As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchstone phone. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Please note that this conference is being recorded. I now hand the conference over to Mr. Jasbir Singh, Executive Chairman, CEO, and Whole-time Director of Amber Enterprises India Limited. Thank you, and over to you, sir. Hello. Good morning. On the call today, I'm joined by Mr. Daljit Singh, our Managing Director; Mr. Sudhir Goya l, our Group CFO; Sachin Gupta, CEO of RSE and CSC division, Whole-time Director; and Mr. Sanjay Arora, President of Electronics Division and Whole-time Director of Virgin Electronics. We have uploaded quarterly presentation on the exchanges, and I hope everyone had an opportunity to go through the same. I'm pleased to report FY 2025 has been a phenomenal year, both in terms of the performance and the progression of the company. I'm delighted to report our total income crossed INR 10,000 crore milestone and achieved ROCE of 19.5%, an affirmation of our long-term growth strategy and focused aggregation. Let me talk about progression. First of all, we sincerely applaud the efforts of the Ministry of Electronics and IT, MeitY, and Government of India for launching the Electronic Component Scheme. The scheme will be a key catalyst for the development of a robust component ecosystem, attracting new investment and generating employment in the country. We plan to file an application under the PCB categories and finalizing our CapEx plan, which will be spent in phased manner over the scheme tenure. In parallel, we are also finalizing the land for our new joint venture, Korea Circuit. The expansion of ASCENT is progressing well in Hosur for bare board PCB. With the new facility, the manufacturing capacity will more than double. The journey of the electronics division, which began for capturing the technological shift in the AC industry from fixed-speed AC to inverter AC, is evolving as a unique full-stack EMS company, with PCB vertical catering to diverse customer segments and bare board PCB vertical offering a wide range of products, including high-end HPI and flex PCB. Further, considering the robust growth potential in the RSE industry, we plan to augment component capacity at Sri City within the existing plant. In railways, the construction is progressing well for Sidwal's greenfield facility for HVAC, pantry, doors, and gangways, and is expected to commence operations by quarter three of fiscal year 2026. With regards to Yujin Machinery JV, the construction is progressing well, and I'm pleased to announce the addition of brakes to the existing product lineup of pantograph, driving gear, and couplers. Switching to consolidated performance, fiscal year 2025 has been a landmark year with the revenue from operations recording a robust growth of 48%, reaching INR 9,973 crore, clocking a record operating EBITDA of INR 796 crore, a growth of 53% year-on-year, and a PAT of INR 251 crore, with outstanding growth of 80% year-on-year. As guided two years back, we have achieved the high-teens ROCE of 19.5% in FY 2025 and an improvement of 690 basis points over last year. Our net working capital days for the year stood at nine days through efficient working capital management. Let me take you through the divisional performance, the consumer durable division, which consists of RAC and its components and CAC, plus non-RAC components. We delivered a remarkable growth of 46% year-on-year with a revenue of INR 7,329 crore, driven by underlying RAC industry growth, conversion of new customers from gas charging to ODM, and strong growth in the component business and CAC business. Blended growth of 46% is led by RAC, non-RAC vertical with 49% and 31% growth, respectively, and resultant record EBITDA of INR 562 crore, reflecting growth of 59% over last year. The commercial AC vertical has crossed the INR 200 crore mark and expanded its customer base with new additions, reinforcing our market presence. We are optimistic about the growth outlook for the current year. With our strategic focus across the RAC, CAC component, and non-RAC component verticals, we are well-positioned to outpace the industry growth by a minimum margin of 10%-12%. Electronic division, moving to electronics division, I'm pleased to report we have clocked stellar growth of 77% with a revenue of INR 2,194 crore for the year, surpassing guidance of 55%. The operating EBITDA more than doubled to INR 151 crore, recording a growth of 119% year-on-year. This division's reported markable ROC is of 26% for the year. On the margin outlook, we have traveled the journey of expanding our EBITDA margins from 2.8% in 2018 when we started electronics division to almost 7% last year. Looking ahead, we are strategically adding margin-accretive applications such as industrials, auto, aerospace, and defense, with an aim to reach 10%-12% margin for this division over the next two years. Coming to railway division, our third division, which is railway subsystem and defense, the division reported a revenue of INR 450 crore with a decline of 6%, as guided earlier that this will be a muted year on the expected lines owing to the delay in the offtake of the products. Backed by the strong order book and product portfolio expansion, we remain optimistic of doubling this division's revenue over the next two financial years. Now, let me hand over to Sudhir Goya l, our CFO, for the financial highlights. Hello everyone. I'm pleased to report a strong performance of quarter four and full year for financial year 2025. Let me first take you through the quarterly consolidated financial highlights and the full financial year as well. Full year financial year 2025, let me take you through the full year financial financials. Revenue for financial year 2025 increased to INR 9,973 crore compared to INR 6,729 crore in the previous year, recording a significant growth of 48%. Operating EBITDA increased to INR 796 crore against INR 519 crore, with a growth of 53% year-on-year. PAT has increased to INR 251 crore compared to