Ladies and gentlemen, good day and welcome to Gabriel India Limited Q3 FY 2026 earnings conference call. This call may contain forward-looking statements about the company that are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participants' line will be in 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. Please note, this conference call is being recorded. I now hand over the call to Mr. Atul Jaggi, Managing Director from Gabriel India Limited. Thank you, and over to you, sir. Thank you. Good evening and a very warm welcome to everyone on the call. Although it's a bit late, as this is our first interaction in the new year, I would first like to extend my warm new year wishes to all the participants. Wishing everyone a very happy new year joining the call today. With me today, we have Mr. Mahendra Goyal, Group CEO; Mr. Mohit Srivastava, our 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 31st of December 2025 on the stock exchanges and on the company's website. Hope each one of you had a chance to go through the same. Let me start by highlighting a few recent developments. The conclusion of long-pending India-EU free trade agreement after nearly two decades of negotiation. For the auto components, it created opportunities in exports, technology partnerships, and investments, positioning India as a trusted manufacturing and sourcing partner for European OEMs amid diversifying global supply chains. Additionally, the U.S.-India trade deal announced yesterday reduces reciprocal tariffs from 25%- 18%, with the agreement expected to be finalized soon. Together, these deals are a major boost for the Indian economy, driving capacity expansion, greater MSME involvement, and a growth of industrial clusters in key states. Union B udget 2026-2027 arrived at a great time, with strong growth, low inflation, and robust CapEx as the country aims to become the world's third-largest economy. The auto sector, already number one in two-wheeler, three-wheeler, and number three in car trucks, receives strong support through increased PLI funding, electronic incentives, duty cuts on EV materials, and new mineral corridors to lower cost and accelerate local manufacturing. Let me now turn to our company's performance and share a brief overview of our operations and key highlights. In Q3 FY 2026, our standalone operating revenue grew by 16% year-on-year, reaching INR 2,072 crores, supported by higher volumes and strong sales performance in all our segments. EBITDA grew by 21% year-on-year, reaching INR 96 crores, with margins improving from 8.6% in Q3 FY 2025 to 9% in Q3 FY 2026. This improvement in margin is attributable to higher volumes and the continued impact of our operational excellence initiative under the CORE 90 program. As per the new Labor Code Act, the one-time impact of INR 13 crores has been accounted as an exceptional item. This impact has been optimized pursuant to our conscious efforts in the past to streamline the components of salary in line with the [wage quote]. Moving on to the business wins, this quarter has seen really good progress being made in the standalone business, with wins flowing in CV, two-wheeler, solar, and e-bike segments. Specifically in the two-wheeler, I'm very happy to announce that we have made inroads into Hero MotoCorp Limited. I think this has been a point of discussion for quite some time. We also have additional business wins on inverted front forks with multiple customers. On the e-bike segment, again, happy to share that we've received our first development orders from a customer in Europe. With respect to solar dampers, we are progressing well on multiple fronts, with samples submitted for validation to two customers and feedback being awaited from them. Additionally, there are two more developments under progress. In Q3 FY 2026, Inalfa Gabriel Sunroof Systems Pvt. Ltd. reported revenue from operations of INR 107 crore and EBITDA margins at 13.5%. With respect to the business wins in the sunroof segment, very happy to share that IGSS won new business with Hyundai for three model variants. This is in addition to already shared models under development with both Kia and Hyundai. On a consolidated basis, our quarterly revenue stood at INR 1,179 crores, showcasing an impressive growth of 16% on year-on-year basis. EBITDA for the quarter stood at INR 111 crores, with margins standing at 9.4%. Adjusted PAT, after excluding one-time exceptional expenses of INR 13 crores for the quarter, was INR 68 crores, marking a 13% year-on-year growth. Coming to nine-month performance for FY 2026, the consolidated revenue stood at INR 3,457 crores, reflecting a growth of 16% as compared to a nine-month period for FY 2025. EBITDA stood at INR 335 crores, marking a growth of 19% on year-on-year basis, with margins standing at 9.7%. PAT, after excluding one-time exceptional expenses of INR 13 crores, stood at INR 199 crores, marking a notable growth of 10%. Coming to the industry highlights, the auto industry delivered a strong Q3 FY 2026 performance, with total sales up 18.9% while the production volumes were up by 16% to 9.2 million units. This was driven by broad-based growth across segments, festive demand, and GST cuts. Exports surged 24.7% to 1.7 million units, reinforcing India's growing role as a global manufacturing and export hub. Q3 FY 2026, two-wheeler segment posted a strong 18% growth, reaching 7 million units, one of the best quarterly performances in the recent few years. On three-wheelers, the segment grew by 29.9% to 354,000 units, driven by higher demand in passenger