Ladies and gentlemen, good evening and welcome to Alicon Castalloy Limited's Earnings Conference Call. As a reminder, all participants 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 email an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mayank Vaswani from CDR India. Thank you, and over to you, Mr. Vaswani. Thank you, Yusuf. Good afternoon, everyone, and thank you for joining us on Alicon Castalloy Limited's Q1 FY 2026 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. Vimal Gupta will provide an overview of the operating and financial performance for the quarter, and following this, 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 earlier. I would now like to hand over the call to Mr. Vimal Gupta for his opening remarks. Over to you, sir. Good afternoon, everyone, and welcome to Alicon Castalloy Limited's Q1 FY 2026 Earnings Conference Call. I will start with some exciting developments that have led to our commitment to grow. There have been two recent additions to our senior leadership team. Mr. Manish Kapoor has joined us as our new Chief Operating Officer (COO). His extensive industry experience of over 30 years and previous acumen will be instrumental as we continue to enhance our operational capabilities and drive forward our growth agenda. Further, Mr. Harshvardhan Gune joins us as Head of DAR, which is the Defense, Aerospace, and Railways vertical. Mr. Gune has over 30 years of experience in the industry and will be sharing our efforts to build up our business from defense, aerospace, and railway industries. Together, these two appointments mark a significant step in strengthening our leadership team and expanding our management bandwidth to drive new opportunities and accelerate growth. Turning to some of the key developments in the global industry, this chapter has been marked by a complex and dynamic operating environment. Locally, we are navigating volatility, while domestically, market signals remain mixed. One of the most impactful recent developments has been the announcement of new tariffs by the U.S. on Wednesday, a 25% tariff on goods imported from India got uncommed, along with an additional 25% penalty tariff for trade involving Russia, effectively a 50% tariff. These measures, rolling out from August 7th and August 27th, have prompted widespread caution across industries with local supply chains. Anticipating these changes, customers had already begun reassessing purchasing decisions and reevaluating supply chain strategies, awaiting clarity on specific rates. As a result, we have already experienced a slowdown in demand from our export customers in the U.S. and Europe. With this announcement, there is likely to be a further impact as customers will now respond to the implications of these announcements. The other significant global development has been the restriction on exports of rare earth materials by China. While China is still stating national security concerns as the key reason, it is believed that this is largely a response to the increased U.S. tariffs on China. Our discussions with customers indicate that China has introduced complex procedural requirements and extended clearance processes, thus elongating the time period of shipment of rare earth materials for even genuine players. The impact is most adverse for supply of magnets for motors and to wards requirements of EV players. OEMs are now urgently exploring alternative sources and technologies to reduce or replace reliance on these materials. These supply chain disruptions are already causing production delays and shutdowns, with the effects expected to intensify in Q2 and beyond. We expect these recent global developments to primarily affect short-term demand. Thus, the evolving landscape may present new opportunities. Initial disruptions in both demand and supply are likely, and early signs of this are already visible in the current quarter. Now, let's turn to our performance for Q1 of FY 2026. We have reported a revenue of INR 419 crore in Q1 of FY 2026. Revenues are lower by 5% year-on-year compared to INR 440 crore in Q1 of FY 2025. However, the operating backdrop in Q1 of FY 2026 was very different compared to Q1 last year. Our year-on-year performance reflects both the challenges we have faced and the strategic resilience we continue to demonstrate. On a sequential quarter basis, revenues are lower by 2% from INR 425 crore in Q4 of FY 2025 to INR 419 crore in Q1. Adjoining the operating challenges having intensified in Q1, we are pleased with the resilient performance. We have overcome headwinds by ramping up volumes with some existing customers and with the addition of a couple of new logos. The appropriate way to look at our performance is that there has been a significant bounce back from the sudden dip in Q3 of FY 2025, and Alicon is stabilizing the trend of revenues of over INR 400 crore per quarter once more. Our gross margin for the quarter was 45.9%, a decline of 165 basis points from 47.5% in Q1 of FY 2025. This was due to a combination of price increase of aluminum and exchange industry signals, given the dip in export volumes. Additionally, our new technologically advanced plants, is not yet operating at scale, and the fixed cost