INR 139 crore in the previous year, reflecting a noteworthy growth of 80% year-on-year. On the ROCE, we witnessed a strong performance, achieving a ROCE of 19.5% for the year and an improvement of 690 basis points over the previous financial year, reflecting capital efficiency and robust business fundamentals. On the balance sheet front, net debt stood at INR 780 crore against INR 615 crore, underscoring our disciplined approach towards capital efficiency. Our net working capital days stood at nine days, an improvement of 31% from 13 days through proactive focus on working capital management. Quarter four financial year 2025, the consolidated revenue for quarter four financial year 2025 grew by 34% year-on-year to INR 3,754 crore compared to INR 2,805 crore in the previous year. Operating EBITDA increased to INR 314 crore during the quarter compared to INR 234 crore, reflecting a growth of 34%. Please note, operating EBITDA is before the impact of ESOP expenses and other non-operating income and expenses. We recorded PAT of INR 118 crore after the JV loss of INR 10.4 crore, reflecting a growth of 20% year-on-year. Now, let me take you through the divisional performance overview. Firstly, revenue and operating EBITDA details of the divisional performance are not comparable with published segmental results. The consumer durable division reported revenue of INR 7,329 crore in financial year 2025 compared to INR 5,009 crore, reflecting a growth of 46% year-on-year on the back of strong RAC and component business. Operating EBITDA for the year increased by 59% year-on-year and stood at INR 562 crore compared to INR 353 crore in financial year 2024. Coming to electronic division performance, the revenue for the year increased to INR 2,194 crore compared to INR 1,241 crore in the previous year, reflecting a noteworthy growth of 77% year-on-year, surpassing our earlier growth guidance of 55% for financial year 2025. Operating EBITDA for the year increased by 119% year-on-year and stood at INR 151 crore compared to INR 69 crore in financial year 2024. Let me also share the performance of ASCENT as it would be of interest. The ASCENT recorded a revenue of INR 325 crore for financial year 2025, a growth of 24% against full year financial year 2024, and maintaining a margin profile of 19%. Moving to railway subsystem and defense divisional performance, the division reported a muted year owing to slower offtake as mentioned earlier. The revenue for the year stood at INR 450 crore, reflecting a decline of 6%, and resultant operating EBITDA of INR 83 crore, with a margin of 18.6%, impacted due to slower product offtake. To reiterate, we remain optimistic of doubling the division's revenue over the next two financial years. On the incentive front, we have received a PLI amount of INR 36 crore for financial year 2024. In the current year, we expect to receive INR 49.5 crore under the PLI scheme for the financial year 2025. With the expansion of the electronic and railway division, the company is in a transformative growth phase to strengthen the margin profile over the next couple of years. Thank you. Now, I request the operator to please open the floor for the Q&A. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 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, in order to ensure that the management is able to address questions from all participants in this conference, please limit your questions to two per participant. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Vipraw Srivastava from Phillip Capital. Please go ahead. Hi, I am a udible, right? Yes, very audible. Yeah. Great results. Pretty on the margin expansion which you have guided. Sir, firstly, what kind of growth are you envisaging for the EMS sector for FY 2026? Any color on that? As explained, we are adding a lot of new applications. That is the reason why we guided that we are very confident that this division will be in the above 10% range within the next two years because we are adding industrials and applications more now. Automobile is also adding up. It is already added, but now the business is growing, which are more margin-accretive businesses than the current businesses. Sure, sir. Sir, anything on the top-line growth? Top-line, we can't tell right now, but yes, I think we are very optimistic of at least 30%+ growth, 30%-40% growth range for this division. Sure, sir. And sir, last question. On the PCB manufacturing side, which you are doing for ASCENT, that will be the first phase to be operational by FY 2026, right? That is INR 300 crore? No, no. ASCENT Circuits is already operational. They have clocked a revenue of more than INR 3.25 crore this year. Their expansion in Hosur, which was undertaken, that construction is moving well. We expect that construction to be over and the commercial production to start by quarter four of the current year. In the month of February or March, we will start the production for that new unit, which is expansion where we are putting the money. For the full INR 600 crore unit, that's what you're saying, right? For the full unit, right? Yes, that's right. It's a INR 650 crore expansion. Yes, sure. Thank you. Thank you. The next question is from the line of Dhruv Jain from Ambit Capital. Please go ahead. Thanks for the opportunity, sir. Sir, I had one question on the consumer durable vertical. Obviously, we've seen that summers have been weak because of rain, etc. In 2024, also, we faced a situation similar to that. Do you think that 2026 will be declining or the RAC business will be flatish or something like that? Do you think that even the non-AC contribution and durable vertical will be enough to kind of generate double-digit growth despite a weak summer? That's my first question. Dhruv, if you see, we are an aggregator of the demands. Yes, there are many news this time that AC is flatish. Just to tell all of you, we have done pretty well in April. May is also going very, very fine for us. We feel that, yes, double-digit growth is very much possible for Amber's RAC