Thank you. Ladies and gentlemen, good day, and welcome to Mrs. Bectors Food Specialities Limited Q3 and nine M FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anoop Bector, Managing Director and Promoter. Thank you, and over to you, sir. Thank you so much, and good evening, everyone. On behalf of Mrs. Bectors Food Specialities Limited, I extend a very warm welcome to all participants joining us for our Quarter Three Results Discussion Call for the financial year 2026. Today, I am joined by Mr. Manu Talwar, our Chief Executive Officer, and Mr. Parveen Kumar Goel, Whole Time Director and Chief Financial Officer. We also have with us our Investor Relations Advisor from MUFG in kind. I hope everyone had an opportunity to review our investor deck and press release, which have been uploaded on the stock exchanges as well as on our company website. The company reported revenue from operations of INR 533.3 crores in the third quarter of FY 2026, reflecting a growth of 8.4% year-on-year. The biscuits vertical delivered a resilient 5.7% year-on-year growth, impacted by GST 2.0 transition, as well as continued uncertainty due to prohibitive tariffs. The bakery vertical recorded a strong 13.2% year-on-year growth, led by English Oven brand. EBITDA percent came in at 12.9%, which is 44 basis points up over quarter three of the financial year 2025. Amid a dynamic global trade environment, many India-based manufacturers with growing international linkages, like us, navigated a period of uncertainty in recent times. The proposed trade agreement between India and the United States marks a meaningful step forward in economic, strategic, and geopolitical terms, reinforcing India's position as a globally competitive manufacturing and sourcing hub. We express our sincere gratitude to Honorable Prime Minister Shri Narendra Modi for emphasizing the same and for progressive trade facilitation measures and tariff rationalization from 15%-18%, which has strengthened confidence in India's export ecosystem, enhanced the attractiveness of Indian food and FMCG manufacturing for long-term global partnerships, and advanced the vision of Viksit Bharat. This development will enable us in regaining momentum and strengthening our exports vertical. On the domestic front, implementation of GST 2.0 reforms led to transitory inventory impact. However, the significant benefits to the consumer bode well for the category, and we are already witnessing the consumption picking up. Post GST rationalization, we passed on the full benefits to consumer through MRP reductions and increased grammage, enhancing value for the consumer. On the bakery front, English Oven continues to be the key driver of performance, supported by sustained momentum from our QSR partnerships.... English Oven's strong trajectory is underpinned by brand pull, health-first initiatives, and distribution excellence. I'm happy to share that, I'm happy to share with you that we successfully commissioned our Kolkata plant in January, making our foray into east. Further, we expanded the English Oven brand into Hyderabad market, marking a strategic entry into a key growth region. We are progressing towards commissioning of the Khopoli plant, targeted in the next few months, which will further enhance our capacity and operational flexibility. Together, these initiatives are expected to strengthen our presence across key markets, improve supply chain efficiencies, and support sustained growth through deeper regional penetration. Our new products, our new product development strategy remains anchored around building a strong health-oriented portfolio, with the full rollout of Zero Maida range and NaturBaked, reinforcing our better-for-you positioning. The foray into ready-to-eat desserts under the frozen range continues to scale up, enabling English Oven to participate beyond breakfast and snacking in a household. The ready-to-eat pipeline remains robust, with key launches planned over the coming quarters. On the biscuits front, we had a successful Diwali season, with the gifting portfolio realizing a 20%+ growth. Introduction and scaling up of Golden Bites, fruit and nut, and pista almond cookies, pista almond cookies, the bakery cookies complements our strategy of premiumization in general trade, along with quick commerce. First, products like Zero Maida Coconut, which continues to do well. Rounding up the quarter, we had a very successful collaboration with Blinkit, with Blinkit on Christmas, where our flagship Danish Butter Cookies tins penetrated 300,000+ households and generated brand goodwill. Before we move to our financial performance for the quarter, I am pleased to share that we have declared an interim dividend of INR 0.6 per equity share. Talking about the financial performance, our biscuits segment reported revenue growth of 6%, which stood at INR 325 crore in Q3 FY 2026, as compared to INR 308 crore in Q3 FY 2025. The segment has grown by 21% over Q3 FY 2024. Our bakery segment revenue for Q3 FY 2026 stood at INR 198 crores, against INR 175 crores in Q3 FY 2025, thus registering a growth of 13% on a year-on-year basis, including retail, bakery and institutional segment. This segment grown by 36% over Q3 FY 2024. The consolidated revenues for the current year stood at INR 533.3 crores, versus INR 492.1 crores