Ladies and gentlemen, good day and welcome to the Olectra Greentech Limited Q2 FY 2026 earnings conference call hosted by Nomura. 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 touchtone phone. I now hand the conference over to Mr. Kapil Singh from Nomura. Thank you. Over to you, sir. Good morning everyone. It is my pleasure to host the management team of Olectra. We have Mr. Mahesh Babu, Managing Director. Mr. Sharat Chandra, CFO, and Mr. Hanuman Prasad, Company Secretary and Compliance Officer. Sir, I will hand over the call t o you for the presentation and opening remarks. Hi, good morning ladies and gentlemen. My name is Mahesh Babu. A warm welcome to all of you who have joined us today for the Olectra Greentech Limited earnings call for Q2 FY 2026. We are taking as read the presentation which is put on our website. I would like to give you a brief on the EV market and the industry. From 2019 to 2025, India's electric bus market grew at a CAGR of 35%. The expected growth rate for the next few years is going to be about 40% CAGR. That's what the market scenario is saying. Primarily it is due to the new initiatives taken by government of India and State governments. As you all are aware that already 10,900 CESL bus tender as part of PM eDrive has been in the pipeline. It's expected to be closed in a couple of weeks. We are also hearing that there will be a PM eSeva tender coming followed by this. The market is fully potential with electric bus tenders for STUs across the country. While the market has grown at a CAGR of 35%. You all know that Olectra has been significantly higher with a CAGR of 63% so far. We expect to overdo the market in terms of EV adoption, continue to grow in the segment. Olectra has been the top two OEMs in the electric bus segment since inception, and last year, 2025, we are ranked number one in terms of bus deliveries as we speak. We are in the top three in the first half as well. With all this background, cumulatively we have done about 3,254 electric vehicle deliveries till September, which includes about 92 electric tippers. Olectra buses have successfully covered more than INR 4.8 billion kilometers across the country so far. Coming specific to our highlights, I think our order book still stands good. We are about 9,000 plus orders in pipeline. For specific to Q2 of this year, we are pleased to report our highest ever quarterly deliveries of 375 electric vehicles, including 25 electric tippers. In Q2 our revenue is up by 25% driven by higher deliveries and strong demand. If you look at hedge. We also h ave recorded the highest profit in a quarter. EBITDA stood at INR 93.01 crores reflecting our operational efficiency and scale. If you look at overall even H1 the market was about 2,486 vehicles. Olectra with a market share of 20% delivered about 496 buses and 41 tippers. As we speak, we continue to our deliveries in Q2 as you see substantially improved when compared to either Q1 of this financial year or Q2 of last financial year. Our focus is on operational efficiency which has resulted in strong growth in both revenue and profitability which will continue going forward in this financial year. As you are aware that our plant is partially operational. We have done a capacity expansion of 2,500 vehicles in one shift and we can do about 5,000 vehicles if we go for two shifts. We are fully prepared to deliver what market can absorb. In terms of electric buses, we are also working on new technologies as you are aware and seen that we are pleased to inform you that we have already got homologation certificate for a blade battery technology which is cell to pack in our electric buses. We hope by Q4 these buses will be productionized and delivered to our customers. Blade battery is much efficient and due to cell to pack concept it will give one of the best efficiency in the country in terms of buses. We are the first to do that. Regarding the tipper and truck segment also you have seen till now we have delivered about 92 tippers in the first half. In the quarter alone we delivered about 41, okay. In H1 alone we delivered 41 vehicles. We are seeing a potential that in the future the tipper market and the truck market also will be a primary contribution to our revenue and profitability. Regarding the insulators, I am happy to share that insulator division has done well. Our CFO will take you through the financials. Overall, I would say that there is a huge potential of ebus market. We are growing profitably and we will be among the top three in the market. Like last year, we are trying our best to be in the top in terms of delivery while we have multiple challenges in terms of depot readiness which has to be matched to our delivery otherwise while we have a higher capacity, we do not want to lock our capital to make the vehicles and wait for deployment when the depots are ready. We are timing it in such a way that when the depots are ready our buses are delivered on time. Similarly, in insulator we have grown well. Our CFO will give more details. Overall, I would say that a very good quarter for us, Q2, which is highest in terms of delivery, highest in terms of revenue, in terms of EBITDA numbers as well. Now I leave this to Sharat, CFO, to