Ladies and gentlemen, good day and welcome to the Gabriel India Ltd Q1 FY 2026 earnings conference call. This conference call may contain forward-looking statements about the company which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Mr. Atul Jaggi, Managing Director from Gabriel India Ltd. Thank you, and over to you, sir. Yeah, thank you. Good morning, everyone, and a very warm welcome to all of you present on the call. Joining me today, we have Mr. Mahendra Goyal, CEO of ANAND Group, Mr. Mohit Srivastava, our CFO, Nilesh Jain, our Company Secretary, and SGA, our Investor Relations Advisor. We have uploaded our results and investor presentation for the quarter ended 30th of June 2025 on the stock exchanges and on the company's website. Hope you all had a chance to go through the same. As you all know, we recently announced a significant milestone in Gabriel India's growth trajectory. The board has approved a composite scheme of arrangement ushering in a new chapter in our strategic evolution. This move goes beyond restructuring. It is a transformative step aligned with ANAND Group's broader vision to integrate capabilities, scale up operations, and establish Gabriel as a central pillar of its automotive component business. Our ambition is to transition from a suspension-centric company to a diversified and innovation-driven mobility solution provider. As part of this effort, we have recently identified four entities: Anchemco, Dana ANAND, Henkel ANAND, and ANAND CY Myutec for potential acquisition under this scheme. This initiative builds on the momentum set in 2023 through our strategic partnership within Inalfa Roof Systems. This proposed arrangement will further diversify our product offerings, reduce dependence on a single category, strengthen our technology collaborations, and enhance our presence across both OEMs and the aftermarket segment. Continuing this diversification strategy, Gabriel India is also entering into a joint venture with Jinhap, an affiliate of Jinos, a South Korea-based company. The JV will operate under Jinhap Automotive India Private Limited, with Gabriel holding a 51% stake and Jinos 49% stake. The JV will focus on design, development, manufacturing, and distribution of fasteners for automotive and industrial use. In addition, JAIPL will enter into a technology license agreement with Jinos Corporation Limited, a leading specialty fastener manufacturer and affiliate of Jinos, granting access to proprietary technology and technical expertise essential for producing a broad range of fasteners. Now, let me provide a brief overview of the company's operations and key highlights in the automobile industry. In Q1 FY 2026, our standalone operating revenue grew by 14% year-on-year, reaching INR 985 crores, supported by strong performance in all our segments, with two- and three-wheelers growing by 12%, passenger vehicle growing by 11%, and CV plus railway division and aftermarket combined growing by 29% year-on-year. EBITDA grew by 16% YoY, reaching INR 91 crores, with margins improving from 9% to 9.2%. We achieved EBITDA margin of 9.9% in our consolidated business compared to 9.6% in Q1 FY25. This improvement was primarily driven by strong performance from Gabriel's standalone and in Inalfa. In the quarter gone by, IGSS reported revenue from operations of INR 114 crores and EBITDA margin of 14.4%. To reiterate, we will double our sunroof capacity by the second half of CY25 to meet the growing demand. On a consolidated basis, our quarterly revenues stood at INR 1,098 crores, showcasing a strong growth of 16% on YoY basis. EBITDA for the quarter stood at INR 108 crores, reflecting a strong growth of 19% on a YoY basis, with EBITDA margin standing at 9.9%. PAT stood at INR 62 crores, marking 8% YoY growth. Now, coming to a brief on the industry, two-wheeler and three-wheeler saw a flattish quarter, reaching 6.1 million units. This reflects a combination of OEM-led inventory correction and subdued demand for the entry-level fuel-efficient commuter bikes, which still continues to be the major part of the volume. The scooters were up by 6%, and motorcycles overall were down by -1%. Coming to the passenger vehicles, the segment delivered a modest 1% YoY growth, reaching 1.2 million units during the quarter. This performance was primarily constrained by a limited pipeline of new launches. The entry-level models remained under pressure, impacting the car sales by -6%. SUV continued the growth trajectory with a 9% uptrend. Coming to the commercial vehicle, the segment posted a mixed performance, while the total sales reached INR 2.4 lakh units, reflecting 1% YoY growth. While M&H CV segment was up by 9%, LCV, which is a major chunk of the segment, was down by 1%. The bus segment remained stable, driven by consistent demand for school and staff transport. On the EV side, especially in the two-wheelers, we saw a good 30% jump as compared to the Q1 last year. With the near-term outlook remains cautious, a sustained recovery will hinge on the rural demand revival, fuel price stability, and overall economic conditions. Notably, the RBI's cumulative 100 basis point repo rate cut over the last six months in anticipation to gradually ease borrowing costs potentially may improve the vehicle affordability and strengthen customer sentiments over time. On this note, I come to an end of my opening remarks. I now request the moderator to begin the question and answer session. