Mr. Dhiman Gupta, Vice President, Finance, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, Mr. Adrian Mardell, CEO, Jaguar Land Rover, Mr. Richard Molyneux, CFO, Jaguar Land Rover, and we also have our colleagues from the Industrial Relations team. Today, we plan to walk you through the results presentation followed by Q&A. As a reminder, all participants will be in listen-only mode and we will be taking questions via the Teams platform. The same is already open for you to submit the questions. You are requested to mention your name and the name of the organization while submitting the questions. I now hand over to Balaji, sir to take over. Over to you, sir. Thank you, Anish. Standard safe harbor slide. The only difference you will notice going forward would be Tata Motors Finance, is no more a subsidiary of Tata Motors. Tata Motors Finance Holdings still is, but the NBFC, is no more. That's been merged with Tata Capital. So I'm going to talk about the implications of that in the coming slides. Next slide, please. Overall, it's been an action-packed year, and both here and in JLR. Those of us who were there at the Auto Expo, in Delhi, earlier this year, you saw the full impact of the 11 series, that were launched, as well as you saw the car, the Sierra, being unveiled there, is probably the standout car as far as the Auto Expo. What's concerning also, we saw the new Avinya, there as well. We started also shipping our first hydrogen trucks, which are now going to apply on specific lanes. I'm sure Girish, is going to talk about that in his session. Lastly, but not the least, Punch, emerges as a top choice for private buyers to become India's number one SUV, in FY 2025, a humongous achievement there. Next slide, please. As far as JLR, it's been an absolutely wonderful year coming out of JLR. The net cash, positive target has been achieved. We delivered what we committed to our guidance despite extremely challenging situations elsewhere. The Freelander Licensing Agreement, has been announced for CJLR. Range Rover Electric, testing continues, soon to be launched. The first Jaguar Type 00, who else, I mean, what can you say about it other than the head-turner that it was? Defender Octa is now starting to get delivered to its clients. One more blockbuster vehicle coming our way. Next slide, please. On overall numbers basis, for the quarter, it was INR 19,000 crore, with an EBITDA, of INR 16,700 crore, and an auto FCF, of INR 19,400 crore. This is our highest-ever revenue as far as FY. This financial year, we delivered our highest-ever revenues. We also delivered our highest-ever PBT, before exceptional item. Q4, is always a strong quarter, so we did see a sequential recovery. Of course, we did get aided by the INR, depreciation vis-à-vis the pound. On a profitability line, significant interest savings. I'm going to talk about it in a minute. Better CV, profitability, lower D&A, at JLR. These are the main ones that drove the profitability up, but the underlying profitability continued to remain very healthy. Free cash flows came in at INR 19,400 crore, on a full-year basis. We have delivered very strong FCF, of almost INR 50,000 crore, over the last two years, thereby delivering our deleveraging commitment. Next slide, please. Where did the growth come from? It is there for all you to see, but I'll draw your attention to the net debt number. While we entered FY, 2023, at INR 43,000 crore, the peak debt this business had was almost INR 60,000 crore. That's now down to minus INR 1,000 crore, a cash of INR 1,000 crore, despite external leases of almost, I mean, financial leases of INR 9,000 crore. This is a very strong performance. This is translating into reduction in net finance cost. Why I'm harking on that point is that intrinsically, this business is becoming far more resilient as it takes away debt, and it is able to now have more leeway to take on the headwinds that come our way. Next slide, please. On the corporate actions slide, I'm going to come in a minute, but before that, these charts tell you the performance over a long period. It's FY 2010, to FY 2025, each of the data points, in five-year intervals. I just chose some five-year intervals, for this. Record high revenue, almost record high EBITDA, of almost INR 57,000 crore, a record high PBT, of INR 34,000 crore. And investment, we did our highest-ever investment of INR 48,000 crore, and despite that, generated an FCF, of almost INR 22,000 crore, resulting in a debt going down to minus INR 1,000 crore. All this done with a very strong ROCE, of 17.6%. This business has come a long, long way from what it was in its turbulent times. Therefore, a huge call out and a huge thanks to every one of the people who have been working tirelessly in this business to deliver this set of graphs. Next slide, please. This, of course, is translating into credit ratings, which again, two notches of grade, we received this year, and we hope to get more as we go forward. Next slide, please. The final dividend, if you recollect, last year we had an INR 3, ordinary dividend, and we had an INR 3, special dividend. Delighted to say this year we're going with a final ordinary dividend of INR 6 per share. Total same as last year, but all of this is now final ordinary dividend, 300%, of face value. Obviously, this will have to be approved in the ensuing shareholders' meeting. The demerger update, we had an overwhelming votes in our favor, and therefore we are on track for an appointed date of July 1, and an effective date of October 1. This year, we also had the PLI benefit. These are the updates that you see. Total for the year is almost INR 500 crore, of PLI benefits, have been secured, all of which INR 142 crore, we had it in the last quarter for FY 2024. This quarter, for the rest of FY 2025, we got about INR 385 crore. The implications of margins, are there. Next slide. Just to take a minute on the Tata Motors Finance, merger that has just been concluded. This will have an, given that it is a financing company, therefore it earns before interest, and its costs are below EBIT, and therefore that's why you see a 50 basis points, delta that is there. At the same time, there's a significant shift in the liabilities line and the finance receivables line, where the balance sheet you'll see almost INR 30,000 crore, shift in finance receivables, and the borrowing is also down by almost INR 31,000 crore, gross borrowings. Significant shift in the balance sheet because of this, which makes this business less risky as we go forward. Next slide. Let me now hand this over to Richard,to take us through the JLR performance. Richard, over to you. Can you hear me? Yes, we can. Go ahead. All right. This chart summarizes our financial results for the full year on the right and for the quarter in the middle. Volumes and revenue, were relatively flat over both periods. EBIT, was 10.7%, in the quarter and just over 8.5%, full year, aligned with our guidance. PBT, for the quarter, of GBP 875 million, was the highest quarterly PBT, we delivered in nine years and drove full-year PBT, to GBP 2.5 billion. Cash flow, GBP 1.35 billion, in the quarter, allowed us to end the year GBP 278 million, in net cash. Our other main piece of guidance delivered. The main care point that I will refer to on later charts is, however, EBITDA, which fell 1%, Q over Q, and 1.6%, year over year. To the next chart. As per usual, I'll skip over this chart as I'll cover all the messages as we go through the pack. The key data is, however, here for your reference. Okay, so in terms of wholesales, wholesales in the quarter were flat, 110,000 to 111,000 units, and for the full year also at 401,000 units. In this chart and in the next chart, Q4, will be at the top, FY 2025, at the bottom. Because the full year and the quarter, in this particular case say the same story, I'll just refer to the bottom section of the chart. As we are ceasing the production of the legacy Jaguars, Jaguar, volume essentially halved year over year from 50,000 to 27,000 units. With that volume moving into Defender and Range