Ladies and gentlemen, good day, and welcome to Uno Minda Limited Q2 and H1 FY2026 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. 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 touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sunil Bohra, Group Chief Financial Officer, for his opening remarks. Thank you and over to you, sir. Thank you. Good afternoon and a warm welcome to all the participants. On the earnings call today, I am joined by my colleague, Ankur Modi. We have uploaded our financial results and investor presentation for Q2 and H1 FY2026 on the stock exchanges and our company's website. We hope everybody had an opportunity to go through the same. I would like to begin by giving some insights on the economy, followed by the current scenario in the auto industry, and our financial and operational performance for the Q2 and H1 FY2026. Once that, we will open the floor for Q&A. The global economy displayed resilience despite significant policy shifts. Following the tariff increases by the United States earlier this year, global trade and investment patterns have adjusted faster than anticipated. The IMF now projects global growth at 3.2% in 2025 and 3.1% in 2026, modestly above media forecasts but still below the pre-pandemic average of 3.7%. According to the IMF, while the global system has adapted swiftly to the U.S.-led tariff changes earlier this year, much of the current strength remains policy-driven and temporary, supported by front-loaded trade and strong investment activity in advanced technologies. However, resolving and reducing policy uncertainty would provide a significant lift to the global economy. Advanced economies are forecasted to grow around 1.6% in 2025 and 2026, aided by easing financial conditions and fiscal support. U.S. growth is projected at 2% in 2025, as consumption and AI-led investment offsets have grown from elevated tariffs and tighter immigration policies. The euro area is expected to grow by about 1.3%-1.4%, supported by Germany's fiscal push and recovering industrial output. Emerging markets and developing economies remain the main drivers of global growth, projected to grow 4.2% in 2025 and 4% in 2026. China is expected to grow modestly at 4.6% this year, owing to weak domestic demand. India stands out with GDP growth forecast at 6.6% in 2025 and 6.2% in 2026. IMF projects headline CPI at 4.5% in 2025, well within the RBI's tolerance band, supported by stable food prices and proactive monetary policy management. Strong domestic demand, infrastructure-led investment, and policy stability continue to anchor India's momentum despite global trade challenges. Moving on to the automotive industry, for the quarter-ended September 2025, the Indian automobile industry registered a year-on-year production volume growth of around 9%, with total production reaching approximately 8.9 million units. This performance was driven by a powerful dual-engine growth story. Domestically, the market remained resilient with 6% growth, but the standout was export performance, which surged 26%. The export rebound was fueled by recovering demand in key markets across Africa, Latin America, and the Middle East, aided by more stable supply chains and favorable currency conditions. The auto industry saw muted demand during the first three weeks of September, as consumers awaited the implementation of GST 2.0. However, volumes rebounded sharply thereafter, coinciding with the start of the Navratri festive period. Overall, Q2 FY2026 proved to be a mixed but ultimately encouraging quarter for the sector. The period began with subdued sentiment and weather-related challenges but ended with strong momentum, as festive demand, GST rate cut, and improving customer confidence combined to lift sales, bookings, and showroom activity. Moving on to the PV industry, in Q2 FY2026, the PV segment demonstrated a gradual recovery, with total production rising 4% year-on-year to 1.32 million units. The quarter remained mixed, with early softness giving way to stronger momentum toward the end after GST rate reduction. The growth was driven by export volumes, which grew 23%, while domestic sales declined by 1.5%. Exports were a major highlight, with PV shipments reaching an all-time high of 242,000 units, reflecting strong international demand for Indian-made passenger vehicles. Within the segment, utility vehicles, which account for nearly 2/3 of the total PV sales, posted a modest 1.1% year-on-year growth, as a 26% surge in exports was partly offset by a 2.1% decline in domestic volumes. In contrast, passenger car domestic sales remained broadly stable at previous year levels. A key highlight for the quarter was the sustained growth in the electric passenger vehicles. EV sales increased 31% quarter-on-quarter and 139% year-on-year, reaching approximately 50,000 units. This translates to an EV penetration rate of around 5% in Q2 FY2026, up from around 4% in Q1 FY2026. For the first half of the fiscal year, EVs have nearly doubled their share in the passenger vehicle market compared to the prior years, signaling their evolution from a niche category into a mainstream growth driver for the Indian automotive industry. In Q2 FY2026, the two-wheeler segment emerged as one of the strongest performers, recording year-on-year growth of 11%, with total production reaching approximately 6.9 million units. This performance was supported by higher economic activity, resilient rural mobility demand, and positive impact of GST rate reduction implemented in late September, which