Ladies and gentlemen, good day and welcome to Indo Count Industries Ltd. Q2 and H1 FY27 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 date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Jain. Executive Vice Chairman. Thank you, and over to you, Mr. Jain. Thank you. Good afternoon and a very warm welcome to all of you joining us for the Indo Count Industries Ltd. Q2 and H1 FY27 earnings call. I'm also joined by our Group CFO, Mr. Muralidharan, Manish Bhatia, our CFO, and Strategic Growth Advisors, our investor relations advisors. We hope you've had the chance to review the financial results and investor presentation available on the stock exchange and on our company website. Before we begin, on behalf of Indo Count Industries, I would like to wish everyone a very happy Deepavali and a happy, healthy, and prosperous New Year. Coming to the company's consolidated performance. Continuing with the Q1 momentum, we have delivered our highest ever quarterly performance in Q2. The results reflect the benefits of our strategic investments, expanding business portfolio, and improving operational efficiencies. Total income for Q2 FY27 stood at ₹1,699 crores compared to ₹1,082 crores. in Q2 FY26. registering a growth of 57% year-on-year. And on a sequential basis, the growth was 39%. EBITDA more than doubled to ₹259 crores on a year-on-year basis from ₹123 crores, with margins expanding to 15.3%. Well above our full-year guidance of 13%. The performance was driven by market share gains, increased wallet share, strong branded business momentum, and increasing contribution from our newer businesses. Our continued focus on sweating our existing assets, optimizing resource utilization, and driving operational efficiencies has resulted into margin expansion. More importantly, the benefits of our strategic investments are now translating into meaningful scale, further strengthening the depth, breadth, and overall quality of our business. Core business performance. Product mix, market share gains, and increased wallet share from existing customers drove strong revenue in our core business. The industry continues to navigate tariff uncertainties, evolving trade dynamics, and varying consumer demand across markets. Our focus remains on strengthening our product portfolio and improving operational efficiency. We are also driving better utilization from existing manufacturing capacities to enhance returns from our asset base. Going forward, our priorities remain towards strengthening the core bed linen business. Increasing customer wallet share and gaining market share. Coming to the non-US core business. The UK and EU markets offer significant growth potential. With an addressable opportunity comparable to the US market. Our established relationships with leading retailers provide a strong platform to expand our presence and increase our wallet share. We also expect free trade agreements to further strengthen our competitiveness in these markets. As indicated in our previous earnings call, we expect our non-US revenues to grow by over 20% in FY27. New business performance. Our new businesses are increasingly contributing to Indo Count's growth and expanding our presence across the home textile value chain. While bed linen remains our core strength, we have expanded into utility bedding, branded businesses, and other home textile categories such as quilts, comforters, blankets, towels, curtains, etc. This enables us to engage with customers across a wider product portfolio. And address a much larger market opportunity. This progress is clearly reflected in our performance, with our new business generating quarterly revenue of approximately ₹502 crores. And contributing approximately 30% to total income. Notably, we have already achieved 60% of our FY27 revenue guidance. Demonstrating strong momentum. And the growing scale of these businesses. A key development during this quarter was the expansion of brand Vamsuta beyond direct-to-consumer platform. Into the broader US retail markets. This strategic move aims to enhance brand visibility, reach a wider consumer base. And unlock new growth opportunities through deeper retail penetration. Going forward, we will focus on scaling these businesses. Continue expanding product offerings. And strengthening our distribution across markets. Update on our Bharat Flat Cream. During the quarter, our Bilad manufacturing facility in Gujarat was temporarily impacted by unprecedented rainfall and flooding. All the assets in the facility along with the business interruption losses are covered under a comprehensive insurance policy. Following the damage assessment, the insurance company has acknowledged the claim. An interim payment of ₹14 crore 99 lakhs was approved after the quarter end, pending final settlement. Based