Rover, Defender, had yet another record year, over 115,000 units. That again is the highest number of Defenders, we have ever sold since 1947, when the car started. We also increased volume on Range Rover, Range Rover Sport, and Evoque, which drove the Range Rover brand sales, to 225,000 units, up 12%, year over year. Next chart. Regionally, and looking at Q4, data first, at the top half of the page, our recovery in the U.K., continues from a couple of difficult quarters, closing the year flat versus FY 2024. Europe, has been robust for us, up 12%, quarter over quarter, although on a full-year basis, we're down 9,000 units, most of which is the effect of legacy Jaguar cars, being removed from sale. China, remains a very challenging market, not just for us, and sales were down from 13,000 to 9,000, in the quarter, as we adjusted down our day's supply stock levels at the retailers. Our day's supply stock levels ended the year both below Q3, and below the end of FY 2024, levels. That is to protect the quality of our sales going forwards. The overseas region was down both quarter and on a full-year basis, although this is from an absolutely stellar FY 2024. If you look at the full-year numbers in FY 2025, there were 70,000 units, or 70.5 thousand units. Actually, that year is 21%, higher than FY 2023, and 40%, higher than FY 2022. We have been on a real steep increase in overseas, just come back a little bit in FY 2025. I skipped one market you may have noticed. The biggest market for us now is North America. 34%, of our wholesales in the quarter and 32%, full year. This reflects really strong affinity with both the Range Rover and Defender brands. We did push hard in Q4, as we feared tariffs were coming, but that should not mask the underlying success of our North American, business in recent years. Next page. This chart shows the walk of PBT, from the same quarter last year when we earned GBP 661 million, to this quarter's GBP 875 million. Volume and mix, were relatively flat, fewer low-margin Jaguars, but also a lower mix of China cars. We had increased emissions costs. Our royalties from our China JV, fell as local cars get towards their end of life. Net pricing was adverse, VME, at 5%, versus the 2.6%, a year ago, and only about half of that effect was offset by variable cost improvements. We did have a big pickup in structural costs, particularly DNA, being favorable GBP 200 million, versus last year. Over half of this is the cessation of Jaguar production, at both Graz and CB, and the associated amortization of the vehicles that were built there. The rest is largely due to the extension of our ICE portfolio, as we adjust to global PEF, demand. FX, and commodities largely moved favorably for us. Sterling, was weaker than Q4, last year on average, helping operational FX, but actually dollar weakness took over towards the end, allowing our balance sheet revalue to also be positive. Again, on this chart, you can still see the main challenge for us is EBITDA, and much of our transformation efforts I'll cover later in this presentation are in this space. Next page. Now, on a full-year basis, taking PBT, through to cash, cash profit after tax remains strong at GBP 4.5 billion, or equivalent to about GBP 11,300 per car. This is slightly down on last year, reflecting the contribution profit walk on the prior page. Investment did come in on a forecast at GBP 3.8 billion, just a touch below, giving free cash flow before working capital of GBP 735 million. Working capital, was strongly positive as we optimized to reach our net cash target in receivables, and in inventory. A big element of other there you can see in the text, that is largely the working capital, favorable effect we get through warranty and emissions. Next page. From a perspective of investment, it fell in Q4, allowing us to come in just below GBP 3.8 billion. Of our engineering, we capitalized 67%, for the year. This is to be expected as most of our engineers are working on cars that are relatively near the end of their development cycle. Next chart. One of my favorite charts. This shows our cash journey over the last three years from a net debt position, of GBP 3.2 billion, at the end of FY 2022, to GBP 0.3 billion, net cash now. You can also see we've generally kept cash levels relatively stable to run the business, though do note that with the tariff uncertainties pending at the end of last year, we deliberately ensured that our most recent cash levels, were at the highest end of our range. We ended the year with GBP 4.634 billion, worth of cash. That was deliberate given the uncertainties that we faced in the market. Right, moving to the future. Next page. I've managed to get through all of this without saying tariffs yet. Tariffs, it's certainly been a journey over the last couple of months and a journey that probably still has not reached its end. We welcome the deal between the U.K. and the U.S. governments, that addresses the 25%, sectoral tariffs suddenly imposed on automotive sectors, but also on steel and aluminum. It brings the automotive sector in line with the other U.K. businesses, in paying a circa 10%, tariff on shipments to the U.S. We are working through the detail. We continue to offer the government our support, and we will also support efforts at an EU level, to address EU-U.S. tariffs, which do impact our Defender, and our Discovery product, exported from our Slovakia plant to the U.S. Where we stand today is that we will pay tariffs, sorry, we will pay a 300%, increase on the tariffs we used to pay in the U.K., going from 2.5%, to 10%. We will also pay a 1,000%, increase on the prior tariffs on Defender and Discovery, out of our EU plant. On top of this, China's, will remain difficult, and our high investment in future products will continue. We need to react. Business as usual will not work in FY 2026 and 2027. We have launched a series of special focus programs or missions to protect EBIT, from the threats of tariffs and the other threats that we face. Next page. Below are some of these transformation missions. Some of those we have set up, some of them we will go through in more detail at investor day. We know we have to drive exports down through technical changes, commercial negotiations with suppliers, and content rebalancing. Together, we spend GBP 16 billion, a year in this area. We are systematically, with cross-functional teams, identifying opportunities in every area of the car. There were 160 people in a meeting room next to me earlier on today doing precisely that in squads by area of the car. We also know we need to do more to tackle our warranty costs, better quality delivery, and a faster response when issues are found, for example. Customer love, is the third one. You might be surprised to find that on the list, but it's crucial to improving our customer loyalty, along with the warranty issue. Customer loyalty, brand loyalty, is a crucial value driver. Customer love, is really important. China resilience, we've spoken about several times. We now have dedicated teams looking at regulations by market to optimize any emissions liabilities that we have. These are just examples. There are more, and we'll share more detail on investor day. Next page. We've built a history of meeting our promises, delivering on our guidance. The economic fabric of our global industry is in flux. It will be inappropriate for us now to give firm earnings guidance at FY 2026, today, less than a week after the framework of the U.S.