Good evening, ladies and gentlemen. I'm Karthikeyan, moderator for the conference call. Welcome to Q3 FY 2026 Earnings Conference Call for Aequs Limited. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. To receive assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone telephone. Please note, this conference is recorded. I would now like to hand over the floor to Mr. Diwakar Pingle from EY. Thank you, and over to you, sir. Thank you very much, Karthik. Good evening, good morning to all participants on the call, depending on the geography you're calling in from. We welcome you to the Q3 and, you know, 9-month FY 2026 earnings call. The first earnings call for Aequs Limited post the listing. Before we proceed this call, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our businesses that could cause future result, performance or achievement to differ significantly from what is expressed or implied in such forward-looking statements. Please note that we have mailed the results and the same is available in the exchange. In case you have not received the same, please write to us and we'll be happy to send the same over to you. To take us through the results and answer your questions today we have the management of Aequs Limited, represented by Mr. Aravind Melligeri, Executive Chairman and CEO, Rajeev Kaul, Managing Director, Dinesh Iyer, Chief Financial Officer, and Harish Bang, Vice President, Finance. We will start the call with a brief overview of the quarter gone past, and then conduct the Q&A session. With that said, I'll now hand the call to Aravind. Over to you, Aravind. Thank you, Diwakar. Thank you. Good evening, everyone. Thank you for joining this call, the first one after our becoming public company. This is an important moment in our journey. The strong reception to our IPO, which was subscribed more than 100 times, reinforces the trust placed in us by our customers, partners and our shareholders now. This also reflects the confidence placed in us by our investors and the dedication of thousands of colleagues across manufacturing clusters in Belagavi, Hubballi, Koppal in India and units in France and U.S. As you may know, Aequs began its operations in 2007 as part of Quest Global, with the ambition of building a resilient, scalable institution for a long term. Early customer insights showed that aerospace success would require a fully integrated manufacturing ecosystem. This led us to our first facility in Belagavi in 2009-10. That milestone marked the start of a multi-decadal journey to build a world-class manufacturing ecosystem in India for the world. The focus was also on maximizing in-country value add. We originally started with about 20% in-country value add. Today we have evolved into 100% in-country value add for select parts like aircraft wheels for the global aero, commercial aerospace industry. Today, Aequs is the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the aerospace segment. This sets us apart from other manufacturers with selective manufacturing capabilities among the suppliers across the world. This unique approach gained global acclaim in 2016 when Airbus conferred Aequs an innovation award in recognition of unique ecosystem that we have built here in Belagavi. Subsequently, our scale, capabilities and compliance-driven approach in aerospace segment has enabled us to venture into consumer industry with a unique value proposition through manufacturing ecosystems. We strongly believe in partnerships and treating people equally. This led us to rebrand as Aequs in 2014, reflecting our view that all stakeholders are partners in growth. Aequs in Latin means equal. This philosophy has embedded in our values of transparency, trust and respect, and instrument institutionalized as a DNA of Aequs. Quite naturally, we have leveraged global partnership to enhance these ecosystems through joint ventures to gain deep process capabilities. We have partnered with Magellan Aerospace of Canada for surface treatment, with Aubert & Duval of France for forging. More recently, we have partnered with Accel India and Vagus Defense to enter the design and manufacturing of unmanned aerial vehicles primarily for Indian defense requirements. In consumer segment, we partner with Brazilian multinational, Tramontina, to tap the global cookware market. We have thus emerged as one of India's largest end-to-end aerospace suppliers to OEMs, tier ones, such as Airbus, Boeing, Collins Aerospace, Safran, Saab, Honeywell, to name a few. In the consumer verticals, we apply the same engineering discipline to produce precision components for consumer electronics, toys and cookware for global leaders. Many of our relationships with the top OEMs in the aerospace segment and clients in the consumer industry span over a decade. This is a validation of a trust that we have built as a reliable partner with scale to meet their growing demands. Speaking of the industry scenario, aerospace can Aerospace and consumer segment have addressable market that were $447 billion and $126 billion respectively by 2030. Speaking of the opportunity in the commercial aerospace market Participants kindly stay connected while we connect the management back on the call. Again, I think I will repeat this sentence in case somebody missed. Speaking of the opportunity, the commercial aerospace market for the Indian supply chain company, this market opportunity, we still are. India is only 2% of the global supply chain, whereas currently about 5% of the global market India has. This is going to go into a 10% of the global market. India is going to be a 10% of the global market for a commercial aerospace industry. Our focus has been to grow India as in line with the global market, what India opportunity provides. This dynamic offers the tailwinds for Indian manufacturing, including the cost-competitive skilled engineering talent and rapidly maturing quality ecosystem to capture a growing share of global aerospace sourcing, particularly OEMs diversified supply chains to leverage India. Coming back to this quarter's performance, which reflects the strength of our operations, we will discuss in further details during the call. The growth was driven by ramp-up in aerospace programs and scaling up in our consumer business. Our aerospace segment continues to be profitable with a strong order book of $814 million. In consumer electronics, the programs we won earlier are now industrialized. We are starting to see