Ladies and gentlemen, good day, and welcome to Q4 FY 2025 JK Tyre & Industries Earnings Conference Call hosted by Emkay Global Financial Services Limited. 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 zero on your touch-tone phone. I now hand the conference over to Mr. Chirag Jain from Emkay Global Financial Services Limited. Thank you, and over to you, sir. Thank you, Muskan. Good morning, everyone. On behalf of Emkay Global, I would like to welcome you all to the Q4 FY 2025 Earnings Conference Call of JK Tyre & Industries Limited. Today, we have with us the senior management team represented by Mr. Anshuman Singhania, Managing Director, Mr. Arun K. Bajoria, Director and President International, and Mr. Sanjeev Aggarwal, Chief Financial Officer. We will begin the call with opening comments from the management team, followed by a Q&A session. Over to you, sir. Yeah, thank you. A very good morning to everyone. I would like to take this opportunity to extend my warm welcome to all of you, and thank you for joining the JK Tyre Quarter Four and FY25 earnings call. It is my pleasure to have with us Dr. Arun Kumar Bajoria ji, Director and President, and Sanjeev Aggarwal ji, CFO. The Indian economy continued to outshine its global peers, with its GDP hitting a milestone of $4.3 trillion in 2025, doubling from $2.1 trillion in 2015. There is still a high growth potential going forward. As RBI latest estimates, the GDP is projected to grow at 6.5% in FY 2026. The Indian economy has shown tremendous resilience and continues to remain less impacted by the external geopolitical environment and U.S. tariffs on account of India being primarily driven by domestic economy, with underlying strong domestic capital markets and huge foreign exchange reserves. We believe the U.S. tariffs in the medium to long term are unlikely to have a significant impact on the auto sector and the tyre industry. However, the Indian economy is likely to be relatively better placed in terms of tariffs under FTA, which is under negotiation, which will provide significant long-term growth opportunities. Overall, India's long-term growth trajectory continues to remain strong on account of the macro fundamentals and robust domestic demand, which makes India an engine of growth despite the emerging trade challenges in the global landscape. Automotive industry is the cornerstone of India's manufacturing and economic growth, contributing significantly to its GDP. India is the third-largest automotive market in the world, which is emerging as a global leader in the automotive value chain. The year FY 2025 remained a progressive year for the sector, demonstrated by an overall volume growth of 7.3% backed by double-digit growth in the two-three-wheeler segment. The PV segment continued its upward trajectory and touched all-time high with the sales of 4.3 million vehicles, SUV being the key growth contributing as high as 65% of the total PV sales. In FY 2025, CV witnessed a marginal degrowth of 1%- 2% on account of a long monsoon spell and reduced government spend on infrastructure due to general elections. The commercial vehicle segment saw a positive momentum in quarter four FY 2025, and the trend is expected to continue in the first quarter of the next financial year on account of pre-buying of CVs as the new regulations of AC cabins are being mandated by June 25. The auto sector is expected to grow at 6%-8% in FY 2026 on the back of stable macroeconomic conditions, including revival in the infrastructure spend, normal monsoon, easing interest rate scenario, and increase in rural and urban disposable incomes. Coming to JK Tyre's quarter four performance, the quarter has recorded an improvement over the previous quarter. The consolidated revenue increased to INR 3,780 crores. EBITDA stood at INR 384 crores, up by 15% on a quarter-on-quarter basis. EBITDA margin expanded primarily on account of higher volumes and improved operational efficiencies. I would like to also highlight the double-digit volume growth achieved both in PCR and TBR categories in the replacement market on a YoY basis. For the year as a whole, consolidated revenue stood at INR 14,772 crores. A consolidated EBITDA was recorded at INR 1,678 crores, with an EBITDA margin of 11.4%. In the fourth quarter, exports were up by 4% on a quarter-on-quarter basis, despite heightened uncertainty and continued volatility in the global markets. JK Tyre remains committed to providing innovation, high quality, and technologically advanced products, thereby elevating customers' experience. We have been constantly investing nearly 1.5% of our turnover annually on strengthening our R&D capabilities, which has helped us to stay ahead of the curve and deliver superior and innovative products to customers. We are witnessing a