-U.K. trade deal was announced. We will see you again on our investor day on the 16th of June, and give you an update then. What I will say now, however, is that our GBP 18 billion, investment program over five years remains in place. It has to drive our business forward. We will commit to find that GBP 18 billion, with operating cash, rather than just a five-year period. We will give you more information at investor day. You now have even more of a reason to attend. I look forward to seeing you then. In the meantime, I will hand you back to Balaji. Thanks, Richard. Let me now move to the commercial vehicle business, Girish Ramanan. Would you want to take the lead on this? Thank you, Balaji. Next slide. Our domestic volume market share, stands at 37.1%. When we look at the market share by product line, trucks are holding on to their market share, and passenger is coming back with a 100%, improvement in market share. Both trucks and passenger have performed better than the industry. SUV market share, has come down, and this is an issue. Next slide, please. On the financial performance, the business has consistently delivered double-digit EBITDA margins, quarter on quarter, and has delivered an EBITDA, of around 12.2%, and an EBIT, of 9.7%,in Q4 FY 2025. This is an improvement of 20 basis points, and 10 basis points, respectively, over Q4 last year. On a full-year basis, EBITDA, was marginally lower than 12, and EBIT, was at 9.1, driven by better realization and cost saving. This is an improvement of 100 basis points, and 90 basis points, respectively, over FY 2024 on a full-year basis. The business delivered the highest-ever PBT, of INR 6,600 crore, and a strong ROCE, of 37.7%. Overall, a very strong financial performance. Coming to the EBITDA, next slide, please. This is a comparison of the PBT, from Q4 2024 to Q4 2025. Mix, optimization, and realization improvements have been the key drivers. There has been a slight increase in fixed costs. Overall, a 10 basis points, improvement in EBIT, over the same time last year. With this, I now hand this over to Girish, for the industry insights and business headaches. Thank you, Ramanan. The total industry volume improved marginally in Q4 on a year-on-year basis. Just to give you a perspective, you will recollect that in quarter two, the industry had shown a significant double-digit decline on a YOY basis. This decline reduced in Q3, and therefore it was a single-digit decline. Now in Q4, the TIV has been either flat or slightly growing over the previous year, which is actually a good sign. Average utilization in trucks and buses has grown quarter on quarter, and the transporter profitability has also improved marginally. We see that the freight rates have improved in Q4 by around 1-2%, which is supported by better utilization due to stronger commodity movement, stable agri sentiments, seasonal demand for white goods, and also improved infra and mining activity. The customer sentiment index, which we measure quarterly internally, indicates that the tipper sentiment index has improved marginally, which indicates good mining and infra activity. On the other hand, heavy commercial vehicle cargo and intermediate light-medium commercial vehicle, as well as SUV pickup, the sentiment index, has almost remained flat. Commodity prices, in the quarter gone by remained range-bound. We are now looking at an impact due to the steel safeguarding duty, which has been already implemented. We are assessing the impact and should be there in maybe a few weeks' time. Going next. On the vehicle business, in quarter four, as I said, the industry volumes improved. Compared with the decline in the earlier quarters, this is a good sign. Tata Motors, both buses and trucks, registered a heavy growth, in Q4. Digital selling, which is something that we have been pushing for, I think the contribution to retail in terms of leads generated is now almost 27%, and has been increasing quarter on quarter. On 8th June, the entire truck portfolio, both cabin and cowl, is supposed to undergo change over to AC regulation. This is a manufacturing date transition, and we are getting ready for the entire portfolio to move towards AC fitment. In electric mobility, in Q4, we delivered 89 electric buses, so this is now towards the tail end of the first CSL tender, that we had won. We now have more than 3,600 electric buses, on the road. We also started supply in private accounts, first few buses being delivered. On small commercial vehicles, ACE, now we have more than 8,000 electric vehicles, plying on the roads. In Q4, we saw expansion in some new segments like milk and LPG. We also won multiple bulk deals and municipal deals in quarter four. Our overall sustainability targets are on track for decarbonization, as well as circularity. In the smart city mobility business, as I said, our fleet now has crossed more than 310 million kilometers, and consistently delivering more than 95%, of time. Out of these 3,600, we have 2,500 buses, in Delhi, Bangalore, and Jammu and Srinagar. Deployment has been completed in Jammu Kashmir, Bangalore, and Delhi. From Bangalore, we also have an additional order of around 148 buses. As I said, I think we have been consistently delivering performance above the contractual terms. We've also entered into the staff transportation segment. Although within the group right now, we are also discussing with a few other companies outside the group. Next. In our digital business, fleet now has almost 800,000 active vehicles, with monthly active usage of 81%, and weekly active usage of around 59%. I think apart from delivering uptime-related services, we are also delivering the machine learning-based insights to improve fuel efficiency, in real life. The solution is named as Mileage Sarthi, and we are able to deliver around 5.5%-6.3%, real-life fuel efficiency improvement, on more than 11,000 vehicles. eDukan, which is our digital parts stores, is now made open for all B2B users. B2B, is our distributors who then supply to the retail channel and also some of the key customers. A significant portion of our retail channel now actually is ordered through these digital stores. Freight Tiger, in which we have taken a stake, is now available for tracking all the shipments on eDukan, which along with our logistics partnerships is helping us to achieve a very high on-time in full delivery and therefore ensuring there is no loss of sale. Fleetverse, which is our digital front for selling vehicles, we now have more than 13,000 vehicles, being sold with inquiries coming directly onto the Fleetverse platform. That is about the digital business. Going ahead for FY 2026, I think overall level, the macro indicators are on track. As I said, the fleet utilizations are improving. The sentiment index, is stable, and therefore we anticipate sustained growth despite global headwinds. There have also been local headwinds in the past two weeks. I think our focus will be on, first of all, ensuring smooth transition of AC regulation, for trucks. As has been our past practice, all these trucks will come up with value enhancements and not just introduction of AC. We continue to invest in future technology and new products, especially in alternate fuels, modulars for value enhancements. We continue to expand our product portfolio, have smart digital solutions, and we will also have some new nameplate launches coming up in the year. In SUV pickup, very clearly, I think the task is cut out for us to increase our market share, regain the market share that we lost. I think there are two things that we are focusing on. One is launching ACE Pro, in quarter two, which will enable us to get into the lower end of the small commercial vehicle segment, which otherwise has been using Seliens, in this industry. At the same time, post the launch of the entire Intra Gold series, we are now having an integrated plan of ATL, Digital, BTL, to increase consideration of this brand. Finally, of course, we will continue to deliver strong double-digit EBITDA margins, cash flows, and also strong return on capital employed, which Ramanan, also touched upon earlier. With this, Balaji, back to you. Thanks, Girish. Can I now hand it over to Shailesh and Dhiman? Yeah. Thank you, Balaji. Good evening, everyone. We closed the year with a Vahan market share, at 13.2%. While our SUV portfolio, outperformed the industry, we had some losses in our hatch portfolio, resulting in an overall market share decline on a year-on-year basis. Shailesh, is obviously going to touch upon all the actions that we are taking on our hatch portfolio, in our subsequent slides, so I'll park it for now. In terms of powertrain mix, diesel continues to be