Ladies and gentlemen, good day and welcome to the Q2 and H1 FY 2026 earnings conference call of Amber Enterprises India Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please seek the line operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Mr. Jasbir Singh, Executive Chairman and CEO and Whole-time Director of Amber Enterprises India Limited. Thank you, and over to you, sir. Hello. Good morning, all. On the call today, I'm joined by Mr. Daljit Singh, our Managing Director, Mr. Sudhir Goyal, Group CFO, Mr. Sachin Gupta, CEO of our RAC and CAC division and Whole-time Director, Mr. Sanjay Arora, Whole-time Director of IL JIN Electronics. We have uploaded quarterly presentations on the exchanges, and I hope everyone had an opportunity to go through the same. To begin with, we sincerely appreciate the GST reform by the Government of India and the reduction of rate from 28%- 18% on RAC. The move will strengthen the industry growth by enhancing affordability, driving deeper penetration, and supporting premiumization. Let me take you to the quarterly performance. Despite the sharp decline in the room air conditioning industry of 30%-35% in Q2, owing to non-conducive weather and significant deferment of purchase by customers in between the announcement and implementation of the GST rate cut, the company delivered almost flat revenue of INR 1,647 crores as compared to previous years. This is reflective of resilience in our business strategy and expansion of the electronics and railway division. The operating EBITDA for the quarter is INR 98 crore, which is declined by 19%, and the resultant loss after tax of INR 32 crores. The PAT during the period got impacted by the higher financing cost owing to Power-One stake purchase and elevated inventory levels and the share of loss of JVs. The inventory levels are expected to normalize by Q4, looking at the current situation of the sales going on. Further, during the quarter, Amber Enterprises raised equity funds of approximately INR 1,000 crore through QIP from marquee investors, and we extend our sincere gratitude to the investors for their confidence and support in Amber's growth journey. Let me now take you through the divisional performances. Firstly, the Consumer Durable Division. It demonstrated resilience during a challenging room AC season. The division's revenue declined by 18% against the sharp decline of 30%-35% in the RAC industry. On the industry outlook, we are hopeful of the revival of the room air conditioner industry in Q4 and expect industry to be flattish for this year. We remain optimistic that this division, Consumer Durable Division, should grow in the range of 13%-15% for the year, driven by diversified product offering, adding wallet share within existing customers, expanding component businesses, and expanding product baskets. Commercial AC vertical continued the strong growth momentum during the year. Further, strategic cooperation agreement between GMCC is in place, ensuring consistent compressor supplies for the three years as per our plans. In essence, subject to weather, we are hopeful for this division to touch more than double-digit growth for the year. Coming to the electronics division, we secured funding of INR 1,750 crores from marquee investors. This will empower us to pursue both organic expansion and strategic inorganic opportunities. Further, IL JIN completed the previously announced acquisition of majority stake of 60% in Power-One Micro Systems to emerge as a prominent player in rapidly growing battery energy storage systems, solar inverter space, including on-grid, off-grid, and hybrid solar inverters, EV chargers, and industrial UPS, catering to customers in large public sector units and large corporates. Additionally, IL JIN Electronics, through its subsidiary, completed the previously announced purchase of controlling stake of 40.2% in Unitronics in October 2025. It's an Israeli-based listed company and a prominent player offering comprehensive solutions in industrial automation and control systems such as programmable logic controllers, human-machine interface (HMIs), PLCs integrated with HMIs, VFDs, and software solutions. Coming to bare PCB boards, as informed earlier, we have filed two applications under the Electronic Component Manufacturing Scheme, one for the multi-layer PCBs through Ascent Circuits and second for HDI high-density interconnect PCBs through Korea Circuit JV. We are pleased to announce that our application for Ascent's multi-layer PCB project has been approved under the ECMS scheme with an investment of INR 991 crore planned over the scheme tenure. We are thankful to the Ministry of Electronics and Information Technology, MeitY, and the Government of India. This reaffirms our long-term commitment to strengthening India's self-reliance in the electronics manufacturing ecosystem and reinforcing our leadership in PCB and EMS solutions. While we await decision on the second