Ladies and gentlemen, good day and welcome to the Pitti Engineering Limited Q3 and 9 months FY26 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Akshay S. Pitti, Managing Director and Chief Executive Officer. Thank you, and over to you, sir. Good afternoon, everyone, and thank you for joining us for the Q3 and nine months FY26 earnings call of Pitti Engineering Limited. Along with me are the senior management team from Pitti Engineering, and SGA are investor relations partners. We have uploaded our results and related documents on the stock exchanges and the company's website, and I hope everyone had an opportunity to go through the same. The past few quarters have been about laying the groundwork for the next phase of growth. We have been focused on improving execution and steadily increasing the share of value-added and integrated products in our portfolio. This reflects continued progress on that journey, with improving mix, better visibility from customers and disciplined capital deployment. Let me now briefly touch upon the overall business environment. Demand during the quarter remained steady, supported largely by indirect exports and a gradual shift in global sourcing towards India. Cost pressures in other manufacturing regions have continued to make India a competitive destination, and we are seeing this translate into sustained inquiry across multiple end markets. While some domestic segments are showing high growth, the remaining are stable. Our export-linked businesses continue to provide incremental momentum. Tariff developments have recently turned more favorable, with a reduction in U.S. tariffs on India improving visibility for export-oriented businesses such as ours and supporting customer confidence across key markets. Over the past few years, we have steadily strengthened our capabilities in machine components and integrated products, and this is the continued focus of the company, which is now translating into better customer traction and stronger market position. As a result, we are seeing encouraging engagement across segments, which gives us confidence about sustainability of the demand going ahead. Moving to industry and segment performance, we continue to witness strong broad-based demand across key end-user segments, including railways, power generation, data centers, industrial motors, renewables, and mining. This robust demand, coupled with consistent execution, has enabled healthy capacity utilizations. Railways remain a key focus area and major growth driver for the company, both through domestic and international supply chains. During the quarter, traction motors and railway components contributed 31.9% of total revenues, reaffirming its strategic importance. Power generation delivered a strong performance, contributing 14.4% of revenues, while industrial and commercial applications accounted for 13.9%. Data center segments showed particularly encouraging momentum, with revenue contribution increasing from 2.7% the previous quarter to 3.7% Q3 FY 2026. This reinforces our confidence in the segment's potential to grow faster than the broader industry over the medium term. On the volumes front, for Q3 FY26, total lamination volumes grew by 21.1% on a YOY basis to 16,823 tons, up from 13,891 tons in Q3 FY25. Total machine components volumes increased 7.7% on a YOY basis to 2,967 tons. Byproducts, including trade sales and steel coils, recorded a volume of 17,155 tons. For the 9-month ended, total lamination volumes rose 11% to 48,155 tons, while total machine components volumes grew 18.6% on a YOY basis to 8,042 tons. For detailed bifurcation of volumes, please refer to our investor presentation, slide number 19. From the financial perspective, we remain focused on improving margins through a higher share of shaft-integrated products. Lamination margins remain steady, while machining and value-added assemblies continue to deliver meaningfully higher profitability. As the mix improves, we expect overall margins to trend upwards in the medium term. As regards to capacity expansion and outlook, our capital expenditure plans are progressing as scheduled and are closely aligned with anticipated demand. The approved INR 150 crore Capex has been executed in phases and expected to be fully operational by FY2027, with incremental revenues coming in the same year. In addition, we have structured the Capex pipeline over the next three years to support medium-term growth and further enhance our value-added capabilities. With strong customer focus and visibility extending up to two years, we remain confident that our current plan investments are well-positioned to support sustained growth. Now onto the financial performance. Total income for the quarter grew by 15% on a YOY to INR 484.3 crore, compared to INR 421 crore in Q3 FY2025. For the 9-month period, revenue from operations increased by 13.9% to INR 1,447 crore, up from INR 1,271 crore in the 9-month FY25. Adjusted EBITDA for Q3 FY26 stood at INR 83.3 crore, registering a growth of 24.5%. Adjusted EBITDA margins expanded to 17.5%, compared to 16.1% in Q3 FY25. For the 9-month ended FY26, adjusted EBITDA increased by 26.6% to INR 241.8 crore, with adjusted EBITDA margins improving to 17.1%. Adjusted PAT, after accounting for ESOP expenses and net of tax, stood at 30.0 crore for Q3 and 97.1 crore for the 