Ladies and gentlemen, good day, and welcome to the Alicon Castalloy Limited earnings conference call. As a reminder, all participant lines will remain 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 the operator by pressing * then zero on your touch-tone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mayank Vaswani from CDR India. Thank you, and over to you. Thank you, Ryan. Good morning, everyone, and thank you for joining us on Alicon Castalloy Limited Q4 and FY25 earnings conference call. We have with us on the call today Mr. Vimal Gupta, Group CFO, and Mr. Shyam Agarwal, Chief Marketing Officer of Alicon Castalloy Limited. Mr. Gupta will provide an overview of the operating and financial performance for the quarter and financial year, following which Mr. Agarwal will walk us through the developments in global markets and insights on domestic business. Thereafter, we shall open the call for the Q&A session. Before we begin, I would like to point out that some of the statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings documents that have been shared with all of you earlier. I would now like to hand over the call to Mr. Vimal Gupta for his opening remarks. Over to you. Good morning, everyone, and welcome to Alicon Castalloy Q4 and FY25 earnings conference call. Thank you for taking the time to join our call, and I trust you have reviewed our financial performance and earnings documents shared earlier. Following a subdued performance in Q3 of FY25, I am pleased to report a strong rebound in the fourth quarter, with revenues growing 8% sequentially to INR 426 crore. With this performance, we have returned to our quarterly run rate of over INR 400 crore in revenue. That said, we believe the quarter could have been stronger if not for ongoing challenges in our export markets and continued softness in the commercial vehicle segment. The strong recovery in Q4 has enabled us to close the financial year on a solid footing, with top line growing by 10% year-on-year to INR 1,724 crore. Despite a volatile macroeconomic environment and challenging industry conditions. We have successfully delivered double-digit revenue growth. In recognition of this performance, the Board of Directors has recommended an interim dividend of 50%, amounting to INR 2.5 per share. Now turning to the financials, we reported an improvement in gross margin to 47.5% in Q4, up from 45.8% in Q3, an increase of 170 basis points on a sequential basis. This was primarily driven by a higher share of passenger vehicles components in the sales mix, which contributed to better value addition. As shared in the previous quarter, we have made upfront investments in technologically advanced facilities featuring robotics and automation. Increased volumes from these production lines have also supported the improvement in gross margin. We are now focused on further scaling these assets to enhance fixed cost absorption and drive additional margin expansion. The EBITDA for Q4 stood at INR 48 crores, up 36% from INR 35 crores in Q3 of FY25. EBITDA margin improved significantly, rising from 8.9% in Q3 to 11.2% in Q4, an expansion of 230 basis points. This improvement reflects the gain in gross margin as well as better utilization of our new advanced production lines. During the quarter, we also made a provision of approximately INR 4 crores towards receivables return due to insolvency of one European customer. This one-time impact weighed on the reported EBITDA and excluding this, the improvement would have been even sharper. Depreciation for Q4 stood at INR 22 crores, marginally lower than INR 23 crores in Q3, while finance costs were INR 12 crores compared to INR 11 crores in the previous quarter. These changes in fixed costs effectively offset each other, resulting in a stable aggregate cost base. Pre-tax profit for the quarter rose sharply to INR 13 crores compared to INR 1 crore in Q3 of FY25. Similarly, profit after tax stood at INR 9 crores, up significantly from INR 1 crore in the previous quarter, underscoring the strong recovery in our operational performance. For FY25, total revenue was INR 1,724 crores, making a 10% increase from INR 1,563 crores in FY24. The gross margin for FY25 was 47.8% compared to 51.5% in the last year. EBITDA for FY25 was INR 198 crores, a 1% decline year-on-year, while profit after tax stood at INR 46 crores compared to INR 61 crores in FY24. Capital expenditure for FY25 stood at approximately INR 165-170 crores, primarily directed towards machinery upgrades and new product development in alignment with our long-term growth strategy. This represents the large effect outlay by Alicon Castalloy Limited in the past two decades, a strategic investment focused on developing critical