and goods segments, a better supply chain and exports surging 70% year-on-year to 130,000 units. Coming to the passenger vehicle, the segment achieved a historic high, with total sales reaching 1.5 million units, up 19% year-on-year, driven by sustained SUV/UV demand, a meaningful revival in the entry-level small car, strong festive momentum, GST rationalization, and easier financing. The commercial vehicle segment, again, staged a strong recovery with around 21% year-on-year growth to nearly 310,000 units, making one of the best quarterly performances recently, led by higher freight movement and rising infrastructure activity. The Indian auto industry is expected to keep up this strong double-digit growth momentum in the quarter four also. On that note, I come to the end of my opening remarks. I now request the moderator to begin the question-and-answer session. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use hands-free while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mumuksh from Anand Rathi, Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity. New Year wishes to the management, and good to hear new sunroof and Hero orders. Thank you. Sir, firstly, if you can give more flavor on these new orders, it seems major orders, if you can help us understand what kind of timeline would be there in the sunroof side, these three variants, is it a half sunroof, full sunroof, and when the business starts? If you can also give more flavor on the business side potential for these two orders. Okay. Sure, Mumuksh. So, as I said, this is a Hyundai order. Win with three variants. This is a TVS type of sunroof. The total volume expected is 130,000 with an annual turnover of roughly around INR 120 crores. The start of production is expected to be by December of 2027. Great. Great. And for the Hero orders? We are already developing, Mumuksh, we are already developing one model with them. We are working on the SOP date. I think I'm expecting the start of production to start by end of quarter one financial year or maybe start of quarter two. Then there are a couple of models under discussion. So, as of now, there is one win. But now, since the account is open, I think we are expecting more orders to flow in. We are already in discussion on a couple of new further models. Great. Great to hear that, sir. So, one more: sunroof second-line expansion, has that started now? And how's the ramp-up planned up for that capacity? Yeah. So, as I've shared earlier, while the second-line investment has happened, but because of one of the models, the Syros, which was not doing well, the second-line utilization was not great. So, one, I think we are waiting for a refresh of that model around March or April, which would improve the utilization of the second line. But we intend to make that line as hybrid. And with the recent wins, the few models under development that I had already shared with you, and then the recent business acquisition, we are looking at a very good utilization of the second line moving forward there. So, the second line will get converted into a hybrid line to ensure that we can make BLT as well as the TVS-type sunroofs. And so, utilization will not be a major issue moving forward once this model comes into play. Got it, sir. Finally, sir, just on the financial part, this quarter, the expenses increased by INR 8 crore Q-on-Q. Any nature of the increase, sir, and any one-offs per se on M&A part, which are we doing in the numbers, sir? Yes. So, yeah. So, the increase is primarily in the other cost is for two reasons. One is the enhanced technical support from the partner, where we would like to expedite the new business supports and localization support to improve the localization in India to reduce the RMC percentage on the sunroof business. This is also evident from the recent business win and our increased customer engagement with the other OEMs. And second, on the account of the restructuring cost basis, the milestones. So, these are the two reasons why we see an increase in the cost. Broadly, this is a one-time, sir? It is a mix of one-time and recurring technical support moves. Got it. Got it, sir. Thank you so much. I'll come back for further questions, sir. Thank you. Thank you so much. Thank you. The next question is from the line of Nikhil from SiMPL. Please go ahead. Yeah. Good evening and congrats on the numbers. I hope I'm audible. Yes. Yes. Yes, Nikhil. Yeah. Two questions, sir. One is, if we look at the two-wheeler industry and map it against our growth in the two-wheeler and same in the passenger vehicle, it seems we've lost some share. If you can just share your thoughts on what has led to a lower growth versus the industry growth or the production growth for both two-wheeler and PV for us. So, Nikhil, thanks. So, in terms of the loss in share, there's no loss in the market share that is there. If you look at the production numbers, yes, this quarter, we see against the two-wheeler, if you see the production while the sales number are different, but obviously, we go with the production numbers. So, the market has grown between 15%-16%. The Gabriel growth is around 13%. It's primarily because of two reasons. One, this quarter, the Hero growth has been much higher than in the previous quarters. And secondly, I think it is a mix of the it's more to do with the model mix factor that is there, but there's nothing abnormal. Rather, in this segment, as I mentioned, I think we had further business wins with multiple customers, including TVS, Bajaj, Kawasaki, and a couple of other