Ladies and gentlemen, good day and welcome to the Mrs. Bectors Food Specialities Limited Q4 FY25 earnings conference call. As a reminder, all participant lines will remain 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 signal the operator by pressing star, then zero on your touch-tone telephone. Please note that this conference is being recorded. I would now like to hand over the call to Mr. Anoop Bector, Managing Director, for his opening remarks. Thank you, and over to you, sir. Thank you. Good evening, everyone. On behalf of Mrs. Bectors Food Specialities Limited, I extend a warm welcome to all participants joining us for Q4 FY25 and FY25 financial results discussion call. Joining us today are Mr. Manu Talwar, our Chief Executive Officer, Mr. Suvir Bector, Whole Time Director, and Mr. Parveen Kumar Goel, Whole Time Director. We are also pleased to have, indeed, our investor relations advisor with us on the call. I trust you have had the opportunity to review our investor presentation and press release, which have been uploaded to the stock exchanges as well as our company website. The company registered a 15.4% year-on-year increase in revenue for FY25 compared to FY24. Revenue for Q4 FY25 grew by 9.8% over Q4 FY24, amidst continued urban slowdown further exacerbated by higher prices to consumers due to sharp input costs being passed on, has impacted the growth momentum. However, with the easing of interest rates and taxation relief provided by the Honorable Finance Minister in the budget, we are optimistic of gaining back momentum. Despite the challenging environment, both our core businesses, biscuits and bakery, recorded steady and resilient growth. Rising input material costs exerted significant pressure on margins. We remain confident that the calibrated price actions that were initiated in November 2024, which shall get over in Q1 26, will enable us in mitigating the impact of inflation in this financial year. In parallel, we continue to drive cost optimization through a focus on operational efficiencies in manufacturing and supply chain areas. On the demand side, we are encouraged by a steady recovery in rural consumption. We are also witnessing mild upgrading within low MRP paths as consumers increasingly opt for higher value offerings, reflecting an improving value perception. Additionally, with the revision in the tax laws announced in the union budget, we anticipate an increase in disposable income, particularly in urban India. This should translate into stronger demand momentum heading into FY26. We are pleased to share that our recent product innovations continue to gain strong acceptance in the market. Our focus remains on driving premiumization through differentiated offerings that deliver great value addition and align with evolving consumer preferences. In line with this strategy, under biscuits, our new shortbread cookies made with 25% butter and no palm oil cater to the premium indulgence segment. In kids' snacking category, we introduced animal-shaped crackers under the brand Teddies, with no cholesterol and no trans fat. The initial response has been encouraging, and we are actively planning product extension under this platform. Under English Oven, we are piloting under ready-to-eat segments with the launch of muffins, brownies, and chocolates, with the intent of making indulgence easy, a space we believe holds strong potential for growth. Launched to meet rising demand for healthier options, we launched Zero Maida Pav, appealing to wellness-focused consumers and strengthening our health-centric portfolio. Further on building a premium health-focused portfolio, we launched Nature Baked, a clean-label health-forward range in Q1 FY26, with the positioning, "It is honest, it is clean, it is nature-based." Additionally, brand innovation initiatives are underway for select legacy products to align with contemporary tastes and packaging trends. Looking ahead, we have a robust innovation pipeline with several exciting launches planned that reinforce our commitment to quality, health, and consumer delight. Performance of our export portfolios continues to be strong, further reinforcing our position as a trusted partner to leading international chains. However, towards the end of Q4, the announcement of potential tariff changes introduced a degree of uncertainty in the external environment. Despite this, we remain confident in the strength of our global partnerships and our ability to navigate market dynamics while maintaining growth momentum. Q-Commerce continues to perform well, especially with newer product formats gaining traction. To capitalize on Q-Commerce momentum, we are partnering with major brands, focusing on rapid innovation, launching impulse-friendly SKUs, and ensuring agile supply chains with city-level inventory planning. On the traditional trade front, we remain focused on expanding our distribution footprint, ensuring calibrated manpower deployment for sustainable growth. On the technology and digitization front, we