Ladies and gentlemen, good evening and welcome to Q4 FY 2026 results Conference Call of Bajaj Auto Limited. My name is Yashashree, and I will be your coordinator. 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 initial remarks from management. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anand Newar, Head, Investor Relations from Bajaj Auto Limited. Thank you, and over to you, sir. Thank you, Yashashree. Good evening, everyone, and thank you for joining us for the call today. Apologies for a slight delay today. Welcome to Bajaj Auto's Q4 FY 2026 earnings Call. On today's call we have with us Mr. Rakesh Sharma, Joint Managing Director, and Mr. Dinesh Thapar, Chief Financial Officer. We will begin the call with our opening remarks from Rakesh on the business and operational performance for the quarter, followed by Dinesh, who will take you through the financial highlights. We will then open the forum for Q&A. Over to you, sir. Thank you, Anand. Our apologies for the late timing of the call. Extra thanks to all of you for joining in. I'll keep the remarks crisp, which means I'll do some speed talking and allow more time for Q&A. Foremost, FY26 has been a defining year, as you can see, for Bajaj Auto. Record performances through the year, delivering a best-ever year driven by growth across all business units, combined with robust operational management. This against a backdrop of uncertainty and volatility. Record revenues at INR 58,000+ crores. Record EBITDA crossing INR 12,000 crores for the first time, with margins at 20.5%. Record PAT, which was INR 9,800+ crores. Also a new peak. Quarter four was a standout quarter, with revenues crossing INR 16,000 crore, EBITDA at INR 3,300 crore, and margins at 20.8%. Total volumes reached a new high of 13.7 lakh units, growing 24% year-on-year. Given that we engage on a quarterly basis, I'll focus on the highlights of FY 2026 and not dwell much on the FY 2026. exports business unit, starting off with that. The BU crossed the 600,000 units mark for the second consecutive quarter, clocking 25% growth year-on-year. This has resulted in the highest-ever quarterly revenue from exports. FY 2026, we recorded our second-highest ever performance in volume terms, but at $2.2 billion, it was the highest-ever performance in revenue terms. A special point to note is that this was achieved despite Nigeria, our largest volume market, operating at 50% of its peak performance. Finally, Nigeria reached some stability in Q4, with volumes crossing 1 lakh units to deliver a full year performance FY 2026, which is equal to FY 2025. Volumes remain below historical peaks, the recovery is encouraging. Our wide retail distribution footprint has given us a strong competitive edge, enabling us to maintain an overwhelming market share of 50% in retail terms. Latin America continues to outperform, delivering sustained growth for 11 consecutive quarters now and reporting another all-time high performance, driven by strong growth in almost each and every country. The region remains a key driver of our export performance in terms of volume, revenue, and EBITDA. Asia also recorded double-digit growth, particularly due to Sri Lanka, Philippines, and Nepal. This enabled Pulsar brand to deliver record export volume for the quarter. Of the top 30 markets, which account for almost 80% of the emerging markets industry, we grew at almost twice the rate of the industry growth in Q4. KTM motorcycle exports from India have revived after the disruption of the past several quarters. In quarter four, KTM exports from India touched nearly 17,500 units, compared to nearly nil a year ago. A quick word on Brazil. Sales crossed 10,000 units during the quarter, supported by expanded manufacturing capacity, which has now increased to 60,000 units per annum. Successful new product introductions, like the 400 NS, and wider market presence with almost 70 top-class stores. The business reached the number five position in April in terms of share. I believe we are the youngest company there to break into the top five. The youngest company in Brazil. You know that Bajaj Auto is 80 years old. In fact, Bajaj Group is celebrating 100 years on May 11th. In Brazil, we are only three years old. Overall, the exports business has established a sustained growth momentum. We are looking at moving the exports needed to 220,000 units per month this quarter, up from, you know, the 200,000 levels. This, despite the loss of business in the Gulf region. We are, of course, hoping that there will be no further disruptions due to the geopolitical issues in the Middle East. Domestic motorcycles. The industry had a split trajectory in FY 2026, with a muted first half, followed by a strong recovery in the second half. This was driven by a strong festive season and a GST rate cut, resulting in a growth of around 11% for the full year. Growth continued to be driven by the upper half of the industry, with the 125 cc plus segment growing faster than the 100-cc segment. In particular, the 150 cc plus segment being the fastest growing. We now see a clear turnaround in our performance in the sports segment, which is the 150 cc plus segment. Sequential gains in market share are being made month- on- month, driven by the performance of our refreshed Pulsar portfolio. 10 new variants and upgrades have been introduced in the period of October to March, and they now contribute to 50% of our sales, which signals very good acceptance. The share gain over the course of the second half is remarkably secular. Each and every region, or let's say each and every state, from J&K to Tamil Nadu and Northeast to Rajasthan, has grown faster than the industry growth in their respective region. This has been led by the N and NS series of Pulsar, which grew at over twice the rate of the industry in Q4. We will continue to build on this momentum with further upgrades and interventions planned across the Pulsar portfolio in the 125 and 150 plus segments in the coming months and do so in time to capture the surge in the festive season. Pro biking, which houses KTM and Triumph brands. The business continued its steep growth trajectory during the quarter. The KTM and Triumph brands delivered, in combination, a record domestic performance in quarter four, with combined volumes of nearly 43,000 units, registering a steep 43% year-on-year growth, making it the highest ever quarterly performance for the business. KTM growth was led by strong demand across the Adventure and Street portfolios, with Duke 250 leading the charge in the Street segment. The Adventure portfolio was further strengthened with the launch of the KTM 390 Adventure R in January, the most off-road capable Adventure motorcycle in India. The most tax-friendly 350cc variants have now been introduced. Triumph too delivered its highest ever performance during the quarter, driven by the Speed 400. Since inception, the brand has now crossed the 1 lakh unit milestone within a short span of 2 and a half years. We have now also expanded the portfolio with the introduction of the 350cc platform, enabling customers to avail the benefit of the lower GST. We have also launched the Tracker 400 in quarter four. It is a model which, as they say, was born in the dirt but built for the street. We continue to invest in building the performance sports category with marquee events like the widely successful KTM Cup, the KTM Adventure Rally and Epic Rides, and the World of Triumph Expos for the Triumph brand. Along with the Triumph Scrambler, the KTM and Triumph Adventure bikes achieved leadership share in the highly lucrative and growing Adventure segment during quarter four. The rollout of our joint KTM and Triumph showrooms has progressed swiftly, with 90 such showrooms already operational. The initiative is helping us drive reach while still maintaining a differentiated brand presence. In Chetak, the electric scooter business. In Q4, Chetak crossed the 1 lakh retail mark for the very first time in a single