the revenues coming through. During the quarter, we received approval from DPIIT for PLI incentives under the Electronic Component Manufacturing Scheme. Further, we brought on Mattel as a new customer and started shipping. Shipment started the last quarter in Q3, and we started recognition of revenue. As we step into the new phase as a listed company, our focus remains unchanged. To deepen capabilities, expand our integrated ecosystems to support our global customer programs from India. Thank you once again for your trust and support. I will now hand over to Rajeev Kaul, the co-founder and Managing Director, who'll walk you through our operations and roadmap in greater detail. Thank you, Aravind, and thank you everyone for joining us today. We're grateful for your time and interest in our company. As Aravind explained to you, we are a precision manufacturing company. We make complex, high quality components for some of the world's biggest brands, which include almost every aerospace OEMs, tier ones and consumer companies, including a large consumer electronics brand. Our manufacturing presence is vertically integrated, meaning we manage the manufacturing process end-to-end. It starts from forging, machining, molding, stamping, special process, various secondary processes and assembly. Everything is done at our three integrated clusters in Belagavi, Hooghly and Koppal, supported by facilities in France and the U.S. This setup has kept us close to customers while at the same time capitalizing on India's position as a value-oriented supplier. Our integrated ecosystem gives a strong operating leverage, shared infrastructure across ecosystems and delivers faster cycles and better cost efficiency. We have built deep process expertise across forging, machining of titanium, high strength aluminum alloy, steel and superalloys, supported by NADCAP certified surface treatments that meet stringent aerospace standards. These capabilities require years of investment and qualification, making them difficult to replicate and establishing a strong competitive moat for our business. In terms of manufacturing capability, we can handle large long-term aerospace programs as well as short cycle consumer production at high efficiency. We currently operate around 3.96 million machining and molding hours annually, which is supported by our 424 CNC machines and 161 molding machines. Now, I would like to explain our two segments in detail, aerospace and consumer. In aerospace, we manufacture critical parts of aircraft for aerostructure, actuation, engine, landing gear and interiors with a comprehensive portfolio of 5,221 parts as of December 8 2026. These programs are highly regulated and qualification cycles are long, but once approved, they tend to stay with us for years, which gives us visibility and sustained growth. The aerospace industry is also difficult to enter, but is a large runway for entrenched players like us. This vertical contributes around 86% of our revenues during the nine-month period of FY 2026. Global OEMs are increasingly rebalancing their supply chain and turning to India as a reliable manufacturing partner. As Aequs, we are well positioned to benefit from this shift. Offering a fully integrated global certified ecosystem that delivers consistent quality and scalable capacity. Supported by strong engineering talent, competitive cost structure and efficient SEZ operations, we have seen meaningful growth in sourcing from major OEMs, including Airbus and Boeing. In consumer, we apply the same precision and discipline to make components and products for consumer electronics, toys and cookware. While this vertical contributes 13% of our revenue during the nine months, we are seeing rapid expansion of demand in this segment. At the end of the quarter, our aerospace order book stood at $814 million. During the quarter, we also commenced deliveries to Mattel, and the consumer electronics programs awarded earlier have been fully industrialized with revenues now beginning to flow. Before I close, I would like to highlight one thing that truly defines Aequs, our people. We have a strong team of 735 engineers out of total workforce strength of over 2,968. That reflects a significant investment in our engineering capability. They are the reasons we take a new product development to commercial production speed and precision. We'll continue to build on this strength. With that, I would like to thank you for your time, and will hand over to Dinesh Iyer, our CFO, who will walk you through the financials and the key highlights for the quarter. Thank you. Thank you, Rajeev Kaul. Good evening, everyone. I'll be taking you through the financial highlights for the quarter and the first nine months of FY 2026. For Q3, revenue from operations stood at INR 3,262 million, reflecting a strong 51% growth year-on-year, which is also the highest quarterly revenue for Aequs Limited, driven by continued growth in the aerospace and consumer verticals. We reported an EBITDA of INR 381 million, up 353% year-on-year. This translates to an EBITDA margin of 12%. PAT for the quarter was at INR -426 million, but this includes both the impact of the labor code expense and IPO-related expenses amounting to INR 167 million. Our Adjusted PAT after removing these one-time items would have been INR -259 million. For nine months FY 2026, revenue stood at INR 8,633 million, up 28% year-on-year, and once again led by strong momentum in the aerospace and consumer segments. Our EBITDA grew 85% from INR 662 million - INR 1,222 million, improving our EBITDA margin from 10% - 14% year-on-year. We have also been able to reduce our PAT loss from INR 111.5 million in the nine months FY 2025 to INR 593 million, an improvement of 47% year-on-year. If we adjust for the one-time labor code expense and IPO-related expenses, our adjusted PAT for the nine months would be a loss of INR 426 million. Coming to our JVs, if we include our proportionate share of the joint ventures that we have, total adjusted revenue for Q3 stood at INR 3,554 million, up 49% year-on-year, while EBITDA grew 228% to INR 449 million, resulting in an EBITDA margin of 13%. For nine months, revenue including JVs would be INR 9,482 million and EBITDA INR 1,410 million, reflecting a 15% margin with growth in revenue of 29% and EBITDA growth of 75% respectively. Our aerospace joint ventures continue to deliver strong margins, reinforcing the integrated ecosystem that differentiates