Good afternoon everyone, and welcome to the interaction with the senior management of Blue Dart Express. Firstly, I would like to thank the management for giving us the opportunity to host the call. Today we have with us Mr. Sagar Patil, CFO, and Mr. Tushar Gunderia, Head of Legal Compliance and Company Secretary, Blue Dart Express. I would now hand over the call to the management for some opening comments, and then we can take up the Q&A. Thank you, and over to you, sir. Thank you so much, Anuj, good afternoon, everybody. A very warm welcome to all of you. As you are aware, the board of directors of the company at its meeting held on 9th May 2026, approved the financial results of the company for the quarter and financial year ended 31st March 2026. The company reported revenue from operations of INR 6,141 crore, compared to INR 5,720 crore into financial years 2024, 2025, profit after tax for the year stood at INR 240 crore. For the quarter ended 31st March 2026, revenue from operations stood at INR 1,533 crore, while profit after tax stood at INR 43 crore. In a fiscal year shaped by challenging customer expectations and changing customer expectations, continued growth in digital commerce, strong domestic consumption, and a dynamic operating environment, Blue Dart Express delivered year-on-year revenue growth, supported by sustained momentum across e-commerce and B2B Surface Express solutions. The company continued to strengthen its integrated air and ground network, enhance operational efficiency, and expand solutions aligned to the needs of business across India. The year also saw a dynamic cost and regulatory environment, including the implementation of the Wage Code and related changes across labor and security frameworks. Blue Dart remained focused on compliance, employees' welfare, productivity enhancement, and network efficiency, at the same time continuing to protect service quality and customer commitments. The results have already been uploaded on the Stock Exchange website and has also been posted on the website of the company. I now hand over the call to Mr. Sagar Patil, our CFO, for further proceedings. Thank you. Thank you, Tushar. Good afternoon, all. We have closed this financial year with about 7% growth in revenue for the year, and as well as the similar percentage increase in the PBT before the one-off that we had of exceptional item on account of labor code. This, as far as the quarter is concerned, we have similar growth, which is about 7%, rather, 8% plus in the revenue, while there is a drop of about 17% in the comparable, if EBT before exceptional items for the quarter. There is no exceptional item for this quarter. The company has continued its steady growth trajectory in the times where the product profile, seasonality, number of variables that act on not only with the customers, but also in the external factors. The company continues its profitable journey with, of course, a mandate to improve the profitability from Blue Dart. With that, I would request to open the floor for questions. Thanks. Sure. Thank you so much for the opening comments. We'll start with the Q&A. Anyone who has any question can please raise your hand or post it in the chat box below. We'll get started. First question we'll take from Mr. Krupa Shankar. Please go ahead. Hello, Krupa. Hello, sir. good evening. Hello, Krupa. Yeah, good afternoon, Krupa. Good afternoon, sir. Thank you for the opportunity. Sir, first bookkeeping questions is, what would have been the tonnage for the quarter and for the full-year, sir? If you can share that first. Tonnage for the quarter is, 359,913. 359,913 tons for the quarter. Got it. For the year, I think it sums up to close to about, INR 14 lakh thirty-eight- Right INR 39,000 roundabout, right? Correct. Yes. Okay. Roughly about 7% growth in the overall tonnage, which you mentioned. Yes. just wanted to get a sense, sir. Sorry, also on the parcels, total parcels for the, in millions. Parcels for the quarter were 96.17 million. Okay. For the year, INR 403.98. Got it, sir. Yeah. So, so- So- Yeah. Just to extend a bit, because you gave insight about the weight. The shipment growth for the year, is about 7%, 7.1%. For the quarter, it is 4.6%. Got it. sir, just getting a sense, you know, this quarter around, you did see a good growth coming in in e-commerce piece across the industry. For us, how did you see the e-commerce piece evolving, B2C part of it? Overall also in ground express, what would have been the growth generally? E-commerce, especially e-commerce on ground, continues to be our growth driver, including the surface on ground as such. While the e-commerce on air has been steady. Not very much too much growth over there. E-commerce and ground remain the drivers for growth. What I wanted to know was more on growth rates in the respective segments, because, you know, overall, the growth rate has been about 8% for the