Ladies and gentlemen, good day and welcome to Olectra Greentech Limited Q4 and FY 2026 earnings conference call hosted by Nomura. As a reminder, all participant line will be in the listen-only mode, and there will be 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. I now hand the conference over to Ms. Tisha Mandavia from Nomura. Thank you, and over to you, ma'am. Yes, thanks. Good evening, everybody, and thanks for joining the call. We have with us Olectra Greentech's management, Mr. Mahesh Babu, the Managing Director; Mr. B. Sharat Chandra, CFO; and Mr. Hanuman Prasad, Company Secretary and Legal, with us to address your queries. I will now pass on to the management for their initial opening remarks, and then we can open the floor for question-a nd- answers. Over to you, sir. Team, you may please unmute and proceed with you. Thank you. Good morning, investors. Ladies and gentlemen, my name is Mahesh Babu. I am a Managing Director of Olectra Greentech Limited. I will give a small brief about what is happening before Sharat Chandra, our CFO, will come and talk about financials. We are looking at the EV market. The EV market globally on bus sold about 70,000 units in 2025, which is about 12% year-on-year increase. While globally we talk about 70,000 units, 60% of the global EV bus sales happens in China. India is the third-largest electric bus market. We have sold about 5,423 units last year, which is about 30% higher than the earlier FY 2025, which is reasonably good growth, I would say. EV bus penetration in India overall is about 4.7% in FY 2026. Mainly the EV adoption happens between 9 m and 12 m. The good news is in the 9 m and 12 m segment, we are running about 9% adoption. Typically, about 10%-15% adoption will have an upward stick. We are looking at bus adoption, which is in a large scale in coming two years. This is by and large, I would say, industry's growth. India is the third-largest bus market now. We are in the bus segment, which is growing at a 30% rate. If you look at our performance, our deliveries have gone up more than 30%, 32%. We have delivered 1,280 vehicles in the financial year FY 2025. Very good news is that our revenues have gone up 30%, close to 29%. We have reached INR 2,312 crore first time as a revenue. Not only we have grown in revenue, we have consistently grown in terms of profitability. Our EBITDA is above 15%, with INR 352 crore of EBITDA, and our PBT is at about 10%, which is a very good sign. This we could able to achieve by last three quarters of consistent deliveries, about 350 vehicles. We have worked a lot on terms of cost orientation and also internal processes improvement so that we can consistently deliver. Because while we all know that the last quarter has been a turbulent times in terms of war and other constraints in terms of geopolitics, in terms of battery, magnet issues, supply chain issues, I think I would give credit to the Olectra team, who have worked very diligently to ensure that we are producing consistently in the last three quarters profitably. Going forward, we are very confident. We will work on FY 2027 to improve further our deliveries, not only being consistent but quarter-over-quarter increase in deliveries. We have a very good order book in hand. We are, as we said in the last investor call, investing on two new platforms, one in the bus and another in the truck. The next generation buses, which will come, which will meet the PM E-Drive requirements. As you know, we already have a 1,000 order, 1,085 vehicle order in hand. That platform will be launched in the quarter three, and we are looking at launch of trucks, which have been approved by board in the last board meeting. The development is going on well, and we are looking at launching our own truck in last quarter of FY 2027. That's by and large my first briefing. I will request our CFO, Mr. Sharat Chandra, to give a briefing on the financial performance. Thank you. Good evening, everyone, and thank you for joining us. We are pleased to report a strong financial and operational performance for financial year 2025/2026. FY 2026 marked an important milestone for the company, with consolidated revenue crossing INR 2,300 crores for the first time, reflecting the successful execution of our growth strategy and continued strength of our underlying businesses. FY 2026 represents highest ever EBITDA, highest ever revenue, and highest ever PAT reported by the company on a consolidated basis. Before I take you through the financial performance, let me briefly highlight a few key developments during the year. As indicated in our earlier earnings call, we began witnessing strong business momentum from quarter two onwards, followed by significant ramp-up in Q3. The momentum continued through Q4. The company maintained healthy operating margins across both the business segments, despite changes in product mix and higher operating capacity. The EV segment vehicle deliveries increased to 1,280 units