customers. So, we have a solid business pipeline that is there in the two-wheeler, especially on the inverted front forks. On the passenger car side, I think, again, our share of business with MSIL continues to improve. But again, you see in this particular quarter, the growth with Tata and Mahindra is there. And it is, again, a model mix issue. If we take out the MMAS part because if we take out the models that we are supplying from the Chakan 2 facility, then we are obviously in line with the market. MMAS is purely on the EV side? Oh, there are some models that we are supplying in the passenger car side from there, like Tata Harrier is there, Safari is there, Nexon is there, both for EV and ICE. Okay. Secondly, on the new initiatives on dampers and the e-bikes, what is the progress and where do you see commercialization? Yeah. So, as I shared, again, finally, I think we were always discussing about development of the e-bike forks. As I mentioned in the opening remarks, that I'm happy to share that we have secured our first order win. Currently, sort of the development orders are being released by the customer. This is for an e-bike in Europe for an upside-down front fork, a good technology product. And we are looking forward. The start of production expected is around, I think, quarter three because now the development will start. And around quarter three of the next year, we will be seeing the start of production. There are certain other businesses under discussion, but the LOI is not received for them. I will keep sharing the progress. Okay. And the solar damper? Solar, as I said, there are three business wins already. Two products are under validation with the customer. One is under development. So, once the validation happens, we will get into the mass production timeline. So, I think in last call, we mentioned commercial should start in the second quarter or second quarter. So, are those timelines still meeting, or is there a delay there? Sorry, Nikhil, I think the voice cracked. Can you repeat? I think our last call, our idea was we should see commercialization of solar damper in FY 2027, I think, first half. Definitely. Definitely. Is there some delay there, or? No, we are on track. As I said, I think the validation is on for a couple of the models. Once it is done, we will get into the mass production timeline. So, as of now, there's no delay. Rather, I would say that with the tariff being changed for the U.S. market, I'm really positive about because North America is a big market. I'm very optimistic about more traction from the customers on this. Okay. Just last request, sir. We are merging all the entities. In Q1, we had shared their pro forma numbers. I think if we can share the pro forma numbers on a quarterly basis, it will be really helpful to the investors. Just a request, and if you can just think about it. Yeah. No, take on the point. As you know, we are progressing very well on the restructuring part. I'm sure we will start disclosing the numbers in all the quarterly sort of calls moving forward once we go through the entire process. I think we are quite close to it. Well, I'll come back. Thanks. Thank you. The next question is from the line of Aditya Khetan from SMIFS Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity. So, just a couple of questions. So, onto the sunroof, as you had mentioned earlier, so last quarter, we had mentioned that Syros is not picking up, which is why we were facing some volume losses. Now, you're saying with this new order wins, it would largely offset, and you're using that line as a hybrid. So, any guidance you can give how much we could recoup the volumes which were earlier lost because of Syros, and what sort of numbers should we build in for FY 2027 and FY2028? See, I will not be able to give you the numbers for FY 2027 because forward-looking projections, normally, we don't give. Basically, I think two things are there. We have always mentioned that by, say, 2030, 2031, around that number, now with the wins that we have seen recently, I think one thing I can confirm that we are on track on the projected number in the long run. In the short run, since there has always been a discussion on the utilization of the second line, with this recent win on the TVS side, we are because the first line is completely utilized. Now, we have three variants coming in and then two models under development. So, we are looking at comfortably more than around 60%-70% utilization on the second line also moving forward. Got it. Sir, the new order wins into the sunroof, is it superior in terms of margins, in terms of pricing, or EBITDA per sunroof compared to the base business, what we have in phase one? I will not be able to share the margin profile because, obviously, as you know, when the model is under development, it goes through multiple changes, iteration. Obviously, any business win, when it meets our threshold, then only we go for the acceptance of the LOI. That is generally as per the policy. Got it. Sir, in this quarter, sir, the two-wheeler segment share has dropped to 61% versus 65% last quarter. Is there any change? Aditya, I think we lost you. Can you hear me? Hello? Yes, sir. You're audible. Obviously, because the MMAS numbers also come into play, which is primarily on the PC side, the CV, that would change the, I would say, the overall distribution of the mix. So, those numbers are much higher, and they are all in the passenger car. That is why you see there. And as I mentioned earlier, the market in the two-wheeler has grown by 15% because of the model