components for both ICE and EV platforms. Looking ahead, we anticipate a CapEx of around INR 170 crore in the upcoming financial year, as we continue to build capabilities and support our expanding business pipeline. At the beginning of FY2025, we had guided for a revenue of INR 1,800 crore, targeting 15% year-on-year growth. We have ended the year at INR 1,725 crore, and I am sure all of you would recall that we were ahead of our annual run rate in the first half of the year. The shortfall is largely attributable to a sharp slowdown in Q3 across key export markets, particularly Europe and the U.S., as well as a sharp decline in volumes in the commercial vehicle and EV segment. Considering the macroeconomic volatility, geopolitical uncertainties, ongoing discussions around tariffs, and certain customer-specific disruptions encountered during FY25, we believe the deviation from our initial target is not alarming. We continue to remain confident in the long-term growth prospects of our industry. However, in light of recent disruptions, our earlier guidance of INR 2,200 crores for FY26 now appears ambitious. We are recalibrating our outlook and currently expect to achieve revenue in the range of INR 1,900–1,950 crores in FY26, translating to a top line growth of INR 1,900-1,950 crores since FY26, translating to a top line growth of 12% to 14% for the year. With that, I will now hand over the call to Mr. Shyam Agarwal, who will walk you through the operational highlights for the quarter. Thank you, Mr. Vimal, and good morning, everyone. In Q4 FY25, the global automotive industry recorded modest year-on-year volume growth of 1%, with Europe and North America witnessing a decline of 7% and 5% respectively. In contrast, the Indian automotive industry demonstrated an encouraging performance of 6% volume growth, led by the two-wheeler segment. Within the segment, there was a 6% increase in the two-wheeler segment, a 5% increase in the passenger vehicle segment, and a 3% growth in the commercial vehicle segment during the quarter. For the financial year 2024-2025, global automotive production declined marginally by 1% year-on-year, driven by a 6% contraction in Europe and a 3% decline in North America. In contrast, the Indian market delivered a robust 9.9% growth in volume, led primarily by the two-wheeler segment, with additional support from the passenger vehicle segment. At Alicon, we effectively capitalized on these tailwinds, with our two-wheeler segment growing 19% and passenger vehicle segment by 17% over the year. However, commercial vehicle volumes declined by over 21% year-on-year, largely due to deferment of the bus supply tender due to election year. We also saw a decline in the carbon-neutral segment, which partially offset the strong performance in other categories. Taking into account these mixed trends across segments, we closed the year with a consolidated revenue growth of 10%. On a positive note, our India business continues to demonstrate strong performance. We have successfully ramped up supply of four-wheeler cylinder heads to leading Japanese OEMs and are proud to have been recognized at their recent supplier meet for our contributions in quality, efficiency, and reliability. Building on the momentum, we have commenced supply for a follow-up order for an additional cylinder head, which is scheduled to ramp- up in the upcoming financial year. Volumes to the India plant of a European OEM,we have been consistent, and we are set to deliver increased volume in FY26. The incremental volumes are largely for supplies to global markets. Another leading Japanese OEM has fully resumed production at its plant. We are delivering volumes at full utilization on this production line and are actively exploring productivity improvement measures to further enhance our volume. As previously mentioned, we expect monthly supplies of cylinder heads to the customer willingly. For another key customer, a leading European OEM, we successfully completed the initial volume from our Europe plant, with production now transitioned to our India operations. We are pleased to report that production has commenced at our India domestic plant, and the capacity is fully operational. Shipment to the customer's facility has already begun. The outlook for production from these customers, comprising two Japanese OEMs and two European OEMs, provides robust visibility for ramp-up of the PV business, further coming to business wins accordingly, encouragingly. Our new engagement with prestigious European OEMs for structure parts marks both a new customer and new product entry in Europe, one that we believe could unlock further opportunity in the premium segment. We have also added four parts in India