quarter. Yes. We did see that you had taken certain hikes from January onwards, but volume-wise, again, tonnage-wise, it's been fairly similar to your overall revenue growth as well. Just wanted to get a sense around if I were to further break it down, is it because the ground and, you know, ground e-commerce proportion has gone up, which is why our realization are looking flattish? In terms of yield per kilo, yes. When it comes to ground, while the margins may be comparable, but when it comes to per kilo or per shipment realization, ground is lower than the air. So we Yeah. We were able to pass, or rather implement to a certain degree the price hikes which were taken from January onwards. Is my understanding correct? And to what extent, what has this result showcased the extent of increase in realization because of the hikes which you have announced earlier? Yes. We did the GPI, from 1st of January, and it has been little better than what we had last year as such. It has provided a positive impact, helping us to mitigate the impact of the year-on-year inflation levels as such. Any percentage we want to share, sir? Very difficult to quote a specific percentage because it would, the products as well as the underlying business channels would not be comparable as such. No, I was looking at it from a blended basis. While I understand, what I'll try to explain more on why I'm asking this specific thing, sir we understand that the underlying mix is the key reason why the realization is optically looking flattish. just wanted to see, you know, if there is an absolute pass-through of close to about 3%- 4% that would have been absorbed because of the mix changes. If you can share the mix of B2C versus B2B or ground and air, that will be really helpful in assessing how, what sort of a implementation has come through. Yes, it would be better than 3-4% is what I can say. Across the product it will be different. The price increases, while largely we announce in the beginning of the year, certain customers would typically take some time. In the first half of the year, month-on-month, the number only improves, especially some key customers would take a month or two more to again renegotiate or negotiate. That the ultimate realization of profit would be more than 4% the price increase. Again, it will depend on product to product, as such. Okay. Is it fair to assume, sir, last question from my side. Is fair to assume that the margin, sequential decline in margin, especially on EBITDA side of things, is primarily because of this mix? Would it be possible to give what would be the growth in air in this quarter and this financial year and growth in ground this year and this quarter and this financial year? From a, from the product mix perspective, typically as you have seen, the shipments have grown slower. That means our smaller products have grown slower as compared to the heavier products. Our smaller products will range from documents to air e-commerce as well as surface e-commerce. As I mentioned in an, one of the earlier calls, the heavier the shipment, it becomes more in the nature of freight as such. That's where the margin realization can be lower. Whereas smaller the portion, the realization of service, the time definite or the time criticality improves. That is where the service element being better, the price realization, not price, but the margin realization becomes better as such. Yeah, ground continues to grow faster, more than- Got it. There is an internal announcement happening. I'll just put on a mute. Yeah, we'll take next question from Achal. Yeah, just one moment. Yeah, sorry for that. There was some internal announcement happening. All right. No problem. We can take next question from Achal. Please go ahead. Yeah, good evening, sir. Thank you for the opportunity. Yeah. Sir, sorry, I missed the initial part. If you could just remind us in terms of the air versus ground, what has been the mix, air versus Surface Express? So, air For FY 2026. the mix has been between air and ground, 60/40. 60% is air and 40% ground, sir? Yes. FY 2026? Yes, yes. This is in value or volume terms, sir? In volume. Value, value. Revenue. How would that be in terms of volume? [inaudible] Volume will be [inaudible]. We don't provide the breakup for the shipments of kilos between air and ground, being sensitive information. Typically in air, the number of shipments will be higher, or the share of the shipments, whereas in ground, being heavier loads, the number of kilos will be higher. The weights will be higher. Understood. Typically, what is the price difference between ground for the like to like distance? The air would be 3x the price of ground. Would that be a fair assumption? The price will be a function of whether you're sending half kilo or say 30 kilos shipment. On a per kg basis. I mean, I'm saying for the same product. Yeah, in terms of the per kg, I would say costing, from a middle mile point of view, the ratio can be 1:5. One is to five. Okay. Understood, sir. Sir, if you could help us in terms of B2B and B2C for FY 2026? Again- mix for us? shipments, from a revenue point of view, 70/30. 