quarter. The highest ever quarterly retails for the brand. March 26th was the largest month, with retails touching 50,000+ levels. Market share has moved up to almost 23%, a gain of 170 basis points sequentially. Consumer sentiment is again strongly shaping preference for e-scooters. The E segment, scooter segment grew by 40% in Q4 and has continued to grow at an even higher rate of 60%+ in April, far outpacing the growth of ICE scooters. A key contributor to the sequential share in Q4 has been the Chetak C 25, our new variant launched to address specifically the needs of the youth of lighter, faster and easier last mile mobility. The C 25 has been received very well, combining everyday usability with the trusted durability and build quality that Chetak has become known for. FY 2026, chetak crossed the 5 lakh unit mark and INR 4,000 crore in revenue. The reach of Chetak today stands at 500 plus exclusive Chetak stores, combined with almost 3,000 plus motorcycle stores which are shared with Chetak, and this presence has expanded to over 850 cities. This gives us, gives our network a reach which is both wide and deep, but it continues to deliver the differentiated sales and service experience that the brand is built around. In Q4, Chetak also commenced its international journey with exports to Sri Lanka, Philippines, and Nepal. The first steps to what we believe can be a significant opportunity in due course. Commercial vehicles, this has been a landmark year for the business unit. For the first time in our history, the commercial vehicle business crossed the 5 lakh units mark for the full year, a milestone that reflects both our ICE leadership and the scaling up of our electric portfolio. In Q4, the business delivered its highest ever quarterly volumes, growing 28% year-on-year. The ICE franchise remains rock solid. The share in the CNG segment is close to 90%. These strong positions signal a solid brand franchise, we are conscious of this equity of trust, even as we leverage it to build our electric three-wheeler business in the rapidly growing E-segment. We have maintained the number 1 position in electric three-wheelers throughout Q4 and in April in terms of registrations. Importantly, this scale-up has been accompanied by healthy profitability, making E three-wheelers a strong contributor to both the top line and the bottom line. A highlight of Q4 has been the launch of WEGO P9018, the largest electric three-wheeler in the industry, powered by a 17.7 kilowatt hour battery with advanced BMS and regenerative braking. It delivers a maha range of 296 km, the highest in its segment. On Riki, our eRick, the journey is progressing steadily with presence now in 100+ cities. Though the eRick segment itself has slowed down due to enforcement of regulation on the streets, which is actually helping consolidate this industry in favor of the larger and better OEs. Even so, at almost 30,000 units per month, it still offers a very large new business opportunity for us to be seized by upgrading the segment on the basis of quality, reliability, and a good ownership experience. In totality, our two-wheeler and three-wheeler electric business is actually now the largest in the auto industry, accounting for almost 20% plus of our domestic revenues and contributing double-digit EBITDA percentage. Finally, I must make a brief comment on our spares business and highlight its record sales of INR 1,700 plus crores, registering a growth of 16%, and delivering a record EBITDA margin as well. As you can see, the FY 2026 was a benchmark year, setting records in volumes, revenues, and profits and business unit performance. We have to look forward in a change scenario with some new challenges imposed by the war in the Middle East as their operating environment is experiencing significant change. The demand environment, it has softened in April due to general inflation, increased prices of our vehicles, LPG shortages, manpower migration, and the LPG shortage led effect on the consumer sentiment. This is bound to slow down the motorcycle category from its 20%, rocking 20% growth in Q4 to we estimate 7%-9% in the near term. Having said that, the great thing from our point of view is that we expect this growth to come almost entirely from the 125 cc plus segment and even more so from the 150 cc plus segment, which should grow at twice the industry rate. April outcomes, actual outcomes, point very clearly in this direction. Secondly, the electric category in both 3-wheelers and 2-wheelers will witness not just continuity of growth, but perhaps a further increase in growth. The 150 cc plus segment and the electric segments, which are the absolute epicenter of our focus, mitigate the overall softening of the demand. Supply chain difficulties in terms of the LPG shortage, manpower availability, and outbound logistics to overseas markets have impaired availability to service demand by about 10%-15%. Hopefully, these will start to resolve themselves over a period of time. The cost environment is seeing a potential rise during the quarter of about 3% to 5%, driven by the metal complex. This has been partially addressed by taking up prices with effect from 1st April. Of course, the USD realization rates reaching 95 have been very helpful in us managing the cost side inflation. Keeping all the above in perspective, as also our actual April outcomes, we expect our growth tempo to actually continue in Q1 based on the strong competitive positions we enjoy in the key segments like the 150 cc plus in domestic motorcycles, the EV business, both in two-wheelers and three-wheelers, and the continued performance in large and stable territories like LATAM and parts of Asia. Through Q1 and rest FY 2027, the team will remain absolutely focused on the areas which I've highlighted earlier. Gaining share in the 125 cc plus segment, particularly in the 150 cc plus segment, riding the continued industry growth. This will be done on the basis of new product launches and brand development. In exports, pushing exports to the 220k+ levels on the back of leadership in the sports segment in LatAm and a more aggressive outreach in gaining shares in commercial bikes, particularly from competitors originating in China. Super premium two-wheeler segment, accelerate growth in both Triumph and KTM basis network expansion and the launch of the more tax-friendly 350 cc variants. In electric business, we will deepen our leadership position, leveraging the wider product portfolio, which is already there, and some new launches planned, and the expansion of an exclusive network. KTM AG, we will continue to support the management there in the turnaround, which is well underway to bring back KTM in due course of time to its original performance. A key area, given this environment, will be to balance growth and profitability in the most optimal way through robust operational management. Finally, we will continue to build capability and now leverage scale in Bajaj Auto Credit to deliver an industry-class leading performance. With this, let me hand the session over now to Dinesh. Thank you, Rakesh. Good evening, everyone, thank you for joining us on the call and your patience with us this evening as we delayed it. Before I get in typically talking about the results commentary, let me inform you that the board of directors today, on the recommendation of the NRC, approved the elevation of Rakesh to the Joint Managing Director of the company from first of June. He will effectively sort of speak to you the next time we get together as the company's Joint Managing Director. Congratulations, Rakesh, on the board's elevation. Thanks. Let me now get into the financials. you know, I want to at the very outset call out what has truly been an exceptional quarter. Revenue at its highest crossed INR 16,000 crore. EBITDA came in at INR 3,323 crore, and margins at 20.8% sustained despite challenges in the operating environment. When you step back and look at the breadth of this