9-month FY26, reflecting a YOY growth of 4.4% in Q3 FY26 and 12.7% for the 9-month period. Finance costs were higher during the period as we continuously maintained elevated inventory levels, given the continued uncertainty around the availability of BIS-certified steel from import sources. This approach helped us ensure uninterrupted execution of customer orders amid challenging global environments. Going forward, we have secured tie-up of BIS-certified steel from mills in Korea and Japan. With these arrangements now in place, we have started liquidating the excess inventory and factoring receivables. This is expected to release significant working capital and lead to a reduction in finance costs. Domestic revenues contributed 72% of total revenues during the 9-month period, while exports remained stable at 28% of revenues, despite global uncertainties and geopolitical challenges. Looking ahead, we remain confident about our growth trajectory. Over the next few years, we see a clear path to scale revenues while improving profitability, supported by capacity expansion and deeper customer engagement. Our focus remains on disciplined execution, capital efficiency, and building long-term partnerships with our customers. With that, I would like to open the floor for a questions and answers session. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rahul Kumar from Vaikarya Fund. Please go ahead. Yeah, hi. Just on these quarter results, I think the exports are down on a YOY basis. So what drove that, and what is the outlook over here? Quarter three normally is slightly slower. We had very strong quarter one and quarter two. Quarter three, I think, is just about the customer balancing their inventories. Quarter four, again, looks to be strong. So there's nothing specifically contributing to it. It's mostly supply chain realignments. Okay, got it. Got it. I think for your exports to Mexico, I think there is a certain amount of tariff which is being discussed to be levied on non-FTA countries. What are the discussions happening over there? So Mexico has the same tariff that the U.S. had imposed under Section 232 for their free trade region, and that continues to be in effect as of date. On terms of engagement with the customer, I don't think that has any meaningful impact on our sales performance to that region. We had a small discount that we had given last quarter to secure those supplies, and I think the same will continue to be enforced over the next few years. Okay, okay. But over there, for the supplies to Mexico, who would be the competitor for our products? It would be, again, China, Vietnam, and all these countries. Okay. The third question is, I think last time, I think you had mentioned that to grow the business for your exports business, I think you are in discussion with customers to take some pain on your or share some pain because of the tariffs, etc. So how would those discussions now change, if at all, and are there any developments over there? See, even the pain that we had discussed taking was mostly symbolic, as I had mentioned the last call. Given the scope of tariff, it was huge. Even now, with the lower tariffs with America, it's something that a company like us cannot afford. We are into contract manufacturing at the end of the day. So whatever we were doing was mostly symbolic in terms of sharing the pain. A more viable strategy was to ensure that we bring out a supply chain which is more competitive at a net cost basis. So by increasing value-add and integrating more products, and therefore reducing the amount of value-add that happens in the US, which is already a higher-cost country, we would be able to reduce the cost of the total product to the customer, the way the customer uses it. That is a strategy that we are continuously engaging with the customer to ensure that we maintain and grow our market share. Okay, okay, got it, got it. And I think, can you help us understand also more on the new orders for the exports in the US and Europe? So in the US and Mexico, basically North America, the order pipeline from our largest customer in the region remains strong. In terms of new customer acquisition, we had two customers acquired in the Mexico and US region in the last two quarters, and another two customers are in active engagement to get the orders. I think with the current tariff situation in the US, those discussions should pick up more steam. As far as Europe is concerned, that region is continuing to grow steadily for us. I think it's already contributing about 4%-5% of the revenue. Going forward, I think it should be a significant contributor to our machine components business. Okay, okay, okay. Understood. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question is from the line of Balasubramanian from Arihant Capital. Please go ahead. Pranam, sir, thank you so much for the opportunity. Sir, on the export side, nearly 70% of our railway business is coming from the international side. I just want to understand, is there any customers deferring? Is there any delay in dispatches in this Q3? I think India-U.S. tariffs also get reduced to 50%-18%. How are we getting inquiries and how do we look at incoming quarters? So we have only deferment of orders. Like I said, it is a normal alignment of the supply chain depending on the lead time that is available and the current shipping time that it's taking. So there's no deferment in quarter three specifically. And as far as the benefit coming out of the trade deal, I think it's very recent for us to quantify it. But I think going forward, like I said, the two customers which are on the fence in the U.S. region, the improved tariff situation with the U.S. would help us hasten those customer acquisitions. So in the mid to long term, I think it's a very good deal for the country and for us specifically. Very clear. Indication from the customers. But some challenges were there in terms of customer concentration, project timing, or competitive pressures. I just want to understand how this industry is shaping up and how this recent budget is also supportive for data center side and how we are going to contribute in the upcoming data center story. So data centers continue to remain an extremely fast-growing market for us. It continues to surprise us quarter on quarter. I think Q3, we had 3.7% revenue coming from this segment. And by all indications from our clients, over the next 12 to 18 months, we should look at at least a 25%-30% growth in this segment. So data centers continue to remain strong. That's all I can say about this segment. Okay, sir. Sir, out of INR 150 crore CapEx, how much is planned for FY26 and FY27? How the capacities will gradually add up? If you could share more clarity. We have already expended close to INR 80 crore in terms of CapEx. Most of the capacity shall be coming in the next financial year. By the end of FY27, all of the capacity should be commissioned progressively. Okay, sir. So if you could share, I think you mentioned about railways, power, and renewables in your commentary. If you could share about appliances and consumer durables, automotive pumps, and special-purpose motors, and mining and oil and gas side. How this Q3 was done well, which are the segments we are getting traction? The segments that you mentioned continue to remain stable. The segments which I had highlighted in my speech are segments which have outperformed the market, so to speak. So pumps, appliances, automotive, especially EVs, continue to grow steadily, not significant growth. Power generation and data centers have demonstrated significant growth. Got it, sir. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question is from the line of Mohit Jain from DR Choksey Finserv Private Limited. Please go ahead. Hi, sir. Good afternoon. My first question is on these elevated inventory levels. Like you said, you have maintained those inventory levels over the FY21 period because it was more of a strategic decision to mitigate supply chain risks regarding BIS and all. Sir, so given that, could you quantify what is the current inventory base? And since you are also in the process of liquidation of those excess inventories because of Korea and Japan tie-ups, could you quantify where do you see inventory base going from the current levels? Yeah. So as of 31st December, we had approximately INR 500 crore worth of inventory, and we expect this inventory to go down to our historic levels of about INR 300 crore worth of inventory. So about a INR 200 crore reduction in raw material is what we are looking at over the next three months. And sir, again, since the finance cost is risen because of excess working capital due to inventory levels, and from the current level of finance cost, where do you see finance cost in the entire next year, FY27? Net of the CapEx that we are expected to incur in the next financial year, I think we estimate a INR 15 crore reduction in finance cost for next year. Okay, Akshay sir. And Akshay sir, basically, the 15% growth this quarter is phenomenal given the geopolitical risk and BIS supply chain risk we are facing in the last nine months. So we had this guidance of INR 1,900 crore-INR 2,000 crore of revenue within the entire year. I know the nine-month lot of things have happened, but how confident are you to touch that guidance level in the Q4 of FY26? And if you are yeah. Yeah. So if you see nine months, we have already done about INR 1,447 crores of revenue. Even if we maintain the current run rate, we are estimated to hit somewhere around INR 1,950, which is the midpoint of our guided value. We are very, very confident of hitting that guidance. You are saying Q4 will have a phenomenal growth of above 25%, I mean, based on the back calculations. Sir, the U.S. tariff of 18%, when do you see Mexico reducing the tariff over there? So just coming back to that, I'm saying we did about INR 484 crore of revenue in Q3. Even if we expect the same revenue in Q4, we are hitting our target. I'm not saying the 25% growth in next quarter, just to clarify. Just answering your next question on the Mexico tariff, I think that's something I would not want to speculate. But logically, if they were the ones who were led into the tariff by the U.S., I think now that India and the EU have struck a deal, it is only logical that in the near future, India and Mexico will sign a similar deal. As far as a repeat on Section 232 tariff is concerned, I think that's a longer-term discussion. I don't think anything will happen on that in the near term. Okay, sir. Thank you. All the best for the future. Yeah. Thank you very much. Thank you. Participants, if you wish to ask a question, you may press