Please note that this conference is being recorded. I now hand the conference over to Mr. Kapil Singh from Nomura. Thank you, and over to you, sir. Good evening, ladies and gentlemen. On behalf of Nomura, I welcome you to this call. It is our pleasure to host Mr. Sharat Chandra, CFO of Olectra, for this call. Sir, over to you to take this forward. Yes. Thank you, Kapil. Good evening and warm welcome to all of you who have joined us today for Olectra Greentech Limited's earnings call for the Q1 25-26. We are taking as read the presentation which is put on our website, along with the Safe Harbor statement thereon. We are pleased to state that the company showed a steady growth in consolidated revenue and profitability for the quarter one versus the corresponding quarter of last year. We have delivered 2,879 electric vehicles, which includes 2,812 electric buses and 67 electric tippers till 30th June 2025. Now, some of the key highlights I would like to present before we delve into the financial performance. Let me summarize them for you at a glance. Olectra buses have successfully covered more than 44 crore kilometers across Pan-India. This has led to the reduction of approximately diesel consumption of 135.4 million liters, which in turn has reduced the CO2 emissions by about 362.8 million kg, which is equivalent to planting 16.8 million trees. In terms of deliveries, the whole industry has been advancing with regard to supply chain constraints. Despite this, Olectra, with cumulative deliveries of 2,812 electric buses, has been a leading performer and ranks in the top two in terms of total deliveries till date. We are completely focused on the pain points and addressing the challenges, and we'll be striving to reach the number one position in financial year 25-26. As you are aware, we have discussed in the past, it is no longer a demand constraint, and strong demand continues, with the company's net order book of electric vehicles standing at 10,193 numbers as of 30th June 2025. To recap, we have unveiled our latest technology advancement, the Blade Battery technology, at the Bharat Mobility Global Expo 2025. And we are pleased to inform that the homologation process of this bus is in advanced stage, expected to be completed in this month. And we are planning to commercialize small quantities in quarter three onwards. With its cutting-edge technology and exceptional energy density, the Blade Battery promises not only longer ranges but also the faster charging time, ultimately enhancing the performance, safety, and reliability. The performance is expected to be 30% better, which is achieved due to lighter weight batteries and 30% lesser than previous batteries. So, as we have always, our philosophy is to continue to focus on increasing our manufacturing capacity and enhancing our technology capabilities. We are constantly exploring new ways to improve, innovate, and push the boundaries of what is possible in the electric mobility industry, setting new benchmarks for the future. Now, let me take you through the financial highlights for the quarter one on a consolidated basis. Revenue for the quarter one stood at INR 347.22 crores, a steady 11% growth over that of last year. This was led by top-line growth in both the business segments. In terms of electric vehicle deliveries, we did about 161 vehicle deliveries in quarter one. Versus 156 last year. We had an impressive EBITDA of INR 55.97 crores against INR 50.51 crores in the previous year, same quarter, marking a steady growth of 11%. The profit before tax surged to INR 33.8 crores this quarter, a 6% increase from previous year's same quarter of INR 31.85 crores. The profit after tax stands at INR 26.03 crores, up by 7% compared to the previous fiscal quarter one of INR 24.25 crores. And thank you, and over to the Nomura team for the Q&A. 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 their touch-tone 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'll wait for a moment while the question queue assembles. We have our first question from the line of Rishabh Agnihotri, an individual investor. Please go ahead. Hi, sir. Thank you for the opportunity to give me the question. I have just three questions. The first thing was, have you applied for the PM E-DRIVE tender, which is, I think, in the works and should be opening anytime soon? The second question is around the Blade Battery technology. What's the range we are looking at from a battery range operation perspective? And the third question is, I mean, where are we from a capacity utilization perspective? How many buses per month are we at as of now post-June quarter? These are the three questions. Yeah. Thank you very much. Regarding the first question regarding PM E-DRIVE, the PM E-DRIVE tender is actually getting extended in terms of utilization by two years. From 31st March 2026 to 31st March 2028, the total outlay is about 10,900 buses, with 9 meters of 2,300 and 12 meters of 8,600, with a subsidy component of INR 3,585 crores. Olectra is very much in the race. We are going to participate in these tenders. Sir, isn't there an active tender right now? I'm assuming the latest submission will also be in quarter. The big date is 11th September 2025. Got it, sir. Thank you. And the second question is with regard to Blade Battery. In terms of performance, it is going to increase the mileage by about 30%. So when we talk about, we are going to, as far as Olectra is concerned, we have showcased two models, 9 meters and 12 meters. So 12 meters, we can expect from a current 300-kilometer range to about 400-kilometer range. Okay. With regard to the last question of capacity, see, currently, we are underutilizing our capacity. So we are now striving to basically increase our production capacities in the coming quarters. The second half, we are expecting a significant ramp-up. The company