Ladies and gentlemen, good evening and welcome to the Transformers and Rectifiers (India) Limited Q3 FY26 conference call, hosted by Nuvama Wealth Management Limited. As a reminder, all participant lines will be the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Vikram Datwani from Nuvama Wealth Management Limited. Thank you and over to you. Thank you. Good evening, everyone. On behalf of Nuvama Institutional Equities, I welcome you all to the third quarter FY26 results conference call of Transformers and Rectifiers (India) Limited. We are joined today by Mr. Satyen Mamtora, Managing Director and CEO, and Mr. Chanchal Rajora, Director of Finance. I would now like to hand over the call to the management for their opening remarks. Thank you and over to you, sir. Good afternoon, ladies and gentlemen. A very warm welcome to all of you, and thank you for joining us today for Q3 FY26 earnings call. I'm Satyen Mamtora, Managing Director and CEO of the company. We truly appreciate your time and your continued engagement with our company. It is a pleasure to connect with you once again. As we continue our journey for transformation, discipline, execution, and sustainable growth, earlier today, our Board of Directors approved financial results for quarter ended December 31, 2025. These results have been submitted to stock exchanges and are available along with our investor presentation. Let me begin by sharing some of the key highlights and strategic developments from the quarter. In Q3 FY26, the company delivered revenues of INR 704.21 crores with an EBITDA of INR 11 crores. The performance during the quarter has been exceptional and marks a clear inflection point in our operational momentum. Improved execution, better project conversion, enhanced capacity utilization, and tighter cost controls across the organization have contributed meaningfully to the performance. These results clearly demonstrate that we are back on stride and well-positioned to achieve our stated revenue profitability objectives for the year. A particularly significant milestone during the quarter was the receipt of exceptional HVDC repair order from Power Grid. This order is strategically important as it makes TRIL the first Indian origin company to receive HVDC repair order, underscoring our growth, technological capabilities, engineering credibility, and trust from marquee customers. This again reinforces our position in the high-voltage and advanced transformer segment and opens new long-term opportunities in the HVDC ecosystem. As communicated earlier, during the first half of the year, we consciously moderated fresh orders intake. This was a deliberate and strategic decision aimed at aligning new orders with extended delivery schedules, strengthening execution discipline, and ensuring optimal capacity planning. I am pleased to share that this approach is now yielding results. Looking ahead, we expect strong order inflow during the second half, supported by a robust and diversified order book close to INR 8,000 crores across domestic and international markets. In parallel, we are making steady progress on our backward integration, which is a critical pillar of our long-term competitiveness, margin sustainability, and supply chain resilience. We have planned six backward integration facilities, and execution is progressing as per schedule. The CTC plant is targeted for commissioning in FY26-27, followed by a pressboard facility in Q3 FY26-27, and an RIP bushing plant in Q4 FY26-27, along with the first phase of our fabrication facility during the same period. I am happy to share that civil work of all these facilities has already been commenced, and equipment orders are firmly in place. These initiatives will significantly enhance our in-house value addition, reduce external dependencies, and improve cost efficiency over long and medium term. Alongside backward integration, we also continue to expand our core manufacturing footprint through organic capacity expansion. Our Changodar facility expansion is on track and completion on Q1 FY26-27, while Moraiya is expected to be operational in Q2 FY26-27. These expansions will support higher volumes, improve execution flexibility, and enable us to cater to a strong demand visibility we see across all our order pipeline. For the full financial year, we remain confident of delivering at least 25% revenue growth over FY25. We are targeting revenues of approximately INR 2,600 crores, along with an EBITDA margin of around 16%. This confidence is underpinned by strong execution visibility, healthier order mix, benefits from operating leverage, and structural improvements that we are making across the organization. Equally important, we continue to strengthen our governance framework and internal processes. Corporate governance, compliance, and transparency remain at the heart of everything that we do. I am particularly proud to highlight that we have declared our audited financial results within eight days of quarter's close, reflecting our processes, discipline, and commitment to best-in-class disclosure standards. Before I conclude, I would like to sincerely thank our customers for their trust, our