during FY 2026 as compared to 972 units in FY 2025, representing a growth of 32% year-on-year. This increase in deliveries contributed to approximately 28% growth in segment revenues. Our focus continued to remain on disciplined execution, operational efficiency, prudent cost management, and strengthening our delivery capabilities to support future growth. In terms of operational financial highlights, electric vehicle deliveries, 1,280 vehicles compared to 972, representing growth of 32%. Revenue stood at INR 2,312.17 crore, reflecting a 28% year-on-year growth. EBITDA increased to INR 352.28 crore, up 27% compared to previous year. PBT stood at INR 246.14 crore, representing a growth of 31%. PAT stood at INR 179.53 crore, registering a growth of 29%. EPS increased to 21.62 from 16.92 in FY 2025. Thank you. Now I will hand over the call to Nomura team for the Q&A session. Thank you. Ladies and gentlemen, we will now begin with 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. Our first question comes from the line of Disha with Sapphire Capital. Please go ahead. Hello. Am I audible, sir? Yes. Yes. Thank you so much, sir, for this opportunity. Just a couple of questions, sir. Firstly, on our monthly run-rate. Last time I think we spoke, you mentioned you were targeting to reach 200 units monthly run-rate. Because of the supply chain issues that you highlighted, you could not do that. How is the position now, sir, as the supply chain started to normalize? What is our current monthly run-rate, sir? The last quarter, as I said, last three quarters, we have been doing about 350 vehicles. The monthly run-rates of the first quarter is likely to be better than that. Disha, as I said, there is a lot of issues related to supply chain. Our intention is to create higher than that. I would say this quarter is much better than the last run-rate. It's not substantial due to challenges. The war is happening. We are not getting shipping lines to book some of the material. We have, in fact, suppliers, raw materials, which are related to fuel, like plastics, like resins, polymer, are all affected in terms of supply. I would say that we have challenges in ramping up due to the war. The team is working very hard to make sure we are not getting affected and we keep the target, what we are planning for the coming year. What sort of production are we looking at for FY 2027, sir? See, FY 2027, we are looking at around 2,500 vehicles. That's the plan and the budget we are working on. It's not a easy plan looking at what's happening in the scenario in terms of geopolitics. If there are no external factors, I think the team is capable of delivering 2,500 vehicles. We will work based on external factors to ensure, de-risk it and de-mitigate it to achieve that target. This 2,500 vehicles target that you've given, so that will imply a run-rate of around 600, 625 vehicles per quarter. Q1 you said it was going to be better but not substantial enough. Will the rest of the quarters be enough? Disha, what happens is, there will be quarter-on-quarter increase. The average rate will be the one which you are talking about. We will have on the first quarter different mix and different numbers, while we second quarter. If you look at the average of all four quarters, is the number what I'm talking about. Okay. Sir, for this quarter as well, you've seen a huge increase in the margins for the energy division also, and the energy division in general has shown very good growth. What has led to that, sir? How should we think about this growth for FY 2027? The quarter four, we have been always selling on quarter-on-quarter. The profitability is based on product mix and also our insulator division, some of the products which are export and which are local. It's basically product mix. Having said that, I also have told clearly that we could overall in a full year with so much turbulence, we could still able to maintain the EBITDA percentage and the PBT percentage because of the cost engineering exercise and the process engineering exercise we have taken on the plant and the sourcing team. That has helped us to mitigate some of the challenges in terms of forex impact, in terms of transportation and raw material impact in the quarter. Okay. I'll get back in the queue. That is it, sir. Thank you. Thank you. Thank you. Next question comes from the line of Pankaj with Affluent Assets. Please go ahead. Well, thanks a lot for taking my question. Am I audible? Yes, Pankaj, you are. Please go ahead. Okay. Sir, what is the probability of us reaching the 2,500 sales target for FY 2027? Well, I'll give you the background of my questioning your target. So far for last two years, we have been. Pankaj, I'm sorry, but your voice is low. Can you increase your volume, please? Thank you. So far. Hello? Hello. Sir, just wanted to understand what is the probability. I think in the first quarter, I can tell you probability is 100%. Otherwise, we will not make a plan. Reaching 