, about INR 1,200 crore we have invested in lithium, and you gave a number of INR 1,000 crore to be invested in next year. In FY 2026, what would be the incremental investment, I mean, for FY 2026 in lithium-ion, sir? In the subsidiary, we have invested so far INR 1,200 crore. They still carry a cash of around INR 250-odd crore with them. I may have to invest another INR 500 crore during the current fiscal for them to spend that INR 600 crore-INR 700 crore kind of a CapEx this year. Thereafter, in the next year, I need to do the balance. Okay, perfect. That's it from my side, sir. All the best. Thank you. Thank you very much. Ladies and gentlemen, a reminder to all the participants that if you wish to ask a question, you may press star and one, join the question queue. In order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participant. Should you have follow-up questions, please rejoin the question queue. The next question comes from the line of Kapil Singh from Nomura Holdings. Please go ahead. Good evening, sir. My first question is on the demand side. You mentioned that there is 30% growth in the OEM side. Can you just give some color here as to what could be the reasons for that? Because obviously the underlying market has not grown at that pace and how to think about it going forward. Also, what percentage of revenues for you come from telecom and UPS segments? See, between telecom and UPS, today we get about 20% of the total revenue. Of course, there are other segments like railways and power control. I'm talking about the overall lead-acid industrial volumes. As far as OEMs are concerned, we had some good traction in some of the OEMs. Also, there was a production ramp-up that was there during the month of September because for the festival season, etc. That is where we have seen a good offtake happening in the OEMs. While the specifics around each OEM is something that we are not discussing in these calls. No, I understand. I'm not looking for specifics on the OEMs, but just to understand, because the growth is much more than the underlying industry growth, is it something that you expect will continue going ahead, or should we expect a little bit higher growth than industry? How to think about this? No, no, no, Kapil. I think these are more of there was a certain ramp-up that was done by the OEMs considering their fiscal season and also the GST rate reductions. That was one of the reasons that has increased the number substantially. I don't see that this momentum will continue in the coming quarters as well. We'll again fall back to the normal growth rates of all the OEMs. Okay. Sir, we have seen lead prices going up. Is there any pricing action by the company as well? Or anything expected there? As of now, no, Kapil, but we'll. Because again, while we have seen 2,000 alumi, again, we expect that it will again come back. Rupee has been behaving a little volatile. As of now, we are yet to take any pricing action in that demand. Sure. Sir, on the lithium-ion business, just one question. How have been the imported costs for LFP, NMC? Is there any change from last time, or have they stabilized? For our cell facility, is there a risk for sourcing raw materials also in future? How do you think about that risk? Because raw material may be getting sourced from China in future, right? Yes, yes, yes. See, as of now, the cost-effective solution, supply chain for raw material is clearly from China. I do not think there are enough and many alternatives for it. Geopolitical issues with respect to ban on some of the material is something that we keep hearing. As such, on the raw material side, we should not have a significant challenge because there are the kind of excess capacities that got created. I think over a period of time, things should normalize. As far as cell prices are concerned, we have seen a marginal increase of maybe $1, $2 here and there. By and large, they remained more or less the same as what we have seen in the earlier quarters. Sure, sir. Thank you. I'll come back in the queue. Best wishes. Thank you. A reminder to the participants of the conference that if you wish to ask a question, you may press star and one on your touchstone phone. The next question comes from the line of Vaishnavi Gurung from Craving Alpha Wealth Fund. Please go ahead. Thank you for this opportunity, sir. My first question is on the UPS business side. On the data center side, how do we expect the UPS business to grow going ahead on an annualized basis? See, our industrial UPS applications, they vary not only from data centers, but also various other power control installations and other financial services companies for their ATMs, etc. That way, data center business today in India, if you see, there is a clear migration towards the lithium solution than of a lead-acid solution. While in some abroad markets, we still see that UPS batteries on lead-acid chemistry are still being used. That way, data centers will definitely be helpful in getting the volumes on the lithium side. Lead-acid requirements on the UPS side might be growing in a very slow pace. Sir, on the lithium side, if you can help us with the annualized growth numbers for UPS? Right now, we don't supply any UPS batteries on lithium chemistry. Currently, our supplies of lithium is more for telecom storage segment. The other segments like BESS and UPS, or even the home lithium solution, these are all under development now. Hopefully, at some point of time in future, we'll be able to present those products to the market. Sir, my second question is on the