steady at 13%. Significant traction in our CNG portfolio, where we have grown 60%, year-on-year. Our CNG plus EV penetration, at 36%, and CAFE, well below the target threshold. Moving on to EVs, Ashish, next slide, please. Moving on to EVs, our overall volume for the year was down 13%, largely on part due to the muted traction we had on the fleet side. The industry has grown by 20%, this year, largely on the back of a spurt of new launches from H2 onwards. We ended the year with a 55%, market share. Near-term market share, there might be some noise as the initial launch activity settles down. Our launches in the 20 lakh price segment, as well as the entire enhancement we are doing on our existing product portfolio, kind of flows in through the rest of the year. Next slide, please. Our difficulty in terms of profitability on account of the muted industry growth that we saw, periods of high dealer inventory and adversarialization. The bright spot was the PLI incentives, that we have started accruing from last quarter. We now have three of our products TCA certified, on which we have accrued INR 350 crore, of PLI incentives, this year. Our PBT, for the year stood at about INR 1,100 crore, a INR 300 crore, decline from last year. Next slide, please. EBITDA margin, for ICE business, for FY 2025, was 8.1%, about a percentage point, lower than last year. Recovery of margin, on the back of cost reductions, better mix, and operating leverage through the rest of the next four quarters will be a key focus for us this year. A key callout for our EV business, despite the significant investments we continue to make in market expansion and our product investments and the price benefits that we have passed on to the customers for lower battery cost, for the year, the business ended with both the EBITDA and PBT positive. Next slide. Shailesh, over to you.] Yeah, thank you, Dhiman. Let me first start with the industry highlights. FY 2025, was a growth moderated to 4.3 million units, and it was a modest 2%, growth over FY 2024. We had seen stress in the macro economy also, and it had its reflection also in the car industry, where the growth remained muted. We also saw that it was a very discount-driven market across all the OEMs. We also witnessed segmental shifts, and it further strengthened in favor of SUVs, which saw 11%, year-on-year growth, and the salience increased to 55%, while hatches and sedans degrew by 12%, year-on-year. CNG has been rocking for the last few years, and this has seen 30%, year-on-year growth despite a 2%, growth for the industry. It is also reflecting the growing preference among the personal segment customers also, as the CNG network,, across the country has been increasing. Dhiman already mentioned about EVs that there was a muted situation in H1, in terms of growth, but in the second half of the year, with greater participation of various OEMs, and the new launches, we did see traction coming back on the EV side, which is auguring well for the growth in FY 2026. As far as we are concerned, it has been a year of hits and misses. On the hit side, we clearly saw that in the SUV segment, on the back of strong demand for Punch, which was the number one model in 2024, and the launch of Curvv, we had an industry-beating growth. In the CNG segment, which has been growing at a rate of 30%, in the industry at an industry level, we were the fastest-growing player in this segment with 60%, growth. The twin-cylinder technology, that we brought, that innovation has really helped, and also the launch of Nexon CNG, has been a roaring success. We are growing very fast in this segment, and you have seen how the overall share of CNG, in our portfolio has gone up to 25%, from just 7%-8%, two years back. The big problem for us last year where we witnessed the decline in our volumes and market share was because of hatches, and mainly two products, which are Tiago and Altroz, which were in their fifth year, and therefore it was very aged. That led to a significant decline in our hatches volume. Having said that, in quarter— Sorry, Shailesh, we seem to have lost you. Just give us a minute, please. We seem to have lost Shailesh. Shailesh, we can't hear you. Okay, Dhiman, okay, just one moment. Sorry, just give us a minute, please. Shailesh is having some blurring issues. Dhiman, why don't you step in till Shailesh joins? Yeah, I think I'll just carry over from where Shailesh left. This was a year of it was a mixed bag for us. Yeah, I think Shailesh mentioned where I think we have outposted the industry growth in terms of our SUV sales, the good reception that we've got for Curvv, and our e-variant index, on introduced in Q4. We did lose a bit in terms of hatches, especially because of our aging that had happened in the portfolio, both for Tiago and Altroz. Part of it we have corrected. In Q4, we have introduced Tiago, the refreshed Model Year 2025. That has found very good traction in the market. A lot of you would have seen we are refreshing the Altroz. Altroz, was introduced in 2021, and we haven't refreshed it for the last four years. We are coming up with a mid-cycle enhancement, which the launch is planned shortly this month. With both the actions, we believe some of the market share decline that we have seen through the year, we should be able to—I think what you think is—Yeah. Go for it, Shailesh. We are in the last section. The last section, if you can talk about after sales and beyond. Yeah, okay. In FY 2025, it was the year of consolidation for us. We spent some disproportionate focus in areas like after sales, where we had an issue of service capacity. We took an aggressive target in terms of bay addition, especially in the 21 hotspot cities, where we were seeing customer experience really getting impacted. We were able to really expand our presence in these 21 hotspot cities, and we are very comfortable in 16 cities, now. On the product quality side, there were certain issues that we faced, especially on the software area. Therefore, we not only took initiatives to fix them fast, but also have taken significant actions on software integration aspects and the process aspect. I think that has been a key area of effort for us in the H2. Also, the network growth and also network health had been a tremendous focus for us in the H2. Not only did we increase the number of outlets by 73, but also we took a series of actions to ensure that the health of our network remained intact. That was broadly in terms of the highlights of the financial year. If you go to the next slide, please. What will be the focus areas for FY 2026? I think we have to regain our growth momentum and drive both volumes and profitability. FY 2026, as per the triangulated view that we see from various agencies and OEMs, is that it is going to be moderate, pretty similar to what FY 2025 was. Our focus would be to deliver industry-beating growth because, one, that possibly this year is the strongest product cycle for us. Freshest portfolio. As I said, our main issue was on hatches. We have a low base of FY 2025. We have already a refresh which has got launched. I talked about the growth that we have already seen in the refreshed Tiago, by 20%. This month, we are also launching the Altroz, which saw the significant decline last year. Both these products will have got addressed from the life cycle intervention perspective. On the SUV, side also, we will be coming with a multi-powertrain on Harrier and Safari, including the petrol version. At the same time, there will be re-varianting and repositioning of certain products in the portfolio. We have the full year for Nexon CNG. Also, we are going to launch Sierra. Even SUVs, is going to be strong. It is a very strong year for us. On the EV, side also, we are going to strengthen not only the value proposition of the existing product, which Dhiman talked about in terms of value-price equation, but also the addition of two new products, which are Harrier EV and Sierra EV. It is going to be a strong year for us on the EV, side also. Brand consideration, which got impacted last year because