Good afternoon, everyone, thank you for joining us today. Q1 FY 2027 is a strong start to the year and gives us further evidence that Shivalik is progressing higher on the value curve. We are building on our precision materials and process technology base to participate more deeply in higher value components, integrated assemblies, and application-ready solutions. The objective is to grow revenue and to also improve quality of growth, deepen customer relevance, and increase the value we capture from our engineering capabilities. This quarter reflects that progress. Consolidated revenue grew 33.4% year-over-year to INR 182.2 crores. EBITDA increased 35.2% to INR 43.2 crores, PAT grew 44.9% to INR 33 crores. Sequentially, revenue increased 13%, EBITDA 23%, and PAT 26%, giving us a strong operating start to FY 2027. Importantly, this margin improvement was achieved while employee costs increased as we invested in capacity, people, and capability, giving us confidence that the underlying operating model is strengthening as we scale. From the quarter, Shunts remained the stronger growth engine, with revenue increasing 18.7%, Bimetals grew 7.4%. India delivered broad-based growth across both businesses. Europe grew strongly led by Shunts, with Americas also showing early improvement in Shunts with a 30% growth year-over-year this quarter after softer FY 2026. Asia was weaker during the quarter and remains an area where we are focused on rebuilding momentum. At the consolidated level, growth was supported by a higher contribution from our subsidiary platform. As Electrical Contacts scale, precious metal content can affect reported revenue and gross margin, we remain focused on EBITDA and cash generation. I would also like to thank Rajeev for his contribution to Shivalik. We will ensure an orderly finance transition and continuity. Subsequent to the quarter, receiving consent to operate for phase I is an important milestone in the operationalization of our Pune facility. The approved capacity provides a scalable manufacturing platform for Cell Connecting Systems and support our strategy of increasing participation in value-added components and assemblies. It represents an important extension of Shivalik's model, bringing together our strengths in the material science, precision joining, electronics, and application engineering on a single platform. The next phase will focus on completing customer and process qualifications, establishing repeatable production systems, and scaling in line with program requirements. Over time, this should enable us to deepen our participation in automotive and electrification applications while increasing the value we deliver to OEM and Tier 1 customers. We look forward to growing our business in Cell Connecting Systems, busbar assemblies, and PCBA assemblies in line with customer program schedules. Looking ahead, Q1 positions us well for a positive year. Our priorities remain margin quality, working capital efficiency, cash conversion, and selective capital allocation. We will continue to grow the core, recover opportunities in key export markets, and execute on our forward integration objectives carefully. In summary, Shivalik is becoming a more integrated, higher value, and more resilient precision components and assemblies platform. Q1 shows that this strategic progression is beginning to translate into stronger growth and better earnings quality. With that, let's start with the Q&A session. Thanks, Sumer. Before we begin the Q&A, just a reminder on how to raise your hand to join the question queue. If you're on your 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 should appear in the queue, and I'll call on you in order. If you're on mobile or tablet, tap on the more button at the bottom right of your screen, then select raise hand from the menu. Perfect. We'll start the Q&A session. Our first question will be from the line of Dhruv Jain. Hi, Dhruv. You can go ahead and ask your questions. Hi. Thanks a lot for this. Congratulations, guys, for super numbers. I had a couple of questions. You said that Q1 has been pretty strong and incrementally, if I'm not wrong, a lot of busbar revenue has also not come through. Just wanted to get a sense that for FY 2027, what would your guidance be for the full year in terms of top line and margins both? And if you could split that into, say, Shunts, Contacts, Bimetals, and busbars also. That's my first question. Busbars, as you know, and the cell connecting systems are fairly new, they're just a minimal addition to the revenue in this quarter, and then it's substantially increasing in the current and upcoming quarters. It's a business that as you know, has actually just begun. Initially, we were doing some sampling and we were making pilot lots, et cetera, but now full production has started, and a lot of that production has not been a part of this Q1. More of it is. There has been some revenue addition in this one month or so of the last month of the quarter, but most of it is going to start reflecting in the current quarter and the upcoming quarters. Even the current quarter being, to some extent, quite limited because our real manufacturing, the main manufacturing facility for this actually becomes fully operational only in October. Right now, we've got only the first phase running, as we've been making clear. Now, coming to the expectation of what we are seeing from our customers and what forecasts we have. On a Shivalik standalone basis, we expect maybe a 44%-45% revenue coming from Bimetal, and 54%-55% coming from Shunts. Shunts, obviously, it's a little bit different from what it used to be. As we've been mentioning that we've converted a lot of our business from ready-to-use strip for resistive manufacturers to final components. The value there, as well as the value added there, is consistently increasing. Keeping that in mind, we expect 45% and a 55% between this. On a consolidated level, I think we would be more like maybe around a 30%, 35% of total consolidated revenue would be from. Somewhere between the 30% to 35% should be from the Contacts business, which is the wholly-owned subsidiary. We expect that from these assemblies, the PCB assemblies and these busbar assemblies, we expect in the first year, maybe about a 15%, 16% of total revenue coming from that. Yeah. This is helpful. I was talking about