delivery, it represents a strong year-on-year performance, with volumes growing 24%, translating into a 32% increase in revenues, and strengthened further as we move down to P&L, with profits growing ahead at 36%, reflecting in many ways the underlying strength and quality of the business. With that said, let me give you a quick sense of the context on commodities and currency and then walk you through the numbers in some detail. On commodities, the quarter was by and large characterized by inflationary pressures across the basket. Within this, noble metals, rhodium, palladium, and platinum saw particularly sharp moves, firming up in the range of between 20% to 25%, accompanied by broader inflation across copper, aluminum, and lead as well. Commodities such as steel, ABS, nickel, and natural rubber were relatively benign or stable for the most part of the quarter, though these started to inflate and firm up towards the end of the period as well. We are now starting to see distinct signs of very steep inflation carrying into the next quarter, which I will touch upon when I come to the outlook. As indicated in the previous call, we were expecting cost inflation to be in the range of between 50 to 60 basis points. I then said that we would look to cover about half of it through pricing actions. As the quarter progressed, commodities came in line by and large within that range that we had indicated. It could have been much higher given that inflation had started to set in towards the latter part of the quarter. Some very good work done by our purchase team. We were able to push that out and not let it impact last quarter's results. Therefore, net cost inflation came in at about 40 basis points. This is after taking pricing. A part of the pricing was also offset by the absorption of the full quarter's impact of the phasing out of the PM E-DRIVE for electric three-wheelers. Many of you would remember that at the end of quarter three, the budgetary outlay for PM E-DRIVE on electric three-wheelers had run out. What we did was, in the spirit of trying to push for competitive growth, and market share gain, we absorbed the impact of that. It was felt for a brief period in quarter three, then we've absorbed the impact of that in its entirety, in quarter four. On currency front, the story was distinctly more favorable. The rupee depreciated through quarter four, with our realized exchange rate coming in at 90.6 to the dollar for the quarter, compared to 88.3 for quarter three and 86.5 same time last year. The sequential and year-on-year tailwind provided support to the margin situation amidst the inflation. Turning now to the financial performance for quarter FY 2026. revenues. Building on the momentum of the previous quarter, the business continued to scale new highs, with both volumes and revenues reaching their highest ever levels in a quarter. Revenue from operations came in at INR 16,006 crores, translating into a very strong 32% year-over-year growth. What I find particularly heartening is the fact that the growth and performance this quarter has been truly broad-based. Across each of our three business segments, two-wheelers, three-wheelers, and exports, volumes grew 20% each and revenues 30% each across all three of them. That's about as good as it gets in terms of it being as broad-based. Revenue was further supported by a rich sales mix, driven by a strong rebound in KTM exports, a higher contribution from commercial vehicles across both domestic and international markets, and continued traction in sports motorcycles, all of which, as you'd be aware, are structurally revenue accretive. This was further aided by favorable currency movements that I spoke about earlier. Spares revenue, which has now been at a steady rate of between INR 1,700-1,800 crores, provided a recurring support to overall revenues and profitability as well. Exports revenue for the quarter also reached a new high of nearly INR 600 million in this quarter. On EBITDA, the quarter delivered a new record of INR 3,323 crores, a robust growth of 36% year-on-year. Margins held steady at levels of 20.8%. This marks yet another quarter of sustained delivery above 20% threshold, even as we navigate various challenges. Sequentially, we looked to hold margin flat, essentially supported by favorable currency, richer mix, and operating leverage. These tailwinds helped absorb the net commodity inflation that I just spoke about and higher discretionary spends, notably on marketing and R&D. Of course, the absorption of the PM E-DRIVE that I spoke about on electric three-wheelers for the entirety of the quarter. On a year-on-year basis, operating leverage and currency tailwind led the way on delivering margin expansion of 60 basis points while managing cost inflation. Tracking revenue and EBITDA, profit after tax for the quarter stood at INR 2,746 crores, registering 34% year-on-year growth. The reported PAT includes an exceptional gain of about INR 35 crores arising on prepayment of deferral incentives and loans at the net present value. Looking ahead to Q1, the commodity environment has moved to being sharply inflationary, almost hyper, I would say, with the prospect of material availability on the aluminum alloys and polymers front also being very tight. That said, we are taking decisive actions to secure supplies. Significant inflation is now visible across almost the entire basket, with not just noble metals, but also base metals like steel and aluminum participating more actively in this upswing that we are starting to see. Most of it, of course, event-driven, leading to the supply shock that we are currently all aware of. The quantum of increases across key commodities has also stepped up materially compared to what we saw in the previous quarter. To put that in some context, many of you would be aware from publicly disclosed numbers, steel is almost up 15%, copper 20%. Aluminum and noble metals all up, ranging from 35% to 45%. Clearly very steep and almost unprecedented levels of inflation, but very volatile and dynamic without knowing how long this might last. Taken together, we are currently estimating a material cost inflation impact of approximately 3.5%-4% of revenue. This is from an overall portfolio perspective. It will, of course, vary across models and segments. This is based on the current outlook, and as you would imagine, it is very volatile and dynamic and the situation could change. The 3.5%, 4% of revenue that I'm calling out at the moment is how we currently estimate it. Once again, we have taken very judicious pricing actions to offset about 40% of this impact so far. Given that the current situation is event-driven, we are watching the developments very closely and will be acting dynamically to manage the P&L. You know, we're doing what most businesses would do at this point of time, which is to accelerate cost programs, optimization opportunities, be very mindful and judicious about discretionary spend, and choiceful about what we spend and where we spend. Of course, then decide if we need to look at pricing after that as well. We're also very conscious about the fact that currency is continuing to merge as a tailwind and providing some cushion to this context. Since this is the time of the annual financial close as well, let me now spend a couple of minutes wrapping up what has truly been a landmark year for Bajaj Auto. Starting with FY 2026 closed with the highest ever annual volumes for the company at over 5 million units, only the second time that we've delivered. The last time was in FY 2019. This was achieved across both domestic and exports. You may recall on the domestic side, the year saw a relatively subdued first half, with growth accelerating in the second half, aided by, you know, the impact of the GST rate rationalization and a very buoyant festive season. Commercial vehicles, 125 cc plus segment, KTM, Triumph, and Chetak all registered new highs in billing and retails. Export volumes ex Nigeria