application for HDI PCBs through our JV with Korea Circuit, which is also expected to be announced soon. Moving to performance, the division continued the growth trajectory for H1 FY 2026 with a revenue of INR 1,409 crore, reflecting growth of 60% and operating EBITDA of INR 88 crore, an increase of 30% driven by both PCBA and PCB verticals. And on a quarterly basis, the revenue of the division grew by 30% and operating EBITDA by 5%. In the PCB vertical, the slight movement in margins is due to raw material cost increase of copper-clad laminate by 13% and gold price increases. Due to price variation clauses with our customers, we are hopeful of the revival of the margins in Q4. We expect these division margins to be in the range of 8% to 9% by the year-end. The Electronics division, which began by addressing the shift from fixed-speed AC to inverter ACs in 2018, is now evolving into a full-stack EMS company. It features PCB assemblies, verticals serving diverse customer segments now, and bare PCB verticals extending a range of products, including flex PCBs, SVAs, etc. Furthermore, this division has expanded its capabilities to include complete box-built products in power electronics, energy market, and automation market for industrial applications. Turning to the third division, Railway Subsystem and Defense, the division delivered a growth in Q2 driven by increased off-take in metro projects. The division recorded a revenue of INR 132 crore, registering a growth of 7% and operating EBITDA of INR 21 crores. On the expansion front, the construction is progressing well for Sidwal's greenfield facility for heating, ventilation, air conditioning, pantries, doors, and gangways, and is expected to commence trial operations from Q3 FY 2026 and commercial pro duction from Q4 FY 2026. With regards to Yujin Machinery Joint Venture for pantograph brakes, driving gear couplers, this facility is now ready. Currently, product development is underway, and commercial production is expected to commence from H1 of FY 2027. Special cooling products for defense applications are also gaining traction and are expected to contribute meaningfully in coming years. Backed by a strong order book visibility of INR 2,600 crore plus and product portfolio expansion, we remain optimistic of doubling the division's revenue over the next two financial years. Now, let me hand over to Sudhir Goyal, our CFO, for financial highlights. Yeah. Good morning, everyone. Let me first take you through the consolidated financial highlights. Let me take you through half-yearly results for financial year 2026 at consolidated level. We recorded consolidated revenue of INR 5,096 crore, growth of 25% over last year, operating EBITDA of INR 361 crore against INR 320 crore last year, with a growth of 13%. PAT for the H1 financial year 2026 is INR 74 crore versus INR 96 crore last year. Now, moving to quarterly performance, in Q2 financial year 2026, we clocked consolidated revenue of INR 1,647 crore, flattish over the last year's same period. We recorded quarterly operating EBITDA of INR 98 crore against INR 120 crore last year, registering a decline of 19%. For clarification, operating EBITDA is before the impact of ESOP expenses and other non-operating income and expenses. Loss after tax of INR 32 crore versus a profit of INR 21 crore last 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 the published segmental results. Starting with the Consumer Durable Division, the Consumer Durable Division reported revenue of INR 873 crore in Q2 financial year 2026 compared to INR 1,069 crore in Q2 financial year 2025, reflecting a decline of 18% year-on-year. Owing to seasonal challenges for the RAC industry impacted by weather and significant deferment of purchases by customers in between the announcement and implementation of the GST rate cut, operating EBITDA for the quarter stood at INR 37 crore compared to INR 62 crore in Q2 financial year 2025. Coming to the Electronic Division performance, the revenue for the quarter increased to INR 642 crore in Q2 financial year 2026 compared to INR 492 crore in the same quarter last year, reflecting a robust growth of 30% year-on-year. Operating EBITDA for the quarter increased by 5% year-on-year and stood at INR 39 crore compared to INR 37 crore in Q2 financial year 2025. If you look at the performance of Ascent, it recorded a revenue of INR 106 crore in Q2 financial year 2026, highlighting a growth of 27% and operating EBITDA of INR 16 crore. Moving to Railway Subsystems and Defense Division performance, the revenue for the quarter increased to INR 132 crore compared to INR 124 crore in Q2 financial year 2025, reflecting a growth of 7% year-on-year and the resulting operating EBITDA of INR 21 crore, translating into a growth of 2% year-on-year. With a robust order book and an expanding product portfolio, we remain confident in doubling the division's performance over the next two financial