star and one. The next question is from the line of Meet Rachchh from Equirus PMS. Please go ahead. Sir, you may unmute your lines. Yeah. Am I audible now? Yes, sir. You're audible. Yeah. Yeah. Again, for data center business, sir, I just wanted to understand where are we present in terms of data center value chain, products, etc., and who are the main competitors here in the domestic market? Sorry to interrupt. The line for the management has dropped. Please stay in line. Oh, sorry. Sorry, I was on mute. I was saying we make basically stator and rotor laminations for our customer, which is used in the DG sets in data centers. Our main customer here is Cummins Generator Technologies. In terms of competition, we have about 90+% market share in this product with them. Sorry, I missed. What are the main products? Stator and rotor, which go into the generating sites, electricity generation sites. Okay, okay, okay. Okay, understood. And second, any update or progress on the plan of entry into forging business? Those are very longer-term strategies. I think right now, we are still focused on growing the existing business. We will look at it once we have critical scale in terms of our consumption of forgings. Today, we consume roughly about 50-300 tons of forgings in a month. Once we get to a critical scale where we feel we can do this captively, we shall explore it at that stage. Okay, okay. Thanks, thanks. Those were my questions. Thank you. Participants may press star and one to ask a question. The next question is from the line of Avnish Tiwari from Vaikarya Change LLP. Please go ahead. Hi. This Mexico situation, so by any means, are you right now, let's say, the new Mexico-India tariff, which we are there, are you disadvantaged compared to other countries who are alternative to you? China, Vietnam, you mentioned. How are their tariffs relative to India with Mexico? This is covered under your Section 232 tariff. No other country in the world has an exemption on this other than the U.K. Okay. So Mexico has just also made those 232 tariffs with all other countries, which the U.S. already had in the U.S., right? Yes. And I'm not even sure whether Mexico has exempted the U.K. from it. I only know that the U.S. has exempted the U.K. from Section 232. Got it. So which products of yours are getting covered in this Section 232 with Mexico? So under Section 232 with Mexico, even with the U.S., any steel product, on the extent of the steel component of the cost of the product, will be taxed at 50%. The value add shall be taxed at the reciprocal rate for the country. So everyone has the same disadvantage or advantage when it comes to 232. In terms of regular tariffs, I think India is still at an advantage when compared to China and Vietnam. Correct. So at 50%, like other tariffs, reciprocal tariffs, we were at a disadvantage. Now, with this 18%, you should be equal or better than the rest of the alternative sources, right? Correct. Correct. Okay. So Mexico is no longer a hurdle for you. In other words, the discount you gave, you may keep it or roll it back. Will you try to roll it back now? I wouldn't want to think or comment on that because we haven't had a discussion with our customer on that point. Okay. Got it. Now, coming to your export opportunity in general, these 2 customers here have in Mexico, the US, 2 more in the pipeline. Whatever visibility you have, if you are, let's say, the largest customer in export which you have in the US, if that guy is 100 in terms of value you are exporting to him, how big these 4 can be in a 1-year, 2-year, 3-year time frame related to that 100? See, in terms of their business, one of the customers is a direct competitor to our existing customers. So in terms of potential, it is huge. As with any relationship, it's a process. So to scale it in the next 2-3 years, I would venture to say that it may add about INR 10 million-INR 15 million of revenue in the next 2-3 years from the export side. Beyond that time frame, I think the opportunity is really, really huge. Like I said, they are the direct competitor to our existing customer. And on the other opportunities, it's related to the NEMA Motors, basically the U.S. Energy Efficiency Standard Motors. So that's a huge market, and that's a market that we are currently not participating in. So again, in terms of potential, it is huge. How it progresses over the next couple of years, we need to see how it plays out. Got it. So one customer, this INR 10 million-INR 15 million is across four customers you are anticipating, or just from the entire? From the entire export opportunity. So, 10-15 across these four customers. And then there's a new opportunity, which if it clicks, could be even a larger number than this. Is that what you're trying to say? Yeah. In terms of potential, it is even more than this. So we are still trying to develop more customers. Okay. And this U.K. FTA, which is going to come this year and EU FTA next year, do you anticipate some of the products you're already supplying can get uplegged, or were the duties anyway a hindrance to you earlier, or they were not necessarily the hindrance? Other parts like getting customer qualifications and all were the main reason you were not so big in Europe? So, in terms of the FTA coming one by one, the U.K. FTA, I don't think will have any significant