reached an all-time high as well. CV exports grew nearly 50% for the year. It was by the numbers, as the numbers would suggest, the most comprehensive volume performance that we have delivered in recent times. Revenue followed through at nearly INR 59,000 crores, up 17% FY 2026 represented the new annual benchmark for the business. Importantly, as you would have seen in our press release, across every segment cut, whether it was domestic or exports, two-wheelers or three-wheelers, ICE or electric, each one scaled to a new high. The revenue growth was primarily volume-led with a meaningful contribution from a richer sales mix, higher share of sports motorcycles in domestic, a sharp step-up in KTM and CV within exports, and a growing contribution from the electric portfolio across two and three-wheelers. Currency with a higher average dollar realization for the year added a further fill-up. On EBITDA, we closed the year at a new high of INR 12,000 upwards crores, growing 19% year-over-year, with margins at 20.5%, an improvement of 30 basis points over last year. Currency was favorable, mix was accretive, and operating leverage came through on a substantially larger revenue base. This more than offset the price versus cost equation that reflected commodity inflation through the year, most particularly in the back half of it, as well as the focused pricing interventions that we took and investments that we took to drive competitive growth. Underpinning the margin delivery was a significant development that we have made on our electric portfolio, which hit double-digit EBITDA margin in its entirety for the very first time in the course of this year. The improvements came on the back of rising scale of the very popular and profitable electric three-wheelers and the improving unit economics of Chetak, which have now reached EBITDA neutral as a portfolio. Profit after tax came in at INR 9,825 crores, nearly INR 10,000 crores, with a growth of 21% year on year, yet another record. Two exceptional items. The first was a charge of INR 58 crores that we took in our quarter three numbers arising from the reassessment of employee benefit obligations, given the revised definition of wages under the labor code. The second is a gain of INR 35 crores this quarter from the prepayment of the sales tax deferral that I just spoke of. These two, as you would have noticed, by and large, offset each other in the full year's numbers. Overall, it just wasn't the headline financial numbers. As you would have heard from Rakesh right now, across all businesses, the year was marked by a range of records and stellar performances. Moving quickly to consolidated results. On a consolidated basis, our reported revenue came in at nearly INR 63,000 crore, up 23% year-on-year, while consolidated profit after tax crossed, way crossed the INR 10,000 crore mark for the year, reflecting a growth of nearly 50%. Let me now spend a quick minute on BCL and KTM. BCL, the business has had an excellent year. It has scaled up rapidly. The customer base now stands at approximately 1.8 million customers and is supported by a very wide distribution across almost 6,200 outlets, covering nearly the entirety of the Bajaj Auto retail network. On the lending side, the two-wheeler business delivered robust growth with continued strength in core motorcycles and strong traction in electric vehicles and the premium segment, notably KTM and Triumph. The three-wheeler portfolio was a standout, recording nearly 49% volume growth for BCL, led by the significant expansion in the EV segment and the introduction of new business and refinancing models. Total income for BCL crossed INR 3,000 crores, and PAT for the year came in at INR 665 crores compared to INR 58 crores in the preceding year, a near 12x increase. The business now starts to hit meaningful scale. To give you a sense of numbers, AUM has reached nearly INR 19,000 crores, roughly doubling in the course of the year, and disbursements for the year were a tad under INR 15,000 crores. In the last year, the business onboarded over 1 million customers, and asset quality remains healthy. Capital adequacy ratio remained healthy at 19.5%, and the business is delivering industry-leading returns on equity of about 23% for this last past year. BCL has now moved to being a material earnings contributor within the group in a span of two years and is now firmly positioned to be a strategic enabler within the Bajaj Auto ecosystem. On KTM, as you would recall from our last earnings call, Bajaj Auto, through its wholly owned subsidiary in the Netherlands, BIHBV, completed the acquisition of a 100% stake in Bajaj Auto Holdings AG, which was formerly called Pierer Bajaj AG, which in turn held 75% stake in the now named Bajaj Mobility AG, the listed holding entity for KTM. With the transaction completed on 18th of November, Bajaj moved from being a minority position to a controlling stake, and BMAG and KTM are now step-down subsidiaries of the group. Before I get into the numbers, let me spend a moment on the accounting structure. There are a few moving parts here, and I just want to make sure that the context is clear. BIAH AG, including the BMAG and KTM AG Group, publishes its results on a half-yearly basis in line with stock exchange regulations that are applicable to listed entities in Europe. What this meant in practice is that quarterly financial information was simply not available to us in prior periods. We could only access results as per that publishing calendar in Europe. As a result, in the current quarter, ended March 31st, 2026, the group has accounted for its share of consolidated results of BMAG, KTM AG for the period of 1st July to November 18th, which is really the date of the acquisition of the controlling interest. To put this in context, the last time we accounted for KTM in our results was in quarter two FY 2026 numbers, published in November, that we published in November, covering the period January 1st to June 30th,2025. Prior to the acquisition, KTM through BIAG was accounted for as an associate under the equity method, and we recognized our share of profit or loss accordingly. Post the acquisition, which is essentially from November onwards, BMAG and KTM AG has been consolidated on a line-by-line basis from that date through to December 31st, 2025. Going forward, it is our intention to move BMAG, KTM AG to quarterly reporting as a voluntary action to align with Bajaj Auto's reporting calendar and as a measure of good governance and transparency. The results of BMAG and KTM will be consolidated into Bajaj Auto's numbers on a quarterly basis, but with a one-quarter lag. To the numbers. In the current quarter, the group has recognized a net share of profit from the associate of INR 1,194 crores that you will see appearing on the body of our results. This is essentially made up of four components. A share of the loss of INR 413 crores of KTM recognized. It was just about starting up operations after the restructuring phase. Our share of loss that we had to consolidate then was INR 413 crores for the period from July 1 to the date of acquisition. The second component is that we've accounted for a gain of INR 953 crores on remeasurement of the investments at fair value on the acquisition date, essentially representing the fair valuation of the 49.9% stake that we had already held in PBAG. The third element was a reclassification of INR 646 crores of the accumulated foreign currency translation gains from the FCTR reserve into the P&L, as is typical in the course of accounting for such transactions. The fourth element is a share of profit of INR 9 crores from the associates of BAIAG from the date of acquisition to December 31st, 2025. Net-net, these results translate into a share of profit from the associate of INR 561 crores for the period of January 1st through to the date of acquisition. This is what is reflected in our consolidated profit and loss account. The acquisition has been accounted for