strong market traction on our premium offerings, Levitas Ultra, Smart Tyres, Ranger series, and Puncture Guard tires in the passenger vehicle segment. We have been securing new product approvals from the OEMs in higher rim sizes in the PCR. For instance, Kia Seltos and Thar and Thar ROXX in the 18-inch, which will drive our sales and improve our profitability further. As part of our premiumization effort in the replacement market, the revenue mix of high rim sizes is improving constantly and growing at double digits in the PCR and in the commercial segment also. Our XF, XM, and XD series tires are improving the product mix. Fleet management and mobility business are expanding rapidly, serving nearly 80% of India's large fleets. Ongoing projects worth INR 1,400 crores across PCR, TBR, and all-steel light truck radial segments are progressing well. Further capacity utilization levels remain high across all plants. JK Tyre remains focused on sustainable manufacturing across its 11 plants globally, with a capacity of 35+ million tires annually. We are aiming to cut GHG emissions and raw water consumption by 50% by 2030 as part of our strategy to achieve environmental goals. We are ranked amongst the top three companies globally in terms of the lowest energy consumption and the lowest specific raw water consumption. We are proud to inform you that JK Tyre has commenced production of the new passenger car tire, UX Royale Green, using ISCC PLUS, which is International Sustainability and Carbon Certification-certified sustainable material. This development marks the introduction of India's first passenger car manufactured with globally certified renewable and recycled raw materials. This represents a defining step in JK Tyre's journey towards environmentally responsible innovation. JK Tyre has been recognized as a Superbrand for the tenth time, a milestone that reflects the enduring trust, quality, and leadership of our brand, which it commands. In Q4 FY 2025, we further strengthened the dealer network by adding 150+ dealers and 25+ exclusive brand shops. During the quarter, we inaugurated the 100th Truck Wheel Center. JK Tyre has the largest service network in the country for commercial vehicles, delivering superior customer service. As we step into FY 2026, our strategic approach will be to provide solutions which are innovatively driven, collaborative, and sustainable to transform challenges into opportunities. With that, now I would request Dr. Bajoria ji to talk about the JK Tyre & Industries Mexico performance. Thank you, MD, sir. I would like to share brief highlights of the Mexican economy for FY 2025, followed by JK Tyre's performance for the quarter four and financial year 2025. The Mexican economy is projected to grow by 1.5%-2% in financial year 25, as per Mexico's finance ministry's data, despite the emerging trade challenges from U.S. tariffs, public spending being identified as the likely driver of this growth. Mexico's president has also laid down a plan for Mexico to support and boost their economy amidst the U.S. president's imposition of tariffs on import of Mexican goods. However, automobile tyres will continue to be exported to the USA at zero duty for now. We will see as time progresses. Mexico is the second-largest economy in Latin America and one of the largest trade partners of the USA. Mexican peso depreciated against the US dollar by 2% in quarter four of FY 2025, as compared to Q3, which augurs well for JK Tyre exports from Mexico. Sales for financial year 2025 were recorded at MXN 4,928 million, which is lower by about 10% on a constant currency basis. In Rupee terms, sales in financial year 2025 have declined to INR 2,147 crores from INR 2,628 crores recorded last year, lower by 18% year-on-year basis, mainly on account of the depreciation of the Mexican peso against Indian rupees by 8%, which means peso in rupees at 4.41 today was nearly 4.8 last year. JK Tyre delivered the highest-ever supplies to Walmart and mass merchandisers in quarter four. To meet the ever-evolving needs of export and domestic markets, JK Tyre has launched 34 new products, which are well accepted by customers in Mexico as well as overseas in Brazil, LatAm, and also the USA. With this, we are now focusing on increasing our domestic sales as well as our exports to Latin America and Brazil, and going forward to the USA. Our passenger car radial expansion project of $27 million is also progressing well and is expected to be completed by the end of the current year, that is 2025. To increase profitability, various cost-saving measures in areas including logistics and other overheads have been identified, and action is in progress. Further, we are closely monitoring the evolving situation around U.S. tariffs and will accordingly take the next course