years. On the balance sheet front, we did two fund-raising, one at IL JIN level and another one at Amber Enterprises level. Firstly, IL JIN Electronics secured funds of INR 1,750 crore from marquee investors. The fund raised predominantly in the form of compulsory convertible preference shares and a small portion of equity. We have already received INR 370 crore in September and INR 280 crore in October, and the remaining tranche of this capital of INR 1,100 crore is under CC approval, which we are expecting within this month, it will be received. Secondly, Amber Enterprises raised equity fund of INR 1,000 crore from marquee investors through QIP. As we embark on a growth phase in our Electronic Division, we stand on the strength of a robust balance sheet. The net debt stood at INR 1,012 crore against INR 780 crore as at March 25. 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 touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. In order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participant. Should you have a follow-up question, please rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ankur from HDFC Life. Please go ahead. Yeah. Hi, sir. Hi, Jasbir. Good morning. Thanks for your time. A couple of questions. One, on the electronics segment, there seems to have been a slowdown, at least relative to the past few quarters, in terms of growth at about 30%. So maybe because of the higher base also. But what is driving that? And more importantly, how do you see the full year growth for this segment along with margins? Morning, Ankur. See, Electronics, you all know the journey when we started. So this was a small company when we started, only giving solutions largely into the consumer durable space. So organically, it has grown pretty well. We are expecting a good growth. But still, there's a large chunk of business which is coming from the consumer durable segment. If I look at the PCBA business, which is the volume driver for this division, that is still contributing the majority of almost about 85% revenue is coming from PCBAs, and the rest is contributing by PCB. And in PCBA, almost 58%-60% revenue is still consumer durable. We are gradually building the business vertical by bringing automobile, by bringing energy meters, by bringing defense applications, and by building telecom and other product category, which is ramping up gradually. Because consumer durables quarter has not done good, and primarily air conditioners was a big downside, where IL JIN is one of the leading players supplying printed circuit board assemblies for all the air conditioning suppliers, majority of them. And that's the reason why you are seeing the dip in the growth. That's the main prime reason. But otherwise, if you look at the way we are building the stack, organically, we are building a PCBA stack, which is growing pretty well. When we started, it was INR 300 crore. Last year, it was about INR 1,800 crore. We are expecting it to be crossing almost touching the INR 2,450 or INR 2,500 crore organically. Then PCB also is growing pretty well, printed circuit boards. You all know the story what we have done in the PCB. And now we have added power electronics box-built products and industrial automation products. So these are three stacks which we are building: PCBA, diversified product portfolio, PCB in all, starting from single layer, multi-layer, double layer, and getting into HDIs, and of course, then future in substrates as well. And then box-built capabilities of power electronics and this. And if you look at the total addressable market of all the three, basically, sectors or verticals within this, it is a total addressable market out of $130 billion of electronics getting consumed in the country. All the three stacks built up is about $16-$17 billion of TAM. And this is what we are doing. We are gradually building up the building blocks, but all the building blocks are ramping up properly. This one quarter, until unless we will remain more dominant in the consumer durable in PCBA, this kind of issues will come up. But we are trying to graduate ourselves beyond consumer durable. I believe by next financial year end, our banking on consumer durable in PCBA should reduce to almost about 40%-45%. Right. But just in terms of a number, in terms of overall sales for the year, where are we? I mean, you said about INR 2,500, INR 2,600 crore ending plus Ascent and all the rest. So are we touching that 3,000-odd plus crores in top line? Is that very hopeful? Yeah. We are very hopeful. We are very hopeful that we should be just INR 3,200 crores in this division. Okay. And similarly, on the RAC side as well, while I understand overall industry plus the GST impact, weather has not been very supportive. But I think in one of your comments, if I got it right, you said, "Will you still be growing in double digits for 26 for this division?" Sorry, if you could just remind us, what is the target