business. Plus, we have guided a lot of non-RAC components and CAC business, which is doing very well. Great, sir. Sir, second question that I had on the working capital. This is another year that we've seen very good working capital management. Just wanted to ask, is this the new normal? If you look at before FY 2024, working capital days were far higher, right? The last two years, we've seen this. Are you doing this to normalize going forward? Just your thoughts. Thanks. Yeah, Dhruv, you're right. We used to be in a range of 35 days-40 days, which is now less than 10. We feel that this is maintainable. Yes, on a quarterly basis, this may not be maintainable because of season and off-season basis. At the year-end kind of a thing, we think that, yes, it should be in the range of 10 days-15 days on a controlled level. Got it, sir. Just one question on the JVs, right? Obviously, we've seen losses in the JVs kind of go up. Sorry to interrupt, sir, but I may request you to rejoin the question queue for the follow-up questions. Thank you. The next question is from the line of Ankur from HDFC Life. Please go ahead. Yeah. Hi, good morning, sir. Thanks for your time as always. I had two questions again on the room AC business. One was, and you also did allude to this whole erratic range that has happened both in the south now and in the west, especially in the peak summer season. Would you want to give us some guidance on how do you see industry volumes kind of playing out for FY 2026? More importantly, how do you see the inventory situation at this point in time, given what we understand is in Q4, there was a lot of inventory which was pushed into the system given issues on compressors, et cetera? One on the inventory situation currently and B on how do you see the overall industry growth for FY 2026? That is one. Second, we also have this new B rating which I believe changed starting January 2026. Back to industry, would you expect typically we see a pre-buy, right, a quarter before that? Would that be something you would also expect this time? Ankur, in the last 25 years, I have seen many such good seasons and bad seasons. I request all of you that in case you want to recommend anybody putting in money in the air conditioner sector, you should not focus on the quarterly basis because this is an industry which is seasonal in nature. Let me give you numbers. Twenty-five years back, 500,000 air conditioners used to sell in the country. We have already crossed the 14 million mark. There are some reports which are referring to 14 million. There are some reports which are referring to 15 million also. What we expect is that this industry should be in the range of 30 million-35 million in the next five years' time, which is a good CAGR. Yes, currently, you're right on the southern side and on the western side also. is a lot of rains which are going on. There are many brands which are struggling to grow. As I explained, we are an aggregator of demand. For us, April has been very good for us. Even May is going pretty fine. On the inventory levels, it is varying from brand to brand. There are shortages in some brands still today also. There is surplus inventory with some brands. As a B2B company for us, what we see from the if I hear from the customers, there are some customers who are slowing down, but there are some customers who still continue to be very optimistic, and they are growing on their demand. I believe whenever this kind of season comes, industry normally gets into a very pessimistic mode and starts planning with a very pessimistic approach. Plus, coupled with the Bureau of Energy rating in the month of January, we expect a little offtake in quarter three, which generally is not the case in line with the inventory build-up. That is the standard pattern of the industry. There is nothing unique which is going to happen. Whenever there is a positive season, you will see industry getting into optimism mode. Whenever there is a negative season, everybody gets into pessimistic mode. It is a compounding of optimism and pessimism, I would say. On a longer run, nothing changes for this sector. We are very optimistic for the complete sector. Plus, as Amber, since we have diversified our portfolio now, our finished goods contribution today in the whole scheme of the consolidated balance sheet is just 40%, 42%, which used to be 76% when we got listed. For us, things are very different today because of other divisions doing well and even our CAC and the non-RAC components doing well, which are not very seasonal in nature. Right. Okay, sir. Great. Understand. Thank you so much. Thank you. The next question is from the line of Pranay Roop Chatterjee from Burman Capital Management. Please go ahead. Thanks for the opportunity. My question was also on the RAC side. I'm listed peer of yours reported results, and they are about 100% growth in Q4. What they mentioned on a couple of themes in the industry, I thought I wanted to check with you. They mentioned the increased growth is because the outsourcing propensity has started going up again, number one. Number two, that the e-commerce and modern trade channel white-label brands are actively gaining market share. Hence, they are getting to them as well. Are these a couple of trends that you are also seeing in the market? Hence, that would explain the delta in the growth numbers? See, the strategy of insourcing and outsourcing continues to shift. Yes, all the plants which were supposed to come, they have already been executed by the brands. Since last year, it was a very good season. Definitely, yes, outsourcing concept, the propensity is towards now outsourcing more, which was towards insourcing for the last two to three years. That's very right. On the brands which are like Croma, Flipkart, and other kinds of brands, yes, they are also gaining traction. That does make the outsourcing business model lucrative right now as compared to what it used to be two to three years back. Got it, sir. I just wanted to understand because your commentary on