in Q3 FY 2025, thus registering a growth of 8.4% on a year-on-year basis. EBITDA stood at INR 68.4 crores, resulting in a growth of 11.4% on a year-on-year basis. The EBITDA margins for the quarter stood at 12.8%. PAT stood at INR 38.1 crores for the quarter, resulting in a growth of 10.1% on a year-on-year basis, and PAT, PAT margins for Q3 FY 2026 stood at 7.1%. Moving to nine months financials FY 2026, the consolidated revenue for nine months FY 2026 stood at INR 1,557.7 crores, versus INR 1,427.8 crores in nine months FY 2025, thus registering a growth of 9.1%. EBITDA for nine months FY 2026 stood at INR 195.9 crores. EBITDA margin for nine months FY 2026 stands at 12.6%. PAT for nine months FY 2026 stood at INR 105.5 crores. In Q3, PAT is impacted on account of provisioning owing to new labor code amendments. With this, I request you to open the floor for questions and answers. Thank you so much. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Raghav Maheshwari from Kamaya Kya Wealth Management. Please go ahead. Yeah, hi. Thanks for the opportunity. So my first question is on the Khopoli expansion. As we move closer towards commissioning this plant, could you help us quantify the peak revenue potential from this particular facility at optimum utilization? And, you know, what is the timeline that you are assuming for that, for reaching towards that optimum level? You know, this plant is actually quite a large facility. ... and has been, you know, the infrastructure has been created for much more than what we have. But at the moment, what I can guide you is that the plant capacity for the breads would be, you know, around 132,000 breads a day, and in case of buns, we would be doing around a million buns a day. So, you know, this was actually in the buns case, it is going to be double than what we have. In case of bread, it's going to be much larger, because bread was a very small business, and we were getting it done from outside. So these two factories are, you know, in the next few years, are going to be commendable and would give a very, very good quality bread, and we are looking at good growth numbers. On the export side, how many years it'll take, I don't have those numbers with me, but whenever, you know, I mean, we have the next three years plans, which, you know, we can share it later. But at the moment, this is the best what I can tell you. Okay, sir. So, could you help us with the asset turn on this CapEx, if not, revenue potential? Yeah. So asset turnover on this asset is, like I said, the infrastructure has been created for a much bigger business, right? Right. Asset turnover, I think, will be, you know, on the lower side, will be... Manu, Manu, can you share this? Yeah. So, you know, as the facility has been built for a longer tenure, and in bakery especially, we need to invest in one go for the five-seven years of capacity. So in next two to three years' time, we should start hitting an asset turnover of 2-2.5 for this plant. But it take about three years to get to that asset. Noted, sir. And, sir, my second question is on the export side, which has been a strong performer for us, and with this, you know, trade deal likely coming into effect from Q1 onwards, and the EU FTA also now concluded, we are expecting a favorable shift in the operating environment. So, sir, could you help us quantify what kind of, you know, financial enhancement we should expect from these developments? And, like, do you primarily see this as a volume driver, or we can also see a structural improvement in EBITDA margins? You know, so this has been relatively new, right? I mean, it's just happened. But yes, this will relatively, you know, improve any manufacturer from India's ability to sell in the EU and America. And we are very, very hopeful of, you know, getting a big benefit out of this opening from, you know, a 50% punitive tariff to a 18% tariff. So hopefully, you know, we would be able to, you know, have a lot of value addition in the business. Okay, sir. Sir, if you can, list down some growth drivers for FY 2027. So our growth driver for FY 2027, yes, definitely export will be a better growth driver this year because of the whole trade treaty and some other uncertainty. Although export has been growing over last four years, been growing on an average of high double digits in the last four years. But this year has been low on account of this, you know, tariffs and other things. So we expect export to get back into a good growth engine for us, to get into mid-teens to high teens kind of growth. Similarly, bakery, English Oven, continue to expand, as you would have heard in the MD's speech, that we have opened up Kolkata, and so we opened up our east region. We have also opened up another big city on bakery in the southern region, right? We continue to kind of expand into the region. So English Oven should continue this journey of growing and our Khopoli plant, which is getting commissioned in next few months' time. So we have very aggressive plans for Mumbai and Maharashtra in terms of growth. So English Oven will remain a high growth engine for us. We're probably expecting another, you know, one or two cities further getting added during this financial year, coming financial year, right? Domestic biscuit business, again, has seen a sequential