on our assessment of the losses and the progress of the insurance claim, we have recognized in the profit and loss statement an inventory loss of ₹45 crore 2 lakhs. Net of salvage. along with an equivalent insurance claim as exceptional item in the statement of profit and loss. To conclude FY27 guidance and roadmap ahead. Let me now update you on our progress against FY27 guidance. We remain confident of achieving our full-year targets, with H1 performance providing a strong foundation. On the volume side, we achieved 51 million meters, approximately 49% of our full-year guidance of 105 to 110 million meters. On the revenue side, total income stood at ₹2,923 crores, achieving approximately 52% of our ₹5,500 crore guidance. On the EBITDA margin, H1 EBITDA margin stood at 14.4%, already exceeding our full-year guidance of 13%. Given the strong H1 performance, we believe we are well positioned to exceed the guidance given for the current year, both for the top line and the EBITDA. At the business level, our core business H1 revenue of ₹2,033 crore helped us achieve approximately 50% of the FY27 target of ₹4,000 crores. New businesses. H1 revenue of ₹890 crores. Achieved nearly 60% of FY27 target of approximately ₹1,500 crores. Our balance sheet has further strengthened with net debt declining to ₹518 crores. And net debt to equity at a healthy 0.2x. Marking our lowest ever net debt position. Annualized ROC stood at 21.4%. While ROE was 15.3%. Reflecting improved capital efficiency and enhanced returns. Overall, the combination of strong growth across our businesses, improving margins, and a strong balance sheet positioned us well and gives us confidence in our Outperforming our FY27 guidance. With this, I now hand over to Manish to take you through the financial numbers. Good afternoon everyone. I will take you through the key financial highlights for Q2 and H1 FY27 before we open the floor for questions. Q2 was a strong quarter. With robust revenue growth, significant margin expansion, and continued improvement in our balance sheet. On revenue performance, consolidated total income grew 57% year-on-year to ₹1,699 crores in Q2 FY27 compared to ₹1,082 crores in Q2 FY26. For H1 FY27, total income stood at ₹2,923 crores compared to ₹2,049 crores, registering a growth of 42%. On profitability, consolidated EBITDA for Q2 FY27 more than doubled to ₹259 crores compared to ₹123 crores in Q2 FY26. With margins improving by 380 basis points to 15.3%. For H1 FY27, consolidated EBITDA grew by 23% to ₹420 crores compared to ₹243 crores in H1 FY26, with margins expanding by 250 basis points to 14.4%. The improvement was driven by higher capacity utilization, better cost absorption, and operational efficiencies. All 3 utility bedding facilities in US have ramped up and are currently operating at utilization level of over 65%. Consolidated PAT for Q2 FY27 grew by 2.5 times on year-on-year basis to ₹132 crores compared to ₹39 crores in Q2 FY26. For H1 FY27, PAT stood at ₹195 crores compared to ₹78 crores same period last year, a strong growth of 150%. Balance sheet and returns. We continue to strengthen our balance sheet with net debt declining to ₹518 crores as of September 2026, our lowest ever level. Cash and cash equivalents increased to ₹315 crores compared to ₹114 crores at the end of March 2026. Annualized ROCE stood at 21.4% while ROE was 15.3%, reflect— reflecting improved capital efficiency and stronger returns. To conclude, Q2 and H1 FY27 demonstrate strong business momentum, improved profitability, and a healthier balance sheet. With this, I would like to open the floor for questions. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Once again, a reminder to all the participants that you may press star and 1 to ask a question. Once again, a reminder to all the participants that you may press star and 1 to ask a question. Once again, a reminder to all the participants that you may press star and 1 to ask a question. Once again, yep, the first question comes from the line of Sani Vishay from PL Capital. Please go ahead. Yeah. Thanks for taking the question. I'm just trying to understand a couple of dynamics here. So given that the input costs continue to rise, and while we see the demand is steady, so do you think, uh, the impact of the rising input cost is already factored in? Or can we expect some pressure going ahead? Yeah, so, uh, the main input cost, uh, in our case, uh, cotton and cotton-related products, uh, prices have been going up and, you know, Normally we keep an inventory of about 4 to 5 months, uh, so that's, uh, you know, acting as a cushion period till we go back to the customers and ask for price increase. So naturally, whenever there is an abnormal increase in the prices, we can go to the customers and ask for increase. And