70.3 in B2B and 29.7. Since both the lines are growing, one in surface, other one in the surface B2C, this ratio has been pretty ±2% or 3% quarter-on-quarter. So this, uh, seventy, uh, uh, 30 Is B2B? is for FY 2010 Yes. For the full-year 2026, sir? Fourth quarter, you're saying? Yeah. The full-year. Okay. Even fourth quarter is this 71% to 29%, so pretty stable from a revenue point of view. Understood. Just a clarification in terms of the, you know, in terms of the market share, if you could call out, what would be our market share in the respective segment for air and the surface? Just a ballpark number. We'll not have updated numbers. Typically, market share comes with a certain lag, and again, it's a perceptive number. I don't have readily a recent number for quoting as such. What would be the last number you'd recall, like, for FY 2025? For example, for documents. Yeah for documents, we have seen the, market share being 70% plus. Again, this is about the. Organized organized and express service providers, not entire industry that may have different types of layers as such. Again, when we talk about air and ground. Understood These are the products that we have defined by transit time and not necessarily mode of transport. Even if there is something going from, say, Mumbai to Pune, if it is air product, it will have a separate, faster, smaller vehicle that will move on priority. Whereas if it is a ground product, there will be difference of few hours, if not a day, even between that kind of lane. For us it's a air network, not going by on air. Essentially, this air by air, we mean a door-to-door multimodal kind of transport, where first mile, last mile will be road, big or small, and middle mile in many cases will be air. That's very loosely we call it as air for discussion, but we do not really treat it as a segmented part of the business as such. Fair point. Just to clarify, B2C, 29.7% for FY 2026, does this include the eCom, the bulk of the eCom business here? Yes, it is largely eCom business. B2C is largely eCom? Yes. And- Rather it is only eCom, Achal. Yeah. Okay. Yeah. Understood. Understood. Sir, just a question on eCom business. you know, historically we've been what is the mix for eCom business for FY 2026? Sorry, I forgot to ask that first. FY 2026 eCom revenue mix. between air and surface, it could be like, 17 to 12. 17 is to 12 out of this 29.7%. Okay. When you say B2C, it's actually eCom business? Yes. Yes. Okay. Understood. In terms of the, you know, the freighter utilization, if you could guide, sir. It continues to be at around 85% on a pallet utilization level. We use a good amount of commercial air capacity as well, and we tend to fly the flights only when we have good load, which is there in most of the weekdays. It remains at 85%. 85% why? Because there are also positioning flights, that takes it down. For the main sectors, it would be well above 90%, 95%. Understood. Understood. In terms of the margins, how do we see margins? I mean, you know, we have swung between thirteen and a half to seventeen and a half% in last 4 quarters. How do we look at this margin? Is from an annual perspective, 15, fifteen and a half what we have delivered in last 2 years is the number we can pencil in? You think it can Or what are the margin drivers from here on? You're talking about standalone margins, right? Consolidated margins, sir. Consolidated. Consolidated margin because- EBITDA margins. Yes can go below that. EBITDA before depreciation. So far as depreciation is a major part of having a big setup of air as well as on the ground that we have. Yes, the quarter-on-quarter comes with variations with peak season kicking in typically in second half of the year. Our focus is normally to ensure a year-on-year yearly margin. While we try to operate at efficiency when the loads are low, the focus is on also building up capacity in case of the peak loads. Wherein the additional volumes also does pay for that cost increase during that temporary period that we look at. After that peak is over, also the focus is on, again, optimizing, because revenues, the loads also do not immediately come down. In some pockets with some customers there are again volume surges that come in the month of December, January. The function I mean, the business is functioning of balancing air and ground, B2C and B2B, as well as the big packages and small packages for documents, cross utilizing the capacities efficiently and keep on flexing that capacity. The focus is largely on a yearly number. On quarter-on-quarter, there can be ups and downs depending on how we build up the resources and how the volume for different products, or even different