in accordance with Ind AS 103 on business combinations, with the excess of fair value over net assets and purchase consideration recognized as a capital reserve in the other equity line. We've provided a detailed note on the transaction structure this time and the accounting treatment in the press release for those of you who would like to go deeper into the specifics. I am conscious it is a very complex transaction, and the accounting may need some level of understanding and therefore, Anand and the team have been suitably briefed, and they would be happy to provide any additional clarity if you need on this offline. As for KTM, the focus in 2026 continues to be to drive along with the executive board and through them the broad-based turnaround plan covering work streams on portfolio priorities, product development, go-to-market, supply chain, including sourcing, organizational and structure simplification with a view to rationalizing fixed costs. I expect the results of this to start showing up in the latter part of 2026 itself. Quickly, a word on cash. We closed the year with surplus funds of over INR 18,000 crores after deploying capital on multiple fronts during the year, reflecting a strong and consistent cash generation. CapEx for the year was approximately INR 500 crores, split equally between ICE and EV investments. We invested over INR 2,300 crores between BACL and BAIHBV, the former to support the scaling of the lending book and the latter in furtherance of the KTM transaction. Free cash flow for the year was more than INR 8,000 crores, a reflection of the very robust cash conversion on profit. We returned about INR 5,900 crores to shareholders through dividends last year in July, which pertain to the previous financial year, consistent with our intention of rewarding the shareholders. Lastly, the board of directors at its meeting earlier today approved a payout of 100% of the profits that we have made last year in recognition of the 100 years milestone of the Bajaj family in India, and with Bajaj Auto being the flagship company that started it all. This will be split as follows. A final dividend of INR 150 per share that will aggregate to INR 4,192 crores, and the balance of about INR 5,633 crores will be towards a buyback under the tender route at a buyback price of INR 12,000 per share. Overall, this reflects our continued commitment to delivering healthy and consistent returns to shareholders commensurate with the growth and performance of that company. With that, let me hand the call back to Anand. Thank you. Over to you, Anand. Thank you, Dinesh. Yashaswi, with this, we can open the floor for Q&A. Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Please limit yourself to one question at a time so that everyone has an opportunity to participate. If you have follow-up questions, you may rejoin the queue. We'll take our first question from the line of Kapil Singh from Nomura. Please go ahead. Yeah, good evening. First of all, many congratulations to Mr. Sharma. We hope to see even better performance as you assume the new role. Best wishes, sir. Thank you very much, Kapil. This is a very, you know, big challenge which you have posed. I hope I can deal with it. Yeah. Sir, I just want to go back to the comments you mentioned about the price hike and related impact on demand. If you could just articulate it a bit. Have you seen some impact of the price hikes and in which segment? You know, this 7%-9% growth is only for motorcycles. What do you expect for scooters in that case? Whether the price hikes are happening in exports, and there also we could see similar impact because exports have been on a tearing growth. Is it the market doing well, or is it Bajaj Auto gaining share across the board? Well, the There has been a decline in the motorcycle industry's growth between Q4 and April. There is, of course, 1st of April onwards, a price hike being taken and different measures by almost all companies. We had also taken a price hike on 1st of April. What this means is that, depending on the product group, the benefit which the GST rate cut had given to the customer, almost 30%-40% of that could get rolled back. Obviously, it will have some impact on the demand. Secondly, there is already, you know, some sentiment, adverse sentiment which has set in. People have become cautious. The whole LPG shortage has brought this crisis into the homes of each customer, and in such times, people then tend to postpone purchase. Already we have seen, like I said, the 20% coming down to 9%. When we unbundle this 9%, we find that the upper half, particularly the upper half of the upper half, is maintaining very strong growth, which just indicates that still the people with stronger wallets are coming in. We've had a very, very good start to the mini season, which is led by marriages in the northern parts of the country. We are seeing a fair amount of up-trading. Now, we have to wait and see what happens to the fuel prices, what happens to our own material costs, and how these play out in the market to see how the demand environment will get shaped. Of course, the rocking growth which we were seeing October onwards to now, that has sort of really come down. This is the domestic. In the domestic motorcycles, in the three-wheeler segment, actually the ICE segment has come down, the electric segment has seen very, very fast growth. You see, LPG shortage has been there. There is a CNG issue there. There is a petrol price hike imminent. You know, all these things are sort of creating a consumer sentiment which is really favoring the adoption of the electric segment. That, its growth has actually strengthened in, for example, April. The three-wheeler segment is still growing very, very strongly. Internationally, despite the environment, what has happened, what we're seeing is that the currency-led, devaluation-led inflation, which is there in India to some extent, in many, many emerging markets it has not yet appeared. Now, we don't know how that will play out, but demand has remained very healthy, particularly in LatAm. The rapid growth which you are seeing in the case of Bajaj Auto is because, you know, we hold a very strong position in LatAm, and that has really helped us because LatAm has done well. Within that, the sports segment has done well. We've got great competitive positions over there, and we are seeing very, very strong growth. In addition, in Africa, like I said, Nigeria has finally come to even Stevens. It was on a decline trajectory. It has come back not I would not say growth, but it is equaling last year. We hold a 50% market share there, which is, you know, unlike our other competitors, this 50% is the outcome of a very widespread presence over there through almost 800 retail-level stores. A lot of the competitors do wholesale business, we, for us, the majorly it is retail business. Nigeria doing well. Expected to continue to do well. Some good advancement against, you know, the 125 cc bikes, which come from China and other sources, has done well. In Asia, Sri Lanka, Philippines, good markets for us continuing to hold strong. Therefore, the near-term outlook of the quarter we feel bullish about exports. Beyond that, let's see, how, you know, how this geopolitics, sort of plays out. Thanks, sir. Thank you very much for the detailed answer. Just a quick one for Dinesh, sir. Sir, can you remind us how are we placed on the currency hedging? Will we be able to realize the full tailwinds of the currency, which may help offset the balance impact of the commodities for the next quarter? Yes, Kapil. Short answer to that we're not hedged, therefore we are realizing at market. Okay. Thank you, sir. That's all. Thank you. We'll take our next question from the line of Binay from Morgan Stanley. Please go ahead. Hi, Rakesh. Congratulations on the Joint MD role and also for very stellar earnings. In fact, I think your comment is interesting. Is it broadly fair to assume that for FY 2027, standing where we are, exports will actually do much better than domestic on volume growth? Well, first of all, thanks a lot. You know, See, most of the analysts and media people have failed to predict what is going to happen in the West Bengal elections and all that. Very difficult. This is a similar situation, very difficult right now to do some crystal ball gazing and say that this is how the whole year is going to pan out because there are so many variables over there. There is a logistics issue, there's a currency issue in so many emerging markets. There is a, you know, there's a demand issue, therefore. I can say one thing that exports is on a very strong wicket because we are capturing a disproportionate share of the growth because of our retail presence, because of all the work which has gone in key markets. Luckily, these key markets are bucking the trend. I mean, Mexico is doing very well, and I'm hoping if the U.S.