mix and the Hero extra growth. We have 13%. So, maybe 1 odd% from quarter is coming from the model mix, and 2% is coming primarily from the increased passenger car and commercial vehicle portfolio. Got it, sir. Sir, just one last question. During the quarter, other expenses have also gone up. Is there some one-off into that? So, as I have already answered this question in detail when Mumuksh asked this, so it is basically a mix of both, and it is on account of two things. One is on the increased technology support from the partner on localization, on design and development on the sunroof, and second is on the restructuring. So, that is how you see an increase in the cost. Got it. Got it. Thank you. Thank you. Thank you, Aditya. Thank you. The next question is from the line of Amit Hiranandani from PhillipCapital. Please go ahead. Yes, sir. Thanks for the opportunity, sir. Sir, first, basically, how best the company will be able to utilize these ongoing FTAs because we have a target to increase our exports. So, your take on this, please? Yeah. So, two parts of it. One is when we look at the deal with Europe, FTA with Europe. You know we already have our tech center there. We have an entity where we are working on various technologies. I think this would help us enhance the technology support there, definitely, find more avenues on the technology front, number one. Number two, definitely, because of the change in the duty, the FTA coming in, clearly, you compensate on the transportation cost of it. So, the competitiveness goes up. So, we are looking at building on it. Just to share with you, while it is too early, but just after this is announced, I think we already have got a couple of meeting requests from customers in Europe to have discussions on it. So, clearly, not only us, but the customers in Europe are also looking positively at India. This is on one part. Secondly, because of the additional tariff, the whole solar damper thing that we were quite optimistic about slowed down in North America, and then we started focusing more in Europe. Now, with yesterday's announcement, I'm again quite optimistic on this. So, I think moving forward, hopefully, we will see this supporting the export journey. Yeah. Sir, this is good to hear, sir. Sir, secondly, any kind of cost we have incurred for the SKMO entity in quarter three? We are concluding the CPs, and we have formed the company. We are expecting to contribute equity during this quarter, and we expect the start of operations from quarter one of FY2027, a small operation to begin with. There are costs related to forming a company, and initial expenditure is being incurred, but we do not see any substantial expenditure in this. Okay. Noted. And sir, just on the basic question, on the sunroof Q3 numbers, if you can share the revenue EBITDA, please? In Q3, I just shared this number one more. Yeah. So, the revenue in the quarter three was INR 107 crore with an EBITDA margin of 13.5%. I shared this during the opening remarks. Okay. In Q2, basically, the margins were higher, right, on the sunroof? Yes. So, that is what I think a couple of times I mentioned when Aditya and Mumuksh asked the question. I think we have had some additional expenses on account of, I think, more technology support and localization support for some new business wins. So, I just shared that. Sure. Noted. Yeah. Sir, lastly, just last one question. These three new variants of Hyundai, which we have received for the sunroof, so are they able to offset the Creta business, which we are going to exit from FY 2028? Comfortably because I think I've been clarifying this quite frequently because there are two models and three variants already under development. These business wins have been shared with you earlier. I think what we are looking at with this business win is to build on that. We are not looking at this compensating. We are looking at this building on the further growth of it. All right, sir. Good to hear. All the best, sir. Thank you so much. Thank you. Thank you so much, Amit. Thank you. The next question is from the line of [Varun] from Asit C. Mehta Investment Intermediates Ltd. Please go ahead. Hi, sir. Thank you for the opportunity. Am I audible? Yes, very clear. Go ahead, please. Great. Okay. So, a couple of questions on the sunroof side. For the new Hyundai models that we have received. Are these existing models or new models that the company would be launching? See, there are model codes that are available generally because the model names are normally not sort of announced before earlier. They are a combination of new as well as refreshed, as per my understanding. But all the developments will be new in any case. Right. Okay. And sir, one thing with regards to the realizations of the per-unit realization of sunroof, have there been some kind of pressure since the time that we have started, since we are seeing more players also entering the segment? That is very normal and very natural for any product because when there is an increased competition, the pressure both on the margins as well as on more localization requirements, etc., keeps increasing. So, definitely, I will not say the answer is no. The answer is yes. As I mentioned earlier, we also need to, like any other organization, we also need to find ways and means and different avenues to keep maintaining a healthy profitability. And that is how we are looking at more support from the Inalfa Global team on localization and fast localization there to ensure that the pressure on the margins is reduced. But yes, with