Ladies and gentlemen, good day, and welcome to Alicon Castalloy Limited Q3 and 9M FY 2026 earnings conference call. 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. 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, Renju. Good morning, everyone, and thank you for joining us on Alicon Castalloy Limited's Q3 and nine months FY 2026 earnings conference call. We have with us on the call today Mr. Vimal Gupta, Group CFO, and Mr. Manish Kapoor, Group COO. Mr. Vimal Gupta will present an overview of the operating and financial performance for the quarter. Mr. Manish Kapoor will then take us through developments in global markets, insights on domestic business trends, and updates on key strategic initiatives. 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 the floor over to Mr. Vimal Gupta, our Group CFO. Over to you, sir. Thank you, Mayank. Good morning, everyone, and welcome to Alicon Castalloy quarter three and nine months for financial year 2026 earnings conference call. Thank you for joining us today. The domestic automotive market witnessed encouraging developments during the quarter. The GST rate rationalization announced in September provided a meaningful uplift to customer sentiment, resulting in improved activity across the automotive ecosystem in quarter three. As you would have noted from publicly available industry data, domestic vehicle sales recorded strong double-digit growth during the quarter. The momentum has translated into increased customer inquiries from production schedules and improved order visibility across segments. Encouragingly, several domestic OEM customers have indicated that demand remains robust, with the key constraint to further ramp up now stemming from supply-side challenges. Most notably, constrained semiconductor availability and ongoing difficulties related to imports of rare earth magnets rather than end market demand. On the global front, volatility and uncertainty arising from tariff-related actions weighed on sentiments and volumes from international customers. In addition, the December quarter is typically seasonally softer for global markets as production schedules tend to taper towards the calendar year end. As a result, the quarter remained muted for our global operations. That said, for financial year 2026 has also seen some positive and constructive developments on the external front. The signing of the India-EU trade agreement in January, followed by the announcement of framework for an India-US trade agreement in early February, brings light at the end of the tunnel, and we can anticipate increased momentum now that the overhang is lifted. In Europe, we see a more constructive medium-term outlook emerging. The evolving free trade agreement framework, together with Alicon Castalloy's established footprint and long-standing customer relationship in the EU region, positions us well to benefit from any incremental sourcing realignment over time. In parallel, global OEMs are increasingly evaluating India as a competitive and reliable manufacturing and export hub. This structural shift is supportive for Indian component suppliers with strong engineering capabilities, quality execution, and scale, attributes that are central to Alicon's operational model. With respect to the United States, we continue to closely track ongoing developments, depending on the pace of progress from discussions to a more formalized framework. We believe there could be constructive movement over the coming quarters. While the impact in quarter four is expected to remain limited, we anticipate a more meaningful normalization as we move into financial year 2027. China is also showing early sign of improvement. Recent indications of increased engagement between India and China have led to cautious optimism, and restrictions on the supply of rare earth materials and semiconductors to India may ease over time. Even as we monitor these developments, we are proactively working with our customers to accelerate localization initiatives and increase value-added manufacturing. These efforts are closely aligned with our long-term strategy of enhancing self-reliance, improving supply chain resilience, and expanding our value-added content. Turning to our financial performance, we are pleased to report a stable performance for Quarter 3 FY 2026, despite significant industry headwinds and the fact that the December quarter is typically seasonally softer for global operations. The resilience demonstrated during the quarter reflects steady operational execution across our manufacturing footprint, supported by our diversified exposure across end-user segments and popular technologies. This diversification has enabled Alicon Castalloy to consistently deliver scale, with revenue exceeding INR 400 crore in nine of the last 10 quarters. For quarter three FY 2026, Alicon Castalloy reported a revenue of INR 430 crore, representing year-on-year growth of 10% compared to INR 393 crore in quarter three FY 2025. It is important to note that the base quarter includes certain one-time projects that were not part of the current year's operating plan. During the