300 odd sales? Pankaj, what I understand, you are asking what is the probability we will achieve 2,500 volume. Right. We are at the planning stage in the first quarter. We are fully positive and working towards achieving this 2,500 target. We have full confidence that we and our team will put enough efforts to make that happen, and you will see that by end of the year. Okay. Thank you, sir. Secondly, just wanted to understand, is our delivery dependent highly on the performance of EVEY Trans? No, I don't see. While EVEY Trans is our customer who is deploying vehicle, I think in this year, what I am seeing, I think it is our probability of achieving depends on what's happening in geopolitics, particularly in terms of raw material and shipping availability in India. That will be the main factor as I see right now. It is too difficult to predict three, four quarters down the line. At least in the Q1, I don't think it is any restraint from the front end to deploy the vehicles. It is more of material availability based on raw material available due to the war and other scenarios. Sir, last question, if I may. Though we have missed on our sales target, our margins have been improving. Going forward, you have guided us that we should assume around 10% of EBITDA margin, but given the performance so far, we have reached 10% at PBT level. Is it possible for us to reach 10% of the PAT level as we ramp up our production? Auto industry is running on a 10%-12% of EBITDA margin. We are very lucky to run it at 14%. I would say that we should aspire to be in the current scenario of about, let's say, 15% in EBITDA. The reality is when we have to take market share and when our order books come down, I think realistically, we'll have to look between 12% and 15%. Okay, sir. I'll get back immediately. Thank you. Our next question comes from the line of Durgesh with Bhaskar Adalal. Please go ahead. Hello. Yes, Durgesh. Hello. Please proceed ahead with the question. Thank you. Yeah. Today I have seen that Mahesh interview in the "ET Now," that in order to maintain high EBITDA margin, one of the reason is deliver the volumes to selective orders. If it is so, what percentage of selective orders which has maintained high margin on the total order book? You are absolutely right. That's what exactly I'm saying. The product mix decides the margin. Some order you will have higher margin, some order you will have lower margin. The average is the company's average, what you are seeing here. Every order will not be exactly same margin. It's in the business, you know it. That's what I said in the ET Now that the quarter four had a specific product mix, which the order margins were good enough, along with the insulator sales, what we did, which were some of the export and domestic mix. It is a product mix which decide. I think you'll have to look at more on average year, what we are achieving rather than every month, because product mix will give different margins. That's how the business everybody is. I'm pretty happy on the margins, what we have achieved. I thought you will appreciate us that we are the only auto industry and EV industry which are making profit and that too at this rate. Right. Can we maintain the same EBITDA margin an entire year or something? I have just answered the same question today earlier. I think you will have to expect between 12% margin. If we are getting 15%, it will may be due to some specific orders, we should be happy. I think anything between them is the one we should look at. I don't think anything beyond it will happen. Of course, the team will continue to try to improve margins. That is the intent of the team. Looking at the market, I think expecting more than this would be a very high stretch. Okay. Thanks. Thank you. The next question comes from the line of Gaurang with Utility Unified. Please go ahead. I'm audible? Yes, you are. Good evening, team. Congratulations for the Q4 numbers. My question is with respect to the EV platform that you're developing in bus and truck segments. There are two key trends which are emerging. One is the 3.5 MW charging, which will enable an electric SPV to charge in 15 minutes- 20 minutes for a good 500 km of range. Other trend that we are seeing is the battery swap technology. Sir, my question is: are we building vehicle platforms which are supporter of both these trends, that is megawatt charging and swap technology as well? Sir, my second question is are these platforms agnostic of the battery chemistry? I'm asking because the battery dynamics are rapidly changing with some new trends like sodium-ion batteries and solid state batteries expected to hit the market next year. These are my two questions, to Mahesh sir especially. Okay. Thank you for the question and thanks for the first investor to wish us congratulations for what we have achieved. Thank you for that. Both the platforms what we are developing, bus and truck, has the capacity and capability to do both battery