take through the financials. Thank you Mr. Mahesh. We are pleased to state that the company continues to show steady growth in consolidated revenue and profitability for the quarter Q2 and H1 compared to previous fiscal year, corresponding quarter and H1. I would like to submit a few key highlights. As advised in the earnings call earlier, we started seeing strong traction with ramping up happening from Q2 followed by acceleration in Q3 and Q4. The company has recorded healthy operating margins in both the segments. In the EV segment, ramp up of deliveries contributed to top line growth by about 20% year on year. However, there has been margin compression mainly due to product mix shift as we ramp up volumes. Historical margins as a percentage may not be sustained, but as we have clarified earlier, we continue to earn healthy margins in the region of 12%-14% in line with increased operations. Fixed costs also have gone up mainly in employee cost. The financial highlights of Q2 on a consolidated basis, electric vehicles delivered is about 375 versus 315 last year with a 19% volume growth. Revenue stood at INR 656.62 crores, up by 25%. EBITDA at INR 93.01 crores, up by 9%. PBT at INR 68.46 crores, up by 6%. PAT at INR 49.43 crores, up by 4%. The EPS is 6.04 for this quarter versus 5.79. The financial highlights for H1 on a consolidated basis, revenue for the first half for the first time we have crossed INR 1,000 crores. It is INR 1,003.85 crores, up by 20%. EBITDA for H1 is at impressive INR 148.98 crores, up by 9%. PBT for H1 is INR 102.26 crores, up by 6%. PAT at INR 75.46 crores, up by 5%. With regard to cash flows, our working capital requirements are being serviced efficiently through optimum utilization of credit facilities, better collections, and internal accruals. The higher buildup of working capital as on 30th September is in line with the overall revenue growth and business expansion. Thank you. Over to Nomura for Q and A. Thank you, sir. Ladies and gentlemen, we'll now begin with a question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 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. Our first question comes from the line of Sucrit Patil from Eyesight Fin trade Private Limited. Please go ahead. Good morning to the team. I have two questions. My first question is for Mr. Sharat. Mr. Sharat, a forward looking question. I wanted to understand a bigger picture. You know, what's the long term plan for Olectra? You know, just beyond winning bus orders or expanding, is there a deeper tactic you are building that gives the company a lasting edge? You know, just for example, are you thinking about any partnerships or any joint ventures, any new platforms or, you know, or any innovative way of working that makes the company stronger and hard for your competitors to copy your module. Thank you. Okay, thank you. Thank you for your question. Hope you are able to hear me. That's a very good question. I think if you look at it, we are looking at multiple options in the space where we are, as you know that we are in two segments today. One is E bus and another is in the E truck segment. Now we all know that we have partnership with BYD, which is a technology partnership by which we use BYD technologies in our products, which is a differentiator in the market going forward. While we are partnering with BYD, they are very clear that we will have Olectra IPRE powertrains going forward. At the same time, we will leverage the BYD partnership to the best of our customers depending upon the application we need to do. Now looking at the plant investments, I think we are, I would say, among the top three in the country in terms of plant capacity on electric bus manufacturing and very efficiently manufacturing with lowest cost. We will continue to do innovation in manufacturing sector to reduce our cost, maximize our benefit to the customers, and keep going. Regarding any new partnership and any new products and technology which we are coming on, we have a good R&D team who has the capability to develop many products. However, we will come to the market and tell you when we are actually mature enough in these products and partnerships before we actually declare it. You will be the first one to know before anybody. Thank you. My second question is to Mr. Sharat. It's on margin. You know, when costs rise like battery, raw material or financing, how do you make sure the margins stay steady without slowing down growth? Is there any system that you have put into place or you will be putting into place like smarter sourcing, design efficiencies or, you know, pricing control that helps you help to keep the profit in line and, you know, even when things are getting very un, you know, when you can't foresee certain crisis coming down the line. They want to hear your view on this. Thank you. Thank you for your question. We continue to work on improving production efficiencies, bringing in cost optimization measures. If the battery prices really go up, we will negotiate. We have a mechanism to negotiate with our customers to increase the prices so that the overall operating margins remain at healthy levels of about 10%-12%. We have a process wherein we have a mix of sales. We