is geared up, and we are actually in the process of streamlining the production. And as we ramp up our operations, the initial guidance, what we gave of 2,000 numbers in financial year 2026, we are on the right track to achieve this target. And we are seeing a strong, we started seeing strong traction, and ramp-up is happening from quarter two, followed by acceleration in quarter three and quarter four. I hope for our prospects. That's helpful. Any numbers you can give us? Like how many buses? I mean, of course, we are all. As of now, I'll not be able to give the exact numbers, quarter-wise breakup, but overall, our target of 2,000 remains intact as of now for the financial year. Noted, sir. Thank you for the questions. That's all. Thank you. We have a next question from the line of Ashish Khurana from ANG Capital. Please go ahead. Good afternoon, Sharad sir and everyone. Sir, my first question was regarding the interest outgo. So there is a 30-odd% decrease there, but I think we would still be drawing from our INR 50 crore to INR 500 crore sanction. So I just wanted to check this decrease is due to lighter working capital requirements, or is there any change in terms of any decision to capitalize the interest costs? So why this decrease in Q1? Okay. Yeah. See, basically, the major cost, as you must be aware, our major cost of finance is relating to the letter of credit discounting, so this quarter, our discounting cost has come down in terms of both rate and the quantum, so that is primarily the reason for the lower interest cost. As for the accounting standards, the interest on the term loans before commercial production is getting capitalized. Got it. Sir, my second question was a bit broader one. So it is not a suggestion, just a question. So I understand that the BYD's platform has various advantages: stability, safety, some architecture-related advantages, and so on. But one argument that could be made was that we should probably reduce our supply chain risk and not only depend on one supplier. I mean, China and other parts of the world, there are various options of different platforms and battery cells. And so our 50-member R&D, 50-plus-member R&D team should maybe not work on trucks and focus on a different platform for e-buses because that is where orders are right now. And obviously, I mean, our management is very esteemed, and they would have discussed this internally also, this option. So I just wanted to understand, are there reasons to only work with BYD at this point? Because it could be contractual reasons or the technology shift is too big for us to work on another platform. So any color on that you'd like to give? Yeah. See, basically, I just wanted to clarify. We have a very strong relationship with BYD. Nevertheless, our R&D team has been working on different platforms, and we have been working and testing on various models other than BYD platform. So obviously, we are geared up to introduce these technologies. As and when the R&D commercialization aspects are completed, we will notify the stock exchanges in case of any major changes, any new product introduction, and all that. So we are definitely diversifying. And as we have mentioned earlier, our localization philosophy is a continuous process. We work on the entire components are localized, except the battery and battery management system. And globally, not only BYD, entire globally, the industry is dependent on China. If there are really serious concerns, it will impact the entire industry, not only Olectra. But we are confident, we are hopeful that there will not be any kind of such situation because we have been discussing this question for the past five years. And as of now, both the countries are interdependent on this aspect. I don't think we are going to see any great issues as of now. I hope to have clarified you. Sir, one small clarification here. So we are working on different platforms, which includes buses, right? So there is no clause which says that you only have to work with BYD for buses, right? Absolutely. There's no such clause. We are working on alternative platforms. Sir, one more last question on our insulator business. So it has been very profitable this quarter. So I just wanted to check, I mean, is it related to some one-off exchange rate fluctuation thing? And secondly, any impact on tariffs? Because I think we also supply a fair bit to USA in terms of our insulator business. So just these two questions on the insulator part. Yeah. See, we have been striving to improve the operating margins at the GM level. We have been investing a good amount in R&D design. Design optimization is one of the reasons why we are able to improve, reduce the wastes, bringing production efficiencies. That is one aspect. And then larger exports with good margins. So it's a mix of both export and domestic sales. And as far as the US tariff is concerned, it doesn't impact us. See, finally, this is an important, very critical raw material. As far as transmission lines are concerned, it may impact. We have actually raised with our customer with regard to what is their impact. We have not yet received any response. But insulator being a critical input for transmission line, we are not, as far as Olectra is concerned, fully not getting any impact on account of the tariff price. Got it. That is promising. I wish you all the best for the rest of the quarter, sir. Thank you. Thank you so much. Thank you. We have a next question from the line of Vijay Pandey from Nuvama Wealth. Please go ahead. Hi, sir. Thank you for taking my questions. Sir, I have a couple of questions. One on the EV sales. So what is the battery prices are looking like? Have you got any benefit in terms of lower battery prices over last six months or last quarter as compared to last year? And how do you see the trend going forward? See, as far as the