business, mainly for the ICE vehicles. Regarding our European operation, the gas and energy environment remains stable, and we have seen slight easing in aluminum prices. Our sustainability effort continues to yield results, with nearly 30% of our electricity consumption now met through solar power. On the back of challenges in Q3, we have witnessed a strong recovery in Q4. We are looking to build on it further in FY26. However, the noise around the U.S., tariffs is proving to be deterrent. There is heightened uncertainty given the fast pace of development and news flow around these tariffs and counter-tariffs being proposed. Given the sharp rise in uncertainty, customers understandably prefer to pause their decisions and commitments towards production schedules and are choosing to be more flexible in their approach. Adding to this is the expectations around a probable recession in the U.S.A. in the second half of the year. The U.S. economy reported negative GDP growth in the first quarter of 2025, reporting a decline in real GDP at an annual rate of -0.3% in Q1 2025, marking the first contraction since early 2022. This downturn was primarily driven by a significant surge in imports, as businesses accelerated purchases ahead of anticipated tariffs, as well as a decline in government spending. These factors outweighed gains in consumer spending, export, and business investment. Despite this contraction, economists anticipate a rebound in the second quarter with a projection of 2% annualized growth, as the effect of front-load imports will diminish. On this note, we can open the floor for the questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press * and one on the touchstone cell phone. If you wish to withdraw yourself from the question queue, you may press * and two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Raghu Nandan from Nuvama Research. Please go ahead. Thank you, sir, for the opportunity. It is starting to see the improvement on a Q-o-Q basis. Sir, firstly, understanding the mix of the revenue, for FY25, 6% is non-auto, remaining 94% is auto. Can you break it down into CV, PV, two-wheeler, three? Yeah. Thank you, Raghu, for the question. For the two-wheeler, the sales contribution is 35%. Passenger vehicle is 39%, and commercial vehicle is 21%. Got it, sir. How about the same FY 2024, if you have that handy? This is for 2024-2025, I have told you. Can you share for the state here as well? Yeah, just one minute. Yeah, Raghu, just one minute. Yes, sir, thank you. Yeah. For 2023-2024, two-wheeler was 40%, which has come down to 35%. Passenger vehicle, it was 33%, which has increased to 39%. Commercial vehicle, which was 19%, it has increased to 21%. Okay. Sir, you know how the selling book is, and I do apologize to you. Your audio is not clear. Can you please lift your hand? Hello. Is it better now? Hello. Yes, please go ahead. Is it better now? Yeah, thank you. Yeah, better. Yeah, can you please talk about the pending order book and how the order book is more skewed towards PV and CV and how you see the share of this higher value addition segments increasing in revenue in the coming years and how you see the two-wheeler segment going down as percentage of revenue as we go forward? Yeah. So Raghu, currently, our order book is around INR 9,000 crores. And here, what we are seeing, the major increase which we are seeing is from the passenger vehicle and the commercial vehicle. If I bifurcate, passenger vehicle contributes 50% and commercial vehicle 32%. In totality, four-wheeler will be around 82% of our order book. If you see over the year, we have focused more on the passenger vehicle segment, and primary focus initially was on our cylinder head. Apart from cylinder head, also, we have developed lots of parts for the hybrid vehicle and pure EV vehicles. We are moving from low-margin products to the high-margin products with respect to the change from two-wheeler to passenger vehicle.And in India and globally, if you see the traction for the hybrid is increasing. In India, you must have seen Toyota vehicles, Suzuki vehicles, especially the hybrid. They are doing good. We are the single source for the cylinder head. Very helpful, sir. Thank you. For the INR 9,000 crore order book, this is to be executed over which year, sir? Sir, this is up to 2028-2029. Got it. Starting from? Starting from 2024. Okay, 24 to 29. Got it, sir. You spoke about EVs. How would be the share of EV in FY25 versus FY24 in revenue? Yes. Just one minute, Raghu. Just in the meantime, going forward, number one, we have a strong order book. There are two Japanese OEMs where we are seeing a ramp-up of order execution. There are two European OEMs where also we are seeing an increase in the