are present in all the applications, we are present in coach 12 m, 9 m, and we are increasing our product base by introducing electric tippers. We are confident that overall, in the overall long term, when we talk about higher volumes in the region of 5,000-10,000 numbers, we continue to grow our operating margins in absolute terms. I hope I have clarified your question. Yes, yes. Thanks for the guidance and I wish the entire team best of luck for Q3. Thank you, sir. Our next question comes from the line of Akash Shivasav, an individual investor. Please go ahead. Yeah. Am I audible? Yes, sir, you are. Yeah. Yeah. So, hi, this is Akash, Sri Lanka. First of all, congratulations to Mr. Mahesh. For joining Olectra and Mr. For the promotion. It is a very good quarter number that you guys have posted for the first time. I mean, at least in the last 10 odd quarters. I'm really sorry to disturb you, but however, there's some background noise coming from your line. Oh, is it from my side? No. Is it better now? Are you with your Bluetooth or something? Yeah, let me remove. Yes. Is it better now? Yeah, it's better, but. Okay. For the, I mean, I've been following this for the last 10-12 quarters. For the first time, we guys have walked the talk. I remember last quarter, I think either Mr. Hanuman Prasad or Mr. Sharat said that Q2 will be at least twice of Q1. I think Q1 was 160 odd numbers. This time you guys have met whatever you have said. Thank you so much and very congratulations for that. My question is that there are two questions. One is with respect to the revised proposal that we have given to Maharashtra government. How are we on that particular revised proposal? Are we meeting the revised proposal timeline or is it like we are still a bit lagging on the revised proposal? Hi, thank you for asking that question. Actually, there is a revised proposal from MSRTC which we will supply by 2027. Whatever we have explained, I think you all know that as I said in my introductory speech that the electric bus manufacturing alone is not critical. The availability of depot power, availability in the depot, infrastructure availability in the depot which STUs have to give, plays a vital role in delivering outbursts. I don't think if you look at t he whole of the country last year the total number of electric buses delivered was 4,000. If Maharashtra wants 5,000 vehicles in one year, practically it is not going to happen. The reality is it is going to take two to three years for that to happen, because the infrastructure at the depot and all that is going to be there. That they have realized and we have clarified to them as well. Right now they are putting focus on getting the depots ready. We are also timing it in such a way that our production aligns with the depot readiness in Maharashtra. We are hopeful that in the next two quarters and next two years we will be able to align our production and deliver as much as vehicles the market can absorb in these two years. We are constantly working with OEMs for the ecosystem to be developed, like power infrastructure and all that, so that our buses can be delivered. That is the situation and there is no concern as of now. We are confident that what is needed by the market we will deliver. That's why we were number one last year and as we speak even this year we are in the top two. Okay, good to hear that. Just that clarification was required that I think it was roughly 600-700 numbers that we propose that we'll be giving to them in this particular year in 2025. Are we on track for that number? Whatever number we have committed, we are on track for that number. Do not worry. Okay. I do not give some numbers because the depot has to be ready as I. We will deliver as much vehicles as Maharashtra can absorb in their depot. Okay, sure, sure. My second question is basically follow up of this particular question. Now the new CESL tender which is for 10,900 numbers, the result would be announced very soon. I just want to understand, given that you will be getting, I mean I'm sure that you guys have participated and you, I'm, I'm hopeful that at least 25%-30% of that particular numbers, you guys might be winning the tender. Your capacity is already choked up for next two years. If I consider maybe 25%-30% or maybe even 20% also, more than 2,000 numbers are, I mean you will be winning. As for the timelines though, they also have to be delivered within maybe 18-24 months. How are you planning for that particular thing? Firstly, we are ready to decide and we are working in participating the tender. The tender is on 14th and the opening will be later on that. I do not want to be telling anything on the numbers which are going to be futuristic. We have to understand one thing. Olectra will participate and win tenders which are profitable and in line with our business goals and financial targets. We will not be aggressive or anything going behind numbers. We have to create value to the i nvestors and we are focused on creating value to the investors in a profitable way. You will come to know from us whether we are participating under tender or not on the 14th, and you will come to know about the results going forward. Probably next call the right time