of customer experience issues that I have already talked about. Improving customer experience, brand associations, and comprehensive marketing campaigns will be the flavor of this year for us. Mainstreaming of EVs, actions around ecosystem, charging infra, open collaboration is what we have already spoken about in the earlier conversations also. That will also move very aggressively, and we will focus on certain micro segments also. Those actions are fundamental, foundational that we will continue to work on. Sales network, I already spoke about that this has become the focus after a year of consolidation. The effort will be to skew our stores towards more larger formats as the portfolio is expanding. Cost reduction initiatives, remain critical to us to ensure competitiveness and profitability in a tough environment. This engine has been delivering well for us, and this will continue. Back to you, Balaji. Thank you, Shailesh. Let me quickly get out and conclude the section. Go forward, please. Overall, free cash flows for the year came in at INR 6,900 crore. Again, this is the highest investment that we have done of almost INR 8,400 crore, in Tata Motors, all of which funded out of operating cash flows. Next slide, please. This is a breakup of the INR 8,400 crore. We will not spend too much time on that. Go forward. Where do we see going forward? I am sure the tariff is probably going to be top of mind for all of you. I can see lots of questions that have landed up, which we will pick up. As an outlook, I think it is fair to say that the tariffs and the related geopolitical actions, counteractions are making the operating environment uncertain and challenging. However, I think the fact that JLR, is in the global premium luxury segment, as well as the Indian domestic market, these are expected to weather this relatively better. We have seen the performance of this business over the last many years. We have consciously strengthened our fundamentals. I believe that the business fundamentals are in fine settle. That gives us the confidence to remain focused on executing our growth strategy flawlessly, serving our customers better, and at the same time being clear of the new reality, maintain a very heightened vigil on costs and cash, at the same time continuing to invest in the future. It is business as usual as far as all things investments, growth are concerned. Of course, from a cost and cash perspective, we will continue to keep extremely tight. That is the broad message I would want to leave you with. All in all, a great year the way it ended. I believe, despite all the external challenges, we are well placed to take it on. Obviously, you'll hear more about this in greater detail in the investor days, both in Tata Motors, here in Mumbai, June 9th, and JLR, the investor day is on June 16th, at Gayden. Look forward to seeing you there and, of course, taking your questions now. Thank you. Let me now quickly move on to questions. I'll start with Chandramoli, Goldman Sachs. There are tons of questions that have come on the U.K.-India market, situation. The fact that there is a free trade agreement that has been signed, what are the implications on the questions that are from all sides? What happens to volumes? What happens to pricing? What happens to the Chennai plant? Let me break this up into three. First of all, if you look at the Range Rover franchise in India, Range Rover, Range Rover Sport, Evoque, Velar, all of them are already localized, manufactured on a CKD operation, out of Pune already. Therefore, these cars, there is no impact as far as this FTA, is concerned. Therefore, there won't be changes. All the benefits in terms of CKD, operations are already in the price and passed on. No changes in price expected on any of these at this point in time. However, the future cars that are going to come in, the ability to access these global cars at global prices, that went up significantly because of this decision that has happened. Obviously, we'll have to see the fine print. There are quotas in it. There is also about a reduction over a phased period of time. All this fine print is expected. Until such time, I would only request patience from all of you. Until we see the fine print, we can interpret only if we see the fine print. Do bear with us on that part. Let me then move on to Shailesh. I think this is coming on PV, Shailesh. What are some milestones that need to be crossed for the India PV, business to reach double-digit EBITDA margin? Maybe you can take all the questions. What are the rough EV, mix? What happens to meeting CAFE, norms? What do you see as a fair market share target? How do you also see these changes in this FTA agreement, with global competition coming in? How do you see it? Can you take all these questions in one shot, Shailesh? Yeah, thanks, Balaji. As far as EBITDA margin, is concerned, we were pretty much there in Q4 of FY 2024. There's now a gap of about 2%. We executed the year at about 8.2%. Mainly, we see it is going to come from the cost reduction initiatives, which consistently has been delivering about 2%, plus of revenues. Then it's about optimization of pricing and VME, and also the model mix, which is expected to become richer with the new launches. All this would be, in combination, should deliver more than 3%, or so. It will then get offset with some of the commodity price increases that we might see. Also, with every refresh, every new model launch, we are increasing the tech and feature in the car. Those will be the offsetting cost elements. Net-net, I think we are very much on track towards 10%+ EBITDA. That is on question one. What is the rough EV mix, to comply to CAFE 3 norms? I think still this is under discussion. Therefore, it will not be fair. If we have to really go by what the government has been saying so far, or BEE, which is Bureau of Energy Efficiency, has proposed, it would mean 10%+ EV,, penetration for a manufacturer like us. You already see that we are at 11%. We are pretty comfortable with growth coming in for us in future and penetration aspirations being 30%+ by FY 2030. I think we are pretty much on track and safe. The question was also on what should be the fair market share, in the electric market once all the launches of most of the PS, come through in the next 12 months. We are aspiring to keep our market share above 50%, plus. Dhiman mentioned that there will be short-term pressure because whenever a new product gets launched, typically the sales volume are 2x of the steady-state volume. Most of the launches have happened recently, and it will continue. It is a very launch action year for all the OEMs. There will be short-term volatility. Our aim with all the actions that we are going to take, and maybe I should elaborate a bit on that, we see broadly four segments in the EV space now. One is the entry segment, which is that of city cars, less than INR 1.2 million. I think here we have a 75%+ market share, with products like Tiago and Punch. We are going to take certain actions in this space here. The requirement would be to come closer to the price parity with ICE. Also, a range should be comfortable. We will overcome some of the barriers that still remain in this segment and expand this segment where we have a very high market share. There is a mid-segment, which is also from INR 1,200,000-2,000,000, which is seeing intense competition. This is where the whole action is. All the manufacturers are coming with a product in this segment. Therefore, intensity will be high. The way of winning the game in this segment, there will be short-term action from our side, but also more mid-term, which is 18-24 month, action to ensure that we dominate this segment also. Right now, our market share would be about 30-33%, in this segment. This is the crucial segment where maximum volume would lie. There is a INR 2 million, plus segment, which is emerging, which is also showing great promise. Two products are going to get launched in this segment. That will be completely additional volumes for us through Harrier EV and Sierra EV. The