collectively enhanced affordability and boosted consumer sentiment. Within the segment, scooters led the growth, rising 12% year-on-year, reflecting improving urban mobility. Motorcycles grew by 10%, supported by steady demand from both rural and semi-urban markets, while the premium motorcycle subcategory continued to perform well, driven by aspirational buyers and expanding exports. Two-wheeler exports also reached an all-time high of 1.3 million units in the quarter, marking a 25% year-on-year increase, with motorcycle exports alone up 27%, underscoring strong international demand and improved competitiveness of Indian manufacturers. Meanwhile, electric two-wheeler category continued to gain traction, with sales rising 5% quarter-on-quarter and 9% year-on-year, reaching 312,000 units. The e-two-wheeler penetration rate for Q2 FY2026 stood at 7.8%, up from 6.3% in Q1 FY2026 and significantly higher than 5.8% recorded in the full FY2025. This steady upward trend highlights the increasing consumer acceptance and policy support, driving India's transition toward sustainable mobility. The three-wheeler segment recorded robust 18% year-on-year growth in Q2, reaching its production of 350,000 units, led by strong demand in the passenger carrier subsegment and healthy traction in goods carriers. Exports also hit a record, rising 51% year-on-year to 123,000 units, the highest due to export performance in six years. In Q2 2026, the CV segment recorded year-on-year growth of around 11%, with total production reaching approximately 263,000 units. Medium and heavy commercial vehicles posted a robust 7% growth, benefiting from the healthy freight demand across steel, cement, mining, and construction sectors, while LCV registered a 20% increase year-on-year, driven by continued strength of intra-city logistics and e-commerce-related transportation. Exports remained a key growth driver, rising 22% year-on-year to 24,000 units, reflecting the segment's improving competitiveness in global markets. Overall, the CV segment extended its positive momentum through the quarter, with fleet operators re-entering the market to expand capacity amid growing economic and construction activity. The outlook remains constructive, with expectations of sustained growth through FY2026, supported by expanding logistics demand and broad-based recovery across commercial segments. Looking ahead, the Indian automobile industry enters the second half of FY2026 on a strong footing, supported by the festive momentum, stable macro conditions, and GST 2.0 reforms that have enhanced affordability and consumer confidence. The early onset of festivities from 22nd September boosted retail activity in Q2, and extended festive and wedding season is expected to sustain growth through Q3. A healthy kharif harvest, aided by a good monsoon and stable rural sentiment, are set to support demand in the coming months. The rollout of GST 2.0, along with RBI's rate rationalization and income tax relief measures, is further strengthening buying sentiment across vehicle categories. With urban consumption rebounding and rural demand holding firm, the outlook for the rest of FY2026 remains positive, supported by new model launches, improved financing conditions, and favorable policy environment. The industry is well poised for sustained growth, marking what could be the beginning of a new upcycle for India's automobile sector. Moving on to our financial and operational performance for the quarter, you may refer to slide number 7 and 8. Uno Minda delivered yet another quarter of strong financial performance, with highest-ever quarterly revenues and profitability, driven by broad-based growth across multiple product segments. Consolidated revenue from operation for the quarter stood at INR 4,814 crore, registering a robust 13.4% year-on-year growth. This performance reflects healthy traction across core product lines, such as switches, lighting, and wheel shading systems, along with accelerating momentum in emerging segments, including sensors and ADAS. EBITDA for the period grew by around 14% at INR 552 crore, as against INR 482 crore for the corresponding quarter last year, while improving EBITDA margins to 11.5%. It is worth noting that these margins were achieved despite the startup cost of recently commissioned plants and nascent businesses, which have not achieved optimum levels. Finance costs remained stable at INR 45 crore. Depreciation expenses increased by around INR 22 crore, reaching INR 173 crore, reflecting the commissioning and capitalization of new facilities over the past year, including the four-wheeler lighting plant at Pune, the additional 2 million capacity expansion at two-wheeler alloy wheel facility in Supa, and enhanced capacity at four-wheeler alloy wheel plant at Bawal. The share of profit from associates and joint ventures rose to INR 630 million in quarter 2, compared to INR 480 million in the corresponding quarter last year. While all major JVs—Denso, Roki, and TRMN—performed well, the TG Uno Minda joint venture delivered a robust revenue growth of 28% year-on-year. The JV commissioned its enhanced airbag manufacturing capacity in Nimrana in Q3 FY2025, adding side and curtain bags to its product portfolio. This expanded capacity is now ramping up steadily, supported by rising OEM demand for airbags in line with the enhanced regulatory and safety requirements. Profit after tax attributable to shareholders stood at INR 3,040 million in the quarter, reflecting a healthy year-on-year growth of around 