Ladies and gentlemen, good day and welcome to the Bata India Limited Q4 FY 2026 earnings call hosted by 361 Capital. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ankit Dhaliwal from 361 Capital. Thank you, and over to you. Thank you. Good afternoon, everyone. On behalf of 361 Capital, I would like to welcome you all for 4Q FY 2026 earnings call of Bata India. From the management side, we have Mr. Gunjan Shah, MD and CEO, Mr. Amit Aggarwal, Director of Finance, CFO, and Mr. Nitin Bagaria, AVP Company Secretary. Without taking much time, I would like to hand over the call to Mr. Nitin Bagaria for his opening remarks. Post which we will open the floor for the Q&A session. Over to you, sir. Thank you. Good evening, everyone, and welcome to the Q4 FY 2026 earnings conference of Bata India Limited. We have shared the presentation as a preview to the stock exchanges on Monday. I hope you had time to go through the same. We have also shared the disclaimer, which is part of the presentation. I now request Gunjan to take you through the performance summary. Thanks a lot. Thank you. Thanks, Nitin. Welcome to everyone on this call. I will jump in. I will try and cover instead of going through the presentation, as Nitin mentioned, we have now started making sure that we've got enough time to upload the pre-read. I will go through the slide number three and restrict my summary comments to that. Obviously the rest of the charts are there, and we are more than happy to cover that and anything else from the QA perspective. With that, coming in, I think pleased to have second consecutive quarter of accelerating growth, and it was volume backed. It was also coming with significant growth in cash flow from operations. We saw growth across channels. It was broad-based and across our categories also. Coming to slide number three, retail, we saw volume led DOS growth. We also saw expansion of ZBM. I've been talking of this agenda now for the last one year. That has now shown scale up. We are now in the position to say that we are already at 550 stores as on last quarter, and our plan is to take it to almost 75%-80% of the network by this quarter end. It did show delta growth, and that's the measure that we have in mid-single digits, better than the rest of the network. We also saw significant double-digit growth coming from strategic vectors of penetration and expansion, which is franchise and SIS, both organic as well as inorganic combination, and coming at a significantly higher overall profitability. From a multi-brand distribution, we did scale it up further to almost about 1,670 towns with the channel now showing some signs of growth, and therefore, I think this pressure that was there on less than 1,000 seems to have become a little better, from a momentum perspective, especially in the last quarter. The e-commerce business continues to be our fastest growing channel. It continues to grow across its business lines of B2B, B2C, as well as bata.com. Now we also have the largest omni-channel network in play. Four months since December, we now have almost 700 + stores that are fulfilling online orders, therefore leveraging the same inventory on a better turn, on a better sales turnover. What that does do is obviously put a lot of pressure in terms of making sure that we are able to replenish the stores much faster. That comes to the next chart highlights on inventory and customers availability project. The inventory continues to reduce. It is now 28% down over two years consecutively year-on-year and 13% down over last year. This is despite that the availability has gone up by almost 1,000 basis points. It also has come at a significant impact in terms of 30% reduction in terms of complexity. Fresher stock, much more better availability across sizes at a much better turn is obviously the whole outcome of this project, and I think it is on track for the outcomes that we wanted on that. On the product and merchandising side, it was backed by obviously key campaigns. The premium portfolio of HBN [inaudible] Power continues to outpace the overall growth. We also saw now benefits of this whole inventory piece that has been in the progress for last six quarters. Full price sales are driving growth for us and with obviously commensurately lower markdowns. Last but not the least is obviously brand and marketing. Our marketing investments, I had talked about it last quarter. We continue to invest in marketing investments. Brand consideration has shown a good trajectory. It moved on to 66, which is the highest. We also saw exhilarating response to the Ballerina campaign that we launched which cornered a large part of this marketing campaign investments of ours. I will also want to share that as we speak, we have crossed the 2,000 store EBO network as a brand, as a company, and that comprises the details that I've mentioned in the chart. I will just now hand over for a few