customers come in, because different customers will have different margin levels depending on their product mix or the lane mix also for that matter. Got it. Sir, well, yeah. There are some more questions. Sir, one question which has come in the chat was on ATF pricing. Yes. If you can just highlight what's the impact of ATF movement and whether we have passed it on. Just some color on that. Yes. While ATF prices started going up in the month of March, till end of March, because we have fuel surcharge that is announced at the beginning of the month. Our March fuel surcharge didn't go up significantly. Our purchase prices are also typically agreed in the beginning of the month. For the quarter, we didn't have any significant impact from pure ATF and Brent point of view. While there were some cost impact in terms of the availability of local fleet or at times manpower also in that month. The impact in the financials will come starting from April. As you know, we have a fuel surcharge mechanism where any increase or drop in Brent is largely compensated or neutralized with the between ATF and fuel surcharge. So far as ATF is moving in tandem with Brent, and of course with the currency fluctuation also. We have surcharge for both fuel as well as currency in our commercials. To an extent, that volatility is neutralized largely. Okay. You basically are not looking at any impact coming in because of the ATF price movement in first quarter? No. Got it. Yeah. We do say first quarter of calendar year in the first- No. Financial year, April to June. Yeah. Financial year there will be impact, but from profitability point of view, it is largely neutralized. Got it. Got it. Also one question was on the volume growth. Now what kind of volume growth we are looking in this financial year, FY 2027? Considering the growth which we have done in 2026 and considering looking at the market scenario. If you can just indicate what sort of growth we could look at in the air side as well as on the ground side. I mean, without really giving a color of forward-looking statement, this is a business which is largely a network business distributed all across India. Any significant upsurge or even shortfall in margin can impact either service quality or the profitability either way. If there is big increase in volume, it might be seen as profitable, but then service quality impact also can be there. We mainly look at optimizing the capacities with respect to the demand that comes from the customers, and then we tend to balance between what volumes we can ask from the customers versus what price we can get at. The approach is to more balance to ensure the profitability in absolute terms. Got it. Just one follow-up on that actually. Ground you mentioned it's around 40% now, which used to be around, say, 30%-32%, few quarters back. Yes. With the ground share increasing and the target would be more like, say, 48%, 50%, right? Do we see the growth actually coming in much better now because ground share will be much higher, which is the fast-growing segment? Yes. I mean, ground is the growth engine for us, and the share of ground has been going up. With the ground, largely the costs are also variable. I mean, the all the middle mile, the the line hauls are variable. Even the first mile, last mile are so largely variable. We, we work with a very large range of vendors all across there. They Unlike air, where once you have investment in place in assets, the incremental rate of return is better. That is not the case with ground. Yes, while ground is Remain the growth engine, it may not result in a volume increase there, may not result in a very dramatic increase in the profitability. Got it. We'll take follow-up from Krupa Shankar. Please go ahead. Sir, just, you know, questioning back on what you just commented. You've added couple of infrastructure with respect to new hubs on the ground side of things. You know, given the recency of the addition, there would have been certain overhead expenses on the ground side of things. Now, if you're expecting ramp up, the margin profile should improve with, in tandem with the utilization of those hubs. Why are you saying that the profitability improvement may not be to the higher extent? The capacities that we added, and there is a big facility we have started last year in Gurgaon, near Delhi. To an extent this is Yes, this will take care of next maybe up to nine years of growth in that lane. It is still one of the lanes, one of the cities. Secondly, this facility was a combination of not only growth, but also consolidation of number of facilities. It's not that it's one big investment from overall from company point of view. Within the overall business, this is still a small spot of growth in that particular region, comes with consolidation. Yes, there will be capacity available that will get utilized over the next few years. Incidentally, there also we