have made significant progress across functions. We are undertaking a complete revamp of our IT infrastructure with a key focus on upgrading our core ERP system, supported by AI and ML integration, to drive smarter, faster, and more connected operations. In sales and distribution, we have further strengthened the adoption of our distribution management system, driving greater visibility and control. We are also focusing on digitizing our manufacturing and supply chain operations, which will strengthen our process and improve our delivery, the result of which we expect to see and reap in the coming financial years. We remain firmly committed to our CapEx roadmap. In May 2025, we commenced operations at our Indore facility. This enhances our manufacturing capability, especially for differentiated products, and plays a pivotal role in our growth strategy. For exports, the location offers proximity to ports, enabling smoother outbound logistics. On the domestic front, it strengthens our supply chain by improving regional serviceability, enabling faster route-to-market, reducing logistic costs, all contributing to our ambition of building a strong pan-India presence. On the bakery side, we are equally focused on expanding our footprint. We are progressing well with two key projects: the new bakery facilities in Kolkata and Maharashtra. These developments are strategically aligned with our vision to make English Oven a truly pan-India brand. They will also enable us to serve QSRs and business partners that are currently beyond our reach due to supply constraints. These additions increase our nationwide servicing capabilities and enhance our competitiveness. Before we move on to our financial performance for the quarter, I am pleased to share that the board has recommended a final dividend of INR 3 per equity share, subject to approval of the shareholders at the upcoming AGM of the company. Financial performance: starting with biscuits, our biscuit segment revenues stood at 257 crores against 240 crores in Q4 FY24, registering a growth of 7% compared to Q4 FY24, including domestic and export biscuit segment. The biscuit segment has grown by 26% compared to Q4 FY23. Bakery segment revenues stood at 179 crores against 151 crores in Q4 FY24, registering a growth of 19% compared to Q4 FY24, including retail bakery and institutional segment. The bakery segment has grown by 40% compared to Q4 FY23. The consolidated revenues for the current quarter stood at INR 446.1 crores versus INR 406.4 crores in Q4 FY24, thus registering a growth of 9.8% on a year-on-year basis. EBITDA stood at INR 55.6 crores. The EBITDA margin for the quarter stood at 12.5%. PAT stood at INR 34.3 crores for the quarter, registering a growth of 2% on a year-on-year basis. PAT margins for Q4 FY25 stood at 7.7%. Moving to FY25 financial performance, the consolidated revenues for FY25 stood at INR 1873.9 crores versus INR 1623.9 crores in FY24, thus registering a growth of 15.4%. EBITDA for FY25 stood at INR 251.5 crores versus INR 242.4 crores in FY24, thus registering a growth of 3.7% with an EBITDA margin of 13.4%. PAT for FY25 stood at INR 143.2 crores as compared to INR 140.4 crores with a PAT margin of 7.6%. With this, I request you to open the floor for questions and answers. Thank you so much. Thank you. Ladies and gentlemen, 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 their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Abneesh Roy from Nuvama Wealth Management Limited. Please go ahead. Yeah, thanks for the opportunity. My first question is on the raw material side. Wheat crop is at a multi-year high, and even palm oil today we have seen from May 31st a duty cut of 10%, and in USD terms also palm oil has corrected. So my specific question is in biscuits B to C. Do you see a good margin expansion starting Q2, and any chance of any price cut or gramage increase which can partly take away this benefit? So currently, you know we are under the process of taking down the price rises what we had initiated in the last price rise, which is getting completed in this quarter. And going forward on the raw material side, we definitely see we believe in long contracts, and on the wheat side, our company faced very less inflation in the last year. So in this year also, our contracts have been long contracts, but however, the government of India keeps increasing prices. There has been a price increase on the wheat side by INR 150, and that is the corresponding price increase which we shall be facing in the market. On the palm oil side, you are absolutely right. The prices have also subdued, and along with that, there is a 10% duty cut which has just come in, which will start hitting us, giving us the benefit completely by partially in the quarter two and then on the quarter three basis. So considerably considering, we should be more positive than what we are today, and the margin expansion is not going to be that large that it enables companies to start passing down discounts. At the