benefit as it is; this industry is very small, if non-existent, in the U.K.. In terms of Europe, yes, it will bring us better access to the market. And apart from the access, I think the cost advantage of buying from India will be even more. Today, as it is, if you see most of the European manufacturers, they are trying to de-risk their supply chains from China, which is how the opportunities started coming to us. And additionally, the cost of these goods manufactured in Europe was significantly higher because of their costs of steel. So, in terms of access for Indian-origin steel, under the FTA, it will give us a better access and cost in terms of the tariffs. The customers that we currently have in Europe are quite encouraged with this prospect, and more and more inquiries are also coming out of the region. Got it. In terms of your guidance, you articulated on top-line revenues. How would you articulate on EBITDA level for this year or next year? So EBITDA margin would remain steady around the current levels, ±50 basis points. That is our expectation because that is largely dependent on the product mix, which determines the sale realization. So if you see, for example, the current quarter, the product mix was more oriented towards higher value-added assemblies and lamination, which typically take more expensive steels, so your revenue is higher, and therefore, your margin was slightly lower in terms of gross margins. Right. So at EBITDA level, should we look at absolute revenues per ton kind of a number, or percentage in revenue? No, I would say around 17% as a midpoint. 17%. What's the top-line you would range-wise look at next year, 27 with whatever visibility you have right now? For FY27, we are looking at something about INR 2,250 crores of consolidated top-line. The margin range, EBITDA margin range? Around 17% as a midpoint. For the full year, it should be around 17%. 17%. Your depreciation charge, which is running at current level, should it change for any reason, or should it remain similar going into full year? I think for FY27, there should be a slight increase in depreciation. By FY27, I think a cumulative of only about INR 150 crore will move to our fixed asset, and therefore, that depreciation would come in full effect from FY28 onwards. Okay. So fiscal 2027, during the year, it will flow into the depreciation, that INR 150 crore CapEx you're doing, right? Yes. Yes. By FY28, the entire 150 will move to fixed asset and will start depreciating it partially in FY27. So I can't give you an exact number because of the commissioning dates. So typically, what's the depreciation rate you take? It's 10 years, 20 years. On this INR 150 crore one, can break in roughly? We take about 15 years on an average. 15 years. Okay. Great. Thank you, and wish you very best. Thank you. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Rabindranath Nayak from Sunidhi Securities. Please go ahead. Hello. Thank you for the opportunity. Sir, what is the end capacity you are looking at in the three segments, like sheet metal, machine hours, and casting for this year-end? FY27, you've already mentioned. What is the end capacity you are looking at? What is the utilization you're looking at in these three segments? For the year-end, we should look at the capacity as the same as of December. The capacity increase will start from Q1 or maybe even Q2 onwards and get fully implemented by year-end 2027. Okay. And what is the utilization you are looking at in terms of capacity utilizing? For this year, we are looking at about 68,500-69,000 as our total sales in lamination, including the child parts that go into its assemblies. In terms of machine components, we are looking at something around 11,000 tons of total sales, machine components and castings put together. As far as next year is concerned, we are targeting somewhere around 78,000 tons for lamination and the assembly components that go into it, and about 14,000 tons on machine components and castings. Okay. Can you give it? You have mentioned in the presentation the sheet metal, machine hours, and castings. Can you give the utilization in these three segments for this year and next year? In percentage terms, so for next one second, 78,000 over 108,000, so whatever that percentage comes to. In terms of casting, it would be 14,000 over 18,600 metric tons. That would be up to 72%. In terms of machines, I think it would be closer to 85%-90%. Okay. Okay. Regarding you mentioned about you just briefly touched upon this gross margin thing because if I see your presentation, we have witnessed a significantly better increase in our value-added products, like these high-value-added assemblies and stator-frame assemblies. All these things are 31%-44%. And also, there is an increase in scrap, 50% or 40%. Despite that, the gross margin has decreased year by year. So can you please explain that a bit again? So this is a byproduct from scrap. It also includes trade sales related to coils that we do. So we buy these large steel coils, which are standard sizes. For example, 1,000 millimeters or 1,200 millimeters. Our utilization of that would be, say, 700-800. So what we call as a side strip for us, which is the off-cut, is a byproduct. So we have sold roughly about INR 8 crore-INR 10 crore worth of those products, which would obviously not have any margin on