24% in Q2 FY2025. We would like to highlight that Q2 FY2025 PAT includes exceptional income of around INR 90 million. Excluding this, the normalized PAT grew by 27% for the quarter. Financials for H1 FY2026, we have achieved consolidated revenues of INR 9,303 crore for the half-year ending September 2025. The current half-year revenues include incentive income amounting to around INR 69 crore pertaining to prior period. However, for the purpose of like-to-like comparison from corresponding quarter, we have excluded the same from revenue, EBITDA, and PAT to derive normalized growth. Consequently, revenues from operations excluding such prior period income was INR 9,234 crore, registering a robust 15% year-on-year growth in H1 FY2025. Adjusting for the prior period income, normalized EBITDA for the period grew by 15% at INR 1,026 crore, and PAT attributable to shareholders stood at INR 595 crore for H1 FY2026. On normalized basis, excluding the prior period income and exceptional income, PAT was INR 543 crore, reflecting a healthy year-on-year growth of 24% over INR 437 crore in H1 FY2025. Coming to the business segment-wise performance, starting with switches, you may refer to slide number 11. The switching system business continued its strong momentum in Q2 FY2026, making a significant contribution to Uno Minda's overall revenue mix. The segment reported revenues of INR 1,176 crore during the quarter, reflecting an 11% year-on-year growth and accounting for a substantial 25% share from these consolidated revenues. Growth in the two-wheeler segment was driven by market share gains, favorable customer mix, and sustained domestic volume growth. Although two-wheeler switch exports were impacted by supply disruptions of various magnets during the quarter, the magnet situation has been somewhat getting normalized in the ongoing quarter. Meanwhile, the four-wheeler switch business continued to strengthen, supported by a rising kit value per vehicle, as OEMs increasingly adopt advanced and feature-rich switch systems. Shifting from expansion of four-wheeler switch plant at Farukhnagar is progressing as per plan. The lighting system business continued to be a cornerstone of Uno Minda's growth trajectory, delivering yet another robust performance in Q2 FY2026. During the quarter, the segment recorded revenues of INR 1,106 crore, contributing a substantial 23% to the company's consolidated revenues. This represents a healthy 14% year-on-year growth. Growth was broad-based across both two-wheeler and passenger vehicle segments. In the passenger vehicle lighting business, the performance was driven by a start of tail lamp supplies for a recently launched customer model, along with the ramp-up of supplies for programs initiated in the past few quarters. The ongoing shift towards LED technology and rising customer preference for advanced aesthetically refined lighting solutions, particularly in the front and rear lamp applications, have led to a notable increase in kit value per vehicle. The two-wheeler lighting segment also continued to gain momentum, benefiting from the accelerating transition to LED systems. Higher e-two-wheeler penetration has been a key growth driver, as these models predominantly adopt LED lighting solutions. Uno Minda remains one of the leading suppliers of lighting systems to both established OEMs and new-age electric two-wheeler manufacturers. During the quarter, the company also commenced tail lamp supplies for export to a marquee American two-wheeler OEM, further reinforcing its presence in the global market. Moving to casting business, the business delivered a robust performance in Q2 FY2026, generating revenues of INR 917 crore, representing year-on-year growth of 9% and accounting for 19% of Uno Minda's consolidated revenues. This included INR 465 crore from four-wheeler alloy wheel business, INR 281 crore from the two-wheeler alloy wheel segment, and INR 171 crore from the aluminum die casting. This growth was driven by a ramp-up from recently commissioned new capacities at our four-wheeler alloy wheel facility in Bawal and two-wheeler alloy wheel facility in Supa. The growth was constrained by a decline in our base aluminum prices by approximately 6% for the quarter. The aluminum price reduction was also passed on to the customer, resulting in lower realization, specifically in the four-wheeler alloy wheel. We would also like to inform that the first phase of four-wheeler alloy facility at Karkoza, with a capacity of 60,000 wheels per month, is now under commissioning. Moving to seating, you may refer to slide number 12. The seating system business continued to make a strong contribution to the group's performance, reporting revenues of INR 354 crore in Q2 FY2026, accounting for 7% of the consolidated top line. The segment registered an impressive 22% year-on-year growth, driven by favorable customer mix in the two-wheeler segment, higher supply of suspended seats in the domestic market, and increased revenue contribution from the bus passenger seat segment. Notably, a few key two-wheeler OEM customers witnessed pronounced volume growth during the quarter, which translated into higher seat demand and consequently stronger revenue performance for the segment. Looking ahead, we expect the seating system division to sustain its momentum, supported by rising exports to new customers, expanded supply, suspended seats to additional domestic OEMs, and volume ramp-up from newly acquired customers in the two-wheeler seat business. These developments are expected to