new age business. With respect to the telecom side, do we see any competition on that business? Yeah, telecom lithium business has more competition than the lead-acid telecom business because in lead-acid telecom, we are only three players. Whereas in the lithium pack side, there are more than six to seven players. I am sure not all of them are having plans for putting up their own cell capacity. That way, at the pack level, the competitive pressure is definitely higher than what it is on the lead-acid battery. Okay, sir. One One follow-up question. On the telecom side, do we expect to maintain our market share of 50% going ahead in the new age business in telecom side? Yes, on a combined basis, even today, we have a substantial market. I'm sure with the number of players that are there in the lithium side, it may marginally come down, but we will still be a very significant player in the telecom business because we are having a very good market share even on the lithium side. As we have mentioned earlier, the current quarter, it has crossed the supplies more than 150 MWh. I think we should, in the long term, maintain our same level of market shares what we used to maintain in the lead-acid. In the interim, going to higher competition, we may see some level of reduction in the market share, but I'm sure we'll pull it back. Sir, my last question is on the revenue side consolidated for FY 2026. If you can give any guidance on that. No, we have not been giving any specific guidance on the revenue. Basically, the growth rates across industries, what we have discussed in the earlier calls, we believe will be sustained in the next year as well. We expect the lead-acid battery revenue to grow anywhere between 8%-10% in the next year as well. I do not have a specific guidance number for you. Okay, sir. Thank you. I'll join the queue. Thank you. Our next question comes from the line of Saurabh Kachhawa from IndusInd General Insurance. Please go ahead. Thank you for taking my question, sir. I wanted to understand your aspiration or guidance for the EBITDA margins for each of the business verticals. At the entity level, is what we definitely aspire on a run rate basis from here to move to a 13% EBITDA margin. Considering the higher lead base that we are currently operating close to INR 210,000, we will have to first reach the first milestone of 13%. Thereafter, in the long term, I think we should again move back to our original EBITDA margin of 14% over a period of time. That may take some more time before the internal efficiency projects which are currently running and also the other initiatives on recycling and tubular manufacturing come into full force. It will take some more time, but idea is again we move back to our original margin of 14% even at an elevated lead level of INR 210,000. Saurabh sir, are you trying to say something? No, I'm done. Thank you. Thank you so much. Our next question comes from the line of Mihir Vora from Equirus. Please go ahead. Yeah, thank you for taking my question. Sir, basically in the opening remarks, it was mentioned that you had took some warranty provisions. One is, can you quantify the same? And what are these warranty provisions regarding and why would they be elevated in the quarter currently? Yeah, see, we have increased the overall warranty offering on the products some time ago. We are seeing that there is a bit of an increase in the overall actual replacements that we are currently making. When we see that there is an upward movement in the actual replacements, we tend to generally provide for it on an estimation basis for future also because these estimates have to be altered as per the accounting norms on a quarterly basis. That is where some level of expenditure was taken. While I do not have immediately the exact number, that was also one of the reasons why there is a quarter-on-quarter increase in the overall expenditure. Just a follow-up on that. For next few quarters, we may see this provision to be a higher number as such, or how are we looking at how many quarters we may see the pain? We may have this challenge for at least the next couple of quarters at this point of time. I think because we have also completed beating up of the product as well to meet this kind of a higher timeline as well. That way, I think we may have a challenge for the next couple of quarters. Thereafter, it should again come back to the norms. All right. Okay, okay. The second, sir, like we mentioned in the presentation that we are going ahead with an NMC capacity. Now, many OEMs, both in the two-wheelers and PVs, like PVs is already an LFP, but two-wheelers are talking about getting into an LFP pack also. How easy is it to convert a facility from NMC to LFP, or how are we looking at things going ahead? Just some light on what we are seeing on the customer tractions right there. Though there is a constant effort, as we have mentioned in the opening remarks, that even three-wheeler applications, there are OEMs who are asking to move to the LFP chemistry. We still believe there will be some portion of both two-wheelers and three-wheelers which would still require an NMC chemistry. That is the reason from the beginning we have been saying our NMC capacity will not cross beyond 2 GWh. Even in case if there is a challenge, because this being a cylindrical form factor with some bit of an incremental CapEx, while I'll not be able to quantify that CapEx number, we can still move to an LFP cylindrical form factor. That way, it is not going to be taxing on the CapEx. We still believe that the overall