employees for their dedication and resilience, our suppliers and partners for their continued support, our board members for their guidance, and the most important, our investors for their continued confidence in our long-term vision. Together, we are building a future-ready organization with the ambition to emerge as a global leader in the transformer industry. I now shall invite Chanchal to take you through the financial performance in greater detail. Chanchal, please. Yes. Good evening, everyone. Thank you, Satyen, sir, for your insights, for leadership remarks, and for setting the strategic stage for the quarter. It gives me great pleasure to address you today, as we discuss our Q3 FY26 performance, a quarter that clearly reflects the strength of our execution capabilities and resilience of our business model, and the benefits of the strategic initiatives we have been implementing over the past several quarters. I'm pleased to report that Q3 has been a strong quarter for the company, marked by a sharp improvement across all the key financial parameters. Revenue on the standalone basis from operations stood at INR 704 crores as compared to INR 428 crores of Q2 FY26. The growth was driven by the improved supply-side normalization, higher plant utilization, and timely execution of the projects across the key segments. The momentum seen during the quarter validates our confidence in a strong second half of the year. EBITDA for the quarter came to INR 114 crores, with the margin expanding to 16.18%. The margin improvement was preliminarily led by the better operating leverage, a higher share of execution from the healthy margin orders, and early benefits of the cost optimization. Profit after tax is to INR 71 crores, reflecting not only the strong operating performance but also the disciplined financial management across the organization. Further on a consolidated basis, revenue for the quarter stood INR 737 crores against the INR 460 crores during Q2 FY26. EBITDA stood to INR 129 crores and PAT to INR 76 crores. Importantly, Q3 also marks a turning point in terms of the structural margin improvements. We are confident that margin sustainability will improve going forward. The backward integration facility and the developments are expected to further enhance the cost efficiencies and reduce external dependency over the medium term. Looking forward, we enter Q4 and the next financial year with strong visibility. Our order book remains robust, execution pipelines are healthy, and the plant utilization levels are expected to remain elevated. For the full year FY26, we remain confident of delivering the revenue of around INR 2,600 crores, along with the EBITDA margin of around 16%-17%. Beyond 2026, our focus remains on the profitable growth, return ratio improvement, and disciplined capital allocation. Before I conclude, I would like to express my sincere appreciation to our team across operation, finance, supply chain, and projects for their relentless focus and execution excellence. I would also like to thank our board and investors for their continuous trust and support as we work towards building a strong, more resilient, and future-ready organization. With that, I conclude my remarks. Thank you once again for joining us today. We're now happy to take your questions. Thank you. 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 the 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 will wait for a moment while the question queue assembles. The first question is from the line of Anviksha Vijay from Global Consignment Research. Please go ahead. Yeah. Hi. Am I audible? Yes. Yes. Thank you for the opportunity. So I just had a few questions in mind. Last quarter, I remember you telling that we had about a deferment of INR 100 crore in revenue because of the monsoon. And if we adjust this quarter's revenue to that, the adjusted revenue growth comes to about 13%. Is this the normalization we're looking at going forward? Vijay, it was not INR 100 crores. It was INR 70 crores, INR 70-INR 72 crores, right? And that benefit we got in this. But also, we are on INR 40 crores of the same revenue, which we could not be able to take in this quarter also. Okay, sir. Okay. Thank you so much. And one more question on that. And if we are targeting a $1 billion revenue by FY28-29, it means that we are targeting about 48% CAGR and top line from the current level. Can you help us understand what will drive the growth from here? Look, Vijay, we have been guiding about the $1 billion or INR 8,000 crore revenue for FY28-29. And this has got the various factors into that, not only the growth of the transformer business, but also the growth of the backward integration facilities, what we are putting up. The backward integration facilities itself are going to give us a robust business, as well as the growing demand of the industries is going to give us the huge amount of the new businesses. As we see that today, we are at around INR 5,500 crore executed on our book. And by close of this year, we'll be having around INR 8,000 crore of order book in hand. And we expect the same growth in coming years. And that is driving us for