further strengthen the segment's position as a key growth driver within the group's diversified portfolio. Moving to acoustics, the segment reported revenues of INR 190 crore in the quarter, contributing a steady 4% to the consolidated top line. While domestic revenues have grown by 15%, the European acoustic business revenue had declined by around 13%. The decline is attributable to primarily softening the end market demand. The other product businesses delivered yet another quarter of strong performance, recording revenues of INR 1,070 crore in the quarter, a year-on-year growth of 18%, and contributing 22% to the consolidated top line. Within this portfolio, the controllers business contributed INR 129 crore, sensors and ADAS at INR 199 crore, glow molding products at INR 115 crore, Uno Minda EV systems at INR 115 crore again, and the alternate fuel business at around INR 130 crore. The balanced revenue was driven by aftermarket, including battery external sales from Uno Minda Catalytics, engineering service in Europe, etc. Uno Minda EV systems business reported a significant increase in revenue to INR 115 crore during the quarter. The rise was partly attributable to the transfer of three-wheeler EV charger business from controller segment to the EV systems. Over time, we plan to consolidate all EV-related BMS and charger business under Uno Minda EV systems to bring operational focus and synergy. The sensors and ADAS business continued to scale up, supported by a successful start of a new camera model production line in the previous quarter. We would also like to update that the construction of our new greenfield facility for high-voltage EV powertrain components under our joint venture with INOVANCE Automotive is progressing as per schedule. Phase I is expected to be commissioned by Q2 FY2027. However, as advised earlier, we may commence initial supplies via imports from our joint venture partner ahead of the plant's commissioning to meet the customer demand. Moving to slide number 13, which is the revenue by aftermarket industrial revenues for the quarter ended September 25, our aftermarket business reported revenues of INR 332 crore, contributing approximately 7% of our consolidated revenues. In addition to those direct aftermarket sales, the SPD, or spare part division of OEMs, stood at INR 260 crore. The combined revenue from aftermarket and SPD channel amounted to around INR 592 crore, reflecting the growing importance of these segments in our overall business mix. Our industrial business contributed approximately 9% of total revenue during the quarter. The dip in the share of industrial business as a percentage of revenue is largely attributable to stronger growth momentum in the domestic market, even as industrial sales remain relatively stable. Moving to CapEx projects on slide number 14, we continue to invest in building capacities in line with the OEMs' expansion plans and auto industry promising outlook. We have 10 expansion projects currently under implementation across product line with investment commitment of INR 2,356 crore. We would like to highlight that we have removed some of the projects from the expansion project list as per as their phase I has been completed, and the remaining amount of committed CapEx will be spent as per increase in EV penetrations in case of EV two-wheeler projects. This is to ensure that we do not build idle capacity and make efficient utilization of assets as well as capital. In case of expansion at Bawal, while phase I of INR 30 crore was commissioned, the remaining capacity will be integrated at Karkoza plant. Moving to cash flow and debt levels, our net debt as of 30 September was at INR 2,362 crore compared to INR 2,091 crore as of March 31, 2025. Cash flow generated from operations for H1 was around INR 678 crore, while CapEx was at INR 728 crore, comprising INR 354 crore for expansion projects, INR 130 crore for land at CSN, and remaining sustained CapEx. We also had a cash outflow of around INR 200 crore on account of acquisition of shares of EVSPL and Associated Technologies from FRIWO and the tech centers at Germany and Vietnam. As is visible from above, while sustaining and growth CapEx has been financed from business cash flows, the capital expenditure primarily on land bank and acquisition has resulted in incremental debt. Our net debt to equity as of 30 September stands healthy at 0.36. We have achieved ROCE of 19.6%, which is analyzing profits for H1. Kindly note that the capital employed considered for calculation also includes the CapEx for land bank as well as CVF, which is currently not generating any returns. ROCE would have been even higher if we exclude these non-deployed assets. Moving to ESG at Uno Minda, we continue to strengthen our commitment to sustainability through well-defined ESG goals and actionable progress. We have set ambitious targets of achieving 60% renewable energy by 2030, becoming carbon neutral by 2040. In line with these goals, we have been steadily increasing our share of renewable energy across our operations. Today, we operate 38 rooftop solar plants across India and have made significant investments in captive open access solar park projects through dedicated SPVs. In the last couple of years, we have secured wind power of around 45 MW with investment in solar parks and solar SPVs in Maharashtra and Tamil Nadu, and are now exploring similar arrangements in Gujarat with an immediate goal of achieving around 40% wind power across our operations. Beyond environmental stewardship, our