quarter, a U.K. based OEM customer experienced a cybersecurity incident that disrupted production for nearly five weeks, during which we were requested to temporarily pause supplies. In addition, our U.S. commercial vehicle customer continued to face demand headwinds, with some customers indicating volume decline of approximately 25%-26% in specific product categories. Our European operations were also impacted by few customer-specific issues, including supply disruption linked to a Tier 1 supplier serving the same U.K. customer affected by the cyber incident, as well as challenges at certain OEM customers in the region. These factors weighed on volumes during the quarter. Adjusting for these specific and largely non-recurring challenges, the underlying top line performance would have been stronger and comfortably in the double-digit growth range, reflecting the resilience and core business and improving momentum in other markets. On a sequential basis, revenue in Quarter 3 FY 2026 were marginally higher than INR 429 crore reported in Quarter 2 of FY 2026, making the fourth consecutive quarter of sequential growth. This reflects a steady recovery following the disruption experienced in our global business during the October-December period last year. On the margin front, gross margin improved by 138 basis points year-on-year to 47.2%, driven by favorable product mix and operating leverage. On a quarter-on-quarter basis, gross margin moderated by 170 basis points from 48.9% to in Quarter 2 FY 2026, reflecting changes in product mix and volatility in certain input costs during the quarter. Our newer plant and recent automation investments are currently in the scaling phase. As volumes ramp up further, we expect improved fixed cost absorption to support margins over the medium term. In Q3 FY 2026, EBITDA increased by 34% year-on-year to INR 47.2 crores, driven by operating leverage and improved product mix, and a lower base in the corresponding quarter last year, which had been impacted by certain one-off items on a sequential basis. EBITDA stood at INR 47 crore in Quarter 3 FY 2026, compared to INR 55 crore in Quarter 2 FY 2026. The sequential moderation in EBITDA was largely attributable to higher employee costs due to the selective hiring undertaken to support future growth initiatives. In addition, the quarter includes certain transition-related costs associated with the ongoing management succession at Alicon Castalloy, along with write-offs relating to few non-material assets. Consequently, EBITDA margin in Quarter 3 FY 2026 stood at 10.9%, compared to 12.9% in Quarter 2 FY 2026. On a year-on-year basis, PBT before exceptional items was INR 11 crore, a tenfold increase from INR 1.1 crore in Quarter 3 of last year, which was an unusually low base due to one-offs. Our continued investments in few machineries, tooling, and automation, in line with our technology and capacity expansion roadmap, have led to increase in depreciation by 17% year-on-year and 3% quarter-on-quarter. Finance costs declined sequentially, benefiting from improved working capital discipline and balance sheet management. As a result, profit before tax, pre-exceptional, declined by 44% to INR 11 crore in Quarter 3 FY 2026, compared to INR 19 crore in Quarter 2 of FY 2026. During the quarter, we recognized an exceptional item of INR 5 crore relating to implementation of the new labor code. After accounting of this impact, profit after tax for Quarter 3 FY 2026 stood at INR 3.3 crore, representing a year-on-year increase of 322, compared to 0.8 crore in Quarter 3 of FY 2025. On a sequential basis, profit after tax declined by 76% from INR 14 crore in Quarter 2 FY 2026 to INR 3.3 crore in Quarter 3 of FY 2026. This movement primarily reflects the combined impact of the exceptional charges recognized during the quarter, higher employee-related costs, and normalization of margin relative to the previous quarter. For the nine months ended FY 2026, total income stood at INR 1,278 crore, with EBITDA of INR 153 crore, translating into an EBITDA margin of 11.9%. Profit after tax for the period stood at INR 11 crore, reflecting the resilience of the business amid heightened external volatility. Capital expenditure during Quarter 3 FY 2026 amounting to INR 28 crore, taking cumulative CapEx for the nine months period to INR 92 crore. We remain on track to achieve full year CapEx in the range of INR 125 crore-INR 130 crore, with investment focused on automation, capacity enhancement, and readiness for upcoming programs. In parallel, we continue to invest in R&D, digital process controls, and productivity initiatives to strengthen long-term competitiveness and enhance margin resilience. Coming to order wins and business outlook, our strategic focus continues to be on adding higher value products, particularly across the passenger vehicles, PV, the commercial vehicles, CV segments. During the period, Alicon Castalloy secured orders for four new parts from four different customers. Of these, three parts pertain to the internal combustion engine, ICE, business. While one part has been secured under the Carbon Neutral