to discuss on this. Okay. I'm just hopeful that you guys have planned for that particular additional numbers as well and you will be going ahead. I mean we'll be seeing value creation in terms of the number of orders as well. Yes, it is in our consideration. Sure, sure. Thank you so much. Thank you. Next question is from Transparent Securities. Please go ahead. Due to no response, we move on to the next participant. Next question is from line of Ritvik Ram. Individual investor. Please go ahead. Very good morning, sir. Congratulations on the awesome results of Olectra Greentech. I'm really impressed. I have certain questions. My first question is to the CFO on the gratuity liabilities. From the past five years, I've seen the gratuity liability has grown up from INR 2 crore to INR 5 crore. Any plans to create a trust and fund the gratuity liability? Because as your organization ages and expands, the liability will balloon over a period of time. Any. Any thoughts on that? Sir. With regard to the gratuity funding appliance, we need we will discuss internally with our management and the board and would examine the creation of trust and accordingly we will intimate in the due course of time. As of now we do not have any trust. We create provision based on the actual liability, actual valuation then by the expert. As of now as you the numbers are not very high. We have noted your point with regard to future growth. We will accordingly come back. Sir, I have one question. Sir. Who's your actuary for the gratuity piece? It is. Before the end. Okay sir. And my second question is to Mahesh. Congratulations sir on joining Olectra Greentech. My question is regarding the. What is the USP of Olectra or the other players like Switch Mobility and Mahindra Electric. Any difference? You see, sir. Each organization and each product has a unique proportion. That's why customers buy it. If you look at Olectra, Olectra, we have a lot of sense. We have a well-invested plant available. Our products are reliably and durably performing well. We have a technological tie-up with one of the largest bus manufacturers in the world, BYD. In terms of battery technology, as you know, we are getting the cell to pack blade battery technology into the market. We have been quick in getting multiple products and we are also now making commercial vehicles like tippers and getting into that market as well. Olectra I would say is. Right now market leader in bus segment. We are participating in the truck segment in a very nimble way. Now going forward there is both the segments have a huge opportunity to grow. I strongly believe that we are building up a team who is capable of handling these two businesses over a period of time. We are in the insulator as you know that it's a reasonably good business with good profitability running into. We have varied multiple business verticals and we will look at options of entering new as we go along. My last question is to you. I'm really sorry to interrupt you, but you can rejoin the queue, participants. Okay, got it. Thank you very much, sir. Thank you very much. And I'm a proud investor of Olectra since September 2017. Thank you sir. Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit the questions to two questions per participant. Should you have a follow-up question, please rejoin the queue. Our next question comes from the line of Gitansh from Asset Management. Please go ahead. Hello. Hi. Thank you for letting me see. I have two questions regarding you. Any updates on the greenfield plant expansion? Like would it be completed by FY 2026 and or would it be delayed? As I told in the initial introduction, the greenfield plant has partially started operating and we have achieved a capacity of 2,500 vehicles per shift, which can be reached to 5,000 in two shifts. As you know, the whole market last year was 4,200 vehicles. This year it is expected to be about 6,000 vehicles. We are with the highest market share right now. 20%-25% are meeting the capacity requirements right now. The second phase of exposure expansion will happen once we reach that capacity of delivery when the market reaches and we are well positioned to serve our market in a good way. I am happy to confirm that our partial operations on the greenfield plant has done and billings have already started. Okay, thanks. The next one was regarding like going forward, do we see any supply chain issues like getting resolved and can we see achieving the sales guidances that we have in the future? See if you look at not only Olectra, auto industry, auto industry has gone through supply chain challenges. You know Covid, we had challenges. Then microchip shortage challenge came in. Now we are seeing about permanent magnet restrictions. There are geopolitics issues. This will continue. Auto industry and the professionals and the system which we follow have been resilient for 100 years. Olectra is not away from it. All our professionals, we have been handling supply chains in our life in the past. There will be challenges. I do not see no challenges in supply chain. There will be challenges but I can tell you we are well equipped and capable of handling the challenges to deliver. What is our target in terms of