Good afternoon, everyone, and welcome to Shivalik Bimetal Controls' Quarterly Earnings Call for Q3 and 9 months ended 31st December 2025. Overall revenue has grown by 9% year on year, both for the quarter as well as the 9-month period. Continuing the company's trend of improving profitability, EBITDA margin continues to grow disproportionately to sales, with the quarter closing with an EBITDA margin of over 24%, marking an increase of over 400 basis points year on year. Q3, in general, has been challenging for us with unpredictability related to geopolitical factors, especially related to U.S. tariffs. We generally experienced reduced orders from our U.S.-based customers during that time. We hope to see this trend reverse in the current and upcoming quarters. Our focus lies in strengthening our core business, and our priority is keeping our earnings growing. As you know, our core businesses operate in segments with high entry barriers, where customer approvals are a hard one and relationships are built over years. Our aim is not to chase the broadest opportunity set. Our aim is to be indispensable in the programs we participate in through reliability, responsiveness, and consistent quality. Over time, this translates into a deeper share of wallet, stickier relationships, and more stable demand through cycles. Secondly, we are moving up the value chain with discipline. To explain this further, as we scale, we want to improve value-added content per program and strengthen revenue visibility. Our forward integration journey is about participating in the parts of the value chain where precision engineering enjoys higher pricing because the customer's cost of failure is high. In that context, our Board has just approved our plans to set up a new facility in Pune for the automotive busbars and connectors and subsequent assembly business. This is a meaningful milestone and is designed to broaden our participation in e-mobility and energy storage applications, while staying true to what we do best, which is carrying out precision manufacturing at scale. We plan to launch this in 2026 itself with a proposed phased capacity addition from Q1, FY 2027 onwards. The INR 200 million CapEx funding for this project will be managed through our internal accruals. Strategically, what this does is simple. It helps us become more relevant to customers with a wider solution envelope and improves the long-term quality of our growth. Thirdly, we aim to protect the quality of our earnings through optimal product mix, better discipline, and smarter capital allocation. This means that moving ahead, our growth must come from with improving economics. To demonstrate this principle, you would have noticed that this quarter's margin expansion was supported by a mix improvement and higher supplies of value-added components to some marquee global customers alongside cost discipline. This is the direction we want to keep reinforcing: better mix, tighter hedge execution, and measured investments. At the same time, we remain thoughtful about shareholder returns. I'm pleased to inform you that the board has declared an interim dividend of INR 2 per equity share. So if I were to summarize, we are building Shivalik for the next phase of growth with a steady hand, a stronger core, and a disciplined move into high-value assemblies, and a clear focus on improving the quality of earnings as we scale. Thank you. Thanks, Sumer. We'll now begin with the Q&A session. So as a reminder, please raise your hand to join the question queue. Here's a quick reminder on how to raise your hand. If you're on desktop or laptop, look for the reactions button at the bottom of your Zoom window. Click on it, then select "Raise Hand" from the options. Your name will appear on the queue, and I will call on you. If you're on mobile or tablet, tap on the "More dot dot dot" button at the bottom right of your screen, then select "Raise Hand" from the menu. Perfect. So we'll start with the first question. The first question will be from the line of Dhruv Jain. Dhruv, your line is unmuted. You can go ahead and ask your question. Thanks a lot. Hello, team. A couple of questions from my side. The first question, you know, if you could just give some clarity. Now, I know it's slightly early days, but given the tariff resolutions, any conversations that you've had with your, you know, customers from the shunt side, in U.S. and even the bimetal side as to if we should start, you know, seeing numbers really improve for the Americas, quite materially going forward, you know, you know, any thoughts there would be very helpful because we've seen that the, you know, that business has really suffered a lot over the last 1.5 years. Right. So, so the answer to this is slightly different for both product types. You know, we, we supply almost in, in similar, equal value, both thermostatic bimetal as well as shunts to the U.S. Now, this, this temporary tariff disruption, you know, keeping that aside, of course, that matters. That makes a difference. What we experienced when it comes to tariffs in the last quarter was, you know, we didn't, we didn't suffer any loss of business as such, but we saw substantially reduced orders. And, and I'm sure everybody can understand that, you know, at, at that 50% tariff value, everybody was buying as minimum a quantity as possible or whatever minimum amount quantities that they needed. So, so we saw some, some product types suffer over there. Now, what, what there there has been a, a major benefit also to Shivalik because of these tariffs. What has happened is that a large portion of our U.S.-based export of EB welded shunt materials was in raw material form. That means we were welding strip and shipping large quantities of that to Vishay. Now, that, because of these tariffs, immediately put, you know, Vishay and us into action to move those into components. And why is that? Because that tariff is not just related to the tariffs that was placed on all general imports from India, but copper as well as stainless steel anyway attract a surcharge over its import. So even after this tariff gets reduced to 18%, if we continue to supply in strip form, that business would have suffered. So what that has done as a result is quickly converted a lot of that strip business into parts. We love that because that is much higher value add as compared. So, what we expect to see and the kind of businesses that we've already the kind of part numbers that we're already supplying for the U.S. market now is A, reduced now is going to be affected by lower tariffs, but B, it's a much higher value product. So