just to add that the impact of the previous raw material price increase have already been passed on to the customers. Okay, so how long does it take to pass it on? So, uh, what I'm trying to understand is whether there is a possibility of some pressure in the coming quarter or second half. Is that a possibility? So is there a downside risk to the margins that you already achieved, uh, is what I'm trying to understand. No, there won't be, uh, any pressure on the margins. Uh, you know, uh, as you know, we have been doing the business as a normal business practice. If, if there is any significant, uh, increase in the input cost, then we go to the customers. Otherwise, you know, we are able to maintain this margins. So as you mentioned that we keep a buffer of 4 to 5 months and the Costing will get passed on to like of quarter 1 or within 1 or 2 quarters. So that's why it will not have a major impact on profitability or margin. Okay, okay. So basically your pricing is done based on the inventory that you have. Understood. Great, sir. So thank you and best of luck for the next, uh, second half. Yeah. Thank you. Thank you. The next question comes from the line of Abhishek Shankar with ICICI Direct. Please go ahead. Yeah, thanks for taking my question and congrats on the very good set of results. So first of all, my question is regarding the operating environment. You know, I just wanted to understand that, uh, keeping in mind that we have seen the midterm elections pan out, and we've seen the results now. So how do you see the operating environment in U.S. going ahead? How— and how are the order book trends going into H2? Are you seeing a stable environment going ahead? Just wanted to get a bit of Uh, explanation that So, uh, about the midterm election results, uh, it's been a very recent one, so, you know, we are unable to comment at this point of time. Uh, what we of course feel is that, uh, Uh, the business will be as normal as what has been. So we don't see any sort of a Everything is going to be positive, we feel. Order book position is healthy, uh, so, uh, that's the reason why we have our guidance stays put. We have also mentioned that, you know, we'll be exceeding the you know, guidance which we have given for the year. Obviously. My second question, again, if I've missed out, I'm sorry if you've answered this before. My second question is, was on the gross margin side. So on the gross margin side, what exactly happened that, you know, you have seen a decline there? Of course, EBITDA margins have significantly improved. But what has happened on the gross margin side? So gross margin should be looked at on annual basis. Don't go with quarter by quarter, and there is an impact of product mix, so GP margins can fluctuate, but they should range between 50 to 55% on annualized basis. Okay, okay, sir. Just, just one last question. I just wanted to just get a bit of clarity. So we have seen a, you know, bumper quarter this year. If I see the YNY basis, we've seen a bumper quarter. So I just wanted to understand what has been the mix, you know, mix in the sense that has this been driven a lot by new customers who got added, or is it just that existing customer wallets have grown so much? That has driven the whole performance. So both, I think we have gained market share also and we have gained customer wallet share also. Okay, okay, I'll get back to you. Thank you. A reminder to all the participants, please restrict yourself to 2 questions. Next question comes from the line of Chetan Doshi with Inam Asset Management Company Private Limited. Please go ahead. Uh, Anil ji and Mohit ji and team, many, many congratulations on what you have achieved. I think the entire strategy what you spelled out 2 years ago has unfolded beautifully. Uh, just very proud that Indian company has been able to buy out a brand in the US and create history. We definitely believe that, you know, the numbers that you spoke about in terms of your revenue guidance, I think you should achieve much, much more. But I think given the environment and given the way you all have been able to establish a manufacturing presence in the US, which is commendable, in a very short time and ramped up that capacity so well. Uh, I, I would believe that, uh, from this year, that is F27 to F30, Uh, it wouldn't be inappropriate to expect you to double the entire company size in 3 years. Would that be a realm of possibility? Thank you, Jiten bhai. For your kind words. You know, uh, We of course, uh, are on track to, you know, surpass the guidance which you are given, and, uh, we hope that, you know, this momentum continues into the next, uh, few years also, uh, we wish that we are able to achieve the goals, uh, probably which you are also guiding us. We'll be able to achieve those, those