battery prices are concerned, it is definitely looking down. The prices are coming down, and we are having very good negotiations with our vendors to reduce and take the impact of reduction of prices. So obviously, whatever battery prices is coming down, we are getting, in the sense, our cost of production, our cost of manufacturing comes down, and we hope the trend continues. Okay. So sir, do you pass on this price decline to the customers, or is it goes directly into the P&L? The reason I'm asking is our segment margin for electric vehicles has come down, is coming down. But battery prices are also coming down, even though our utilization is increasing. So just want to check how should we look into it? I think we have clarified in the past. See, our business model is gross cost contract model, wherein Olectra's responsibility is to manufacture and supply the buses as per the tender conditions given by the end customer, which are state transport utilities. The operating arm of the group, Evey Trans, they bid for the contract and accordingly operate for the lifecycle of the buses, which is about 10-12 years. So our mutual, see, when we talk about the margins, I think I have clarified in the past. I would like to clarify again. The operating margins in terms of percentage may come down, but in terms of absolute value, it is going to go up because of the volume which we are targeting. See, last year, we did about 972 buses with a margin of about 14+%. But as the volume goes up and as the competition goes up, when we talk about 10,000 numbers, we expect the percentage in terms of operating margin in percentage terms may come down. But overall, in terms of absolute value, it is going to go up. That is the first. I think I've clarified on that. As far as the Q1 margins are concerned, since the volume, it all also depends on the product mix. So we have, as explained again, I would like to clarify, we are present in all the applications. We have coach buses, which is applied for intercity. We have 12 meters, which runs the intra-city, and we have nine meters, which runs intra-city. So quarter on quarter, it depends on the sales mix, which could impact in terms of absolute value of margin. Okay. Any preference you are seeing in terms of what is the mix looking like? Is it intercity, intra-city? Anything in particular you are seeing from the state government side? We have Olectra as an order book of about 10,000-plus numbers. We have a mix of intercity. We have a mix of 12 meters and nine meters, all put together. Based on the customer requirements, we schedule our production and accordingly deliver as per the customer requirements. Okay. And sir, lastly, I just wanted to check about the insulator sales. So if you can just give us a brief about the regional exposure in North America and other markets, that will be helpful. Come again? Your last bit was not very clear. Yeah. The insulator sales, what is the revenue exposure to North America market and other markets, like domestic exports? Yeah. Last year, we clocked about 180 crores. This year, we are targeting, we have an order book of about 350 crores as we speak. And we have, last year, done about 30% exports, about 60 crores of 180 crores we did export, so export orders also are increasing, and we are expanding our presence in African countries. Though our major customer is MacLean Power Systems in the U.S., where the geography is North America, so we have actually been working on introducing various products within the insulator segment itself. Okay. Okay. Thank you. Thank you. Thank you. We have a next question from the line of Deepak Poddar from Sapphire Capital. Please go ahead. Hello? Yes, Deepak. Yeah. Am I audible? Yeah. Yeah. Okay. Yeah. Thank you very much, sir, for the opportunity. Sir, I just wanted to understand first on the, I mean, our volume and delivery schedule that we are targeting. Because this first quarter, we did only 161 units, and we are still targeting 2,000. So that leaves us with, I mean, more than 600 per quarter kind of volume, I mean, which to me looks very steep given the target of 2,000 buses that we have. So can you throw some more light that how are we able to achieve that, or how are we going to achieve this? It would be very helpful. I think last quarter, it's still, we have mentioned about the Q1 numbers is going to be subdued, and we have seen a strong surge and traction in quarter two onwards, and in terms of ramp-up of production, and Q3 and Q4 will be, we are going to accelerate. We have actually optimized our production processes, scaling our supply chain in terms of smoother execution to execute these numbers, so we are confident as of now that we will be able to meet this target by year-end. Okay. And so what sort of volume we might be targeting in second quarter, given the surge and traction we are expecting in this quarter? I mean, we are already one and a half months into this quarter, right? So we would have got a good sense at what sort of volume we. I would not be giving you exact numbers, but give you an indication. It will be definitely more than double in second quarter compared to Q1. And Q3 and Q4 will be our biggest quarters. So H2 is what we are targeting to meet the targeted 2,000 numbers. Okay. So 2Q volume can be more than double as compared to first quarter that we have achieved this quarter? That is what we are targeting. Okay. Okay. That's understandable. And in terms of debt side, I wanted to understand, given our expansion to 10,000 buses, what sort of debt level we might need to add, and what is the incremental CapEx that we are targeting in this expansion plan? As of now, we have a term loan sanction for about INR 500 crores for the new facility. As far as the civil work is concerned, we are expanding our capacity to about 10,000 numbers, as well as civil structure is concerned. And