demand potential for NMC will remain good enough for us to sell this capacity of 2 GWh. Okay, that's all from my side. Thank you. Thank you very much. A reminder to all the participants of the conference that if you wish to ask a question, you may press star and one on your touchstone phone to join the question queue. The next question comes from the line of Rishi Vora from Kotak Securities. Please go ahead. Yeah, hi sir. Thank you for the opportunity. Firstly, just on the quarter, on a sequential basis, we have seen a sharp increase in gross margins. What has led to such an expansion? You have highlighted that OEMs have done well, so assuming that that would be margin dilutive at gross level. What has happened over there? Can you also comment on the anti-money prices, where it is, and how do you expect it to trend in the coming quarters? Yeah, anti-money prices, we have seen at least about 10% reduction from where they were earlier. That definitely has helped us. In this quarter, we also had some level of cheaper lead inventory with us. That also kind of helped us. In the aftermarket, the product mix was a little favorable to us. That's where there is that gross margin improvement that you would have seen. Compared to the previous quarter, you would have observed a 2%-2.2% improvement in the material cost side of it. That is also to do with the amount of trading batteries reduction compared to the previous periods because we have extinguished the tubular inventory of trading batteries. That is also a reason why there is an improvement in the gross margin. Next quarter, we should see some inflation on account of higher lead procurement cost. Yes, yes. That's what earlier also somebody asked in the call if we have taken a pricing correction. Right now, we are seeing a bit of an elevation in the lead, but we will see those cost trends for some more time and then see if there is any reason to intervene in the market with the price. Understood. Sir, just a clarification on EPR. This INR 30 crore impact which you talked about, is this pertaining to a previous quarter? Can you just give us how does it work, like the EPR implication, as in do we need to, how much we are procuring it from outside and how much we are internally doing it? Any color on that? As I mentioned, out of 90% of collections that we need to do, we actually do about 75%-80%. The overall shortfall could be anywhere around 10%, which I think we should be able to, we are anyway able to ramp up the collection. Considering wherever the shortfall, we need to buy the EPR. The provisioning demands that if we continue with our earlier trend, then we need to see what is the shortfall and then create a provision for that shortfall. Again, from a cost of EPR point of view, also in future, it may increase. We have to estimate what could be the possible cost of EPRs for the future, and then accordingly, whatever the expected shortfall in the collection, that we need to provide for. If we are able to improve the collection in the coming quarters, again, this provision can be written back to the books. By collection, you mean sourcing it internally, is it? Correct. Sourcing the scrap from the channel directly and getting it reprocessed. If we can improve, because generally, we need to collect close to, because last three years, whatever batteries that we have sold, that is the one that I need to collect during the current year. Understood. Just lastly, I do not know whether it was shared or not, but any timeline on when we will be commencing our gigafactory, at least the commercial production, any indicative timeline which you have shared? Yes, we have shared saying that we will be doing it sometime in H1 of calendar year 2027. That still remains unchanged? Yeah. Okay. Thank you, sir. All the best. Thank you. Our next question comes from the line of Joseph George from IIFL Capital. Please go ahead. Thank you. I have a couple of questions. One is you mentioned that the aftermarket segment was disrupted because of the whole GST transition. What I want to understand was, before the GST cut announcement, were the sales trending at the same level in terms of growth as you were seeing in the preceding quarters, mid to high single-digit kind of a growth? Only after the GST cut announcement, the sales was disrupted? No, it is more to do with the stocking patterns of the retailers because nobody wants to have, particularly those retailers who are on composition scheme or out of the GST net. They would like to keep the minimum stock because the MRP will be with the 28% GST. That is the reason there is a tendency at the retailer level to minimize their stock so that they will not be burdened. If I leave that aberration that has happened towards the second part of September, otherwise, we have seen in the aftermarket side, there is a reasonable growth, like you said, from the mid single digits to high single digits. Understood, sir. The second question that I had was in relation to the tubular plant. You mentioned that commercial production has started. Just want to understand, in this quarter, were there any revenues from the tubular plant? I mean, irrespective of whether the answer is yes or no, should we expect a full ramp-up starting with the third quarter? Yeah, as I mentioned, the overall tubular revenues from next quarter onwards will be only from our manufacturing. Yeah, I think, yeah. The capacity from this quarter will be ramped up. The earlier quarter, there was some manufacturing revenue, but the full capacity revenue will come up from the third