numbers. Uh, no, there is no reason because you have been the only company who's gone there, acquired brands, built the front end. You've built a manufacturing base. You've done extraordinarily well by building capacity in India. And I think on your core business, we are seeing that you've already made an 18% margin, and, uh, you know, that margin is again a new high compared to the recent years. Uh, now given the current situation, the FTAs opening up, etc., uh, would it be possible to— for us shareholders to at least dream of a doubling, doubling in, uh, you know, from 27 to 30? Because there's no reason why US demand won't bounce back, uh, you won't see growth in other markets where the FTAs are opened up, plus you're getting ready with the manufacturing capacity suggesting that all of this should lead you to a 20% EBITDA margin with ₹10,000 crores plus of top line. I mean, this is our expectation, and we don't see any reason why a capable team like y'all will not achieve it. I think, you know, uh, there is no reason for us, uh, to believe, uh, that this will not happen. It's just that contrary— on the contrary, we as shareholders would challenge you given such great capabilities, such a great intent and kind of execution that you have demonstrated, and the kind of facilities that you have created, I think first of all congratulations. It's hats off. You have done an extraordinary job. From this, I think this should make you one of the fastest growing companies in your space globally. That's our expectation. So that's what we believe. And I think Margins should ramp up. Where do you see your margins ramping up in the next 3 years as you go into utility, 100% utilization? Where can margins really go? Uh, Jitin bhai, as of today, we will continue with the guidance which we've given by CY28 to double our revenue from FY25 from ₹4,000 crore to ₹8,000 crore. Naturally, the— with whatever you're saying, it it goes in our mind and then we'll, we'll, we'll work it on and be hopeful. Yes, what we are saying, we will definitely work towards, uh, achieving greater Sir, right now we are saying for this, this year our guidance will exceed on both on top line as well as on bottom line, EBITDA percentage also. For next year, we'll come back with a proper number 10 guidance. No, I think you all have done an extraordinary job. We really do believe that you are heading towards the ₹10,000 crore top line with a 20% EBITDA margin. I just hope you don't disappoint us out there. Because I think with such a capable management doing such extraordinary execution, anything, you know, to expect anything less would not be acceptable. So anyway, all the very best. Continue with the growth that you have shown and demonstrated great execution, and we look forward to you reaching ₹10,000 sooner than later with a 20% EBITDA margin. All the very best. Thank you, Jason. We will try to do all that. Thank you. Uh, we have lost the line of Mr. Mohit Jain. Uh, do you want to continue answering or we'll wait for Mr. Jain to re-login? Just wait, he would, he will re-login. All right, just give me a moment. Ladies and gentlemen, the management line has been disconnected. Please be on hold while we quickly get them reconnected. Yeah, we can continue. We can continue. All right, yes, the next question comes from the line of Pritesh Chheda with Lucky. Please go ahead. Sir, I have 3 questions. One, uh, this 8,000 doubling of revenue in 2028, I am assuming this 2028 is actually a calendar year 2028. Yes, yeah. Okay, my second question is, what is the margin difference either at the GP or at the operating between core product and the new business, the core business and the new business. The core business, we have already given a guidance that, you know, it's, uh, uh, you know, about, uh, 15%, uh, EBITDA. And, you know, this, this quarter it has shown Uh, even better than the 15% which we had spoken about, uh, in this at the start of the year. Uh, as far as the new businesses are concerned, uh, uh, it's— it has not come up to the same level, but over a period of time, I think in the next few quarters, it should catch up. Uh, uh, we would see by, I think, next, uh, uh, 2-3 quarters, we should be able to still come to the same level as such. Okay, and my third question is, uh, what is the extent of non-US business in the core business, uh, in H1? So when you do ₹2,000 crore and when you do the volume number which is mentioned, what will be the non-US business size in it? As of today, it's a non-core US business— non-core non-US business is— a core non-US business is around 30%. Okay, and this, let's say now over the next 3 years Uh, based on whatever FTAs India has signed. So core non-US business, which is about 30% today, uh, and whatever the size is, what it should be over the next 3 years? It should change, say from 70-30 ratio it should go to, uh, 60-40. We'll see, but yes, the ratio will, will change. On core business? I think our core business, uh, non-core business is also non, uh, core non-US business is also growing by 20%. So, uh, we would expect this ratio to be in favor of the non-core US business. 