we expect to actually see our U.S. exports of shunts grow in the coming quarters. When it comes to thermostatic bimetal, of course, that also some of our customers who were buying in strip form have completely, you know, fast-forwarded this transition into components. So in a way, other than this temporary hiccup of a quarter or so, we have actually seen that the tariffs have worked in our favor. In order to answer your question, both shunts and thermostatic bimetals, we should see considerable improvement in what business we get from the U.S. in this quarter and the coming quarters. Sure. Mr. May, just another question on the bimetal side, right? So if you look at the bimetals business that, you know, you have from India, that number over the last, I'd say almost, you know, 12 quarters has been more or less in that range. In fact, it's actually gone down lower. So if you could just share some time to help us understand why has that been the case and how should we think about the India business on the bimetal side, you know, going forward, what are you trying to do here, and how should possibly growth come back here? That's my second question. See, when it comes to the Indian market, thermostatic bimetal is simply driven by market growth. So if you see in the last four years, as you mentioned, the general switchgear market has also had this sort of a flat kind of a performance. You may see in certain years it's been 5% or 6% or so, but, you know, it doesn't go 100% in line with the switchgear market because MCBs is the only product mainly, the real volume-based product where the thermostatic bimetal is. And, so we have seen that there generally, even though, we see a lot of development happening, we've seen that generally switchgear market itself is, has had a bit of a flat situation. Now, when it comes to export, sure, export, we have opportunities to convert and get more wallet share or to get more market share with a certain customer. And what we were targeting, specifically in order to grow in those areas, was for the U.S. market, and those developments have been going on for more than a year and a half or two years ever since we had confidently started our new capacities. Although, you know, earlier this year, earlier last year, I would say, or earlier this financial year, when these tariffs and all started coming about, we noticed that generally the trend for new developments or the openness of our customers to develop new part numbers for thermostatic bimetal, specifically for the U.S. market, took a hit. It sort of paused, and rightfully so because, you know, if tariffs are not clear, then there's a lot of cost, as you can imagine, a lot of cost involved in developing these, a new supplier or an existing supplier for a new location. So everything came to a halt, or everything slowed down when it came to development, as we mentioned before. So, with more clarity on the tariff side, I think we should see some improvement in those areas. And, really speaking, when it comes to bimetal, you know, other than the market growth itself, there is limited opportunity for growth specifically for switchgear application. So the best way to grow in that area, what we are working on is we are looking at, you know, certain other applications where this kind of bonding or these kind of joining processes we can utilize for certain applications. So a lot of those projects are in R&D, and we would like to utilize some of our capacities for that so that we can get, you know, we don't need to just rely on market growth or wallet share increase. So we are looking at some new opportunities in that area as well. So that is one way of growing. The other one is, of course, you know, like I said, trying to get more business share from the US, which we should, we hope, to see, resuming now with more clarity on this. Sure. And my final question is, you know, on the new busbar CapEx that you're doing. So, A, how should we think about the scalability of the same? And this, along with, you know, the PCB assembly that you're trying to do, how should, you know, FY 2027 look like? Like, we've seen a challenging year in terms of growth. So, you know, with these new initiatives, if you could just throw some granular details as to how you're looking at FY 2027 overall from a growth perspective with various initiatives that you're trying to track. Thank you so much and all the best. So, interestingly, you know, some of the business opportunities that we've been working on for the last 7-8 months, related to these kind of assemblies are, some of them are already converting into orders. Some of them have already converted in business, at low volumes has already begun, which is why the decision to set up the facility in Pune is, you know, initially we were going to supply the starting part of it from Solan. But why we decided to set this up in Pune and we've identified the area where we are going to put this plant is a rented, ready-to-use facility. So, the reason behind that is that we have orders in hand which we have to supply from, before, in fact, starting in March and then really in larger volume starting in April. So, in order to be able to fulfill those orders, we need to have a facility ready and functional within this period of March. And so basically the reason behind setting this up, first of all in Pune, and this is the reason behind setting it up, was that when we got deeper into it, we realized that the volumes are much larger than what we were initially told. And it is better that we are close to our customers there. So the four or five major projects that we are working on in this field are all based in and around that area. From a growth point of view, what we expect to see that this CapEx that we are talking about should bring in this assembly business with four or five projects over a three-year period, it could be in the range of INR 250-300 crores with the first year, this 2027, being about INR 70-75 crores out of that. This is already developed. These components are already designed, developed, ready to move. So it's not something that's, you know, just a part of a plan. It's actually actual business that is starting. So, let's say if INR 70, 75 or 80 crore of this business can be added in 2027, then maybe about INR 150-200 crore in 2028 and about INR 250-300 crore in 2029. That's what we have in mind, and that's the indication we have from our customers for whom we are developing this. Thanks, Sumer, and thanks for your questions, Dhruv. Our next question will be from the line of Akash Vora. Akash, you can go ahead and unmute your line and ask