recovery is yet to reach optimal levels. On key costs aspects, we saw a slight increase in employee costs on a quarter-by-quarter basis as the annual estimates and incentives took effect in Q1. Our cost optimization efforts are showing results, and we also benefited at certain points of cost, including Q4, which did not reassess. As a result, other expenditure was lower by 13% in quarter-on-quarter in Q1. This growth effect was visible in our EBITDA for the quarter, which stood at INR 50 crore with an EBITDA margin of 11.9% compared to INR 48 crore and 11.2% margin in Q4 of FY 2025. After the sudden dip in our performance in Q3 of FY 2025, which we had indicated was the bottoming out of our performance trajectory, we have now reported an improvement in EBITDA margin for the second consecutive quarter. That increased by INR 2.5 crore -INR 24.8 crore in Q1 from INR 22.3 crore in Q4, a direct result of our strong investments in machinery, tooling, and automation that are crucial for our future capabilities. However, lower finance costs have helped us to offset some of this increase. As a result, pre-tax profit was higher by 16% on Q1 from INR 13 crore in Q4 of FY 2025 to INR 15 crore in Q1. Just to highlight, on a sequential quarter basis, top line was slightly lower at INR 419 crore compared to INR 425 crore in Q4. However, EBITDA and profit before tax were exceptional, having shown a healthy quarter-on-quarter increase of 4% and 16% respectively. We reported an exceptional item of INR 2.5 crore in Q1, and after reducing for tax, we reported a net profit of INR 9.3 crore in Q1. Largely stable on a quarter-on-quarter basis, had it not been for the exceptional item, we would have reported a higher profit after tax as well as as well on a Q1 basis. This clearly showcases an improved performance in a very tough environment. A quick word on CAPEX, during the quarter, we have deployed INR 30 crore towards CAPEX. Our target for the financial year 2026 remains intact at INR 165-INR 170 crore. Looking ahead, the challenges are plenty. However, we are focused on driving up volumes for some of our customers. Further new logos added this quarter will help add incremental volume, and we are in discussion with our prospective customers too. We are seeing promising opportunities emerging in the defense, aerospace, and railway industries. These industries present a strong case for castings to do well, given the variety of requirements. We think there is a space for meaningful market share of castings there in these industries, much like the success achieved in the automotive industry. Our initiative to form a separate business vertical and induct a head of vertical to spread our growth indicates our commitment towards establishing this as a key pillar for our business over the medium to long term. Our healthy order book of INR 9,100 crore, which spans the financial year 2023-2024 to 2028-2029, along with the new business wings and strategic initiatives like the DAR vertical position, help to capitalize on opportunities and deliver growth. We are committed to navigating these headwinds with discipline and agility, and we remain focused on our core strategic pillars: product diversification, market expansion, and leadership in hybrid technologies. I am confident that these efforts will deliver sustained growth and create long-term value for all our stakeholders. 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 afternoon, everyone. In Q1 FY 2026, the global automotive industry experienced a year-on-year increase of 1.7% in production volume. However, the key geographies and product categories we serve within the broader industry landscape have experienced a year-on-year decline of 3.8%. To allow me to provide further context here, growth of 1.7% for the global industry covers all regions, and much of this growth has come from geographies such as South America, China, and South Asia. Since we do not have major exposure to these regions, our top-line performance should be viewed in the light of 3.8% contraction in the markets that we do serve. In the same period, the Indian automotive industry witnessed a 1.5% growth in volume. A closer look at the growth across segments reveals 0.7% growth in the two-wheeler segment, 3.4% increase in the passenger vehicle segment, and 2.6% growth in the commercial vehicle segment. Now, on a year-on-year basis, looking at the industry landscape, we saw several key trends in Q1 FY 2026. Two-wheelers, there was resilient demand from festive and merry seasons. However, this seems to be easing out due to financing constraints, early monsoons, and persistent inflation. Within categories, sales of motorcycles are lower by 1.3%, and mopeds are down by 8.3%. While the sales of scooters are up by 5%, and hence the two-wheeler segment is only marginally up by 0.7%. Passenger vehicles, the PV market felt the pressure from the heavy monsoon tide liquidity, which weighed on the convergence despite various incentive schemes. As a result, inventory models remain elevated at around 55 days. Utility vehicles continue to be popular with customers and reported an increase of 9% in volumes. Passenger cars, on the other hand, reported a lower volume of 5%. On