on growth and margins? Yeah. Yeah. That's why I use the word resilience again and again in my commentary. So we are very hopeful looking into the current order book. I believe we personally believe that industry should be in the flattish for this year. And we are hopeful to deliver a growth in consumer durable division, particularly I'm talking about. We are hopeful of 13%-15% by year-end. All right. And just the last one on inventory and. Please rejoin the queue in case of follow-up questions. Yeah. Thank you. The next question is from the line of Vikram Suryavanshi from PhillipCapital. Please go ahead. Hi, sir. Just quickly, sir, on the cash flow side, I mean, we have seen a large decrease in payables, which is impacting operational cash flow. Any thoughts on that? Yeah, so as we always maintain that we always have better terms from the customer as well as better terms from the creditors, and in the off-season, we need to pay all our creditors from whom we bought the material in the peak season, so that has made us reduce the creditors' payable down. Right. Fair enough. Fair enough. And sir, quickly on the printed circuit board side, regarding the capex capacity expansion, when do you see that contributing to our top line in FY 2027, which quarter is it? H2, is my understanding correct, or earlier? Any thoughts on that? Yeah. So basically, this plant, we've got ECMS clearance. And incidentally, both the things happened at the same time. The groundbreaking of the plant construction start was graced by the Honorable Chief Minister of Tamil Nadu. We expect the plant to be up and running by September of next year, and the trials to begin in September. The mass production will start in quarter three of FY 2027. Right, sir. And sir, last question. Sorry to interrupt, sir. No worries. Please rejoin the queue in case of follow-up. Sure. Thank you. The next question is from the line of Deepak Krishnan from Kotak Institutional Equities. Please go ahead. Yes, sir. This may be just a follow-up from the previous question. Essentially, if mass production starts from Q3, and this would be for about INR 600 crore out of the INR 991 crore, INR 650 crore, is that understanding correct? And we would see half-year revenue implying closing to 1.5 times asset terms. Is that right? And essentially, on Ascent Circuits also, for the Korea Circuit also, if you can sort of classify the timelines by when we would sort of start commercial production, given that it is approval from this quarter, should we assume it to be towards FY 2027, or should we look at the first phase of INR 1,200 crore for Korea Circuit? Basically, on the Ascent Circuits first, one question. The asset turns are not 1.5 times. These are almost 1 to 1.10, depending on what layer of PCB you want to get into. Single layer, yes, it can be 1.4, 1.5, but we are largely investing in multi-layer PCB board in Ascent Circuits. That's the expansion plan. Yes, it will start in quarter three. So you can say that one quarter revenue will definitely come from the next plant. As far as Korea Circuit JV is concerned, we are expecting the cabinet approval by UP government within this month. And the land has been allotted. That LOI has been given. Post that, the land will be handed over to us, and then the construction process will start. And parallelly, we are also awaiting the next round of approval cycles, which is still to come from the MeitY, because MeitY is flooded with applications. So they have cleared only the first four applications under which we were one of the players who got approval. And we are expecting that both the things from UP government as well as this should be happening by next month or so. And that's when the plant will start construction. So if everything goes well and planned, we are hopeful that by January, we should be starting the construction of that plant. It will take exactly one year for the full plant to be commissioned, and then the trials to be begun. So you can coordinate accordingly that from FY 2027, 2028, the revenue should come in the plant on the balance sheet. Maybe just on your EMS growth that you still expect about 13%-15% growth in the consumer durables business, essentially, do you also see any impact of pre-buying, any, that is sort of helping you in any form, or do you think this is essentially going to be very Q4 heavy with Q3 still seeing a lot of inventory in the system? Is this really more of a Q4 impact where the growth will sort of come through? Actually, in consumer durable, we not only have a room AC, which is there, but we have other components business also, which is growing pretty fine. And that's the reason why we are very confident that we will deliver 13%-15% growth. And the commercial air conditioner part is also playing a very positive role. We have now created the whole range of commercial air conditioners, still 17.5 tons, including cassettes and tower types. And we are bringing