ESG journey is equally focused on inclusion and social responsibility. In September 2025, we partnered with Atypical Advantage and Next Bharat Ventures, an initiative of Suzuki Motor Corporation, to advance inclusion for persons with disabilities. Under this collaboration, we are launching five high-impact initiatives covering inclusive hiring, education, and employability skills, technical training, and workforce sensitization, aiming to build awareness among more than 20,000 Uno Minda employees nationwide. These initiatives go beyond programs. They represent our effort to reshape mindsets, celebrate diversity, and build a workplace where everyone can thrive. Through such actions, Uno Minda continues to set new benchmarks in sustainable and inclusive growth, reinforcing ESG as an integral part of our long-term value creation strategy. Moving to outlook, as we look ahead, I would like to reiterate that Uno Minda remains firmly on a path of sustainable and profitable growth. Our strong performance in Q2 reflects the strength of our diversified portfolio, deep customer relationships, and consistent execution across businesses. We are entering the second half of FY2026 with optimism and confidence. Our ongoing investments in new technologies such as EV systems, sensors, ADAS, alongside capacity expansion, core product lines, position us well to capture emerging opportunities. The momentum in localization, Make India initiatives, and increasing focus on sustainable mobility further reinforce our growth trajectory. At Uno Minda, we continue to prioritize innovation, operational excellence, and customer centricity, values that have been central to our journey and will continue to guide us forward. Thank you for your continued trust and partnership. We look forward to an exciting second half and to sharing further progress with you in the coming quarters. With this, I would now like to open the floor for your questions. Thank you very much. We will now begin the question -and -answer session. Anyone who wishes to ask a question may press star and one on their touchstone phone. Participants are requested to use handsets while asking a question. If you wish to remove yourself from the question queue, you may press star and two. We will wait for a moment while the question queue assembles. The first question comes from the line of Chandramoli Muthiah from Goldman Sachs. Please go ahead. Hi, good evening, and thank you for taking my questions. My first question is around the automotive vehicle acoustic solutions, the ADAS. Could you give us some color around what the kit value could be there as that opportunity starts to take shape, as you said, potentially towards the end of next year? The second question is on the share of profits from associates. This quarter looks like it's close to about INR 63 crore. It seems to be higher than more recent quarters. Is there any one-off there, or is this a sustainable rate? If you could just talk us through what the drivers are on that number. The third question is just around the first 22 days of September during this particular September quarter. There seemed to be some disruption to volumes that your customers, the OEMs, could supply to their channel partners because of the SES issue and the GSE transition. Was there an accompanied impact to production? As a result of that, as you get into the December quarter, usually there's a moderation in production during the December quarter. Will we see that normal moderation in production in the December quarter, or because of the impact to production in September, is that unlikely to be the case? Those are my three questions. Thank you. Yeah, thanks, Chandru. Auto Vehicle Solution is what we normally call AVAS. This regulation we know has been in the works for quite some time. In fact, now we have already been working with our customers with this product, which has been ready for almost, I would say, three years now. We are at the stage where we will be able to capitalize on this very fast. In terms of kit value, maybe we'll share with you once we have the SOP. Until then, you know we'll appreciate this little bit competitive sensitive information. At this point, I'm afraid I'll not be able to share the kit value for AVAS. In terms of share of profit of associates, as I have highlighted, during this quarter, the revenues at our joint venture, which manufactures airbags, have increased significantly by around 28%. There is nothing exceptional, or there is no one-off in terms of profit, but there has been a significant profit improvement from that business. We do hope that it's not a one-off. In fact, that momentum should continue as we move forward because this is sheer adoption of more airbags and things like that. In terms of disruption of volumes, and do we see any moderation in production in December quarter? The answer to that is yes, you are right that normally December quarter's volumes are less because end of December, also like last week or so, is always normally a shutdown for the annual maintenance shutdown, etc., which most of our OEMs and even we keep at our factories. As of now, it will be a little early to comment on whether that shutdown period of a week, 10 days, whether it will get reduced or it will not. Excluding that, as of now, the volumes are quite normal, and we are not seeing any softening from that perspective. I hope I have clarified all your questions, Chandru. Got it. Got it. That's helpful. Thank you very much and all the best. Thank you. Thank you. The next question