minutes to Amit to take us through the financials. Yeah, Amit. Good evening. Like Gunjan mentioned, we had the second consecutive quarter of about. I'm sorry, you're sounding muffled. Can you just repeat the last part? Good evening, everyone. Is it better now? Yes. Okay. Good evening, everyone. We had the second consecutive quarter of 5% + growth. From a reported PBT perspective, where the reported number shows a decline of about 94%, by a couple of exception items, which we had clarified and informed. First one being this was towards the closure of one of our manufacturing facilities. Historically, if you look at, we have been trying to improve the structural cost by closure of plant operations. If you look at from the quarter perspective also, our employee cost is lower by about 10%. This benefit is flowing to the employee cost line item on a structural basis. The second large exceptional item for the quarter was the FX impact on one of our licensing agreement, in line with the Indian tax. The closing liability has to be translated at the closing exchange rate that led to a impact of about INR 220 million, as mentioned in our notes. Third item, which is not mentioned, is a lower gains on account of lease closures. Last year, similar quarter, we had a gain of about INR 84 million. This forms part of other income, while in the current quarter, that gain on account of store closure is only INR 36 million. That is a non-cash delta of about INR 48 million. Also, in the previous year, similar quarter, we had a one-off exceptional reversal amounting to about INR 60 million. If I were to account for these four exceptional items which I just mentioned, the like-to-like PBT growth stands at about 11%, which is also reflected in the metrics of cash flow from operations, which we had mentioned, that is about 18%. Thank you. Yeah. Thank you, Amit. Thank you, Amit. Gunjan, we now open the floor for Q&A. The moderator will help us, please. Thank you. 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 touch-tone 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 questions reassemble. We'll take our first question from the line of Sameer Gupta from India Infoline. Please go ahead. Thanks. Good evening, sir, and thanks for taking my question. First question is, sir, on inventory. It has reduced steadily, and so firstly, is it now at a level which is desirable or it's a continuous process and you will keep cutting down? Second question on this is that, as you're reducing inventory, it also means fresher merchandise, lower discounting. Somehow this is not reflecting in our gross margin. Are we using a strategy wherein after a point, if it doesn't sell, we will just discount it and liquidate it? This is something that will likely to continue or how is it playing out? Okay. Thanks, Sameer. Inventory, I think while I would say 70% or 75% of the job is done. We are wanting to get to turns which are in the range of about three. Last I remember, I think our turns are, I think, very well comparable to our peers, but about at 2.7 or so. Right. There is some amount of improvement still left in our view. However, it does not come at the cost of basically better availability, as I mentioned in my opening remarks. Right. I've been showing that consistently. It's a very critical part of that project, that availability actually should improve further. We are doing a lot of things, upstreaming inventory, making sure that we replenish to stores much faster, et cetera. Right. Besides complexity reduction. The second part of your question, full price sales. Full price sales have shown accretive growth, right? If the growth is overall x, then the full price sale growth is actually almost 2x or maybe a little higher. It will reflect in basically, while as Amit mentioned, there were some one-offs that were basically impacting. Our sense is that underlying full price sale mix, our markdown control, et cetera, will reflect in gross margins. We are reasonably hopeful of the trajectory on gross margins going forward, which will be visible to you. I hope that answers it. It does, sir. Historically, this is not playing out, but logically it should. Yeah. If you could just allude to the reasons why that is not happening. Yeah. I'll just hand over to Amit to mention that in the Q&A. Hi, Sameer. From a gross margin perspective, there are two impacts what we spoke about. One is the change in the channel mix opening, because each channel will have a different gross margin play. As you would have witnessed, we are expanding more on the franchise channel. It comes at a lower gross margin percentage while it is accretive to the overall bottom line. Right? There will be a gross margin dilution from an optical perspective, while in reality, the dilution doesn't happen. Right? The second is the one-off item which I talked about INR 60 million. There was certain provisions which were created in past