-Mexico FTA in June, July gets signed, I think we'll see a superb growth in Mexico. You know, with our plant over there, which is only 3% duty, and with our 300 odd stores over there, which is double that of any other competitor, including Japanese, I think we're in a strong position. The situation is, for example, in Colombia, in Argentina, in Peru, we are recording highest ever sales over there. It's a combination of these markets doing well, we fortuitously being present in these markets and having done some solid heavy lifting work in terms of building the brand channel system over there. It is in some markets in Asia as well. I think exports will continue to do well. Like I said, in Q1, we definitely see it pushing the needle beyond 200 and hopefully beyond 20,000 units per month also. Domestic business, it remains, whether exports will do better than domestic or not, I cannot say that. I think if the current pattern of growth continues, which is the top half sort of getting almost being a little bit insulated right now from all the adversities which are there, then it's very good news for us because if this continues, particularly because our play in the last 6 months in the 150 cc plus segment in the N and NS range has been very rewarding. If that sort of continues like that, I think we are in for a good ride. How exactly the chips fall between exports and domestic motorcycles is difficult to say. We are optimistic because of these reasons in both areas. No, no. That is very encouraging to know. Lastly, just on the Chetak. You know, we've been around this 30,000-run rate for a few months now. What steps are we taking to sort of take it to the next level? Could you talk a little bit about capacity, product action or any other plans to take it up from here? Yeah. Chetak is actually, you know, we've not been able to fulfill the demand, which has been there for, you know, one reason or the other. Sometimes we also get exasperated that everything is not working in every department and every month, and therefore, we have not been able to reach our potential, which I think is much higher in terms of share. Things did come together to some extent in towards the end of the Q4. We have now a capacity of 50,000 units per month. I think we will max that. I'm only hoping that all this labor issue and the availability of fuel, et cetera, and the tier 1, tier 2 vendor doesn't play a spoiler, and we achieve 100% utilization. We are taking steps. There is some serious work going on to see how and where we should expand capacity in a quantum manner. Once we are done with that exercise, we'll be happy to talk to you guys about it. Yes, we have now reached a position where we think a substantive increase in capacity in Chetak is needed. Great. Great. Thanks, team. Thanks. Thank you. Next question is from the line of Raghunandhan from the Nuvama Research. Please go ahead. Thank you for the opportunity. Congratulations, Rakesh Sharma, sir, on Joint MD role, and best wishes. On that happy note, can you provide some thoughts on the upcoming models? Can we expect the 125-cc affordable motorcycle this year? That's a good try, Raghu nandan. You know, I'm elated by the appointment, but not elated enough to start spilling the beans. I will, now that you have said that I'll tell you that there's going to be a stream of new products, and we are trying to advance their introduction, so that we have got some good new refreshed portfolio in time for the season. We'll have a new range in both the 125 cc and the 150 cc plus range. Hopefully, I think, we will see these new introductions hitting the market as early as July in the Pulsar brand itself. In the Pulsar brand, the new 125 cc will come out. What about the other ones, sir? 125 cc affordable one, you have not yet disclosing the date for that. Yes. They're very much in the cards. Have a look at these new ones when they come. They're really looking stunning. We hope to change the game with this in both the 150 cc and the 125-cc segment. The N and NS ranges, you know, there have been introductions of the NS 400 upgrades and some variants which have been hugely accepted in even, you know, markets where we don't enjoy a good competitive ratio like UP and all. We are getting very good traction over there. That is why, like I said, the N and NS range is growing at twice the rate of the S1. Twice the rate of this 4th segment growth. Yeah, both these ranges will make their appearance in July. Well noted, sir. Lastly to Dinesh, sir. Sir is the understanding correct that on EV revenue of INR 8,000 crore, EBITDA margin is in double digits, and this is despite being EBITDA neutral for two-wheeler. Also, can you share the PLI incentive for the year? Yeah. I think the first piece is I had mentioned, Rahul, that we've got to a stage of double-digit EBITDA margin, which has been true for the last 2 quarters on our electric business. Remember when I talk about this, it's always electric two-wheelers plus three-wheelers put together, in which the Chetak is EBITDA neutral. In many ways, the rising proportion of electric three-wheelers is leading to that. PLI claim for the year, we're still aggregating it, but it is in the whereabouts of about INR 900 crores. Thank you very much, sir. Very helpful. Thank you. We'll take our next question from the line of Gunjan Prithyani from Bank of America. Please go ahead. Yeah. Hi, thanks for taking my questions and congratulations, Rakesh, on the expanded role. Just two questions from me. Firstly, I think, a bit of a follow-up on the export. When you said that Nigeria is, you know, almost there at last year's level, I mean, can you give us little bit more color on, you know, you've usually talked about the monthly run rate of 25K there versus the peak of 50K. Where we are, do you think that we are on the scale up back to, you know, to at least higher levels there? Brazil, again, you know, a bit more color. It's been clearly a big positive surprise market for, you know, last two years. How much more upside do you see? Where are we on market share in Brazil? Just these two markets. Yeah. Nigeria, we're now clocking a steady 35,000 plus last two, three months, and a 5,000 plus in three-wheelers. That's very, very healthy. Hopefully we will continue to grow. You know, I'm just sort of keeping a watch on Nigeria because in Nigeria, fuel prices have increased substantially. Almost by 30%, you know. There's, of course, the higher oil prices helps them because they get, you know, they're a net exporter of crude. They don't have refining and therefore the fuel prices which affects the common man has increased. These two things have to balance out. For the moment, we are seeing very good traction in Nigeria, and we are in readiness for the season. We have stock on the ground. We have sales people who have got, you know, very strong engagement with the 800 plus retailers all across. That's, I think, a positive going forward. What was the second point? Sorry. On the Brazil. Yeah. Brazil- -Brazil. Yeah. Brazil has done quite well. you know, at