aggregates, production volumes of PV were higher by 3.4%. Commercial vehicles, while the CV segment reported year-on-year growth in production volumes, the pace of growth is slowing due to reduced infrastructure spend. Volumes of medium and heavy vehicles were up by 8.3%, while volumes of LCVs were lower by 0.7%, and the total segment is higher by 2.6%. Against the performance by industry, Alicon has reported the following: Contribution from PV business has increased from 38% in Q1 last year to 39% in Q1 FY 2026. For two-wheelers, the contribution increased from 37% - 40%. Car sales to CV segment, which were 18% of total sales in Q1 last year, have declined to 15% in Q1 FY 2026. On the smaller categories, we have seen mixed trends. Revenues from three-wheelers have increased from 1% Q1 last year to 2% Q1. For the non-auto business, there has been a dip from 6% Q1 last year to 4% now. As Mr. Vimal indicated, there are a lot of headwinds in the operating environment. Despite this, we have reported revenue of over INR 400 crore this quarter. This has been achieved by adding new wins as well as ramping up with some of our existing customers. Coming to business wins, during the quarter, we have added seven new parts from five customers, including two new logos. This includes five parts from structural businesses, one part from customers for the ICE business, and one part from the non-auto businesses. Out of seven parts, five parts are for international businesses, and two parts are for domestic businesses. The new businesses during the quarter include two parts that we are developing with a prominent European customer. This is a well-known Italian company with a focus on the segment of premium sports cars. The two parts that we will be manufacturing are technology-agnostic in nature as they pertain to structural solutions. We have added a structural part with a domestic two-wheeler OEM. This solution has the potential to open the door for us to win similar businesses from several other domestic OEMs. Further, we have won cylinder head business from an Indian OEM for the non-auto business. These businesses will showcase the capacity and capability of both existing and potential customers. In terms of ramping up volume with existing customers, the outlook is favorable as with one of the prominent Japanese OEMs. We have started supply of cylinder heads to one of their models, but the ramp-up for the second model was slightly delayed. I am pleased to share that the production line issues have been fully resolved, and we expect our production to steadily ramp up over the next three months. With another prominent Japanese OEM, we are witnessing steady volume uptake, and they have indicated production ramp-up from October of last year. For the Indian business of our European OEM customers, there were some issues with the manpower, which has impacted ramp-up. This has now been resolved, and they are set to increase volume. We are installing a second production line in November, which will allow us to ramp up volumes further on. All of the other businesses pertain to supply of the cylinder heads for PV clients. This is aligned to our strategy of increasing higher-value products to CV and PV customers. I have already shared that contribution has increased from 38% in Q1 last year to 39% in Q2 of 2026, and with the further ramp-up scheduled over the next two quarters, this is set to increase further. In our Indian operations, the ramp-up of prominent European OEMs is underway. We are supplying around 40 - 50 sets of a key part each week and have been trying to ramp up steadily. However, we face some production challenges which delayed the ramp-up. We have resolved the challenges and now progressively step the production to 150 sets. Going ahead, we anticipate that this will further ramp up to 600 sets per week from January 2026 onwards. To support this ramp-up, we engaged a casting expert from Germany, who has since joined our team. His technical expertise has been instrumental in streamlining our processes, enabling us to scale up the volume efficiently, which in turn has helped lower our break-even point and improve overall operational effectiveness. As part of our drive to elevate manufacturing excellence, we are integrating digital process control and leveraging AI and IoT technologies across our operations. These advancements are enhancing real-time supervision, generating actionable insights, and enabling smarter decision-making. The result has been marked improvement in productivity and reduction in rejection rates, contributing to a more efficient and resilient manufacturing ecosystem. While the initial phase of implementation has led to higher depreciation and fixed costs, these strategic investments are expected to yield long-term benefits. As production scales, we anticipate a stronger margin profile, reinforcing our path towards sustained growth and operational excellence. Our customer base is undergoing a meaningful transformation, marked by the successful onboarding of several prestigious global OEMs and tier-one suppliers. This milestone reflects Alicon 's growing prominence in the global automotive ecosystem and reinforces our ability to meet the evolving expectations