have a phase-wise approach. We have the entire commitment has not been done in one go. There will be phase commitment in two phases. It's not one big investment put in over there. You are also, as far as ground is concerned, our facilities are express facilities, not warehousing kind of facilities. The turnover of volumes there is quite significant. It's not a very big fixed cost that has been added that will pay off in the long term. In the overall number of kilos, tons that we handle, this will not be even 5% or 10% of the all country volumes, even for that one big investment that we have put in place as such. No, I mean, of course, it will have a positive impact, but not as significant that it can make a big change in the overall company profitability. Got it. Got it. Second question was on the current ongoing challenges on the West Asia crisis. We do understand that post-COVID, you had carried out few charters to specific destinations, primarily because of the need which has arised. Given the discrepancy which has come in on shipping side of things, are you seeing charter options opening up, and would you be taking it up, or would it be in the purview of DHL? No. It's up to us as Blue Dart, and if there are such opportunities. So far we don't see a big increase. The domestic charters keep on happening with few customers continue, I mean, repeating, and sometimes one-time charter. We may not see that. As of now, at least we don't have that big indication of new opportunities coming for charters because the passenger airlines also are I mean, it's moving internationally. Sure. While it was a good, I would say, enabler or help, in the COVID periods, as of now, we don't see any indication, while of course we keep on exploring those pieces. Got it, sir. Got it. That's it from my side. Thank you for answering the questions. Thank you. I will take next question from Shivam. Yeah. Hi. Hi, Shivam. Thank you, sir, again for the opportunity. Just wanted to know what has impacted the EBITDA margin this quarter. Is the volume change mix or have impacted the EBITDA margin or something else? Yeah. As you said. Yeah. One would be that. As you said that because of the heavier vol. Yes. Sorry, sir. You continue, please. One reason would be that, I mean, there is nothing as one single item that is significant. We did face, I would say, some increase in the cost of local vehicle hiring, especially in the month of March, where fuel related apprehensions were coming in some parts of the city. We had to really also hire from market. To some extent there was increase in cost there. We also have invested in some of our functions, front-end functions like sales and some quality related functions sometime during the last year. As compared to last year same quarter, it would look like a higher employee cost impact as such. You know, INR 2 crores here, INR 3 crores here, all combined, put together are totaling up to about INR 10-15 crores of rupees. There is no exceptional or extraordinary item that is impacted. It's more of a timing that has come in this quarter as compared to the pre- earlier quarter. Yes, you have, you can also be said, right, where the smaller growth in the shipments versus weight will impact to an extent the realized profitability for a quarter. Yeah. Okay. Got it, sir. Thank you. Yeah. Thanks. Sir, we'll take one question from the chat box. Is the higher freight cost also leading to customers choosing non-express shipments versus our offerings? Any color on that, sir? It can sometimes happen. Like for e-com, we provide services for both options for both by air as well as by ground. Sometimes the customers can, same customer who is giving us both on air as well as ground, can also at times reallocate based on their priorities or the nature of shipment, how discretionary or critical it is from that time point of view. Again, as the ground becomes more and more efficient, the difference between air and ground can be not more than, say, 24 or at the most 48 hours, depending on the lane. As the customers become better enabled to plan for, to manage their flow, I mean, flow of the shipments across the country, they are also able to flex to choose between Blue Dart ground or Blue Dart air for that matter. Yes, that can also have an impact, yeah. Got it. We'll take one question from the queue from Anshul Agarwal. Please go ahead. Yes. Hi. Thank you for the opportunity. Just a bookkeeping question. Yes. Our CapEx has shot up in FY 2026. I believe this is on the back of the ground hubs that we sort of added to our network. Are there any similar plans to add or do some heavy CapEx in the coming year? If you look at the console numbers, our CapEx for the year is almost INR 360 crores, whereas standalone it is INR 120 crores. In console, out of INR 360 crores, INR 200 crores is mainly coming from aircraft, which is in the nature of engine or aircraft maintenance. These