that. Okay. Sure. If I may just squeeze in one more question, may I? I would appreciate it if you can join again because there are lots of people in the line. Okay. Sure. Thank you so much. Thank you. Thank you. The next question is from the line of Manish Ostwal from Nirmal Bang Securities Private Limited. Please go ahead. Yes, sir. Thank you for the opportunity, sir. My question on our order book and the inflow number. So I'm confused with that number. So it is mentioned Q1 number because Q1 is also INR 665 crore only. So is it a typo error? You can confirm this Q3 order inflow was INR 665 only? It is INR 665. There is no typo error. There's no typo error. Okay. Sir, if you look at the order book of last quarter, it is INR 5,478 crore. And we executed the revenue in this quarter INR 737 crore. So if you knock off that and take the closing order book, the order inflow works out to INR 708 crore. So why is there a mistake in the mathematics? So this is not a mistake in mathematics. Basically, when we do the order book, there are certain price variation factors also there. And there are certain bought-out items there which generally do not reflect into the order books. That is why this difference comes. Okay. And lastly, sir, on this order pipeline, which was in Q4, was INR 22,000 crore. Now it is INR 16,500 crore. And the YTD basis compared to last year, nine months versus this year, nine months, 18.4% decline. The order pipeline is down by 25%. So how do you see the visibility, and where will we be ending the order book, sir? That's my question, last question. Manish, as I pointed out in my speech also, we have taken a deliberate decision that we shall pace ourselves in taking inflow of orders so that we do not have our order book beyond 18 months. We want to limit ourselves to an order book of 18 months. Beyond 18 months, it is not very viable because we have seen in the past also, we faced some issues. So 18 months is where we are limiting ourselves. That 18 months is the highest time limit where we want to execute a certain order. So we have been pacing ourselves in terms of taking orders and also pacing ourselves in terms of new capacity that is going to come. So we are very confident that when we close this year, we will have INR 8,000 crore order book in hand. All right. Thank you very much. Thank you. Thank you. Thank you. The next question is from the line of Samarth Khandelwal from ICICI Securities. Please go ahead. Am I audible? Yes. Congratulations on the HVDC repair order. May I know, going ahead, once you complete the order, which technology of HVDC would we be bidding for? It will be our own HVDC, indigenously made HVDC. So currently, we are repairing this transformer. Once we have to pre-qualify for any tender that comes in the future. So once we repair this transformer and it has successfully been commissioned, we shall qualify for our own technology of HVDC. Right now, there is LCC and VSC based. It will be a different one from that? Yes. Okay, so my next question is, if you could list out the capacity that we have right now and how much would we be getting commissioned? If you could just confirm that once again. Look, at present, we have the capacity in our Moraiya plant is around 27,000 MVA. Changodar is around 12,000 MVA, and Odhav is around 1,200 MVA. So that is our capacity at this moment. And the capacity new, which we are going to add up in the next financial year, is 15,000 MVA in Changodar in Q1 and 22,000 in Moraiya in Q2. Okay. Okay. Thank you. And sir, lastly, how does the prices or increase in the commodities will affect our margins going ahead? We have the Price Variation Clause. Most of our orders are protected by Price Variation Clause. So we shall be protected. But it is, again, one of the reasons why we do not want to book ourselves beyond 18 months. Okay. We are protected by Price Variation Clause. There is no problem there. But we still want to not take orders beyond 18 months. Basically, the reason behind that is that we don't want to block the capacities at present when we see the good business and the higher margins. We just want to leverage on that. Okay. Thank you and all the best, sir. Thank you. Thank you. The next question is from the line of Vedant Sarda from Nirmal Bang Securities Private Limited. Please go ahead. Hello, Mr. Vedant. Please go ahead. My all questions have been answered. Thank you. Thank you. Thank you. The next question is from the line of Akash, an individual investor. Please go ahead. Dr. Sir, congratulations on very good results. Sir, I wanted to thank you, sir. I wanted to understand your views on the current rumor or the news which is going on. Basically, Reuters have claimed that the Chinese companies would be allowed in the power sector or may be allowed to participate in the electricity or power sector-related bids. So my question, I think at this stage, it will be difficult for you to comment whether that came true or not. But my question is on the price competitiveness. How well we are positioned domestically and globally, and how do you see if this rumor comes factualized in a few months? How well prepared? Akash, from what I have