what's the growth number that you are envisaging in FY 2027. We can then do the math around the proportions that you've spoken about, but broadly. I think proportions is something that probably you need to hear from me, and then you can work the other way around. Anyway, growth, if things go as per what we have in forecast, et cetera, of what expectations we have from the customers, we could, on an overall revenue basis, be looking at somewhere between that 20% to 30% kind of a number. It depends on a lot of factors. We are still pretty early on in the financial year. Yeah, we are working towards and we have expectations of business in that kind of a range. Got it. My second question, Sumer, was that, I was noticing your largest customer's recent earnings announcement. It seems that the category that you're present in has seen a significant surge in order book. Does that mean that for the next, say, one or two years, at least in the Shunt Resistor side, we should start to see that meaningful recovery that you've been speaking about in the last 1.5 year, actually finally starting to come to fruition, and U.S. as a geography starts picking up meaningfully. I understand you're doing it for the other geographies as well, but it was interesting to look at that number that your key customer reported. Yes. That's what our key customers have actually given us an expectation for this year, and those numbers look pretty encouraging. The good part is that this resurgence that we are experiencing from that customer is now in a form of a much more higher value-added business as compared to what it was a few years ago. Not only do we go back to those levels, but we expect to go back to those levels with a much higher value add. Got it. Any key end markets that you're seeing a lot of traction, at least with respect to that customer, you'd want to call out a couple of qualitative aspects there? Yeah. There are two areas where we are seeing a lot of growth coming in or a lot of developments happening at a very fast speed because the market demand is there. One is two-wheeler EVs, a lot of developments happening there. When such developments happen with this kind of an increase in demand, everybody goes into a very fast development mode. We have a lot of pressure on these opportunities, Shunts to be used for that. As we produce these cell connecting systems and as we scale in that demand will continue. Currently, a lot of that business or a lot of those components are imported. As we get more into that, we'll see a demand. Even for our Shunts as of now, as just Shunts on their own, because all these two-wheelers use Shunts directly as well. We're seeing a lot of new developments and a lot of fast developments happening actually in that area. The other place that we're seeing a consistent growth is smart meters. When we talk of Shunts, both these areas, as an end-use case, we are seeing a lot of growth. Got it. Expected growth. Got it. Thanks a lot, Sumer. This is very helpful, all the best. Thank you, Dhruv. Thanks, Dhruv. We'll move on to the next question. We'll take the next question from Nirali Gopani. Hi, Nirali. You can go ahead and ask your questions. Hi, thank you for the opportunity. Hi, Sumer. My question is on the revenue for this quarter. When I look at Shunts, is it largely driven by the conversion from strip to high-value added products? How much of contacts revenue would be silver led, the pricing led? Hi, Nirali. Yes, basically a lot of the increase, specifically in the value add more than in the revenue itself. Part of the revenue of even the Shunts, it can be attributed to an increase in material prices from, let's say, last year to this year. There has been a substantial increase in copper prices. A lot of the materials, a lot of the cost of raw material that goes into the Shunts is copper-driven. It's either directly copper or some copper alloys. Some part of it has come from there, but still there is an increase beyond that, especially an increase in the value addition that comes from, as you rightly said, from the conversion of strip to parts. Now, between the two quarters compared, for example, our strip production is actually, or our strip sales in Shunts has come down to nearly one third of what it was last year that same quarter. Interestingly, that whatever leftover strip quantity, that 1/3 that's left is actually the higher value-added strip. In strip also we had two, three types of strips that we were supplying, and the lowest value-added ones are converted into parts which have become automatically higher value-add in comparison now. The leftover strip is actually also a higher value-added strip. That strip business, if it continues, also it's great for us because it's a higher value-added, more tolerances-wise or dimensions-wise, more complicated size. That's with the Shunts. When we purely look at silver pricing affecting the revenue growth, the answer actually lies if you do a sequential comparison between Q4 last year and Q1. Between these two quarters, silver as a material or silver as a bullion price has actually gone down a little bit. Sometimes it's been similar, but it's actually overall gone down. We've still experienced growth. When we compare this quarter to Q1 last year, there you will see that there's been a silver is nearly more than double of almost just a little bit over double of what it was last year. I would say about what you purely see as revenue, about half of that revenue growth can be attributed to silver alone. Right. Sumer, to put it in simple terms, of this 33% of revenue growth that we see in the quarter, how much of that is sustainable, keeping aside the commodity prices? I think about what I said earlier, somewhere in this 20%-25% or, like I said earlier, if we go as per the developments that are happening, we could somewhere be in between the 20%-30% range. Okay. Fair enough. What would you attribute this increase in the EBITDA margins to? A lot of that comes from, again, from two areas. One, First of all, even for a lower growth area like Thermostatic Bimetals, even there we are seeing an improvement in margins because we have followed this higher value-add component strategy to some extent even there. For example, if we were supplying a thicker or a wider material size to certain customers, we have gone with proposals to supply a