of action, mainly for exports to the USA. Now, I would request Mr. Sanjeev Aggarwal ji to talk about the financial performance of JK Tyre. Thank you. Thank you very much, sir. So, let me briefly share with you the key financial highlights for quarter four and financial year 2025. So, first is the consolidated revenue for quarter four, which was recorded at INR 3,780 crores, up by 2% on a YoY basis, as against INR 3,714 crores in the corresponding quarter last year. Revenue for FY 2025 was recorded at INR 14,772 crores, marginally lower by 2% against INR 15,046 crores in FY 2024. Consolidated EBITDA for Q4 was recorded at INR 384 crores versus INR 335 crores in Q3 FY 2025, a jump of 15%. EBITDA for FY 2025 stood at INR 1,678 crores. EBITDA margins during Q4 were recorded at 10.2%, as against 9.1%, representing an improvement of over 110 basis points over the previous quarter. EBITDA margin for FY 2025 stood at 11.4%. Cash profit for Q4 stood at INR 264 crores and INR 1,202 crores for the full financial year, respectively. Profit after tax for Q4 stood at INR 102 crores and INR 516 crores in FY 2025, respectively. Capacity utilization for FY 2025 was at 78% on a consolidated basis. However, capacity utilization of radial tires remained high at over 85%. Export volumes during Q4 remained flat on a QoQ basis, despite ongoing geopolitical challenges. However, exports from India in value terms were up by 4% on a quarter-on-quarter basis. Cavendish posted a top line of INR 1,034 crores in Q4 and impressive growth of 18% on a YoY basis. CIL achieved an EBITDA of INR 87 crores in the Q4. Subsidiary companies, Cavendish and JK Tornel Mexico, contributed significantly to the revenue and profitability on a consolidated basis, reinforcing JK Tyre's integrated global strategy and diversified footprint. Consolidated earnings per share stood at INR 3.54 per share in Q4 and INR 18.07 in FY 2025. Return ratios, ROCE and ROE, continued to be in double digits. Net debt stood at INR 4,081 crores for the quarter, as against INR 4,319 crores in the previous quarter. So, there is a reduction of about 238 crores during quarter four. The balance sheet of the company continues to remain healthy, with robust key financial ratios. Leverage ratios, net debt to equity, and net debt to EBITDA were at 0.82 multiples and 2.4 multiples as on 31st March 2025, respectively. The Board has announced a dividend of INR 3 per equity share, that is 150%. The scheme of amalgamation of CIL with JK Tyre is progressing well and has already been approved by SEBI, and the matter is now with NCLT. So, with this, I open the forum for the questions and answers. And as you must have already read the earnings presentation, so the forum is open for the Q&A. Thank you. 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 the touch-tone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handsets while asking your question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Dhanraj Kadam, an individual investor. Please go ahead. Hello. Hello. Yeah, this one. Yeah. Sir, my question is, how is the company growing in the electric vehicle segment? Yes. We are in the all-electric vehicle in terms of all our product categories. We are ready for the electric vehicles. In fact, we are supplying our truck radial tyres in the electric bus, and we are the largest in the participating in the bus segment with our EV, which is the electric vehicle. We are supplying to the leading OEMs like Tata Motors, Ashok Leyland, which has that Switch Mobility, Ashok Leyland, JBM, and EKA Mobility and we are continuously working with the other OEMs on the EV platform. We enjoy almost 70% market share across all OEMs. We are supplying tyres in the replacement market as well. Even in the last-mile connectivity of the SCV, which is a small commercial vehicle, we enjoy 50% of the business with Tata Motors, Ace, which is an EV variant. We are also successfully supplying our volumes to even two three-wheelers in the EV segment, and we see that, including the Ola Electric, Ather, and PURE EV company, we are supplying. We see that EV presence is growing in the country. EV bus is contributing 7% in the total bus industry, and we are expecting that this will go further to 10% by intervention of various government policies also. We are expecting a growth. As an overall EV, we are expecting a growth also in the passenger car vehicle production, which by 2030, we are estimating around 1.33 million units, which is amounting to 20% of the passenger vehicle production in the country. We are completely ready, and we are participating and have advanced talks with the OEM players who are into the EV. Thank you, sir. One more last question. Hello. Yes, sir. Yes, please go ahead. Am I audible? Yes. Sir, my question is, what is the