Ladies and gentlemen, today I welcome to Gabriel India Limited Q2 FY 2026 earnings conference call. This conference call may contain forward-looking statements about the company that are based on the beliefs, opinions, and expectations of the company as of 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 the conference call, please signal an operator by pressing star and zero on your touchscreen phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Atul Jaggi, Managing Director from Gabriel India Limited. Thank you, and over to you, sir. Yes, thank you. Thank you so much. Good morning, everyone. Warm welcome to everybody present on the call. Joining me today, we have Mr. Goyal, the Group CEO, Mohit, o ur CFO, Mr. Nilesh Jain, our Company Secretary, and SGA, our Investor Relations Advisor. We have uploaded our results and investor presentation for the quarter ended 30th September 2025 on the stock exchange and on the company's website. I hope each one of you had a chance to go through the same. The company entered into a joint venture with SK Enmove Co., Ltd., a leading Korean corporation, to undertake the business of engineering, manufacturing, and marketing of a comprehensive range of automotive and industrial lubricants, including engine oils, e-fluids, shock absorber oils, greases, and thermal management fluids. With Gabriel India holding a 49% stake in the new joint venture, this partnership marks a strategic step towards expanding our presence into newer product segments that complement our core business and support the evolving need of sustainable mobility. This joint venture is in line with our ambition to transition from a suspension-centric company to a diversified and innovation-driven mobility solution provider. Additionally, I would like to share an update on the revised joint venture agreement between Gabriel India and Inalfa Roof Systems. The earlier proposal, which had a shareholding of 49% by Gabriel India Limited and 51% by Inalfa, was subject to PN3 approval. However, the application for PN3 approval filed by Inalfa was rejected by the Ministry of Heavy Industries, Government of India, in the year 2024. Following this, both parties have agreed to revise the proposed shareholding structure to 65% by Gabriel India and 35% by Inalfa, subject to fresh PN3 approval. A revised joint venture agreement reflecting this structure will be installed in due course, and its execution and implementation will proceed only after obtaining the necessary regulatory approval. Now, let me start with providing a brief overview of the company's operation and key highlights in the automotive industry. In quarter two FY 2026, our standalone operating revenue grew by 15.4% year-on-year, reaching INR 2,066 crore, supported by higher volume and strong sales performance in all our segments, with the two- and three-wheelers growing by 15%, passenger vehicle segment growing by 13%, and commercial vehicle and railway division growing by 35% year-on-year. EBITDA grew by 19%, YoY reaching INR 96 crore, with margin improving from 8.7% to 9%. This improvement in margins is attributable to higher volumes and the continued impact of our Operational Excellence Initiative under the CORE 90 program. In the quarter gone by, Inalfa Gabriel Sunroof Systems Private Limited reported revenues from operations of INR 114 crore and EBITDA margins at 16.5%. The Sunroof business continues to experience strong demand fueled by rising volumes and new vehicle launches. On a consolidated basis, our quarterly revenue stood at INR 1,180 crore, showcasing a growth of 15% on a YoY basis, and for the half-year, revenue stood at INR 279 crore, reflecting a growth of 15.5% as compared to H1 FY 2025. EBITDA for the quarter stood at INR 116 crore, reflecting growth of 18% on a YoY basis, with margins standing at 9.8%, and for the H1 FY 2026, EBITDA stood at INR 225 crore, marking a growth of 19% on a year-on-year basis, with margins standing at 9.9%. EBITDA for the quarter was INR 91 crore, showing an 11% growth year-on-year, and for the half-year, our EBITDA stood at INR 172 crore, marking a notable growth of 9%. Quickly coming to the industry highlights, for the quarter two FY 2026, the automobile industry delivered a heady performance, growing by 9.5% year-on-year, with its volume reaching 8.8 million units. This was supported by steady domestic demand and strong export growth, particularly for Africa, Latin America, and the Middle East. The early part of September saw some softness as customers awaited clarity on GST 2.0, but demand rebounded sharply once the uncertainty lifted. Overall, Q2 FY 2026 closed on a positive note. As we enter the second half of the fiscal year, we see this demand momentum continuing with a positive consumer sentiment. Coming to the two-wheeler, the two-wheeler segment delivered a 10% year-on-year growth, reaching 608 million units, supported by very good rural demand and revised GST structure. Scooters led with 12% growth, while motorcycle growth was 10%. Export was really good. It entered a wonderful 1.3 million units, rising 25% year-on-year. Overall, the segment remains a key driver