with initial capacity of about 5,000 numbers, expandable or scalable up to 10,000 numbers. This is what is the plan we have currently. And as far as the working capital is concerned, we are having continuous discussions with our customer, which is Evey Trans, to basically reduce the receivable cycle. And we are hopeful that this will happen soon because all the major contracts, when we talk about there are three major contracts in the country: MSRTC, about 5,150 buses. BEST, about two contracts, which could be about 2,400 and 2,100. Both these contracts, all these three contracts, financial closures are completed. They are in various stages of documentation. So we are not seeing any major challenges as far as the drawdown is concerned. So as you are aware, this is a capital-intensive industry. And the operating company, Evey Trans, is investing on the capex and operating for the entire project cycle. And what is the? We have currently about almost 1,500, yeah, 1,500 crores of debt profile. With this, we are hopeful of managing this financial year. As we see the ramp-up in production and ramp-up in the volumes, we will definitely try to increase our requirements. We are closely monitoring and tracking that. What is the total CapEx involved here in this expansion? About INR 700 crores is the total CapEx in. By when are we expecting it to come on stream? So basically, it is in the advanced stage of construction, is in progress. By quarter four, we'll be fully operational. By 4Q of FY26? Yes. Correct. Okay. And just one last thing on the margin front. We mentioned that operating margins may come down as volume goes up. So what sort of steady-state margins range we might want to look at? We are looking at around 12% EBITDA margin in terms of overall long-term, in terms of volumes, and the industry as it's progressing because of the competition, because of the volumes. Overall, currently, the percentage in terms of percentage is high. But as we see, it can stabilize around 12%. 12%. Okay. Okay. Okay. That's it from my side. Thank you so much. All the very best. Thank you. Thank you. We have a next question from the line of Anil, an individual investor. Please go ahead. Good evening, Mr. Sharat. Good evening. Hello. Sharatji, I want to know, see, you gave earlier that by March 2024 and then subsequently March 2025 and now March 2026 that we will achieve capacity of 5,000 buses. So can we expect that this time what you are going to say and confirm is the final one? Mr. Anil, please understand and appreciate the challenges which the industry is facing. So we are a very conservative company. See, as the volumes based on the order production and all that, we have been conservative in investing in our CapEx. Okay. So currently, we have a capacity to make about 10 buses on a single shift. Okay. And if there's a need and if the supply chain challenges are not there, we can go up to 20 buses per day. So the company has been conservative in conserving the cash. So accordingly, we have not drawn a full loan also. So we are definitely online, on track to meet that 5,000 number before quarter four of this year. If you remember, last time I discussed and I asked that whether you are going to utilize the entire fund which you have already lined up for building up the capacity of 5,000 buses per year, you mentioned to me in absolute terms that, yes, next six months we'll be utilizing it. I understand that the industry is very nascent. It's going through a lot of technological changes. With the company, we are with you. We understand these challenges. The only thing what I'm asking is that, see, if you have placed already plant and machinery for the factory, you are very much sure about the capacity going to be in place. Is that you are confirming that plant and machinery, what you want, is already ordered and it will be in place, and our capacity by end of this financial year will be 5,000 buses? Yes, definitely. We have already placed orders. We are working very rigorously with all the vendors. And as far as the drawdown is concerned, we are going to complete it in the next three to five months. And we are definitely hopeful that by quarter four, our capacity will be 5,000-plus buses. So what you are saying is that in Q1, we have delivered only 160 buses. In Q2, we are going to deliver 300 more buses. And so the rest of the 1,500 buses, let's say 1,600 buses for the sake of simplicity, 800 buses per quarter, we are set to achieve those targets? Yes, we are targeting to achieve those kind of numbers, provided there should not be any kind of supply chain advance. Okay. And so we can as well say that next year, definitely, for sure, we will achieve 5,000 buses as per our target is concerned and capacity in place is concerned. Correct. As far as capacity is concerned, definitely 5,000. As you must be aware, any manufacturing facility does not work up to 100% of its capacity. Generally, 85% is what the production capacity any manufacturing concern can achieve. So we are definitely targeting to meet our orders in the next 24 months. Okay. There is one discussion going on in the market. I don't know whether it is true or not, but just wanted to know from your side, being a company representative, that Olectra, is the promoter looking to sell this company to pay off his partner's commitment which he has given, INR 15,000 crores? No, we are not aware of any such kind of things. Nothing of that sort is on his own handle. Okay. All the best to you, and we hope that the company will definitely achieve the numbers which you are projecting, and we are with the company. Thank you very much. Thank you so much. Thank you so much, Anilji. Thank you. We have a next question from the line of Aniket Madhvani from StepTrade Capital. Please go ahead. Hello. Yes. Good evening, Aniket. Hello. Hello. Good evening, sir. Yeah. Good