finished component or add some more value to our process. We are working on. Although minimal, there is still a margin or earnings increase even in the lower margin business segment. A lot of it comes from Shunts. Because we've switched from those strips, those lower value-added strips or components, a lot of that EBITDA margin increase is coming from there. Yes, that part is sustainable because those parts are here to stay. In fact, a strip business is probably sometimes less sustainable because a strip can be sourced from, let's say, a competitor. When we have developed a very high precision component for a customer, the chances of that business going away, other than its life cycle finishing or other than some kind of a major design change happening, which is very unlikely in a short period of time, that usually isn't the case. That business actually becomes sustainable. The vast majority of contribution coming into the EBITDA is coming from a sustainable source. Interestingly, some portion of profitability also does come from materials, because certain, our way of costing is such that certain percentages do come in, but that's a very minimal amount. What we see is that, what you'll see that some margin will increase because of materials going up, but that usually ends up showing when the materials have gone up a lot. With slight increases in materials or slight reductions in materials, we will not see a huge difference. Materials have been a little bit different than their usual trajectory in the last 1.5, two years, you know how things have been, especially in cases of silver, et cetera. If it was the other way around and a large portion of our profitability was being attributed to materials going up, we would be really worried. A large portion, since it's coming from a sustainable source, we feel confident. Nirali, I request you to join the follow-up queue by raising your hand again. We'll certainly take more questions from you if we have time. Perfect. Thanks, Nirali. We'll go on to the next participant asking questions, Deepan Narayanan. Hi, Deepan. You can go ahead and ask your questions. Good afternoon, everyone. Thanks a lot for the opportunity. Firstly, one of our large U.S.-based client has delivered very strong growth in this AI-related application with their MOSFET division. Do we expect more volume growth from their higher growth from MOSFET, or we supply only to their resistor division? No, we only supply to their resistor division, but we expect some increase. You see, our product is actually something where the customer can give us very black and white numbers, because they know that what are the expected volumes of the final product where our product is going. We do get sort of a year-wise or at least for this current year, we know that how many components are expected to be shipped out to them for this. We actually know where that product is being used in the end. We can also do a sort of an analysis on our own to see where that trajectory is going. The volume that we see from that same customer coming in is specifically for two or three automotive giants, which I'm not at liberty to talk about because of the NDAs in place. We have an idea, and they have given us an idea as to what these volumes would be, and so it's easier to estimate. Okay. Does their MOSFET division also use some kind of shunts in their products? Shunts, it's a general product. There are many different types of shunts. What we manufacture, very specific EB welded strip shunts, which is a very small portion of the many hundreds or thousands of different types of shunts that exist. Although we don't have any such development with them happening at this point, we have some other developments in areas, but they're only linked to their resistor unit or resistor portion of their business. Understood, sir. On the bimetal side, what is our expectation or when do we expect the growth to be turned around in this segment? Shunts has been doing well for some time. Bimetal has been struggling across regions. Do we expect growth to return in 2027? Yes. Interestingly, just in the last few days, actually, from our existing customers, we are getting a lot of information about increase in quantities, expected quantities. A lot of that, I think, is coming from real estate as well as from infrastructure development. For the first time in actually quite a few quarters now, like four or five quarters, we are actually getting this kind of a feedback from the customers. We are actually seeing it in this current quarter, that bimetal is for the first time seeing an uptake in terms of not value or anything, but specifically in terms of quantities. We expect, and we do find that information from our customers very accurate because 70%-80% of Thermostatic Bimetal consumption is kind of evenly split between four or five large players. It's fairly easy to get the right amount of data about what's going on. By the way, all this time, all this increase or expected increase that I'm talking about is specifically more towards the Indian market. For the first time, we are seeing an uptake or an expected uptake, including for this month, for the domestic market. We do have a few developments in place that could add decent volumes for Thermostatic Bimetal for some export opportunities, which, I don't know if you've been following, but which had sort of taken a bit of a back seat during the tariffs issue with the U.S. I'm happy to say that a lot of those developments have restarted with some customers. By the way, those customers are all our existing customers, with them, we are working on a couple of larger volume opportunities. Those, of course, are not something that we foresee are going to add a lot of revenue in the coming, say, one or two quarters. Let's say slightly longer term, like four quarters or so, or a year from now, we should see added revenue coming from those developments as well. If we see a substantial Indian growth, and then by then, by two or three or four quarters, we start seeing an increase in those developments, which are in the middle of testing, et cetera, right now, we should see bimetals going in a growth direction as well finally. Thanks a lot, and all the best for future. Thank you. Thanks, Deepan. Next question will be from the line of Rushit Shukla. Hi, Rushit. You can go ahead and ask your