in line with the accounting standards, and which were no longer required. Those were reversed in the quarter four 2025, in line with the company practice. Therefore, the base quarter four 2025 margins are slightly higher compared to what it should have been. These are the two reasons why you do not see the impact of higher price sales in the gross margin. On the PBT, as I explained, if I exclude the four exceptional items, which is VRS, FX impact on lease liability, lower gains on lease closure, all three being non-cash items. We have a like-to-like PBT growth of about 11% and a cash generation from operation at about 18%. Got it, sir. These provisions reversal has happened in the COGS line item and not other expenses. Yeah. This was pertaining to certain suppliers. There is a periodic process of doing a vendor reconciliation and all. Bata being a listed entity, we will always follow prudence and conservative approach. Once the reconciliation exercise is done, then of course, if any provision is carried for disputed claims and all, the same gets reversed once that reconciliation process is completed. Sure, sir. This is very clear. Thanks. Second question is on the current situation, sir, on the raw material basket, and also there have been some minimum wage hikes announced by certain states, and these are of very large magnitudes. If you could just tell us about the impact in the foreseeable future that can be expected from these two things. Okay. We are waiting and watching. I think the bigger one that we are obviously wanting to, and I've commented on this in the past, is basically to do with the raw materials, and that can have a material impact. We have taken consideration of the current status of inputs. As of now, we don't see a direct impact, but we have obviously taken in the judicious price elasticity that we need to apply going forward. It also depends on how long this disruption will last. My sense is, as of now, it would be neutral, but we will obviously be dynamic on this front as things pan out from a crude oil price and therefore the raw material prices for us. Any number that you can share, sir? What is the kind of raw material inflation based on the current spot? I understand you have covers and you have inventory. Yeah the kind of inflation you are facing on the current spot? Okay. This is a very dynamic situation, Sameer, right now, but the last quoted number that I had in the review was in the range of about 5%-6%. That will have to be covered for. 5%-6% inflation, that's it. EVA, polyurethane, all these are direct to-. Blended together. Yeah. Blended together because obviously there is other materials, et cetera, that are there also. Sure. Leather, et cetera, have not gone through as much. Minimum wage hike, sir, because Haryana, UP, Karnataka, all have seen very high magnitude of minimum wage hikes. These might not reverse even as the RM pressure or the war pressure goes away. Your thoughts on this, sir. Yeah. No, very true. Those are more structural and I guess will be perennial. In many places, we were already paying more than minimum wage, so that anyways gets covered and therefore insulated from it. There will be some impact. My sense is the bigger one that we have been focused on is on the raw material piece. We will have to see the impact of this cumulatively because we are spread across 30 states. This is just three or four states as of now. Sure, sir. There are a few more questions, but I'll let others speak and come back. Yeah. Thanks. Sure. Thanks, Sameer. Thank you. Next question is from the line of Kanishk Gupta from SS Family Office. Please go ahead. Hello, sir. A very good afternoon to you. Sir, my question would be, with competition increasing from both domestic and global footwear brands, what do you see as the company's key structural advantage in sustaining market share and margins over the next three to five years? Hi, Kanishk. Good to hear you. The point is that there are three or four pivots that we are basically focused on. I have spoken about this. They are reasonably there in this piece that I consistently also update our progress on. Single largest piece that is there is basically on the product piece. There is huge amount of investment that are going in. I think only 10% of that is what has come out into what is consumer facing, I would say. Over the next 12 months, there will be a massive amount of upliftment of product from a central product design perspective that we have invested in capabilities, et cetera. Pivoted around three large pieces, technology, comfort, as well as style. We want to be the everyday footwear essential for everyone in India or in the family. That's where the largest pivot is. The second piece that's going to be there is to do with expansion. Our penetration, both offline and online, I think still has a huge amount of scope. The brand is extremely high on awareness, and it