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Jay Kale from Elara Securities. Please go ahead. Yeah, good morning and thanks for taking my question. So my first question is regarding your existing business. We had spoken of trying to get a lot of new orders or new customers and likelihood of gaining market share in two-wheeler suspension. So I just wanted to check where are we in that trajectory in terms of approvals, in terms of incremental growth over the industry? And a similar question on the sunroof business as well. While you all have spoken of Hyundai Kia as customers, but where are we in the discussions of getting orders from the other players as well? Thank you, Jay. The first part of the question is related to two-wheeler. Now, definitely, as you have seen, the growth that we had in the first quarter was 12% against the market, which was relatively flat. Now, there are two aspects to this. One is the new models, new model launches, and second aspect is where the customers where we are predominantly present, like TVS, Suzuki, Honda. These customers have shown far better growth than the overall industry growth. While you know that Hero was significantly down this quarter, whereas the TVS and Honda and Suzuki have been continuously growing. That is definitely helping our cause. The transition into a few multiple models in terms of the premiumization, the inverted front forks also help in better price realization with the market because the upside-down front fork production has been continuously increasing quarter on quarter as compared to last year. If I compare with the first quarter, the numbers were around 2,000, 3,000 a month, which has now gone up to 15,000, give and take a month. So that also is helping the overall two-wheeler story. Now, coming to sunroof, with the other customers, beyond Hyundai and Kia, right now, again, the status remains the same. We are in the discussion stages. We have received the RFQs. We are responding to the RFQs there, but we don't still have a firm LOI from any domestic or any other customer beyond Hyundai and Kia. While with Hyundai and Kia, the journey continues, but till now, we don't have a formal LOI from this customers. Just in continuation to that, this capacity increase of 200,000-400,000 does kind of factor in some bit of orders extra Hyundai Kia as well, right, to utilize those? Or these can be largely met by a ramp-up of Hyundai, Kia as well? No. So the second-line utilization also considers the other customers. Okay. So it is not only 100% Hyundai, Kia, but the some capacity consideration is there for customers and order models beyond what we have today. Understood. And just one more, the fasteners, JV that you've recently announced, if you could just help us some flavor on where are we in terms of orders over there, key customers, and how do you see that ramp-up going forward? What should be your initial revenue run rate, maybe in the first or second year? You are talking of the Korean JV? The question is? Yeah, yeah, the Korean JV for fasteners. Currently, on that, we have to construct a sort of plant there. We are at that stage where we will start the construction of the plant. In terms of in the first phase, again, it will start with the localization of the products which are being imported. The total import would be to the tune of around, say, INR 100-120 crores, which will be in the first phase. Then parallelly, while we are doing this, we will continue the engagement with the other customers beyond the anchor customers to sort of start filling up the order books. Let's say you would like to add something on this. Okay. And just one last question. Your margin trajectory, I mean, it has been impressive and trending towards 10%. But you had mentioned that this 8%-10% journey. May we request you to return to the question queue as there are several participants waiting for the questions? Sure. Sure. Sure. Will do. Okay. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. Should you have a follow-up question, we would request you to rejoin the queue. Thank you. The next question comes from the line of Mumuksh Mandlesha from ANAND Rathi Institutional Equities. Please go ahead. Yeah. Thank you so much for the opportunity and congrats on the healthy results. So just personally, on the results side, what was this MMS, the Chakan 2 plant revenue and profits for the Q1? How that business is doing, sir? And in the suspension side, we saw very good on CV railway segment growth. Can you just explain what led to the strong growth there? And on the sunroof side, can you also share the PAT margin for this quarter, sir? Sorry, on the sunroof, I could not understand. Oh, sorry. The PAT margin. You have shared the EBITDA margin. Can you also share the PAT margin for the sunroof business for this quarter? Okay. So yeah, the first question, Mumuksh, thanks. Thanks a lot. The first question is on the MMS. See, as I mentioned earlier, also, we are expecting around the MMS contributing around 4% to the total top line of the Gabriel standalone. Now, in the first quarter, we booked around INR 30-odd crores of sale. We are looking at a better second quarter. But overall, the projections remain what I had mentioned in the past also, INR 150-odd crores, which will be close to 4% addition into that. In terms of the profitability, again, as you know, again, plant to plant, it has now become another plant of Gabriel. So plant to plant, we generally don't share the profitability. But yes, we know there are certain