questions. Hi, thank you. Thank you for the opportunity. I just wanted to ask questions regarding the new side of the business that is busbar and the cell system that we are manufacturing. I just wanted to know what is the runway and currently how much of orders that we have received from how many OEMs? What is the guidance that management gives for FY 2027 as a whole? This product actually, you see, we develop it sometimes for certain types with the OEMs, but our customer actually is the supplier to the OEM. Again, we have the final user of the first product that we started in the cell contacting system division, is for a specific customer end user, which again, due to NDA related issues, I cannot take the name of that customer. It's through the supplier to that customer, and actually the NDA is with that company. I can tell you that it's a major two-wheeler OEM, two-wheeler manufacturing OEM that has gone in a very big way into EV two-wheelers. That same company that has developed the final battery pack for the end user is also doing it for three or four major other brands as well. Although it started with that one OEM for us, but we are currently working with another two or three designs. The steady production as well as sale is right now only for one OEM. By the end of this year, those other developments should start converting into business as well. As you know, it's sort of the two things are going hand in hand. Our plant needs to be 100% ready to be able to get more of that business. Right now, the capacity or the first phase that we talk about in Pune, for which we have the CTO or the consent to operate, that specifically can cater only to that one particular model. In any case, even if we had more developments, we would not have been able to add more revenue from it before the end of the year. Developments are in place. In this, we expect the kind of business that we are looking at or the value of that business that we can gain from this Pune facility for this particular thing, somewhere in the range of INR 300 crore-INR 400 crore in about three years' time. Out of which we see maybe about 10%-15% revenue coming in year one, maybe about INR 150 crore-INR 200 crore in year two, and then INR 300 crore onwards thereafter. These numbers obviously are subject to change a lot because this is also a product that India as a country is still absorbing. It's not caught. For example, to give you some context, if an OEM tells us they're planning to sell 10,000 two-wheelers of a certain model, and the product is not accepted as well and it turns out to be only 5,000, that changes everything. If you follow the two-wheeler EV market, it's a product that people are still in the process of gaining confidence. It's a lot better than where it was two or three years ago, where people were still not accepting this as a product. It's a lot better, the situation now. Thanks to some other things that have been recently happening, the push has happened actually faster now. The adopting of two-wheelers and EV two-wheelers is speeding up. Subject to those things, this is the kind of revenue we could expect. We also feel that once our facility is running, which has a fairly enough extra room for expansion, we can also look at certain other assemblies which can be used alongside these products along with some specialization of ours. For example, we supply Shunts for the BMS as well for all of these two-wheelers. We have an opportunity there. If from the same facility we start supplying an integrated assembly, that adds even more revenue. I think this Pune facility is one step with the revenue that I mentioned, looking at these other opportunities that could also be serviced from there, that could add more revenue. This is a sort of a three-year, four-year, five-year plan. Yeah. Thanks for such a detailed response. What we have understood till now internally is that this product can improve both battery life, battery quality, and also the range of the electric two-wheeler. This could be a breakthrough for the entire industry. We expect that we are starting with one giant OEM, but if the industry itself is growing at such a high pace and we can accommodate another two, three OEMs, obviously, naturally, if the battery life and the kilometer capacity is increased, other OEMs will come. How do we plan in terms of capacity expansion, funding requirements, and also handling so much of demand when the product hit the market? If you look a little deeper into this market, a lot of two-wheelers, a lot of EV two-wheelers are being manufactured as we speak. Right? The numbers are already there. Even if you speak of four-wheelers, this applies to that as well. Now, a lot of these existing products in the market import a lot of their major battery components, including the battery pack itself. What's happening now, a lot of that supply chain for import is already in place, to switch from that overnight or to switch from that very quickly is not something that a lot of OEMs can do. For example, they are still establishing their product in the market because EVs themselves are sort of a new thing for a lot of people, first-time buyers especially. They're not going to immediately, even if there's a substantial cost saving, they're not going to immediately switch a supplier. Even if they say, "Okay, fine. Shivalik can give us this assembly or that assembly and this." They're not going to immediately do that. Why? Because the import supply chain is already in place. Where this comes in is when there's a design change or there is something specific, like you mentioned, that when, say, with the new technology range is going up or battery life is going up. In this case, the cell contacting system, which uses our EB welded strip. In this case, the maximum benefit that a user can take from such an assembly is actually not to that extent the two things that you mentioned, whereas it's actually more on the safety side. If you see why our product has a possibility of a very high volume consumption in the future, is because safety was one of the biggest concerns of people buying two-wheeler EVs in India, because there were a lot of early reports of fires and all these things that were related to safety issues. I think there, even an import supply chain can be bypassed to be able to design a product that's more suited to Indian