for the industry recovery. Three-wheeler, again, the segment continued to post a healthy growth, 21% year-on-year growth in this particular quarter. This was driven by easier financing and rising adoption of last-mile mobility solutions. Export in three-wheelers reached 1.23 lakh units, up by 51% on a YoY basis. On the passenger vehicle side, the Q2 FY 2026, the passenger vehicle segment demonstrated a gradual recovery, with volumes rising by 2.4% YoY, reaching 1.3 million units. The quarter started on a softer note but gained traction towards the end, supported by the GST 2.0 rate reduction, improving customer sentiment, and the onset of the festival season. A key highlight for the quarter was the sharp rebound in exports. Export shipment rose to 2.4 lakh units, marking a 23% year-on-year increase. On the CV side, the commercial vehicle this quarter delivered a healthy 9.4% YoY growth, with sales reaching approximately 2.6 lakh units. The growth was 10.1% in the M&HCV segment, while the LCV segment grew by 9%. Exports also grew by 22%, reaching 2.24 lakh units. Quickly, on the EV side, the electric vehicle segment recorded a strong YoY growth of 13%, with volumes now reaching 5.8 lakh units. This is being driven by expanding product portfolio across the segment and improving charging infrastructure, showing a shift in the consumer preference towards cleaner and more cost-efficient solutions. Looking ahead, the Indian automotive industry enters the second half of FY 2026 on a strong footing, supported by festive momentum, stable macroeconomic conditions, and the positive impact of GST 2.0. On that note, I come to the end of my opening remarks, and I now request the moderator to begin the Q&A session. Over to you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Jay Kale from Elara Securities. Please proceed. Yeah. Thank you for taking my question and Good morning. So my first question is on SK Enmove. If you could just outline some of the details of the transaction in terms of what is the size of revenues that you're expecting initially, when could we start seeing this? And also, as SK Group has many products globally, so is there any thought process of eventually localizing some of these products or getting those products over here? If you can just elaborate a little bit on this transaction and your outlook on this. Thank you, Jay, for the question. We have our up CEO, Mr. Goyal. Sir, if you are there, you can answer, give us the perspective. Very last group. You have seen probably on the press note also and whatever social media information was available. So they are in the current product line. But for business, which we have entered into a joint venture with SK Group, it is for the lubricant, which Mr. Jaggi already covered in his initial briefing. So that is what our initial joint venture with SK Group. And we have not discussed anything about any other products so far. So let us restrict our discussion with respect to lubricant business only. And from the business point of view, I think we made a business plan, and we expect this company to grow. It's a highly competitive market. It is a big market. Again, it is a very, very big market. So there is a lot of scope to put our business as one of the other players in the market. We expect to grow this business. I mean, based on our business plan, whatever we have made, I think it should take almost our aim is that it's INR 500 crore business in the next five to six years' time. Okay. INR 500 crore in the next five to six years' time. Understood, and this will largely be in the replacement market business, right? So is it fair to, sorry, after market. So is it fair to assume that this would fetch higher margins than the current company average margin? Of course, our idea is not to have a different margin. Of course, it is an initial period. Initial period will start with maybe one or two years with a slightly negative number. But of course, the margin will gradually go up, actually. That is what we have to see. Any business will take time to grow. It is not only replacement market. It is also an OE market business, basically. Understood. Understood. And the second question is on your reported numbers. If we see our margin profile, while it has been healthy, about 9% on a consolidated basis, but last couple of quarters, maybe it's just kind of flattening out, despite you seeing strong traction on the revenue side on a quarter-on-quarter basis also. So just wanted to get your thoughts on how are you seeing the pushes and pulls on the margin side and what should happen going forward for this to further move up? So maybe, Jay, I'll take this question. So as I think we discussed even in the last call also, with the MMAS acquisition, I mentioned earlier that even in this quarter now, we have realized a full quarter sale coming from MMAS. But yes, the margins there, as discussed earlier, have been under stress, where we shared that we are looking at a positive PBT by the end of the year. So definitely, I think a little bit of impact and pulling down the overall margins is coming from there. But there's a clear plan which is available