evening, Aniket. Sir, my question is with regard to the recent order book. So sir, as per the news, the order from the MSRTC was canceled, right? And I need a short clarification. So sir, what is the exact status of that 5,150 E-buses from the MSRTC? Yeah. The 5,150 MSRTC contract is very much under execution. The company is working to complete the targets, what has been discussed and mutually agreed with the customer, so there is no issue with regard to the order as of now, so whatever you have mentioned was only a media news. We have not received any formal notice of cancellation at this particular point in time, and we maintain very, very good communication with them and are committed to fulfilling the contract as planned. The project holds significant importance for both the parties. Okay. And sir, what will be the capacity utilization? So sir, actually, you are contemplating to increase the E-bus capacity from 200 to 400. So what is the capacity? And second thing is, sir, actually, we want to know about the tentative production for FY26. What will be the turnaround rate for FY26? Yeah. So as capacity utilization is concerned, it is currently at a low level. So we have about almost 2,500-3,000 buses capacity, where we have achieved about only 161 buses in Q1. So as we progress, as we ramp up our supply chain and as we ramp up our production, we'll be having better utilization of our capacity. So sir, did you say? As far as the numbers are concerned, as I clarified to fellow investors just shortly, we are seeing strong traction, and ramp-up is happening from Q2 with further acceleration in Q3 and Q4. So sir, what I'm asking, so it was contemplated to increase the monthly output from 200 buses to 400 buses, right? So at present, so suppose in July month or June month, how much E-buses that you produce? So actually, I'm asking about only monthly run rate, not about quarterly. Yeah. Monthly rent rate, as of now, we are taking note of your point. We are at present disclosing on a quarterly basis our numbers. As far as monthly is concerned, we will deliberate internally. And over a period of time, as we progress, we will take note of your point, and we will come back with regard to monthly. In Q1, you mentioned 161, right? Correct. So sir, it is very low. So monthly rate would be somewhere around 55, right? Hello. So basically, we should not look at that way. So it all depends on the availability of materials. So we. Hello. Ladies and gentlemen, we have the management line disconnected. Please hold on patiently while we reconnect them. Hello. Thank you for patiently waiting. We have the management back with us. Over to you, sir. Hello. Hello. Am I audible, sir? Yeah. You're audible. So sir, so you mentioned that 168 for Q1, right? So sir, earlier, monthly rent rate was mentioned as a 200, right? So if we consider quarterly, then it would be somewhere around 600, right? So again, 600, you have achieved only 168. So it seems very low capacity utilization, right, as compared to the commitment. Yeah. I would like to just clarify. We have mentioned 200 numbers will be the capacity what we are going to have per month. Okay. That means about 2,500 numbers is what the capacity, production capacity. So our target for this year, even in the previous quarter four earnings call, we mentioned about 2,000 numbers. Out of which, we have already clarified that Q1 will be subdued. Q4, we did about 290 numbers. And Q1, we have done about 161. And Q2, we are seeing a strong traction. And Q3 and Q4, there will be acceleration. Overall, at this juncture, we are sticking to our 2,000 number target. Okay. 200 number as a target for a monthly. Means annual, it would be 2,000. No. No. No. Annual target of 2,000 numbers. Okay. Understood. Not monthly. Okay. And sir, what are the key reasons for the shortfall in the committed number? What are the key reasons for this? I think I'll have to mention about the industry landscape, the supply chain ecosystem. Overall, in terms of numbers, Olectra has supplied about 2,879 electric vehicles. Compared to entire competition, we have Tata Motors, we have Switch Mobility, PMI, Foton, and others. We are ranking in terms of overall electric buses deliveries to date, right from inception in second position. When we talk about numbers this quarter, we are standing in the forefront. There are supply constraints, supply challenges. There are raw material import issues. There have been earlier battery norms which were there, like stringent battery norms which were introduced, which impacted in terms of getting the deliveries and making the product. There has been war impact also, Ukraine, Russia war impact with regard to getting some raw materials by the industry. I'm talking about the industry. As far as we are concerned, we have been. When you say. Not only to Olectra, to the entire industry, this issue is there, so we are now overcoming. We are working very closely with our vendors. We are doing a lot of localization, so we are hopeful that, again, to meet the targets what we have set for ourselves. Sir, when you say supply chain issue, so it is with regard to the semiconductor and the battery pack, or apart from that, is there any other issue as well? It is relating to components relating to chassis, components relating to battery. Okay. Understood. Thank you. Thank you. Thank you. Thank you. We have a next question from the line of Bala Murali Krishna from Oman Investment Advisors. Please go ahead. Hi. Good evening, Sharatji. So regarding again upcoming, since the last many months, we have not won any big order. In between, we received some Himachal Pradesh orders. So what is the pipeline and having such an order book which is not executable as of now? I don't think that we can be able to gain even orders in the upcoming within the next one and a half years because nobody