conditions, which has been reporting these kind of safety issues. I think our biggest selling point first becomes more related to safety. Thanks, Sumer. Rushit, you can raise your hand again to join the follow-up queue. What we'll do is move on to the next participant. Our next participant asking a question is Naushad Chaudhary. Hi, Naushad. You can go ahead and ask your question. Yeah. Hi. Thanks for the opportunity. Hope I'm audible. Yes, Naushad. Go ahead. Yeah. Congratulations, Sumer and team, for a very good set of number. Two question. First on the busbar side, you indicated the potential of this product could be INR 300 crore-INR 400 crore of business. Assuming if we have to reach there, how much incremental investment would require Pune facility to achieve that number? Hi, Naushad. The CapEx requirement for this entire project is somewhere in the ballpark of about INR 20 crore-INR 25 crore. Again, we clarified this because it somehow doesn't sound right. With that kind of investment, how do you generate that revenue? A lot of the high CapEx process or the high CapEx part of this whole product that's there is already there with us, let's say, in Solan, right? That CapEx is already done. Standalone, the incremental CapEx of Pune doesn't fully justify or doesn't paint the right picture. Yes, since that is the case, the Pune project is estimated in this phase. In this phase where we are talking about a possibility of reaching that. Thereafter, when we talk about making more assemblies or we talk about making more different types of finished integrated assemblies, there the number could change. As of now, the exact specific product that we're targeting and the exact capacity that we're targeting is expected to be a CapEx of about this much. Interesting. Second one on any new development. If I remember, we had been indicating our interest into precision electronics component, which may evaluate and get into any development on that side or any other new initiative which can help growth beyond 2028, 2029. Yes. There are two areas where we are working with potential technology partner or a JV kind of a setup. We haven't reached. We are still in talks with them as to we are still in the process part of it. Yeah, the two areas narrowed down to a very specialized material for some electronic applications, but it's a metallurgical specialized material that is used massively in most electronic applications, and very few companies in the world make it. Again, I apologize, but I can't give very specific details of it because it's still in talks and the technology partner that we're talking to with that comes under a very strict NDA. I can say it's a specialized material, so it's a very interesting thing for Shivalik because it's got a metallurgical specialization to that product, but supplies to a vast, huge market size within the electronic space. That is exactly the kind of product for future growth or future addition that qualifies for, let's say, a company like Shivalik. This is exactly what we should. There are two areas of expertise that we feel we are in precision components for electronics and automotives. We already have all of those systems in place to cater to that, but our core actually lies in metalworking. This becomes actually a very good product for us to consider, and hopefully, by the time we have our next earnings call, we should have a lot more concrete information to share on that development. Similarly, there's another project which is related to automotive fuses. Automotive fuses have also, for the longest time, been a commodity product, but very few manufacturers make those automotive fuses. Then beyond the automotive fuses that we see in cars, which we generally talk about, there are some other fuses that are in individual equipment within an automotive fuse box. Those are the ones that some of those designs meet our joining capability ethos. We are also, again, with some fuse manufacturers, we are in talks as to which one we could materialize. Both these developments could result in some kind of a partnership or some kind of a technology partnership or even some kind of a smaller size or some kind of an acquisition to buy that technology and bring it here. We are exploring those kind of options. To answer your question, yes, these developments are going on. Other than this, there are quite a few others, I would not mention them right now because those are not in any advanced stages. These two kind of are closer to something coming out of it. This is where we are working on. I think I've mentioned this a few times. One very useful step that we took in Shivalik was to segregate people or a team of persons who look at these kind of new technologies and new. We totally understand that our business, with whatever best we can do with it growth-wise, has limited scope in terms of scalability. Until Shivalik goes into these kind of new product verticals, the real growth or the real scalability only comes then. We don't want to do it at the cost of whatever best we can do with what we have. We have to work alongside each other and not let the two things come in the way of one another. Thanks, Sumer, and thanks, Naushad. You can keep your hand raised for the follow-up queue, and we'll certainly take more questions if we have time in this session. Our next question will be from the line of Bhavya Nahar. Hi, Bhavya, you can go ahead and ask your questions. Hi, can you hear me? Yes, go ahead, please. Hi, congratulations on the result. I just have one question on Shunts. Could you please, if possible, exactly indicate what proportion of the growth was driven by value-added products versus the underlying commodity increase? Yeah. Well, we were reverse working on that. The strip business basically has, like I mentioned, strip business has come down to about one-third of what it used to be. All of the value-added business, all of the growth that you see right now in the Shunts has basically come from two things. One is the material cost and bigger number comes from the value addition of If we were to see that out of the overall growth, roughly about 70%, 75% of that value addition growth has come from converting to value-added parts rather than from the materials. The rest of it has come as a contribution from material, the commodity prices. Thank you. Okay. Thanks, Bhavya. The next line