swapping and megawatt charging capability. Whether we will launch it, that we will decide based on commercials and the customer preference. We will develop technologies in the R&D laboratory, and we will evaluate them at the market and based on suitability of commercials and the customer preference, we will deliver these products. The answer to your question is yes, the platforms will have capability to do megawatt charging as well as swapping. The second question you asked is on the agnostic. The battery pack and the vehicle control unit software, what we are developing is agnostic. It's like a modular architecture where you can change powertrain, change battery pack, and change other electrical aggregate components without affecting the vehicle through a programming in the vehicle control unit. It is agnostic of chemistries, and hence, these platforms are sustainable and reliable for a period of next life cycle. Okay, sir. Great to hear from an EV veteran like you. My second question, if I may, is with respect to the BEST order book. Has the delivery block, which was basically existing in Q3, been lifted? Are we going to deliver the 2,500 and the 3,000 order respectively for the BEST in this financial year, or are we still under negotiation with the FPO? The BEST, we have two orders. One is the first 2,100 and 2,400. The second 2,400 we will deliver. The first one, we are engaging with BEST in terms of subsidy and other challenges in the market, and once that is resolved, we'll be able to deliver that. My last question. In December 2025, Olectra was L1 in the CESL tender with 1,785 buses, of which we had received order of 1,085 from TGSRTC. I just wanted to know, what is the status of the balance 700 buses, and which STU is it from? See, the 700 CESL order, we were L3 in Karnataka. It is for Bangalore. Till now, the L1 and L2 have not closed the agreement with the Karnataka government, and hence our L3 is getting delayed. See, we have represented to CESL, and they are talking with the respective state government. Once the others are done and we are ready to sign, we'll be happy to do that. We are waiting for the state government to take the next steps. Thank you so much for answering all the queries, and wish you all the best for the next financial year. Thank you so much. Thank you so much. Thank you. Next question comes from the line of Preet with InCred AMC. Please go ahead. Congratulations for good set of numbers, sir, and thank you for the opportunity as well. My first question would be on the line of the product mix, which you mentioned that due to different product mix carrying different margin. If you could elaborate, what kind of products we get higher margins and what kind of products we get lower margin, and what would be the differential between this margin? Also, what will be the total. I think for Sharat Chandra to answer that. Yeah. I think in the last two, three earnings call, we have mentioned about the product mix, wherein 9 m were sold more numbers. This quarter, we were able to deliver more of coach buses, which has actually contributed to the higher margins. As we have clarified earlier, the product mix depends on the order execution and order production schedules between both our company and the customer. Yeah. What would be the differential margin between coach buses and normal EV buses? We cannot go into the nitty-gritties of margins. We are reporting healthy operating margins at 15.2%. I think as an investor, you should be happy to see our consistent deliveries of margins. It will be, as I mentioned earlier, I would like to again reiterate, we were able to maintain more than 14% margin. This is going to be the trend in the short term and medium term. Over a long term, it is going to stabilize at 10%-12% with higher volumes. Namaste, sir. Another question would be line on the order book. What would be our current order book, its executable period, and also if you could bifurcate between these high margin products and lower margin products in maybe ballpark numbers of overall order book? The order book, see, we have major orders from MSRTC, BEST. We have delivery timelines till October 2027 for MSRTC and September 2027 for BEST, 2,400 numbers. As far as BEST 2,001 number project, first project, we are still discussing with the customer because of the other issues relating to power and other cost. We have timelines to meet these orders. As far as the mix is concerned, it's a mix of 9 in a coach. It is basically 9 m and 12 m mix. It's in the ratio of almost 55% to 45%. 