will. Everybody wants to get the bus delivered in the space. We are not in a position to deliver any buses even after two years, even if we won the orders. So how do you think this order book will pan out in the coming years? And when do you think that these issues will be sorted out? Yeah. Mr. Bala Murali Krishna, I would like to basically again retrace in terms of overall the tenders. Not many tenders have been floated. And we have in the first phase, I think clarified first phase of PM E-DRIVE, we did not get any order. As of now, the PM E-DRIVE has come with a revised schedule. It is about 10,900 buses with subsidy of about almost INR 3,500 crores. In terms of value, it is also about 4,000 total for 10,000 numbers, right? The value is also about almost INR 10,900 crores. So we are definitely participating. We have the extension because of underutilization. The government has extended the scheme for another two years. The cost has not been utilized. So you have to understand the industry landscape where we are. The ecosystem constraints are there. We are working very closely, monitoring very closely. We are definitely targeting to meet our order book in the next 24 months. I hope to have an answer. Yeah. Yeah. You have given a good clarification. Regarding the PM E-DRIVE, so what do you think that how much order we can grab at least in the initial stages we could not be able to get anything? So even if the extended order also, what do you think that how much we can get it from that? Yeah. Just to retrace our philosophy, we are definitely working on profitable margins, net profitable margins. If the margins are not healthy, we will not look at top line. Our philosophy has been more bottom-line driven rather than top line. So if the price is not attractive, we will not bid for it. But we are hopeful in the new tender, wherein definitely with Olectra being a fourth front runner, as well as the front in terms of getting orders. So as far as the market share is concerned, we are having about almost 30-35%. So we are hopeful of getting good numbers. We cannot mention any exact quantity. Definitely, we are going to participate. Good, sir. Lastly, on the issue side, when we are submitting now 2,000 buses, so do you see any unforeseen downside risks because we have not met the guidance in the last few years because of a lot of issues, supply chain issues, battery loss? So as of now, maybe you would have got better clarity as most of five months finished in this year. So do you see any unforeseen risks where we may not be able to meet the target? As of now, I'm not forcing any kind of this thing. As of now, we are geared up to meet the targets, so we are striving hard, and we are working on the pain areas, and we are definitely trying to mitigate whatever issues or risks are there, concerns are there. As of now, we are sticking to our guidance of about 2,000 numbers. Okay. Any update, sir? So have you received any orders, further orders from the team? And we are in discussion with our parent company, MEIL. So has anything materialized? Yes. I think the biggest order in terms of outright sales we got from HRTC, you are aware, 297 buses, which we are going to deliver the first prototype in the month of September. And we are hopeful of completing the entire order book by March 2026. As far as our parent company is concerned, we are in continuous discussions with the management of our parent company. And recently, we got an order for about 70 electric tippers from them. And we are planning to execute the balance quantity in this quarter. Okay. That's all from me. Thank you. Thank you. Thank you. We have our next question from the line of Nihar Mamtora, an individual investor. Please go ahead. Nihar, will you proceed to your? No. Hey, thanks. All my questions have been answered. So thank you so much. I just look forward to positive results in the next few quarters. Thank you so much, Nihar. Thank you, sir. All the best. Okay. Thank you. Thank you. The next question is from the line of Rakesh Tekchandani from RT Associates. Please go ahead. Rakesh sir, are you there? As there's no response from this participant, we move on to the next one. The next question is from the line of Mohit Agarwal from Harit Exports. Please go ahead. Yeah. Hi, Mohit sir. How are you? I'm fine. How are you, Mr. Mohit? Fine. Okay. Now, regarding your production and your numbers, we've been hearing that you'll be ramping up the production since the last two, three years. Now, a couple of years back, you all had some battery issues, the approvals from the government which came in. Last whole year also was a washout. The numbers did not come in. This year also, you are promising 2,000 buses. But what's the assurance it will happen? Now, your first orders are in hand. The plant is in hand. The group is rock solid, debt-free group. I just don't know what's going wrong and why. Your partners, BYD, they are the best in the world. MEIL group is rock solid. It's really sad to see that the performance doesn't come in terms of numbers. I think, Mr. Mohit, appreciate your observation. I think I've clarified very clearly the industry landscape and the supply chain ecosystem that answers most of your queries. It is not only Olectra which is not able to deliver. It is the entire industry has been facing the supply chain constraints. But we should be different from the industry. So that is why we are Olectra, and that is why we are MEIL. We will keep talking about what is happening in the industry and how are we different from others. We are in top two as we speak in terms of overall cumulative numbers. We are striving to be number one in this year. Whatever challenges we have been facing, obviously, Olectra is a part of the entire industry. Though we are different in terms of, yes, we are having a strategic partnership with BYD, which is the