it. So that is one reason. And the second reason is, as you rightly noticed, high-value items have shown a significant growth. Now, those also use a more expensive raw material. So our margins are on a fixed margin basis. So the gross margins are slightly lower. Okay. Okay. Okay. Understood. So if you see at the EBITDA level, we are still kind of better off. The gross margins will vary depending on the materials that we are using and also the amount of off-cuts that we'll have to sell. Typically, these high value-added assemblies are larger diameter products, so 700-800 millimeters. And they require us to generate more of these off-cut materials, which are 2,300 millimeters in size, so kind of correlated with each other. Again, on this export front, you discussed a lot about in the previous participants' discussions about the exports. So if you remember, in the past, you were actually reducing your exports because of the high working capital. So what is the working capital intensity of your now exports onwards? But when we say this, working capital going ahead for exports? So we are reducing our intensity on working capital required for exports by doing factoring, which I mentioned in my speech. So the idea is sell our receivables and take this off our books. So it will cost us maybe 0.5% in terms of cost since factoring will be more expensive than traditional bill discounting. But we see that having a net effect on our balance sheet, which is far better than the cost. Okay. Okay. Okay. And what is the debt level right now? I think the net debt is around INR 550 crore. Okay. Okay. Thank you. Thank you. Yeah. Thank you. The next question is from the line of Prateek Bhandari from Aart Ventures. Please go ahead. Yeah. Hi. So thanks for the opportunity. Can you quantify the inventory levels for the quarter, and where do you see them in the coming months? As you mentioned, that inventory would be reduced. So if you can quantify? As I mentioned earlier, I think the current inventory is about INR 500 crore, and we see that going down to about INR 300 crore by April. By April. So within three months? Yes. Okay. And also, if you can quantify the capacity utilization for the machine components during the quarter? Capacity utilization for the machine components, I think it's there in the PPT. If you see, it's about 74%. No, that's 80, one second. 84%. 84 percent? By '17. Yeah. Yeah. Okay. Got it. Thank you. Thank you. The next question is from the line of Abhijit Mitra from Aionios Alpha Investment Management. Please go ahead. Yeah. Thanks for taking my question. Two questions on the data center part. So just to understand the lead procurement from the main customers. So suppose whatever sales they would have done in Q3, I mean, they would have procured it, I mean, how many months ahead? Oh, just one second. So see, from what I'm being told right now, again, I need to just dive a little deeper into this. It takes about 45-60 days for them to make a generator, post us supplying our product to them. Now, when do they sell it is something we are not aware of. I can only tell you how long it takes for them to convert it into a generator. Understood. Understood. That's helpful. Second is. About 45 days, approximately. Yeah. Okay. And if we look at the commentary, I think around INR 260-270 crores of domestic PowerGen sales is targeting or domestic data center. And I'm guessing another INR 50-100 crores would be exports. So out of this INR 300-310 crores of quarterly volumes that they are doing for PowerGen for data centers, we, as of now, in this quarter, can see INR 17-18 crores for PTI. So you mentioned 90%, but I mean, just curious, I mean, is this I mean, are we reading it right? As in if they do INR 300 crores, I mean, INR 17-18 crores is something that you can sort of capture? Is that the TAM how to look at it? See, from what we are understanding from our customer, we should be looking at doing roughly about 150 units a month on an average with an average sale value because there are multiple different products in this category with an average sale value of about INR 4.5-5 lakh a unit. We are looking at an opportunity of about INR 100-120 crore in a year on an upper-end basis. Understood. Understood. Thanks. Thanks. And last question is that they would be catering because these are bulky products. So they're very clear. They would cater to India and probably Southeast Asia and the region around it. The demand for U.S. and all will be catered by their parent largely. So we are sort of supplying to them as well, as in the parent industry as well, or we are supplying only to the. I would say mostly whatever we supply to the European and US market is through the customer in India itself. Okay. Okay. Understood. Understood. Got it. Got it. Great. Thanks for answering, and wish you all the best. Thanks. Thank you. Thank you. Ladies and gentlemen, we take that as the last question for the day. Now, I hand the conference over to the management for closing comments. Thank you, everyone. I hope we have been able to answer all your queries. In case you have any additional queries after the call, please reach out to our investor relations partners, SG Advisors, and we'll get your answer as soon as possible. Thank you. On behalf of Pitti Engineering Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.