of world-class customers. Our business composition is increasingly defined by our strengths in design, R&D, and value engineering, while earlier wins were driven by reliability and cost competitiveness. Today, Alicon is being recognized for its innovation, technological prowess, and design excellence. This positions us as a strategic solution provider rather than just a component supplier, reshaping how customers perceive and engage with us. We are also making steady progress on our sustainability goals. Our captive solar plant in India is now operational and complemented by solar panels installed at the European facility. These initiatives are helping us transition to a cleaner energy mix and reduce our environmental footprint, further aligning our operation with global sustainability standards. We can now open the floor for questions. Thank you very much, sir. 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 withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question is from the line of Jyoti Singh from Arihant Capital Markets Ltd. Please go ahead. Thank you for the opportunity. I just wanted to understand, like you have given a contribution from auto and non-auto. If you can bifurcate on the revenue mix side, and after that, this time domestic auto industry growth at only 5.5%. How does, you know, you are seeing demand recovery shaping up for Q2 and H2 FY 2026? Yeah. Jyoti, first of all, thanks for the question. Out of the revenue mix for the automobiles, two-wheeler is contributing 40%, three-wheeler 1%, passenger vehicle 39%, and commercial vehicle 15%. The remaining is the non-auto. Regarding your second question about the growth of the Indian automotive industry, you rightly mentioned that demand is subdued and it is much lower than what all OEMs have predicted or released their schedule to us. There are various reasons also, which we all know. However, we are seeing some couple of customers where it is not linked to the growth of the automobile industry, like one of the Japanese OEMs where we are supplying. We will be, you know, eating the share of their own foundry. That is the first thing. For one of the European customers, they are assembling the engines and exporting out of India. Earlier, they were having some manpower issues. That has been resolved. We are seeing the good schedule from July onwards. There we will see that we will, you know, supply more parts than the industry is calling for. In some of the areas, we are seeing the good demand. However, we are seeing with some couple of customers that demand is not good. As you know, we are dependent on our OEMs to, you know, sell the vehicle and then we can supply the parts to them. We have to wait and watch for that. Thank you, sir. On the export side, it was subdued. What is the current outlook from the whole customer, particularly in Europe and the U.S.? Okay. Jyoti, if you are talking about the U.S. tariff, this announcement has come a couple of days before. We also need to take some feedback from our customers about what is their strategy and other things. As you know, in the short term, these tariffs, what Trump has announced, like 25% from August 7th and another 25% from August 27th. These are only on a short-term basis. It is not the final tariff number. Every OEM will wait for what is the final contract signed between the Indian government and the U.S. government. That is the first part. If they see, in all our supplies to U.S. customers, duty is paid by the customer. Alicon is not directly impacted because of the increase in duty. However, in the long run, we have to see the competitiveness of India vis-à-vis the tariffs on other countries like China, Vietnam, Canada, and Mexico. Once it will be finalized, then only it will be more relevant to see the strategy from the OEMs. Until then, we have to wait and watch. However, we will stay in touch with our customers. Thank you, sir. Thank you. Thank you. Next question is from the line of Yash Dalal from Sushil Financial Services Pvt. Ltd. Please proceed. Hello. Hi. G reetings. I have a few questions. The first one is, what is the reason behind this exceptional loss that is reported? That exceptional loss, actually, we are having a legal case in the U.S. court with one of our sales agents. He was claiming some additional commissions, and that case was going on for the last one year, more than a year. You know the cost, everything in the U.S. when you deal for a legal case. At the end, we made an out-of-court settlement with them. Finally, it was agreed for $300,000 as a one-time compensation to that agent. That is the score we have taken as the exceptional score. Okay. Thank you. My next question is, with the rollout of the new product SOPs from the second half, how do you expect these to impact the company's growth trajectory and the margin profile? Thank you, Yash. As we mentioned in our conference also, we have lots of new products. For that, we have already done the prepare with the customer, and now we are working on the ramp-up plan for the customer. That is already planned, and everything is going as per the planned ramp-up with the customer. It includes both domestic customers as well as the export customers. These order