quarter. Understood. Thank you. That's all I had. Thank you. Our next follow-up question comes from the line of Vaishnavi Gurung from Craving Alpha Wealth Fund. Please go ahead. Thank you for taking my question again. My question is on the demand side. How are we seeing the demand from our OEMs post the GST, and how sustainable do you think this is? See, during the period of the rate cut announcement, there was definitely a higher demand that has come up. Again, I think right now, it has come back to the original levels what we have seen in the Q1 of this financial year. I do not have immediately a number to tell you what is the growth rate, but we believe it has come down to the earlier quarter-one levels, but not that growth momentum what we have seen in Q2 may not sustain in Q3. We will still see some growth numbers in Q3, but it may not be to the order of what we have done in Q2. Okay. Sir, one last question from my side is on the new energy business, which was currently contributing approximately 4%. Given our current expansion and capacity expansion that we are taking on the new energy business, how do we see the contribution going ahead? See, the revenue from new energy has to be seen in two separate baskets. One is the packs and chargers revenue. The other is the cell revenue. Cell revenue obviously will take some time before we start the commitment of the commercial production. We expect that we should actually move to a 5% kind of overall revenue share for the new energy by end of this financial year. Maybe next year, if our plans were to go as what we are thinking right now, they should at least move to a 7%-8% kind of a number. Sorry, sir, I missed your—can you repeat 7%-8% for which year? For the next year, for FY 2027. Okay, sir. Okay. Thank you. Thank you. Our next question comes from the line of Meet, who is an individual investor. Please go ahead. Hello. Good afternoon, first of all, and thank you for giving me the opportunity. Am I audible and loud and clear? Yes, absolutely. Go ahead with your question. Yes, yes. Sir, I want to know that since 2015, we were not able to create the substantial wealth for the investor. So because of the low sales growth percentage, either you can say the top line and the bottom line. I want to know that are you willing to just focus on single-digit sales growth only throughout the years, or what is the management vision to improve this at least for 15% or 20%, let's say higher double-digit growth so that your investor can be beneficial? This is one thing. As we came to know that now the government focus is also mainly on the electrical two-wheelers, four-wheelers, and all the electrical-related equipment, either it is a battery storage system or transformation of electricity from one place to another. Everywhere the battery segment is going to be utilized. Why do not we mainly focus on to expand? It is better not to focus to extend our facility, but it will be good if we market ourselves in such a way that our revenue can be increased. How are we planning to improvise this thing? Yeah. On the second part of the question is basically getting into the new energy business and also doing the two-wheeler and three-wheeler pack revenue already. If you remember, last year, we clocked a revenue of INR 500 crore on the new energy business. Even in this quarter, the new energy revenues have grown substantially over the previous year. We are already having the lithium battery packs sales both for three-wheeler and two-wheeler applications, along with storage applications like telecom. Now, as far as emerging segments that you have alluded to in terms of energy storage systems, battery energy storage systems, we are currently working on those products. We will be coming to the market with those solutions both at the grid level as well as at the C&I level and also at the home level. There is an effort going on even to develop a home lithium solution as well. Considering the lead-acid industry, the way it is growing, and in the last 10 years, our revenues have grown on a CAGR of close to 12-13%. Off late, considering the large base and also India being a two or three-player market, there is a growth that we are actually doing beyond the industry growth rate as well. Our market shares across all products have been continuously improving, and we will continue to deploy more amount of resources to enhance our international business. If you look at current quarter, our international revenues are almost 14% of our total revenues. There is a very clear effort to do the lead-acid battery business with a higher efficiency and also achieve growth rates in lead-acid business by focusing on markets where we can deepen our presence or broaden our presence. At the same time, we are investing a decent amount of money behind the new energy business where we are trying to increase our pack revenue, at the same time invest into cell capability because we are not simply trying to remain as a pack maker. We want to develop the capabilities to develop any cells that are required by the Indian market, which is why we are investing behind the capability development. In the long term, the company is fairly looking at a good growth both in the lead-acid as well as the lithium batteries. Meet, sir. I hope that answers your question. Ladies and gentlemen, we will be taking that as our last question for the day. I now hand the conference over to the management for the closing comments. Thanks for your time, everyone, and see you next time. On behalf of IIFL Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.