company outlook on raw material costs in the upcoming quarter? Raw material, we have seen right now on quarter-on-quarter basis. From the previous quarter, we have seen around 2.5% decline. We are seeing going ahead, we are seeing stabilizing of the raw material scenario. Okay, sir. Thank you, sir. Thank you. Thank you. The next question is from the line of Arjun Khanna from Kotak Mahindra Asset Management. Please go ahead. Thank you for taking my question. Sir, the first question is on the Mexico business. So, if you look at the revenues in Mexico, while in the opening remarks, you did comment on the depreciation of the peso versus the INR, but there would be a volume decline also. And if you look at the tariffs, etc., that would have actually kicked in possibly at the end. So, could you explain why Mexico was so weak, both in top line and margins, for the fourth quarter? Yeah. Mexico, as you heard, Mr. Bajoria ji, that one is that there was a depreciation of Mexican peso vis-à-vis the Indian rupee. The other reason was there was complete uncertainty from Mexico supplying to the U.S. because of the Trump tariff. There was no certainty. Every time, the dates were sort of getting shifted. So, there was a complete uncertainty in the minds of the customers based in the USA. That was one of the major reasons. But having said that, there is a good demand which is coming our way in Mexico, with the local Mexico as well. With the uncertainty getting behind, the U.S. market is also opening up, which will have a lot of positive impact from Mexico to the U.S. Sir, just to understand this, so in the month of April and May, we have seen almost 20 days. Have we seen sort of a recovery in revenues from the fourth quarter? Not yet. Not yet to the extent that we are going to achieve performance. Because you see, still, the duty structure and all is getting discussed between the Mexican government and the American government. But in the meantime, we have started selling higher volumes and quantities to the local domestic market. That will certainly help us. We are also now focusing much higher in terms of exports to Brazil as well as Latin America. Sure. And in terms of the way we look at it in terms of margins in Mexico, what would our outlook be? It would be slightly better than what we have achieved in the financial year 2025. But for now, you can take that the performance in financial year 2026 will be better than what you have seen in financial year 2025. Just to add to what Bajoria sir said, just one very clear trend, what we are noticing today is that because there is no, let's say, tariff being imposed for exports from Mexico to the U.S. on the tyres, so that will help us in exporting the tires to the U.S. market in a greater manner going forward. So, this will definitely improve our profitability, the revenues, and we are very hopeful that the margins will immediately improve, let's say, for the next financial year, in the next financial year as compared to what we have seen in 2025. And the trend of raw material also is moving positively. There is a stable guidance for that. So, that will also help in margin expansion. Sure. Sir, just to understand, if there is no tariff on sale of tyres from Tornel to the U.S. market, why haven't our sales come back? No, right now, this clarification has been ascertained recently. So, on the ground, in terms of the U.S. customers, it is still seeping in. And the notifications, etc., have been communicated by us to them. So, there will be traction coming in going forward. Sure. Sir, my second question is regarding the raw materials, which the previous participant also asked. Now, you mentioned the first quarter FY 2026 should be similar to the fourth quarter FY 2025. I would assume that's because we have some inventories. Given the rupee has slightly appreciated, you have seen the oil prices slightly come off. So, does that mean the second quarter FY 2026, we should see some margin expansion? We have a trend, I can tell you, because there is a lot of volatility what we have noticed in FY 2025 also. And in the last one month also, again, there is a downward movement of the crude oil prices, the synthetic rubber, the natural rubber prices, and all. So, as of now, what we are seeing is that it is going to be stabilized over the next couple of quarters. But when it will get changed again, we do not know. So, giving a guidance on, let's say, too far beyond maybe first quarter or second quarter would be slightly difficult at this point in time. But we can say that the stabilization of the raw material prices is what we are seeing as of now. Sure. Sir, my final question is on our debt level. So, this year, we saw our debt increase on a year-on-year basis, on a net debt basis. How do we look at it over FY 2026, 2027? We've