challenges in the MMS business. We are working on two aspects of it. One is to reduce the losses by sort of optimizing the cost part of it. And secondly, we are also looking at how do we sort of improve the order book, which will take definitely some time because it cannot happen in one day, so I will not be able to share the exact plant-by-plant profitability of this, but what we are anticipating from that business, that part of the business is being positive in Q4 and PBT positive. PAT margin would be around 5.5%. Got it. And so on the sunroof side, sir, any further new orders won, sir, or the last update remains the same? And for this upcoming Hyundai VC4 order, what kind of utilization level for this new plant we see with this order, which is going next year, sir? So for the new plant, I believe you are talking of the Talegaon plant. We are in discussion with the customer. The final decision is expected to happen in the coming weeks. So we will come to know about that. But yes, we are in advanced stage of discussions post the quotations that have been submitted. But we will come to know in a few weeks' time once the decision is done by Hyundai on the acquisition. Got it, sir. Now, regarding group acquisitions, any guidance you want to share? How do you see the growth for each of these businesses over the medium term? And any data available, what could be the PV, CV revenue mix, ICE revenue mix for these companies, sir? See, on the fastener business, what we have shared is we are looking at, obviously, this year we will be starting the plant construction and then the operations of the plant. We are looking at INR 180-200 crores of revenue coming by 2030 is what we had projected. And with a double-digit EBITDA is what we had already shared. The business primarily would contribute will be coming from the passenger car side. Yeah, please. Yeah. So I think this business is with the concept of Make in India, and of course, all of us know that there are many players in India, but there are certain parts which are being imported by customers, actually, and it's a customer-driven program where we will have opportunity to localize parts for customers that help Make in India, basically, overall. Got it, sir. And just lastly, sir, can you update on the CapEx side for this year? Because I think first quarter has seen a larger number for the suspension. Or can you just share the CapEx outlook for FY 2026 for suspension sunroof business, sir? So, just to again clarify, Mumuksh, the first quarter where we see CapEx, that also includes the MMS acquisition part, which is around INR 40 crores have been contributed there. The rest has been the regular CapEx or extension CapEx. And for the year on the suspension business, we are looking at INR 150 crores of CapEx. And IGSS, we are anticipating around INR 50 crores, but that would all depend upon the acquisition and the Pune location. So that number may still change. But we are looking at INR 150 crores on the suspension side. Got it, sir. Thank you so much for the opportunity. Thank you, Mumuksh. Thank you. Ladies and gentlemen, please limit your questions to one per participant. Should you have a follow-up question, we will request you to rejoin the queue. The next question comes from the line of Aditya Khetan from SMIFS Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity. So first question is onto the front fork production. Sir, you had mentioned these have ramped up to around 15,000 a month from earlier, so 3,000 a month. Sir, this has been particularly from which quarter, if you can highlight? Because if we look at the margin trajectory compared to last quarter, it has been on the lower side only. So just wanted to know this change has been from which quarter, and has that flown to the bottom line? So there are two aspects. Thank you, Aditya. There are two aspects to the question. One is the numbers that I mentioned were against for Q1 this year with respect to the quarter one last year. Okay. So especially on the inverted front forks were the number. Secondly, on the margins, yes, while definitely the margins from all the ramp-up and the new products have flown in, the certain challenge on the MMS also has sort of been there for the first quarter, which we have already discussed in the past also, for which we are working on. And that is what I said in the previous question, that we are anticipating that part of the business turning out to be positive by the end of the year, quarter four. Got it, sir. Sir, onto the Chakan 2 plant, which we have stated that the plant has been completed, just want to know, sir, what was the CapEx figure and what is the incremental revenue we are expecting from this plant? I just mentioned this. We are looking at around INR 150-odd crores as an incremental business coming in for this year. Got it. Got it. Okay, and sir, onto the sunroof side. CapEx have already been earlier shared. They are all in the public domain, so. Got it. Got it. Sir, onto the sunroof side, sir, just wanted to clarify. The CapEx for H2 is around INR 70-80 crores. See, for the sunroof, one of the key because we have already invested in the second line. Now, the next CapEx would be coming primarily from a next plant coming in what we have been discussing. Now, that will depend upon primarily the decision that happens on the business acquisition for the Talegaon plant of Hyundai and other customer RFQs that we are addressing. So once that happens, then the CapEx will come into