Aequs from forging and special processing to machining and assembly. In Q3, the aerospace business contributed INR 2,685 million, translating to 82% of consolidated revenue. Aerospace revenue grew 38% with segment EBITDA at INR 633 million, which was up 163% year-on-year. For nine months, the aerospace revenue was INR 7,424 million, which showed an increase of 26%, and segment EBITDA was INR 1,803 million, which reflected a 62% year-on-year growth. The consumer vertical reported revenues of INR 577 million in Q3, up 157% year-on-year. While our EBITDA loss in this segment widened from INR 95 million to INR 159 million, this is primarily due to us being in a scale-up phase. As our utilization improves with scale, we expect operating leverage to improve our profitability. For nine months, the consumer segment revenue increased to INR 1,209 million, showing a 39% increase, and segment EBITDA fell to INR 159 million, which was a 9% year-on-year. Turning to our balance sheet, total assets stood at around INR 30.5 billion in December versus INR 18.6 billion in March 2025, reflecting IPO proceeds, investment in CapEx for consumer segment and increase in working capital in line with business growth. Coming to the key ratios, our balance sheet metrics continue to improve. Net debt to equity reduced sharply to 0.1x as of nine months FY 2026, reflecting deleveraging following the IPO and improved capital structure. Due to significant capacity additions in consumer segment, fixed asset turnover moderated during the period to 0.84x from 1.3x. Excluding the capacity addition in consumer segment, which is starting to deliver revenues, the ratio would have been 2.14x. The ongoing ramp-up across consumer programs is expected to improve utilization. Net working capital days stood at 120 days of sales as of nine months FY 2026, broadly in line and showing a slight improvement over FY 2025, which was 132 days on sales, reflecting the long cycle nature of aerospace programs and inventory build to support growth. Aerospace segment ROCE was 18.5% for nine-month FY 2026, reflecting a good improvement over FY 2025 which was 14.3%. This was driven by the operating leverage. Consumer segment, being in a ramp-up phase with investments front-ended, shows negative ROCE, which is expected to turn positive as utilization increases. To summarize, top-line growth remains strong, margins are improving driven by operating leverage, and our balance sheet is well capitalized to support growth. Aerospace, being our mature business segment, continues to anchor profitability, while the consumer segment will move towards profitability with increased capacity utilization. Our priorities remain clear. First, continue to grow aerospace segment profitably. Second, drive utilization in consumer segment on the back of customer additions. Third, continue to look for opportunities in aerospace related to defense. With that, we will now open the floor for questions. Thank you. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you'd like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, to ask a question, please press star and one on your telephone keypad. Wait for a moment while the question queue assembles. We have the first question from the line of Bhavika Singhvi from Niveshaay. Please go with your question, ma'am. Hello, am I audible? Yes, ma'am, you are audible, ma'am. Yeah. Firstly, many congratulations for the IPO debut and for good set of numbers. Basically, I have few questions of your. One, around your business side. As a aerospace company, I just want to know the management view, why they entered on the consumer segment, especially on the plastic engineering. Going forward, what's their view on the same? The second question I have regarding the results, like I see the consumer segment margins of Q3 have been like impacted. I want to know the reason behind it, like, even though you are doing good on in terms of electronic side. Why there is a like margin got impacted in Q3? Okay. This is Aravind Melligeri. Back in 2016, 2017 is when we expanded into consumer from aerospace. The thesis at that time was our capability, if you really look at precision manufacturing and also the requirement, what is required for the industry, toy industry, was very much similar with respect to the compliance and also the regulations in a sense. If you look at it, compliance regulation and safety side of it especially. Global customers who came to India, they were looking for manufacturer with a background of aerospace, automotive, that kind of thing. We saw the opportunity to enter this vertical and scale without compromising any on investment possibilities in the aerospace side. It leverages... Apart from leveraging the high-precision capability which is required for molds and manufacturing, and also assembly side of it, this is an opportunity to scale. It's a fairly large market and we're you know, it's about $80 billion global market on toys, and there are no players in India at that point in time significantly contributing. We have entered that market. Later we decided that we expand this into consumer electronics, where the opportunity is much larger than what we have seen. As a product portfolio, if you look at capability perspective, Aequs has always driven on the capability in the manufacturing or machining. We have stamping and similar in the plastic injection molding is there. In consumer electronics we are doing stamping and precision machining and injection molding. There is a combination which comes into the consumer side of business also. Coming down to your question, that's the reason we believe it's a complementary for us to leverage capability of what we have, what we learned in aerospace, and to apply for consumer. It's a much higher volume. What has taken 15 years for us to grow in aerospace, this can happen within few years in the consumer industry because of the way the product scales in this industry. The second one is on the consumer electronics. The consumer performance perspective, we've invested on this product in the consumer electronics over last 24 months, and we just started product. Participants, kindly stay connected while we connect the management back on the call. Yeah. Majority of the capacity has come online. Now because of that, our EBITDA looks high, much worse than what it was in the previous quarter. As our utilization is today only at 35%, utilization will continually improve on a quarterly