comes from the line of Aditya Jhawar from Investec India. Please go ahead. Yeah, hi. Thanks for the opportunity. I think most of my questions have been answered, just a couple of ones. I think seating business continues to do quite well. If you can give us some more light on the recent order wins, new OEMs that we are able to penetrate, order book, how we are looking at it, that is number one. Number second, Sunil, you mentioned about a startup cost. If you can quantify, it would be good. Just a clarification, the prior period income you spoke about was INR 690 million that got booked in this quarter, right? No, no. Q1. Q1. Okay. Okay. Fair enough. These were the questions. Yeah. Yeah. Thanks, Aditya. Good evening. In terms of seating business, as we have been sharing with you, we are on track to achieve our target revenues, which we have promised for five years in terms of doubling the revenues. We are already there. In fact, this quarter, if you see, we are almost there with INR 354 crore of revenue. Our target is INR 400-INR 500 crore range. That's what we have promised for this year, and I'm happy to say that we have achieved that despite the challenges we have faced. Second thing, in terms of order book, we normally do not share any order book you would have seen because why we have started giving this order book for EV, if you remember, three years back, and then after a year, we had to come because when we say order book, normally we would get X volume estimation from our customers based on which we will say that this is the target. Based on the success or outcome of that model, it can go either way. Hence, we have actually sort of stopped giving that order book. Otherwise, it necessarily creates some maybe misleading impressions. That is why we normally do not share the order book. In terms of startup cost, as of now, there are some of the plants where the business has started in the last maybe one or two years. As we have been saying, our normal target is that they should achieve their profitability matrices in the third full year and come to profit in the second or third year. To that extent, there are a lot of businesses which are under that nascent stage who have not achieved the desired profitability, or they are maybe in the negative, or also some of the businesses which currently, like Karkoza and all, they are just in the phase of commissioning, starting the commissioning. If you ask me a number, it is a little difficult to give a number because some of these plants or businesses are also attached to the existing businesses. We note your point. Maybe next time we will try and capture this information as well. Prior period, I think I already answered this. Prior period, I have commented because I was mentioning about H1. That's why this point came. Otherwise, nothing in Q2. Okay. My final question, Sunil. Now clearly we saw a very good festival. Now going ahead, it would be great if you give us some sense at what kind of growth expectation you have for the remainder of the year for passenger vehicle and two-wheelers. Aditya, we don't give any vehicle volume guidance. We have never given. We don't want to second-guess our customers. Our objective or endeavor is that we should continue to outperform. I can tell you that even though this quarter volume industry growth is, say, 10%, if you see half of our revenues is four-wheeler, roughly half of our revenues is two-wheeler. Obviously, there is CVO at similar as well. 47% is two-wheeler, 47% is four-wheeler. Four-wheeler has grown by 4%, and two-wheeler has grown by roughly around 10%. If you do a blended average, the growth is something around 7.5%, and our revenues, we have grown by 13.5%. It clearly demonstrates a significant growth, more than 1.5 x growth, which we have been promising to the investors. Perfect. Perfect. Thank you. All the best. Thank you. Thank you. We would like to remind participants, if you wish to ask your questions, you may press star and one on your touchstone phone. The next question is from the line of Raghunandan from Nuvama Research. Please go ahead. Thank you, sir, for the opportunity. Congratulations on strong numbers. Thank you. Thank you. Sir, firstly, on the lighting side, can you indicate a broad breakup within lightings? How would it be between headlamps, tail lamps, and other lamps? Can you provide a sense as to which category is driving the major growth for you? Secondly, continuing on lighting, you also indicated LED penetrations. What would be the current share of LED in four-wheeler and two-wheeler? Would it be over 50% in four-wheeler and about 80% in two-wheeler? Okay. Any other question, Raghu? Yes, sir. In the joint venture with INOVANCE Automotive, have you received all the regulatory approvals? Has there been any other wins which you can share at the current point of time? Also, when you are looking at traction motor production, would it require heavy rare earth, or will light rare earth be enough as the imports are restricted? Yeah. Raghu, taking our questions in the same sequence as you have asked, lighting, what is driving growth? Headlamp, tail lamp, or others? While we have provided breakup of lighting business between two-wheeler, four-wheeler, etc., we do not provide any further breakup, but I can definitely answer your question in terms of what is driving growth. We are currently leading the, at least in what we call PV segment, leaders in the tail lamp category and specifically the LED tail lamp. That is the segment which is driving growth for us in