are the servicing or checks, C check, D check, B check that we do, which can add to the efficiency or usability or cycles of aircraft beyond a year. It is booked as CapEx, and then it is depreciated over the period of utilization. Barring that, INR 120 crores, yes, there will be element of the ground facility. Again, it will not be that very significant, not more than 30% of this total CapEx that we are talking about, not even as much. In terms of the fresh, yes, we do have plans to strengthen the capacities in different parts of the country, be it Mumbai or South. To an extent East we did in last few years. North also we have added in last couple of years. For us, I mean, this CapEx is also more is like a part of OpEx. If you find year-on-year, the CapEx amount will be similar to the depreciation amount that we have, if you exclude the ROU asset part of it as such. CapEx can come as a big spurt in the CapEx, I mean, as far as aircraft is concerned, but it is not aircraft. This can be engine or some major components as a part of the regular maintenance of the aircraft. Got it, sir. Just to follow up on that, this INR 200 crore of aircraft maintenance, servicing, engine, this would be recurring in nature. Is that assumption correct? Would this repeat in, say, one or two years again? Yes. Yes. It can be INR 100 crores in one year or maybe another INR 200 crores in another year. Typically INR 100-INR 150 crores every year. Even without any new capacity addition in aircraft, this will be a part of CapEx, capital expenditure. Correct. Since ground continues to grow faster than air, a similar number in ground CapEx can be assumed? Yes in the current year? Yes. In standalone entity, the CapEx of INR 120 crores as normal CapEx and ROU asset of INR 400 crores. Largely when you add the ground facilities, major addition is in terms of the lease assets. ROU will find more and normal CapEx will be relatively a smaller number. Even this number of INR 120 crores can be as good as annual CapEx or OpEx CapEx that will keep on coming. Got it, sir. Any comment on with given a guidance of maintaining the PBIT-PBT margins of around 7 between 7 and 8%. Yes I think we are lagging that guidance by some distance. Any color on or any guidance on when we should think about reaching this? As soon as possible, that's what we will try. Otherwise, any specific guidance will be, like, forward-looking. Yes, the effort is always to maximize in the peak and optimize in the other quarters in order to ensure a bit as better number as possible for the year. Thank you. That's it from me. All the very best for the next year. Thanks. We'll take next question from Ankita. Hold on. Yeah. Yeah, Ankita. Thank you. Thank you for taking the question. Sir, I have missed, have you shared the shipment and tonnage data number for the fourth quarter? Yes. You can note down quickly. Shipments, 96.17 million, and tonnage, 359,913 tons. 359913. Yes. INR 360,000. Yeah. Okay. Okay. Got it. Secondly, sir, how has been the volume growth in air and surface for the full-year FY 2020, FY 2026? Air, The weights have gone up by about 8.8%, and in ground, 6.9%. 6.9%. Yeah. Again, these are not necessarily air as a mode. With air is more of a multimodal, so some of it can also go on road, some of it will go on commercial airline, and also some of it will go on PAX. Air and ground is what we loosely use internally for our calling our product, which are transit time based, but these do not. necessarily mean the segmented or, the main mode of, you know, transportation there. Got it. Sir, has the surface volume growth slowed down from what we have seen in FY 2025 earlier? Has this growth rate come off for us? 7% growth that you're saying on surface Yeah is this slower than what we have witnessed in 2025? I think it would be slower because we have the customer composition there has undergone some change. The shipment per kg for ground surface has, I think has come down as compared to earlier years, the rate of growth. Okay. we are handling more lower weight cargo, which means That is also one of the reasons why our B2C shipments have gone up, means we are handling more lower weight, maybe e-commerce shipment on surface, which is the reason why overall growth would have been slow. The B2B movement of e-commerce, I mean, not e-com as a last mile delivery for the individual buyers from the. Got it. Yeah. More of a stores to store or warehouse to store. cloud store kind of movement. that would have gone up for, at a smaller, weight break level. Weight break event. Correct. Got it. Okay. You see this trend to continue or to reverse? Can't say. I mean, on ground, typically, unlike air, when you move smaller shipments, the cost of handling also becomes higher. Unless there is a better RPK. we may or may not be very keen on unless we get a better realization over there. We'll be looking very critically on this part for the