delivery? Okay. We are maintaining our guidances. Yeah. Okay. Thank you so much. Thank you. Thank you sir. Next question comes from the line of Bala Murali Krishna from Oman Investment Advisors. Please go ahead. Hi, good morning. I miss the initial remarks. I think I will have a guidance. Are we still sticking onto the g uidance or any changes? We are not changing any guidance. We are sticking to the target. While we have multiple challenges in terms of depot readiness and power supply, we are still hopeful that the ecosystem will develop and we are still working on the target this year and we are not giving up. Okay sir. On the commentary that now you have answered, that has nothing to do with this depot readiness. Our job is to deliver the buses to the SKU. When they are complaining and they are ready to cancel the contract when we are not delivering the buses, I feel our job is to deliver the buses only. We are saying that state SDs are not due to because of interest. That may not be our problem. If we look at that problem then. Again we'll end up in the same issue. Some other contracts will also get cancelled. I just want to clarify to all of you. I think the government also has understood well, unlike diesel buses which are delivered and you can start running without any problem. You can fill diesel anywhere on card, start running. EV buses cannot be done like this because our payment will come only when you start running. In the recent, I can give an example. In the last CESL tender, some of our two competitors have delivered about 600 buses in Delhi, and it was waiting for six months. So 600 buses is about 600. Almost close to INR 700 crore. If we hold INR 700 crore of inventory on STU or not running for six months, you can understand without payment what will happen. We have to be very, very cautious. I think what is hearing in newspapers are different. What in the reality needs to be clarified. Newspaper is typically a sensational news which comes in the market. When we engage and we explain, everybody understands it. In industry, I have been from industry. I know all the competitions. They are all having the same issue with the state transport undertaking. You supply the buses. If they do not run for three to six months, we are in deep trouble. Because we will not get payment. We will get payment only when it starts running. I would suggest that t hanks for asking this question and do not go by media reports. We are there to clarify what is there in the one. We have not got any cancellation of order. We have got very clearly that extension of up to supply. Considering all these depot readiness, considering all these challenges which some of them will understand, some of them we need to educate. That is what we are doing in the industry as well. It is not only for Olectra. It is the same for any other EV bus manufacturer in the country. The constraint is only the infrastructure from before trading. Secondly, answer the tender since so it's a very long time we have not received any order. Maybe we would have received some small order. But when it comes to large orders, I think maybe one and a half years ago there is no auto big order. How do you see this one? Even now we have something, I think 10,000 online. In the last PM eDrive we are not able to capture anything. How do you see this current tender only? How would the order book shape to be able to add any substantial number by the year end or will continue this around 11,000 odd number of. See, I don't want to give you anything. See, we have enough orders and we are capable of getting enough orders to l ook at the growth. That's what I said. The CAGR of E bus industry has been 35% and Olectra has been going in the last year. So the CAGR of close to 60%. That means we are outperformed the industry and we'll continue to outperform the industry on specifics of which order to take. What order to take. I've already clarified. The management is very clear in philosophy that we will take orders which are profitable and fit into their future requirements, what it is. We will not be aggressive like some new entrants who want to capture it because long-term profitability and sustainability go together, and even the STUs understand it well. We will keep you posted on which tender we are taking, which tender we are not participating as we go to the market. I do not want to be speculative now before the tender is participating, and it will give a hint to our competitors as well. Okay, thank you. Thank you sir. Our next question comes from the line of Deepak Poddar from Sapphire Capital. Please go ahead. Yeah, I'm audible, sir. Yes sir, you are. Please go ahead. Yeah, thank you very much sir for this opportunity. Just wanted to understand first up, I mean is there any import component as well? I mean in terms of our manufacturing, do we need to import as well a few components? Yeah. See, as far as the E bus is concerned, battery cells and battery packs including the BMS and some components or motors continue to be imported. We source from our technology partner. As far as the EV segment is concerned, this is what we are going to depend on imports. Till an ecosystem is developed in India for manufacturing of buses, which