60-40 means 60% will become non-US core business within the core, right? That's how 60-40, right? Today what it is, 37 As of today, 70% is US. So 70 might come down to 60, but we don't want to put in any number right now. Something will change, yeah. Okay, and my last question is, uh, on the US business, on the core US business, uh, we have come back to the size Uh, have we come back to the size where we left, uh, 2 years back, which is that in FY25? Or it is the non-US business which is actually bringing you back to the ₹4,000 crore revenue or the 100 million meter volume? Say for FY25, we achieved a volume of around 106 million meters, uh, correct? So this year again, we are going back to almost the same level. So my question is, sir, has the US business within that come back or it has not come? Yeah, both put together. Okay, okay, sir. I'll come back. Thank you. Thank you. Next question comes from the line of Harsh Mittal with MK Global Financial Services. Please go ahead. Yeah, uh, thank you for the opportunity. Good afternoon, team. Uh, firstly, congratulations on the superb set of results. Uh, I have a few questions. Uh, first question, and apologies if this has been answered, But despite a sharp jump in the realizations, uh, so, so this jump in realization is basically covering your raw material expenses. Or is it something related to refunds, uh, pertaining to the US tariffs? This is the first question. Thank you. No, refund of tariff is not included in this. So it's basically overall operating efficiencies. And product, and product mix. Understood, understood. Uh, second question, sir, is the change in the working capital. So this first half we have seen outflow Uh, in the working capital, adverse working capital. So any, um, compared to the last quarter, any explanation on the same? Why has it changed so much? No, the, uh, in fact, the working capital cycle has improved from the, uh, from March. If you see, uh, you know, the number of days has come down by at least, uh, 3 weeks. So the overall cycle has improved, uh, in, in the— as of 30th September. Thank you, sir. I'll call back. Thank you. Next question comes from the line of Prerna Jhunjhunwala with Dam Capital. Please go ahead. Hi, thank you for the opportunity and congratulations on strong set of numbers. Um, so my first question, uh, is on account of average utilization. Now, what is the reason for sharp improvement in average utilization? What kind of product mix improvement has happened, and could you give some idea about the same to have a better understanding? Uh, basically the product mix in the sense that it's a higher value product, uh, uh, which we have, uh, orders which we have executed in this quarter. That's the main, uh, this one, you know, contribution towards, uh, this one, you know, the average utilization going up. So the follow-up on this is that, uh, is this sustainable or, uh, this will change as per quarters and we should not put in much thought to this quarter's average utilization? The product mix is sustainable. So, you know, in any case, as earlier we mentioned that, you know, uh, product realization should not be looked at only for the quarter as such. So the overall, uh, this one, you know, margins will— gross margins will get maintained over a period of years. Okay, uh, second question is on the new businesses. Uh, after this sharp improvement in new businesses, uh, do we continue to maintain the 2/3, 1/3 ratio between utility and USA brand business, or there is any change in this quarter? As of now, yes, same, 2/3, 1/3 between utility and branded. Okay, so this sharp improvement in the branded business has come because of Vamsutta. Is it fair to assume that? Yes, Vamsutta has played a big role. Yeah. Okay, understood. And, uh, third question lastly is, uh, the greenfield plant also is operating at 65% utilization, or you've been talking about 65% or at an average level on total capacity? No, all 3 plants are 65% plus. So yeah, so all, all 3 plants are doing, um, higher than the 65% utilization. Understood. So one macro question on, uh, UK and Europe. Um, you've answered the geographic distribution. I just wanted to understand how are the consumer, you know, customers reacting to, uh, the FTAs now that, you know, we've been already 3 to 4 months into implementation. So, um, what kind of improvement, um, you know, negotiations and product developments, what kind of products you are actually negotiating for? So some