basis, you will see the you know improve in the EBITDA numbers and also profitability. We have to work with this and because early investment phase, and it is working through this working through and making sure that we are going to get the utilization up and correspondingly translating into our profitability. I have a follow-up question on this. Like on aerospace you are making or like you are profitable, but because of the consumer segment, your aerospace revenues, like margins are getting wiped off. Is there any plan like you are thinking to do something in future? Because I think in the plastic side, it's been consumer segment has been loss-making since like a lot of time. Is management planning to do something regarding the same? Like the second question is regarding the ecosystem. Like as you know, it's highlighted that you are. Because of your ecosystems, which is the precision making there. I just, I'm a little confused that why it's not getting reflected on your margins. Like being a aerospace company, you are making margins less than 20%. Like, I just want to understand, like, how this ecosystem is helping you on aerospace side. Hi, this is Dinesh Iyer here. Maybe I'll just take that question and I'll just take the last part of the question. Again, if you see our segment results, if you see aerospace for the nine months reported, it's at 24% margins. The margins are, I mean, healthy there, so that's the margin that you should reflect. In terms of consumer, again, I think what we just mentioned in the sort of introduction is the manufacturing business requires investment upfront. If I take consumer electronics or toys, I think the investments have been made upfront. If you see year-on-year, we are showing a steady growth in revenues. With the revenue growth, you'll get the leverage, and the margin should come back. The focus, two things. One, on consumer electronics already we have the customer in place. The products are getting industrialized. The demand is there, so we should see revenue growth. With revenue growth you'll see a leveraging of whatever investments we have made in terms of CapEx and people that were brought on board. It's a similar situation for toys as well. We have the fixed assets in place. As the revenues grow, you'll see a leveraging, and we should start getting into a good margin profile. I hope that addresses your question. Okay. Got it. Thank you so much. Thank you. We have the next question from the line of Renuka Baid from IIFL Capital. Please go ahead with your question. Yeah. Hi, and good evening team. Congratulations for the results. I feel the same. My first question is on the aerospace business. Can you help us understand what are the timelines of execution of the order backlog which you have shared in terms of number of years? Also if you can share with us the guidance for FY 2026, and if any you have for FY 2027 for this point in time. That's the first question on aerospace. On consumer part of the business, it would be helpful if you can help us understand how is the order book with the key customers on the consumer electronics part of the portfolio which you recently added. What is the roadmap to scale the revenues in that segment? You did highlight that the segment turning profitability is contingent on the improvement in utilization levels. Based on the order book that we have, in your view, by when are we expecting the business to break even and turn profitable? What is the kind of CapEx requirement in this business that you're forecasting for the next 12-18 months? Thank you. For the first question in terms of order book, again, as you mentioned, the order book is $814 million. We expect this to get delivered over the next five years. This order book is there up to about 2027 or 2031. Obviously we continue to win new orders, so this is not a static number. But the number of- Right. $18 million will be delivered between now and 2031 as the projects start scaling up. The second question in terms of- We can consider this as the TCV value, right? Yes. This is the TCV, total contract value. That's correct. Sure. Thank you. Sure. On the consumer electronics, again, in terms of order book, typically the structure with the customer is that we build capacity based on demand that they project. Typically the way it works is They have a certain demand. We work with them to build the capacity to sort of fulfill that demand, which is why I said the demand, is already there and where you start.. Correct. ..to see the ramp up in revenues. There's no order book as such, but the way they work with their manufacturer, contract manufacturer, is they build the capacity to meet their demand. Sure. Based on In toys, just to add. ..the indications that you have on demand. Yeah. Sorry. Go ahead. Based on the indicative demand ramp up on targets that you have from the customer, in your view, how should we look at the growth or volume scale up in this business? At what utilization levels, in your view we would be, the consumer business will be turning profitable or it will break even? Any timeline should we have for the same? The timelines I think, I mean, we'll have to see as it goes. I think today if you see, we are seeing a growth in the quarter. In terms of, again What I can say is the capacity that we have built is already fully committed by the customer. Now it's the question of- Correct. ..how our ramp meets that requirement. There's no issue of demand. It's only our ability to scale at a quicker pace that will meet the demand. That's the- Sure. Due to the ongoing memory chip price both steep hike in the prices and availability shortages, have we seen any volume impact? Or probably since we are in the early phase of ramp up, we are broadly unaffected by some of these macros here. Renu, this is Aravind. Just to give you a little bit of broader on this piece. Look, the products have been qualified in the consumer electronics, both the products, and commercial shipment has started. The customers- They are happy with where we are, and in fact have asked us to increase our capacity. The combination obviously is the. There's no issue with the market share perspective, volume perspective, because we are a very small percentage of the overall market share of the customer. Right. Correct. You know? Got it. We don't see that as an issue at this point in time. Sure. Second question would be, given that India has now signed up with EU on the FTA, we also have a