moment, what we feel, what it looks like, because there has been some inflation in the sugar side, but these costs are now well- covered under whatever price rises that happened. I think we shall get into a more comfortable position. Two follow-ups there. One is palm oil in the B2 C biscuits. Will it be, say, around 20% of the RM basket? And second follow-up is on wheat. Is most of the wheat for you, the buying price is locked in already? You did say long-term contracts. And is it a multi-month buying or most of the buying contract at least is frozen? So that way you. We end up, this has been a practice with Mrs. Bectors. We end up doing long contracts where we would cover around 75%-80% of the material depending on the quality of the flour we need, because for particular varieties, especially on the bakery side, we need very particular quality. So what we are doing is when the contracts are happening, they are happening at the best prices. That's what our bigger competitors would also be doing, because that's the time when the contracts are entered. It's the time when wheat is at its lowest. So what we like is more a planned purchase than facing any erratic decisions coming in. So in any case, because the buying has happened in the month of April and May when the crop comes in, so it's the best buying. So on the palm oil, I'll really not be able to because different biscuits have different consumptions of palm oil, but averagely 17%-20% is consumed in the biscuit side, and there will be some benefits coming in over there. Very useful. Last question on FY26 outlook. Almost all staples companies have been positive versus FY25 demand. In your markets in, again, B to C biscuits, how do you see demand side and any comment on market share? So just to brief you on the especially on the biscuit side demand, so from the quarter four, we have started seeing a positive trend, and so we are building on that positive trend of growth. So growths are better than what it was in the first three quarters of financial year 2025. So the growth trajectory is there, and it's kind of started building up. So that's on the kind of a growth side of the biscuit, domestic biscuits. Any guidance you want to give for the B to C part of the business, revenue growth? On the B to C side of the business of biscuit and bakery together, we have a guidance that for this year what it looks like, B to C business, we will be growing kind of a low to mid-teens kind of stuff. That's what is visible now on an annualized basis. More back-ended? First half will be a bit slower? No, it will be more back-ended, yeah. First half will be. Yes. Thank you, sir. That's all from my side. Thank you. Thank you. Thank you. The next question comes from the line of Raj Patel from RK Securities. Please go ahead. Raj, if you can please unmute your line and ask your question. Hello, am I audible? Yeah, yeah, you are. Okay. So what does the innovation pipeline for FY26 look like, and can we expect more health-forward or indulgent-based launches? Yeah, so if you would have heard the speech by the Managing Director, he referred to some of the differentiated product launch, right, which we have done. So whether it is Teddies for the kids or whether it's a shortbread, and there are a few more lined up. So probably in the next three to six months' time, on a biscuit side, you will see further differentiated product launches. On the English Oven side, again, as it was highlighted in the speech, we have launched a health brand. It's a new brand called Nature Baked, and we want to build up that brand and different products under the brand. Alongside that, as in the last two, three years, we built up a frozen product business, and we were doing that business, and we built up that business well with B to B, where we enhanced on B to B. As a pilot, we have launched a few products under the frozen category in English Oven on the B to C side, and the objective will be to also start building that up as we see the results on that side. There is a fairly strong pipeline this year, both for biscuit and bakery, and also primarily on a differentiated product side. Especially, we have clearly decided that we will stay within our innovation bucket over the next few years. We will stay more on a differentiated product rather than commodity product. Rather, our new Indore biscuit plant, which got commissioned in May last month, so that is further strengthening our differentiated product portfolio, both for domestic market as well as international market. A lot of focus over the next 18-24 months to build a variety of new products which are differentiated. Okay. And last question from my side. So what is the expected contribution of the new Indore facility to domestic and export operations in FY26? You see, domestic, the Indore facility which the plant got commissioned has a capacity of annually of 21,000 tons, right? And it brings us closer to the port as well as it helps us servicing the geography of West India from there and Central India in a much more efficient manner. So we will be using this capacity close to full. So it will gradually build up because it is a new plant, but the objective is to maximize the use of this capacity. Okay, thank you. That was all from my side. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Amit Purohit from Elara Capital. Please go ahead. Yeah, thank you for the opportunity, sir. Just on the growth rates, if you could provide some insights on the export, either on a full-year basis for the quarter, how it would have been for the biscuit business during the quarter and full year? So on the export side first, as all of us are aware that over the last three years or four years, export has been growing exceptionally exponentially, right? And yeah, so there are some tailwinds which came in quarter four and quarter one, right, which are there, but on an annualized basis, very confident that in exports, we should be able to grow mid-teens kind of growth in this financial year. As far as domestic biscuits are concerned, I would say that growth quarter four of financial year 2025 and quarter one, it has started building up. On an annualized basis, I see as inflation has come under very good control. Interest rates have started coming down. So what we were expecting in the very last year, we should definitely expect now that this change of growth should clearly build up much better as we start hitting the festive season from August onwards, right? On a full-year basis, again, I expect mid to low to mid-teens kind of growth on a domestic biscuit side, and that's what we are endeavoring, yes. First half, as I replied in the previous question to Raj, that it will be a slow buildup, but yes, there will be more weight on the H2 of this financial year. So you're saying H2 probably would see a good double-digit kind of a growth in the domestic biscuit business, and that is how one should read, or are you saying that? Yeah, domestic as well as domestic as well as on the export side, yeah. So just to clarify, sir, sorry, but you're saying the double-digit growth would be visible in the H2 part of it, or you said on the full-year FY26? No, no, no. Full-year basis. What I said in the full-year basis, we can expect domestic biscuits to be low-teens kind of growth and export to be somewhere around mid-teens kind of growth on an annualized basis. Sure. And for the full-year FY25, is it fair to assume that domestic would have been a mid-single-digit growth in value terms? Or Yes, that is. Yes. Yes. Okay. Okay. Okay. Okay. And sir, just on this Indore facility which we have started, when do you think that the utilization levels may be in Q3, Q4, how does this ramp it up to like 50%-70% utilization? I just wanted to ask w e will be hitting 50%-70% range of utilization in just about next 50 to 60 days' time, not later than that. Okay. And this clearly would have a benefit on two counts. One, you would be able to better service this West India and Central India. And the second is obviously on the cost side, the freight cost would be lower, right? Yes. Yes. Yeah, on the other side, it is also a line which can produce very different types of biscuits. So the premiumization will also start playing in. But the premiumization, what we are doing, we've already developed the products. We are going to be introducing these products into the market initially in the export market. And so there are three benefits. One is the transportation, logistics. Then we do have NPD possibility, which is now getting exponential, right? I mean, because every biscuit plant cannot produce the required NPD what we are aspiring. So the Indore line does have that capability to give us a lot of new biscuits for the market. But it is going to be it will come in time. So it can't come in immediately. So there would be a time of three months or a quarter or a quarter and a half where things will actually start flowing in very fast. Okay. And the health foray, it is largely on the biscuit side. Sorry, I could not understand that part that you talked about. No, the health foray is overall. I mean, whatever we produce, a section of our production is going to be health, where we are talking on the biscuit side, on atta replacing maida with atta in certain products. In the bakery side, like we said, we are bringing in a lot of atta products where customer feels more comfortable eating it. And then we've launched a clean label product which is without chemicals. It's absolutely clean. This clean label brand is called Nature Baked. So it is showing positive results. And this Nature Baked has just come in, I think, probably a month back. So it's very, very initial, but it is doing well. And that's the need of the hour that we produce products which are absolutely clean. It avoids palm oil. It avoids chemicals. So it's like eating homemade food. So Nature Baked is already Bakery side, right? Sorry. Amit, same in both sides. Shortbread, which is a very new innovative product which we launched on the e-com channel, it comes