this point of time, we are so small in Brazil. Brazil is a very big opportunity, you know, it's a very, very large country. we have taken a top-down approach. Our approach has been to keep the brand forward rather than volume forward. The way it's manifesting is that we have launched our highest end models over there first. Secondly, we have gone in for very exclusive high-end stores over there because we feel that the store experience and the whole imagery around the store is essential for brand development. In the first phase, at least for first five years, we will really want to build our brands of Pulsar and Dominar and establish a very strong customer franchise. I think on that score, we are moving very, very well. We also get limited by the manufacturing capacities. We have to go through step changes because for every step, the localization requirements are very different. They're different for 20,000, then they change up to 50,000, 60,000. Then beyond that if you go, they again change, and beyond 100,000, they again change. It's a step change which occurs. Right now, like I said, our capacity is closer to 60, let's say 50,000 usable. We are seeing in the next 12 months, hoping to hit that kind of thing. As we move forward and hit it, by middle of the year, we will start looking at further enhancing our capacity in the year 2027-2028. Got it. Before I move to the second question, just clarifying on container availability issues, because that's something that's been flagged in the market as well. Yeah, that's a big nightmare. You know, this is where years of experience of the logistic team and the excellent work between the plant and the logistic team is really paying out. You know, we export 1 container every 10 minutes. That's the scale of our operations, and we have to catch 4 ships every day. With all the chaos which is going all around, a lot of out-of-the-box thinking has been done to find alternate routes, ensure container supply. I can tell you that despite all these disruptions, for just on the basis of logistics in export, we have not lost any sale. Of course, we have lost sales in the Middle East because there's nothing going over there to the Gulf countries, but that's 5,000-6,000 units per month out of the overall 200 plus. The team has managed the whole logistics complexity and volatility quite well. I think they are on top of this situation. Got it. Dinesh, my second question is to you, around, you know, some of the comments you made around 3.5%-4% RM impact and the mitigating factors being price hikes and currency. There's still a reasonable gap to cover in terms of the cost headwind we are seeing in the business. Any thoughts on our appetite to take more price hikes? What is really the tolerance level when you think about the range of margin? I mean, is there a range of margin we sort of anchor around to manage this growth versus profitability? Some thoughts around, you know, how do we think about the net impact in the business? More from a full year basis, not really, you know, I am not trying to understand 1 Q because of course it is going to be a painful quarter. Look, of course, once we get to full year basis, when I mean full year, essentially once we get to steady state, the obviously the intention will be to continue to hold margins and drive margins the way we have. I think, you know, at this point of time, I must tell you that even though I'm telling you, and I know that there aren't many which have put out numbers as yet because it is truly volatile. When I tell you 3.5%-4% of turnover as commodity inflation today, that's our view here and now. We've had three refreshes in the last four weeks on this front itself. So, it's quite a dynamic situation. Also, I'm, you know, we're playing wait and watch because as I mentioned in my comments, a lot of the inflation is clearly event-led supply shocks, right? Don't know how the turn of events will play out for the rest of this quarter. A lot of negotiation and rate locking in with on suppliers is now also moved to shorter frequency and not really to quarterly rates that might have been the norm in the past. It's quite a dynamic situation. We are playing it truly month by month. Like I said, we've taken pricing to cover 40% of the inflation from 1st of April. We are taking a very, very hard look at all costs that we are spending in this quarter and typical of really saying, is it really needed, being very choiceful about all discretionary spends, as it were. That's clearly going to be able to mitigate some part of the inflation challenge. Then of course, there is the currency as well, because the currency has moved from If you see last quarter, we averaged out at close to 91, 90.6. The currency is hovering between 94, 95, as it were. Let's see how that moves as well. We're clearly playing it, you know, month by month. The intention will be to try and see how do we bridge pretty much as much of the material inflation through a mix of the pricing that we've taken. I think next round of pricing will probably be the last of the recourses that we will take, if at all required. Being very watchful of it, we want to also protect competitive growth. In the meantime, we want to be sure that we are juicing out all cost opportunities, cost savings opportunities, and pulling back on discretionary spends. After considering whatever is the currency tailwind, then see how do we need to manage that last bit. Very dynamic situation. Like I mentioned, refreshes that are coming in far more frequently than they have ever in the past. Rate settlements and negotiations now happening at much shorter frequency than longer frequency. Therefore, that means that tomorrow, if things settle down, possibly some benefit of that can start translating into costs, in the nearer term than much later on. But let me leave it at saying that quite dynamic. We are playing it dynamically. Our intention is to try and bridge as much of the impact, as it currently stands. Got it. Thank you. Thank you. Next question is from the line of Amyn Pirani from JP Morgan. Please go ahead. Yes. Thanks for the opportunity, and yet another congratulations going your way, Rakesh. I have two questions. The first one is on your comment on the, you know, moderation in the motorcycle growth. Just to clarify, when you say 7%-9%, are you talking about, say, what you're seeing for the next few months, or is it for the full year? Because this year we also have the problem of first year and first half, second half looking very different in terms of growth. Just wanted to clarify on this comment of yours. Yeah, it's, I would say, in the next few months. Okay. At this point of time, I won't wager a full year like this. You're very right, there'll be a base effect which will start kicking in. I mean, we had a lower base in the first half last year and the second half, you know, sales year. There will be a base effect to contend with in the second half. Really a lot depends on how inflation and pricing impact how much of the GST benefits will start to reverse. A lot will depend on that. Sure. My second question was on three-wheelers. If we just, you know, take a step back, obviously, you know, we've talked about how ICE growth, you know, has been stable to slowing, but EVs has driven the growth. If you look at the aggregate, you know, I mean, three-wheeler growth has actually surprised most of us. In fact, I think post-COVID, it has been the best performing category within autos as a whole. This is not something that we would have thought, you know, pre-COVID. Is there anything structural happening there? How should we think about, you know, the size of the category over the next few years? Because the growth overall, you know, we may say EV, non-EV, but overall growth has been quite surprising. Well, you know, please go back and read my comments for the last two, three quarters. Some of you have asked that where do you see, you know, growth coming for Bajaj Auto. I've been saying, even