subsidiary for, I think we have a French unit there. So, in any way, do you think our portfolio tends to benefit on any import of certain components coming up from Europe or, especially on the aerospace part of the business? Actually, aerospace itself did not have any kind of a tariff between U.S. and India. It has been 0%. Whereas consumer toys have certain tariffs, certain products have Okay. Consumer electronics typically don't ship to Europe. Obviously, Our customers, since our contracts are always Ex Works, our delivery will be unpaid. Customers typically bear the duties. In that situation, we become more competitive in this situation and the tariff, whatever the 4%-5% is there goes to zero, you know, in those areas. Correct. Got it. Lastly, to close, would you like to share any guidance on revenue margins for fiscal 2026 or anything- Not at this time. For FY 2027 at this point in time? No, not at this time. Sure. Thank you. Thank you and best wishes to you. Thank you. Thank you. We have the next question from the line of Nemish Sundar from Elara Capital. Please go ahead. Yeah, hello. Yeah, am I audible, sir? Yes. Yeah. Congrats on a very healthy set of numbers on growth. Just a few questions. On the order pipeline or order book, you highlighted $814 million is the current order book in aerospace. Just wanted to understand how would be the ramp-up in order book like. Is there any order pipeline that we could work with for the next one to two years or the upcoming quarters, or how would we go about that? Any indication? Yeah, I mean, this is a constant process. You know, our sales team is different. Our customer engagements are continuously. You know, our account managers are working with our customers to, you know, RFQ pipeline continues to happen and we convert some of them into contracts every quarter. That gets added into, you know, into our order backlog. That's what we communicate every quarter, you know, what's our current order backlog looks or order book looks like. You'll see that continuous update on a quarterly basis. It's a continuous process. Every quarter it moves, you know, up, whatever it is, depending on what we executed plus what we signed up. Okay. It could be in tandem with what the revenue growth is currently there, and it would move along the same lines as what we could work with. Is that fair assumption? I mean, look, these contracts are anywhere between 5-7 years when we sign the contract. Some of the contracts signed long back will be ending and new contract renewals would have happened. All that combination will come up. Obviously it's a measure of what we would deliver in next five years. Okay, sir. On the CapEx requirement, so what would be the CapEx that we could assume for this year and for aerospace and consumer ECU, like, so whatever state of the CapEx? This year you should not, I mean, most of the CapEx is already done. There'll only be some more capitalization. The spend has happened. Some of the capitalization will happen in the consumer electronics. Otherwise we should not see any big CapEx, new CapEx that are coming in. You'll see some numbers are increasing, getting into capitalized things to both. Otherwise there are no significant investment in this year. Okay. Just my last question on the component manufacturing scheme approval that you have mentioned. I just wanted to know for what product or segment, if any particular segment was this for? This is for our consumer electronics segment, mechanical enclosures. Okay, perfect. Okay, thank you, sir. Thank you. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. We have our next question from the line of Dev Thakkar from ITOT PMS. Please go ahead. Hello, am I audible? Yes. Thank you, sir. Congratulations for the listing, and thank you for the opportunity. I had this question. What would be our volume share in absolute terms per aircraft? Maybe the narrow body ones. Going forward, what could be the growth in this, per share aircraft? Look, we are not currently disclosing the exact content per aircraft at this stage. Obviously, you know, I can qualitatively say that Airbus A321 is a significant content as overall revenue perspective for us. Airbus A320 family for us as a Aequs. The narrow bodies overall is generally the largest market, largest revenue share what we have today. Which continues to be because the volumes are largest in the industry. You know, growth is also highest in the single-aisle market, which is predominantly Airbus A320 and 737. Both are growing the volume, so that will continue to have a larger share for us also and winning opportunity also for us. Having said that, we have enough content of long range, both on 350, 787, 777, 777X. That's the overall narrative what I can provide. Okay. Got it. Could you provide a mix of like what could be the one-time delivery part and what could be the repeat business parts of this? We don't do any one-time delivery parts at all. We generally everything what we do is under contract, long-term contract. No, as in, like what could be the like, for the fresh aircraft and what could be for the like MRO business part. Aftermarket. We don't really Yes. Fix that because everything we deliver is under contract to the OEMs or Tier 1s. It's left to them. We have no differential pricing, at least out of India. A little bit, I would say in our French facility, we segregate between MRO and aftermarket and OEM. That's how it works. Okay, Subhash. Sir, on the consumer electronics side, is there any like change in capacity? Like, for enclosures, if I'm not wrong, we had 10,000 per day capacity. In worst cases, we had 4,000 per day kind of capacity. Is there any change in that? As you said, capitalization is still yet to be done. What could be the final capacity for that? Yeah, I mean, look, we have no comment on that specific activities question. Okay. Got it, sir. Thank you. All the best. Thank you. Thank you. We have the next question from the line of Shashi Kant from Brighter Mind Equity Advisors. Please go ahead. Thank you, sir, for giving me the opportunity. My first question is client-wise break up of revenue, if you can tell us, I mean, from Boeing, Airbus, and Yeah, I mean, we don't provide that. Okay. split. Okay. Sir, the next question is, recently we have observed many Indian groups are trying to, build up commercial manufacturing in India, commercial aerospace manufacturing in India. How we are seeing that opportunity? Look, we would be