some new models also, which will be launched in November. And some models are getting launched in December. As far as the inventories are concerned, see, inventories are coming down. They were very high when the quarter one finished. Now inventories are coming down. I think it will get normalized before the start of quarter four. All these points which I've spoken, all these factors will make a quarter four. Normally, for air conditioning industry, quarter four and quarter one are the strongest quarters. So almost 65% sales come from quarter one and quarter four. Sure, sir. Those were my questions. I'll get back on the queue. Thank you. The next question is from the line of Dhruv Jain from Ambit Capital. Please go ahead. Thanks for the opportunity, sir. First question is on the electronics margins. So you mentioned in your presentation that you will do double-digit margins in the next year. If you could just spell out the recap of the PCB margins, the PCB assembly margins, and the acquisition margins that you're expecting for the next year? See, PCBA. I explained to you last time also. I'll repeat it now. PCBA division of ours is in the 5-5.5% range. PCB is in the 17-19% range. It varies from quarter- to- quarter, depending on which models we are selling more. The Unitronics company, which we have added, is in the 25-28% EBITDA range. Power-One should be in the 15-18% range. These are the building blocks which we have done. On a consolidated basis, we think that it can cross double digits by next year. We are graduating slowly, gradually, from 3% EBITDA in 2018. We have touched almost 6-7%. Now we are hopeful to cross 8% or in the 8-9% range in this year, and then double digits next year. Fair enough, sir. From the railways business, what highlighted at the first half is going to be slightly weaker. But how are you thinking about the second half of the year and for FY 2027 in terms of growth? Right? So if you could give any numbers, that would be great. Difficult to give numbers, but yes, we are very hopeful now since everything is almost getting into closure mode. The factories are coming to an end where the expansion is happening, and the order book is stronger enough. We have already touched INR 2,600 crore order book. I am expecting another INR 400-500 crore new orders to come in next quarter and next to next quarter, so we will be opening next year with a good order book in hand. I think with this point of view, we should expect Sidwal to deliver a good growth from where it is today, and that's the reason why we are again maintaining our guidance that we are very hopeful that this division will double its revenue in next two financial years. Okay, sir. Thanks a lot. Thank you. The next question is from the line of Neeraj Jain from BNP Paribas. Please go ahead. Yeah, hi Sir. Good morning. Thank you for the opportunity. Sir, my first question is again on the electronics segment margins. So if I look at the core PCB assembly business, like as you said, that the margins are generally in the range of 5-5.5%. But if I exclude the Ascent Circuits, our margins have been hovering at around 4-4.5% for the last two, three quarters, which ideally should have moved up considering that we are now moving our portfolio more towards the industrials and automotives, etc. So what is contributing to this margin weakness, which ideally should have come up at this portfolio skewness? And how should we look at the margins going ahead on this? Yeah, that's my first question. So anyway, I've answered this question, but we'll repeat it. You know, largely, we got impacted because of the copper-clad laminate prices got increased by 13%, which is a basic raw material for PCB. And also, the gold price also went up. So that has immediately, and we are a B2B company. We have price variation clauses with all the customers, as you have seen in our other divisions also. We are able to pass on to our customer any price increase or decrease with a quarter lag. So from quarter four onwards, we expect the margins to bounce back. And that's the reason on the PCB front. On the PCB assembly side, we got impacted because the large part of the assembly is driven through consumer durable segment. And in that, large part is coming from air conditioners. And air conditioning did not do good this time. And that's the reason. But we are very hopeful that we should be in the range of 8%-9% in this division by the year end. Sure, sir. And sir, on the Ascent Circuits facilities, so we have seen like a two, three-quarter delays now. In the last presentation, we had pointed out that we were expecting commercial productions to start by 4Q or 1Q FY 2027. Now we are talking about 3Q. So any particular reason why it's like a two, three-quarter delays on this front? One, actually, there were two factors which got this delay. First was the approvals from Tamil Nadu government, which got delayed, particularly for the chemical process, which