55% for 9 m, right? Yeah. Yes. Okay, sir. Sir, one more question on the line of other expense and employee expense. For the full year, our employee expense has grown around only 7% where an additional plant has come up. What would be the reason for such a lower growth in employee expense? Are we more staffed, or what would be the reason? It is consistently, I think, if you see the quarter-on-quarter, there is a growth over compared to quarter three, so there's a consistent increase in the manpower cost. As an overall industry number, obviously, it is in line with the trend at 3%-4% of the total turnover. In future, as we are ramping up our production, our own platforms, both in buses and trucks, we are going to strengthen our manpower in terms of technical and technical teams. We expect the overall manpower cost to be in the same region, same percentage when you compare to the overall turnover. Got it, sir. On the other expense line, from quarter three, if we compare from quarter four, there is a sudden jump, like our other expense has almost doubled in terms of testing expense or any other expense. What would be the probable reason for that? Basically, I think, when we talk about the testing, other operating expenses, our bus operation costs are in line with the increase in operations. We have reclassified the warranty expenses from other expenses to other operating expenses. That is the reason. This is a warranty provision which as per our internal guidelines, we provide consistently for to meeting future warranty obligations, which will happen after five, six years. This is one of the reasons why you see the testing and other operating expenses going up compared to previous quarter. Got it, sir. Sir, one last question from my end. On insulator business line, we have done a higher margin in this quarter for the same. If you could just mention what would be our export share for the current quarter and export share for the full year FY 2026 in insulator business. The overall exports, we are doing about 40%- 50% of our insulator business. We have delivered significant growth in the numbers from INR 54 crore to INR 105 crore. Obviously, that has resulted in higher margins. We have been consistently delivering higher operating margins in insulator segment by improving on the production efficiencies. We have introduced new machinery, new designs, and obviously, the exports and the higher domestic margins have contributed to higher operating margins. Yeah. Okay. This 45%, 50% is for quarter four or full year FY 2026? Full year. For quarter four, what would be the share? Same? I don't have the breakup for quarter four. What kind of revenues can we do in insulator business, peak revenue, based on current capacity, and are we planning any further CapEx in this segment? We are looking at a healthy growth in the insulator division. Of course, we are planning some very minor CapEx. It's just to increase the molding capacity of the insulators in the division. We are looking at at least more than 50% revenue growth in the energy division, which we call now. A 50% growth for FY 2027 in insulator business. Yeah. Yeah. Thank you. Thanks. I'll join back in the queue. Thank you. Our next question comes from the line of Akash Srivastava, an individual investor. Please go ahead. Yeah. Hi, team. Am I audible? Yes, you are. Please go ahead. Okay. Yeah. Hi, team. Congratulations on the good set of numbers. Before I ask my question, just want to clarify the numbers for Q4. Is it 350 that you mentioned somewhere in the call? What is the exact number of buses delivered? It is 359 numbers. 359 for Q4? Yes. Is there any trucks also or only buses? Only buses. Okay. You are not getting any tipping orders? You had some partial quantity of tippers pending for delivery. No, we finished all the deliveries, and we are now developing a new platform. If you have seen my briefing, what it is, our new platform bus will come in the Q4 of FY 2027 because we need to put energy in developing a product which is going to last for a longer time. Right now we did a pilot of 100 vehicles. We are now learning a lot based on which we are configuring our product, and it will come by last quarter of FY 2027. Okay. My first question is, just like few OEMs, like maybe if I have to name Maruti, are increasing the prices. Is Olectra also considering to increase the prices of the e-buses? Right now in the new tenders, we will consider this increase in prices and accordingly quote. That's the plan. Do you guys have the liberty of increasing the prices as per the raw material? If once the contract is fixed, we cannot increase the prices? Once the contract is fixed, we cannot increase the prices because the contract is for two years supply, right? We'll have to look at average material cost and profitability, not just one-quarter profitability, because these prices may go up and come down. I have seen in auto industry for 30 years, prices go up, come down, go up, come down. We'll have to look at average two years delivery of a contract. Okay. My next question is with respect to your statement made at the Bus Expo. You mentioned that India should lead forward for the EV bus export and all those things. Just want to understand, what is the Olectra stand on the export part. Are we also looking for export? If yes, I've seen the Facebook post wherein few representative from Africa and all have visited your facility. Is there any plan for export as well? As I said in the one, India is the third-largest electric bus market today and second-largest bus industry in the world. If we have to become from third-largest to second-largest, I think we need to look at beyond India. The new generation platform, which we are developing both buses and trucks, we are developing in such a way it is scalable to export market. Already there are some engagements which we are doing in terms of business development to countries outside India who are keen in buying our products. Once we have a firm commitment, we'll come back to market. Okay, sure. Thank you so much. attention of our company. Yeah. Sure. Thank you. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Our next question comes from the line of Preet with InCred AMC. Please go ahead. Thank you for the follow back opportunity. Sir, my first question would be in FY 2026, what was the overall industry volumes for EVs and what would be our market share? Are we still market leader or at what number we would be? See, the overall bus market volume was 5,400 vehicles approximately, 5,400 vehicles. We have delivered 1,290 billing we have done. By and large, we will be upward of 20% +, and there are three or four players around that category. We'll be among the top three, I would say. Okay. sir, what would be our current order book? It is more than 10,000 something. If you could just give me the exact number of what would be our order book, total order book. Our order book is about 10,000. About 10,000 only. Well, we delivered something and we got new orders also. By large, it's the same. Sure, sir. Thank you, sir. Thank you. Thank you. Our next question comes from the line of Gaurang with Utility Unified. Please go ahead. Hi, am I audible, right? Yes, Gaurang, you are. Yeah. Sir, we mentioned that the order book is approximately 10,000 orders. Okay. Let's say that's a mix of nine meters, 10 m, standard buses as well as coach buses. Just to extrapolate the revenue, is it somewhere around INR 20,000 crore out of this 10,000 orders or it would be lesser than that? We wanted to know what would be the revenue realization in the next two years. Sir, INR 20,000 crore definitely no, because it is not INR 2 crore a bus. It is lower than that. That I can tell you. I don't have the exact number in hand. Okay, sir. Thank you. Thank you. Our next question comes from the line of Ritwik Ram, an individual investor. Please go ahead. Good evening, sir. Many congratulations for the Q4. It is quite impressive. My question is regarding the GFRP rebar business. What are the numbers for the FY 2026 on the GFRP rebar business? One second. I will ask Sharat to talk to you. See, basically this GFRP has not picked up actually. We were anticipating some kind of growth. There are huge competition globally, and the acceptance levels are very low. For the time being, we are holding on. This particular product. We will see the opportunities in future. If there is an opportunity, we will explore. Yes, sir. Regarding the financials, sir. Many corporates, when they scale larger, they move from a local auditor to the Big Four. Regarding the Wage Code, Labour Codes, because of the Wage Code, Labour Codes amendments, the gratuity bill and the other employee benefits bill will go up. Are you contemplating to set up a gratuity trust to place some money for the crystallized liability for those employees who are four years and above? Any plans on that? Yes, definitely we are contemplating to create a trust for gratuity. Yes. By when will you do it, this financial year or in the next financial year? This financial year we're targeting. Secondly, sir, are you moving to transitioning to Big Four for audit purpose from a local CA firm? See, Prime Minister Modi is telling Atmanirbhar Bharat, and he is telling that we are allowed to create similar Big Four in India. We will definitely evaluate Big Four, and we will also promote local audit firms who are doing a reasonably fair job, and we'll continue to explore both of them, and we'll give a fair opportunity to all of them. Yes, sir. Regarding the insulator business, any plans to spin it off as a separate legal entity? The insulator business is a cash cow. You can spin off the business, and it will be a tracking company. It will be much easier to govern the Olectra as a group. Also, you can sell a part stake to any big investor for fundraising purposes. Any plans on that? I believe it's a cash cow, but what is your opinion? No, thanks for your suggestion. When we take a call, definitely we'll come and inform you. Right now, we have no such plans. Okay. Thank you, Ritwik. I'm sorry to interrupt you, but you may please rejoin the queue. Thank you. Okay. Thank you very- Thank you. Our next question come from the line of Joy D'Souza, an individual investor. Please go ahead. Yes. Hello, can you hear me? Yes, we can. Yes. Thank you for the opportunity. My question was related