improvement in growth in this quarter over the last quarter, and trends are looking good. We are very clearly investing, as we shared last time, we are investing in a 400 km-500 km range from our both Indore plant as well as from our Punjab plant, and going deeper in our penetration coverage. So that also should be good. Coming on a B2B business of bakery. Yes, B2B business on a bakery side, QSR is still on a low burn, but we're very confident that now there should be turnaround there. But what we did over the last two-three years, we added a frozen business, and the frozen business has built into a good business, which has become almost 20% of our B2B bakery business and has a great growth potential. And so we expecting that again, to leverage and to grow that part of the business. And also, as mentioned in the speech, we have started introducing some of the frozen product in our retail. These are some of the pilots which we have done in the NCR, and but we see that also should start stabilizing and growing there. So these are some of the few growth engines across the business areas, which should help us grow well in the coming financial year. Noted, sir. That helps, sir. What is the percentage of B2B as compared to, like, on the total revenue? B2B, bakery, you're asking? No. So overall business in B2C, in the bakery, what is the percentage of B2B revenue? You, you're talking of, B2B bakery or you're talking, exports and B2B put together? I'm talking about exports and bakery put together, sir. Exports and B2B bakery put together should be closer to 45%, 46%, 47%, around that, yeah. What is the QSR as a, as a B2B, you know, I think more relevant would be the Indian B2B, which is our QSR business, right? Another thing which I want to take the opportunity of highlighting here is that, you see, our, our Cremica brand biscuit, we have a large domestic business, but Cremica brand is also very large business internationally. We are selling Cremica brand over 50 countries. Cremica brand has done also very well in this financial year. It is contributing over 50% of our revenues internationally, which is in our export division. So, so the Cremica brand, you know, from a your question point of view, the Cremica brand is both there internationally as well as domestic, and it's a, it's a fairly large business, both in India as well as outside India. Okay, sir. Thank you so much, sir. All the best. Thank you very much. Ladies and gentlemen, to ensure management can answer questions from all the participants, please limit your questions to two per participant. The next question is from the line of Soham Samanta from Motilal Oswal. Please go ahead. Yeah. Thank you for the opportunity, sir. So I just wanted to check, is it fair to assume that our export growth for this quarter, lower double digit, while the domestic is flat to marginal on year-on-year? So our export has grown lower in this quarter. So our export growth was single digit, and our domestic growth was a high, high single digit, almost touching double digit. It was around that much. But, yes, export was a low single digit. You have to say domestic is, high single digit, and majorly it will come from volume? Come from, sorry? Volume, this domestic biscuit. So there has been GST changes and all that, which has obviously led to higher... So we have definitely grown in volumes in this quarter, but, it's also the value growth. If you assume that high single digit, in that case, what will be the volume? Low single digit volume? Let me get back to you. I think there have been a lot of changes, you know, because Yeah. With the GST 2.0 changes, you know. So I think at this point of time, comparison might not be right, because we have been in the transition. Okay. Okay. And so last, on a margin, how do you look right now? Because in Q3, last quarter also, we are targeting 14%+. So how do you look Q4 and FY 2027? You see, as I explained to you last time, that for us, margin starting from quarter one of next financial year, is, as I said, that we can look at in the H1 of next financial year, we should start getting to the 14% range. Okay. What about the gross margin? Any marginal improvement we can see from gross margin as well in FY 2027? Gross margin? Yeah, gross. In the gross mar- Yeah. In the gross margin, you're asking, right? Yeah. So, gross margin, I will be able to give more clarity in the next call. We are just in the process of concluding our AOP. So to exactly comment on the gross margin side, would be little tough, but yes, you can, you can expect some, you know, also some marginal improvement there. Okay. Okay. And the last thing that, in this quarter, what is the bakery B2B growth, sorry, B2C growth in this quarter, it is mid-teens? Yeah. It's a high, high teens growth. High teens. Okay. Okay, thank you. Thank you. The next question is on the line of Ronak Shah from Equirus Securities Private Limited. Please go ahead. Yeah, thanks for the opportunity, sir. So my first question is regarding the domestic biscuits. So as the market leader has already highlighted that the competition is very high. So, so can you, can we elaborate that considering the high competition from local players or larger national players, the growth rate into the domestic biscuits will going to be into the high single to low