though it's a humble vehicle, I've been saying that we are sitting on the threshold of very large growth in three-wheelers. Let me give you some numbers. The industry growth in three-wheelers in quarter four, total was 25% plus. In April, it was 25% plus again. You are very right, a lot of this was because of the EVs which are growing. Consolidated, this is being driven by the exploding requirements in the country, particularly in non-metro locations, in smaller towns. This is being driven by the huge spread of the road network, and this is being driven by people now wanting to travel between towns, even for work, to escape. the re-rental requirements, you know. It is now very possible for a person to stay in his hometown and work in the neighboring town and take a three-wheeler and, you know, a shared three-wheeler and commute. To go to the main road in a three-wheeler and take a bus and commute. They find it much better to do this rather than take a house on, home on rental in the place of work. These things, the women coming out and traveling, these things are exploding the co-requirements of mobility and there is simply not enough public transport systems. This is a phenomenon which we have been witnessing for a few quarters now. This is another area where we are now getting capacity limited, and we are working to expand the capacity. Particularly the larger three-wheelers. The larger format three-wheelers. If you see the way we have expanded our electric portfolio, we first started with the small three-wheelers, and some of our competitors are only in the small three-wheeler. Quite rapidly, we've gone into the seven and the nine series, which are larger three-wheelers. Not contracting market where people hire a full three-wheeler, but ticketing markets, which means people share a three-wheeler. They will go from the railway station or bus station to another point in a shared manner. There, the larger format three-wheelers work. I think this will continue. This will continue. It's not stoppable. Great. Of course, I must mention in this, the role played by retail finance. retail finance is enabling the people to acquire the asset and enhance their incomes. Great. Thanks. Thanks for the color. Just one, you know, follow-up on, you know, from Dinesh. Just a bookkeeping question. On your revenue line, the other operating income has seen a sharp jump in the last two quarters. Is there anything to call out there? Is it mainly related to export-related incentives, or is something else going on there? That line, I mean, typically is driven by three pieces, by the scale-up of electric, and therefore resultant PLI. You recall I'd mentioned this the last quarter as well. Yeah. As you move towards it, you start to move towards, you know, the higher slabs. That's the first one. The second is obviously with scale-up of exports, there is clearly export incentives which come in, which get reported onto that line. The third is, of course, a fairly robust growth that we are seeing on our BGO or oils business and the royalty that we earn on that. These are really the three reasons why that line inflates. There's nothing else which is of material significance that sits in those numbers. Okay. Great. Thanks a lot. I'll come back in with you. Sure. Thank you. Next question is from the line of Chandramouli Muthiah from Goldman Sachs. Please go ahead. Hi, good evening. Thank you for taking my questions. Congratulations, Rakesh. I have two questions. The first question is just a clarification on the 400 basis points potential impact as a% of sales that you had mentioned. Is this sort of from 1st January onwards, 1st April onwards? Just want to understand what the timeframe is for this observation of 400 basis points potential impact on margin gross from commodity inflation. The second question is just around the prepared remarks that Rakesh had made that you'd hope to grow faster than the 7% to 9% broader motorcycle industry growth outlook. Just related to that, you had mentioned that there is a 10%-15% impact on ability to service demand because of the LPG factors and the manpower factors and the shipping factors. Just want to understand, is that something that we were able to manage through and potentially grow beyond that 7%-9% that you had guided for the broader market? I just want to understand that in better context as well. Okay. I'll get the first one quickly out of the way, Chandru. I think when I mentioned that commodity cost impact of about 3.5%-4% of revenue, I'm fundamentally talking quarter one over quarter four. Yep. Effective April onwards. Got it. Got it. Is that clear? The quantum of price hikes, that's 40% of that 400 basis points. Is that what we should consider to be the quantum? 40% of that impact has been taken so far, starting April. Got it. Got it. That's helpful. Thank you. Yeah. On the Yeah. On the growth, we are definitely looking at I mean, if the industry grows at 7%-9%, which is what our current estimate is, and this estimate is really based on the April outcomes. It's not that, you know, one has anything. We tend to just take the most recent and try and extrapolate that. It's on that basis. Like I said, within that, the segments we operate in are growing at almost 1.5 times twice that 7%-9%. We, there we are outperforming the industry for the last five, six months. This is the 150 cc plus segment. That, in that way, it's good news for us. The April performance, I would say was impaired by 10%-15%, largely because of the availability of vehicles, because, you know, the vendor system did face a lot of and continues to face a lot of difficulty because of manpower migration and fuel availability and stuff like that. But hopefully the manpower migration would sort of resolve itself now and, you know, people will come back to work. Fuel availability, you know, the alternates like PNG, et cetera, the realignment of vendors, it is taking place, hopefully this will resolve itself over a period of time. That should be out of the way. Yes, if this 10%-15% impairment wasn't there, our performance would have been that much better because we've got a lot of spillover from unserviced demand of March and April. Got it. That's helpful. Just a quick follow-up question on the buyback. I just want to understand at this stage, what are the milestones that need to be crossed, and what is the timeframe that you have in mind to execute the buyback? Today's when we've announced, you know, the quantum I mentioned. The underlying spirit was to try and ensure that we pay out 100% of last year's profit of INR 9,825. The buyback therefore translates to INR 5,633. We get started straightaway. For a buyback of this order of magnitude, we need to go to seek shareholder approval because, you know, you might be aware that any buyback which is in excess of 10% of free reserves needs to go to the shareholders. That threshold for us would have been INR 3,450 crores, INR 3,500 crores. Given that the buyback is now INR 5,600 crores, we will get started straightaway with the process of seeking shareholder approval. Then this essentially, this is a process which will run right now, starting now and likely culminate by the end of July with the SEBI filing. I would expect that, you know, looking at the fresh timelines, I would expect that payouts would essentially happen sometime in the second week of July, likely. Makes sense. That's helpful. Thank you very much. That gets paid out second week July, and then of course, our dividend gets paid out after the AGM. Got it. Got it. Thank you. Yeah. Thank you. Thank you. Ladies and gentlemen, we'll take that as the last question for today. I would now like to hand the conference over to Mr. Anand Newar, Head, Investor Relations, for closing comments. Over to you. Thank you, Yashaswi, and thank you everyone for joining the call. Good night. Thank you. Have a good night. Thank you. Thank you all. On behalf of Bajaj Auto Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.