underwent, because this comes under the category where pollution certificate to be received took longer time than expected. That is one part. Second is we were waiting for the ECMS clearance to ramp up our construction process. The moment we got it, we just ramped it up. Now everything is behind. All the approvals are in place. ECMS approval is in place. Construction has started. I think now quarter three should be somewhere where we have already guided. We should be able to maintain that. There should be no more delays. There were some delays in the construction because of the heavy rains in the Chennai area, in Hosur area. That was about 15-20 days delay. Sure, Sir. And lastly, on some bookkeeping questions. Firstly, if you can call out the revenue and EBITDA for Power-One that we booked in this quarter and the growth rate for the non-RAC components business in this quarter that we generally give the split between within the durables business. Non-RAC basically is about 22% right now in this division, which is growing. We started almost zero. That is gaining traction. And o n the Power-One, the revenue which got consolidated in this quarter is around INR 26 crores with an operating EBITDA of around 13%. Sure, Sir. Thank you so much. And all the best. Yeah. Thank you. Thank you. The next question is from the line of Sumit Sinha from Macquarie. Please go ahead. Yes. Thank you very much. Sticking to the Power-One question, what's the expectation for revenue contribution this year from Power-One and what sort of growth? If I remember correctly, I think you were indicating 35%-40% growth in that business for the next few years. And my second question is Unitronics. What was the price per share that you paid over there? And also, will you be recognizing revenue from it, or will it just be marked to market on the balance sheet? For Unitronics, we paid INR 27 a share to buy. INR 27.75 per share we have paid, and it's a subsidiary for us. It's not a mark-to-market. It's not an investment only. It's a business investment, and we'll be doing a consolidation of the same as we got a management control over the affairs of the company. Power-One is expected to deliver. Your second question was regarding Power-One. Power-One is expected to deliver in the range of INR 265-INR 275 this year. We've started consolidating from August. Fifth of August. Fifth of August onward. So on a pro-rata basis, the numbers will get consolidated in this. But next year, we are expecting a decent growth in this sector. Got it. Thank you very much. Thank you. The next question is from the line of Praveen Sahay from PL Capital. Please go ahead. Yeah. Thank you for the opportunity. My first question is related to the gross debt. So around INR 2,500-INR 2,600 crore. Out of that, around INR 700 crore is related to the LGN or the subsidiaries. So INR 650 crore, you had said INR 370 and INR 280 already received. So are you going to reduce this debt directly or for the expansion you are going to utilize? And also, if you can give some color like QIP money which is coming in, how is that treatment the way forward? So first on the QIP money, we already utilize it to reduce our debt, largely for the debt and partially for our CapEx and the issue expenses. On the IL JIN front, where we already received 370 INR crore by September and 280 in October. So the money which we have received is largely used for the acquisition currently. This 1,100 will be keeping some part in the works for the future expansion. And balance, we'll use it for the reduction in the debt as well. So we are not going to see a significant reduction in the debt from here onwards from September 2025 onwards? On the net debt level, yes, there will be a significant reduction. And we are hopeful that by year end, it should be cash positive by year end. And in terms of the interest cost, which I'll just update, that the net interest cost after adjusting from the other income, it shouldn't be more than 20-25 CR for the S2. Okay. And the next question is related to electronics. Just a clarification because you had already given some indication on that. So the Q3 also, you are expecting a margin to be at the lower level because, as you had mentioned, for Q4, you are able to pass on the higher prices in the gold and the copper clad. That's right. Yes. That's what our expectation is because it takes time. Normally, it takes, we start asking for the price increase, and it takes about a quarter because it's a quarterly lag procedure in a B2B, and that's how the industry operates. This holds true for the PCB and PCBA? If you would have seen our numbers from 2018, whenever the commodities have moved up, we have been able to pass on to customers on a quarterly lag, so there's always a lag of one quarter in between. That holds true for PCB and PCBA? That's right. Yes. Thank you, sir, and all the best. Thank you. Thank you. The next question is from the line of Mr. Achal