double digit only in near term? You see, domestic biscuit business has been for a while a very highly competitive and intense business. And in our territory of North India, definitely is a highly competitive business, both with big player and local players, right? We have seen a sequential improvement over the last quarter and this quarter in the growth. And yes, you're very right, we do expect in next, you know, two quarters to march towards the low teens kind of growth, and that's what we are targeting to achieve in the next financial year. So, it is fair to assume that double-digit growth will come from the second half of FY 2027 into the biscuits, domestic biscuits, especially? No, no, we should have... You see, as I said, growth, even in this quarter, we had a high, high single-digit growth. So we see sequentially with GST impact also, the consumer GST impact also turning positive quarter on quarter. It should keep improving. Okay, got it. Sir, my second question is on bakery part. So though we have clocking around 13%-14% sort of growth, but it sounds bit conservative considering the trend, plus the opportunity, plus the activation in terms of the clean label and all which we are doing. So what has caused our slower the growth rate? And going forward, by when we are we are again targeting a high double digit or high teen sort of growth rate into the bakery segment? So, I just mentioned that in the English Oven, we have grown high teens. It's only the B2B business which had a lower growth. That's why average is around 13.5%, 14% there. So English Oven continues to march at a good growth rate and shall continue to do that as well as expand further. We are very, very firm on becoming a pan-India strong brand over the next two years' time, and that's why we added two more geographies in this quarter, last quarter. And while we are building these geographies and our Mumbai, Maharashtra geography will see a huge expansion as we updated you, the Khopoli plant will come up soon in next few months' time. And we are also likely to add another few cities in this financial year. English Oven growth is robust and will continue to be robust. Got it. The last piece on the exports part. Can you highlight some qualitatively how we are diversifying apart from the USA? And from the profitability front, considering the lower tariffs now being into the system, are we expecting a significant improvement into the USA exports and the margin as well? So, you know- Yes, yeah. Sorry. Please, please, go ahead. Yeah, I'll go ahead. See, what is happening is Mrs. Bectors, you know, has always invested and has built up a capability to export export biscuits to not only, you know, every segment of countries, right? So we are exporting to around 60, 70 countries today, and out of them, U.S. is one of them. South America is big for us. Europe is going to be turning out to be good opportunity. U.K. with the new FTA, Europe with new FTA, U.S., you know, for the last six months from, you know, we had seen, you know, all projects coming on to hold. So we feel, you know, Mrs. Bectors is fully ready, geared up, you know, to get the benefit of these opportunities. We will see, you know, good value, not value biscuits, but premiumization from our perspective, which we will deliver to these markets. Got it. Anoop, I would request to you also, you can brief them how we have upgraded our capability on you know, distinctive biscuit categories- Yeah. In the international market in there. So, you know, I mean, today, Mrs. Bectors is one of the largest suppliers of Danish cookie tins to, to the U.S., right? And, so, we, we have built, the Indore plant was specifically built with the mind that, you know, we are going to be feeding the U.S. market. So, you know, so the, for the last six months since the time Indore plant had started, we were actually, you know, we, we didn't want to use that capacity into India because that plant could make very specific good products. So now things will get activated. We already have used this time, last six months, to prepare the products, you know, so I think, the benefits will come in, now very clearly to the company. Okay. Okay. If we permit for last one, can you just highlight on the export incentive, which has been paused from the government? Are there any updates on that part? Yeah. So, you know that, absolutely right. So there was definitely in the last six months, we from August onwards, we have not been able to get those benefits. And in fact, if those benefits had come in, we, our margins would have shown a very different, sort of numbers, right? But- ... what our company has now done is, we are going to be utilizing, that we start importing, raw materials which are duty-free, because for our exports, we can import, RM, you know, raw materials against advance license. We are, we are going to start doing this slowly. I think in the next six months, we should be geared up to recover, the damages. Okay. So in terms of quantification, can it be into the range of 20-30-odd bits of your margin that goes in incentives? No, it is our impact on our overall revenue would be almost close to 1%, yeah. Close to that. Understood. Understood. Thanks. Thanks, sir. That is all my- Thank you very much. The next question is from the line of Harit Kapoor from