with no palm oil, right? And similarly, we launched the Atta Pav as well as we launched Atta Kulcha, which is 100% Atta. This health journey will continue to build on both sides. Yes, we have done much faster actions on the bakery side where the adoption by the consumer is much faster as compared to biscuits. But biscuits also, we have started doing, and there are a few more things lined up over the next 90 days. Sure. Anything on the margin outlook, sir, for next year? Given the new changes in input duty, what do you think? Would it be now a bit more earlier last quarter? You called out, I mean, probably post Q1 and onwards, you would see normalization of margins. You stand to similar guidance? So Amit, what I see, it may take almost H1 by the time the normalization of kind of margins happens for us, right? It will start getting better, but it'll take about six to nine months. It'll be almost that kind of period as of now. It'll take that time because there are a few reasons for that. The reasons, yes, the good news on customs duty cut on the palm oil will definitely kind of help us. But we always been maintaining, and as you heard in the speech also, we were taking very calibrated price increase. We were not taking price increase in a kind of a mode that we just need to cover all the cost because we also need to keep the consumer in mind, right? So with these calibrated price increases, we knew that we will be able to cover so much of margin because of those prices. And there is something which will come through cost efficiency or any other positive impact on the commodity side. So yes, it will take about six to nine months' time as it looks like now for us to get into the full margin recovery. Sure. So for FY26, a 13%-14% range is a fair estimate, right? Our endeavor is that. Absolutely, our endeavor is that we kind of achieve that on a full-year basis. Sure. Thank you so much, sir. Thank you. All the best. Thank you. The next question comes from the line of Sonia Keswani from Coheron Wealth. Please go ahead. Hello. Am I audible? Yeah, yeah. Yeah. Thank you for the opportunity. Sir, I had a couple of questions on the working capital front. If I see the debtor days have largely remained constant year on year, but they have increased significantly in FY24. And the reason for that was the Red Sea issue that happened. So right now, given the debtor levels for FY25 are largely similar to FY24, and if I assume export grew much faster than domestic, has that issue normalized or has it improved in any sense? Any color on that? So particularly now, export, in terms of overall data in terms of number of days, we have improved over 24 by 10%, right? And the Red Sea issue still persists. It has not gone away. It still persists. So that challenge is still there with us. But yes, it has reduced a little bit, not much. But just to clarify that our debtor days has improved by 10% over financial year 2024 in 2025. Okay. So that improvement in debtor days has come on the export front also? Marginally. Marginally it has come on that side. Yeah. Okay. And can you give me a rough percentage of how much exports would be as a percentage of our total revenue? We normally don't share. We share biscuit segment and bakery segment, right? So please excuse me from that. As of now, we have not started sharing. We share only up to the biscuit segment and the bakery segment. Got it. No problem. The other question was on inventory. It has increased by over INR 300 crores year on year. And even the inventory days have shot up. What is the reason behind that? So inventory 300. Manu, will 300 crores be right figure? No, no. I'm sorry, INR 30 crores. Pardon? INR 30 crores, I suppose. Sorry. I think 300 million. Yeah, right. Sorry. Y es. So our debtor days have gone up marginally by 10% again over last financial year. And it primarily happened on account of some additional FG inventory being built up, got built up in the month of March. But that's been neutralized in the first quarter. So it should get back to the same level as FY24 by June end. Okay, sir. Got it. And my last question was on the bakery segment. So this 20% growth that came in Q4. And if I see one second. Yeah. And it was 18% on a year-on-year perspective in FY25. So if you can help me understand, which segment was the key growth driver in terms of institutional and English Oven brand of course? Okay. Last financial year, both grew well. So both B2B business, English Oven business, both have grown very, very well. In the B2B segment, I would like to just highlight that, as I was saying earlier, that over the last two, three years, we started building up a frozen business side. And this frozen business, both on the sweet and the savory side, has really shown a good traction over the years. So last year, a large part of very aggressive growth and very good growth which we saw on our frozen side, right, and which has driven. As we all know, peers are still the growth is there, but still they have to come back to their previous level of good growth. But frozen business has grown extremely well in the last financial year, which was a very high double-digit growth. Okay. And apart from the frozen segment, the QSR segment that you said is yet to come back. So is it growing in low single digit? Or how is the number like? No, no. So yes, they are the small low double digit for the last financial year on the revenue side. Yeah. Okay. Okay. Yeah, that's about it. Thank you so much. Thanks. Thanks, Sonia. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Harit Kapoor from Investec. Please go ahead. Yeah, hi. Hi, Gracian. So I just wanted to check on this innovation side. If you look at this quarter, this last quarter, which we've seen a bunch of new things that have happened, driven partly also by the quick commerce proliferation. It seems like 26 will be a year of significantly higher innovation, given the number of things you guys are planning. Just wanted to get your sense on, do you think this can be a material driver for domestic growth, both for biscuits and breads this year around, especially FY26? Because it seems like you have a bunch of things in the pipeline, along with the fact that your Capex expansion is also happening. So just wanted to get a bit of color, because it seems like it's a bunch of exciting new things. So just your thoughts on it. Yeah. So very right, Harith. We have pressed the pedal for the new products and differentiated products, both for the biscuits and the bakery side. We have done a few launches over the last few months, and we will be building it up very, very aggressively over the next nine, 12, 15 months to come. Will they start contributing in the financial year 2026 itself substantially? Because any new product takes time to kind of build up in terms of revenue cycle. But yes, for the future perspective, these are differentiated. These are new products where we are finally taking a route of quick commerce, e-commerce, and our Cremica preferred outlets on the biscuit side. And similarly, the same way we are taking a route of quick commerce and also general trade in the English Oven side. But yes, we are betting a lot. And as I said earlier, that on the biscuits especially, we're very clear that we won't be launching me-too products. Our all launches will be differentiated products, as we have just done with two or three products in the last 90 days. And we will build up that. The build-up will take some time. The build-up resulting in a huge revenue in this financial year itself may not happen. But yes, over the next few financial years, they should create a differentiation and revenue growth trajectory for us. Fantastic. And the second one is on distribution. Specifically on biscuits and breads, domestic distribution, if you could just highlight for this year, is the plan a slower rate of growth in distribution, number of outlets, both on biscuits and breads? I mean, this phase of expansion this year, is the focus more innovation, less distribution expansion? Just a little bit sense on distribution. So whenever I'm tracked, I point out one thing. The objective of distribution always has been to increase the customer reach, right, and what has dynamically changed over the last two, three years is that e-com, and especially quick commerce, has been able to demonstrate a much faster reach to the consumers, and consumers also are enjoying the speed of delivery and ramping up on the quick commerce platforms, right, and we see the quick commerce platforms kind of really kind of taking off, so from our focus point of view, the first thing is English Oven side, we have done extremely well on the quick commerce side, and we were ahead of the industry curve, and we have created a good market share there, and we continue to maintain the lead there, so on a quick commerce side, our contribution in English Oven is over 25%, right, and we continue to build and increase quarter on quarter. Similarly, on the biscuit side, in our plan, we have put a lot of weight on driving the growth through the e-com, right, and all these differentiated products we just spoke about was to build right on the e-com because e-com are the consumers which want to try the differentiated products, so a lot of it is going to drive our reach through quick commerce, even on the biscuit side. We have very aggressive plans to grow almost few X times on the quick commerce side in the biscuit. Alongside, we are playing on more weighted approach. What do I mean by weighted approach? Is that CPO, the Cremica Preferred Outlet, has done extremely well for us. If you look at FY23, FY24, we were around 4,500. Last year, we ended around 7,000, and they started contributing a fair amount of contribution to our business. So a lot of focus is going on CPO and further driving them. Again, we have a plan of growing CPO outlet by almost 20% in this financial year. So these are the two approaches we are taking to drive the reach, consumer reach, right, in both biscuit and bakery side. In the bakery side, I