world's largest EV manufacturer and access to their best technologies. We have a very, very strong parent. So nevertheless, this will not always help if there are supply constraints. So definitely, we have an advantage. We are seeing that that advantage will convert into numbers this year. We are keeping a target of 2,000 numbers definitely this year. Look, investing with you guys is a no-brainer. The MEIL group, BYD partnership, orders in hand, plant is up and ready. I don't know why you all, it's just too sad. Mr. Mohit, wish us good luck. Definitely, we are going to complete the target of 2,000 numbers. We definitely require support from investors like you who can push us in terms of motivating, and definitely, we are looking forward to meet our numbers this year. If you want to physically, we'll physically come and push you if required. Please do come. Please do visit. Thank you. Okay. Now, tell me one thing. If you're saying Q2 is going to be better, what were your numbers in July until this August? I'm sure you cannot disclose the exact numbers, but what were the approximate numbers? Have they improved from Q1 or no? Approximately. Definitely showing basically being a price sensitive, I think we have clarified in the past, we will not be able to divulge the exact numbers. Definitely, we are seeing strong traction. Ramp-up is happening in quarter two, and definitely, you will see the numbers when we publish the results. Sure. And any news on the BYD PAX car? Sorry to interrupt, sir, but I may request you to rejoin the question queue for follow-up questions. Sure. Thank you. The next question is from the line of Anil, an individual investor. Please go ahead. Hello. Sharat ji, can you please tell us this 5,000 buses capacity which we are going to achieve in this financial year end? Out of that, how much will be for the purpose of Blade Battery technology buses? See, we have not bifurcated anything. We are actually planning meticulously to introduce the Blade Battery technology itself for the existing orders. So once we start doing the commercial operations, the homologation process is in advanced stage. We expect that to be completed this month. Once that is achieved, we will start the commercial production and sales in quarter three itself. So the overall 5,000 numbers include Blade Battery. Yeah. But approximate numbers, can you say that out of 5,000, we'll have a capacity of 2,500 buses based on Blade Battery technology? Because that's the future you are saying. So there is no separate bifurcation because it is going to be assembly. Instead of the conventional batteries, it is going to be Blade Battery. And accordingly, the chassis and other components, there could be a different design. So overall, in terms of capacity, it is going to be 5,000 numbers, which will have a mix of the conventional cylindrical cells to be replaced with Blade Battery. Can we say that if required, if needed, the entire 5,000 capacity can be of Blade Battery technology-based production? Yes. Yes. Going forward, we are going to achieve. Our objective is to make it Blade Battery going forward. Okay. And any update about the new CEO appointment? So as of now, the board is actively working to appoint a new CEO. As that gets crystallized, the same will be notified immediately to stock exchanges. So the work is in progress. Can we say that? Yes. Yes. Yes. Correct. Yeah. Thank you very much. And all the best to you once again. Thank you. Thank you. The next question is from the line of Gaurav from Unifi Capital. Please go ahead. Hello. Hi. I'm Audible. Yeah. Yeah. Yes. Yeah. Hi. I just wanted to know, now that we have our order book of 10,000 electric buses in hand, just wanted to know how many batteries, BYD batteries, have reached the Indian shores so that we can get an estimate of what would be the production level. So how many of those 10,000 batteries have reached Indian shores? Let me clarify, Mr. Gaurav. So basically, it's a continuous process. So based on the production schedule, quarter on quarter, we have to make the financial arrangement in terms of LCs. Once the LCs are issued, they will manufacture and supply the buses. So it is not that they keep the entire inventory in India. So it's a continuous process where we have monthly, quarterly cycle. There's a lead time of about 45-60 days. Okay, and I know how many have been ordered out of those 10,000 so that we get a fair estimate. So we order on the basis of the production plan for the year. So mutually, we continuously discuss. So we want to basically keep our flexibility because as the prices of the batteries are coming down, we will have the flexibility to negotiate and best prices for our company. So it's a continuous process. So I will not be able to divulge how much buses we have already completed orders. But we can say a good number has been ordered. So we will actually, as in on a quarterly basis, we review and then take a call. Okay. Okay. Got it. And just wanted an update on the MTC Chennai order. They have released a tender, and I believe Olectra is one of the shortlisted candidates, right? Yeah. See, basically, we have not won. Olectra has not won this order. It has gone to another competitor. Okay. Okay. And the other thing is recently. Sorry to interrupt, sir, but I may request you to rejoin the question queue for follow-up questions. Okay. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in this conference, please limit your questions to two per participant. The next question is from the line of Aniket Madhvani from StepTrade Capital. Please go ahead. Aniket, are you there? As there's no response from this participant. Yes. Okay. Yes, sir. Yeah. Am I audible? Yes, sir. Please go ahead. Yeah. Sir, can you throw some light on the segment-wise revenue bifurcation for FY 2026-27? So when we talk about the overall segment, when we see a top line of about 2,000 buses, the insulator segment, we are targeting about last year, we did about INR 180 crores. We are targeting about a good jump, about 40-50%. 