read, the Chinese companies will still have to manufacture in India so there is only one Chinese manufacturer by the name of TBEA who is operating in India in the transformer industry and they are pretty much booked themselves with orders from Adani and Reliance and other companies, other EPCs so I don't see that much affecting us in the long term or in the short term. Right, sir. Right. And sir, my second question was on the news of Mr. Nikhil Srivastava, his resignation coming through, and Mr. Satyen Mamtora taking it forward. So what is the management plan going forward? Would Mr. Satyen Mamtora continue, or would you look for external resources for hiring a new CEO? I shall continue as the CEO and the MD of the company till such time that we decide that we are ready for a CEO now. Yes, sir. Thank you, sir. My all questions are answered. Thank you. Thank you. The next question is from the line of Aman Kumar Jain from FinWave Global Opportunities Fund. Please go ahead. Hello. So, sir, congratulations on a strong set of numbers. In the last call, you mentioned a shortage of bushings that led to supply chain disruptions. Yes. You have indicated that your new facility is expected to become operational around June this year. So could you share what capacity you are targeting initially? We are targeting. You're talking in terms of number of bushings or KV of bushings? Both, sir. So in the first phase, we are going up to 245 KV RIP bushings. Then we are working our way forward in the second year of manufacturing to 400 KV RIP bushings. And we are close to about 7,000 bushings in the first year of operation. Okay, and sir, also, as per my understanding, acceptance and qualification of such critical components usually takes significant time, so how should we think about ramp-up and customer approvals in this context? I think there is one caveat there. If we start getting our bushings tested, and it is just a type test that we have to do. So if our bushings pass all those type tests, we should be approved by all. Our OIP bushings currently are approved by almost all electricity boards and PGCIL also. So getting RIP bushing approval is not going to be very difficult for us. Okay. And. If you look at it in terms of the wherewithal to get the approvals, we also have that in terms of we are a transformer manufacturer. There is a certain credibility behind TRIL. So we have all that wherewithal also in terms of transformer bushings. So up until what time do we expect an optimal capacity utilization? By second year of operation, we should be at 70%-80% capacity utilization. Okay, sir. Thank you. That's it from my end. Thank you. Thank you. The next question is from the line of Sandeep Agarwal from Naredi Investments Private Limited. Please go ahead. Hello. Sir, my question is, what is our cash flow position for nine months? The six-month cash flow from operations is minus 34 crore. So what is our cash flow position? Sandeep, we are in the cash flow positive at this moment. Right? I don't have the right figure right now to give you. But yes, around INR 30 crore to INR 35 crore is on the we are on positive. Apart from that, we have around INR 275 crore of the cash deposits with the bankers. So that way, we are quite okay in that way. Okay, so my next question: what is the margin visibility in the next one to two years? What is the sustainable margin? Margins will stay stagnant at between 15%-16%. We don't see much variation in margin. The only variation that can happen is one or two% in margin. That is in terms of our operational excellence that we are looking at. So that is the only place where we would be able to get a better margin. Otherwise, this 15%-16% margin is where we will be at. Okay. And, sir, just last question. Sandeep, I just add on to that 15%-16% margins, which what MD sir is mentioning, is on the product side. Right? And once we will work out on a better operational efficiency and better leverage of the resources, the margin is going to be increased, as he said, by around 200 basis points. Okay. Just last question related to the industry. What is the lag time between order and supply? Just want to know. Currently, three months, four months. Currently, the lag time is close to between 24 and 28 months. We want to bring it down back to 18 months. So that is the reason why we are, again, being very cautious now. So currently, the lag time is around 24 months. Okay. Thank you. Thank you, sir. Thank you. The next question is from the line of Anupam Goswami from SUD Life. Please go ahead. Hi. Good evening, sir. Congratulations on the good set of numbers. Thanks. Sir, my first question about the expansion in Changodar and Moraiya. I believe it has got delayed further by one quarter now that we are seeing the first quarter. And on that note, given the order book, shouldn't we be able to execute the entire order book in one year, I mean, FY 2027, given our now expanded capacity by then? Yes, sir. It will take some time. Very honestly, you will expand the capacity in terms of manufacturing of transformers. Where will you get the CTC from? Where will you get the bushings from? Where will you get the CRGO from? All that capacity is still not fully capable to cater to whatever expansion that we are doing. So it will take time to gear up again for us to achieve what we want to achieve. And the best thing for that is our backward integration plans to come into action very soon. Okay. So current order book is, again, about 18 months of execution time. 18 to 24. 