your RAC segment was quite inspiring given the sad channel shifts calls I have been attending. If you can throw some more color, is it because you are less indexed in the south, which is probably more impacted than other parts of the country? Is it because your customers are doing relatively better than the wider industry? What could explain the difference in tone of the contract manufacturers versus, let's say, distributors, et cetera? No, perhaps I think probably the customers which we are catering to, their demand is growing. I mean, yes, south is down for everybody, definitely because of the rains and all. North is already picked up. The western part, some of the western parts and the central part of India has picked up. There are some rains going on. Yes, overall, the customers which we are catering are moving positive as of now. Thanks a lot, sir. All the best. Thank you. The next question is from the line of Sonali Salgaonkar from Jefferies India. Please go ahead. Good morning. This is Sonali. Congratulations on a great set of ROCEs. The expansion has indeed been quite notable year on year. My first question is a bit strategic related to the ECMS component manufacturing scheme. I know you alluded to the fact that you will be participating in the PCB. Apart from that, is there any other segment which you would like to even evaluate? In conjunction with that, X of ECMS, what is the FY 2026 CapEx? With ECMS, what would you expect that to be? Thank you, Sonali. I think on the ECMS, our CapEx, what we are planning without ECMS, our CapEx will be somewhere about INR 500 crore, which will be for our railway division and the RAC division, consumer durable division. In ECMS, we will be putting in an application of about INR 3,000 crore, which is to be spent over a period of scheme in five years. I think this year, the CapEx will be somewhere about close to about INR 800-900 crore, which is ongoing ASCENT Circuits CapEx because last year, only the land came in. Now, the building and the machinery are going to be added up. Plus, the new joint venture, Korea Circuits' land and some part of the building will come in this year. Understood. Sir. I have one question. Sonali, you asked one more question. Yes. This was actually just to clarify. X of ECMS right now, status quo, INR 500 crore, right? That's right. Yeah. Correct. My second question is regarding Sidwal. Now, we understand that the order book has grown to about INR 20 billion+, which is actually a very encouraging number. We understand FY 2025 was a bit weak across the railway stocks, not just with us, but across multiple other sectors. What gives us the confidence of doubling the revenue over the next two years? Is it just the order book or the visibility into any other new categories that we are going into? Yes. I mean, one is the slowdown which was there for Vande Bharat and Metro that is picking up the pace. That is the first part. Second is our expansion into various product categories like couplers, pantograph, brakes, gears, and also doors and gangways. Just to inform you all, we have already executed 26 new trains with the gangways. That product has started going up. We have received more than about INR 500 crore of orders for the doors as well. We have just recently, last week, received our first order for the couplers as well. All this addition of our bill of material in the rolling stock is gaining traction. That is why we are confident of reaching to a double number of this division in the next two years. Understood, sir. Sorry. In the ECMS question, just one follow-through. Is there any other segment which you would like to evaluate apart from the PCB board? No. We will be very focused in the PCB. In PCB, there are two categories. ASCENT Circuits is into multi-layer and double-layer categories. On the Korea Circuits side, we will be filing application for the high-density interface and substrate category. It's very helpful. Thank you, sir. All the best to the team. Congratulations once again. Thank you, Sonali. Thank you. The n ext question is from the line of Aditya Bhartia from Investec. Please go ahead. Hi. Good morning, sir. My first question is on the electronics business, wherein we saw very strong growth in fourth quarter. Clearly, there is a lot of momentum that the segment is picking up. Just wanted to understand, are there any new segments that we have commercialized within the EMS space? Any new large customers that you can speak about? I'll not give you color on the customers because of the NDA sign. Yes, on the application side, I'll give you a brief. When we started in 2018, we had just started for consumer durable, particularly ranging in air conditioners and refrigerators. Today, we cater to wearable, wearable segment. We cater to smart meters segment. We cater to automobile sector, defense applications, and telecom. These are the sectors which we are already catering to. What we are going to add in the next two years is industrials and aerospace and defense. This pickup in growth that we get to see in fourth quarter, sir, is it on account of any automobiles maybe becoming larger or on wearables and hearables getting much larger orders than what we used to? If you could just kind of give some indication around that. Aditya, we are gaining traction in almost every vertical, basically. I think we are very optimistic for this division. Normally, what happens is there are entry barriers of two to three years or maybe sometime in four years also, depending on customers. In the year one or two, we get less share of business. As we move older, we gain traction and we can gain the more share of business also. That is how the trajectory has been till now. Understood, sir. My last question is on the CapEx that you spoke about for the electronics business, almost like INR 3,000 crore over five years. Is that roughly how we are going to file the application? Is bulk of that on the PCB side? How exactly is this CapEx likely to be split across different entities within the electronics business? It will be