wins or the products, which we are launching in the second half of the year or the next year. As we mentioned, our strategy is to work more with the passenger vehicle or the commercial vehicle side so we can increase our margins. We are working on that, and major volume will come from the passenger vehicle and the commercial vehicle side. Definitely, in the coming quarter, you will see that our PV and the CV numbers will increase, and definitely, the margins will also improve. You will see that in the coming quarter. Okay. Got it. Thank you. In the earlier previous question, you spoke about the impact of the tariffs by Trump for Alicon. Just to add on to that question, is it possible, could we route exports to Illichmann to mitigate these tariff impacts? If so, what could be the implications? Yes, we thought about this option also. We have an entity in Europe, but it will be too early to decide anything until anything is signed off. You know how we've seen the decision initially, it started with 10%, then 20%, then again came 20%, 10%, and now the 50%. We should also have something robust for the long term, and then only we can decide this. Yes, definitely, what option you are saying, that is we are also open for that. We will take a call later on when we will have the reality in our hands and look at the customer agreements. Understood. Thank you. Just one final question. Beyond achieving the INR 2,200 crore revenue target in FY 2027, what is the long-term growth strategy and vision for the company? Yes, you asked a very relevant question, but now you see the current environment is quite challenging, both on the domestic as well as on the global level. If you see the domestic market growth is not coming as much as we were anticipating, like the Finance Minister has given the relief for the interest rate, income tax, and also the interest rate is coming down. Everybody was expecting with the more liquidity, the demand will increase. The same way for Europe and USA. The last two years we were struggling, and everybody was hoping that this year will be a good one. Yes, we are still seeing the demand from all the three regions: India, Europe, and the United States is not that good. Considering the various war-like situations in the world and also now the Trump tariffs, it is becoming more and more challenging for us to talk to the customers on the long-term perspective and define our strategy. Internally, we have made the plan for six years and five years, but it can only be further reviewed once we get the final numbers for the tariffs. We talk to our customers, get their strategy on the long term for India. It will be more realistic to give you more idea about our long-term planning. I hope, Yash, you can also understand these things. Yeah, definitely. Thank you so much. Volatility and the things-- Yes, sorry. Yes, okay, due to this global volatility, it will be better in the next quarter. We'll talk about it. We will have more clarity on how things are moving. Yes, I would like to add here, we have already mentioned earlier in our speech also, we are also seeing the rare earth issues, like Indian EV players. They are not getting the magnets from China. Their production is also getting impacted out of that. Lots of issues are coming. We should see that first these issues are settled down, then we can see what is the customer strategy to build our own strategy and the plan. Okay. Thank you so much, Understood. That's it from my end. Thank you. Thank you. Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one. Next question is from the line of Preet from InCred AMC. Please go ahead. Hello. Thank you for the opportunity, sir. My first question will be on the line of revenue and margin guidance, which is there in quarter four that we will be targeting approaching INR 190 crore for revenue, which has been setting points out for things for market. Obviously, there are a lot of headwinds in the industry. What is your current estimation for the internal targets for the current year? Current targets? Yes Preet, thank you. Thanks for the question. You rightly said, like we've given the guidance in the last one. Now you can see that things have changed a lot from the last phone call. We are seeing some strong headwinds from the U.S., Europe, and also the domestic market. After the numbers will change, definitely. How much lower it will be, that can only be determined once the things will be settled down. Preet, we have to wait and watch the next set of numbers from the customer and how the tariff situation will be rounded off. Also, will there be any change in the CAPEX number, which is higher than tax growth, that we're doing INR 320 crore of CAPEX in the next two years, or maybe INR 170 crore of CAPEX in this year? Is there any change in the CAPEX figure which we will be doing? No, sir. We are not changing our CAPEX. We are not changing our CAPEX We are not changing our CAPEX plan. We are very firm that we have to make the investment so that in the coming years, we can fetch the good revenues and the margins for the company. We are really making very strategic investments so that we can fetch new orders from the customer and also ramp up the current businesses we are