talked about the INR 1,400 crores of projects. We spent roughly INR 700 crores in 2025. So, what kind of CapEx do we anticipate in FY 2026 and 2027? So, here, just answering one of your last questions, also, I would like to add that if you see the commodity prices right now, the behavior of the commodity prices is also softening. So, I don't see that there would be sort of a surge which will come immediately. So, one is that. The second point is that, as you know, we had already announced our plans of 1,400 crores plus 200-300 normal CapEx, which we have to take up every year for the year. So, that is going on, which is on stream, actually. So, we are right now not embarking on any new sort of expansion project. But the projects which we have already been implementing are on track, and we will have the capacities available from these projects in this financial year 2026. Right. So, what would be our CapEx spend for FY 2026? What is the remaining amount? Yeah, the outgo would be roughly around INR 900 crore. Because, as you would recall, last year also, we had given you a guidance that INR 800-INR 900 crore we roughly spent on account of the CapEx outlay. And for the last two years, we have been having the same kind of amount. And this year also, so, INR 700 crore you mentioned in the financial year 2025. So, this year will be roughly around INR 900 crore, and we will be done with all the projects. And then, of course, we may decide or the board may decide to provide with some other expansion programs. Perfect. Thank you very much and wishing you all the best, sir. Thank you. Thank you. Thank you. The next question is from the line of Abhishek Jain from AlfAccurate Advisors Private Limited. Please go ahead. Thanks for the opportunity and congrats for this set of numbers. Sir, my first question on the Tornel. So, if we see that Mexican peso has appreciated versus rupees on a quarter-on-quarter basis, that is a 9% up from 3.94- 4.28. Despite that, we have seen a quarter-on-quarter growth of 11%. And now, the Mexican peso has recovered to the 4.44. So, in this case, what is our revenue guidance for the next two to three quarters on a quarterly basis? Because in this quarter, we understand that because of the uncertainty, there were some issues. But going ahead, what will happen when there is the appreciation of the Mexican peso versus rupees? So, as just now Bajoria ji mentioned, that because the uncertainties on account of tariffs is behind us, and also a lot of volatility which we had seen last year in FY 2025, so that is also behind us. So, we are expecting that there will be a good amount of growth in the financial year '26 on account of the larger exports and the focus, as Mr. Bajoria mentioned in his speech earlier, that we are focusing also in the domestic market. And also on the Brazilian LatAm. The Brazilian LatAm. Things are expected to improve definitely in this financial year in terms of revenue improvement and the EBITDA improvement as well. Mexican peso has already appreciated 12%-13% in the last two months. In this case, once that quarterly revenue of Mexico has gone down to the 450 crores versus that 600 crores, so can we expect that there will be a revenue growth of 15%-20% in the next year from Mexico? Two things, sir. Just to be clear on that front. Mexican peso, if it is depreciating, then it is good for, let's say, the exports, right? But when we consolidate, then actually we have to see the movement vis-à-vis the rupee, which is also a cross currency. So, we'll have to see. But the impact of the depreciation of the peso definitely will improve the exports from Mexico. And as I mentioned, because there are no tariffs announced for exports from Mexico to the U.S. so far, so this will also have a positive impact. How is the revenue mix at this point of time in Mexico, Mexican business? I think that 50% from the domestic and 50% from the export. Out of that, the US contribution is hardly 8%-10%. How much impact? If we see the impact on the revenue, that is very much high. I just wanted to understand what happened, actually. Yeah. So, two things again. First is that the major focus would be definitely in the domestic market and then the Latin American markets and then the U.S. markets. So, in this order of the focus priority, you will see the improvement. And at present, approximately 60% of the revenue is coming from the domestic markets. Absolutely. And from the U.S? Sorry? From the U.S., you yourself said about 8%. So, you see, our effort is to have minimum impact due to this tariff structure, which may again come back because right now, there is a lull for about 90 days. Our strategy for this year, financial year 2026, is to have minimum impact due to any exports to the USA. In this year, we'll get around 10%-12% benefit