to sort of break even and then take the margins to a similar level as the overall GAP rate number. But yes, that impact is definitely coming in the last quarter also and this quarter also. Understood. And that's around INR 50 crore- INR 60 crore revenues on a quarterly run rate basis? A little less. A little less than that. Okay. Okay. And just on your market share on two-wheelers and passenger vehicle suspension side, while we see that two-wheeler suspension market share is pretty steady at 30%-32% since the last many quarters, passenger vehicles, if you could just highlight how are you seeing the market? There has been some flattening out on marginal reduction in market share that we've seen. How are you seeing the competitive pressures over there? You see, again, maybe I'll speak about the new businesses here for both the segments. On the passenger car side, as you rightly said, I think the market share has been hovering around this number. But in this last quarter, we have been able to secure three platforms, three new platforms, all coming from Maruti. So definitely, we are—and we have just launched one model with Maruti Suzuki Invicto. So with this business acquisition, we are now looking at improving the market share. So by next year, we are looking at another model coming into SOP, and then in the next further two years, another two, three models coming into SOP. This is all secured business. So we can easily expect a 4%-5% increase in the market share in the PC side also, starting from the next year. So this is one. Even on the two-wheeler side also, I think the market share has been growing steadily. I have one good news to share that we have again there also, we have secured a couple of good businesses, one of them with Yamaha for the inverted front forks, upside-down front forks, which will come into production by the end of next year. So there also, we are expecting to see a slight improvement there. Understood. And just last couple of questions. One is on your EV two-wheeler market share as well. How are you seeing that evolve? Earlier, you used to be 100% share of business in most of the new models except Bajaj. But now, with the market settling down, how are you seeing the split of business between various players incrementally? And where do you see this market share settling? Of course, it's at a very elevated level currently. And the last one is on export side. It's currently 23% of your revenues. Now, with this restructuring, etc., taking place, reorganization, how are you seeing export opportunities? Are you seeing green shoots over there to increase that share? Yes. So on the EV side, yes. Again, I think while the market share has been historically high because we got that first mover advantage working with most of the EV players, we continue to enjoy a healthy market share there. But with all the competition around in the long run, continuing to enjoy a 65%-70% market share in such a competitive industry may not be possible. But we would still like to continue to be a dominant player there. As of now, we have not lost any platform. The new businesses continue to flow like the recent River model, which is basically branded for Yamaha, which was just launched, showcased. Again, it has a Gabriel suspension. In it, the latest launches of Ultraviolette has the Gabriel suspension. We are looking at the target is to continue to have more than 50% share in this particular segment. We continue to put our efforts towards that. Even the last launch of TVS Orbiter has a Gabriel suspension. We have maintained that we'll continue to target more than 50% share, and I think the actions are aligned with that. Your second question was on the exports. Yes, exports. I think, while we have always been targeting new businesses towards the export side. As I shared, I think a couple of calls back, we have sort of added some resources also in the organization, put up a structure to start working on the exports. We have not got any significant success. There are one or two discussions at an advanced stage, one on the commercial vehicle side, one on the PC side, which is going on, but yes, definitely, I think I hope something will materialize from there, but just to add to that, the efforts on the e-bike and the aftermarket side also will support our export journey, so overall, maybe I think another year or so, we may look at a better number once these two products also come into regular production, I would say. Great. Thanks. Thanks and all the best, and I'll follow up this week. Thank you, Jay. We take the next question from the line of Viraj from SiMPL. Please proceed. Yeah. Thanks for the opportunity. Congratulations on the set of numbers. I just have a couple of questions. First is, if you can give the same EBITDA breakup of the four group companies for H1 and the similar trend for last year, and any broader mix you can give in terms of end sector exposure like CV, PV? That is one. Hello? Yeah, yeah. Viraj, yeah, sure. Maybe just to share with you, I think the presentation that we had shared had very clearly has all the numbers, the distribution of the top line, bottom line