Investec. Please go ahead. Yeah, good evening. So just had two or three questions. One was on, you know, the growth rates, you know, so, you've spoken a lot about how you expect the business to accelerate. Should we assume that given that export, you know, business starts to normalize hopefully next—early next year, and even your capacity in bread comes through only in Q1, that these growth rates on the revenue side are, you know, a Q1 FY 2027 onwards, kind of a picture, and Q4 also will be in a similar to, you know, slightly up and down band? Is that the right way to kind of think about, near-term growth on the revenue side? Yeah, you, you're right. Yeah, that's, that's the right way to think, yeah. Got it. That, that's what is going to happen, is that from Q1, we should start seeing, improvement in our growth rate, and, it should kind of build up. And looking at the situation now, trade is a sign, nothing much going adverse, largely. We should be, you know, targeting to get for the next financial year, close to mid-teens kind of growth. You know, so all these deals are getting signed in, U.S. is getting signed in March, and, you know, so I think U.K. and, Europe are also going to be signed probably in the second quarter or something. So, you know, the, these, over the years now, I think the, on the growth side, things look, into a much, stronger, wicket. Got it. Got it. The first half performance in bakery was about 17 odd% growth. Q3 has been 13%. The lower growth versus first half, you would attribute it entirely to B2B, is it? So not largely, I would say, largely is B2B, is a reason. Yes, but in the Q1, out in the H1, our growth were higher. You see, I just give you a brief. We had a price increase in October or November of 2024, right? So H1 was cycling, you know, that advantage also. But overall, and but this quarter, this quarter, again, our growth have been high teens in the bakery. So if I kind of try and normalize that, the growth has been pretty consistent there, with 1% or 2% here and there. But yes, the H1 had an advantage of cycling the low price times, right? So you're saying that the bakery business is more volume-led growth this time, is what you're trying to— In Q3, yeah. Okay. Got it. Yeah. Just as a comment, I would recommend if you could, you know, also give... I know your tonnages across are very different, but, you know, henceforth, or whenever possible, if you can also give a broad range of where the volume growths have been, either separately for biscuits and bakery or overall for the business, because that helps us understand the pricing differential also, because in the B2B business, we can't really pick it up from the market. So, you know, if possible, if you can kind of do that math, that would be fantastic. My next question was on the margin side. So look, the export incentive is, has not been there this quarter. It was only there for one month in Q... It was there for two months in Q2. But still, we've seen a sequential improvement in the gross margin, right? I think an earlier participant also had a gross margin question. But from your perspective, is this improvement driven by mix because B2C has done better in both biscuits and in breads, or is it also an RM, some RM benefits also kind of starting to flow through now? How would you interpret this sequential improvement in gross margin? So, Harit, let me first clarify on the RM margins. Yeah. You know, we have always believed in predictability, right? Yes. So we are one of those companies who didn't get the benefits of lower prices. So that- Correct. One thing, because, you know, we did, we had done our hedging till March, so, you know. So there are no benefits which have come in and, from the raw material side, but Manu can explain you the best, the rest, you know. Yeah, yeah, yeah. Yeah. So- Thank you. So I think Anoop has covered that answer, and, it, it's largely the business, business mix and efficiencies, right? So RGM, Revenue Growth Management, and business mix, and there's some bit of efficiency which has helped us to improve that margin over last quarter. Last quarter, yeah, Q2 over Q3, yeah. ... Got it, got it. And last question was Anuj, you know, this export incentive thing, and you're looking to import now, Yeah. Does that completely offset, whenever you start kind of offsetting this impact with your import strategy, does that completely offset the gain? We have, in fact, you know, we had been waiting that this, because it was suspended. It was not, you know, it was not- Yes. It was not finished or, you know, so it was only suspended. Correct. So- Yeah. You know, we kept believing that this will come back. This is just a short-term thing. Correct. You know what? Incentives, because we people have been a very high-value drivers, right? Yeah. I mean, for us, our Danish cookie tins are very highly prized. So, you know, for as a percentage, you know, what we used to get, I mean, I think, we'll not probably be able to recover 100% of what we were getting. Yeah. But we will target to get towards that, you know. I mean, but it is going to take us three, four, five, six months, because I have to create this complete import... We have already targeted few raw materials, which we have already started. We've started sending the POs. But I think in the next four, five