vertical. One of the order wins relates to our global business, with the remaining three catering to the domestic customers. From an end market perspective, three of the four parts are for the CV segment, while one part caters to the PV segment. These wins are aligned with our focus on more complex, high value-added components, and reinforce our strategic emphasis on deepening our presence in PV and CV segments, while maintaining balanced mix across domestic and global customers. During the quarter, Alicon Castalloy secured new business from two of India's most prominent homegrown OEMs for critical components on their commercial vehicle platforms. Development activities for these programs are already underway, with series production scheduled to commence in FY 2027. We believe that consistent and reliable execution on these CV programs will further strengthen our strategic relationships with these customers, and could create opportunities to expand supplies into their passenger vehicle portfolio as well, where both OEMs are enjoying strong market positions. Further, during the quarter, we secured an additional order for a commercial vehicle application, with supplies to be made to a prominent Tier 1 supplier that is part of one of India's largest and most diversified industrial groups. This will further reinforce our growing relevance within the domestic CV ecosystem. On the global front, Alicon Castalloy won a higher value add, higher value parts from a premium German automobile OEM. The program entails the supply of an E-Axle housing for one of the OEM's latest platforms, with the deliveries planned to be to its European manufacturing facility. This is technologically advanced and value accretive program, and association with a premium global customer is expected to have positive spillover benefits in terms of credibility, capability recognition, and further business opportunities. In addition of these new wins, our existing passenger vehicle programs continues to progress well. We currently supply cylinder heads to two of the largest Japanese OEMs in India. One of these customers have recently ramped up production of a cylinder head of its 1.5-liter engine platform. With market preferences having clearly shifted towards SUVs and this engine finding application in larger passenger vehicles, we have seen a strong increase in volume for this program. Another leading Japanese OEM in India, with successful hybrid vehicle portfolio, continues to perform well. We enjoy 100% share of business for the cylinder heads used in its hybrid vehicles, which has translated into robust growth. In addition, the OEMs has been witnessing healthy growth in exports, providing further headroom for volume expansion over time. As a result of these developments, the PV business recorded healthy growth of 12% year-on-year, and CV business has delivered growth of 13, 13% year-on-year in quarter three, contributing meaningfully to overall growth. Before I close, I would like to share a brief update on our ESG journey. Alicon Castalloy has been awarded a Committed certification by EcoVadis. This rating places Alicon among the top 35 companies globally assessed by EcoVadis, and reflects our solid commitment to corporate social responsibilities across key pillars, including environmental stewardship, labor and human rights, ethics, and sustainable procurement. This recognition underscores the progress we have made in embedding sustainability into our operations, while also providing a clear roadmap for further strengthening our ESG practices over time. Overall, while exports market for auto ancillary products remains temporarily subdued, domestic automotive industry is exhibiting clear sign of strength. OEMs exports from India continues to gain substantial traction, and Europe offers incremental opportunities under the evolving trade framework, supported by the healthy order book of approximately INR 9,100 crore, strong customer relationship and disciplined execution. Alicon Castalloy remains confident in sustaining its growth, trajectory, and delivering long-term value creation. With that, I will now hand over the call to Mr. Manish Kapoor for the operational highlights. Good morning, everyone. Let me begin with a brief overview of the industry environment during the quarter. In Q3 FY 2026, the global automotive industry witnessed moderate degrowth of around 1% on a year-over-year basis. Within this, the market in North America was lower by 2% year-over-year, and U.K. was lower by 19% year-over-year. It would be important to note that our two largest markets for exports are North America and U.K., and both have witnessed a degrowth in quarter three. The sum of the key segments that Alicon addresses in the global markets have actually de-grown this quarter. In contrast to this, the Indian auto industry delivered a stronger performance. As per SIAM, domestic production volumes, excluding tractors, grew by approximately 16.4% on a year-over-year basis, supported by improved affordability and policy-led measures that stimulated demand across segments. The domestic two-wheeler segment registering growth of