of questions will be from Vivek Seth. Hi, Vivek, you can go ahead and ask your questions. Hi, Vivek, you can go ahead and unmute your line and ask your question. Thank you so much for the opportunity, and congratulations on the good set of numbers. My query is, now that since you'll be generating a lot of cash in future and majorly the CapEx is done, any plans for the future with respect to inorganic growth by means of acquisitions? Yes. Hi, Vivek. Just one question to go with. This is what we were discussing that when I mentioned that we are closely and not interfered by the day-to-day business as well as these developments within our business. We have a separate group of people who are working constantly on these new developments. We have identified two or three opportunities which could result in either a greenfield project or a technology partnership. Those details are being worked out. We are very closely working towards materializing at least one or two of those projects soon and announcing them because we know for two reasons. One is of course the cash that we are generating, we want to deploy it to a good business opportunity that matches the ethos that we have so far worked on. That as well as we also know that, like I mentioned, real scalability for our business will come from adding more such verticals. These two reasons make it very important for us to materialize some of these new opportunities without, of course, jumping into something that just for the sake of it. We want to be conservative in the right way, also, we want to focus on these new opportunities with a growth mindset. One more quick question. How much portion of the revenue is going towards the switchgear portion of the sales? About 45%, 40% or so through bimetal. In fact, by the way, the Electrical Contacts business mostly caters also about 60% of the Electrical Contacts revenue goes into switchgear. About 30%+, 40%. 42% or 52%. Just a sec. Approximate. It's about INR 300 crore, INR 350 crore, let's say about 45% to some between the 45%-50% of total revenue. Thank you, sir. For the switchgear related. Thank you so much. Thanks, Vivek. We'll take the next question from Raj Agrawal. Hi, Raj. You can go ahead and unmute your line and ask your questions. Hello. Yeah, go ahead, Raj. Thank you so much for the opportunity. Sir, I have two questions. First, a previous participant already asked this question. Since our busbar product is a much better, or offers a much better safety solution to the customer, I understand that it will not happen immediately, but do you expect that eventually, maybe five, seven year journey, every two-wheeler auto company will be using our solution or an EBW solution in their vehicles, battery solution vehicles? Yes, for certain applications, definitely. You see, if anything adds to an improved performance. When you still look at where the answer actually lies in this, even a slight improvement in, whether it's safety or performance, when we add, suppose, an EB welded component which adds this additional dimension of safety, let's say. The overall cost of the product or the final product doesn't drastically go up, or let's say the overall cost of this product as, let's say, even a battery pack, let alone the final two-wheeler. Even a battery pack within the two-wheeler does not go up drastically. For example, if we were to compare two types of assemblies, one with an EB welded and one without the EB welded, there the total price difference between those two may be in a few hundred. It may be a few hundred out of an assembly that's, say, INR 3,000 or INR 4,000. It is eventually going into a product which is going to be INR 25,000-INR 40,000, the pack itself, or the pack and all of its components. When you look at it from that point of view, let's say in a INR 25,000-INR 40,000, let's say INR 100-INR 300 range, or say an average of INR 200, is really not going to have an impact for somebody to decide that. Price is not, obviously, since price is not the deciding factor, then there is an absolute possibility that wherever such an improvement happens in our product, we have an opportunity to access all of those products. At some point, I mentioned in the past that some of these solutions are already imported as it is, and sometimes it's difficult to change even for an OEM, that supply chain, because of the way it works. Some of them have to wait for the life cycle to end. Yes, eventually, as you rightly mentioned, and that's actually the right way to look at it, in that seven to eight year period, that is absolutely doable and possible. By then, if we have specialized ourselves in making various types of other components, for example, even the PCB assembly for the BMS itself. Even that becomes an added opportunity and every two-wheeler possibly could have that. That was super helpful, Sumer sir. My second question, Sir. This busbar, as well as our EBW capability, also translates into areas like these areas that are just coming to India, aerospace, satellites, data centers. Do we have any relevance in these areas? Are we working in this consumer electronics? Are we working in these areas? Any updates on that side if you can share? You see, anything that requires current sensing measurement to be accurately done, and one big, big area over there is energy storage. Battery energy, because renewable energy without energy storage, it doesn't exist. As renewable energy requirements. Let me go a step backwards. You see, in most of where our product goes, a lot of that equipment itself was always imported, and that applies to even when you look at a relay in a smart meter or you look at a battery pack of a two-wheeler or you look at a battery storage application. You would see that a lot of it is something Shivalik cannot or could not in the past, to some extent, target because our usage was in the product in the middle. That is something that was until very recently, and even in large quantities even today, imported. As we see more of that ecosystem in India being created, for Shivalik's product, don't look at the final product alone because final product alone will never paint the right picture. A very good example for that is to study the smart meter business. When smart meter manufacturing in India was really going up, Shivalik's sales in smart meters was not that much, or it was a small