24 months. Not 18 months. 24 months. Okay. Okay. And sir, just last question on this. You mentioned 15%-16% margin. And then 200 basis points can improve above that due to backward integration efficiency. Yes. Yes. Yes. Yes. Okay. So hopefully, by FY28, I think the expansion will also come into good utilization and that there we can see some. Yes. Yes. Yes. Yes. Okay. Thank you, sir. I'll join back in a bit. Thank you. The next question is from the line of Venkatesh, an individual research analyst. Please go ahead. Hello, sir. Thank you. Thanks for giving me the opportunity. My only one question I have. How about that World Bank debarment thing? Can you throw some light on it? Because they had given a deadline till this, if I'm not wrong, till this January 15th or something like that. Thank you. Venkatesh, first of all, I would like to tell you that there is no debarment from the World Bank as of now on us. Second point is that World Bank has given us the timeline to reply to your queries by 12th of January. We are filing our reply in this particular week. Probably today only we are filing the reply. And we hope that in the next two to three weeks' time, this will be settled. Thanks a lot, sir. Thank you. That's all, sir. Thank you. Thank you. The next question is from the line of Nikhil Abhyankar from UTI Mutual Fund. Please go ahead. Thanks for the opportunity, sir. Just one question. I'm not sure if anyone has asked so there are these reports coming in today that government is thinking of allowing Chinese imports for power equipment, so just wanted to understand your views on this. Is there any traction to this idea or is the government actually thinking of allowing Chinese imports? Nikhil, so I just answered that question earlier. Probably you were not there on the queue. Under any circumstances, these Chinese manufacturers will have to make transformers in India. And currently, there is only one plant, one Chinese plant, which is making transformers in India. And that Chinese plant already has enough, is also fully booked for the next 16-18 months. So I don't think there is going to be a lot of variation in anything in terms of transformer manufacturing. And I also add, Nikhil, if these rumors keep coming, actually. No, no. It's not a rumor. It is come. They will also take one more thing is there. If any new foreign player is coming, they need to take the approvals of the product. That will also take plant and product both. That will take time. Okay. Okay. So at least for one to two years, you believe that that won't be a problem? Yes. Yes. Okay. Understood, sir. Thanks a lot and all the very best. Thank you. Thank you. The next question is from the line of Balasubramanian from Arihant Capital. Please go ahead. Good evening, sir. I'm Audible. Yes, ma'am. Yes. Sir, what is the current revenue contribution and growth outlook for transformer, renewable, and green hydrogen applications? Okay. Ma'am, first of all, green hydrogen application demand actually has not started coming up in India as of now or anywhere in the world also. Probably we are a little away from that. So once that will start coming up, we would be able to tell or anybody would be able to tell more about that. Renewable energy, our portion is increasing now. And once our Changodar facility will be in place because we are putting up a dedicated line for there, then we will have a higher portion of renewable energies from that. Yes, ma'am. My second question, could you please share our working capital situation in Q3? And our goal is to be net debt-free in the next 18-24 months. So what is that planned mix of operational cash flow or any equity raises or asset sales to achieve this net debt-free status? Okay. As working capital is concerned, we are in a little better position than what we were in the quarter H2. H2, we were having a working capital of around, say, around 125 days or something. We are now nearing up to around 120-122 days time. And second portion is this net debt-free. Yes, 18-24 months is the timeline which we wanted to become net debt-free. And we are working on that. And first and foremost, emphasis on that is through the internal resources. Right? And our working capital, you need to understand one thing. It is a heavy capital intensive product. So working capital has to be a little bit higher side. And particularly when we are importing the materials, then this will be on the little higher side. Though our goal is to reach 200 days level. But we will see that, how do we reach into that levels. But yes, we will be keeping by this year-end, we should be near to 120 days levels. Okay. Okay, sir. On the debt side, sir? Huh? Actually, our goal is to be net debt-free in the next 18-24 months. Yes, I said that is intact. We are working on that. We will be net debt-free in the next 18 