to the first one being, as we see, significant portion of the company order book has historically come from STUs. Could management share its plan for increasing its penetration in the private bus segment as we see other players getting orders? Have we done any progress in securing orders from private fleet operators? Yes. If you look at the bus industry, the 5,400 vehicles which the industry has sold, 99% is to the state transport undertaking because that's where the market is. We are moving ahead in that trend to capture the maximum out of the market. As we also said, it is important that we have to be in private. We are seeing very large inquiries coming. In this year, we have delivered about eight buses to Microsoft employee transport. We have delivered a few buses to others. We are also engaging with fleet operators, and we are likely to get orders. Once we get, we'll announce. We are also engaging in private players as well, and working on to get the orders, which I am hopeful. If you look at Government of India, I think Ministry of Heavy Industries recently had a meeting with all financiers because private players don't get finance for electric buses and electric trucks. Ministry of Heavy Industries had a meeting with all the private banks as well as PSU banks. They are working because EV vehicles need eight years, seven years of funding, whereas right now banks are giving only three to five years of funding for vehicles. This is being talked about. Once those policy matters are getting debottlenecked, I think large adoption will come from private. We are preparing ourselves and engaging with the customers. We have few orders, like any other industry, and if that industry grows, we are well prepared. Okay. Thanks for this. We are hopeful that maybe in upcoming quarters or years, we might have some more participation from private operators then. Yes. Second question was related to the truck launch that you mentioned that you are hoping to do it in the last quarter of FY 2027. We have been hearing about this in last couple of earnings call. Will you be able to elaborate on the reasons for the delay, whether it's related to the product development or is it regulatory approvals? Is it being indigenously developed by Olectra or do we have strategic partnership, just like in buses we have it with BYD or any other company? Can you please elaborate on that? The first 100 pilot, we had technical collaboration or technical tie-up with one of the partner, by which we have done the pilot. While we are doing itself, we are very clear we are going to do a pilot and learn from it to develop our own platform. That's the strategy. That has happened, and even today we are learning a lot based on those 100 truck available in the market, and based on which we are considering the right product, right variant, and right pricing to our customers in the product which we are developing. When we develop our product, it will be our IPR, and there will be many suppliers like any auto industry suppliers who will supply parts, but the IPR will be owned by us. Okay. We won't have to give any commissions or profit share with the other vendor in that case. Thanks for clarifying that. Right, that's the understanding. Right. Yeah. Thanks for the opportunity and congratulations on the wonderful set of numbers, and wish you the best for the upcoming quarters. Thank you very much. Thank you. Our next follow-up question from Preet with InCred AMC. Please go ahead. I have no question, sir. I've already got answers for my questions. Thank you. Our next question comes from the line of Sudhir, an individual investor. Please go ahead. Hello. Am I audible, sir? Yes, you are. Go ahead. Thanks for picking up my question. My question is regarding production. Do you have any automation in place for increasing production or we increase manpower or in shifts kind of thing? How we will proceed further? Right now we have a manual line. We are planning to semi-automate it when we do our products of buses and trucks. The automation, we have to understand, has to be with a very large production volume. If you look at it, car industry, which produces almost 5,000 a month, is completely semi-automated or fully automated because of the volume. I think when our volume goes up, our intention is to bring in more automation and keep a check on the manpower where it is minimum and necessary, and that will be in stages while going forward. Okay. Thank you, sir. One more question is, how many bus tenders may expect this financial year from Government of India? Any map on it? I mean anything on it, please, sir? Sorry, I missed you. How many tenders? Yeah. Right now there is a PM-e Sewa tender of about 4,000, if I remember. There are state tenders to the tune of another 2,000 at various state level being there. I strongly believe these numbers will keep coming because State Transport Undertakings have clearly understood the economics of EVs and at least city buses. Buying