this sector. For two-wheeler, we are there in both EV or ICE and both headlamp and tail lamp. From that perspective, EV segment is where you will see almost 100% penetration in the lighting. From that segment perspective, EV is something which is driving the growth of LED. In terms of JV with INOVANCE Automotive approvals, we have applied for this PNC approval to the government only in July. We have been working very closely with the government. We understand internally they have got certain approvals, but we do not know what all approvals they have got. As you understand, it is going as planned, and we should be having approvals ideally in the next few months. Very difficult to see a timeline because it is government and you know where things might take time, where things might not. We are optimistic that ideally within this fiscal year, we should have approval in hand. That is an ideal scenario. In terms of traction motors, whether they use HRE, yes, they do use HRE magnets. Got it, sir. Thanks for that. On switches side, you indicated market share gains. What would be the current market share in four-wheeler, two-wheeler? Would it be over 50% in four-wheeler and over 60% in two-wheeler? Would that understanding be right? Yeah. Great. In alloy wheels, two-wheeler alloy wheels, would the penetration level have reached 80% by now? What would be the share of Uno Minda market share in the domestic market? If you can also highlight how much would be the import content for the two-wheeler and alloy wheel industry? Yeah. Alloy wheel import content definitely has, two-wheeler, dropped a lot. It is primarily in the premium cars where the volumes are very less. Otherwise, largely it is localized. In terms of our market share for two-wheeler, you asked, it is in teens. In terms of application ratio, it's been actually fluctuating between somewhere 70%, somewhere 75%, sometimes 80% because based on the customer choices, our customers and customer choices, our customer also has been sort of moving up from steel wheel to alloy wheel. Like for example, in this quarter, one of our customers has used a little more steel wheels versus alloy wheels, primarily driven by the market forces, which are definitely in no one's hands. There is a broad range of, you can say, 70%-80% kind of range where the alloy wheel application for two-wheeler has been hovering around. This keeps on very fluid depending on the end market demands. Got it, sir. Thank you so much. Last question on margin. 11.5% in Q2 is a robust number despite the startup cost. Given that you are running 10 projects, do you see the margin sustaining, expanding, considering the scale benefits, better fixed cost absorption going forward? No, I won't say that these numbers are not sustainable. Definitely, it is in line with our annual guidance of 11% ± 5%. Quarter to quarter, there might be some pluses, some minuses. If you see, even in Q1, if you exclude that what we call exceptional income, it was something around 10.8%. Our full-year guidance, we remain intact within that guidance, and we do hope to continue with that margin range maybe for another year or two until we sort of commission large part of our ongoing projects. After which, we definitely do expect once everything comes online and starts generating, these margins should get into a little bit of improved category. Thank you so much, sir. Wishing you all the best. Thank you, Raghu. Thank you. The next question comes from the line of Siddhartha Bera from Nomura Wealth. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity and congrats again for the good set of numbers. Thank you. Sir, my question is first on this other category, especially the sensors and controller and EV systems revenue. I think as we sort of hit the base, growth seems to have a bit slowed down in this segment. Can you just talk about a couple of things here about any new product development which you are doing, which is sort of expected to come going ahead across any of these categories? What is happening? Some color there. Siddhartha, when we talk of new product development, there are a lot of them which some will see light of the day, some will not see light of the day. We normally communicate only once we have visibility on the new product which is converting into actual business. Otherwise, there are a lot of them I can share separately or I can share here itself that there have been certain products like I can tell you one is that touch-based switch for a tool that we have developed years back, but there is no market because it's a premium product and it's very price-sensitive. Another example was a heat and cool seat. The product was there, but it was an expensive product. Obviously, it was only in the aftermarket. It didn't get into line fitment. You will have a lot of product development going on, but what will see the line OEM acceptance and the conversion to business is I think there's the right time to comment on in terms of addition of new products. As of now, I don't want to get into a speculative kind of a thing. Sir, the second question is on this casting side. I mean, growth, you mentioned that there has been some deflation also because of commodity, but if you see in the last quarter, there has been some increase in the aluminum prices. You also have commissioned your plant, which I'm assuming may not have completely come in the quarter two. Should we expect a step-up in growth as all of these factors now sort of start benefiting you from this quarter onwards? No, but Siddhartha, first