months' time. Okay, sir. So my last question, I think, only to qualified vendors for our specialty furnace transformers. And why only to qualified vendors in this industry? And what are the technical barriers to entry here? And what is the opportunity size? And how sustainable the pricing power will be to qualified vendors? Furnace transformers, the load rating on these furnace transformers is very different. The furnace starts with very high power, high current, and the voltage is very less. A lot of people avoid taking this risk and sudden jerks to the transformers. That is the reason why. The other thing is if a furnace transformer is the whole furnace production goes zero. With the investment that people have done in their factories for melting steel, it is very difficult for people to cross that barrier and let anybody else in. That is the reason why we are able to sustain in this market because of our credibility and quality of our transformers. What is the opportunity size, sir? Opportunity size is very skewed, not very big, but yeah, close to about INR 200-300 crores. Okay, sir. Got it. Thank you. Thank you. The next question is from the line of Chirag Shah from ICICI Direct. Please go ahead. Yeah. Hi, sir. Just one question. As you mentioned that you will be ending with an FY26 backlog of INR 8,000-odd crores. Right? Sorry, sir. I was not able to hear you clearly. What are you saying, sir? I just want to understand that on one hand, you are saying that you will be ending with a backlog of INR 8,000 crores by FY 26. That is March 2026. Right? Yeah. Close to about 8,000 crores. Yes. Yeah. Close to INR 8,000 crores. And if I just look at the first nine months, our inflows have declined double digits. We are approximately somewhere around INR 1,800 odd crores. And my closing backlog as of Q3 is INR 5,400 odd crores. If I just do a back-of-the-envelope calculation, the implied order inflow minus your execution for Q4 implies an order win of almost INR 3,000 crores plus. So what gives us the confidence that we will be able to book such a big number in one quarter of the full INR 8,000 crores backlog? We have many inquiries in pipeline which are about to finish or in this quarter. Most of this will be getting awarded to us. But anyways, Chanchal will give you a better explanation on that. Chirag, if you see, basically, generally, most of the PSUs, they come up with the requirement in Q4 traditionally. Q4 has been always the biggest quarter in terms of the supplies as well as in terms of the deliveries and as well as the new requirements. Right? If you have been seeing in last quarter, last year, FY25 also, we got INR 2,400 crores or INR 2,500 crores of orders. Right? In one single quarter. So that is the confidence and the kind of the inquiries what we have the pipeline at a very, very advanced negotiation are going to basically give us the orders pretty soon, as soon as in this month itself. So that's the confidence what we have into that. Right? And my final question is more from a longer-term perspective. Let's say next four, five years. So we do have a target of $1 billion in terms of revenues. But post that, even if we achieve that, post that, given a lot of companies are putting up capacity in the transformer sector, how long is the runway for us in terms of growth and how will pricing pressure be there when these capacities come up? And at a stage where the industry will mature at some point in time, and what will be the margin at that point in time? Okay. That's it from my side. Chirag, this question, we have been answering this question for quite some time. First of all, whatever capacities are coming, they are not good enough for the demands which India is forcing in the next 10 years' time. Right? There is not going to be any problem in terms of the demand in coming next to seven to eight years' time. And basically, new demands like EV demands as well as the replacement market is also going to add up into that. I just mentioned in the last questions also, hydrogen demand has not even started coming up into the country. So this is the thing. And as far as TRIL is concerned, please understand, though the transformer remains a big focus for us, but we are diversifying ourselves into the backward integration product. And they are going to yield us also in some time in big numbers. So that is going to be the runway for the organization itself. And as far as industry is concerned, next 10 years, says we don't foresee anything problematic. And then the sustainable growth will come up. Thank you, sir. That's it from my side. Thank you. The next question is from the line of Tushar Pendharkar from Ventura Securities. Please go ahead. Hello. Sir, thanks for the opportunity. Sir, in Q4 FY25 and Q1 FY26, we reported 35% gross margin, and we believe that that was the normal margin because of the backward integration effect, so when can we achieve? Can we take the FY27 as the year with the 35% gross margin? It is FY 28. And will it provide further room for expansion to 40% with the further backward integration? Definitely. Okay. Thank you, sir. Thank you. That's all from me. Thank you. The next question is from the line of Aman Bansal from Prabhudas Lilladher. Please go ahead. Hello. I'm Aman Bansal. Yes, Aman. Yes, Aman. Congratulations on the amazing first number. Sir, all of my questions have actually already been answered. So yeah. Thank you. Thanks. Thanks, Aman. Thank you, Aman. Thank you. The next question is from the line of Kushal Kasliwal from InVed Research. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, although this quarter looks like a 30% growth, but I think last quarter you announced that there was a copper conductor shortage, import blockage of around 160 crores. And then there was this 70 crores also. I think this question was also earlier asked in this phone call. So sir, if we add both these figures, roughly 230 crores worth of orders were going from Q2 to Q3 this year. So if we remove that 230 crores worth of orders, our YY growth is actually not actually in negative risk. Kushal, I think you have misinterpreted what we said last time about the CTC. What we said, it is not INR 160 crores. We said 16 numbers of the CTC jobs that got stuck in ports. Right? So 16 jobs got stuck, that is two in the month of May and June. So which has received in the month of July, and then the production has started taking place. Understand one thing that is affected in our revenue of the Q2 as well as on the Q3 also. Because when the jobs got stuck there for 25 days at the port, we could not be able to move the next jobs from China and Korea. So that is why this has got the cascading effect on all the things. Right? And around INR 70 crores which were basically booked into the order, but because in the system, but Ind AS does not allow us to take into the revenue, that is affected. The actual effect was only INR 70 crores for that quarter. And the same kind of effect we are also facing up into this quarter around INR 45 crores also. So net net, there is around INR 30 crores of revenue which has come from. So if I remove this INR 30 crores, then also our growth rate has. INR 30 crores has fallen from the past quarter. Okay. I think I get what you are saying. I think my next question was around the CTC and CRGO situation. I think last time we said that the CRGO situation was prices as well as supply was limited. So has that solved now? Has that become normal now? It is not solved. We are providing for it, but it is work in progress. It is always work in progress. The kind of growth that Indian transformer industry is seeing, it is always a work in progress for all transformer manufacturers. Got it. Got it. Sir, on just your backward integration efforts, I think you were doing in-house CTC manufacturing and a couple of more things, radiators and all. So, will that backward integration effort also work for our HVDC transformer demand, or will for HVDC we'll have to change the we cannot use the backward integration? It will work for all sorts of and all kinds of transformers. Okay. Even the CTCs also? Yeah. The CTC also. Except for the bushing, I think all transformer. Everything in the transformer. Yes. Okay. Sir, just last point on HVDC. Sir, when do you expect to meaningfully see demand from HVDC transformer? So once we've repaired this transformer and it has been commissioned successfully, we should see PGCIL approving us for manufacturing these transformers. And then the orders are expected post 2027? Post 2027. Yeah. Post 2027. Yes. Got it. Got it. Thank you, sir. Thanks. Thank you. The next question is from the line of Viren Deshpande from Alpha eak Investments. Please go ahead. Hello, sir. Congratulations for the good results. We had last quarter was a horrible one for not only the business, but that World Bank issue. But I think the management, as it has been mentioned today, that we will be filing the reply very shortly in a day or two because 12th was the last date I heard. So if we are filing today, do we expect it to be solved very quickly, as you mentioned, in two, three weeks? Very honestly, we do not know what the World Bank process is. But we should get something sooner. Actually, that doesn't affect us financially. That was true, but, unnecessarily, some cost or governance issues, etc., the market has. The share price indicates that there was a big fear on that issue, but I hope you people are in a position to sort it out. Yeah. We are working towards getting it resolved. Good. And regarding this expansions which we have been mentioning, someone was saying you mentioned that all the expansions which are as per our plan and the production expansions, etc., will take place about almost we will be having 70%-75% growth in our production capacity in the next year? No. Our plant utilization will reach around 85%. Plant utilization is what we say that it will reach 85%. By next year end? Yeah. By next year end. Achha, including the expansions because you mentioned some 37,000. Yeah. Including the expansions. Expansion in Q1, I think you will be having some 15,000 MVA. And in Q2, you mentioned 22,000 MVA. Yes. Yes. Yes. Yes. So 37,000 MVA will be added in the next first half. Yes. So that means compared with the current capacity of 50,000, it translates to 74%. So is my understanding correct? Sir, my