happy to supply to anybody who does commercial aerospace or aircraft build. We have no issue with it. Ultimately, these are all approved by the OEM. If I'm supplying to the OEM, if all these designs are not done in India, these are existing designs getting built in India. If we are supplying to that original design, those same parts will end up coming here if they set up a facility here. Okay. They're just templates here. Okay. You know, how we are seeing about the, you know, opportunity in the defense aircraft manufacturing in India? Look, we have capacity to support anyone. The question comes down to is we want to in the defense side of it, we would like to be more of a system level contributor. That's why we announced a joint venture partnership with Accel and Vagus Defense to get into the UAV market design and manufacturing. We believe we would like to play at a system level in that segment, in the Indian defense specifically. We do support the defense activities in France and U.S., locally also. Okay. Thank you, sir. That's all from my side. Thank you. Thank you. The next question from the line of Sharan P from Unifi Capital Private Limited. Please go ahead. Yeah. Hope I'm audible. Yes. My question is on the consumer side. The consumer side, we have toys and electronics, right? The cookware business we are doing, we are JV now. My point is, how much of a rough mix would be of this quarter or from the nine months would be from toys and from electronics? Second question would be from toys perspective, in one of the GP interviews I have heard you say that you're in line with increasing and you're bringing on some new customers for the toys business. How is that going? How is the Hasbro's business currently? Because we see it is all dipped in the last year, but again, we are seeing that Hasbro is planning to shift again from China to India. How is the growth in the toys business? Third one would be the electronics business. As I understand that once the ramp up comes, we will be seeing the profitability. How do we see it maybe in how many months or how many quarters roughly we can get to achieving that ramp up? If you can comment on any of the steps. Let me maybe try to answer this question. The consumer side, you're asking how much is the toys versus the consumer electronics. We don't you know split that number because predominantly is evolving vertical for segment for us. Today I can say that the consumer electronics is a small portion of the overall nine months. We believe it's going to accelerate much faster and it's going to be a significant portion of our consumer business as we go forward. Okay. A toy perspective customer basis, we are onboarded Mattel as a new customer. Okay. Strategically, long-term, on agreement signing. We believe, Hasbro is also growing and will continue to grow both of them. That's how we look at it. We have existing capacity. We are not investing any new capacity in this vertical at this stage. Oh, okay. Yeah, I get that. Okay, metal. When will you, when you are taking, like- We already started. Oh, already started. Okay. Q3. Q3. Okay. Good. Thank you. The last one. When would be, at least on a path basis, we would be breakeven for consumer? Or else when we'll be achieving the revenue potential in consumer Sorry, we couldn't hear that properly. No. When we would be path to breakeven in consumer segment and when we'll be achieving the revenue potential which we are aiming in consumer? Would be a rough estimate of how many quarters down the line we would be at that? Yeah. We cannot put that exactly at this point in time because our utilizations are going up. It will take some more. Also at the same time our customers are happy and asking us to increase our capacity, so we have to bring those equations together to figure it out, how it works out. We need some more time to get to that answer to that question to pinpoint the exact point in time. Okay. Maybe one last question. On the aerospace segment, what would be your recurring CapEx? Because it's a growing, capital-intensive business, I understand. What would be the recurring CapEx which we would be incurring year on year? In line with depreciation or whether they would be incremental? The CapEx in aerospace, you're asking? Yeah, because it's capital-intensive, we will be incurring it continuously. Whether it will be in line with depreciation or there will be an incremental CapEx on top of depreciation. I mean, it's it depends on the programs we sign up. We, you know, obviously we want to utilize. We have some headroom in the utilization today and Okay. We are at 70% in India utilization. We have opportunity to go up 75%, still. You know, the CapEx evaluation happens on a continuous basis, you know. Okay. Because there's both opportunities there. More parts we take, more programs we take at this stage is a fairly good lock for us for long term. We would like to take as much as possible, and our ability to take on. Okay. Aerospace 75% potential. What will be the potential for consumer business? Sir, I'm very sorry to interrupt you. Could you join back the queue, please? Yeah, sure. Thank you. Thank you. Next question comes from the line of Jai Chauhan from Trinetra Asset Managers. Please go ahead. Yes. The first question, what are typical consumer segment gross margins for Torras Electronics? Sorry, we couldn't hear you properly. Can you repeat that, please? Well, I asked what are typical consumer segment gross margins for Torras Electronics? Long term, once we reach an ideal utilization, our margins will be broadly in line with aerospace. You can model around that. Just to again clarify that, if you see capability in consumer electronics and aerospace, capability is very similar. Again, the processes are same. It's machining, surface treatment, all of that is similar. The margins also will be on similar lines. Understood, sir. On the aerospace side, when you said major revenue is coming from Airbus, which products are we exactly supplying to Airbus? I mean, we have more than 2,000 part numbers to deliver to Airbus, you know, across the aero across various divisions of Airbus. Airbus UK, Airbus France, Airbus Germany, and it's wing components, you know, the fuselage, you know, various components we deliver. That's a broad, very broad, you know, question. Some we directly deliver indirectly also through their tier ones like Safran. There's a combination of parts. We have 5,000 parts we all deliver to their