continues to climb. Both not only on unaided awareness, but also in terms of consideration, as I mentioned in the presentation. How do we make sure that our availability reaches up to that awareness, right? Therefore, expansion through the franchise route, which has now crossed 700 stores. Our desire is in the next 12 months or so, we should be wanting to cross almost or get very close to 1,000 stores. The SIS expansion that will be happening. Last but not the least is obviously the whole digital commerce expansion, including leveraging this whole full network to service customers much faster. I think that's the second big pivot. The third one that's going to be there is in terms of marketing investments and making sure that the brand continues to strive to become more relevant for basically the consumers of the future. That I think is the other one that's got a lot of legs to go, and which are, I think in my view, the simple three things. There are many other hygiene factors at play, simplifying the back end, making sure that we've got a few large suppliers and consolidated, removing legacy factories, et cetera. From a consumer facing, these are three ones that I would bet on. Sir, as you just said, the Bata's brand recall is really, really strong. Over the last four years, revenue growth has remained largely stagnant despite multiple strategic initiatives. Looking back, where do you believe assumptions about the business, the customer or the market were incorrect, and what has changed in your understanding today that gives you confidence that you can again re-accelerate growth over the next three to five years? Yeah. These are the levers that are giving us the momentum that we have seen in the recent past. The piece that is helping this whole thing along is the piece on inventory simplification. That is something that took some while, got deteriorated, and it's taking some while to now get back. As you can see, the progress is very tangible now. That clubbed with these levers should help us manifest this and translate that into growth, which we as of now are experiencing also. We are desiring that to obviously accelerate even further going forward. Sir, many younger consumers are increasingly preferring global and digitally driven brands that are perceived as more aspirational and trend focused. How do you plan to strengthen your relevance among the younger consumers? What metrics would indicate that these efforts are translating into improved customer acquisition and market share? Right. That, Kanishk, is the one that I mentioned when I said the marketing piece. While there are some legs to go, the single largest piece that is going to happen in that front, and which I will share with you at the right moment, is our proposition from a sneakers perspective. That work is in progress right now. How do we bring that alive to consumers, how do we want to present it to consumers, as well as the kind of product portfolio. Because there is a big overlap between the younger consumers and the sneaker world. How do we make sure that that comes alive is, I think going to be one big answer to the question that you're raising, but it's a live one. Sir, what you are telling that is currently in works right now. Yeah, absolutely. In addition to obviously the levers that I already mentioned. Our marketing investments right now are anyways elevated. Specifically to your question of younger consumers, that is a big overlap with the sneaker world. Getting a specific answer to that is going to be a large part of that answer for you and for the consumers also. Sir, people still consider Bata as a legacy brand, and the younger consumer mentally thinking from their perspective prefer new and cool looking brands, apart from Bata being a legacy brand that people from ages prefer. How do you plan to shift the mindset that the younger audience is preferring? That's the answer, Kanishk, that we'll come out with. That's what I was trying to tell you. Okay, sir. No problem. Lastly, sir, last question would be, beyond revenue growth, what are the key internal metrics that you track to evaluate whether customer relevance and brand strength are improving? How do you plan to increase the same store sales growth, and which gives you the greatest confidence that it is still improving a lot and there is no more room for improvement left? Okay. That's a very long question, Kanishk. Effectively, there are three, four things, and that is the ones that I have shared in the pre-read of mine. I think this whole piece on Google and NPS ratings is one big measure of consumer piece. Brand consideration is one more measure. The third one is expanding this whole zero-based merchandising, which helps us get us much better same store growth in the stores that we have expanded to. I think are all leading up to the same piece of making sure that we are able to deliver and measure much better consumer