Lohade from Nuvama Institutional Equities. Please go ahead. Yeah. Good morning, sir. Thank you for the opportunity. First, on CapEx, if you could give us some sense in terms of total CapEx for FY 2026, 2027, and 2028 ballpark numbers, and if you could break it up in terms of the divisions, please. So hi, Achal. This year, we are expecting a consolidated CapEx of between INR 700 to 850 crore. I'm giving a range because sometimes construction gets delayed and the payment gets delayed. But this is the range for the consolidated CapEx this year. Next year, division-wise, I can explain how it will be. For the consumer durable division, it will be in the range of around INR 300 crores. And if I talk about the electronics, because we are doing a large CapEx in the PCB segment, we are Ascent Circuits. We already explained that in the first year, we'll be doing around INR 650 crore. Out of that, a larger part of the CapEx will come in the next financial year. Then Korea Circuit will also get started in the next financial year, where the large part of the CapEx will be spent. In the first phase, we'll be doing around INR 1,200 crores there. The last part of the CapEx will be done in the financial year 2027. And in the PCB assembly and the other segments, the total CapEx should be around INR 150-175 crores. Railway, we are not expecting a large CapEx in the next financial year. It should be around like INR 50-60 crores maximum. Consolidated CapEx in terms of total, what number that would be for FY 2028? FY 2028? FY 2028 is too early to say. The reason is that how the PCB traction will be there because second phase, we need to do both in Ascent and Korea Circuit JV. But otherwise, the range that I have given, excluding that PCB, the range in the other segments will be in the similar range, like INR 300-350 crores in the consumer durable and INR 50-60 crore in the railway subsegment. And this all CapEx, whatever I explained, it is before the subsidy. So we are expecting a good amount of subsidy in all the, not all the segments, largely in the PCB segment, as well as PLI is yet to come for Amber as well as LGN. As you know, that large part of the subsidy of PLI will come in the last financial year. Got it. The second question I have, in terms of the Electronics Division, earlier you had talked about the billion-dollar kind of a revenue. If you could just reiterate what sort of number from a medium-term perspective, a next three or four years perspective, we can look at for electronics as well as for the consumer durables division, please. Yes, we guided that in the next three financial years, we should be touching about $1 billion in revenue. We seem to be quite on track as far as that is concerned in the electronics division because of all the growth in the PCBA, PCB, and the other building blocks which we are building on the box-built capabilities. All this put together should be touching that kind of revenues. On the consumer durables, sir? Consumer durable, we expect, I mean, it's difficult to give you revenue guidance. We never give any revenue guidance. But we feel that the industry is at $15 million now. And looking into the GST cut, the market should touch in the range of $30-35 million by next five years by FY 2030. And looking into that, we are right now 27% of the manufacturing footprint, and we believe that we'll be able to continue this share of business. So in line to that, we should be able to grow in line to the industry. Got it. Thank you. I'll call back in the future for further follow-up. Thank you. Thank you. Thank you. The next question is from the line of Natasha Jain from PhillipCapital. Please go ahead. Yeah. Thank you for the opportunity, and good morning, gentlemen. So for one clarification, you said the RAC industry will be flat and Amber will grow by 13%-15%. Is that right? Yes. Amber consumer durable division is expected to grow in 13%-15% today. Got it. And sir, since we've already done 15% in first half, we expect to maintain that run rate. That's good. So just a little color here. Can you tell us how is the order book looking like in terms of the new BEE-rated inventory? Is that a good order book? Yeah. We have a decent order book in hand. And because of that order book visibility, we are giving you this guidance of 13%-15% growth. Got it. Understood, sir. Thank you so much. That was all. All the best. Thank you. Thank you. The next question is from the line of Anupam Goswami from SUD Life. Please go ahead. Hi, S ir. Sir, based on your guidance of 13%-15% on consumer durables, where do we see our PCBA and especially PCBA, which is about 56% of the-where do you see this revenue for this year? Sorry, please ask your question again. So given your guidance on the RSE, about 13%-15% growth, where do you see PCBA for this year? Only PCBA or Electronics Division? For Electronics Division, we have guidance that we should see around 3,200 plus. But only PCBA should