execution of the previously received orders. This would be the four main customers who will drive the growth for FY26? Yeah, absolutely right. The two Japanese OEMs and two European OEMs, you rightly said, that will be the key drivers for our top line as well as for the bottom- line. Got it, sir. Within our export, what would be the share of US? U.S. is around 8%. Got it. So 8% of overall revenue in the U.S. And this falls under Section 232 tariffs for us? Currently, Raghu, on our part, we are in aluminum die-casting. The current duty on our part before the Trump tariff was 2.8%. Now they have put a 10% tariff on our part. Whatever agreement we are having, duties are not paid by Alicon. All the duties are paid by the OEMs who are importing the parts from Alicon. Got it, sir. Got it. Would you expect EV share number, sir, in the revenue? Sorry, we missed your voice, Raghu. If you can repeat your question. The EV share in revenue, sir, for FY25 and 24? Yeah. EV sales if we see in FY2024, it was 12%. For FY2025, it is 19%. If we see the sales for the ICE? Yeah, Raghu. This includes even the hybrid? Yes, it includes the hybrid. Got it. Please continue, sir. You were talking about ICE. Yeah. EV segment, we are increasing from 12% to 19%, while the ICE segment contribution will come down from 73% to 69%. Got it, sir. Very, very helpful. Just a last question before I fall back to the queue. Adjusting for the INR 40,000,000 retrieval written off, we are around 12% margin for Q4. Going forward, expecting a sequential improvement in exports. Also, you spoke about the focus on value-addition automation, ramp-up of the newly added asset. All that will also add to the margin of the company. Broadly, what range can we expect margins to be for FY 2026? Can it be between 12% to 12.5%? Raghu, definitely what Shyam is explaining, the change of the sales mix coming up in the current year. In quarter one, you know that the global issues are going on, the tariff issues, all these things. We see like a flat, quarter one is flat. Maybe further improvement from quarter two and for the full year, we are expecting about around 13% in the margins. Got it, sir. Very, very helpful. Thank you so much. I'll fall back to the queue. Yeah. Thank you, Raghu. Thank you. The next question comes from the line of Yash Dalal from Sushi Finance. Please go ahead. Yeah, hi. Firstly, good afternoon to the management. I have a few questions. First one, despite our flat revenues, EBITDA margins have seen a drop Y- o-Y. How much of this is due to your raw material prices going up that has not been passed on, and how much is due to the product mix? No, it is 100% due to the product mix. There is nothing like that. This price is not passed on. So every 100%, there is a pass-on. Okay. Okay. In your cash flow statement, it shows INR 165 crore CapEx for FY25, which is higher than the original guided figure. What are the reasons for the same and any major capacity additions done during FY25? Yes, that's we are always explaining for the new projects, what we are coming up, because these are the very critical and big parts. We need good quality and bigger machines. For that, we are putting up the capacity. That is going on. In this previous year of 2024-2025, we have made a lot of investment for the new projects, like what we were talking about, JLR, Daimler, PSA. So many projects we have done. Another side is around INR 20-30 crores for the improvement side, that the maintenance CapEx we had, then the automations we are doing. Those are the main areas. Maybe some. Yeah. Yes, we are seeing these investments for our next growth driver for FY25-26 and 26-27, because these are very customer-specific investments which we are doing. These are for the bigger and bolder part and the high-volume parts. Like Mr. Vimal explained, the JLR, for which we are developing the e-axle. This is a very unique product which we have developed. For the ramping of the volume, we have made the investment. Once we demonstrate to JLR like, "We can produce these parts in India," it will open the door for many global OEMs as well as for the domestic OEMs. These investments are very strategic in nature, and we see a good revenue growth in coming futures out of this investment. Okay. Okay. Thank you. That's helpful. That's it from my end. Thank you. Thank you. The next question comes from the line of Jyoti Singh from Arihant Capital Markets. Please go ahead. Yeah, thank you, sir, for the opportunity. Also, congratulations for this quarter better execution. Sir, my question is on the revenue guidance side. This time, we have guided INR 1,900-1,950 for 2026. Though earlier, we were a bit high, and also we failed to meet our guidance in this year. Just trying to