satisfaction. Besides that, online, basically repeat consumer sales that you get from your bata.com. That's expanding really fast. Almost doubled last quarter. Okay, sir. That's it from my side, sir. All the best for the future. Thank you, Kanishk. Thank you. Next question is from the line of Malishka Milani from Sunrise Gilts & Securities. Please go ahead. Hi, good evening. Thank you for your thoughts, [inaudible]. My question is, the vendor revamp and the store revamps that Bata is doing, it's really helping the top line. How long could it take for these revamps to show effect on the bottom line too? As you heard Amit comment on a previous question as well as in opening remarks, we see underlying leverage coming through, and it's not just the store revamp, Malishka, but also the inventory pipeline decluttering, and a combination of these initiatives. We see underlying benefits coming through, and obviously you will see that also in the ensuing periods, as we push for much better top line, but with efficiency and therefore leverage. All right. Understood. My next question is that the 28% reduction in inventory is a great thing for the company, the trade receivables have surged nearly 65% year-on-year. Now is this due to rapid expansion of the MBO channels, which now reaches like 1,600 towns? When do you expect these receivables to normalize in the upcoming quarters? Just a second. Okay. Trade receivables have gone up by. I don't think there is something unnatural that's happened. I think it's to do with basically expansion of accounts, Malishka. When you measure it as a number of days, et cetera, perspective, I don't see that to be a big deterioration. I'll like Amit to comment a little bit here. Yeah. It is because of the different contribution of the different channels, right? The credit is there in case of, let's say, the wholesale business, what we have some part on the franchise business and largely on the e-com business, which is the entire B2B piece. In terms of days and outstanding beyond what is the permissible credit terms, there is no risk from that perspective. In the financials also, if you look at from a provision for doubtful debtor, where we have a very strict policy, there is hardly any movement. While in absolute, yes, you are right, it has grown up by 65%, rest assured, in terms of the quality of those numbers, it is largely driven by the businesses because those channels have grown faster. It's more a base effect. All right. My last question is that the bata.com grew 81% year-on-year. This channel, it continues to contribute 14% of your D2C business, right? How much growth can we expect in this financial year from the D2C business? Okay. Just to give you a little context, right? Overall, e-commerce is contributing to low teens to our business, right? About 12%, 13%. Within that, basically, the B2C business is about half of it, let's say, ballpark about 5%-6%. Within that 5%-6%, I think about 14% is the contribution of bata.com. I hope I'm accurate. Yeah, roughly. Yeah. That's where basically the context lies. However, it's an important channel for us, not only from a revenue perspective, Malishka, which is going well, and it's now accretive. We have been investing in this channel for almost last four, five years. Now it's obviously delivering on those investments, but also from our ability to test concepts, new products, promotions, et cetera, with consumers. Because this is our access direct to consumers online, and we can instantly try out things overnight, literally. Obviously, it doesn't stop us from doing it offline where anyways we've got a large consumer base. It's important, but coming back to your question, my sense is its underlying growth. It's everyday growth. It should continue, right, going forward also. In fact, we are expanding because servicing this, the phenomenon in e-commerce also, Malishka, is that consumers want gratification fast. That's why quick commerce, et cetera, is taking off. Now, our ability to leverage the 2,000 store network is a very large, unique differentiator, right? Which I answered to another analyst before this. Therefore, this is also propelling that growth, right? We are having almost 1,000 stores now online servicing these demand. Therefore, they are closer to consumers and therefore ability to service faster and therefore get orders also much faster. We hope this will continue going forward. All right. There's no doubt about the online growth, but I want some clarity with respect to how much growth can we expect this year? Like a number, like an estimate or something that can help. I don't give you forward-looking, Malishka, number, but my sense is that it is underlying growth that we have seen overall e-commerce as well as for bata.com within that. I don't see a big aberration in that. All right. Last question. The current marketing spend of 1.5x, is it primarily focused on these