spread in three categories: PCBA, PCB, ASCENT Circuits, which we are already doing, and Korea Circuits, our new JV. It will be in three categories. The application which will go in the new scheme will be only for the PCBs because PCBAs are not allowed in that scheme. Large CapEx is going. INR 3,000 crore CapEx will come in that category, which is going to be spread over five years. We should clearly note that in one scheme, the 48% is going to be returned through over a period of five years by government. Above that, the state government's incentives of close to about 35% are going to kick in. Net CapEx for us out of that INR 3,000 crore which we will invest in after five years, the net CapEx which will come in the balance sheet will be just 25%-30% of the whole INR 3,000 crore. Understood, sir. This will be shared by TSL. Sorry to interrupt, but I may request you to rejoin the question queue for follow-up questions. Sure. Thank you. Thank you. The next question is from the line of Anupam Goswami from SUD Life. Please go ahead. Hi, sir. Good morning. My first question is on the electronics division. If you can give a little light on what are we currently doing and where are we moving towards and what kind of a market we can look at in that perspective. Also, in your railway division, sir, you said about 2x of your doubling the revenue. A little on the more longer-term horizon. Again, what sort of time are we looking and what are the projects we are currently working on and what would qualify to go more into this? That is also. Yeah. Good morning. On railway division, earlier, we were just catering to INR 2.5 lakh in one passenger car. Normally, a Vande Bharat Express has got 16 passenger cars, and one passenger car is costing about INR 60 crore-INR 62.5 crore. Out of that, we were catering only air conditioner part. Now, we can cater to INR 15 crore of what goes into it as we added into pantries plus doors and gangways, couplers, brakes, and gears. Our time has expanded by five times while being in the same segment for metro and railway. That is one part. On the electronics side, PCB on coming on the what we do in the electronics side, we do two parts in the electronics side. First is we give PCB assemblies for various sectors such as consumer durables, comprising of air conditioners, inverter PCB boards, refrigerator electronic boards, washing machine boards, microwave boards, water purifiers, and also some small appliances. That is our consumer durable catering. Then we do smart watches, Bluetooth speakers as a hearable, wearable segment. We do smart meters. We do automobile telematics and other categories of products for two-wheeler and four-wheelers and large commercial vehicles also. We do some optoelectronics for the defense applications also. Telecom also, we are doing 4G, 5G equipments. This is our PCBA application side. We are a backward-integrated company with a PCB also in-house. We do single layer, multi-layer, double layer, and radio frequency PCB up to 48 layers currently. What we are adding now apart from this capacity is the HDI and semiconductor substrates, which is required in mobile phones and laptops and ITs and servers, et cetera. This is going to be added in the next two years. Sir, just on the follow-up, what sort of revenue or market that we can look at from this new segment? It is a very big time. Just to explain about PCB itself, last year, India almost consumed $115 billion of electronics, out of which $4 billion of PCBs, almost about INR 32,000 crore of PCBs got consumed in India. Only 9% of that got manufactured in India. Looking into these data points, the Government of India has already supported the sector by anti-dumping duty up to six layers, which has gained a lot of momentum for bringing up capacities in the country. Now, what we see in the next five years, the industry electronics consumption in India will go to almost about $300 billion-$400 billion. As a thumb rule, 3.5%-4% is the PCB consumption. There is a time of about $10 billion of consumption. Even if we assume that 50% will still be imported at that time, still there is current level of INR 3,000 crore worth of PCB getting manufactured, going to almost about $5 billion. That is the opportunity size. We expect to at least have 10% of this opportunity size moving forward. All right, sir. Thank you. I'll join back in the queue. Thank you. The next question is from the line of Nirransh Jain from BNP Paribas. Please go ahead. Yeah. Hi, sir. Good morning. Thank you for the opportunity. Sir, my first question is just some clarity on the CapEx numbers. You have highlighted INR 3,000 crore under this ECMS scheme to be spent over five years. This would be for both the Korea Circuits JV as well as for the ASCENT Circuits, right? Is there any breakup on how much are we planning to expand the ASCENT Circuits over and above the INR 650 crore CapEx that we have already, which is already undergoing? Currently, we have announced INR 650 crore CapEx, which is ongoing. Maybe we add, looking into the demand scenario, we may add, moving forward after two to three years' time, another INR 500 crore in this. The rest is the Korea Circuits JV. Okay. Just to inform you all, we should note one more point, which I would like to highlight, that we have been able to successfully sign an offtake agreement with Korea Circuits, where the first two years of the production capacity will be offtaken to Korea Circuits by Korea Circuits' team to their existing customers from India. As we start the process, we do not have any issues on the customer side. Great, sir. Sir, moving to the second question, I just actually want to get a bit more detail on the commentary regarding the next year's expectation for output, pacing the RAC industry growth by 10%-12%. Generally, the question stems from the fact that considering that it's at least a weaker summer than what we had anticipated at the start of the year, even if it is delayed, but there is still a higher inventory at the dealer and brand level. Now, over the years, at