fourth segment is actually fleet. Now, fleet segment, so far, we had addressed the issue of total cost of ownership against diesel. There is a big market of CNG. This is where our focus is to ensure that the value proposition of our fleet product surpasses that of CNG. Therefore, this should also help us tap greater volume. Therefore, with all these actions in short term and then renewal of our portfolio, with more promising product in the 18-24 months, I think this should help us keep our market shares above 50%, in mid-term. I think short-term volatility, we will not be worried about. This was on the EV side. Given your experience, then this was it, right, Balaji? Any other questions? Yeah. That's correct, Shailesh. Thanks a lot. Let me pass it on to Girish. Comment on CV, what's your outlook for industry growth? Multiple people have asked that. Okay. I mean, before I come to the growth, the few drivers. First is, I think the freight rates are holding up. The utilizations are up on a year-on-year basis by around 2-5%, depending upon the segment. As I said, the sentiment index is stable and, in fact, gone up for tippers. Largely, the macros are also positive. I mean, if we leave aside the event that has been there for the last two weeks or so, which has created some challenge in the northwestern states, I think overall, we still feel that we should see a single-digit growth, across all the segments and within the segments, slightly better growth for HCV, heavy commercial vehicles and buses, and slightly lower for ILCV and SCV pickup. That is how we see the likely growth. Within quarters, I think Q2, should see a better growth on a YOI basis, one of the reasons being the base effect. Otherwise, on the overall basis, I think we should see a single-digit growth. Balaji. Thank you, Girish. Richard, coming your way. Raghu, from Nuvama Research. Questions on JLR. Emission cost increase was at GBP 36 million. How much increase is expected ahead on RR Electric? When is the launch expected, considering the large waiting period? Also, how much will be depreciation post this launch? Could you then also talk one shot the entire tariffs for U.S.? How much will be passed on to customers? What about demand scenario? All that. How can the benefit of cost savings, how much can it flow through in FY 2026? What about CJLR, volumes? Have they reached a trough? Okay. Let me have a go. Emissions cost for us, this is also an area that is a little bit in flux, particularly in the U.S. The administration has not yet taken any actions there. We know that they are looking at the California, exemption. Some of the states in Maryland, for example, are looking at moving away from their association with those California, emission standards. There is also legislation expected later this year in terms of the overall EPA levels, that are required. Emissions, is also an area in flux. You would naturally expect our exposure to increase year over year as a result of our BEVs, being slightly later in the plan. Always were later in the plan. At the flip side, we know that Europe, has taken a few actions to mitigate the level of their penalties. We know the U.K. have already taken action with the ZEV, mandate to also mitigate some of the effects of that legislation. We expect the same thing will happen in the U.S. too over time. This is a little bit of a battle between consumer demands and regulations. In democracies, ultimately, the regulations will probably have to adapt. That will benefit us. In the first couple of years until those changes have worked through, I would expect our emissions costs to rise. Range Rover Electric. The development's continuing. We're actually testing it at plus 40 degrees Celsius, in the sand dunes of the Middle East, and minus 40 degrees Celsius, in the ice lakes of the Arctic. We are really diligently making sure that this car can do what a Range Rover, can do, regardless of whether it's got a BEV, powertrain, an ICE powertrain, or any other powertrain. We are absolutely determined to make that car the best Range Rover it can be. We will expect formal reservations and certain markets, let's say reservation fees, later this year. The waiting list is currently at 62,000 people. Next one, tariffs. Right. On tariffs, we really welcome the deal that the U.K. and the U.S. administrations have done. It provides a good level of relief from the sudden and very steep tariffs applied to the U.K. auto sector in April. Remember what happened on April 3, is suddenly we got a 1,000%, increase overnight in our tariff bill for selling cars in the U.S. That's a significant amount. The deal that's been done now between the U.K. and the U.S. should bring that down. However, it will still be a 300%, price increase or increase in cost of tariffs versus where we were in March. It's gone from 2.5% to 10%. We're happy the deal brings the U.K. auto sector in line with all other U.K. businesses, which also pay 10%, tariff. Remember, it was automotive, steel, and aluminum, that were given special treatment in the 25%, tariff level. We are just awaiting from the U.K. government some details as to exactly what the terms of the agreement are and when it will be implemented. It did say immediately in the releases, but we are still waiting to hear exactly either retrospectively or prospectively when it will apply, what the impacts on parts are, whether there are any rules of origin requirements, etc. CJLR. CJLR, had a difficult year because the vehicles that it is producing are coming to the end of their cycle. For example, production in China, of the Jaguar XF, XE, and E-Pace, will come to an end in September, this year. Now, that's deliberate because you'll remember we signed a license agreement with Chery, for the production of vehicles of a CJLR architecture, but with the Freelander, brand name. Those vehicles will start production in our Changshu plant, in the CJLR joint venture, next year. Those vehicles are of a Chinese architecture, with Chinese attributes and Chinese costs. They are perfectly aligned with Chinese requirements. They will have the capability of being exported globally at a stage in the future, but they are initially for the China market only. Production of Freelander, will start in the plant as the run-out of our legacy vehicles comes to an end. It'll be synchronous and should allow JLR, to benefit not only from license fees, that it will get from the Freelander brand, and our helps and efforts in designing the vehicles, but also from the 50% share, of profits, that the JV, will make going forward. It is a very good deal for JLR. Thanks, Richard. Maybe one final one, which I missed. Apologies for that. How much of these benefits and cost savings, are you expecting to see in FY 2026? We'll cover that at investment day. Cool. Thank you. Girish, coming to you. Question, was again from Raghu Nuvama. Question is, how do you see the domestic M&A CV outlook, for FY 2025? Freight utilization, how is it happening for transporters? Also, impact of DFC, there's a question that keeps coming every now and then. AC regulation, there's another one more query somewhere else in terms of the cost of this AC regulation. How is it going to be? Yeah, those were the main questions. I think as far as M&A CV outlook, is concerned, I have already answered this question in response to a question earlier. We will have around single-digit growth happening for the entire year. Within quarters, I think quarter two will see a slightly higher growth. The second one is about fleet utilization. I would say the fleet utilization is at around 2-5%, higher compared to the same period last year. This is based on the 800,000 vehicles, that we track. We see there is a 2-5% growth, on a YOI basis. As far as Western DFC impact, I think as we have been saying in the past, the Western Dedicated Freight Corridor, will carry a lot of export-import traffic freight. A lot of container traffic, therefore, is likely to move to this. This may impact to some extent the tractor-trailer market, which is essentially the 40, 46-ton tractor-trailers. At the same