digital channels or it's both? It's not digital channels, it's digital marketing, right? Some of it goes into obviously performance marketing, which is channel-oriented, but it is overall digital marketing. We do some localized, how do you say, offline marketing also. The broad ratio would be digital is almost lion's share, almost 80%-85% of our marketing spends. All right. That's it. Thank you so much. Thanks, Malishka. Bye-bye. Thank you. Next question is from the line of Prerna Jhunjhunwala from Elara Securities. Please go ahead. Thank you for the opportunity. My first question is on profitability. On pre-Ind AS basis, the margin compression over the last two, three years is around 200+ basis On pre-Ind AS basis, the decline is sharper. Can you help us understand, how do you see the operating leverage playing out even after opening the franchisee stores? How do you view the efficiency of franchisee stores? What kind of levers are there to improve profitability? Thanks for the question. Right now, as I explained from a quarter-on-quarter perspective, at a PBT level, we were at about 11%. If I were to look at pre-Ind AS, which we also monitor from an internal perspective, our profit growth for the quarter was near about 16%. Because of certain non-cash items, that number has tapered down to what is a reported PBT growth, which I explained in the previous one. Structurally, again, if I were to look at from a channel perspective, franchise is an accretive channel at an overall level to Bata. It is not a dilutive channel, it's a more accretive channel. On a per pair basis, I make more money from an EBIT perspective if I sell that pair in a franchise versus any other channel which I do. Franchise is not dilutive. However, from a gross margin perspective, the dilution will appear because of the base effect. How many stores would be there in which lease are being paid by you in the franchisee stores against what the franchisee want to pay? In franchise store, the arrangement is like a bought-out arrangement. The franchise outright sales. The Bata does not pay any lease rent on those stores. The lease rent, et cetera, what you see is more on the COCO side of it, which is company-owned, company-operated. We don't have other model. Our model is either company-owned, company-operated, or franchise-owned, franchise-operated. Okay. Understood. That's helpful. Second question is on demand. The growth that we witnessed in this quarter, how is the consumer sentiment right now, and are you witnessing similar trends even today? How is the volume growth likely to pan out going forward with respect to consumer sentiment perspective? Okay. Hi, Prerna. The piece is basically that while I cannot give you forward-looking statements, but as I mentioned, even during the quarter that went by, even in my press release, et cetera, March was better than January. We did see acceleration of momentum, not only quarter four versus quarter three, but within the quarter. I like to stay by that statement. We, as of now, as I said, are conscious of the fact that there might be some unpredictable because of inflation, et cetera, and we are conscious of the necessary balancing that we need to do in terms of cost efficiencies as well as price modulation, as I answered to someone else. I don't see a tangible change in consumer sentiment as of now. That's helpful. Sir, what is the price hike you've taken? If you could share that number till date. We've not rolled it out yet. As I answered to another person, basically the inflation cost that we have seen as of now, and this, as I said, is a monitorable, so it keeps changing. The last update that I see from the team is basically in the range of over 5%-6% blended across materials. Understood. Last question is on brand strategy. Just wanted to understand, you were also looking at value segment growth in the company. Volumes to be looked at through value segment while profitability through upscaling the premium segment. Where are we on that strategy, and how are we balancing the both? Okay. Less than INR 1,000 is one cut that I have been mentioning consistently. While that has been one of the bugbears for the last three, four years for us, and therefore impacting our overall top line, we have seen some signs of revival in that in the last few months. That's on the value segment equivalent. That's the closest that I can talk to you on less than INR 1,000 MRP. The second piece that you talked about on premiumization, I think that's a conscious strategy. You will see a lot more action from us backed by much better products. It's not just price increase, but bringing in much better value to consumers, and which is what I mentioned that this whole piece on product reimagined and the funnel for it. You will see a lot more manifesting to consumers over the next 12 months. I think only 10% of the work that we have put in investments have at least