customers and, you know, over 2,000 for Airbus. Understood. Because I think I saw that you are supplying doors to Airbus in your investor presentation. I have heard that, I guess Dynamatic Technologies have also won a huge order for all the doors. Is it a different program or Actually- Are you aware about this? Yeah. In fact, we also supply to Dynamatic. Dynamatic is also our customer, you know. Understood. We work on a different program. Got it, understood. That's it from my side. Thank you. Thank you. The next question comes from the line of Sahil Sangari from Private Family Office. Please go ahead. Hello. Yeah, hi, sir. How are you? I just wanted to ask a question that, like, so I think, I believe that Aequs is also part of the Apple supply chain, the Apple ecosystem for watches and the MacBook. Where exactly are you placed right now in the whole agreement, and have you started supplying items to them? Is it a, like is it a permanent contract which you have with them? Look, in the consumer electronics industry, pretty much we supply components. You know, as mentioned earlier, we are a part of ECMS scheme, which is recognized for the mechanical enclosures, and that's a core area for us. It's the mechanical components we supply to the consumer electronics industry. That's all I can comment at this point in time. The capacity that we have built is under return. Yeah. In terms of demand, there's no concern. Okay. Got it, sir. Thank you. Thank you. Next, we have a follow-up question from Bhavika Singhvi from Niveshaay. Please go ahead. Hello. Yeah, thank you so much for the opportunity. Basically, I want to understand the margin breakup, like, because in consumer you have three different components to deliver, like consumer electronic, last three consumer deliverables. Can you give the bifurcation of the gross margin, like how much the particular segment is contributing? The other question is on the aerospace, like, because we know that in aerospace, even though you have a like a 5,000+ SQs, I just want to know that, does like Aequs hold any sole supplier status for some of the components? If you could provide like guidance on that. To the first question. This is Dinesh here. The first question, again, like we said, as a consumer overall on a segment basis, you should see at a steady state with ideal capacity, margin similar to aerospace, which is about 18%-20% EBITDA margin. That's what we should look for. In terms of the single source, I'll just hand over to Rajeev to address that question. With respect to the single source, we are over 90% on the parts that you mentioned, number of parts we mentioned for aerospace. Okay. I just want to know, like, because, like, there are, like, you supply to tier two, tier three suppliers, and even the tier one. Can you provide the bifurcation or breakup of the same, like, how much comes from the tier one or tier two, three suppliers? See, we can't provide that bifurcation. Generally, if you know, there are only Airbus and Boeing, whatever goes to these two people at the end of the day. From T1, T2, wherever we deliver will go at the end of the day to these two guys. Okay. Thank you. Thank you. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. The next question comes from the line of Ashok Kumar, an Individual Investor. Please go ahead. Hi, congratulations on great set of numbers. I have two questions actually. First one is basically during the pre-IPO interviews or the interactions by the management in the public. Actually management was guiding for the overall PAT positive will be achieved by the end of the FY 2027, if I'm not wrong. Are we still on track to achieve that guidance? I mean, look, our overall PAT is driven, PAT positive being driven, will be driven by the consumer electronics maturity. There are some dynamics which are coming in which especially with the customer being happy and asking us to increase the capacity, we need to make that call evaluation. You know, how does that play out into our profitability timeline? That's the reason we earlier said we need some more time to make that call on the timeline of, you know, consumer electronics profitability. Whereas aerospace continues to increase profitability and, you know, consumer electronics achieving the profitability will make an overall consolidated-based profitability because aerospace continues to grow and our losses will start coming down, you know. We cannot give you. Yeah. Understood. An exact date at this stage. Yeah. Understood. Just a follow-up on that. I know, since now, you are looking for more time to give this guidance or the clarity because of the positive surprise which you are receiving from the customers. Only thing is that we need to recalibrate and then re-evaluate the path to- The timeline to achieve that, but it is on the positive side of it, not on the, you know, the other side, if I understand correctly. Yeah. I mean, things are going well, so obviously customer is asking us to look at more capacity that has an impact on the timeline, you know, because CapEx comes with the depreciation and capacity addition. Okay. Got it. Though we are getting the new customers, new customer capacity addition request, it may drag a timeline a bit because of the capacity addition and the- -the respective depreciation charges. Sure. so on. Yeah. It will be just choice for us, you know, what path we take. Okay. Okay. We will- Can we expect this clarity in the next conference call by any chance? I can't because there is another element of utilization also which we have to factor in. Okay. Utilization is growing continuously, you know, and we saw last quarter with this call, I mean, you know, utilization has grown, and we'll continue to work together to figure out what it means. Okay, sir. Thank you very much. That's all. Yeah. That's all I have. Once again, congrats on the great set of numbers of the group for it. Thank you. Thank you. Next question comes from the line of Aashish Upganlawar from InvesQ PMS. Please go ahead with your question. Yeah. Thank you for this call. The preliminary for me to understand, my questions will be elementary here. Just wanted to understand what kind of scale of business that we are targeting maybe three years out because one of our divisions, consumer division is in a scale-up phase and the other business is in a growth phase. Where do we plan to reach maybe three years out? And as you said, the margins on optimal utilization basis might