time, I think we need to keep two things in mind: still on a point-to-point basis, the road sector will be better as compared to rail. Even if there is a movement happening of containers from hub-to-hub basis, we will certainly need the tractors for hub-to-spoke as well as the first-and-last-mile movement, especially on the ports. I think in a nutshell, therefore, net-net, I do not see much an impact as we are here today. Coming to AC regulation, Balaji, there is another question also, so I will address it comprehensively. As far as cost increase is concerned, see, the cost increase in percentage terms will be lower or minimal for heavy commercial vehicles because the base cost is more there. The cost impact on the biggest vehicle could be somewhere around 0.5-0.6%. The cost impact for a, say, intermediate light commercial vehicle will be slightly higher, could be in the range of 1-1.2%. As a company, I think, as we've been saying, that we do not just comply to the regulations, but we always come up with some value enhancements. Therefore, the product makes sense for the customer. Beyond this, I think there is another question by Amin, which is about what is the likely impact on the fuel efficiency. By physics and engineering, yes, I think when you run the AC, the compressor will consume some power. There will be some impact. I'm sure, I think, like all OEMs, we will be working towards ensuring that this impact gets minimized. The question whether this will turn out to be a headwind, no, because I think in terms of price increase, it will be in the range of 1-1.5%. Fuel efficiency, in fact, will be lower single digits. As a company, we will ensure that there is a value enhancement being delivered to the customers. Thank you, Girish. The final point on whereas post-demerger will Tata Capital stake, be part of CV business, the answer is yes. Net worth and profit of Tata Capital, will take it offline. Moving to Rakesh Kumar, BNP Paribas. You already answered the question on U.S. tariffs. I'll leave that out. Let me get into the FCF. His point was FCF and FY 2025, working capital did play a big part. How do you see working capital trending in FY 2026? Okay. Working capital, is very seasonal for us. Q4, is always very strong. That's partly because simply from a calendar basis, our production levels are higher in Q4, and therefore, our payables are higher. You would expect that to come back in Q1. For the full year, we would also expect that to come back a little bit. Although we will keep the diligence on receivables, we will keep the diligence on inventory levels. We will continue to drive it down. Over the last two years, I think working capital, has been about $1.35 billion, favorable. In the prior two years, FY 2022 and FY 2023, it was GBP 1.35 billion, negative. I would not expect massive moves. During the course of the year, there will be normal seasonal movements in working capital. Yeah. Just to add one additional color on that, it obviously depends on how the total demand plays out in the year progressing there. Let's watch the space is what I would say, just to add to what Richard, just said. Richard, staying with you, those are Aditya Jhawar, on Investec, from Investec. Update on the Chinese market, let's talk about that. Macro outlook, dealership consolidation, launch of EVs, Jaguar and Ara. How do you see that? Okay. I will do the second one first, launch of EVs. I think I have already mentioned that we will start taking reservations for Range Rover Electric, this year in relation to Jaguar. You have seen the Type 00, which is the design vision for Jaguar. We will unveil the first actual car, the four-door GT Jaguar, later this year before that car goes on sale in 2026. Remember, Jerry, does say that he does not just do concept cars. You can expect the production car to be sufficiently similar, let me say. That is the timing of Jaguar and Range Rover Electric. Look, the China market, it is tough. It is tough for everybody. We are seeing at least a slowdown in the rate of dealers leaving the premium Western segments, and are actually now moving to a scenario where we are looking to fill distribution holes. That trend, I think, is reaching or will reach relatively shortly a flex point. We are focused very much on making sure we do not overstock the retailers in China. As I mentioned beforehand, we've kept days of supply at the retailers at the end of this year was lower than both at the end of Q3, and at the end of FY 2024. We will manage it very carefully. Thank you, Richard. Maybe moving on to the VME, question. Tariffs you've already covered extensively, so I do not want to repeat that. Let's talk about VME. There is a step-up in VME, this quarter as well, about 80-odd basis points. Can you throw some light on how we should think about VME, going forward? Yes. That is one also where we will need to look at what is going on globally in the industry. We've already mentioned, I think, Balaji, you mentioned that one of the ways that we would expect some of our competitors in the U.S. to react to tariffs will be to reduce their levels of VME. It is easier and quicker to do than changing price. That may happen. That may not happen. I think globally, we're still in a position where VME levels. are on a trend rise, but it isn't dramatic. I think we will learn quite a lot from what happens over the U.S. in the next couple of months. Thank you, Richard. Sorry, I'm going to continue with you for a while. This is from Gunjan, Bank of America. Can you talk about region-wide growth? You did cover about it, but maybe you may want to give a little bit more flavor there. How should we look at warranty cost trends? While we wait for the margin update for the investor day, can you also talk us to the various levers you're looking at to drive your EBIT margins? Electric, try and launch lines we have already talked about. Okay. Region-wide growth outlook for JLR. We do have a fairly balanced global spread of sales between our six regions. I am not anticipating a massive change in that. I do think that overseas is an area for us that has further growth potential. I mentioned that we sold 70,000 vehicles, there this year. We sold 51,000, in FY 2022. We are on a strong trajectory. I think there is more that we can do there. China, and the U.S., I have mentioned. The U.K. is recovering. Europe, particularly Germany, actually is quite strong for us at the moment. I do not see a major change in our global sales mix. If anything is going to rise, it is probably overseas, U.K. China, is still one we are looking at. Warranty costs. Can I look at trends on warranty costs? I mentioned it beforehand. It is one of the key missions that we have set ourselves to get on top of vehicle quality, and the time it takes us to respond to quality slips when we find them and the amount of money that we get back from suppliers when it is their responsibility. I'm not going to anticipate at this point any major continued increase in our warranty costs. I think we're aiming to try and get them capped and then to bring them slowly down. Yeah. Thank you. Is that the end of that question section? That's right. Thanks, Richard. Again, sticking with you. I know we don't normally talk short of immediate quarters, but given all the chaos that's happening, first quarter, how should we see the first quarter? This is from Kapil Singh Naburu. I mentioned working capital. That will definitely sweep back in Q1, so a lot by an immaterial amount. In terms of volumes, we pushed really hard in Q4, to make sure that we met our commitments to you and everybody else that we were getting the cash out of EBIT. Q1, probably will not be as strong. We did also, as I have mentioned, deliberately push more vehicles through the import structure in the U.S. to get them to the dealers before any tariff effects came in. That was a bit of an acceleration from sales that we would normally have done this quarter into Q4, last year. It certainly will not be as strong in terms of sales as we did last quarter. Thank you. Also, when will legacy Jaguar wholesales drop