the play for the second plant. Got it. Thank you, sir. Thank you, Aditya. Thank you. The next question comes from the line of Param Vora from Trinetra Asset Managers. Please go ahead. Hello. Good morning. And thank you for taking my question. So what I wanted to ask was that the company is already making sales to the railways. So can we see any growth expectations regarding financial year 2026 and financial year 2027? On the railways, is the question? Yeah, yeah. So definitely, again, railway, it is always linked with the number of bogies and the number of coaches that the government is planning for the new trains. We are present across all the product segments, including the Vande Bharat and Train 18 and the Locos. So definitely, there's a lot of thrust from the government on improving the railway connectivity. So we will see a growth. Now, how much, what is the number of coaches that they are planning for 2027, we will have to wait and watch. But we are anticipating a reasonable growth coming this year also and the next year also. Okay. And next question is that while the domestic dominance is a key driver, are there any plans to elevate company's global presence and increase the share of export revenues? So there are definite plans to improve the exports, not only in the shock absorber part where we are in discussion with some of the customers. We are also looking at improving the exports through two product subsegments, I would say. One is the solar dampers, and second is the e-bikes, which are primarily for the European market. The solar damper is, again, a global product that is being done. We have already won a couple of orders for the exports, where I'm expecting the production to start in the quarter one next year for the exports, while the solar damper production will start this year, but in this quarter rather. But it will be first for the domestic market, and then it will be for the export market. Similarly, on the bike part, we are expecting the production to start by the end of the year or Q4 2025, 2026, which will definitely add on to the export in addition to what we are in discussion with some couple of customers on the shock absorber side, the automotive shock absorber side. Okay. Thank you. I'll go back in the queue. Yeah. Thank you. The next question comes from the line of Abhishek Kumar Jain from Alf Accurate. Please go ahead. Thanks for the opportunity, sir. Sir, in this quarter, we have seen that employee cost and other expenditure is high. Is it because of the integration of your numbers of the MMS, or is there any one-offs in this quarter? Yeah, thanks, Abhishek. There are two aspects to it. One is the integration cost of MMS has also been factored in, and some part of the project rise cost also has been factored in. The restructuring cost has been factored in for the activities that we have completed till now. Both have been factored in. Okay. So there's no one-offs apart from the integration? Yeah, these are all sort of costs that we have incurred, obviously, for all the growth activities that we are doing. There is no abnormal expenses that we have booked into beyond this. Okay. And as you are targeting around INR 150 crores revenue from the MMS in FY 2026, so what is your expected EBITDA on this INR 150 crores revenue? See, exactly, I will not be able to share. As I said, it is a plant. It is a separate one, one of the plants of Gabriel, so we will not be able to share the expected EBITDA. The only thing that, as I shared, was we are looking at it being PBT positive by quarter four of this year. Okay. Thank you, sir. That's all from me. But again, just to clarify, it will have a lesser EBITDA than the standalone business. Okay. Thank you. Thank you. The next question comes from the line of Pritesh from Lucky Trading. Please go ahead. Yeah, sir, just one question. Now, considering the consolidation of your group entities and addition of a number of product lines, if you have to call out the revenue growth rate combined entity, what should be the range of the revenue growth rate that you would look at considering these addition of product line and the product expansions, capacity expansions that you are doing for 2026 and 2027? Any ballpark revenue growth you want to give out? I think from the consolidation point of view, of course, there will be something will be totally consolidated from the sales point of view, and some of them will be not part of the sales. But if we have to do the consolidation of whatever is as per the accounting standards, so I think we will have almost 20%-25% jump in the sales of Gabriel, which is the size of two businesses which we have already shared on the investor portfolio when we have presented or also reflected company-wide result. Those were available on those sites also, basically. But this is what we expect, around 20% jump in the Gabriel sales in addition to the Gabriel's normal growth. Okay. This is in addition to Gabriel's normal growth? Yes. Okay. Now, on that basis, if you have to look at your expansions, what kind of top-line growth we should look at a year from now, let's say, in FY 2027? No, sorry, you will have to repeat the question. I think Mr. Goyal already answered. I said on that basis of FY 2026, which we called out based on 20% addition to Gabriel's growth rate of FY 2026, there's a revised base for FY 2027, for FY 2026, which has all the companies put together and all the businesses put together which are announced as of now. What kind