manifested to consumers. Wherever we have done it, we have seen significantly. Besides that, I think our growth lever from an expansion of brands like Hush Puppies will continue at a significant acceleration. It is our fastest-growing brand and will continue to be. We will also disproportionately expand the stores of Hush Puppies, and also through the franchise and the SIS route, the cornerstone route. That's where that would stand. Does that answer your question, Prerna? I would like to have the revenue share, if you can share between less than INR 1,000 product and more than INR 1,000 product. I did have a commentary sometime back, but I don't have it handy right now, but we can offline give it to you. Sure, sir. Thank you, and this answers my question. Thank you, Prerna. Bye-bye. Thank you. Thank you. Next question is from the line of Kunal Bhatia from Dalal & Broacha Stock Broking. Please go ahead. Yeah, sir. Thanks for the opportunity. In fact, I had the similar question in terms of the contribution from thousand above and low. Apart from that, sir, if you could give us a sense on what was the current full-year growth in case of Hush Puppies and the contribution from Hush Puppies. Okay, Kunal. First one, while I tried to tell Prerna that we'll get back offline the accurate number. Broadly, just to give you a sense, is that while this less than INR 1,000 was declining for almost three years, I would say, since the GST went up, and the raw material price increases impacted consumers. We did see stabilization on that front. Now it's no longer declining, it's kept pace. It's in the ballpark of the overall 5% top line that we saw. That's one, and that somehow answers even Prerna in a way. It was in the ballpark of about 35%-40% contribution. It remains there. The decline seems to have got staved now, and I can see that structurally happening. Okay. On the other piece of Hush Puppies contribution, I would say that it is in the ballpark of about 18%-20% to our turnover. Okay. Sir, for the full year FY 2025 and FY 2026, what would be our volume growth on a full year basis? I don't have it handy. Let me try and come back to you. Okay. Fine, sir. No worries. Thank you. Thank you. Thank you. Next question is from the line of Sameer Gupta from India Infoline. Please go ahead. Hi, sir, thanks for taking my follow-up. Firstly, I just wanted to get this clarified. On the press release, you mentioned that zero-based merchandising, which is at 550 stores, they are 70% of store sales. Just trying to get my reading right. This is basically out of the 1,150 COCO stores, 550 stores which have ZBM are contributing 70% of these store sales, which is roughly 50% of the store network. Is that a correct understanding? Small clarification. That 70% contribution is coming from the 700 stores, which is also mentioned in the investor deck. As at end of May 2026, we already have ZBM stores rolled out across 700 stores. These 700 stores is what is contributing to 70%. When we were at about 550 stores, the contribution was about 50%-55%. 70% of stores contributing 70% of sales, the turnover delta is not very high, right? I mean, No. Sameer just to clarify, if you can just remove that, because this is a key monitorable, we monitor it literally every week. The 550 stores out of 1,150, 70% contribution out of 1,150 total universe, right? That's the denominator. It is not the rest of the business of ours. It's only the COCO network that we are talking of. Are you with me now? 550 on 1150 or 700 on 1150? No, INR 550 on INR 1,150, 70% of the total turnover of INR 1,150. Got it. That is Pareto larger stores, therefore they are 50% or less than 50% of stores, but more than 70% of turnover. The update that we have added that Amit quoted to you was that 700 stores have been now completed by May. As I said, a large part of our desire, which is about 800, 850, is what we will want to complete hopefully by this quarter. We will update you as we come to you next quarter. Got it. This gets clarified. The understanding is correct that 50% of stores are contributing 70% of sales. Yeah. Bookkeeping question, revenue mix channel-wise for the year, if you can give. COCO, FOFO, MBO, online you mentioned 12%-13%, Rest of the channels if you can give. Overall, as we mentioned, the COCO contribution would be about. Let me talk about the other channel. Franchise would be, let's say, close to double digit. E-commerce about 8% - 10%, as we mentioned. Distribution is again similar to 10% - 12%. About 35% is non-COCO. COCO is 65%. Got it, sir. That's all from me. Thank you. Thanks, Sameer. Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Bagaria for closing comments. Over to you, sir. Yeah. Thank you everyone for joining. It was lovely interacting. Good day to all of you. Thanks. Thank you. On behalf of 361 Capital, that concludes this conference. Thank you all for joining us, and you may now disconnect.