in. There is no change in the CAPEX. Okay. My last question will be in the line of margin difference. If you can give the difference or margin difference between export, domestic, or EV, CV, and two-wheeler, obviously, EV and CV have higher margins. What is the difference between now to EV and non-auto you can provide? Okay. On the margin side, when we were talking, I think from last report quarter, the improvement, you can also see that quarter on quarter, now improvement is coming. We are definitely having good margins in the passenger vehicle as well as on the commercial vehicle. Maybe some headwinds were there in quarter one, and maybe we saw some decline in the goods, what we were expecting. On the other side, just seeing a kind of improvements we are having in our operations also. When the thinking maybe will settle down, our manufacturing costs have now started going down based on a lot of cost-down initiatives that we have started, that we were talking about these initiatives from the last report quarter. That has started giving the results, and maybe hope that will be our favor for this year. Maybe we will not see a big jump in the top line, but you see the impact of our cost reduction initiatives that will give, at the end, the results of this. No, sir. I was asking about margin difference between export and domestic. What are the differences in the margin between export products and domestic products? What are the differences between EV, CV, and two-wheeler products? I think, yeah, please. Of course, the margins in the export business are much higher than the domestic business, and also, non-auto is always more professional, more profitable. However, in the non-auto business, you see these volumes are a little bit lesser, but in the regular business, you will see the higher volume. Export business is, of course, having higher margins. That is definitely there. Okay. One more question regarding the order book that you have been mentioning from the last report quarter, that you have an order book of around INR 1,100 crore from 2024 - 2029. If you can give the status of the current order book or new orders which you have added in the last 1-2 years, maybe what are the new orders and in which segment we are getting these orders? Yeah. We have this order book of INR 9,100 crore, what we stored. Out of this, if you see in 2024 and 2025, we have utilized INR 495 crore. Further, whatever order we have got, like last year, we added the order book of INR 1,600 crore. That we added. On the other hand, some of the businesses, especially the EV businesses, we have seen the customers have reduced their projections. We have eliminated that from the order book and the truncated order book after adding the new businesses, which we had brought in the last year and this quarter. The net order book is INR 9,100 crore. What we are doing is we are not keep on adding the new businesses on the order, but wherever we are seeing the reduction in the order or some of the programs are canceled by the customer, we also delete that from the order. The net order book is INR 9,100 crore. Is it executable by which year? Current status order book? It is up to 2028-2029, Preet. Okay, I'll join back the queue. Thank you so much. Thank you, Preet. Thank you. Participants, to ask a question, you may press star and one. Next question is from the line of Devang Shah from Asit C. Mehta Investments, Intermediate Pvt Ltd. Please go ahead. Hi. Good evening. My first question is that we, in our initial remark, you have mentioned there is a global headwind and domestically also, we are seeing some kind of demand slowdown that is impacting company's performance. Can we see, as far as worst is concerned, we may go further from here on further down? That is my first question. As far as financial performance is concerned, or it may remain as some kind of flattish mode until we get some kind of clarity as far as tariff and other related aspects are concerned. I mean to say worst is still we may see further. You understood now what I'm trying to say? Yeah, we can hear you very well. Yes, yes, yes. We understood. Very important question you have asked. If you see the current orders which we are having, we see the growth, not the slowdown or the decline in the numbers for the quarter two, quarter three, that we are seeing. However, just to tell you, the tariff impact of 50% has come a couple of days before. We have to see the new numbers from the OEMs which they release every month. If we see before that the numbers, we are seeing a growth, not the decline one. Okay. As far as the domestic environment is concerned, this is with respect to global users explaining that it is a wait and watch. What do you think about domestic demand or something to have some kind of momentum to pick up? You may perceive any kind of thing by studying the industrial outlook or having a talk with the OEMs or something like that. Else, we may see a further stronger tariff in this financial year as well. We are closely associated with our customers. As you know, we have a broader customer base, including two-wheelers, three-wheelers, passenger vehicle, and the commercial vehicle. We monitor their schedule on a weekly basis. There