on the currency side because of the appreciation of the Mexican peso versus INR. It was hit in the last year. So, can we expect that 15%-20% growth because of this thing in the Mexican business? The depreciation or appreciation of the currency will definitely have its own impact at the time of convergence of accounts into consolidated accounts. But otherwise, we are saying that the quantity itself, because of the larger volume exports in the domestic market, larger volume sale will improve. And because there is also an expansion program which is going on in Mexico for about $27 million, so that will increase capacities in a phased manner. So, over the next two years or something, so that will also have a positive impact. We will have larger capacities available, particularly for the larger in-size tyres, which will have the larger revenue and better profitability. So, things are looking up. Definitely, rest assured, and we will see some good numbers going forward. And my next question on the Cavendish side. So, how is the growth outlook in the Cavendish? And as that there's a decline in the iron prices, most probably the Cavendish will also get the benefit. So, just wanted to understand what are the key figures for the growth in the Cavendish? So, Cavendish definitely has done well. Even in the last financial year, you would have noticed that about 20% growth is there in the volumes and the sales numbers. So, sales numbers means sales value, I'm talking about. And this company has done exceedingly well in the last couple of years since the time we acquired this company at about INR 1,000 crore turnover to almost about INR 4,000 crore turnover now, annual turnover. So, this has been turned around, making a good amount of profits. The margins are very good. And on a relative basis, I'm saying between the two companies. And this is going to get merged, in any case, with the parent company. So, I should mention. And confidence of actually our operational efficiency and the quality of product. With that basis, we have been serving the OEMs also from there in that assurance. So, that speaks that our processes and our systems are right in place to cater to very stringent norms of the OEMs. Not only in the truck radial, but also we are participating with the majority market share of OEMs who have in India. So, we are catering into two three-wheeler as well. Okay. And my last question on the working capital side. So, inventory and the debtors have gone up in this quarter because of the higher raw material prices. And that's why that short-term borrowing has increased significantly. So, just wanted to understand what is your debt repayment plan because that inventory prices is going down, and most probably that there will be an increment in the debtors as well. So, just if you can throw some light on the repayment. In fact, in Q4, we have reduced the number of days of inventory in terms of even the raw material and the finished goods, and there has been a reduction in the bank borrowing also for the working capital, right? And as I mentioned earlier, that there is an overall reduction of the net debt by about INR 238.39 crore in this quarter, but when we compare it with, let's say, with respect to the corresponding quarter last year, then definitely you are right that there has been some increase in the working capital requirements because of the increase in raw material prices, finished goods prices, but we are on the top of it, and we are working hard to get this reduced to a level which is where we are comfortable. We can expect that there will be significant improvement in the total working capital, and also the working capital borrowings will go down going forward. Okay, sir. That's all my side. Thank you. The next question is from the line of Dineshk umar from B&K Securities. Please go ahead. Yeah. Hi, sir. Can you hear me? Yes, sir. We can hear you. Oh, okay. So, can you share the volume growth across segments? What was the contribution of price versus volume to revenue growth? Volume growth for the quarter was fine. Yeah, and then price versus volume growth to the revenue contribution? So, on a quarter-on-quarter basis, our truck, which is the TBR and TBB, has grown in the range of about 7%. And our passenger line has grown around 2% quarter-on-quarter basis. But our passenger line on a year-on-year basis, in terms of volume, has grown 23%. And our truck radial has grown double-digit of nearly 18%. In the replacement market? In the replacement market. Okay. Another question. How has competitive intensity been in the past quarter? So, are there any signs of aggressive pricing by peer? During the whole year last year, barring the quarter four, we've been able to increase our prices. We continue to look for opportunities to increase