individual customers or at a trade lane level. We'll I mean, we keep on optimizing, continuously looking at the customers' profitability as well as their lane level profitability. If there is a need to optimize the I mean, there is no definite plan in terms of managing the KPS, but it's more dependent on the profitability the trade has involved as such. This can't be necessarily said to be a trend. The effort will also be to build up more kilos because that improves the efficiency. The handling cost per shipment typically will be, or per kilo, will be lower as compared to heavier shipment load. Got it. In terms of profitability, given that, X of your network increase cost has your segmental profitability, in both air and Surface has been maintained or has it gone down? We don't do a segmented results. Yeah, internally, when we have our own subjective way of our internal rules for allocations, the profitability typically will change across those individual products also significantly, given the seasonalities that we have. Some of the network or most part of the network, both first mile as well as middle mile, first mile, last mile, middle mile, are shared depending on whether middle mile gets shared depending on whether it is air or ground. First mile, last mile gets shared depending on whether it is a heavy parcel or a lighter parcel or document. Depending on the flavor of even month for that matter, the margins can go significantly up and down. As far as full-year averaged out number is concerned, we see the profitability is more or less in tandem with each other. Moving in tandem with the overall profitability. No different variation across either the segment type or the product type. Okay. Got it. Sir, last two questions. on B2C segment, how much% of our volumes comes from large platforms, and how much would be coming from individual B2C customers? Second is, how much% of our air cargo is moved on our own freighters versus other commercial airline belly space? Very small percentage from large platform. Largely our customer base is consisting of either B2C or sometimes aggregators. Which, again, at an individual level, customers, single customer would not have a significant share of business. Customers are also, do use us very, I would say, where it matters, in terms of ensuring the service quality there. What was the second question? How much% of air cargo is moved on our own freighters versus other commercial airline belly space? Yeah. Almost one-third of the air load would go on commercial. Again, it's a mix of both the lanes where we operate our own aircraft, but at the same time there are 25 odd additional airports where we don't fly, but we carry on the commercial airline. Overall, about two-third of the volumes are managed by on our own airlines aircraft, and one-third is with the commercial airlines. Commercial air plus I would say road, yeah, commercial air is a major part of it. Got it. Thank you, sir. Thank you, and all the best. Thank you. Thanks. Sir, we'll take this last question from Koshi. Please go ahead. Hello. Thank you for the opportunity. Just wanted to get some clarity on the CapEx. You mentioned that around INR 150 crore, INR 100-150 crore is a aircraft kind of the maintenance or the engine CapEx that you have to keep doing, like, on a recurring basis, and on the ground somewhere around INR 120 crore, which is the current year figure would be year-on-year basis. Is that correct? Yes, yes. INR 120 that I mentioned is standalone. This will include both our IT CapEx as well as the others. I mean, when the accounts come in, you'll get a more, you know, complete breakup. Yes, INR 150 crores is, you can say average out number for the current fleet, which is more like annual CapEx. Okay. Any other specific CapEx plans that are being planned for FY 2027? Any specific segment that we are targeting for additional CapEx? No, not as a segment or a new line of business as of now. This is largely in automation, we're putting up sorters or MHE, material handling equipments, and also IT related spend both from the largely all of course, the hardware and some part of on building the applications et cetera. no expansion related CapEx, but these are more in the nature of renewal, replacement, and to some extent expansion with, in line with the organic growth in business. Okay. Thank you so much. Thank you. Yeah. Yeah. Yeah. Yeah. Yeah. Those were the key questions. I would just hand over the call back to you for any closing comments, and then we can close the call. Nothing specific, but thank you so much. I hope we have been able to, you know, answer whatever the questions investors had. Our endeavor would be always to have this periodic conversation with the investors to have more disclosures. Thank you. Thank you so much. Thank you so much. Thank you. Thank you so much. Thank you so much, Anirudh. Thank you for coming. Thank you all. Thank you.