least more and more capacities have also been set up at the brand level. What gives us the confidence that we'll gain market share in terms of, especially if the growth is low, then obviously the brands would be looking more for in-house sourcing for their new capacity setup. How are we looking to outpace the growth? Can you just share a bit more color on this? See, if I see the results of all the listed players, I have seen documentaries around a growth phase of 25%-30%, whereas Amber has grown by more than 48%. That is a testimony of our aggregation of the demand kind of scenario. We believe because we have added new customers last year, that is one part. Second is we have added some customers on the components of RAC as well. We are growing in the CAC part also. These all three factors are leading us to comment that we will outpace the industry by at least 10%. Great, sir. Sir, and lastly, just as CAC already did INR 200 crore for us. And what is the expectation for this business? How much can we expand it from here onwards? It's growing pretty well. We started this division two years back, and it has crossed INR 200 crore this year. We expect this division to grow at least by 20%-25% to 30% range this year. Great. Great, sir. Thank you and all the best. Congratulations again. Thank you. Thank you. The next question is from the line of Mr. Archal Lohade from Nuvama Institutional Equities. Please go ahead. Yeah. Good morning, team. Thank you for the opportunity. Congratulations for good numbers. Just wanted to check on the JV losses. If you could give some sense in terms of what has driven this increased losses and how do we see it over the next couple of years? These businesses take time for ramping up. This is a new business for us, both of them. I think we are very confident that as we move ahead, we'll be able to take care of these losses. The larger objective of getting into joint venture along with Titagarh was particularly for gearing up for our new component sectors, which are the new categories which we have added because these are very high entry barrier businesses. If you want to supply products like doors and gangways or brakes or couplers, these are safety level two and safety level four products where the entry barriers are as good as seven to eight years. Our main objective of this JV was to get into that, which we have already received. We are very happy that on signing itself, we were able to receive substantial business from Titagarh India as well as abroad. Yes, outside the JV is struggling at the moment, but we feel we should be able to come out of that very soon. Any number you want to throw, sir, for FY 2026? We had INR 30 crore of loss for FY 2025. Could we see a breakeven or we'll see substantial reduction and breakeven in FY 2027? I think it should come down by another INR 10 crore or so. INR 20 crore-INR 25 crore should be the range moving forward. Got it. Just to clarify, you mentioned that for the RAC, whatever is the industry growth, we will outpace the industry growth by 10 percentage points-12 percentage points. Have I understood right, sir? That's right, yes. Perfect. All right, sir. Thank you so much. I'll fall back. Thank you. For follow-up. Thank you. Thank you. The next question is from the line of Abhishek Ghosh from DSP. Please go ahead. Good morning, sir. Sir, just two questions. In terms of the proposed PLI component scheme where you'll be participating for about INR 3,000 crore of outlay, what is the expected return on capital on that investment or on that project? How should we look at it? If you see, out of INR 3,000 crore, almost 60%-65% will be funded back in the scheme by [Stentor] and the state government together. We will be, in the net CapEx side, investing about 30% of that, so 30%-35%. If I see on the net CapEx side, the ROCE level for this industry is more than 25% in the range of 25%-30%. Okay, sir. For that INR 3,000 crore which you'll be investing, is it fair to assume that you'll have an asset turn of maybe like 1, 1.5x? How should we look at it? Generally, like to like, these are asset-heavy businesses. Single layer and double layer, they are at an asset turn of 1.15, and HDIs are at an asset turn of 0.85-0.9. If you see on the net CapEx invested, the asset turns will be more than 2. Yeah, that is true. With margin profile of almost like 10%-12%? No, these are the businesses in the range of 18%-20%. Got that. Thank you so much. Sir, the other question is, in terms of the EMS division, you have called out that the margin trajectory can be double-digit given the change in product mix. Will that be a gradual improvement from here on? Because this quarter, we have seen some softening of margins despite a very strong top-line growth. Is it going to be more like back-ended, just from your thoughts? It will now, if you see in our INR 2,200 crore of the electronics division, almost 55% is still coming from the consumer-driven sector. These are the sectors with the low EBITDA margins. Herbal variable, consumer-driven, these are low EBITDA margins. What we are adding is automobile, industrials, energy sector, and the defense sector. That is what we are adding. That is why we are very confident that the trajectory will go beyond 10%. I would like to also highlight that this division of ours is at 26% ROCE currently, which is a very healthy level. I was expecting, personally, I was expecting that we will cross 7.5%-8% in this division, but it has come down to 6.9% because more of consumer-driven applications were sold. As I hear from the team, moving forward in the next four quarters and next eight quarters, they are adding a lot of customers from the industrial side. That is why we are confident of bringing up to 10%+ EBITDA margins of this division. Great, sir. Wish you all the best for that. Thank you so much. Thank you. The next question is from the line of Jalaj from Svan Investment. Please go ahead. Hello. Hope I'm audible. Yes, you are audible. Yeah. First of all, congrats on a great set of numbers. Sir, I have