your questions. Yeah, thanks for the opportunity. And, yeah, I mean, congrats for the good set of numbers. My first question will be on the new product that we have announced, that is the bus bar. So, Sumer, I would like to understand, mainly, you know, more about the, market, what kind of, total addressable opportunity we have, who are our key competitors in this market, what this product is about, who's our, you know, who, who are the main customers or could be potential customers for us in this business. If you could just, you know, elaborate on that first. Yeah. So, you know, basically, like the way we manufacture these resistors by way of EB welding, there are certain bus bar components that also require that welding. Now, we've got hold of this opportunity first is because multiple components used in this final subassembly require EB welding. And that becomes a no-brainer opportunity for us because, as you can imagine, wherever more and more EB welding is done, that's what makes that product most suitable for Shivalik. And so the main target customer base for these products is two-wheeler EVs. Some four-wheeler EVs, EV applications also require these kind of bus bars, but primarily it is for two-wheelers. Who we are targeting is all two-wheeler market all two-wheeler manufacturers in India for EVs, which we can foresee is expanding and the interest of the consumer in buying EV two-wheelers is consistently increasing. Up until now, of course, whatever EV two-wheelers are being sold, usually these entire systems were being imported. So, we didn't, you know, there was no opportunity. With a recent shift of these manufacturers, the two-wheeler manufacturers pushing towards making these things in India, along with the ECMS portion, PLI portion, all of those things, a lot of the larger players want to develop these in India, and some of them are absolutely new models or new products being launched. Now, because of NDA reasons, I can't specifically mention which final users are these, but I can tell you that they are the two EV projects that we are working on right now for two-wheelers, which we are closest to supplying, are both number one and number two, of when it comes to EV, when it comes to two-wheeler manufacturing in India, not just EVs, but as a whole. The two largest are the ones that we are working with. And, there are many others in the pipeline, but these are the, you know, the ones. So there is as of now no competition because nobody does this EV welding. Nobody now, unless somebody makes this entire complicated assembly somewhere else in the world and then ships it to India, which I highly doubt because that's primarily the reason why this is being shifted to India. So as of now, there is no competition unless somebody sets up something to be able to do this. So this is actually a very good product for us because it's not just an assembly which requires one or two of our components, but more than a very large percentage, which varies from customer to customer, but a really large percentage of value add as well as the technology part of it comes from Shivalik. And it's not just, you know, simple bought-out component. Understood. And since this is a kind of a forward integration for us, so our margins should be better here, should I assume? As a percentage, maybe it should be about 10% lesser, maybe 8%-9% lesser EBITDA. But of course, the top-line value is more than more than 15 times or so of the component alone. Well, if I include the other other EB welding, so let's say about 10 times more than that value. I mean, if you if it's so this is not really a new thing for us. I mean, we are now formally announcing it as a new new unit because now business is starting. But I don't know if you've been following the previous discussions and calls and the information we've been putting out. These are projects that we've been working on over the last 12 months. So, the margin does come down as a percentage, but as a whole, because the top-line value goes up, so even with a 10% reduced or on the higher side, even a 10% reduced EBITDA, the main thing about this business is that since it's technically very related to our EB welding as well as our resistors, it's a very sustainable margin. So it's not something that we'll see eroding over time. Yeah, I'd like to add Akash. Yeah, yeah, please. Yeah, yeah, please. To your question. So for this product line, yes, it's, compared to our current ongoing products, a less margin. But overall, if you see the company's margin, it will not impact our EBITDA anymore. Okay. Okay. And how will—I mean, so how will you all offset the decrease in the margins in this product? I mean, just want to understand. Due to volume? Yeah. Okay. Okay. The competition currently, Sumer, is only global, right? No Indian competitor in this? No, so first, for somebody to truly be an Indian competitor, first they'll have to start EB welding and start making these resistors. That is the most important aspect. So as of now, we don't have anybody who we at least know of or at least we have information on. So, no, as of now, no. So how many busbars will be going in a two-wheeler? I mean, any, you know, so that we can kind of size or, you know, get some sense of the scale of the opportunity that we have? Guys, so I think, see, it varies a lot from design to design. But to give you a simpler answer to this, I would say that this kind of an assembly for a, let's say, a high-value design, let's say a design in which there's more number of bus bars and more welding or more material required, would be the value of that product overall would be about INR 2,000-INR 3,000. And, roughly about 62% or 60% or between 60%-65% of that would be material cost. Okay. And per vehicle, it'll be only one bus bar, is it? No, it's multiple. It again, it depends on design, various designs. Some designs actually don't have any bus bars. So it depends on two-wheelers in most cases have bus bars, but then again, certain two-wheelers don't. So it varies from design to design. But the two major projects that we are working on have four different components of different types of EB welding involved inside the whole assembly. On an average, any number you could give us? No, in terms of the value or is it? The units per vehicle, the content per vehicle. So, see, let me answer this question. Varial. Yeah, as for the design of the battery, Akash, so it entirely depends on the design of the battery. Based on which maybe the requirement can start from 4 in a battery set, maybe it will increase to 6-8. It entirely depends on the battery. It's very difficult to