our prices in the aftermarket, which is the replacement market. OEM, to a large extent, it is index-based. Okay. And how will you position for EV-related tire demands? Any product launches or partnerships coming? I think this, we discussed in the call today itself, and we are fully geared up for all kinds of EV requirements, be it the truck and bus or the passenger car or two-wheeler, three-wheeler, so we have been supplying in huge quantities to all these companies, and we are growing with the industry, so as the industry is growing in the respective segments, we are fully ready, and we have been supplying, and we are growing with them. Okay. That's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Manju Choudhary from InvestSavvy Portfolio Management. Please go ahead. Yeah. Hello. Yes, sir. We have a question. Yeah. I wanted to understand the risk of the Mexico supply to the U.S. Is that? I'm sorry, maybe somewhere it's been addressed, but when we are looking at this whole saga between U.S. and Mexico, how is that plant being affected? You see, we have, you must have just heard, that out of our total volume, total sales in FY 2025, about 8% is the export to USA. So, therefore, as you heard us say earlier in this conference, that our strategy now is that we are increasing our sales to the domestic market, that is number one, and also to the Brazil market, and then to Latin American markets. So, really speaking, if the tariffs are not going to fall in line with the way in which it will give us at least some viable alternative, we will not be affected to that extent. You can be rest assured that the U.S. tariff on Mexican products is not going to hurt us very much. And so, you'll be able to send that production at other places? Absolutely. Oh, okay. Okay. Thank you. Just one point. As we are talking about the exports from Mexico to U.S., very broadly, I will tell you that the company as a whole, on a consolidated basis, is exporting to U.S. in a very small percentage. As Bajoria mentioned, 8% from Mexico and also similar numbers from India also. So, the exposure is very low, actually. So, 8% is from Mexico and 8% is from India? From Mexico. Sorry. My question is. We are seeking all opportunities to increase our sales into the U.S. from the Mexico outfit. These uncertainties are hovering, but these uncertainties in the minds of customers, we are explaining, and this acknowledgment is coming, so we are seeing going ahead a positive wave of supplying from Mexico into U.S.A. Total sales to U.S. is 16% of your revenue, 8% from India, and 8% from Mexico? I just want to explain to you that effectively, only 3% of the total revenues. Okay. That's fine. That's fine. Sorry. So, 16% is the number, right? What I'm trying to tell you is that the exposure to the total revenues to U.S. tariff is minimal. It may not be more than 3%. Oh, okay. Thank you. Thank you. You can rest assured. Yes. Thank you. Thank you. The next question is from the line of Amar Kant Gaur from AXIS Capital. Please go ahead. Yeah. Thanks for taking my question. I had, first of all, a housekeeping question. Could you please tell me what were your exports for this quarter? Exports for the quarter was INR 513 crores. 513 crores? 513 crores. Yeah. On a consolidated basis. On a consolidated basis. For the full year, it was INR 2,378 crores. Thanks. Now, my first question is on growth in the India business, where we have seen much higher growth from Cavendish versus JK in the standalone. Could you please highlight what would be the difference that is driving that? You see that our JK standalone caters a large amount of volume to the OEMs, and particularly to the truck radial OEMs, where we are a very strong player. The whole year for the truck, in terms of the OEMs, has been a very muted growth. In fact, 1%-2% degrowth only. This was one of the major reasons where the standalone India JK Tyre was impacted. However, the CIL has a mix of truck radial and two- and three-wheeler, where it sort of performed better. Because it is not only catering to the OEM, but it is also catering to the replacement at large, the CIL. Okay. So, from an overall India business perspective, could you highlight what would be the growth in replacement exports and OEM individually? The India operation year-on-year growth from the quarter and quarter, in terms of the corresponding quarter, it was 6% higher. In the segment-wise, if you see, on a quarter corresponding to the quarter, in that respect, our replacement market has been 7% higher, OEM has been 7% higher, and totaling up to a grand total of 5% higher growth. So, you said your replacement was up 7% YoY, and OE was also up 7% YoY? Yes. Overall volume growth, you're saying, is about 6%? 