multiple players coming in, it is very natural to have more competition. Okay. Okay. And sir, on the standalone financials, there's a very high other income in this quarter. Any one of them? So, I think the other income is the what do you want to say? Yeah. So, other income includes this time dividend receipt from the subsidiaries in Inalfa. Okay. Okay. Sir, just one last question. If you can indicate the revenue of MMAS in the quarter? Normally, plant-wise breakup, we don't share because it is one of the plants. Normally, we don't share the plant-wise breakup. Okay. Got it. Thank you. It's doing little better than what it was doing. I can only share. Okay. Okay. Thank you. The next question is from the line of [Puneet Jhaveri from Jhaveri & Company]. Please go ahead. Yes, sir. Thank you for the opportunity. You mentioned about the line two, utilization plan to go to 60% or 70%. Are you at the liberty to share where is it right now? No, the second line is not utilized at all. Currently, we are utilizing only one line. Okay. And in terms of your sunroof also, you mentioned that you want to increase the localization effect. So, is there any way that you can qualify how much is it already done and what is the expectation in terms of increasing localization, if not percentage, any qualitative highlights? Yeah. Current status of the localization is around 33%. It used to be around 26%, I think, when we first started, if I'm not wrong. The target is to take it to 60%. The target for 60%, is it still 20%, 30%, or is it next couple of years or something? Within the next one and a half years, I think, is the target. We are now working, I think, while we are having this call, there are already workshops going on. The entire global team is here, and we are looking at expediting this process. So, by end of 2026, 2027, we intend to do that. And obviously, for the new developments, the localization will be much faster. For the existing ones, you have to go through a lot of validation, etc. So, that is generally a slower process. But when we are done, we intend to launch with much higher localization. Got it, sir. And in terms of realization for sunroofs, I think you mentioned that the competition has increased, and it's a natural state of how the business is. So, is it fair to assume that the realization has dipped a little bit compared to, say, a year ago, and that is expected to increase once your localization increases as well? So, is there anything? How should we look at this? See, obviously, there are two aspects to it. One is the existing business. It is not a product which anybody comes and you develop it tomorrow. So, it doesn't impact the existing product. Obviously, the model mix there may have a higher profitability. Something may have a lower profitability because every model doesn't have. So, model mix can play a role. I think the discussion point was more on the new RFQs and new discussions with multiple customers. So, if the RFQ goes to three players, then obviously, you compete in an environment. So, their extra localization, etc., would help, but nothing on the running business part of it. Just one final question because you do provide a really honest assessment of things on your FTAs, both U.S. and Europe. Is it that the existing competitors who already have plants there, you will be able to better compete with them, and hence, you feel that it's just that the road is just upwards from where you are right now? Is it that your existing products can have and find a market there on a much quicker now basis of cost amongst other key factors? Sorry, I've not been able to hear you well. Maybe, Puneet, if you can repeat some part of it? I think I was not able to hear you. Am I audible now, sir? Yeah, you're audible. Maybe a little shorter question may be helpful. Perfect. All right. So, I was just asking on FTAs if you can provide some feedback. How will you better compete with the existing players, both Indian and local, who already have their plants there? Is it largely just cost, or is there any other factors that you're considering? So, one thing is all the competition that we are talking about are in the process of coming in. It is not currently before IGSS. There was one competitor who had a full-fledged facility here in India. All the others are coming in with different joint ventures, different configurations. I think none of them have been able to, as of now, win a business. Moving forward, the competition would not only be on, I would say, on price. I think technology will also play a role there. Definitely, I think in Inalfa being very strong in technology, we are also trying to offer some newer technology products to customers. So, it will be, I think, moving forward, not in the immediate run, but long-term, it will be a combination of standard products and a new technology product where, obviously, margin profile would be different in both. The idea is to bring more technology. All right, sir. Thanks so much for the opportunity, and wish you the best, sir. Thank you, Puneet. Thank you. The next question is from the line of Ananya Khanna from Alpha Alternatives. Please go ahead. Hi. So, my question is, when can we expect the statutory approvals to start rolling in for the scheme of arrangement? So, on the scheme of arrangement, we received the NOC from Stock Exchange, and post that we filed our application to NCLT. I'm happy to share that the first motion hearing happened in early January, and the scheme has been admitted, and the order has been pronounced by the end of January. Now, the soft