is happening, which will take some time. As far as the second business, we have insulator segment. We have both imports and exports. We have a natural hedge of imports which takes care of the against the exports. Hope you have clarified. Yeah. How much percentage, I mean E buses, how much% of import would constitute the total raw material cost for us? As of now we are compliant. We are compliant in terms of meeting all the localization strategy and philosophy that the company is following. We continue to localize all the components. It is a continuous process. I will not be able to divulge the exact percentage except the battery cell and battery pack which are imported and some of the motors, all the rest of the components are sourced in India with vendors being developed over a period of time. We continue to focus on localization of these components. We import from China. We are having a technology tie-up from BYD with BYD till December 2030. They are our technology partners. We continue to source the battery technology from them. Understood. The second question revolves around your deliveries for next year. This year I think we are targeting around 2,008. Anything on next year as well. FY 2027, what sort of target we might h ave. As of now. We will revert back to you on next year guidance as we progress during the year. Because as of now as Mr. Mahesh has clarified it all depends on the overall ecosystem to evolve the depot readiness, infrastructure readiness by the STUs. So accordingly we plan our deliveries to meet the market r equirements. Okay, I got it. That's very helpful. That would be from my side all the way. Thank you. Thank you, sir. Our next question comes from the line of Gaurang from Utility Unified. Please go ahead. Hello. I'm audible. Yeah, you're audible. Yeah. Good morning. Glad to have EV veteran Mahesh Babu sir on board the Electrobus. I hope someday it's Electra cars as well, given your decade plus experience in electric PV segment as well. Sir, I have three questions to the management. First is will the future bids including the CESL bid be done considering the blade battery technology which is 30% efficient and hence facilitating for competitive bids. So that's my first question. Should I wait for the answer or s hould I continue with the other questions? Actually, Mr. Mahesh has just stepped out for some urgent call. I would like to clarify. I think he has already clarified very clearly that company is yet to decide on bidding the CESL. We will come back once. You will know once we consider bidding on number four, 14th. Regarding which technology to use, the management will appropriately consider based on the pros and cons with regard to the requirements to meet the tender conditions, especially with regard to localization, with regard to number of kilometers, schedule, cities, and all that. Okay, my follow-up question is, BEST fleet is at all-time low, the Mumbai BEST. With people suffering daily. Let's be honest. I am a Mumbaikar and I know the real on ground situation. Expert street shutter BEST has already given 40 plus depots to EV transfer electrification. In that context is it fair to say that we are lagging in. Production rather than the narrative that we. Are getting to hear that SKUs have b een little complicit. So we cannot actually talk about one specific stu, we have to see the overall ecosystem of the bus readiness. As we see Olectra is having a m ajor c ustomer centric in Maharashtra with MSRTC about 5,000 test numbers and BEST about 4,000 numbers. We continue to focus and deliver the requirements as and when the SUs are ready, as and when the depots are ready. Accordingly, we are planning our production to meet the current schedule and accordingly we are confident that we will be able to deliver as per the timelines mutually agreed with the SUs. What we are getting to hear on. Street is that 40 plus 40 plus d epots have already been given to EV TRANS for electrification. In that context, I was a little confused that how are we setting a narrative that the STUs have been complicit because it is a major order of 4,000 buses. So. See, to clarify, we are in line. We are in as per the schedule agreed with the customer. We are planning our deliveries to meet the schedules as per the agreed timelines. Okay, so my final question. Any updates on battery energy storage system business? Since it can be a natural extension t o already sourcing lithium battery vehicle business. It can be an extension. Is the management looking as one of these themes for EV? It is a very, very nascent stage. At appropriate time when the management decides, we will come back to you, we will let you know if we are venturing into the EV energy storage segment. Okay. Okay. Any update on new products that are getting launched? As of now, working very strongly R&D. Any new product takes time. Rally team is working and so it is in various stages of development, and with regard to testing and all, at appropriate time, whenever we are introducing new products or new segments, we will notify our shareholders. Okay, thank you. That's it from my time and wishing you all the best for the next two quarters. Thank you. Our next question comes from the line of joint