of growth we should look at 12 months from now based on whatever expansions that we have taken up? So FY 2026, we should not be able to consolidate, actually. It may take time from the regulatory approval point of view. So this will be the way it is, Gabriel, today. I think in FY 2027, which will be the following year from FY 2026, I have already answered the growth, which is we are expecting around 20% growth from the consolidation and normal growth of Gabriel also. Okay. My last question is, other than this, what size of business still stays out of the Gabriel listed as a group? How much business still stays out of Gabriel listed? That one, I think I already we covered it last time also when we have an investor call, but I think it's still to answer. We are fairly covered by 40% of the total group size with this consolidation exercise which we did, and the rest remains with the ANAND Group, actually. Okay. Okay. Thank you, sir. Thank you. The next question comes from the line of Jay Kale from Elara Securities. Please go ahead. Yeah. Thanks for taking my question again. Just in continuation to my earlier question, about the margin side, we had a target of 8%-10% for the standalone business, ex of any of these acquisitions being done. Where are we in that? Of course, we've traversed half of it. Any updated targets that you'd like to share, whether those targets will be met in the next one or two years, and how are we looking at margins from here for the core business? So I think, as we have been discussing, we are looking at the standalone core business as a double-digit EBITDA. The continuous progress is there over the past maybe two to three years. I think we have been improving the profitability in a very stable, in a very systematic manner. As I mentioned, that we don't want to do anything which is ad hoc by just cutting down some cost or something because we are also a growing organization. We need to factor in a lot of other aspects of the business to make sure that the business remains healthy. Our Core 90 program has been a great support in this journey, and we continue to deliver. So the effort towards double-digit EBITDA remains there. And as we have already mentioned, that we are looking at next few quarters, I think, crossing that number. Understood. Great. That's good to hear. Just one more question, sir, from your group entities getting integrated. Now, of course, one is the financial impact. But from a business standpoint, where are you more excited about in terms of synergies? Is it that you will get more access to the global markets because of the group entities' exposure to the global markets? So any cross-selling of products of the existing entity that is possible, or any cost structure benefits that are possible? Where is the management most excited about leveraging the strength of these group companies going forward? See, again, these are all, I would say, the four entities that I think we spoke about earlier. They are all sort of in different parts of business. They are all in different kinds of business. There will be different synergies with them, like the, say, the forging business that we discussed. Now, definitely, we see a lot of opportunities looking at our strength in tubular. Their aluminum forging is something where the market demand is very high. There are not too many players, or rather, I would say, good players in the market today. People are looking at various alloys for light weighting, and we see a fantastic opportunity there for growth. On the other business, similarly, on the [Cisco] and Anchemco business, the network that Gabriel has today in terms of our aftermarket presence and the brand that we have, we can leverage that brand. We can leverage the network, and we can definitely, in addition to the OE relationships, we can grow it in the aftermarket significantly. Correct. With the other two, it is primarily, I think, it is more global relationships. It is more technology coming in. It is more so we will have to, over a period of time, see and build more synergies there. So some of them are, I would say, immediate short-term. Some of them, we are looking at more medium to long-term. Great. And just one last clarification on how do you see this PN3 approval for the sunroof business? Where are we in that? Of course, it's been rejected once, but you had mentioned that there is still effort going on. Any timeline whether what eventually it will be? It will be 100%, 49%, 51%, 60%, anything on that? Any clarity on that? See, as you know, that the government of India is not permitting anything right now. I think all what we expect that the original understanding was that the Gabriel should be the minority. That is the original plan, which was even finalized and everything, but we see that that is not happening, and we foresee that when we look at the Indian government conditions. I think it's still the approval should only happen for minority shareholding for the Inalfa globally, actually. Otherwise, PN3 application will not be approved. Okay. So fair to assume that it will be a majority. How much of majority for Gabriel? Still not known, but most likely it should be a majority for Gabriel eventually. So those discussions are going on. It will depend upon two factors. One is the approval, again, and the second is obviously the discussions with the partners. So once we file for it, we will definitely be able to share more details on that. Sure. Great. Thanks. Thanks, and all the