approximately 15% year-on-year. The implementation of GST 2.0 improved affordability and boosted household disposable income, while a strong festive season and multiple repo rate cuts supported financing conditions. Although both rural and urban markets participated in the recovery, the momentum has been led largely by urban demand, reflected in stronger scooter growth relative to motorcycles. The commercial vehicle segment grew by about 17.5% year-on-year, supported by improving freight activity, GST reforms, and broader macro measures that have strengthened overall consumption levels, resulting in higher intracity logistics requirements and fleet replacement demand. The earmarking of funds in the Union Budget for the PM E-DRIVE and e-bus deployment programs bodes well for this segment. In the passenger vehicle segment, volumes increased by approximately 19% year-on-year basis. Improved affordability following GST rationalization, direct cash relief, direct tax relief measures, successive repo rate cuts by the RBI, and renewed consumer confidence collectively supported demand during the quarter. Further, in the latest budget, the government significantly increased the allocation to the PLI scheme for auto sector, signaling continued emphasis on scaling domestic automotive production. Overall, Q3 FY2026 represented a materially improving landscape for the domestic auto industry, with broad-based strength across segments. Against this backdrop, Alicon reported revenue growth of 10% on a year-on-year basis. However, our performance reflects certain company-specific factors. The base quarter included some one-time projects, which were not part of the current year's operating plan. We had a higher proportion of supplies to commercial vehicle-focused OEMs in Europe and United States, segments that are facing relatively greater stress in the current environment. At the same time, volumes to our domestic two-wheeler customers increased sharply during the quarter, in line with broader market trends. As a result, while our standalone domestic business delivering strong double-digit growth, this was partly offset by lower volumes in certain higher value-added parts and seasonally softer trends in our European operation. Consequently, our overall growth trajectory does not fully mirror the strength seen in the domestic automotive market. The shift in the business mix has also had an impact on profitability. The shift in product mix during the quarter, with a reduced contribution from the higher value CV components, is reflected in the gross margin and the EBITDA margin, too. Revenues for Q3 stood at INR 430 crore, reflecting sequential growth of 0.4% over Q2 and marking the fourth consecutive quarter of revenue improvement alongside enhanced profitability. Alicon has delivered revenues above the INR 400 crore run rate in nine of the last 10 quarters, demonstrating improved stability and execution despite external volatility. Our domestic business benefited meaningfully from volume ramp-up with key customers in the passenger vehicle and two-wheeler segments. The contribution from the two-wheeler segment increased further during Q3 FY 2026, supported by new programs, additions, and higher share of business with existing OEMs. As a result, the two-wheeler business grew by 13% on a year-on-year basis, strengthening our position in this segment. From an operational standpoint, the quarter was marked by continued efforts to stabilize and enhance throughput across our plants. Given uneven demand patterns in certain ex-export geographies, we worked closely with our domestic customers to maintain healthy production levels while simultaneously improving overall equipment efficiency through tighter process discipline and better manpower planning. Our digital process controls are now active across the majority of the lines, and we are already seeing tangible gains in cycle time efficiency, scrap rate reduction, and machine uptime. These improvements are beginning to translate into stronger operational leverage, which should support margins in the coming quarters. We are progressing well on our automation roadmap with new robotic cells commissioned at our Pune facilities. These initiatives are enhancing process consistency, reducing manual intervention, and improving worker safety, aligned with our long-term vision of building a truly smart foundry organization. In parallel, we are increasing the use of data analytics and IoT-based monitoring to predict machine health and optimize energy consumption. To further elevate our casting capabilities, we have onboarded a team of German experts with deep technical experience. Their focus is on refining casting practices, improving the yields, enhancing throughput, optimizing capacity utilization, and driving cost efficiencies. The objective is to benchmark our operations to global standards and further strengthen our competitive positioning. Our sustainability initiatives also continue to deliver measurable results. With the successful induction of solar power generation across our facilities in India and Europe, nearly 50%-55% of our total electricity requirements are now being met through solar energy, reinforcing both cost efficiency and environmental responsibility. Mr. Vimal Gupta already spoke about the commitment certification from EcoVadis. Overall, our focus remains on disciplined execution, continuous efficiency improvement, and calibrated diversification. The combination of new program wins, technology-led productivity gains, and expanding participation across sectors positions us well to drive sustainable revenue growth and margin enhancement going forward. With that, we have covered the key business and operational highlights for Q3 and nine-month FY 2026. We will now open the floor for questions. My colleagues and I will be happy to address any queries you may have. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on touchtone telephone. If you wish to remove 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 will wait for a moment while the question queue assembles. The first question comes from the line of Jyoti Singh with Arihant Capital Markets Limited. Please go ahead. Thank you for the opportunity, sir. I have a few questions. So largely I wanted to understand domestic revenue, which is still 81% of mix. So how much incremental growth can be driven without increasing global exposure, that we are having around 19%? And another, on the plant that are operational around 75% utilization. So what revenue potential exists at 85%-90% utilization without any major CapEx? Jyoti, uh- Yes, sir. In CapEx utilization, you can, cannot directly correlate with the revenues with the capacity utilization here. Because some machinery, some capacities are directly, those are the common use. But even we are having the orders, but the existing capacities we cannot utilize, so we have to put additional capacity. As you know that Alicon is now going for the more complex part, bigger parts. So for that, we need bigger machines and the high-tech machines are required, and for the maintenance of the quality also we need. So when we say that, okay, capacity utilization from 75%-85%, 10% increase, so that cannot directly, you can con- cannot correlate with the 10% increase in the revenues. So we need further CapEx, continuous CapEx for the new products. But definitely with the existing, if we go with the our old systems, old existing facilities, so easily we can even 250, 200 this revenue can generate INR 100 crore from their existing facilities. But depends on the, completely depends on the product. Okay, understood, sir. Sir, on the domestic revenue side? No, mainly is the domestic revenue we are talking about. Yeah, that is, 81% of mix. So how much incremental growth we are talking about going forward without global exposure? Without which exposure? Global, global. Global exposure. Yes, sir. Yeah, without global, that we are expecting in this quarter, we are talking about the quarter four. So approximately, we can say 10%-12% further improvement in the quarter four. Okay, sir. Understood. And sir, a lot of our peer and industry player, they are doing diversification more on the non-auto side, which is still currently for us 4%. So are we seeing, are we, are we planning any more diversification or any strategic priority further to reduce cyclicity in the auto business? So, Jyoti, like, we already in discussion for the, this our project of DAR. That is one, but you know that this, defense side or railway side, it needs more time. So this project is started, but it will take time to convert it to the revenue on that side. But definitely, we have also started looking for the new product profiles, maybe some different additional processes we can think to add. And maybe Manish Kapoor would like to add, add more. Hi, Jyoti. Basically this DAR vertical is right now in a very nascent stage, but yes, it carries a lot of potential in future, and it requires very tighter process control, traceability, higher certification standards compared to traditional automotive programs. Various RFQs right now floated, they are in the initial stage and somewhere to middle stage of discussions. We have a clear dedicated now technical teams and leadership team, and we are strengthening our quality frameworks and upgrading our validation capabilities to meet these requirements. Okay, sure. Thank you so much, sir. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Yash from Sushil Finance. Please go ahead. Hi, good afternoon to the management. I have a few questions I'd like to ask. One is, what will be the impact of this recent India-U.S. trade deal for Alicon going forward? This, you're talking about the India-US deal. So- Yes. You know that after having the new tariffs, those were imposed. So in the couple of quarters, we were seeing there almost steady. There was no inquiries, everything stopped. Maybe only the existing business we were doing, so no new development. But after this, at least moment I've seen that now some inquiries have started. So let's see that maybe in the coming quarter, we will see a major movement. But definitely big opportunities are there in U.S. for Alicon, and definitely we will go for that. Correct. Correct. My