we see demand will increase. What we are getting in the schedule, we are not seeing that it will be declined. However, the numbers will not be as good as it was given during the start of the year. Like everybody said, like two-wheeler will grow by 7 - 8%. In reality, it is 0.7%. We see quarter two, quarter three, there will be an increase in the number, but not up to the mark what was projected before the start of the year. EVs. Okay. [crosstalk] Devang, [crosstalk] I just add one thing. However, we have to see the impact on the EV, electric vehicle segment. Now, you know, China has not approved even a single license for the supply of magnets, and many of our customers' lines are dry. There we are seeing that maybe, you know, till September, of course, they will be dry. Until that license issue will be settled down, the EV volume we are seeing, it will be, you know, declined a lot. Yesterday, we may see some kind of updates in a news that for a rare earth magnets, there is an OEM car now looking for certain low constitute kind of rare earth magnets, especially from a two-wheeler segment. That's what yesterday some commented, some updates also came from some OEMs. With regards to certain things, even policymakers or OEMs are also doing some kind of strategy, right? Devang, you are right. For each product to develop and come in the automobile industry, there is a cycle of validation. Until those things are completed, you cannot put everything on the production line. Those things will take time. We also here are seeing if OEMs are working to reduce the rare earth impact on the vehicle. However, we have to see the validation cycle. Secondly, our major supply in the EV comes from the four-wheeler side. When we see the four-wheeler customer, it is even longer periods to get the parts and do the validation. Okay. The last conclusion of concluding question kind of thing. Sir, there is a guidance that you have guided in the last quarter. Earlier, participants also asked you that we may see some kind of growth and revenue top line that we guided around INR 2,100 crore. As you are saying, we have to get a final idea in the next two quarters with regard to that long-term growth, right? Absolutely. Absolutely. Thank you for the opportunity. Okay, thanks. Thanks. Thank you. Participants who wish to join the question queue, you may press star and one. Next follow-up question is from the line of Preet from InCred AMC. Please go ahead. Thank you for this next question. I would like to ask about cylinder head business. How much does it contribute in FY 2025 and how much it has contributed in Q1 of FY 2026? Hello? [crosstalk] Preet, specific to one product, we may not be having the exact number right now. That's what we tell you. In cylinder heads, we are in a very dominating situation. We are supplying to many OEMs, of course, in two-wheeler, three-wheeler, and four-wheeler. Exact number, we may not be having right now. Just one more question. Top five products which you sell in, which contributed to our, which market revenue, if you can name top five products in the pecking order? Okay. First is the cylinder head. Then we have the commercial vehicle casting business. Then we have manifolds for the passenger vehicles. Then we have the technology-agnostic parts, which is common for both ICE and the EV industry. And then we have the EV parts like the eAxle, controller housing, battery housing. I hope I am able to answer your question, Preet Yes, I got it. Thank you. If you can give the breakup of order book, maybe customer-wise or product-wise, or whatever information you can give about your order book, it would be very helpful. Preet, we don't give the customer-wise the numbers. We can only give you on the overall basis. Okay. Any kind of information if you can provide about the order book, maybe how much is how much its content from EV or maybe segment-wise breakup of the order book, any kind of information which you can share. Yeah, that we can do. Out of this total order book, 51% contributes to passenger vehicle, 30% to commercial vehicle, 12% to two-wheeler, and 4% to non-auto. Geographical-wise, if I see, 48% for the domestic and 52% for the export market. Thank you, sir. Thank you so much. Thank you, Preet. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I would now like to hand the conference over to the management for the closing comments. Thank you. As we have shared, we remain confident of an improved performance going forward. We are carefully monitoring the evolving developments in the macroeconomic environment and are confident that our deep engagement with customers and the growth plans they are indicating provide us comfort that we will see increased volumes going forward. We also believe that quarter three last year marked the bottom of the cyclicality in the industry, and we have seen a recovery in quarter four. Now, further in quarter one of FY 2026, we will look to build on this further in the rest of financial year 2026. Thank you once again for taking the time to join us on this call, and we look forward to investing next quarter. Thank you very much. Thank you, sir. On behalf of Alicon Castalloy Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.