best. Thank you. Thank you so much. Thank you. The next question comes from the line of Mitul Shah from DAM Capital. Please go ahead. Thank you for the opportunity, sir. I have one question on your sunroof business. As we got decent traction in the last one and a half years, but, excuse me. Still, we are catering to Hyundai Kia Group only. And as you also mentioned in your initial remark, that other OEM-related discussion is going on, but nothing concrete. So what would be the competitive landscape after considering other few players also entering in the same business with the global tie-ups and all these are global technologically superior companies? So what would be our advantage over others? And how do you see the situation and our market share ambition in the next two, three years? Yeah. So as you rightly mentioned, I think when we started or when we had the agreement with Inalfa to manufacture the sunroofs, the competitive landscape was very different. Post that, today, the competitive landscape has dramatically changed with, I think, almost every global player having some tie-up in India. And many of them have their own parent association globally with different customers. So that also has to be sort of factored in. And this is a product which takes time for the OEM also because, obviously, there's a long development time. There's also a long development cost that is engaged there. So it is unlike some of the other components where every model, every platform, this component keeps changing. The process here is a little longish. So considering all this, I think we are quite optimistic about the growth beyond the anchor customers. But we have, again, I would say we are also fortunate to have two good anchor customers where we see a good growth part. But hopefully, I think in a quarter or maybe two quarters, we will definitely see some outcome coming in. The market will remain more distributed. Yeah. In terms of share of business, while it is today difficult to foresee how it pans out with different customers, but it will be quite distributed market the way it is seen. So, based on this, any minor changes in the strategy or possible slower ramp-up going ahead, considering wait and watch situation initially, and then we'll ramp up at a later stage or something like that on the slower CapEx or anything? So the only point is because all the investments that we had planned for the Chennai plant, we have already done. So the CapEx has already been executed there. Some of the businesses are there. Some of the businesses are in anticipation. Now, the only point here is on the second plant. This is a product which cannot be comfortably and easily transported. So you need to be closer to the customer just because of the sheer size of the product and the logistics cost, and secondly, the criticality in terms of aesthetics and handling. So this is what happens on the certain platforms that we are discussing both with Hyundai as well as the other customers. The only slowdown that may be possible, again, it all depends upon the decision that happens. If the decision goes in our favor, we may have to actually expedite the whole thing. If, unfortunately, the decision is not in our favor, then we will have to sort of wait and watch on the future investment for the time being. But whatever has to be done in Chennai is already implemented. Thanks, and all the best, sir. Thank you. Thank you. Thank you. Before we take the next question, we would like to remind participants you may press star and one to ask a question. The next question comes from the line of Shubham Sehgal from SiMPL. Please go ahead. Hello. Yes, we can hear you. Yeah. So my question was on the new JV just that. So you mentioned that our main reason to get into the JV was customer-driven itself. But I wanted to ask, so will this be only a local play or a global play? And also, the JV partner, what are their key strengths and their position in both fasteners and precision forged products globally? Yeah. I think this is, as we said, this joint venture we started now, and the primary purpose is to make it easier for most of the customers. And, of course, we will be looking at global opportunities. That is definitely part of the game, actually. That is not factored in our business plan, but that is something which we will be exploring with the partner, as we have done in other businesses. And similarly, this will also include the precision forging parts as part of the business plan. I wanted to ask, what are the key strengths and positions of our JV partner in the fasteners and precision forged products globally? Position there for the JV partner in Chennai? You are saying, what is the global presence of the JV partner? The positioning of our JV partner, yes. Yeah. I think the JV partner is primarily focusing in Korea, and that is what the plan is, actually, overall. So there are many players in this segment, and the category of fasteners differs in many varieties. In a nutshell, around, I would say, $500 million partner, actually, basically. What would be the key strengths of our partner? Again, as Mr. Goyal mentioned, the key strength is on two aspects. One is the specialized fasteners, specialized coatings. There are fasteners which are needed with very special coatings for specific applications, and obviously, the precision forging. So these are the two areas where this company works. The top line you have already mentioned, around $500 million, is the scale of operations