understand. I know overall macro concern is there, but still, we are serving a lot on the domestic side. Also, we are working on the e-axle part for JLR. Apart from e-axle, which are the other products that we are working for the JLR, and when are we seeing conversion on the order book side? Like as per earlier quarter, we were having more than 19,000. How much current order book and how is the conversion part going on, if you can explain on that side, please? Yeah. Jyoti, thanks for your question. We appreciate that you recall what guidelines we given for the revenue in the earlier con call. In the last con call, if you see, considering the global environment, we have corrected our guidelines. If you see, globally, the automobile market has not done good in the last year. The global automotive market was down by 1%. Especially if you see Europe, that was down by 6%. North America was down by 3%. We have not seen the growth while we were anticipating that global market will grow by 2%. That was the first area. Second thing, we have invested a lot on the development of the EV part. If you see, last year, the growth of the EV was not as all the market experts they have anticipated. We have also seen the impact of the election. Because of the election year, lots of tenders were canceled. We were not able to make those sales. Our products are the derived sales. We are supplying to the OEMs, and they are selling the vehicles. The vehicle sale was also down for the EV. Because of that, we have cut down the guidance. However, we have done the sales growth of 10% in the challenging environment also. Next year, why we have given this guideline? You have seen the issues in the U.S. because of the Trump tariff issues which we are seeing. Also, the latest research report which we are seeing from the global companies, they are still showing the 9% reduction in the volume in the U.S. and 6% in Europe. Still, this year, the guidance from all the research companies is on the negative side. Still, we are giving the guidance for Alicon for higher sales because we have the new businesses which are in hand. We have done the investment. We are seeing those volumes are ramping up. In India, we are seeing that we are increasing our share of business, especially in the passenger vehicle segment with the Japanese OEMs which we have mentioned in our speech. This is the reason we are seeing some growth will be there. Once we get more clarity on the global issues like tariff and other, I think in the next con call, we will be in a better situation to give you further guidance on our next year's volume. Okay. Thank you, sir. Also, sir, I asked about JLR product that we are working on e-axle housing. housing. Apart from any other product that we are working and also on the order book, if you can update? Yeah, Jyoti, JLR is our strategic customer. They also consider us as a very important supplier. We also got the award from JLR, which is a very prestigious award, JLR Q, that we have got from JLR. Apart from e-axle, we are supplying lots of products which are in series production and which we are supplying for the last four, five years. We are seeing the replacement volumes are coming for those. Replacement orders are coming. We are also working on the battery housing which we are supplying from our European location to them. If you see, we are supplying around 10-12 products to Jaguar Land Rover. Okay. Thank you, sir. Also, sir, are we planning to shift any plant from Europe and other locations to India? Jyoti, those plants, what we have in Europe, that is a strategic plant. The customer also would like to see the production is near to their production facility. We are very happy with our European plant that is at a very strategic location. There is no plan to shift any plant from Europe to India. In India, we are already having three plants. Yes. Great. Thank you. The next question comes from the line of Jaimin Desai from MK Global. Please go ahead. Yeah. Hi. Good afternoon, team. Congrats on decent performance in the last quarter. Thanks for taking my questions. My first question is on the underlying demand outlook. This year, we closed at about 10% overall top-line growth. For FY2026, now we are looking at about 12%-14% with a good amount of ramp-up seen in the European and Japanese OEM models. Reading between the lines, it appears that domestic ramp-up could be a bit muted compared to exports. Is this understanding correct? How are you looking at customer schedules from the domestic clients as of now? No, Mr. Desai. When we say the Japanese OEMs, it does not mean we will export to Japan. We are saying the Japanese OEMs who are present in India, and we are ramping up their volumes. We are seeing a decent