penetration. We used to always tell people who would ask us that, "Why your shunts business is not growing if smart meters are growing?" That's because our part goes into a relay and the relay was still being imported. Take that same, even though there was a huge growth in smart meters, it was not coming to us because of the relay. Apply that same logic to a lot of these other applications. When we talk about all these two-wheelers and these busbars and even these EB welded designs, all of that is very new, not because the two-wheelers themselves are new. Two-wheeler, now we are seeing growth. Electric two-wheelers have been around for a long time, actually, if you see. Why we were not supplying to those volumes is because the ecosystem to make these components in between, the ecosystem to make these packs in between, et cetera, didn't exist in India. Just a small thing here. How much time will these industries[crosstalk]. It's already happening. Okay. See, it's already happening. Now, that is why our business has a potential now because we see this change happening. It has a domino effect, right? For example, one major OEM has developed it in India through its supplier. It's automatic that one by one everybody gets into that. Nobody wants to import these huge battery packs and nobody wants to import these huge components as, especially with four-wheelers. Now, let's go a step ahead, and we haven't spoken much about it, but if you look at four-wheelers, it's the same story. Right now, let's say a large OEM like a Maruti Suzuki or a Mahindra or Tata, for a lot of their models, they still import packs. That means that entire system comes from there, not ready to be used and assembled. They don't want to do that because they want to have local suppliers making all of those things. It's hard to say when it will happen, but the thing is, it's happening. It takes time for a country to change this assembly mindset to a complete ecosystem manufacturing. I think a lot of people will play a role in it. It's not just a few manufacturers or auto manufacturers. It's the government, it's the schemes by the government, it's the ease of doing business. There are a lot of moving parts that have to move together. Good news is that it's happening. Now, at what pace it happens is something that even we can't say. Thanks, Sumer, thanks, Raj, for your questions. You can keep your hand raised to join the follow-up queue. I will take the next question from Dhaval Shah. Hi, Dhaval. You can go ahead and ask your question. Yeah. Hi, Sumer and team. Thanks for not skipping. Broadly, my question is answered, but just, again, touching a bit on the electric vehicle and the way we're seeing bookings and the demand today. Okay. When you were drawing your business plan six, eight months ago versus today, what has changed for the company seeing the current demand for electric vehicles in India? Maybe you can also touch upon even though globally the trend is picking up really strong, like Chinese OEMs are conquering European, American markets. What has changed for Shivalik with this entire EV demand across two-wheelers and passenger vehicles? You've spoken a lot about two-wheelers, how Shivalik benefits, but if you can also touch upon how Shivalik benefits with greater four-wheeler demand. Thank you. Thanks, Dhaval. The thing is that a lot of the increased volume that we are seeing from some of our existing customers for shunts, they're not in assembly form. They're just the metal components, just the value and then stamp components. Sumer, just one moment. Dhaval, do you mind muting yourself while Sumer is speaking? There's some background noise. Yeah. Thanks. Go ahead, Sumer. Sorry about that. A lot of that is coming actually, interestingly, from larger Chinese OEMs. Why that is happening, because again, it's sort of an extension of what I was mentioning earlier, where our part goes or what we manufacture really, which is very important but fairly small in the value part of it in the four-wheeler, is something that it's not just decided on the basis of price as to whether somebody would buy that from Shivalik or not. It usually comes down to accuracy. When it comes down to accuracy, then it becomes even more important as to which supplier is going to supply that component. What we have seen is that with one of our larger resistor customers, that they have recently patented certain designs where they have a far greater accuracy than they had originally in those resistors. Not only are, let's say, some of the American large OEMs buying now from there, even some of the larger Chinese ones are buying from there because a Chinese EV can enter or conquer the entire market for selling a product that should be $60,000 for $20,000, but they're still going to buy that same $5 shunt or a $7 shunt as long as it's providing that accuracy. To come down from $60,000 to a $20,000 EV, they don't necessarily need to look at cutting down $2 on the shunt. The deciding factor actually becomes the accuracy. Now this recent patent development, this is actually a very recent thing. When I say recent, it's about one year old. This was all happening at a time where the whole world was asking us, "Oh, all your U.S. business has gone away" or all this large business. Within ourselves, we knew that we are going into a much larger thing eventually. Of course, we were not at the liberty to talk about it at the time. These things do happen. Things get modified over time and technology changes. The opportunity for four-wheelers is a lot. When it comes to fully made assemblies, there we need to add that to what we are developing, let's say in Pune, what we are doing for two-wheelers, we also have a plan to introduce those kind of assemblies for four-wheelers, starting with the Indian market. That is the other four-wheeler area that we are working on. One is through our large customer who eventually makes value-added products out of those resistors. A large chunk of that business will remain as it is. Some of those will eventually get into a bit of forward integration as well, because that's what the customer is asking us to do. That's again a development. Then the CCS assemblies that we talk about for two-wheelers, there's an opportunity for certain four-wheeler designs as well for us to introduce. We are in talks with the manufacturer for the