5%. It is 5%. Okay. Because of the exports. Okay. So, this you're talking about Q4, right? Yes. Q4. Q4 YoY. Okay. And on the pricing side, can you quantify what kind of price hikes have you taken in this quarter or the last quarter? We have continuously done our price hikes, but the fourth quarter, we did not take any price hike. But the rest of the quarters, we were able to pass on some price based on the increase of raw material, which was about 10% increase of the raw material. And the selling price to that effect was about 7% for the full year. So, we were able to pass on about 4%-5%. And the unabsorbed is still remaining around 3% for the full year. Okay. So, just a clarification. So, your revenue growth in the India business YoY is about 6%. Volume growth is 5%. And you talk about price increases that you have taken 5%- 6%. But the ASP increase is only 1%. So, could you tell me what is it that I'm missing? You see that in terms of the volume growth, as I told you, that OEM dependency on the truck radial, where we are a large share of business, that was quite dampened, so to that extent, the volume growth was muted. Okay. Yeah. Go ahead, please. Sorry. So, there's a volume growth overall was impacted. But as we go along now, there is a positive sentiment which is coming up in the truck buying. So, there we will be able to gain. Okay. And lastly, in terms of overall pricing environment and competitive intensity in terms of prices now that the RM is going down, do you see any changes in that, or is it intensifying further? No. The raw material prices, as I said, it is at a stable trajectory. So, going forward, we are expecting that it should remain in that range-bound stable market. So, there we are not seeing anything which will impact. In fact, there has been a marginal decline in raw material prices from Q4 to Q1. So, the trend line is looking to be good. Okay. Thank you so much and all the best. Thank you. Thank you. The last question is from the line of Peter from LIC Mutual Fund. Please go ahead. Yes, Mr. Peter. Go with the question, please. Hello. Hear, madam. We can't hear. Too much of disturbance. Okay. The next question is from the line of Abhishek Jain from AlfAccurate Advisors. Please go ahead. Thanks for the opportunity again. Sir, how much revenue from Cavendish in Q4 and FY 2025? How much revenue from Cavendish? Yeah. In Q4 and FY 2025? For Q4, there was a revenue of INR 1,034 crores from Cavendish. And for the financial year, it was INR 3,991 crores. So, almost about INR 4,000 crores. So, the run rate quarterly as of now is about INR 1,000 crores. Will this run rate be sustained in the coming quarter? Sorry. Sorry. And here, I would just like to add that it was year to year, corresponding quarter to the corresponding quarter to the corresponding last year. It was an 18% growth increase for Cavendish. And year to year, 12 months to 12 months, it was a 9% growth. Yeah. Sorry. You were asking a question. Can we expect that 12%-15% growth going ahead because we are also adding the capacity in the Cavendish? We are very much positive on this. Can we expect that 12%-15% growth going ahead? We have been talking about overall growth in the revenues in the double digit, right? So, that includes, of course, the parent company, JK Tyre, and all put together on a consolidated basis. But we are seeing that there is going to be a good growth and the capacities which we have built up in the last one year or so. So, those will get utilized. And also, we are in the process of implementing another project which is yet to be completed in this financial year. So, we can expect a good amount of growth, which can be like the high single digit to initial double digit. Okay. And is Mexico revenue part of the? Yes. Yes. Of course. Entire number is in the export segment. That is why just now, if you have heard, Mr. Bajoria mentioned that there is a total, sorry, Anshuman ji mentioned that there is a total export of about INR 2,573 crores for the financial year. So, my final. INR 1,800 crores roughly is from India, and the balance on a consolidated basis. Because the net entries are knocked off, there are intercompany transfers or exports also. So, that gets knocked off. And therefore, the total consolidated export is about INR 2,500 crores. INR 1,800 crores is from India. Okay. Thank you. That's all from me. Thank you. Thank you. Thank you. Due to the time constraint, we will take this as a last question. I now hand the conference over to the management for closing comments. Over to you, sir. So, thank you. Thank you so much for joining us on this Q4 earnings call. And I hope that we have replied to your questions to your satisfaction. And once again, thank you very much for joining us. Thank you. Thank you very much. Thank you All the best. Thank you. On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.