of all these companies, the four companies that I think what you are mentioning is basically the part of the restructuring. I presume you are talking about the Dana, Henkel, Anchemco, and ACYM numbers. So they are all part of the presentation that was uploaded. All the business distribution segment-wise also was shared earlier. Maybe any specific queries there? Any H1 numbers you can share, sir? May not be. This year, we will not be able because it's still going through all the regulatory approvals. We will not be able to share the latest numbers for that. But as we had mentioned, I think all the four entities continue to grow, continue to do very well, in line with what we had discussed in the previous call post the 30th June approval. So nothing has changed there. They continue to sort of outperform the market. They continue to do really well. Okay. Two or three questions on that. See, if you look at the management fee and the royalty, especially in the 3 JV, post the transfer of ownership to Gabriel, the management fee or royalty, does that also get transferred to Gabriel, or how will the distribution be like? And the same applies for the sunroof business post the shareholding structure we have arrived at. So that is one. If you can give some more clarity, how will that be distributed, and will that also flow to Gabriel? So that is one. Maybe you can continue. You can just ask. Okay. We have noted Viraj. You can ask if you have other questions also. Yeah. Second is on the Dana JV. See, if you look at Dana's play in India, they have multiple entities. I think there are three, four different entities. And if you look at the portfolio globally, they have a wide set of products other than driveline products. So what will be the part of this JV and what will not? And they recently also set up this Dana India CV, which is a 100% subsidiary, which will also cater to axles, driveshafts to the CV sector. So how will that affect the JV? You want me to answer, Atul? Yeah, yeah. Mr. Goyal, you can go ahead. Okay. One, I'll take the latest first question on the Dana side. So Dana, overall, so let's not confuse with our joint venture, which is part of restructuring with Gabriel. So that has not changed anything with respect to the joint venture, but continues the way it has been continuing, and it is growing the way it has been growing at the market. And as Atul mentioned, all companies are part of the restructuring. They are maintaining the way they have been performing in the past in the same way, actually, with it. And Dana has reduced its presence in India. They have sold off the business. So accordingly, whatever business they left out, there's nothing new which they started, and they were having this business already, which was 100% for Dana. So that continues. It means our JV has not changed anything. It is continuing on. So JV is 100% for the driveshaft business. And for axle, we are for up to, say, small commercial vehicle axle actually business. But driveshaft for entire range, whether it is car or it is SUV or it is commercial vehicle, any kind of a commercial vehicle or trailer or tractor, anything actually. And whatever they are doing, axle business, it is already there for the last 15 years, which is primarily in a segment which is not with joint venture actually. Nothing has changed. In fact, Dana has reduced its size in India actually. Hello? Yeah, Viraj. Yeah. On the management fee royalty, post the ownership transfer to Gabriel, that will also get transferred, or how will the distribution be like? Gabriel is a manufacturing company. Gabriel is a business company. Everything is changing for the Gabriel, and ANAND has a separate wing for providing services, that continues to provide services to Gabriel or to its entire companies, whether they are part of the restructuring or otherwise actually. Nothing is changing for Gabriel as such basically. Okay. Last question. See, for the Dana business, JV, they have a very sizable exports to the U.S. So post this tariff, which is there, how does it affect their business? So who bears the tariff, and how does it affect their relatively competitive position? Because most of the exports are to the group entities globally. Yeah, so nothing has affected the tariff actually. We continue to do the same. It means that any tax impact. Partially, it is applicable. Partially, it is not applicable. Just 25% was applicable. Other 25% was not applicable on exports. We are exporting back to Dana, so Dana is in turn recovering. Dana Global, I'm saying. Dana Global is recovering from its customers. Okay. And the incremented competitive position, does it affect the new business pipeline given the tariff which is there? So far, it is not infected. In fact, we continue to do well. Our business line is growing as well basically. So we have not seen any impact on the new business also. Okay. Last question. See, next two to three years, focus for us will largely be on consolidating these four entities and the two JVs which we announced. Or you think there's enough pipeline in terms of new product additions? How should we understand next two to three