will just add that we will be now entering Kolkata in another two, three months' time. Kolkata will be ready to expansion. So we will start getting into the eastern side of the market. And similarly, Khopoli plant, half of the plant getting ready in September, and the balance half in January. We will have the capacity to expand much faster in the territory which comes within 250-300 kilometers. So, a lot of other parts of Maharashtra, which are urban and strong Maharashtra, we would be expanding there and maybe some other side of the west also. So that's also I just thought use this opportunity to brief you in terms of driving the reach. Great. Thank you. Wish you all the best. Thank you. The next question comes from the line of Akhil Parekh from B&K Securities. Please go ahead. Hi. Thanks for the opportunity. So my first question is on the QSR side of the business. Would you be able to highlight what is the share of QSR segment to us? And are we seeing now any improvement in QSR for the first two months of FY26? That's my first question. So I think that what we clearly see is that all QSR partners, they remain very committed to investing, opening new stores, and driving the business towards the growth side. And so yes, there are some signs of improvement, but we'll have to look at some more quarters in terms of trend of growth on the QSR side. And yes. So the partners are committing. They are opening new stores. They are driving the growth. And I'm sure growth will get back to the earlier levels in a strong double digit. Last year, we have grown our revenues in double digit. Okay. And size of the business, if you can highlight that? For the QSR business, how big it is for us, if you can highlight it? Our B2B business on the bakery side is approximately 11%-12% of our revenue. Okay. My second question is, what is the potential sales possible from the Indore facility at the peak capacity utilization? So all the capacity which we have added, including the Khopoli, which will get commissioned in this financial year, and the current Khopoli plant will move to some other place. We should expect on a full utilization basis, revenue on current prices can be close to INR 3,400 crores. So this is for combined three facilities, you said? Sorry, I didn't get it. Indore, Khopoli, and Kolkata? No, no. All facilities. Yes. Yes. You're right. These are all three facilities coming in. Indore has already come in, and Khopoli and Kolkata also coming in. And the today current plant which we have in Khopoli, which will get relocated to some other territory. So taking all that into account. Sure. And last question on the Capex side. Is it fair to assume now our Capex cycle is over for at least next two years and will have only maintenance Capex starting from the second quarter of FY26? So Capex, because we have a lot of WIP in Capex, whatever project we started, Khopoli will complete this year. Indore got commissioned this year, right, in the FY26. Khopoli will also get commissioned FY26. Kolkata. So our Capex cycle will start coming down considerably from FY27. Okay. That's all from my side. And best luck for coming. Thank you very much. Thank you. The next question comes from the line of Shirish Pardeshi from Motilal Oswal Financial Services. Please go ahead. Yeah. Hi, Manu sir. Anup, good evening. Thanks for the opportunity. Just two quick questions. If you can spell out for FY25, what is the volume contribution for the export business, and what is the total volume growth we have achieved in FY25? So other than our Khopoli business, our volume growth in FY just give me a minute. In FY25, our volume growth was in single digit, right? It was a high single digit kind of volume growth, both in business. Second. And what is the entire volume contribution from exports for FY25? Volume contribution? I'm talking about biscuits. I'm talking about biscuits. So biscuit revenue contribution? Volume. Volume. Volume contribution will be difficult for me to answer because we look at biscuits in tons and we look at bakery pieces. No, that's what I'm asking, Manu Sir. Biscuit volume. Biscuit volume contribution to what? To the overall volume what we have achieved in FY25. That's why I'm saying both doesn't have a contribution. Which one is biscuits I'm asking? Oh, okay. You are asking what is the contribution of domestic and biscuit, right? You're saying? No. If we have done the volume for biscuits is 100, what is the export contribution to that 100? I'm only talking about biscuit as a segment. Yeah. So it's a 50%-53% kind of range. Okay. And just one follow-up here. What is the gross margin we would have achieved in FY25 on the export biscuit business? We don't share segment-wise gross margin, right? We share overall, which is given on the financial side. Okay. The last question on the, do we have any particular contribution to be achieved in FY26 from the new product segment? Yes. So we are targeting to get close to 5% of our revenue. That's our target. So we want to get close to 5% of our revenue contribution coming out of NPD. And this you will achieve with the existing product which is already launched? Yes. So the products which are launched and they will be launched, right? This is for the financial year 26. Okay. All right. Thank you and all the best. Thank you, Shirish. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Bharat from Moneycontrol Pro. Please go ahead. Yeah. Welcome, sir. Thanks for the opportunity. Sir, can you provide a growth outlook for the bakery business for the current year? So bakery business for the current financial year 26, we expect it to grow somewhere mid to high teens. Okay, sir. Thanks and all the best. Thank you. Thank you. The next question comes from the line of Amit Aggarwal from Kotak Securities. Please go ahead. Good evening, sir. So my question pertains to raw material prices. Britannia in its latest call mentioned that we are currently experiencing commodity tailwinds. So are we experiencing the same? Yeah. So commodity prices, there is softening of commodity prices at a number of places. But at certain areas, commodity prices are still strong. Milk is higher than last year. And cocoa prices still rule strong. But yes, there has been softening in prices of palm oil, which forms a considerable part of the inflation for our sort of product. And there is a softening in that. And also, just two days back, we have seen some price reductions which will come in the form of customs duty reduction. I mean, if you look at it in that perspective, yes, there is a softening of prices. Can we expect our margins to improve only because of softening of raw material prices going forward? There would be some impact. Now, it's too soon to really call for it because, I mean, the reduction in the import duty has just happened two days back. So we are also seeing what is going to be the impact. But there will be some positive impact on this. And just curiously, on the call, we had mentioned that we will see improvement in operating margin trajectory from Q1 of FY26 onwards. So are we on track to achieve that? Pardon, come again. Sorry, Amit. Q3, we had mentioned that Q1 FY26, we will see margins improving for the company. Currently, we are at around 12.5. So we did a margin of around 14.5%-15% in the past. So are we on track to get back to that old level? So not in Q1. I just answered before also when Amit from Elara asked that as of now, the visibility is that it will take about almost up to end of this quarter three, we should be able to neutralize our margin and get back to the earlier margins. Okay. And sir, any guidance on the volume front? Since we are an expanding company, we were primarily present in NCR earlier. Now we are expanding to West, East. So our volumes have grown at around high single digit. So can we see this to grow in double digits going forward? As of now, our volume projections are also same what in line to grow high single digit and get close to double digit volume growth, right? That's the plan. No, sir, because margins are sharp contributing because of the Khopoli plant contributing. When you mentioned that Q2, we will see even East Kolkata starting to, isn't that adding up to the volumes? So Kolkata will start adding from Q2 to the volumes. But Kolkata is an absolutely new market for us for English Oven, right? And so that market will take some time to kind of build up. We'll be introducing the English Oven brand to the eastern side of market, especially Kolkata to start with. And the ramp-up will take a few quarters to do that. So your volumes more or less will remain the same what the experience in FY25? I'm talking in terms of growth, yes. We are aiming to grow double digit volume growth in this financial year. So that's endeavor. Okay. Okay. Fine, sir. All the best, sir. Thank you. Thanks. Yeah. Thank you. We take the next question from the line of Gaurav Gandhi from GloryTail Capital Management. Please go ahead. Yeah. Thanks for the opportunity. Just one question, sir. As of now, we don't see much presence of Cremica brand biscuits on the shelves of modern retail chains or quick commerce platforms, at least in Maharashtra. So as the new biscuit facility at Indore commissioned, what's the plan to improve the presence in these areas? Yeah. So with Indore facility coming, certainly our reach into the West region, Maharashtra, Gujarat gets stronger. And the objective is to drive our presence both in MT channel as well as e-com, quick com channel in a much faster pace. And Central India also. Thank you. Thank you. Ladies and gentlemen, in the interest of time, that was the last question. I now hand the conference over to the management for their closing comments. Thank you, everyone, for joining us. I hope we have been able to answer all your queries. In case you have any further details, you may please contact us or intimate our investor relations partner. Thank you so much. Thank you. Bye. On behalf of Mrs. Bectors Food Specialities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.