put an average there. So, you know, each design can vary a lot. So that's why I think it's a better way to look at it is an average value. Because that, that gives you a better picture. Because it, you know, components can vary in size. There could be 5 of a INR 10 component, and there could be 4 of a INR 100 component. So it's just it's just too, too many variables there. Understood. So average value add per vehicle or content per vehicle can be considered as INR 2,000-INR 3,000, which you mentioned. That's correct. So that is a better way to look at it because INR 2,000-INR 3,000 is the value with a 60%-65% material cost. And one could say that in this INR 2,000-INR 3,000, if we were only supplying components and not putting together this assembly, those components could have varied from, let's say, INR 100, INR 120 to INR 300 or INR 400. So that is actually the right way to look at it, you know. So, besides, we would have never had the opportunity to supply those INR 300 or INR 400 components because that assembly would have been manufactured wherever the final product was being manufactured, which up until now was being imported. Thanks, Sumer and Rajeev, and thanks, Akash, for your questions. You can raise your hand again, and we can take some more follow-ups in a little while. Our next question will be from the line of Nirmam Mehta. Nirmam, you can go ahead and unmute yourself and ask your questions. Yeah, hi. So again, my question is on the U.S. business. So, you know, so tariff was one challenge, and we were also facing some issues with Vishay. But now with those issues behind us from your commentary, what is the kind of growth you expect from the U.S. business for the next year? I mean, you mentioned some, you know, it would improve, but what if you could, you know, quantify something? And are there any other challenges also that we face in the U.S.? Right. So, you know, the one big challenge that we faced in the US was more related to one customer, as you rightly mentioned. A lot, a part of their business or the part of their design had recently also gotten phased out, so that also had a contribution to, in, in this reduction. Now, what Vishay has recently done is that they've developed certain components for this application for the largest global EV manufacturers in the world, both the top one and top two. And, that business we are already getting now it's part of our revenue at this point. So we are basically now supplying to or we have restarted business with Vishay to a point. We expect that in this, partly in this quarter as well as if we look at next year, which is 2027, Vishay business value coming back to, you know, similar levels to what it used to be during its peak. So that business has already begun, and we've already got orders. So we see a good future when it comes to the US export. I think there's too much noise in your background. Nirmam, I'd request you to mute your audio while Sumer is answering. Yeah, Sumer, you can continue, please. Right. So with that business added, we feel confident that the, you know, the, the what was looking, you know, what was going showing as a sort of a negative, for, for us, let's say, as far as U.S. exports are concerned, it should have an opposite effect now. So Vishay should go back to its levels of what it used to be 2-3 years ago. And we'll start seeing those, seeing that difference within, you know, even this quarter and the quarter after because that business is already in, in regular, supplies now. And that's all components, by the way. So, you know, that's a major advantage, what I had mentioned in the during the while I answered the first question today. These are all components, and so they're much higher value add, which also brings us to a point that this trend of increasing profitability we should continue to see because the few businesses that are adding to revenue as we speak are on the higher margin side. Correct. And you also see these product developments that, you know, were paused because of the tariff. To resume and, you know, we could add more products. That's right. And that thing has the biggest plus point for thermostatic bimetal because, you know, as I had mentioned in the last question, that our real growth for bimetal actually can come from the U.S. market. I mean, because we already have a decent footprint in Europe and Asia. We're not, we can't target China for obvious reasons. Some of the other markets in the world are serviced by these areas. They don't manufacture too much of this themselves. So where we can really get business, and you know, this switchgear market is controlled by five or six large players who are already our customers. There is no major switchgear manufacturer that uses thermostatic bimetal and is not already buying from us. So, you know, we already have those customers. It's just that we wanted a higher market share in the U.S., and that development is what got stalled. What we are also considering, and not just because of tariffs, is to see if we can have a facility or tie up with a, you know, a partner to have a small, final packaging or a final storage area in the U.S. because sometimes we feel that providing that additional service to a U.S.-based customer can help us do more business there. But again, like I said, with all these tariffs and all this uncertainty, everything had come to a standstill. Now we are in the process of, you know, once more clarity in maybe next month, more clarity comes out on this, we can restart dialogue with our customers related to this. Got it. And so again, on the margins, you mentioned that, you know, these are these look to be sustainable. And I mean, commendable job on the margins. So you expect us a similar range next year, or we can still see some improvement over these kind of numbers? We are, that's what the idea is now, unless we add lots and lots of revenue from, you know, lower-margin business. That's a different thing with it. That's if we keep that aside, our core businesses, yes, we are working. All of our decision-making is now on the basis of how to sustain or improve profitability. And we also know that, you know, the operating leverage that we get beyond a certain level, specifically in these shunts, our business in the last 12 or 18 months had gone below that sweet spot level. And the moment it comes back, then we see, you know, margins shooting up, considerably. So we know that once we stay over a certain amount of revenue from the shunts, and that's going to happen. Why? Because, you know, 1, 1 example that I gave, of this this strip business to the U.S. turning into