growth in India. However, we are seeing okay growth in the U.S., in Europe. The overall volume will not increase, but the new orders which we have got from these customers, because of that, we will get the growth. Understood. Understood. Thanks for the clarification. Shyam sir, the price release mentions about global industrial demand possibly having bottomed out. Can you throw some more color on this? Desai, I tell you, we visited the U.S.A. two weeks before, myself and Mr. Gupta. Still, all the OEMs, they are also not very certain about the volume in this year because the tariff issues are still not very clear. We will have to wait for one or two months until this tariff situation will settle down. We have seen the U.S. and U.K. have made good progress. At least we can see the JLR volume will increase. For the other OEMs and the customers, we will have to again wait for one or two months until this tariff situation will be clear. Understood. Sir, coming to the incremental revenues that you're seeing in FY26 versus last year, possible to share how much would be the contribution from ramp-up of order plans that we have seen? How much would be the like-to-like growth on the existing platforms? Yeah. From the new order win, around 5% growth will be from the new order win and the remaining from the natural growth of the existing ones. Understood. Yeah. Which. Yeah, please go ahead. Yeah. Because last year, also, we have done the SOP of many parts, which has already come into the production. That will contribute. Got it. Okay. For Q4, we are sitting at the capacity utilization of about 75%. What would be the capacity on a full-year basis for FY 2025? Given that we are looking to spend almost similar amount of CapEx in FY 2026 as we did in FY 2025, what would be the targeted utilization levels for next year? What would be the peak revenues that we can plot from the two-year CapEx that we are undertaking? Yeah, Mr. Desai, we are seeing in the next year and year after, we will be having the capacity utilization of around 80%. As you rightly mentioned, we have already made the CapEx. That is also increasing our capacity from the plant. That is there. Apart from this, our operation team, we also do lots of improvements to increase the capacity. For example, many of us, which we run for one cavity daily, we try to make it into the two cavities. With the. Hello? Hello. We move on to our next question from the line of Vivek from InCred AMC. Please go ahead. Yeah. My first question would be on working capital rate. I can see that in financial year 2025, your working capital in terms of payables, receivables, as well as inventory, all have gone down drastically. Could you just give the reason for the change, or how can we expect it in further years? Hello? Ladies and gentlemen, we have lost the line of the management. Please stay connected while I rejoin them. Thank you. Ladies and gentlemen, we have the management reconnected. Vivek, you can please ask your question once again. Yeah. Hello. Thanks for the opportunity. I would like to ask about the working capital. I can see that in financial year 2025, creditor days, debtor days, as well as inventory days, have drastically gone down. If you could just elaborate on this and tell about the future outlook for the same. No. We are taking a lot of actions for the improvement of working capital cycle, especially on the inventory side as well as on our receivables. Fast action we have already seen in the previous year of 2024-2025. Definitely, a lot of actions you will find in the current year of 2025-2026. Working capital improvement, that is the continuous process that we have to follow. Yes. Okay. Regarding the data outlook, what will be your data outlook in the coming year? As you have mentioned about INR 170 crore of CapEx, will it be entirely funded through internal accruals, or are we planning to increase that? Maximum will be from the internal accruals, but I think there will be a small increase in the debt, but not a major increase from this CapEx. Because some money we will realize from our improvement in the working capital cycle. Yeah. Got it. One more thing about the, I can see that in financial year 2025, the number of clients, parts, as well as customers has been reduced. Is this because of foregone customers, or we have not supplied to them in the current year? Yeah. The two actions what we have taken, we have reduced the noise customers where the volumes were very, very less. So those customers we have reduced so that we can free our capacity for the strategic customers. This is the reason that we have reduced the number of active parts. Thank you. The next question comes from the line of Devang Shah from Asit C Mehta Investment. Please