40% is what the 35-40% is what we have seen a jump in insulator. But looking at the overall number, it will be less than 10%. Okay, and the other segment, which is insulator. Yeah. Thank you. The next question is from the line of Tom A. Kadavli from Jet Investment Limited. Please go ahead. Yeah. Am I audible? Yes, sir. Yeah. I have two questions. The first one would be, is there a minimum threshold for order book to sales? And my second question would be, what is the localization to import mix that we have? First question, what is the minimum threshold for? Is there any minimum threshold for order book to sales? For order book? Yeah. clear about the question at all. Because you see, as and when we progress, there's no correlation. See, we participate, and once we get the contract, there is an LOA awarded to the operating company. Based on the LOA and the delivery schedules, the production is planned. Accordingly, we produce and then deliver the buses. So there is no minimum threshold as such. There are timelines provided by the customer. So mutually, as per the agreed timelines, we supply the buses. Secondly, as far as the localization content is concerned, our company basically complies with all the norms imposed by the regulators. So we comply with all the norms. And I think we have clarified in the past, localization is a continuous process, except the battery and battery management system and some of the components relating to powertrain, which are necessary to be imported as of now. So other than this, we are developing local vendors, and we are localizing the components. Okay. Okay. Thank you. Thank you. The next question is from the line of Harsh Saraswat from Elegant Family Office. Please go ahead. Hi. So we are fairly new to the company and wanted to understand if you could walk us through the commercial structure of these contracts, like the wet lease model and how Olectra gets the payment and what is the working capital cycle like. That is my only question. Yeah. Just as you are new to this company and new to this industry space itself, so this industry is still, we can say, at a nascent stage. Initially, there were no takers from the lenders with regard to coming forward and lending the projects. Olectra as such, the initial days have done a lot of demos across length and breadth of the country. Out of 40 plus STUs, we have done the demos, and we have showcased our product. Earlier days, it used to be a demand constraint. Now, no longer it is a demand constraint. It is a supply constraint which is there. As far as the working capital cycle is concerned, it used to be very intensive. More than six months' working capital used to be there. Now, we have been striving to improve the working capital cycle. It has reduced to almost, when we talk about 31st March, it came down to almost 60 days. So on an average, we see the working capital to be anywhere between three to four months. Okay. And what was the other? The payment cycle, as far as the payment cycle is concerned, the operating company, they own the fleet and operate based on kilometers run, assured kilometers given by the contract. The end customer pays per kilometer. The other objective and the advantage is the NITI Aayog, when they devised the policy of GCC model, they have introduced escrow mechanism so that the cash flows by the end customers, which is the STUs, whose financials are not great, are secured in the escrow account. So almost two months' escrow amounts are deposited in the escrow account. So generally, our associate company, which is a sister company which is owning and operating, they also are able to collect the receivable within 60-75 days. So as far as we are concerned, the operating company, they own the fleet by means of a debt equity. All the major contracts which the group has won in the recent past, when we talk about MSRTC, about 5,150 buses, BEST, the new contract, which is 2,400, extendable to 3,000 numbers, the BEST, 2,100 numbers, TSRTC, about almost 450 numbers. All these contracts, the financial closures have been completed. It is in various stages of documentation. We are seeing the improvement in terms of working capital cycle to come down from earlier four months to at least three months. Okay. And in the event of a payment delay or order cancellation by the state authorities, does Olectra also bear any exposure to it, or it is the SPV which is solely liable for it? Basically, the SPV is winning the contract. So as of now, we are not seeing many challenges because it is mutually beneficial for both of the companies to basically execute and comply with the contract norms because operationally, it is quite economically remunerative for the STUs to switch over to EVs. And our product is, in terms of technology, we are proven. In terms of performance, Olectra buses have proven. We have done more than 44 crore kilometers across Pan India, and STUs look forward for our product. Right. Thank you so much, and all the best for the coming quarters. Thank you. Thank you. Ladies and gentlemen, we will take that as our last question. I would now like to hand the conference over to the management for closing comments. Yeah. Thank you so much. We thank all the shareholders who have participated and have been very supportive in your company's growth journey and the patience and faith imposed on your company. We expect good growth in the consolidated revenue and profitability in the coming quarters and in this financial year, which is going to be, in terms of numbers, significant growth compared to earlier years. Thank you so much. Thank you. On behalf of Olectra Greentech Limited and Nomura, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.