parts, that not only increases top-line value, but also increases bottom-line value further. So, you know, that multiplier effect of the profitability is something we'll see even more clearly as that business grows. And that business has just started, like, it's been only 2 months. And the first month was, again, in because of tariffs, even, even those quantities were a little bit, you know, on the lower side. Everybody's been ordering on the on the negative tolerance rather than on the higher side. Again, hopefully, that will be fixed soon. Just one last clarification. So you mentioned about the busbar and the forward integrations. So you also mentioned some PCB assemblies that were to start in Q4. So is it a part of the busbar and the CapEx? Technically, they fall in the same category, but those opportunities were different from this, and those are also under development. So that business is also happening as on the side. Those are basically the same things without the busbar assembly. So certain applications don't require busbar assemblies. So those are for those, and that's under development also. And we do sorry? So, the INR 250 crore-INR 300 crore number you mentioned, it includes both of the all of these, forward integrations? It includes, yes, all of the assemblies, the various different types, out of which a vast majority of the value comes from the busbar-related assemblies because those are the most high-value ones. In some four-wheeler applications, like I mentioned, in two-wheelers, the assembly value can be INR 2,000-INR 3,000. In four-wheelers, it can be more than INR 5,000 in some cases. So that's also a part of development, happening as of now. Thanks, Sumer, and thanks for your questions, Nirmam. You can raise your hand again, and I can put you into the follow-up queue as well. Our next question will be from the line of Soham Dangra. Soham, you can go ahead and unmute your line and ask your questions, please. Hello. Am I audible? Yes. Please proceed. Yeah, congratulations on a great set of numbers this quarter. I had a couple of questions. So, with respect to the busbar business that you're developing, I wanted to understand what our moat or a barrier to entry is in this space. Is it a long regulatory approval process, or is it a purely pricing standpoint? And we are doing EB welding, EB welded busbars, and I was reading up somewhere that this is a much more efficient process to manufacture these busbars compared to other traditional mechanical methods. So can you just throw some light on the efficiencies that we see when we use this EB welding method compared to other methods? Yeah. So specifically, when we talk about assemblies related to these EB welded busbars, of course, the biggest barrier to entry is the EB welding itself. Now, EB welding, like I was mentioning earlier, EB welding is not something in strip EB welding is not something that's done by too many manufacturers across the world. In India, nobody else does it. Now, having said that, doesn't mean that it's not possible for somebody else to do it or they can't get into it. But we do have a major advantage when it comes to the technical know-how of EB welding. And, the reason is that we have been involved in EB welding for more than nearly 30, 30+ years or so because we used to do that for, you know, we used to make EB welded components for the color picture tube industry in the mid-1990s. So we do have an advantage, and of technical know-how. So even if a new entrant or a new player came in, we will certainly have more technical so that it becomes basically the barrier to entry in this business. Of course, as you mentioned, just like normal resistors or just like men, you know, even normal copper components used in, let's say, energy meters, why are EB welded shunts used in the first place is because the welding is so efficiently done that it does not affect the flow of current. That's the basic principle. When you weld two different materials, two different conductive materials, and the weld is not good or the weld has too many gaps or it's changing the properties of that point where the weld has taken place, it will have an impact on the flow of current. Now, EB welding has minimal impact on that and yet provides a strong joint, so which means the current flow happens without damaging that area. That is the basic principle. Now, of course, when that happens, you are able to join two different materials, make use of their different res differences in resistance, and as a result, get accuracy in the measuring the flow of current. And of course, then that same thing applies to bus bars as well as it does to a resistor or it does to any other EB welded component or application. So it's, you know, answer is very simple. It's just a complicated process to do. Okay. Okay. Another question I had was, you had last time, you had mentioned that you were entering certain new product verticals in the electronics application space. So can you tell us if there's been any progress on the front or just throw some light on which products are we planning to expand in and which areas do they fall in and what's our moats over there? Right. So, we are looking at, you know, there are different certain types of automotive fuses that we are working on, and we are working with the possibility of looking at getting this technology from another company, foreign company, or maybe even look at the possibility we are open to the idea of, you know, acquiring that technology or the company. But we are looking at various different types of components in the automotive fuse space. Why that is connected to us, obviously, a lot of the resistors that we are making are also used for automotive applications. But these fuses are a very different type. They are not the typical commodity-type fuses that you see in automobiles. These are used in, you know, separate applications. Like, for example, it's used in the power window assembly or the tailgate assembly. And those little fuses that are used are basically, you know, two strips of copper with a different material in between that melts that has a lower melting point. So when that component is overheated, that lower melting point material just melts and breaks open that joint, and hence, the fuse has protected, you know, done its job by stopping the flow of current. So, what we are trying to work on is various applications like that to see if we can, you know, incorporate EB welding there. And the results are good. So that is, of course, one area we are working on because it's also related to what we have. We are alongside that, we are looking