years' focus for us? I think initially, earlier also, we made a statement, and we continue to maintain the same statement that Gabriel is a growth feature for the ANAND Group, and that strategy continues. Viraj, just to add to it, I think you have seen that even post the 30th June restructuring discussion that we had, and I think there have been two more sort of entities that have been created now. So the growth journey continues basically. We continue to explore opportunities, and whenever the right comes, I think we go and take the next step, so. Okay. But is there a pipeline in place for some entities still have? Yeah. So while not possible to share anything there, but I think at any time, we continue to explore multiple opportunities. Whenever it fits into our sort of strategy, into our exploration, into our direction, we take the next step, so. Sure. I'll come back in queue. Thank you very much. Thank you. Before we proceed with the next question, ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants, please limit your questions to two per participant. We take the next question from the line of Aditya Khetan from SMIFS Institutional Equities. Please proceed. Thank you so much for your question. I have a couple of questions. So this is a question into our inner part. So we are getting a lower shareholding compared to Gabriel. Yes, the initial discussion with them was positive. Are we looking to compensate them with the higher volume or higher payout? Aditya, maybe I think we are not able to hear your voice clearly so either you come closer to the mic or if you're using a speaker, maybe use a handset, please. Hello? I'm audible? Oh, much better. Much better. Yes, sir. So my question was onto the Inalfa restructuring. So they are getting a lower shareholding compared to Gabriel. And since they were the technology provider, what are your initial discussions with them suggesting? Regarding the lower shareholding? Hello? Aditya. Aditya, the question is discussions related to the lower shareholding? Sir, the question is regarding the restructuring which is happening right now. So what is the discussion with them suggesting? The discussion is exactly what we just shared. Obviously, when we are looking at the PN3, initially was not approved. I think subsequent to that, there have been continuous discussions between both the organizations. The current structure that we just shared with the 65-35 has been sort of approved by the Inalfa board also and has been approved by the Gabriel board also. Every discussion has been in line with what we have just shared with them. Post the approval of both the boards, it has been shared by us. But this H1 CapEx of INR 108 crore, if you can share, what would be the full H1 CapEx and divide it into segments like your second phase of Sunroof and other businesses? The H1 CapEx had MMAS asset acquisition that was disposed also, so that was the major number, and I think we anticipate about INR 150 odd crore as we've been doing regularly, and in case of any there are some upgradation of assets, so maybe we might get INR 180 odd crore of CapEx this year. Our Phase 1 of sunroof has been operating at full utilization level. This phase two would be largely catering to the Kia model? So can you repeat the last line? Phase 2 would be catering to? Catering to newer models like Kia and other players. So I think while we have already shared that we had installed additional capacity in the sunroof business, but I think the current Kia model, unfortunately, continues to not do so well. So that is why even you have been seeing sort of a more, I would say, a flatter trajectory in the overall sales of sunroof. So I think the capacity is available there for any future model coming in. But if the current trend looks to continue for the next year also. Okay. Thank you. Thank you. We take the next question from the line of Shubham Sehgal from SiMPL. Please proceed. Hello. Good morning. Mr. Shubham, your voice is not audible. It is breaking. Could you please fix that? Hello. Yeah. Much better, Shubham. Yeah. Is it better? Yeah. Much better. Yeah. My first question was, so our railway business grew by almost 57% in H1. So, could you give some more color, and is it sustainable? Yeah. So see, I think one, the overall number is both CV and railways put together. Okay. So the growth that you see is basically in the CVR side. So it is CV and railway put together. The railway, yes, the growth has been quite good. But the railway, the top line is generally very small contributor there. So it basically depends upon the number of coaches that are planned to be added per year. So basis that, yeah, we continue to enjoy a good market share there. It is mostly a distributed business, a tender-based business, but we continue to enjoy a good share especially on the Vande Bharat coaches and the Train 18 coaches, which are the latest ones. So with continual focus of the government continuing on the railways, we believe that I think this trend should continue. It may not be at that level. Again, it will purely depend upon the plan for the next year and the plan for the years ahead. But