for them. Okay. In addition, we have a presence in the U.S. market. Okay. All right. The next question was, so on the merger of the group companies, could you just let us know what would be the share of aftermarket for each of the JVs? And also, what kind of synergies are we seeing? See, on the synergies, I just answered this question. So we are seeing some short-term, mid-term synergies with two of the entities. We are seeing some long-term synergies on technology on the global market with the other two, which is Dana and Henkel. And aftermarket presence, again, it is very sort of different across all the entities. The percentage. It differs from the product portfolio point of view, from the segment point of view, two-wheeler, three-wheeler, four-wheeler. Not only there is the commercial segment when we talk about the four-wheeler, but if I understand your question precisely, Henkel doesn't do much of the aftermarket. But from the Dana point of view, we have almost, I would say, around 25% of the market share in the aftermarket. And similarly, on the synchronizer ring side, there is not much of the aftermarket, this segment. But similarly, on the other side, the Anc hemco-related business, it's a very, very vast market, actually, from the different point of view, like it's a DEF, it is coolant, it is brake fluids, so there are different products. So I think it's very difficult to calculate the market size as this market is also evolving, basically. Okay. Thank you. Thank you. The next question comes from the line of Aditya from Securities Investment Management. Please go ahead. Thanks for the opportunity. Hello. Mr. Aditya, we are unable to hear you. Hello. Am I audible now? Yes. Yeah. Now it is clear, Aditya. Yeah. So, sir, what would be the CapEx for the fastener plant which we are building? So the overall CapEx is, I think, we intend to have almost incurring in the project implementation around INR 60-70 crore altogether. That is for the entire project. Partly, it will be contributed through equity. Partly, it will be contributed through the term loans, basically. Understood. When will this plan start commercialization? I think it should take a year from now. Understood. Sir, you mentioned that you are looking at INR 180-200 crores in this business by financial year 2030. Sir, I just wanted to understand, what would be the total market for these imported kind of fasteners in India? Okay. Let me try to give you this. Import market should be, in my view, around INR 1,500 crore. Understood. Understood. So, sir, thanks for the opportunity. I'll come back in a few. Thank you, Aditya. Thank you. The next question comes from the line of Soham from RV Investments. Please go ahead. Thank you, sir. I'm audible? Sir, your voice is very low. Am I audible now? Yes, sir. Sir, what was the revenue in sunroof segment this quarter? INR 114 crores. Sir, at what margin it was? Like EBITDA margins? 14.4%. 14.4%, I think. Yeah. What are we expecting for FY 2026? Like around INR 400 crore? See, again, we will not be able to share the projections for the future quarters per se. The EBITDA margin, as we have already mentioned, we have been having this kind of a margin for quite some time. We have always maintained that the competition is increasing. In the long run, we are expecting it to stabilize around anywhere, while the effort will be to have a better margin. But we are looking at a long-term 12%-13% EBITDA stabilizing there. There have been some challenges in the first quarter with one of the models of Kia not performing the new launch, the Syros not performing up. March, practically June was almost nil production. So that has impacted the top line a little bit. We are not very hopeful even for the second quarter, but the projections after that have been sort of at least positive from Kia. So that would impact some of the top line growth as compared to our earlier projections. Okay, sir. And on the Gabriel Standalone side, what volume increase we should expect for FY 2026 compared to the? See, as I said, we will not be. The first quarter has been good. We have outperformed the market significantly in all the segments. We just gave you a brief on that. For the full-year revenue projections, we will not be able to share any forward-looking guidance, please. Thank you. Thank you. Thank you. The next question comes from the line of Vishnu Selvam from UTI AMC. Please go ahead. Hello, sir. Thank you for the presentation and congratulations on a good set of results. I just wanted to get some clarity on the utilization levels for the second line once it becomes operational into FY25. What kind of utilization levels are you looking at for the sunroof post-operation? On the second line, we would be looking at next year. We would be looking at around maybe 50% utilization. Is my estimate. We will have to sort of map the numbers. Just a second. Yeah. I think we are looking at around 40%-50% utilization on the current capacity for the next year. Okay. Thank you so much. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Thank you, and over to you, sir. Yeah. Thank you. So I take this opportunity to thank everyone for joining the call. I hope we have been able to address all your queries. For any further information, please get in touch with any of us or SGA or our investor relations advisor. Thank you so much for joining the call. Thank you. Thank you. On behalf of Gabriel India Ltd, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.