at, you know, certain other components that fall into our, you know, some kind of, it's complementary in nature in some way or the other. We are looking at certain automotive inductors, that, you know, we're still assessing, the business, the market. Alongside that, we have a few more opportunities which we have to go further into at this point, but we are analyzing them. But these are some of the other ones that we've gone deeper into. Okay. A final question that I had was on the PCB assembly front. The recent PLI schemes that have come out for these, PCB components, how do you think, Shivalik might benefit from these schemes? And can you quantify the sort of tailwinds that you see due to these schemes? Yeah. I think Rajeev, PLI, I think you would be able to. Yeah. So, see, the PLI has now been converted into a CMSA scheme from the central government where we have already applied, put our application, which is under examination, and very soon, hopefully, we will get the approval from the government. Since we have already welded in the past for four years under PLI, and as far as the quantification is concerned, entirely depends on the revenue, as we mentioned, that it has a potential to grow in between INR 250 crore-INR 300 crore. So accordingly, we will get the ACMS grant from the government. Thanks, Sumer and Rajeev, and thanks to Soham for your questions. You can raise your hand again to join the follow-up queue. Our next line of questions will be from Bhargav Buddhadev. Bhargav, you can go ahead and unmute your line and ask your questions, please. Yeah, good afternoon, team, and congratulations on the good set of numbers. My first question is, just wanted to have some clarification that you mentioned this INR 250 crore revenue on a INR 20 crore CapEx. So, is the math clear? I mean, because this seems like a very high asset turn. Yeah. So, no, Bhargav, this is not probably the right way to look at it and probably doesn't sound okay. You are absolutely right in identifying that. You see, the more costly CapEx requirement for being able to do something like this is something we already have, and we already have further invested over the last few years into that capacity as well as capability. So now this INR 20 crore is actually more of assembly work and having an assembly line, and that's why we can set it up very quickly because a lot of our main key processes equipment cannot be set up that quickly. So this is more related to that. In fact, I would say a large portion of this INR 20 crore is more related to actually having the plant in place. That cost is probably the most. Assemblies, so the most costly, the most expensive CapEx involved in being able to do this is the welding and all the processes before and after the welding. All that we already have. So one can say that in a way, this is like incremental CapEx for being able to do this additional forward integration. Is it fair to say that you mentioned INR 75 crores revenue next year and in three years, INR 250 crores? For that, the current assembly plant in Pune, can it cater to that INR 250 crores or you need more CapEx? No, it should be able to what we have in hand. But, we also are looking at if we can find certain, you know, in the previous question, we were talking about certain other electronics opportunities that we are also exploring which are, some are related, some are not. If we can club everything together and add it onto our plant in Pune instead of spreading into another third location, what we had in mind because of the better ecosystem for electronics over there compared to, let's say, Solan, if we can add all of those things, then maybe in year two, while we are running this various assembly businesses out of there, maybe we can set up a new facility and add those other things as well. So that part we've left open depending on all the other opportunities and how they pan out and whether it makes sense for us to have them geographically in that region. Secondly, sir, now that the U.S. tariff is likely to reduce post-March, is it fair to say that you will again not shift back to exporting strips versus components? That's a fair understanding, right? No, no. We can't export, see. What happens is when it comes to thermostatic bimetal, even when it comes to copper, both the moment we supply strip, they fall in the stainless steel or the copper category. Sure. Those already have a tariff of 50% as it is. Yeah, Section 232. If we don't supply components, strip is out of question anyway. Sure. Sure. So, that's why I was saying earlier that, you know, in a way, it's actually worked well for us, that, you know, wherever we had the opportunity to convert to components or start that development, that has happened faster or at least started faster. This rest of Asia, which was increasing, is it fair to say that the rest of Asia increase was on account of U.S. tariff and now that tariff has reduced, the rest of Asia growth may come off and U.S. growth may increase? Is that understanding correct or? I don't see there's no connection. We'll see an increase, or restoration of the U.S. business, hopefully. But, the Asian market will behave on its own. It's not related. In our case, at least for our products, it's not related. Okay. Okay. So it wasn't the case that, instead of exporting to U.S., you were exporting to, Asia on the, calling of Vishay telling you to do that? It wasn't that? No, no, no, no. You're right. So no, that was different. There's a different idea behind that. Now, Vishay, with Vishay, we also have a white label agreement to supply directly to some of its customers. That development was already happening before the tariffs. So the decision behind that was more logistic-related rather than tariffs. Now, tariffs actually accelerated that development. So what was supposed to happen in an 18-month period got, you know, sped up and it became faster, the developments, because now nobody—since that was anyway being, you know, planned to be sent directly to a customer—then why bring it to the US and pay this 50%? So those developments actually became much faster, as a result. So, but this part of the plan of this white label agreement was before the tariffs, before even the initial tariff idea was, you know, it came around. Even before that, it had started. Thanks, Sumer. Thanks for your questions, Bhargav. You can keep your hand raised for the follow-up queue. Our next line of questions will be from the line of Nikhil Poptani. Nikhil, you can go ahead and unmute your line and ask your questions, please. Yeah. Am I audible? Yes. Please go ahead. Thank you for