be around 18%-20% that one would target. How far is that? If these two questions can be answered, please. I would answer it in a way. What I can say is our goal is to balance the consumer and aerospace business in a long run, you know, and we want to get there as fast as possible because that's an opportunity we have. That means we have to scale consumer side faster. It'll happen because that's how the nature of the business is. Obviously the margins, we are guiding always that consumer and aerospace will have similar margins, margin profiles when you're at scale. Those two are. That's the two points which I want to make. I hope that answers your question. Just to put that in numbers, I think we've done something like INR 800-odd crores in the first nine months. We are on a run rate probably of INR 1,200 crores on this sales, right? Where do we see, I mean, three years out, maybe is on a conservative basis, say 25% is the right CAGR to assume for your company, or is it likely to be higher? Some direction on that would be helpful to us to understand. You know, at this stage, if you see that we have opportunity to grow north of 20% in our aerospace business, you know, what we are seeing, what we are guiding. Obviously consumer has much faster than that, you know? Right. That is on time. Got it. Would love to meet you and understand the business in greater detail. This call is good to have an understanding, a basic understanding, but would look forward to meet you guys sometime. Please reach out to Investor Relations team, you know. Sure. Sure. We can talk. Thank you so much. Thank you. Yeah. The next question from the line of Rachna P, an Indian investor. Please go ahead with your question. Hi. Am I audible? Yes. Yeah. Hi. Congratulations, sir, on a good set of numbers. My first question is on your EBITDA margin profile on your aerospace segment. If you could just help me understand, like, from what I understand is that you're a tier one supplier to OEMs. I would expect that the EBITDA margin, like you would have some sort of a pricing power, like that's how we understand the industry. But compared to, you know, a few other players in this industry, like we see a margin profile at around 20%-24%. Is that something which is going to improve going forward or is this the base that we should, you know, assume going forward? See, again, the specific question, for the nine months our margins have been 24% and we continue to see the margin range in 20%+ range. That's what we see. I think important thing, I mean, like, we will not comment on other companies. I think important thing to see is the scale at which we are operating, which is significantly larger, I think the competitors you're referring to. We are comfortable at this level. Also you have to remember, we have a ecosystem which has multiple capabilities. All of those call for investment. The advantage is that gives us a deeper, sort of insight into the customer. Our global presence is also a cost structure, but that gives us a better traction with the customer. Those are the differentiators. If you see the ecosystem and global presence. Gives us an advantage in terms of being a long-term partner to the customer at a very large scale. Just to add again, all our investments are large scale, so we don't do in a smaller scale. Those initial costs will be there, but this gives us a longer term relationship with the customers. 20%+ is what we should expect even going forward? That's correct. Okay. Got it. One more question would be that, like, since we have a huge backlog, right? Order backlog, but even in the aerospace segment, we are seeing a you know, 65% utilization. Like, could you help understand that? Like, why is the utilization not higher? Yeah, sorry. In terms of the aerospace, currently our utilization in India is around 71%. Okay. Overall globally we see a utilization around 75%. That's where we guide our utilization to be reaching for the maximum. Okay. Utilization. Okay. All right. Thank you. Thanks for answering my questions. Thank you. Next we have a follow-up question from Dev Thakkar from ITOT PMS. Please go ahead. Hello. Thank you, sir. Sir, on the aerospace side of things, like how should we look at the high value-added products like the landing gear system and engine system? Like going forward, like what are the plans on these segments? Like, what could be the, like maybe wallet share or like as in revenue share and margin improvements? Any broad idea on this? Look, I mean, today, majority of our aerospace business is aerostructures. As a part of our stated strategic objective is to expand into landing gear and engine components, which we already do, by the way. In French facilities predominantly, that's what they do, and in India also we do. Our vertically integrated ecosystem, especially forging and machining combination, and surface treatment is very suited to do the landing gears. We are engaged with all our landing gear customers, key landing gear customers, and that's an opportunity for both engine and landing gear. More vertically integrated, we will end up doing, you know, better on overall margin perspective. Got it, sir. Got it. Just one more follow-up. Like, as you said, like our capacity utilization are at 71% and stable utilization could be 75%. Moving forward, like in FY 2028, can we see CapEx in the aerospace segment? There is a CapEx which continues to happen in the aerospace. We had CapEx last year, last quarter, no, Q3 also, and you'll see some in Q4 also. It's a continuous CapEx. It's not a lumpy CapEx in aerospace because customer orders, we win orders and we look at the capacity over 18 months, what is required. Because the lead times to get machines in aerospace is long. It could be as much as one year for us. We plan to 18-24 months out capacity with demand and based on the order book, what we have and what needs to be executed, and that's how it is done. You know, we keep adding machines. Got it, sir. Got it. Thank you so much. Thank you. Due to time constraints, that will be last question for the day. Now I hand over the floor to the management for closing comments. I appreciate all of you joining our first call, and look forward to engaging further with you all during the course of the quarter and in the future. Thank you. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using GoToWebinar's conference call service. You may disconnect your lines now. Thank you, and have a pleasant day.