copy of the order is available on the NCLT website. We expect a certified copy to be received in this week, and we will follow the due course of action coming from that order. So, we are very much on track. With original time plan we had planned for this scheme, and we have been progressing very well on this front. All right, sir. Thank you. Thank you, Ananya. Thank you. The next question is from the line of Avadhoot Joshi from 3P Investment Managers. Please go ahead. Hi. Thanks for the opportunity. Considering the enrollment we are made into Hero, of course, we will see a rise in the volumes. I just wanted to know about our capacity. Do we intend to add capacity in line to that, and what's our current utilization? See, in the two-wheeler, I think if you look at the market growth in the last few years, if you look at the Gabriel growth, we are continuously adding capacity. So, obviously, with new businesses coming in not only from Hero but from all the other customers also, I think the share of business has been continuously improving. In line with that, we have been adding capacity in the existing plants also, and we are looking forward to maybe adding a location specifically in the coming some time. So, capacity enhancement in two-wheeler, to be honest, is a continuous affair. Even today also, we have cleared two more lines in our board meeting there. So, we continue to invest. Okay. So, currently, we are operating at around 70% capacity utilization? Yeah. So, normally, the way the two-wheeler works is there is a normal demand, and then there is a festival season demand. So, we try to operate at around 70% during these times so that we have some idle capacity to meet the festival season demands. So, the utilization is in line with that. Understood. So, there is no change into the or larger CapEx expected into the next year. Is that correct understanding? Yes. Yes. We are anticipating that for the next year. Yes. Understood. That's it from us. Thank you. Thank you. Thank you. The next question is from the line of Mumuksh from Anand Rathi Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity again. Sir, Mahindra sales available. Just want to hear his thoughts, sir. How is the progress on the 2030 ambitious plan? Just want to understand how are you seeing the M&A opportunities? What kind of areas where Gabriel Anand Group can expand? And secondly, with the four companies' completion happening very soon, how do you see the further group stretching happening, say, next year? Okay. Thanks, Mumuksh. Maybe Mr. Goyal is there, so he would like to address this, sir. Sorry to interrupt, sir. The line for Mr. Goyal has been disconnected. Okay. Okay. So, maybe I'll take this question. Yes, please. Yes. Yes. So, yes, as far as the bigger target for the group is concerned, multiple opportunities are being evaluated in line with the expectations there. And then when something materializes, we will definitely come back and share the updates on that. But yes, just to share with you, there is a proper review mechanism for that. There is a proper monitoring for that in terms of the progress, in terms of what are the opportunities that are being evaluated, both on the organic as well as on the inorganic side. So, hopefully, we should be able to share some updates in the coming time. What was the second question? Sorry. With the four companies' consideration happening very soon now, how do you see the plans ahead for the further group? So, Mumuksh, I think as we have discussed multiple times, so we are completely on track on this. Hopefully, I think as of today, we are completely meeting the timelines. We would like to go through this process and then surely come back to all of you on the next update. Okay. Yeah. Thank you so much for the opportunity. All the best, sir. Thank you. Thank you very much. Thank you. The next question is from the line of Virat from SiMPL. Please go ahead. Yes. Thanks for the opportunity. Am I audible? Yes. Yes, Virat. Yes. Sir, just two questions. On the standalone, see, the Marelli acquisition, we started consolidating from Q1. If the run rate in Q3 is better than Q2, then we would basically be seeing a flat growth for us in the two-wheeler segment in this quarter, which is good. I understand Hero has grown better, and we can remind the model mix, but the deviation is still quite large. So, Virat, I don't know if you were there because I think a couple of times I have tried to answer this question. Again, see, you also understand that sometimes it can be a model mix issue. I just mentioned that I think there's no business impact that is there because the production numbers, while the sales number are more, but the production growth is 16%. Against that, we are looking at a 13% number. One impact is coming from Hero. Second, maybe because of the model mix part that is there. Rather, I shared that I think we have further very strong wins in the two-wheeler side on the inverted front forks and on the normal front forks, and we have a very healthy pipeline there. So, I'm not seeing a clinch on this front at all. Okay. Just a clarification. When you say Marelli acquisition, will the concentration be largely two-wheeler, or it's again spread out between two-wheelers, four-wheelers, and? It is mostly a combination of, I would say, maybe 70%-80% would be passenger car, and then balance would be commercial vehicle. There's no two-wheeler. So, that is the reason you would see a 63%-64% normal coming down with some businesses getting increased there or some volume changes happening there. So, the overall