giving me the opportunity and the conversation with a good set of members of many muted quarters. So, as we are seeing, prior to the disruption of the tariffs, we were guiding towards 12%-15% of the year. Now that somewhat of the tariff disruption is coming down, so are we looking at for 27 again as a 15%-20% 12%-15% growth? And, as we are forward integrating and we are going to this, so we can assume that our volumes will come down a little bit, but our price realization will go up. So how much would be contribution from the volume side in growth, in revenue growth, and how much will be the realization growth in perspective to revenue? I think Rajeev, if you can. Okay. So, what I understand, because maybe a bit connection problem from here, it's their side. So regarding the volume and value growth in context of U.S. market, if you see, since we are converting a strip into components, it's very hard to say or count compared with the previous numbers because realization will be more due to supply in component form. Yes, the growth in volume side for both the product will be there, along with the realization, will be more in context of value growth. So hypothetically, if we are growing 5% in volume growth, then there will be at least 12%-15% in realization form growth. Okay. That's, that's good for understanding. My first question on guidance, like, prior to our US tariff disruption, we were guiding towards 12%-15% of growth. So now going forward, let's say in FY 2027 or 2028, are we reiterating that guidance because now a lot of the advance have come off? Yeah, of course. So before that, for the whole year, our guidance was in between 10%-12%. Somehow, due to these tariffs and the geopolitical issue, we are around 9% as of now, which is near to 10%. Somehow we are maintaining our commitment to the market. And, hereon, we are estimating it should be, at least better than whatever we have delivered so far in nine months. Thank you. Sounds very good. Thanks for your questions, Nikhil. Thanks for your answers, Rajeev and Sumer. Our next line of questions will be from the line of Naushad Chaudhary. Naushad, you can go ahead and unmute your line and ask your questions, please. We will move on to the next participant. Our next line of questions will be from the line of Bhavesh Jain. Bhavesh, you can unmute your line and ask your questions, please. Looks like we'll move on to the next participant. Our next line of questions will be from the line of Het Shah. Het, you can unmute yourself and go ahead and ask your questions, please. Yeah, thank you for the opportunity. A couple of questions from my side, more likely confirmative ones. Firstly, we've given a volume growth guidance of about 4%-5% for the year. Over this nine months, we are already 3% down. So, I mean, would we be able to achieve some bit of it? And secondly, if we could quantify the share of components versus parts in the revenue mix for this particular quarter, vis-a-vis the previous one and Q3 FY 2025. And lastly, just wanted a confirmation of what you've said in this call and the previous call. So, PCB assembly revenue for FY 2027, you said, close to about INR 50-55 crore. This particular quarter you've said, Busbar plus PCB would the total forward integration would be at about INR 70-75 crore for FY 2027. And EBITDA margins for PCB, you've said, it could go maximum to 17%-18% on the lower side. And Busbar, you've said it would be probably 10% lower than what is the normal margin. So that would be at about 12%-13%. So is my understanding correct? Yeah, I'm I'm done with my question. Yeah. So as far as the total volume versus value is concerned, if you see in the nine-month, the total volume has grown by 3% compared to the previous nine-month. And even quarter-on-quarter, you can see, or product-wise, you can see the shunt has grown by almost 9.5%, whereas bimetal has grown by 5% in volume term. So we have seen committed growth, which was estimated initially in the beginning of the year to grow in the range of 10%-12%. And somehow we have achieved it in the range of 9%. If you the second question was regarding your component and strips. So currently, we are supplying, as a company, around 36-37% in strip form and rest in the component form overall. And third was your question regarding to maintain the EBITDA margin. Currently, we are in the range of 23%-26%. After forward integrated product, since the product will give a lower EBITDA compared to the current, organic product. But overall, the company's EBITDA will remain in the range of 23%-25% as we will grow, in volume terms for the, assembly business. And in fact, if you see the incremental cost will be lower than than what, we can maintain, at least at at EBITDA level. So overall, the company's EBITDA would be in the range of 23%-25%. Very satisfying. That's helpful. Thanks for your questions here. Our next line of questions will be from the follow-up queue. So, Akash, you can go ahead and unmute yourself and ask your follow-up question. Yeah. Actually, I was just going through the presentation, had a look at our net working capital days, which have grown as I said almost from 60 to 250 days. Just wanted to understand what measures are we taking on that front, you know, to bring it to a more controllable kind of a number because 250, 260 net working capital days is like too high. Yeah. So, in this quarter, you see, sometimes when you're ordering, then you are getting material in time. So this quarter, the consignment should land in January has already landed in December due to this, there is a certain increase in inventory days. And parallelly, since we are growing around 9% in revenue, based on which our collection period has increased almost by 10 days. So it is under 90 days, but it still has increased compared to the previous nine months. So as far as the corrective action is concerned, for raw materials side, we are in the process of developing three or four domestic suppliers, which will eventually reduce a certain days, not the complete, maybe under 180 days or 200 days. On the other side, I'm also taking some precautions for the collections from customers where we are having some tripartite agreement with the financial institution to get the upfront payment where we are exceeding over and above 90 days payment term. So these are the two measures we are considering due and based on which at the quarter ended March 26, we would be able to get this working capital in the range of the previous year's numbers. Understood. Thanks for your follow-up, Akash. Our next line of questions will be from the line of Richa Agarwal. Richa, you