next question is, so our subsidiary has shown loss in Q3. Is there any reason for this? In the loss in Q3, that if you see the numbers, one is that, there is a decline in the sales. And on our other side, the sales mix is also there because, you know, one big part we were supplying to one OEM, that is our Tier 1 customer, and that Tier 1 is supplying to the, this U.K. based OEM. So due to the cyberattack, all these were stopped and there were no supplies. That still has a major impact, and where we were having the good margins. Another side, one-time, some additional manpower costs. You, if you review those, that the increase in the manpower cost, that is the one-time cost we have to take. So that was the major reason there. Another side that even decrease in the sales, the manufacturing cost has not gone down due to the fixed cost there. So those two, three reasons are there, that is the, that's why our European entity is in the loss in quarter three, but we are expecting at least some positive in quarter four. Understood. Thank you. My next question is: so the unexecuted order book for new parts is around INR 8,000 crore by FY 2029. So that means the exit revenue for FY 2029 will be close to INR 3,005 crore. Is that correct? Basically, could you help us understand the annual revenue ramp-up profile? Yes, yeah. I think you have a good calculation that, based on this 9,000 order book, definitely, it—as per our calculation also, the exit will be around INR 3,500 crore by 2029. So that is, because, you know, there are two-two mix. One is that, the execution of the new order book, as well as the end of the existing products. So both are happening, and, year-on-year, there is a, execution of the new order book is happening, and maybe, till quarter two, maybe in the last quarter, we have spent approximately INR 700 crore we have utilized. And this quarter also, around INR 150 crore utilization has happened. So overall, around, we can say INR 800-900 crore we have utilized out of this order book. In this quarter also, like, I've explained in my speech, that we have got the new orders from four new parts we have added, and one is a global OEM. There is a very big global OEM that they have entered into the EV segment, and given the order for first order for the EXL, the big part, that we are going to execute from Europe. So approximately till 2029, because now the development will happen, the supply will start from 2027, and so there will be addition in next, till 2029 will be around INR 300 crore-INR 350 crore from these new orders. So then, approximately INR 8,500 crore will be the balance after utilization of our INR 850-INR 900 crore that has happened till now, quarter three. So, and year-on-year, this acceleration, this growth will happen for the utilization of the existing, this new order book. Got it. Understood, understood. Thank you. My next question is, in the presentation you mentioned a certain one-off, the write-offs, as well as management transaction costs. What is the impact of this exactly? Yes, mainly, just tell you, that one is that because now the auditors, they seem, they do the testing of impairment. So approximately INR 1.5 crore, that cost has happened, where we are. There is impairment of some assets has happened. Then, the manpower cost, there is an impact of because, you know, when we are going for the, because our targets are big, that you are already mentioning that our exit rate is INR 3,500 crore by 2029. So for, now, more global players are coming in. So we have started the investment in the manpower. So the, in this year, especially in the last, in quarter two, in quarter two, it was started. In quarter three, now we are seeing the, impacts also are coming up. So mainly, like, we have hired the CHRO, CEO, then our some technical heads, machining heads, like many people, senior level hiring has happened. So that will help us to execution of the new order book. So, and there is also— So there is some parallel management is also there. So approximately, if you compare with the last quarter, so around INR 2 crore additional cost has happened in quarter three. And overall, so you can see, for full year, we're expecting there is an impact of around INR 10 crore. Okay. Okay, thank you so much. That's all from my end. Thank you. A reminder to all the participants that you must press star and one to ask a question. Next question comes from the line of Devang Shah, Alwest Investment Managers Private Limited. Please go ahead. Yeah, hi. Good afternoon, sir. Sir, my first question, this quarter, we have seen some kind of, you know, impact in the margin. So that is related to a product mix. And what kind of margin we are, you know, anticipate looking forward? I want to have some kind of, you know, margin band. Yeah, in this quarter there, especially you have seen that, first, impact has come in the gross margins by around 1.67%, that we have compared with the quarter two. So in 1.67%, if you see the metal prices have started going up. So around, six to seven crore additional cost has happened. Maybe it is being, paid by the customer, but, it is sitting in