to zero? Good question. We have already ceased production of the Jaguar XE and XF and F-Pace, sorry, F-Type, in Castle Bromwich. That was in May 2024. In December 2024, we ceased production of the I-Pace and the E-Pace, in Graz, which means we're also going to cease the production of the Jaguars, in China, that I mentioned before on September 2025. That will mean the last Jaguar, that's getting produced is the F-Pace, that is produced for our solid old plants in the U.K. That will go through the end of this year. That will be the last Jaguar vehicle, that is offered for sale before we take Jaguar, out completely and launch the four-door GT, based off 500, which we showed earlier on. Thanks, Richard. I mean, a few questions on terms of why other expenses have dropped so much this quarter. Were there any one-offs in that? As well as the depreciation line is continuing to trend down. This is from Gunjan. How should we see this again? Other expenses, dropped quarter on quarter, it is largely warranty. Warranty, is also one of the reasons why other expenses year over year are significantly up. There is a bit of a timing effect as to warranty accruals, for certain one-off campaigns. Sorry, the questions have just disappeared. Yeah. We have covered that. Perfect. Let me move to, again, staying with you. I think Jay Kare, has asked this question why, yes, we will update you in terms of EBIT, guidance in the investor day. What are the developments you are watching for? How are you looking into this whole space in preparation for the investor day? Can you just give us a bit of color on that? Yes. You have covered some of the points there. One is, what is the implementation date of the deal with the U.K.? Will there be a EU-U.S. trade deal? If so, what form and shape and dates will it take? We are already six weeks into, in fact, coming up to seven weeks into FY 2026 for us. Getting some of these issues sorted is going to be really important for us to make sure that we understand where the full year position is. Yeah. Also, again, from Kapil, in terms of emissions, will the delay in emission targets be positive for JLR overall, or will you need to step up investments in ICE platforms? We are going to extend the availability of ICE solutions, versus our previous plans simply because consumer demand for those vehicles is there. Ultimately, this whole thing has to be driven by consumer demand. Governments cannot regulate you to do it, certainly in democracies. We will meet the consumer demands. There is a large number of people in many different regions in the world that are desperate for BEVs. We will give them BEVs. There are some markets, for example, the Middle East, which will want ICE vehicles, for quite some time in the future. That is the market that we are going into. It is no longer one car or one powertrain for the world. There are different sectors of the market globally that will require different solutions. We have to adjust to give those customers in those segments the solutions that they want. Yes, we are going to invest more in keeping our ICE powertrains going. We are also investing really significant money in making sure that our BEV vehicles, get launched and are covered off Range Rover BEV, and Jaguar BEV already. Yeah. Thanks. I'll probably come to you, Girish, because the rest are covered and the question from Raghavendra Goyalambit. Shailesh, has already talked about the PV margins. Can you talk about your drivers for margin improvement in seeing positive and negative, both sides? O kay. Let me talk about the headwinds first. The headwinds, I think commodity is after two years, we see some headwind on commodity. This is coming from steel safeguarding duty. There is likelihood of some increase in copper. Precious metals is something that we keep a watch on. Therefore, some minor headwinds, I would say, in commodity. AC regulation also, we spoke. What is the kind of cost impact which will be there only in trucks? Lastly, I think employee cost, a similar kind of impact that we have seen in FY 2025. These are the headwinds. On tailwinds or positives, I think we will continue to work on cost reduction. We have been able to get a good cost reduction delivery over the last two years. Our aim is to continue with that. Net net, I think we are targeting to have cost reduction, which is going to be more than the increases that we will see during the year. That is where we are. Finally, I would also like to say that we will continue to increase the value being delivered to the customers, whether it is through product improvements, product enhancements, and also a large service portfolio that we now have, including our digital services. With this, we will continue to deliver better value to the customers, which will also help us to improve the realization. Thanks, Girish. Kapil Singh on CapEx, plan, can you give us a plan for FY 2026? Probably broadly in line with what was there this year. Data out of about $3.8 billion, this year. It will be broadly in that zone. PV, CV together, we did about INR 8,400 crore. That also will be broadly in that zone. As we had clarified earlier, all of this will be funded by operating cash flows. The next one is from Dhiman. I will probably give it to you. PV, PLI, has seen a sharp increase in fourth quarter. Anything to do with prior year, prior quarter volumes? What is the sustainable run rate for this? It has largely been flat. In Q3, the PLI accrual, was about INR 180 crore. 100 crores of that was pertaining to FY 2024. And INR 80 crores, was pertaining to the first nine months for two products. This quarter, the PLI, versus last year was flat. Last quarter was flat. It is about INR 170 crores. I am not sure whether we are doing a right comparison on this number. This quarter, out of this, about INR 30-40 crores, was pertaining to Punch, pertaining to last quarter. For the full quarter, it was about INR 120-130. We should see that run rate continue for the subsequent quarters. We will have Nexon TCA certified, also in Q2, when it is going to see a jump. Eterna, probably in Q3. It is going to ramp up through the year. Got it. Ashish, in case you need further clarification, do reach out to the IR team. They will be happy to clarify. Richard is probably coming to you. This is from Nishit Jalan. What do you mean by protect EBIT? Does this mean that despite tariff impact, we are looking to protect absolute EBIT, through price increases and cost reduction efforts? My immediate response is, Nishit, just hold your fire till June 16. But Richard, feel free to add anything on top of it. No, no. That's fair. I've mentioned beforehand, as it stands today, we have a 1,000%, increase in our tariffs from Slovakia, through to the U.S. And assuming the government deal was immediate, when it says immediate, we still have a 300%, increase in our tariffs from the U.K. to the U.S. We do have to protect our bottom line delivery. That's exactly what we mean there. Got it. I think with this, we are coming to the end of all the rest of the questions. There's a lot of repetition that we see in that. We believe we've covered all the key angles that are there. If there's any critical question that we believe we have missed, feel free to reach out to the investor relations team. Once again, thanks all of you for your patient listening and, of course, your probing questions. We are wanting to end this session by confirming that it's been a solid delivery this year. The fundamentals are in a very good place in all the businesses. As the actions start kicking in this year, be it product launches, be it on the cost-effective measures that are there, as well as what we have delivered last year, I think we're quite confident that now the external situation, despite it being challenging, we believe we have what it takes to actually navigate this well. Thank you for all that. I look forward to speaking to you soon in the investor days, both here and in Girim. See you there. Thanks to the team, both at JLR, and here in the room. Thank you, guys. Good night and see you soon. Bye-bye. Thank you.