can go ahead and unmute yourself and ask your question, please. Hi. Am I audible? Yes. Please go ahead. Yeah. Thanks for the opportunity. Congratulations for a good set of numbers. So I just wanted to know that, you know, we are hearing a lot of, you know, like traction in the data center segment, which, you know, in your presentation, you mentioned as one of the areas for end applications. So if you could talk a bit about, you know, what kind of opportunities, if at all, you are seeing emerging. And also, you know, the breakup of your revenue, end sector-wise, like how much is going towards smart meters or EVs, if you have that. I think, see, with data centers, you know, sometimes it's very difficult for us to analyze what exactly. So, starting with, let's say, EVs or smart meters are very custom-made to the specific application. So it's easy for us to classify that as the end application. When it comes to data centers and the general increase in demand for these products, including even thermostatic bimetal because of increase in demand for switchgear, we don't know because there are some general application energy storage devices as well as some general application switchgear, which are both being utilized for this. So it's very difficult for us to specify because it's not a unique design to its application. But yes, when it comes to smart meters and when it comes to automotive resistors, that we know. So, I think that exact breakup, if Rajeev, if you can just break up the revenue that we have from energy meters as well as from automotive shunts as well as from non-automotive shunts. In broader category, for both the product, thermostatic bimetal, and shunt. In thermostatic bimetal, switchgear industry constitutes around 80% of our supplies. The rest is between automotive, energy meters, and some home appliances. Similarly, in resistor business, around 60% goes to automotive and 35% goes to energy meters. The rest is in between home appliances, gas meters, and others. Thanks for your question, Richa. Our next, line of question will be from the line of Prateek Chaudhary. Prateek, you can unmute yourself and go ahead and ask your question. Sir, CapEx of the assembly business, what sort of growth can we possibly see in our base manufacturing business in FY 2027? A rough range would be helpful. So Prateek, we basically, you know, thermostatic bimetal, like I had mentioned earlier, it's a little bit difficult for us to say at this time because there were too many things related to the U.S. market. We do expect. We have an indication from our customers for India and certain other markets that we do expect to see, you know, like an 8%-10% kind of a growth in that area. But where we are really expecting growth in our baseline business, non-related to the, you know, any forward integration or new product types, we do expect to see a much larger growth in the shunt business because, like I mentioned, you know, Vishay being one of them, and there are two or three other customers, including, you know, Denso from Japan, and there are three or four other Japanese customers as well, where commercial business has already begun. In some cases, it's been a few months. In some cases, it's starting now or maybe next quarter. So, when we add all of that, we expect we hope and we expect that if all of those things work well and those businesses, as per the forecast that we have, we should be able to add to our shunt baseline business anywhere between, you know, like 13%-14% to 18%-19% kind of a number. So that that expectation is what we are working with, and that's the kind of indication we have from these new developments. Great. Thanks a lot, sir. Thanks for your question, Prateek, and thanks for your answer, Sumer. Our last follow-up question will be from the line of Bhargav Buddhadev. Bhargav, you can unmute yourself and go ahead and ask your follow-up question. Yeah. Hi. So just one follow-up question. So, sir, when you mentioned that 65% is raw material cost in that automotive busbar, I would presume that that would be coming from your mother factory, right? Some part of it, yes, because some part will be other components as well. Some parts, some portion of it would be our own components that we have manufactured. But we are taking that as a whole value. Lastly, any impact of this raw material inflation that we are seeing across your key raw materials, or we will be able to pass it on? Our raw material pricing structure is such that all of the raw material pricing is passed through because, you know, it can go either ways. Right now, it's seen an upswing, but it can go down downwards as well. The bigger impact that we've had is in our third product vertical, which is Silver Contacts. And Silver Contacts had more exposure in recent months, because, you know, you may be aware that for that particular business, we are, you know, in the process of moving to a new factory. That factory is already partially under production, but because it was running on full capacity, it's a complicated process to move to a new location. So we had, you know, obviously, we had more inventory, slightly more inventory lying with us, and we had more exposure because of this transit. And that's exactly the time when silver actually, you know, went a little bit too high. So we do have certain instances where this can have an impact. But under most circumstances, it has no impact directly on our margins as well as our. Surely, there'll be some, you know, increase in top line that'll show up as a result of that. Thanks, Sumer, and thanks for your questions, Bhargav. I can see some more participants in the queue. I'd request you to write to us at Dickenson with your questions, and we can, get them answered to your satisfaction. I'll now hand over to Sumer for closing remarks. Thank you, everybody, for joining us today. The key takeaway is that we are growing steadily while improving the quality of earnings. We remain focused on strengthening the core and moving up the value chain in a measured way, with the Pune initiative being a clear step in that direction. Thank you for being a part of Shivalik's growth journey as we enter this next phase. Wishing you all a pleasant evening ahead. Thanks, Sumer, and thanks, Rajeev. And thanks to all our participants today. Please do. Thank you, everybody. Yeah, thank you. Please do write to us if you have any further questions or would like to engage with the management. We'll be happy to set that up. We can now disconnect our lines. Thank you for joining us on behalf of Shivalik Bimetal Controls Limited. Cheers and good evening.