current capacity is around 40,000, and with the new expansion, we will reach to the 75,000 MVA. Okay. Very good. And congratulations to you all and Mr. Rajora also in particular that as promised, you have been in a position to present the results in the first week itself. So let us keep this tradition, and the market will always reward this type of gestures. Thank you, Viren. This is the organizational effect and efforts which is being paying off us. And in this CapEx also which we are having for this expansion and for the backward, and when do we expect this backward integration to be completed? The backward integration for the CTC plant, as I mentioned in my thing, one is CTC plant quarter one, FY 2026, 2027. Moraiya expansion will be in FY 2026, 2027, quarter two. Bushing will be quarter four, FY 2026, 2027. Pressboard will be in quarter three, FY 2026, 2027. Okay, so next year ending, almost all the things will be completed, so 27, 28 will be the financial year. Yeah. All our projects will be completed. Okay. So after that, we expect about 2% growth in margins also? Yes, sir. Yes. Okay. Thank you, sir, and all the best. Thank you. Thank you. Thanks. Can we take the last question, please? Thank you. The last question is from the line of Deepak Poddar from Sapphire Capital. Please go ahead. Yeah. I'm audible, sir? Yes, Deepak. Yeah. So most of my questions have been answered. Just a few things. Now, you mentioned FY27 and INR 8,000 crores order book given the execution in fourth quarter and current unexecuted order book of INR 5,500 crores. So we expect around INR 3,500 crores of order inflow in the fourth quarter. Right? Would that be a right understanding? Yeah. Yeah. That would be a fair assumption. Okay. And given that you mentioned that even 2,500 crores we have done in last year fourth quarter, so this is something which looks achievable to you or? Yeah. It is absolutely achievable. Okay. And what will drive this order? I mean, can you throw some light on how? So we have quoted in many tenders close to about INR 16,000 crore tenders. And most of these are on the verge of finalization. And the other thing is they are also thinking that beyond 18 months, they also do not want to expose themselves. So they are also trying to control pace themselves in placing the orders. But generally, our order book, I mean, whatever INR 8,000 crores we are targeting there. This is only not taking orders or not getting awarded for orders, is only a question of pacing the awarding orders. Okay. And then the execution timeline of this INR 8,000 crores which we are expecting to be closing by FY 26 would be around what? 18-24 months? Approximately 24 months. At max, it should be 24 months, not beyond 24 months. We are trying to limit ourselves to 18 months. Okay. Understood. Understood. And given this year, we are looking to grow about what? 20%-25%. Right? From next year onward, I mean, the CAGR that we need to grow to a billion dollar or 8,000 crores of 45%-50% CAGR, is that what we are targeting from FY27 onward? Sir, that is right. Understand one thing, in that drive, there are two major factors which are going to contribute apart from our present capacity. The new capacity which we are going to add up around 35,000 MVA and the backward integration revenue which we are targeting to contribute that things. Those two are the major contributors going to play in that goal, sir. And all these are coming from first quarter till fourth quarter, right? In part. Yeah. Yeah. Yeah. That you already mentioned. So what would be our optimum revenue potential on this capacity? I mean, both 77,000 MVA and plus your CTC and bushing capacity that is coming through. Yeah. They are the. 80%-85% utilization, what sort of revenue potential do we see? The $1 billion or INR 8,000 crore revenue is actually, we are guiding based on these and all the efforts what we are doing. Okay, so once you fully utilize all this capacity, INR 8,000 crores kind of a top line is quite achievable. Yes. Yes. Yes. Just my last thing on the industry side. I mean, what sort of growth we are looking at the industry level if you can throw some light on that? Sir, the world transformer industry, only the transformer I'm talking about, is growing at the CAGR level of 6.7%, and India is growing at the CAGR level of 15%. India is growing at 15%? Yes, sir. Understood. Understood. That would be it from my side, and I would like to wish you all the very best. Thank you so much. Thank you, sir. Thanks a lot for joining us. Thank you. Ladies and gentlemen, that was the last question for today. I now hand over conference to the management for the closing comments. Thank you once again for joining us today for your continued confidence in our journey. We look forward to your questions and engaging in meaningful discussions. Your insights and support remain invaluable to us as we continue to execute our strategy and create long-term value for all of our stakeholders. Thank you. Thanks a lot. Thank you very much. On behalf of Nuvama Wealth Management Limited, that concludes this conference. Thank you for joining with us today, and you may now disconnect your lines. Thank you.