yes, we anticipate a continued growth in this segment. Okay. Got it. My next question was that our two JVs, the Inalfa and SK Enmove, firstly, what would be when would the commercialization begin for both of them? And in our SK Enmove JV, so we are into lubricants and functional fluids. So I just wanted to know, does it in any way conflict with our Liqui Moly agreement? Shall I answer So I feel, yeah. So maybe I think Liqui, yeah, you can answer first. Liqui Moly is no more any arrangement actually that was already placed almost three years back. So there's no conflict because of that. Yeah. Yeah. The commercialization for the 2 J Vs? Sorry. Yeah. Go ahead. FY 2027 is when we are expecting, and obviously, something will start because of JINHAP. We need to set up sort of a manufacturing location, so we are expecting that to happen by somewhere in the second half of the next year and post that, it will start. Okay, so for both CVs, we can expect the commercialization to start in FY 2027? Yeah. So some significant numbers would start flowing in by, say, start of 2028, kind of a number. But something will, say, start at the end of 2027. But we can practically assume that in FY 2028, I think we'll start seeing some reasonable numbers coming. Okay. Got it. Just a question from my side. So in our other company. So we have a major aftermarket product which we are selling in India. So what would be the export scale-up for this? Would we be eligible to sell these products in global aftermarkets? Could you just provide some color? This question is related to Anchemco? Yes. Anchemco. so Anchemco there is no sort of restriction on selling anything for export, yes. The business is a mix of OE, OES, and aftermarket business. There's no restriction to sort of move out and start the supply on both of them. So to be clear, we would be eligible to sell those products in the global aftermarket cycle? Yeah. We can. We can. The only thing is a product like the diesel exhaust fluid. Now, the transportation, because it is a water-based product. So it is a very competitive product. So the transportation plays a very, very important role in that. And theoretically, there's no stoppage on that. But yes, generally, you have to be closer to the sort of usage point. That is why in this particular case for this product, you see smaller plants but much closer to the customer location than distributed across the country. So because this cost plays a very important role on the coolant and the other E-fluid or the PVC kind of products, there's no restriction. We can do any export. Okay. All right. Thank you. I'll join back in the queue. Thank you. We take the next question from the line of Amit Hiranandani from PhillipCapital. Please proceed. Yeah. Thanks for the opportunity. So my question is related to the sunroof business. So I wanted to understand how the traction present in the sunroof business, any new order went from key clients. Also, now the capacity is ramped up to around 400,000 units annually. So what is the present utilization level? Yeah. Okay. So thank you, Amit. So on the Sunroof, I'll give you a little update now. In terms of the current capacity utilization, I think, as I said earlier, because the Kia Syros and the Alcazar have not sort of performed up to the desired level while they are. Kia is now planning some update, some exports for that particular model. We'll have to see how they pan out in the second half of the year or the start of next year. The capacity utilization continues to be exactly at the same level. And we have practically sort of idle capacity available almost, I would say, a line. The second line is not utilized currently because of these two models not doing so well. So currently, we are at a much lesser utilization. In terms of new businesses, I think we have got a few RFQs, few additional RFQs which we are working on now, both with the local customers and the other customers, the Japanese customers there. One challenge that we have is that the current Creta business, that is the main business there, we have not been able to win the new platform that will come into the production in 2027, so it becomes all the more important for us to sort of work on the new RFQs and win certain new businesses to fill up the gap that may come in the second half of 2027, assuming the model starts as per the timeline there, so we are expecting sort of a flatter trajectory for the next couple of years, and we need to fill the pipeline moving forward, so. Right. So is it any kind of you have some INR 1,000 crore target revenue, right, by FY 2020? So any changes there? Yeah. I think looking at the current situation, I think we may not be able to achieve that number by 2030. While, as I said, I think there are multiple RFQs in the pipeline under discussion. But I think a more realistic number is that the aspiration continues to be the same. But I think we may see a year or a two-year delay into achieving that number. We are reworking those numbers, but maybe the 2030 number of INR 1,000 may not happen in 2030. There can be a delay of one or two years there. Just a follow-up question. Just a last