percentage two-wheeler would come down. That is on account of increase in the other segment and not because of any loss in the share. Understood. Thank you. Any color you can give into the revised terms in terms of tech license fee, service fee, how would that now be? The question is also, since we have the second line now commissioned, is there an opportunity for exports to make up the shortfall? I don't know if you were there, Virat. Maybe you joined late. I think we discussed that and we shared that there is a good business win for three variants of TVS type of sunroof where we would be now getting into a very healthy utilization once the SOP happens on the second line also. As far as the export is concerned, one of the variants that we had, I think if you remember, I had shared earlier that there are two models and three variants under development. One of the models is also for export. This is called as a BC40. But this is not a product one, this entity obviously is set up to service the local customers. Second, this is not a product which is so easy to transport and handle. So, any opportunity that keeps coming in on export, we'll be very happy to sort of engage on this. But primarily, we are looking at increasing the domestic share of business. On tech line, what is the new arrangement now? Yes, there is. And I think I had explained on the increased cost because of the two reasons. But yes, in terms of the new arrangement, I think the royalty numbers have changed, and we are seeing an increase of around 1.9% there. This will be a permanent? Yes, this will be permanent as of now because we have a lot of other activities, and technical support is needed to expedite the new business wins and localization activities here. So, additional resources are being needed. Got it. Got it. That's all from us, sir. Thank you and good luck, sir. Thank you, Virat. Thank you. The next question is from the line of Amit Hiranandani from PhillipCapital. Please go ahead. Yes, sir. Thanks for the opportunity again. Sir, one strategic question. I wanted to understand, how do you see this Semi-Active Shocks industry in the next five years and Gabriel's readiness for this product? Also, if you can touch base whether this Marelli-Italy open tech partnership and the KYB tech agreement we have, how best they can support Gabriel in faster development for this product? So, just one minute. Okay. See, first, I'll answer on the semi-active part. The semi-active product is completely ready with us now. I think in the last two, three months, we have done a complete tuning on two vehicles. Now, the two POCs have been done on different customer vehicles, one independently and one with potential customers. And the product is completely ready as far as the technology proving is concerned. Obviously, it all depends upon the new opportunity that comes to bring it to the mass market. But yes, we are ready. So, we are not looking at any support coming in from outside for this because, as you know, we have invested quite a bit in the European tech center, and we have enough expertise available there. As far as the agreement with the KYB, etc., is concerned, I think that is all working fine on the existing businesses depending upon the customer requirements and the kind of evolvings and the kind of technology that is needed. So, it is always a combination of if it is a standard platform coming in from some global or being developed in India. So, it is a combination both with the local developed technology and one of the partners. But specifically on the electronic suspension, we are not looking at any support that is needed as of now. But do you see this industry evolving in the next five years? See, the industry will evolve. One variant has come into the market. As I said, I think we have been working with one customer as a proof of concept to demonstrate the technology. The penetration will be slow. Obviously, the cost impact is also significant. Even today also, whatever is being made is not made locally. They're all imported. So, you need an ecosystem on the electronics, on the assembly, on the dampers, etc. So, it will be a slow progress there on the passenger car side. While one odd variant will keep coming, I think maybe as you are five years down the line, my estimate is that maybe top-end variants of some models may have this. I'm looking at some opportunity coming in in the two-wheelers much faster because there are a couple of customers. The POC has already happened. We have already done that. That may happen much faster than the passenger car, but we'll have to wait and watch. But mass consumption may not happen looking at the cost pressures normally on the vehicles there. So, sir, I think then frequency selective damping would be the best looking at the Indian condition and the cost angle, right? So, it will be obviously different kind of walls. The passive walls would keep improving. That is number one. Number two, FSD or HRS or double FSD kind of can be an interim solution to this where we see more traction currently and then maybe at some stage semi-active, but I don't see it happening in the immediate terms on this. Okay. All right, sir. Thank you so much. Thank you. Thank you. Thank you very much. Thank you so much. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand over the conference to Mr. Atul Jaggi for closing comments. Over to you, sir. Yeah. 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 SGA, our Investor Relations Advisor. 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 your lines. Thank you.