be INR 2,400 crore plus. Okay. And sir, we have been quite a few quarters, we have been saying that Sidwal and railway division should double, whereas we haven't seen that traction yet. When do we start having that large chunk of orders or execution for the year going forward? See, all the delays of the Vande Bharat execution and all is now clarified by the government. And a large part of deliveries will start happening from next year onwards. So you should see decent growth coming from next year onwards. Okay, and two years, we should close to double the revenue of right now. That's right. Yes. Okay. Thank you, sir. I'll jump back. Thank you. The next question is from the line of Keyur Pandya from ICICI Prudential Life Insurance. Please go ahead. Thank you for the opportunity. Sir, just one question on the working capital. So this year, walk through the working capital for FY 2026. And considering the changing mix, how should that be for FY 20 2027? That is the first question. Working capital for the financial year 2027 will be almost in the same range what we were having in the financial year 2026. We don't see much change in the working capital days, apart from like two, three days here and there. We are not expecting big change. And FY 2026 should be around what range? It should be around 30-35 days at consolidated level. Okay. Okay. Second question on the electronics margin. Just basic bad calculation suggests that, I mean, because of the higher share of PCBA, the impact of higher copper-clad laminate or gold should not be that much on the overall segment. So probably our PCB margins have come down from the 16%-17% to around 8%-9%. Otherwise, the impact should not be so large. Just correct me if anything is wrong in this calculation. So why such a sharp drop when PCB is not relatively a large contributor to revenue or EBITDA for now? No. Largely, you see, there are three factors which we've explained. First is the copper-clad laminate, 13% increase, which is a major raw material. It is about contributing close to about 45% in the purchase. Second is the gold prices. And third is our banking on consumer durable in the PCBA sector, where large portion was disrupted because of air conditioners not doing good. So these all three factors have led to this. Okay. Understood. We'll get back in detail. Thanks a lot. All the best. Thank you. The next question is from the line of Bhavik Mehta from JP Morgan. Please go ahead. Hi. Thank you. Just one question. At the IL JIN level, since we have already started raising the money in the past couple of months, can you share what is our stake down to now from the 90% what we used to have before the deal? So we got the money in the form of CCPS, and the conversion of the same is based on the future performance. So we'll update once it will get converted. But currently, it is in the form of CCPS. So as of now, should we assume that the stake remains at 90% only, and it will go down only once the CCPS converts in the future? Yes. Yes. Right. Okay. Thank you. Thank you. The next question is from the line of Indrajit Agarwal from CLSA. Please go ahead. Hi, Sir. Thank you for the opportunity, and sorry for harping on the margins at electronics again, so if I just do the back calculation number, it means that fourth quarter for electronics, we can see more like a mid-teen kind of margin because we get the payback for the cost inflation over there, so would it be very lumpy in fourth quarter given the third quarter is also going to be quite weak? See, fourth quarter, we'll have first full quarter for all the other box-built capabilities, Power-One and Unitronics, and also the PCB power, the correction on the cost side and all. So that's the reason we are hopeful that there should be that range of 8%-9% by the year end. Sure. And based on your current estimate, what do you think the associate or JV loss could look like in FY 2027? Expected loss to be to the tune of between INR 25 crore to INR 33 crore. For the next year as well? For the current financial year. Total. Full year. For FY 2027, what kind of number? So next year, it should come down significantly. We'll update you because there are some things that are happening, and we'll update you very soon in next quarter. All right. And lastly, when you gave out the CapEx number, this is gross, right? After that, all the subsidies and all, that would come with a lag. But probably in FY 2028 and 2029 is when we receive most of the amounts. Right. Right. So those are the gross numbers. All right. Thank you so much. Thank you. Thank you. Ladies and gentlemen, due to time constraints, this was the last question for today, and I'll hand the conference over to the management for closing comments. Thank you, and over to the management. Thank you, everyone, for joining the call. For any further information, please get in touch with our Head of IR, Ravi Kharbanda, or our IR team of strategic growth advisors.