highlights on UK geography should be helpful to understand what we can expect in Europe as well. Uh, so, uh, Krendam, UK FT was implemented in July. EU is yet to happen, but as we mentioned in our last call also that we have seen much better interactions with the customers. So there's lots of inquiries already coming in. So we, we, so there's lots of interest and, uh, in this, in this geography. So let's see when this start coming into the final volume. Understood, sir. Thank you and best wishes, uh, for festivities and for future performance. Thank you. Thank you. Thank you. Thank you. Next question comes from the line of Ashish Banwari with Nuama. Please go ahead. Hi sir, thank you for the opportunity. Uh, congrats on a very strong performance this quarter. Uh, so my first question is regarding the current year guidance. Uh, given the, uh, given the H1 run rate and the soft base that we had last year, Uh, don't you think it's, uh, 5,500 crores, uh, is, uh, kind of on the lower side of what we can achieve? Yeah, we believe that we will be exceeding our guidance for this financial year. As of today, we believe so. Uh, so if you can provide any color as to, uh, what to expect on that front, that would be great. Secondly, sir, on the, uh, Uh, on the volume front as well, uh, if I see that, uh, our current utilization stands at about 73-odd percent. And given that the UK-EU is just opening up, uh, Uh, are you forcing any CapEx, or is any CapEx plan in, uh, is any CapEx in plans on the core business side in the next, let's say, 6 months or 1 year's time? Yeah, so, uh, you know, on the guidance which you had given in the, uh, you know, we gave this guidance much before the year started, so So, uh, the, you know, the guidance of ₹5,500 crore for revenue, uh, over a period of time we are seeing a good business, uh, adding to Orchid Tea. So we are seeing this, uh, you know, we'll be able to, uh, surpass this at this point of time when we have, uh, seen the performance in the 6 months. So, uh, uh, as far as the utilization is concerned in the core business, yes, about, uh, we are— we have some still some space, uh, or capacity to exploit. Uh, the management, as earlier also, the earlier calls, we have told that at appropriate time the board would take a decision on that further CapEx. Uh, for adding any capacities. So Ashish, just to add that to reach to our guidance of CY28 of ₹8,000 crore, we don't need any growth CapEx. For that, but beyond that, we'll see that. Sure, sir. Uh, just one last bit. Uh, so can you help understand how are the margins in the newer business segment in the current quarter? I understand that we achieved breakeven sometime back in Q4. Uh, so just wanted some color on that. The new businesses are, you know, the EBITDA margins are at the, uh, you know, uh lower double digit at this point of time. And, you know, we expect when the full scale of operations comes up, uh, we should be able to reach the same level of margins which the core business has. So overall, the blended margin for this year, we have guided it given at 13%. So overall, we should be exceeding that. And in near term, when we reach to a full capacity utilization for new business, we should be equal to our core business, which is 15%. Uh, sure, sir. This is quite helpful. Uh, thanks and greetings for the festive season. Thank you. Thank you. Thank you. The next question comes from the line of Soham Samantha with Mudlal Oswal Financial Services Limited. Please go ahead. Yeah, thank you, sir. Thank you so much for the opportunity. Just wanted to check a couple of things on CapEx. We have guided 250 crore for full year, and half year in our H1, we have done only 40 crore. So are you confident that ₹200 crore will be deployed in H2 or some CapEx will be deferred in FY28? See, when we given a guidance of ₹250 crore, it was— we said it will be 12 to 18 months. So if the full ₹250 crore will not be spent during this year, yeah. Okay, and the second thing on your new business, when we are saying that a low double-digit margin, so assuming 11 to 8% of the margin, and we are already utilizing 70%. So what we are saying that from 70% to 100% jump, the margin will go from 11 to 11 or 12 to 15%. Is that right? This will be more from, uh, you know, from the manufacturing operations as well as the branded business which we are already in. Uh, as we— as more products are sold under brands, I think we will be able to get better margins. Got it, got it. Okay, thank you very much. Yes, thank you. Thank you. Next question comes from the line of Pritesh Chheda with Lucky. Please go ahead. Sir, uh, just a small bridge I wanted to understand. So let's say from H1 this year versus H1 last year, Uh, what will be the blended price hike? What will be the currency change. Uh, so