go ahead. Please go ahead. Yes. Good afternoon. My first question, we have seen last year the headwind, and that has impacted our Q3 and even our run rate of entire particular FY2025. Do you feel that we all know that tariff and other related issues as far as global headwind is concerned? If things stabilize, then we can achieve, in fact, the way whatever we guided, 14% kind of revenue growth with a 13% kind of operating margin. Correct me if I am wrong. We can do better than that as well because the way you now strategizing yourself with some kind of customer-specific requirement and with a margin lucrative product. Can you throw some more line, any kind of headwind or furthermore, if we stabilize, then we can achieve? Devang, thanks for the good question. We also all hope that we exceed what we are saying. Right now, if we see the guidance of our customers also, they have also given very cautious guidelines. Also, the EDI which we are getting, that also reflecting a very mild growth in their number. We have made our forecast based on the current EDI schedules which we are having and the guidance which OEMs have given. Once we will see the guidance from our OEMs, the customer will improve. Again, we will come up with the new guidance or the new number. Right now, we are following the market and the guidance of our customers as we are in the derived demand. Can we, in other words, understand that on a concurrent basis, you will review and you can get an idea about the demand environment? At least we can see the worst side looks bottoming out, as you already mentioned in your presentation as well. That is why you are optimistic that worst is bottoming out as far as the numbers and the performance are concerned. Yeah, Devang, you rightly said. Quarter three, we all feel was the worst quarter for us. We have made the recovery. We are seeing the further recovery in the coming quarter. That you are absolutely right. Okay. Thanks, sir. Thanks. Thank you. We do have a follow-up question from Preet from InCred AMC. Please go ahead. Sir, sorry for the intermittent, I lost my call. Call failure happened. I would like to ask about the order book breakup customer-wise or product-wise. If you can give what percentage would be from the JLR, one, what percentage would be from the other? Preet, generally, we do not share our order book by customer or the product line. Maybe in one-to-one discussion, we can discuss, but officially, we do not disclose. Okay. No problem. Last question from my side. I would like to ask about the gross margin. Despite increasing the PV segment this year, we can see that if we compare from financial year 2024, our gross margin has fallen down. What would be the reason and what gross margin can we expect in the coming years? Mainly, the gross margins, one is that the sales mix is there. When we are talking about the PV, PV has increased. When we are supplying, because it depends on what kind of product we are supplying to them. Suppose for the PV, we are not supplying the fully finished parts. On the margin side, it looks higher when we talk about the EBITDA margin or the net margins. On the other side of the gross margins, because we are not doing the 100% processes, we are doing maybe 50% process. That is why on the gross margin, it is on the lower side. Okay. Yeah. That's it from my side. Thank you. Thank you, Preet. Thank you. We take the next question from the line of Sai Ganesh from Square 64 Capital Advisors. Please go ahead. Thank you for the opportunity. I just wanted to know the total revenue potential from all the previous efforts. Total of INR 420 crore around gross. What will be the incremental revenue potential? Hello. Hello. When we are talking about the potential for the revenue, generally, we look for the asset turnover more than two. It is very difficult to gauge them right now because it is a continuous process we are having. Whatever we have put the investments in 2024-2025, the revenues will realize in maybe some part in 2025-2026 and some part more realization will happen in 2026-2027.So year- on- year, the growth happens. We have to put the investments initially. Okay. I look back to the order book. The order book seems to be flat from FY 2024 and 2025 at INR 9,000 crores. When will the new order be? Yeah. We have received the new order. If you see in 2024-2025, what orders we have got, it will fetch us the revenue of INR 1,600 crore in next five years. What happened, some of the orders which we have got for the electric vehicles, the EV vehicles, we have reduced based on the new guidelines from the customers. Otherwise, addition of the new order is consistent and quite healthy. Okay. Thank you, sir. That's it from my side. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Satish Kumar, an individual investor. Please go ahead. Hi, sir. Thanks for the opportunity. How will the aluminum price fluctuation impact our company profit margin? Actually, this is 100% passed on to the customer. There is no impact on the margins. Okay, sir. Thank you. Okay. Thank you. Thank you. The next question comes from the line of Manas Jain from Just Enterprise. Please go ahead. Yeah. I wanted to understand in FY26, if I just we are expecting to do, I think, a peak revenue from Jaguar. I wanted to understand, is this Jaguar business scaled down, or is it deferred to the next year? I just wanted to understand the progress on that. Yeah, Mr. Jain. So Jaguar and Land Rover is our strategic customer, and we are supplying for the last five to six years. We keep on adding the products to them, and those products come into the SOP, and we start delivering. This e-axle project which we have said, this is quite a large volume and a very heavy part. That is why we strategically mentioned it. Otherwise, it is our strategic customer, and we keep on getting the revenues from them. Just to add, we have a very balanced portfolio, and we do not rely on any one of the customers more than 15%. We have a very balanced portfolio for the risk mitigation side. Okay. I just wanted to understand because we had a guidance of INR 2,200 crores. I understand there have been issues in the export. I just wanted to understand the difference of the guidance earlier. Is it because of the new orders coming down like Jaguar, which you had to ramp up, or is it a combination of the existing orders also? Both, if you see. We are getting around 24% of our revenue from the Europe and the U.S.A. market. Okay? And there, we have seen the decline in the sales. While we were expecting there will be an increase of 2% in the volume. This is the reason we are seeing the decline in our revenue also. In India also, we are seeing the sales of the EV vehicles, especially on the bus and trucks. There, the revenue has not gone up what projections we got from the customers. This is the reason that our sales have come down against our guidance. Still, we have delivered 10% growth in our top- line. Okay. Fair enough. Thank you. Thank you. Ladies and gentlemen, we take the last question from the line of Raghu Nandan from Nuvama Research. Please go ahead. Sir, export rate with respect to%? What do I do about that? Your audio is not clear. Is it better now? Hello? Yes. Please go ahead. Yeah. Sir, on the export side, which is 22% of revenue, 8% is U.S. The remaining would be Europe, or would there be even other markets which would have a small portion of our exports? Mainly, it's to Europe and U.K. Some of the portion is for the other part of the world, but it is very negligible. Got it. Broadly, what would be the breakup between CP, PV and two-wheeler in exports approximately? In export, in Europe and U.S.A., the two-wheeler is very negligible. It will be less than 5% of the total. Mainly, it is the PV and the CV, the four-wheeler. Would it be something like 60-40, sir, between PV and CV? Yeah. Mainly, 60% you can say it's the CV, and 40% will be the PV. Got it. Just last question to Vimal sir. FY25, how much was the total ESOP cost which was part of employee cost? Whether FY26, will there be any further cost? Last year, it was around INR 4 crores. This year, let's see that because in this year, we are not at this moment given any ESOP. If we give them, definitely, we will update you. Got it, sir. Thank you, sir. Thank you very much. Wishing you all the best. Okay. Thank you, Raghu. Thank you for your questions. Thank you. Thank you. Ladies and gentlemen, with that, we conclude the question-and-answer session. I now hand the conference over to the management for their closing comments. Thank you. In Q3, we indicated an improved performance on a sequential quarter basis, and we are now pleased to have delivered a strong rebound. We remain perfectly optimistic as after significant volatility and uncertainty in FY25. We believe that FY26 will witness enhanced momentum as conclusion around tariffs, coupled with an improved enhanced demand environment in export markets as well as our home market, will catalyze growth. This will ensure that our improved revenue and margin trajectory this quarter will continue further into FY26. Should you need any further clarifications or would like to know more about the company, please feel free to contact our team of CDR India. Thank you once again for taking the time to join us on this call, and we look forward to interesting next quarter. Thank you very much. Thank you. On behalf of Alicon Castalloy Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.