two, three questions. The first one was, could you give us some idea as to what sort of CapEx are we planning to put in the Korea JV and what sort of timeline should we understand for the plan to get online and the revenue starting to flow to our field? In Korea Circuits JV, we will be putting in an application of close to about INR 2,500 crore, which is to be spent over a period of five years. The timeline is that as per government, government has given 90 days' time to file an application. After that, I am assuming that another 60 days or so for approvals. That is when the approvals will be granted. Post-September, the work will start. I am hopeful that by next financial year, quarter four, it should be up and running. Understood. Understood. Sir, the second question was with regards to Sidwal. We have been talking about the longer gestation period along with a lot of time period to develop the product. How is the export division or the export portion shaping up there? When should we expect something tangible coming into the P&L or otherwise? We have started participating in RFQs for the export tenders at the moment. We have received our first developmental order from New York. We expect that after, so the process is pretty long. You have to supply the products in the next 24 months. After that, they will watch and monitor the performance for the next 18 months. After that, you are approved for suppliers. It is a process, I think, another three years' time from now on. The process has started. Teams have been formed, and we have started working. I would also like to highlight that through Indian rolling stock companies who are participating in the foreign tenders, through them also, it will be a deemed export for us. That has also started. Understood. Understood. One last question. Sorry to interrupt, sir, but I may request you to rejoin the question queue for follow-up questions. Thank you, sir. Thank you. The next question is from the line of Indrajit Agarwal from CLSA. Please go ahead. Hello. Can you hear me? Yeah, Indrajit. Audible. Hi, sir. Thank you for the opportunity and congratulations on Amber's guidance. I have one question on the guidance on the railway side. As you mentioned, doubling in the next two years. Would it be more back-ended, or would we see more growth in FY 2027 and 2028, or 2026 you expect to be strong as well as per the order book that you have today? FY 2026 will be a slight growth over the period of last year because now the projects have started taking off. Just to tell you that the Vande Bharat Express, 200 Vande Bharat Express, which were to be rolled out, two sets, both TMH and Titagarh, they were supposed to be last year, which got delayed by a year. That is happening this year. The large numbers will start going from next year. You will see a big traction next year onwards. Sure. Secondly, on the washing machine reset part, when do we see revenue accrual for us? We have already supplied 28,000 washing machines this year. Revenue has started getting accrued. We are having some losses there. I think the team is already working. Maybe this year, we plan that the numbers should be at least at a breakeven point. Sure. Thank you so much. Thank you. The next question is from the line of Kenyur Pandya from ICICI Prudential Life Insurance. Please go ahead. Thank you. Sir, one question on the electronics side. Considering what is the capacity available in ASCENT and in backdrop, what would the growth drive for FY 2026 for the overall electronics division, both in terms of, sir, revenue, profitability, as well as working capital? Currently, ASCENT is moving at almost 90% of capacity. That is why we are putting up another 30,000 sq m plant. Korea Circuits will be the first phase, which will be 10,000 sq m of HDI to begin with, and then we will keep on adding as we move ahead. Sir, just one follow-up. What will drive this 30-40% growth in FI2026? It could be our core EMS business since ASCENT is fully utilized. I just want to understand on the working capital side or the ASCENT's revenue potential of INR 650 crore. INR 650 crore would fetch us INR 600 crore-INR 650 crore kind of revenue? No, on the EMS side, since we are adding some applications, that's bringing up the growth. For the ASCENT Circuits, we see some numbers adding up in the last month of this financial year where the plant will start adding up. The large number will come from next year in the ASCENT Circuits' number. Okay. Thank you and all the best. Thank you. Thank you. The next question comes from the line of Madhav from Fidelity. Please go ahead. Hello. Yeah, good morning. Thank you so much for your time. I just wanted to understand a bit on the Korea Circuits, the economics. So we're investing INR 2,500 crore over five years. Could you give us some sense in terms of what could be the peak revenue potential of this project? You did mention the customer mix, but if you could give us some sense on the product mix as well, how the scale-up happens here, because it's a very large project, probably the largest single-location CapEx for Amber, in my understanding. If you could give us some more sense around the ramp-up timeline, etc., that would be great. Thank you. Madhav, yes, it will be like INR 2,500 crore over a period of five years. The first part of that will be about INR 1,000 crore or so. Generally, the asset turns in this sector are 0.85-0.9. That is where we are going to grow. If you see in a horizon of two to three years' time, because we have an offtake agreement, we feel that it can add about INR 1,500 crore revenue over a period of after we start the production over a period of next two years. When does the plant commission the INR 1,000 crore phase one CapEx? When does that commission? This will commission next financial year, quarter four, because we expect the approvals to come by September. That's where the construction and everything will start. It takes about 14 months-15 months for the plant to get commissioned. Okay. Quarter four of FY 2027. Let's say FY 2028 is