battery packs, alongside the OEMs, to look at those opportunities, assess them, and where all we can push our product of an EB welded design. By the way, we can go ahead and enter these assemblies as a non-EB welded design to begin with, and then eventually go into a future development with EB welding. We have that flexibility as well. Alongside the two-wheelers, even though because that is what is converted into business first, we speak about it more, and usually we typically try not to talk too much about business that has not actually started. Yeah, makes sense. Yes. Alongside, we are working a lot on the four-wheeler CCS as well as four-wheeler assemblies. Regarding the Chinese OEMs, were they procuring domestically the shunt and the resistor product, which your customer is now supplying to them? Or how was it before? It's very interesting because it doesn't work like that. For example, let's say there are four suppliers for a similar type of shunt. It's not always a necessity. Let's say somebody sitting in China doesn't necessarily have to buy it from a Chinese source. He will say that, "Okay, look, this is where I'm getting the maximum accuracy for my design, and I will source it from there." To give you a real-life example, there are two customers who produce BMSs in China, but they're not Chinese companies. They don't source the shunt or the resistor from China. They buy it from us in India. Similarly, there are probably some shunt applications wherein the design works better from another supplier. Let's say even if somebody's based in India, but their design works, the way their design is, that accuracy they're achieving more with, let's say, a German competitor of ours. They will continue to buy from there because of that accuracy. It's not like we cannot reach that accuracy, but they don't necessarily need to change it or risk changing it right now. The decision to buy it, whether it's from a local source or not from a local source, actually in these shunt resistors doesn't exist. Because again, it comes down to the total percentage value of the product. It's accuracy that matters more. It's not like you can say that this supplier is more accurate than the other. It could be for a particular design, it could be for a particular application of that design. There's far too many variables to know, and there's very few suppliers for it in the first place. It's a very different ecosystem to try and understand. It works very different from a traditional business. I don't know if I was able to make myself clear, but whatever best I could do. Thanks, Sumer. No, that's great. Thanks Dhaval. I think you can write to us for your follow-ups. We'll take one more question. We'll go ahead with Gokul Handa. Hi, Gokul. You can go ahead and ask your question. Hi. Just want to understand, I think now that we're seeing revival in the U.S. shunts business, what kind of concentration would we have with our largest customer because that has been significant in the past. Just want to understand that and are we able to take steps to diversify away from that? We've had a very healthy trend of going from the maximum exposure we ever had to one customer was at one point, somewhere between the 35%-40% mark, which was obviously giving us sleepless nights at the time. Now, even with this growth coming back and our diversification is a lot more healthier. Even this year, for example, once those numbers, the way they're supposed to be going and the way we expect them to go, even then in that maximum case scenario also it will not cross 17%-18% level. We come back to those original levels of what at one point of time used to constitute of 37%-38%, but it will still remain well below 20%. Got it. One last thing, could you also help me with the number on your capacity utilization? For Shunts, it's a little bit difficult to say because Shunts involve, not just Shunts, for all of our products actually. They involve a lot of processes. Usually what we do is we calculate our capacity on the basis of the most CapEx-intensive process. Because of course, if you want to increase capacity, we don't necessarily always have to get all of those processes because there's eight or 10 different other processes involved. If you just simply, for example, if we look at Shunts, we would translate that to a welding capacity. If you look at purely our welding capacity right now, we are at about 70% of our welding capacity. In a short, say two to three months kind of a window, we can always quickly add capacity because we always keep spare ready to build capacity in terms of spare parts, et cetera, to add that, to increase the speed or to increase another additional smaller line. In a very short notice it can be increased. Whereas with Thermostatic Bimetals, it's a different story because increasing that capacity actually takes a lot of time. It's also very highly CapEx intensive. It takes many years to get that process right. In case of Bimetal, we are only at about 40%, 45% of our capacity, but we had to put in that larger capacity earlier because there is no other way around it. We knew even at the time that we'll only be able to, over a few years, reach some vast majority portion of it. Yeah, capacity utilization, again, like some of the other things I mentioned, does not work similar to a lot of other businesses. It's a little bit complex. Got it. Thank you. Thanks, Gokul. Thanks, Sumer. I see there's a few participants still in the follow-up queue. Please do write to me at shivalik@dickinsonworld.com and I'll make sure the team sets up some meetings for you so you get all your questions answered to your satisfaction. Before we wrap up, just a big thank you to you all for being part of Shivalik's growth journey and for attending this call. I'll now hand over to Sumer for closing remarks. Thank you, Shankhini. Q1 gives us confidence that Shivalik is moving in the right direction with stronger value capture, improving earnings quality, and a broader platform for growth. As we progress through FY 2027, our focus will remain on disciplined execution, cash conversion, and scaling our higher value components and assembly capabilities. Thank you for joining us today and being a part of Shivalik's growth journey. Thanks, Sumer. Thanks to everybody for spending your afternoon with us today. You may now disconnect your lines. Cheers.