question. Yeah. So Amit, if you ask something after I spoke, we could not hear you. Sorry. I was just saying that any kind of margin pressure you are seeing here in the sunroof business? Not on the current products that are there. Okay. Because some work on the localization, etc., is also happening. So not in the immediate term. But yes, obviously, with multiple players now competing for the sunroof business, with many new players getting added, yes, the business finally would any new business come at a competitive price. So that we will have to wait and watch to see once we get these new businesses. But nothing on the current. Mr. Amit, are you on the line? Can you please unmute yourself? Okay. We'll proceed with the next question. The next question is from the line of Sucrit Patil from Eyesight Fintrade Private Limited. Please proceed. Good afternoon, Atul. I have two power-moving questions. You have given good guidance about margins and everything. I just want to understand, looking beyond this quarter's strong numbers, what is the bigger plan for Gabriel as the auto industry shifts towards electrification and premium suspension modules and global supply chain integration? How are you planning to build a lasting edge for the company beyond just segment growth or joint ventures? Is there something deeper planned in like tech IT tech platforms or any innovation pipeline? That's something that gives you the edge over your competitors. Yeah. Thank you. There's a lot of background noise, Sucrit. I will just mute myself. One second. Please, please. Yeah. Thank you. Thank you so much. Yes. I'll come to technology. On the premium models, yes, we see a clear market shift towards premiumization while the overall numbers are increasing. The market is moving towards premiumization. Our product portfolio is also moving towards that because I just also shared an example of two-wheeler. The market is clearly moving towards the inverted front forks, the upside-down front forks, monoshocks where the products are far superior in terms of performance. Obviously, the realization is also much better there. The market is moving towards that. Gabriel has also been significantly moving towards that. As I said, we recently won another order from Yamaha for one of the platforms of inverted front forks. Our new business acquisitions with the other customers, including TVS, being the largest customers for us, continues there, and there are multiple discussions going on for that. Now, especially on the technology piece, as I think most of you are aware that three years back, we had set up a tech center in Europe. We have been investing a significant amount of money towards the technology upgradation, whether it is the next generation products on the passive side or whether they be on the electronic suspension side. I'm also happy to share that today we are working on multiple POCs with customers, both on the two-wheeler side as well as on the passenger car side, on the technologies that I have shared, and there is a clear tech roadmap available there. And we have been filing continuous patents on the new technologies that we have been developing, as I said, whether on the passive side, also on the active side. That journey continues. The investment continues. We have been continuously strengthening the team in Europe, both in Europe and India, especially to focus on being ready for the future, also in India, but also for the global market. I hope I've been able to answer. If any specific point is there, I can say. Thanks for the thing. My second question to Mr. Mohit is, so it'll be a forward-looking one. When costs rise, whether it's raw materials, logistics, or compliance issues, how do you make sure the margin is steady without putting any pressure on the profits? Is there any system that you have built or you have put into place that quietly helps you keep the profits up even when things are getting sometimes out of control or something? So yes, I just want to hear your view on this. Thank you. Sorry, you asked this question to Mohit. So I'll allow Mohit to answer. But for that, I'll just add two points. And then Mohit would add onto it. See, one is on the compliance part of it. So on the compliance part, there is nothing to do with the profitability, per se. Compliance is something which is across, which is mandatory. It has to happen. Okay. So that is one. Second, I think we have been mentioning about the CORE 90 program where we look at all the aspects of the cost. And we obviously continue to face various challenges. We continue to find some solutions to sort of handle those challenges and continue our journey. The rest I think Mohit can add. I think you have already covered compliance, no negotiation. And this is something which is being talked about in the town halls, in the induction program, in the very periodic reviews which we have. That is a very essential part of doing business within Gabriel. In terms of the profitability and, of course, the couple of jokes which we see, we talked about MMAS turnaround strategy and the program which we have is CORE 90. There, I think all the Gabriel