when we start seeing some commercialization. That's right. FY 2028, you will see the PCB, PCB itself giving a revenue generation of more than INR 2500 crore at 18%-20% of EBITDA. Yeah. Margins for this Korea Circuits JV is about 18%-20% EBITDA margin. That's right. That's what generally the sector operates at. They serve very high marquee customers like Micron and Samsung in the HDI category. That's where we are already in touch with those customers at the moment. Of this INR 1,000 crore, we expect about 75% in CapEx subsidy, is it? Or is this adjusted for the subsidy? No, it will be 48% to be reimbursed by MeitY through the scheme by central government and over and above to that. But this 48% is only on plant and machinery. Land and building is not included in this. Whereas the state governments give you subsidy of about 35% on entire CapEx. On a blended basis, if we see, it will be about 65% refund. Okay. So effectively, INR 1,000 crore CapEx for us implies INR 350 crore of adjusted for the subsidy from the government in what we have to invest, including with the Korea Circuits partner. Yeah. Yeah. Yeah. That's right. The INR 350 crore, you're saying we can do a revenue of about INR 900 crore, which is at 0.9x fixed asset turn. Yes. I mean, almost near to that. Okay. Got it. All right. Thank you. Thank you. Thank you. The next question is from the line of Pulkit from Goldman Sachs. Please go ahead. Mr. Pulkit, are you there? Can you hear me? I'm so sorry. I was on the out. No audible. Yeah. Yeah. Yeah. Yes, sir. Apologies for that. And my question is in continuation with what Madhav asked. So one is the CapEx that you'll do, but is there any other sort of revenue threshold, et cetera, that you'll need to meet in order to get this incentive? Secondly, can we just discuss some rough timelines? For example, you do this CapEx now. What are the milestones the government would want to see before this subsidy comes to us? And thirdly, if there is a time gap between now and then, how are you going to be funding that particular piece? Pulkit, on the timeline, basically, and the turnover, it is a hybrid scheme for CapEx and TLI, Turnover- Linked Incentive Scheme. Out of 48%, 25% will be reimbursed after the plant is commissioned, and 23% will come in the next five years after achieving the Turnover- Linked Incentive and Employee- Linked Incentives also. There is employment generation also which we need to do. Once we meet those criteria, every year we will get it. It will be spread in 23% will be spread in five years. That is how the timeline on the subsidies are coming. Coming to the funding part, as an electronics division, we are already in touch for raising the funds for this kind of meeting the objective because we are going to get back. We are already in touch with various institutions for that. Sure, sir. It will be more like a working capital funding till the time you get the money back. CapEx funding. CapEx. Yeah, CapEx funding rather than working capital funding. Yeah. Understood. Understood. Sir, the same would be true for states also, or state has a different mechanism of incentive reimbursement? Some states, like we are already negotiating with two states at the moment. That also has some hybrid part of it. Some portion is given back in the first year. The remaining is spread in five years' time. Great, Jasbir. Very clear. Thank you. Thank you, Pulkit. Thank you. The next question comes from the line of Amit Mahawar from UBS. Please go ahead. Mr. Amit, are you there? We move on to the next participant. It's Manikantha from Franklin Templeton. Please go ahead. Yeah. Hope I'm audible. Yes, audible. Yeah. Hi. Thank you for giving me the opportunity, sir. Just two questions from my side on the electronics division again. I know that we have not mentioned this in the presentation, but wanted to check if we can give any order book for electronics division, ballpark number, by end of 2025, and how this would have grown maybe year over year in this year. That is the first question. The second question is, are we incrementally seeing any export opportunities in the electronics division, given every other B2B company out there is focusing a lot on these export opportunities? Those are two main questions. Yeah. Because of this tariff being spoken so much, there are many customers who started talking to us for exports. And we are talking, but let us see. I mean, I think we are not giving really great mileage to that. Maybe two years down the line, yes, we may see some big exports coming. Largely, we are focusing on domestic industry at the moment. If I talk about the order book, generally, the contracts are long-term in nature. We have already done INR 2,193 crore. If I speak about two years' order book, we are already sitting at close to about INR 5,000 crore of order book kind of a thing at the moment from various customers with various applications. Just to clarify, that INR 5,000 crore is repeatable over two years is what you're saying? Yes. That's right. I mean, it keeps on adding up. You keep on delivering and keep on adding up. It is a perpetuity kind of orders. How would this have grown YoY basis? Is INR 5,000 crore? It's grown pretty well because last year, we have done 77% growth in this division. It has grown very well and is growing very fast as we are adding applications. We will see compounding results after three years in this division. Got it. Very clear. Thank you so much. Thank you. Ladies and gentlemen, we will take that as the last question. I would now like to hand the conference over to Mr. Jasbir Singh for closing comments. Thank you, everyone, for joining on the call. I hope we have been able to address all your queries. For any further information, kindly get in touch with our Head of IR, Ravi Kharbanda, or Rohit Singh from our IR team or Strategic Growth Advisors. Thank you very much. Have a good day ahead. Thank you. On behalf of Amber Enterprises India Ltd., that concludes this conference. Thank you for joining us, and you may now disconnect your lines.