the revenues as well as 100% asset cost. So the impact is around 0.67% as from, and the sales mix, because, some sales down we have seen from the like, customers like Stellantis, JLR, Toyota Motors. So that has, made an impact of around 1% in gross margins. So that is the one part on the EBITDA side, when we are talking about. So there is a decline by 2% from the compared to the last quarter. So 2%, mainly this, this is one of the gross margin as well as increasing the cost, like I've explained, the asset impairment, higher manpower cost. And as you know that JLR, the first major project of E-Axle for the EV, that we have executed, and that is the start of a complex part in Alicon. Maybe the project from the customer side is now delayed and full utilization is not happening, but we have to run the plant for to maintain the momentum in the production, as well as to control our rejection side. We are not able to recover the cost fully, so some losses are still happening in this project. So when, after, when we will have the full capacity utilization, that maybe hopefully we are going to launch this in month of June or July or August in 2026. So then it will be complete, this project will be on complete ramp up. So, sir, you know, moving forward. Yeah, I understood, because the challenges we faced and, you know, that has impacted the margin. So my, you know, you know, related question to that, moving forward, the way we are doing, you know, some kind of, you know, tech-enabling, robotics and, you know, efficiency, utilization kind of thing. So, you know, that is going to have some kind of, you know, positive impact in the market. So what kind of trajectory we can anticipate as far as margin guidance are concerned going forward? So margin guidance like, this quarter three was not good. And, maybe if you see that, in the quarter two or i t was around 12.9%, the margins we were having. In quarter four, we are also expecting between 12.5% and 13% margins. So then overall, at least it's around, 12%-12.5%, margins we will close for this full year. And definitely, because our aim is to at least now, like, on the turnover side, earlier challenges were like, like that, in how to cross the INR 400 crore. Now, the next challenge we are taking the how to cross the INR 500 crore. So same way, on the EBITDA margin side, our first target is to how to cross the 13% and to reach the level of 14%. So that maybe in the next meeting, we will be able to give more clear answer when we will complete our budgeting activity. Okay. So my next question, the way we have an outstanding order book that is to be executed by FY 2029, around INR 8,500 crore. So sir, moving forward, we are, you know, making some kind of, you know, new product also we are introducing, and we have also made some kind of, you know, new OEM also been, you know, now, you know, coming out, we have made some kind of tie-up. So, you know, what would be the order inflow guidance that you expect, you know, in FY 2027 or 2028 kind of thing? Will the order book remain somewhere close to, you know, INR 8,500-INR 9,000 crore? What kind of addition is going to be there? So actually, you see that the major, because now the last two, three quarters, due to this U.S., because like I explained to Jyoti also, that we had a issue of that there were no inquiries from the U.S. side in the last two, three quarters. So that started, and we have a big market there. So hopefully that this order book will start growing maybe from the next year. So when we will finalize some businesses. Already, those were in discussion with the customers, we were doing that, but due to this tariff issue, those were, every activity was stopped. But again, now those will be started after the signing of this agreement. Okay. So moving forward, because of the, you know, this deal between E.U. and U.S., you are anticipating that in FY 2027, you are going to have a further order inflow, and you will make some more clarity in our Q4 related to that. Am I right, sir? Yes, sure. Right. Right. Exactly. Okay. Thank you, sir. Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments. Thank you for your continued interest in Alicon Castalloy. We witness the improved momentum in the domestic market during quarter three, and expect this momentum to sustain going forward. In global markets, early sign of improvements are beginning to emerge in the operating environment. Importantly, progress on trade agreements with key markets such as EU and the United States provides a more constructive medium-term outlook and is expected to translate into improved opportunities and volumes for supplies to customers in these regions. We will continue to closely monitor global developments and remain agile in our responses, while staying firmly focused on our long-term strategic priorities of diversification, technology leadership, and operational excellence. Thank you once again for your time and participation. We look forward to engaging with you again in the next quarter. Thank you very much. Thank you. Thank you. On behalf of Alicon Castalloy Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.