a diesel and running is not any more viable, and its viability gap funding is higher when compared to EV for state governments. Given a choice, anybody would go to EV, provided the power supply, depot readiness, all of them are there. I strongly believe that at least another 10,000 vehicle tenders will come in next 12 months time. My last question is there any issues with the new tenders? We are already having 10,000 buses in hand, right? We need to complete it by another two, three years. Will it affect our performance if we take new tenders? The new tenders are to be supplied in the next two years. We will keep supplying and typically these tenders, agreement signing, depot availability, power availability gets delayed. Practically, whatever we are winning today will be delivered after 18 months to 24 months from then. Hence we will keep working on tenders and we'll be selective. As you see our financials, we'll be selective and look at profitable tenders and locations where we can make value and profit, and that's where we'll participate and win. Okay. Thank you. Thank you very much, sir, and congratulations for the team for the good set of numbers. Thank you. Thank you. Our next question comes from the line of Swagat, an individual investor. Please go ahead. Thanks for the opportunity, sir. Out of the 359 buses we have delivered, how many of them are adopted with Blade Battery technology? In the new bus platform we are developing, right? In that, is the Blade Battery technology incorporated or will it be another technology? Out of the 359, I think 40%-50% is already Blade Battery in this, what we have delivered. At least 40%, I can say. Exact number, whether it is 39% or 45%, I don't have. Approximately, I'm saying. Blade Battery technology productionizing has already started, and a significant portion in the future will also be with Blade Battery. Okay. One more question. What is the delivery timeline for HRTC? Because in one blog I could see INR 80 million fine has been charged to Olectra for delaying in the delivery of e-buses. Is it true? See, there are a lot of paper news coming. We have not got any penalties because these newspapers give lot of news by themselves. I have no comments on it. We have not got any penalty. Already we have delivered 150 buses as per our timeline to HRTC, and they are on the way. Some of them have reached and some of them are on the way. We are engaging with HRTC officials, and they are pretty happy with our buses. Okay, sir. Thank you. Thank you very much. Thank you. Thank you. Our next question comes from the line, a follow-up question from Preet, Analyst at AMC. Please go ahead. Yeah. Thank you so much for the follow-up question. Just on CapEx outlook, if you could give some idea on what kind of CapEx we have done in FY 2026 and what kind of CapEx you are planning for FY 2027 and FY 2028. I'm asking the CFO to give you details. Basically, as you're aware, we have completed the first phase, wherein about 2,500 number capacity has been built with approximate CapEx of about INR 400 crores. As we are now planning to introduce our own products platforms both in the truck and bus segment, we are estimating about INR 400 crores to be spent in the next two years for our expansion. Okay. On the line of subsidy side, what kind of subsidy do we exactly get from the government on current deliveries? Are we getting anything? The subsidies, whatever is there, will go to the owner of the bus, which is operating the buses. As far as Olectra is concerned, we manufacture and sell the bus at a gross cost. The subsidy element will go to the operating owning company which owns the bus. Thank you. Thank you so much, sir. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Reminder to all the participants, if you wish to ask a question, press star and one. As there are no further questions from the participants, I would like to hand the conference over to the management for the closing remarks. Thank you, and over to you, team. Dear investors, thank you very much for your kind cooperation and also support to Olectra. We'll continue to strive to what we have to achieve. With the stellar performance of delivery on this, we have also rewarded investors 50% higher dividend, if you would have seen. It's not more about the money, it's the gesture of where we are growing and where we are heading towards. I'm pretty happy with the transition, what has happened in the last three quarters in the industry as well as in Olectra by itself. We will continue to excel in the areas where we are in and take Olectra to the best automotive EV company in the world. That's the intention we'll work towards. We appreciate your thanks for your patience and support to the management and staff of Olectra. Thank you very much, and wish you all the very best. Thank you. Thank you so much, sir. Ladies and gentlemen, on behalf of Olectra Greentech Limited and Nomura, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.