of all, I appreciate your point. If you see alloy wheel four-wheeler, our quarter one to quarter two sales actually have improved by almost like 8%-10%. Again, two-wheeler also has improved by something around better than more than 10%. If you see quarter -to- quarter, definitely there is a growth. Yes, to your point, we have value-added capacity. On the other hand, the application ratio has been a little what we call stable. With more low-end cars or low-end vehicles being sold, obviously, they have more steel wheel versus alloy wheel. Alloy wheel, you will find more in the premium vehicles and less in the low-end or the base model variants, if you may say so. That also drives a lot in terms of how much is the actual application. These are some of the factors which obviously are not in our hand, but we remain optimistic that directionally, the application issue has been improving and overall, medium to long term, this will continue to grow. Quarter to quarter or year to year is a little difficult, but we have grown from less like in PV from 13% application factor to all 40 + now. Globally, it is 70-80 +. Directionally, we are there. Quarter to quarter is a little difficult whether application ratio will remain same or it will improve. It also, as I said, a lot depends on the end vehicle being sold. Got it, sir. Thanks a lot. I will come back and talk to you. Thank you, Siddhartha. Thank you. The next question is from the line of Mukesh Saraf from Spark Institutional Equities. Please go ahead. Yeah, good evening, sir. And thank you for the opportunity. Actually, most of my questions are answered, but I had something on the seating side. I mean, I think a couple of maybe a few quarters back, we had kind of we were working with Tachi- S for the seat reclining systems, etc., for four-wheelers. Now just trying to understand what's the status of that, are we seeing some progress with respect to four-wheeler seatings, or we still kind of are seeing traction more only on the two-wheelers and the buckles, etc., that we've been working on? Yeah. Right, Mukesh. In terms of Tachi- S, definitely when we entered into JV three years back, I think that time also we said very categorically that this is going to be a tough ride, challenging ride. It's not going to be easy knowing the entire ecosystem. Our prediction actually went right, and it's taking a hell lot of time than what we have been sort of thinking. We have actually now, in terms of putting more impetus, we have de-linked this business internally from our seating business with a separate team so that they remain focused, maybe get a little more attention from this business. We seriously and sincerely hope to see next year or so, we should have some good traction in this business as we move forward. Okay. Okay. Four-wheelers itself, you're saying it's far more difficult than what we'd imagined earlier. I think we said it at the time of entering JV itself because we know the competitive landscape, right? Got it. Got it. Got it. Understood. Just one last housekeeping. I don't know if you had mentioned this and I missed it. The share of profit from associates has gone up. I mean, could you just call out which are the entities that probably have done well because it's, I think, INR 630 million-odd this quarter? Yeah. As I said a little while back, one of our joint ventures, which is into airbags, they have done really well. That business has commissioned its project expansion last year, and now things are getting online. Volumes are increasing since they were linked to the vehicle launch of OEM. That business has done pretty well and will hopefully continue to do well. That is the one which has added to the profit. There was some question earlier. Was there a one-off in this? There is no one-off in this. Okay. Understood. Understood. Right. Thank you so much. I'll get back with you. Thanks, Mukesh. Thank you. The next question is from the line of Sridhar Kalyani from Antique Stock Broking Limited. Please go ahead. Thanks for the opportunity. Congratulations on a robust set of numbers, sir. I just wanted to understand regarding the profit before tax in the standalone versus consolidated. Standalone PBT is around INR 400 crore, and then we have got profit from subsidiaries, INR 31 crore, and share of profit from JV is INR 63 crore, taking the total to INR 486-INR 487 crore. However, the consolidated PBT is INR 409 crore. I just wanted to understand, is there any intercompany adjustment or any subsidiaries in which we are incurring losses? If you can just throw some color on this. Sridhar, I'm not sure if you have noticed. There is a large other income in the standalone financial, which is primarily the dividend income which it receives from its subsidiaries. When you consolidate, this entire dividend income sort of goes off. And also, there has been some income on various other services which the company provides to its subsidiaries. All those things get knocked off when you consolidate. Okay. Thank you for the clarification, sir. Thank you. Thank you. That was the last question for today's conference call. I now hand the conference over to the management of Uno Minda Limited for closing comments. Over to you, sir. Thank you. I would like to thank everyone for joining the call. I hope we have been able to respond to most of your queries adequately. For any further information, we request you to please do get in touch with us directly. Thank you. Thank you. On behalf of Uno Minda Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.