these are the 2 changes in the benefit side. Then on the cost side, you'll have a higher freight cost. And a higher, uh, raw material cost in the form of yarn cost. So just the percentages, broader percentages, not the, not the precise one, what it should be, sir? No, uh, uh, we may not be able to, uh, divulge so much of details actually. So, uh, in what we can, uh, what I can say is that As far as the freight cost is concerned, we are doing most of our business on SOB or CIF basis, so very less impact on, uh, this one. We have all these, uh, Uh, freight hikes are borne by the customer. Okay. Mr. Cheddar, are you done with the question? Yes, sir. Thank you. Next question comes from the line of Karina with Smiths Limited. Please go ahead. Yes, you are. Please. Yeah, yeah. Thank you for the opportunity and congratulations on a good quarter. Uh, just a few questions. Uh, one is, uh, the capacity utilization for the US unit currently stands at 65%. Could you help me understand when will we see this reach you know, peak utilization. That's one. Considering how you plan on expanding Vamsutra and, you know, we have newly licensed Tommy Hilfiger and other brands, Uh, do you see us, um, exceeding this 100 million target, uh, you know, by FY28 that you all are guiding for? Do we see this exceeding? That is my second question. And, um, lastly, on, on, uh, you know, considering we have good operational, uh, cash flows Uh, yeah, we do have CapEx coming in, but do we see any sort of debt reduction plans in the near future? And just lastly, on a follow-up question to an earlier participant, uh, the CapEx is planned for the next year, year and a half. The rest of ₹250 crores, could you give a breakup of how much can we expect in H2 and how much will sort of Uh, go into FY28? Yeah, those will be my questions. Yes, Kanika. So a couple of questions. So first of all, on this 65% going to 100%, we already mentioned that it will be by FY28. We seek to go to full capitalization of our utility business. Uh, second question was on Yeah, as of today, the overall guidance for branded business to be at ₹100 billion by FY28. So we, we go with that. We'll see if there's any uptake is possible. On cash flow for CapEx, see, yes, today for this financial year we have announced a CapEx of ₹250 crores which will be spent in 12 to 18 months. During first half we've done around ₹40 crores. So rest will, will continue from, from that same perspective. The last question was on the net debt reduction. Yes, definitely, with this, uh, the, the whatever cash the profit comes in, and with this, after the CapEx which we announced, that there will be a reduction in net debt. And the company has been following the— whenever there is, uh, you know, uh, cash flows, surplus cash flows, or free cash flows, we have been able to reduce the debt, which you have seen, uh, the, uh, numbers coming down. Yes, and it's just on the CapEx part, uh, how much do we see in the second half, uh, in, in FY27, and how much do you think will flow through like FY28? Uh, you know, this, uh, the major 2, uh, different projects which you have taken, neflon treatment as well as the spinning, uh, uh, it, you know, spinning could happen probably, uh, in this current year, majority in the current year, but, uh, the effluent treatment probably would spill over to the, uh, next year. We are not able to give any, any specific number at this point of time, but, you know, spinning could get, you know, most of it should be done Uh, before this year-end, I believe. Understood, sir. Just, just one last question I would like to squeeze in is, uh, you know, any— I know you've not given any updated guidance on the margin, but considering, you know, such a strong quarter of the first half and these, as you mentioned, the coal to new business mix will change, uh, with UK FT, it's so many, uh, positives. Do we see that the margin guidance could be updated to say 18-20% range? Kanika, not, not, not on immediate basis. Yeah, but for this year, from 13%, we can go up to 14-15%. Let's see. Yeah, but we'll not go beyond that. Understood, sir. Thank you so much. Thank you. Ladies and gentlemen, that was the last question for today. We have reached the end of question and answer session. I now hand the conference over to the management for closing comments. Uh, thank you everyone for joining us today. We hope we have been able to address all your queries. Should you have any further questions, please feel free to get in touch with SGA, our investor relations advisors. Thank you once again for the continued interest and support. We look forward to connecting with you on our next call. Thanks. Thank you. On behalf of Indo Count Industries Ltd., that concludes this conference. Thank you for joining us. You may now disconnect your lines.