leadership participates in terms of taking the certain targets, factoring in the contingencies which might land during the way, and then track the progress on a periodic basis. And that has been the key in terms of sustaining the margins over the period of time, despite having now putting up a significant money in MMAS. Then also, the kind of restructuring we are doing also meets certain expenses. But we are ensuring that through a very sustainable, structured CORE 90 program, we should be able to meet the expectations of the investors. Like any business, some expected and unexpected challenges keep coming. If you take an example of Maharashtra, suddenly there's a lot of pressure on the power tariffs, which for a short term would be seen in the sort of variable cost because now the banking is not allowed for the renewable energy. So automatically, the tariffs go up, your electricity bills go up. But then you, through the CORE 90 program, you come up with certain more ideas and initiatives to sort of bring this back to a normal thing. So I think there's a good systematic approach that is available in the organization. So I have to sign off now, right? Okay. You can continue. No worries. Thank you for the guidance, and I wish the team the best of luck for Q3. Thank you. Thank you. Thank you. We take the next question from the line of Suraj Chheda from 3P Investment Managers. Please proceed. Yeah. Thanks for the opportunity. Am I audible? Yes. Yes, sir. Yeah. Sure. So my question is on this, the new Creta platform which you mentioned, right? What is the timeline for this? Is it second half of FY 2027 or FY 2027? This is FY 2027, FY 2028. The second half of FY 2027. Okay. So it's FY 2028? Yes. Yes. Yes. FY 2028. Yes. Okay. And so this will be a 100% share of business for competition O r how does it work in? There are two variants to it. One is the EV variant, and second is the ICE variant. We continue on the EV variant. But we lost the ICE variant of this. Now, EV numbers as of now are not as strong as the ICE variants. Let us see how it pans out in the next couple of years. Understood. Yeah. What is the key rationale for OEMs who switch? Because you are a very strong existing supplier for them. Is their pricing a key rationale for them? If you can highlight some color on those? It's very difficult to say because in a lot of these cases, sometimes the decisions happen more looking at the global businesses. Sometimes the decisions happen at a very local level. So it is not only sometimes it can be only competitiveness. Sometimes it is a combination of multiple other things there. So very, very difficult to pinpoint exactly what happens. But again, case-to-case basis, it may vary. Understood. How are you close to a breakthrough with any Japanese OEMs for sunroof business? Give some color in terms of over the next two, three years. Are you expecting any good new high-volume models in terms of your sunroof business? No, definitely. As I said, I think there are multiple RFQs that are there. We have also made a sort of a separate team to work on the new business acquisition to create a business pipeline for this business. Definitely, I think we expect to fill up. Now, when it happens, which is the first customer that happens, we will have to wait and watch whether it is the Indian customer or Japanese customer or any other customer. But we will keep sharing the updates on a quarterly basis. Sure. Sure. The second question was on your standalone margin, right? So before MMAS acquisition, you were targeting a double-digit margin, say, one or two, right? I understand that with integration of MMAS, the margin profile has come off. So what is the realistic target for you, say, by FY 2028 in terms of standalone margin? Any ballpark range which you can give, maybe somewhere between 9%-9.5%, or you still hold on to the 10% target for you over the next two, three years? See, again, as we always have said, that the aspiration, the target has been to go to a double-digit margin. We continue the journey towards that. On and off, some challenges would come, maybe sometimes needed for the growth of the organization because with MMAS, obviously, we had some customers. We had capacities. We had a new product there. And as we mentioned on it, the target is to sort of make it to a positive profitability by the end of the year. But looking at the next couple of years, there's no change in the target that we have set for ourselves. Understood. Yeah. Thank you so much. Really appreciate your candid conversation with the investors. Thank you. Thank you. Thank you. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for the day. I would now like to hand the conference over to Mr. Atul Jaggi for closing comments. Over to you, sir. Yes. Thank you. Thank you. So I take this opportunity to thank everyone for joining on the call. I hope we have been able to address all your queries. For any further information, kindly get in touch with any of us or our Strategy Growth Advisors, our IR advisors. Thank you so much. Thank you. On behalf of Gabriel India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect the line.