individual investor. Please go ahead. Hello. Am I audible? Yes sir, you are. Okay, thank you. As mentioned earlier, right. The delivery of buses has been impacted by factors like depot readiness, charging, infrastructure, power supply, and many which are, like, you know, outside of Olectra's control. Considering that, how are you planning to overcome these challenges and reach the full production potential of 5,000 EVs in two shifts? And a follow-up on that, given this dependency and, you know, the ecosystem ramp-up in India faces delay, is company exploring exports or other markets to keep utilization high? If you can answer that. Thank you for your question. We continue to monitor closely and as Mr. Mahesh has clarified in the initial remarks, Olectra has been in the top two performers right from inception. In the last financial year in terms of deliveries, Olectra stood at quarter number one. In H1 we are in the top three. Basically, as you can understand from this, the overall industry landscape is evolving and still we are at a nascent stage. As against the initial estimates, we are lagging a bit still. Olectra CAGR growth of 63% is much above the industry standards. We continue to monitor and based on the depot readiness, infrastructure readiness, and the mutually agreed timelines, we continue to plan our production schedules to meet the timelines. As far as the exports are concerned, we are still, we are focusing on the current order book as of now. We are not focusing on export market as of now. We will come back to you with regard to any plans on exports at an appropriate point of time. Okay, thanks for clarification. Considering our current partnership with BYD, does it restrict us to, like, Indian market or, like, in future there could b e possibility of exports? Yeah, I'll request Mr. Hanuman Prasad to gladly on the partnership with BYD. Hi, I think. Am I audible? Yes. Hello. Yeah, at this moment we have a c ooperation agreement with BYD till 2030 for Indian market. Maybe at later stage a ctually we are free to discuss if y ou are intended to do exports as of now, it is for the Indian market only. Okay, thanks for the clarification. Last question on the deeper order b ook, what kind of order book do w e have in hand at this stage? We have basically delivered about 92 tippers overall. Cumulatively since we introduced the product, we continue to develop various. Our R and D team is working on various variants within the truck segment. We have an order of about 670 numbers. Against that we delivered about 41. About 29 tippers is planned to be delivered in the coming few weeks. Okay. Yeah, that's all from my side. Thank you so much for answering the question. All the best for the upcoming quarter. Thank you. Thank you. Thank you, sir. Our next question comes from the line of Amit Agicha from HG Hawa and Company. Please go ahead. Good morning, sir. Nomura. Yes, you are. My voice might not come from. So the question is about EBITDA per e-bus. What? My question is about EBITDA per EPS. Yes, you are audible. Ladies and gentlemen, the management line has been dropped off. Request you please stay connected. I'm reconnecting the line. Thank you. Thank you, ladies and gentlemen, management line has been reconnected. Please take it over to you, management. Ladies and gentlemen, the management line has been connected. Thank you. And over to you, management. Yeah, please go on. Amit Agisha, you may please proceed with your question. Yes, so the question was what is t he EBITDA In terms of EBITDA margin on a PV sector? Can we clarify? See because we have a product mix, we are present in intra city coach segment, intra city 12 m, 9 m. We are basically present in all applications. Every quote depends on the product mix based on the schedule agreed with our customer, we manufacture and supply. Overall our margins on the EV segment is at an LD about for quarter two is about 11.5% and overall H1 is about close to 12%. Overall in terms of volume and to be competitive in the market, our margin will be around 10-12% keeping the overall volume at high volumes about 5,000-10,000 numbers going forward, in absolute terms we continue to have LD margins and we continue to see growth in absolute terms. In percentage terms, the historical numbers, as I have clarified in the introductory speech, historical trend of percentages may not be sustainable to be in line with market competitiveness. Thank you. The second question about the debt, cost of debt. See basically we have our debt in terms of we have working capital facilities as well as the term loan for the new facility. Overall, the cost of financing is around 9%. Thank you sir. That's it. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, please press star and one on their touch-tone telephone. Our next question comes from the line of Satya Magarwal, an individual investor. Please go ahead. I just wanted some clarity on the new business segments that we are entering. That GFRP rods and the bitcoin covers that we are making. Is the product completion and what, what is the kind of revenue that we are targeting from that segment? GFRP rods is concerned, it is in a nascent stage. Still it is in development stage. As it progresses and as we get a good tracking, we will definitely come back to you. As of now it is at a very nascent development stage. Okay. On the margin front, the kind of margin that we are seeing. As of now, as this product new segment is in a very nascent stage, we are yet to fix the selling prices and the margins. Okay. You said to the earlier participant that we are, I mean, not targeting the earlier margin that we had. This kind of margin, like on the overall company basis, the ending margin of like 13.5% units, sustainable margin that we can consider in the media. Including the—yeah, please go on. I'm talking about the return margin without including the other incomes. So. Around 13.5%. Correct. Is this kind of margin sustainable going forward? Yeah, basically as I clarified earlier, overall in the way forward, when you talk about large numbers, the EBITDA margin may be around between 10-12%. Regarding 13.5%, it is definitely in the medium to midterm. Definitely we are going to sustain those kind of margins. The other segment, insulator segment, our operating margins have been growing healthy because we have been concentrating on exports and profit margin products. Overall, in a company as a whole, we feel, we see that the margins will remain at these levels in the near to midterm. Okay, thank you for the clarification, sir. Sir, on the insulator division, what kind of revenue are we targeting for the next year, for 2027? As of now, we will come back to you next year with guidance. As of now it's too early to comment on the next year but as we said, insulator business has been growing very well. Last year we had a top line of INR 180 crores. And this year H1 we have already touched about INR 130 crores. We see good growth. We have a good order book. Regarding the next year guidance, we will revert to you at an appropriate time as we progress within the quarters. Okay, thank you sir. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Rahul, an individual investor. Please go ahead with the question, sir. Hello. Am I audible? Yes sir, you are. Okay. Congratulations to the Olectra, great set of numbers. Just had a quick question, actually in the morning I was reading The Ken and I just can resonate definitely with, like, you know, the logistical problems and operational issues with, like, you know, these BEST and all the other organizations trying to, like, you know, catch up to the demand r ight. I understand the supply is there from our end. My question is basically to understand if there is anything that you know that the Olectra team is planning in terms of, like, you know, future-based, like, you know, vertical integration or horizontal integration or, like, you know, any kind of expansion into other business segments. Because, you know, unfortunately, if something happens in terms of, like, you know, slowdown in terms of their expansion, logistical expansion. Then we might have to see other revenues so y eah. I think to clarify your question, basically Government of India has been pushing for adoption, so very, very aggressive in terms of introducing new technology, new tenders, and so based on the scrappage policies which have been announced earlier, the ecosystem is getting geared up. Though the adoption is not as per the initial plan, still Government is planning to increase the adoption. I think we do not foresee any kind of slowdown in the EV adoption. It will accelerate going forward with the new initiatives like PM eDrive and CESL tender coming in. As far as Olectra is concerned, the bus market as such is, the population of bus market is about 1.8 million buses. This is an old statistic which has been there. If you talk about replacement of all the diesel buses to EV, it is going to take some time and as of now it is less than 1% is electrified. Out of this overall population of buses there is a private segment which is also basically which is yet to take traction. We are hoping that traction is going to happen in the private segment. That is one big market which is an opportunity for Olectra and as well as the entire EV ecosystem as well. I think we have clarified that Olectra is working on electric truck segment as well. As of now our tippers, about 92 tippers have been deployed up to the 30th of September and we continue to actually do a lot of demos and trials since the product is nascent, the traction is yet to happen and we see good potential and good opportunity in the truck segment as well. I hope to apply for it. Yes, yes, yes. Thank you. Thank you sir. Ladies and gentlemen, due to the time constraint that was the last question for today. I would like to hand the conference over to Olectra management for the closing comments. Thank you. Over to you sir. Yeah, thank you very much. We thank all the shareholders who have participated today and have been very supportive in the company's growth journey and the patience and faith reposed in your company. We expect good growth in these coming quarters and see a good consolidated revenue and profitability for this financial year 2026. Thank you very much. Thank you sir. On behalf of Olectra Greentech Limited and Nomura. That concludes this conference. Thank you for joining us and you may now disconnect your lines.