months, we will be, oh, you know, we will get out of it. Understood. Understood. Yeah. Despite you saying that, so it will take four-five months in your view, but even though it will take four-five months To reach the optimization. Reach optimization, right? To reach optimization. That's what. Okay. Yeah, yeah, yeah. Not four-five months to start. We've already started, but it will reach four-five months to optimize it, right. Perfect. Perfect, perfect. Wish you all the best. Yeah. Thank you. Yeah. Yeah, thank you. Thank you very much. The next question is from line of Darshit Vora, from Axis, Axis Mehta Institutional Equities. Please go ahead. Am I audible? Yeah, yeah. Yeah. So thank you, and good evening, thanks for the opportunity. Most of my questions have been answered, but I had one part with respect to the larger competitor has, you know, hinted at a strategy towards competing fiercely. So do we have any kind of plans that we are either making or have, you know, in pipeline to compete with the players, even the linear competition? So you're talking of Cremica, the domestic biscuit business, right? Yes, yes. Okay. So in a domestic biscuit business, as I said, that there are two-prong strategies, which is one is obviously we explained to you that how we are going to penetrate deeper within the 400 km of our Punjab and Indore plant, right? And drive the distribution growth and expansion there. Second, you know, alongside that, while we are investing behind our brands and varieties, which are doing well, like Coconut, Bourbon, Digestives and all, we have also over the last eight-nine months, if you look at, we have launched series of premium products, which MD had mentioned in his speech also, right? Which are premium cookies, as well as some of the health varieties, and some in terms of premium, like short grain, other products, right? So objective is to now the products which we have launched over the last nine months' time, we also invest behind to keep, building those products. You know, so, objective behind that is that, we are very clear now that what we will be launching is a differentiated product, which we have done, right? And we want to build these products over the years, because, you know, getting into the, again, me-too kind of product doesn't give you that differentiated strength in a highly competitive business. So these are the, two, three large strategies which we are on, on, on a, you know, execution mode now, and these will be our sources of growth for our RGM of domestic biscuits. All right. All right, perfect. And secondly, just extrapolating this competition point to the bakery business as well. On the Qcom front, we have seen, you know, some of the Qcom companies as well coming out with their brands and some other smaller companies also, you know, launching their own, brands- Yeah. in the bakery side, even the premium and the bakery side. So have we, have we seen some kind of impact of that competition? No, so Qcom is also a very competitive platform, but, you know, we have been an early starter in year 2022 in Qcom, and we continue to invest on this platform. We're very confident of this platform kind of growing, you know, in a changing consumer environment, and that's what has happened. So we have a stronger share in Qcom business, much ahead of our general trade share, and we continue to grow very, very aggressively there. So Qcom in English Oven is now contributing almost 33%-34% of our revenues, right? And this is kind of improving every quarter and every year. So if I remember right, over the last one year itself, we would have doubled. We have doubled our, you know, revenue contribution. So, A, English Oven is a high-growth business. In this high-growth business, Qcom has, you know, contributing almost 33%-34%, and this contribution- ... has, has literally doubled over the last 12 months, right? So it's, it's a strong journey. We have a strong hold, we're investing behind it, and we, we remain ahead in this journey versus many other players. Okay. So that's great to hear. And finally, just also on the exports, sorry, the B2B part. So we have seen certain newer brands and players also entering, certain international brands also entering the chain QSR space. So do we or have we seen some client additions or, you know, new brand additions in our B2B portfolio? Or do we plan to add some? I would not know. You know, if you would tell us which brand you're talking about, we can tell you if we're part of them or not. Because we have Tim Hortons, you know, which is a cafe coffee chain, we supply to them. So but, we'll need to know. I mean, you know, we supply to most of the Burger Guys, right? So I... You'll need to tell us who's the person, who's come in, you know, so that probably we can know, because otherwise we'll not come to know otherwise. All the new premium range is where we are present, with our frozen range also getting very strong. So we are offering them variety of products, right? And we are still in discussion on many of the new products with these chains. So in terms of customer additions on our B2B bakery side there has been a robust performance especially led by the frozen range of our products. Because our share in a bun business in quick commerce is already upward of 80%-85%, right? So... All right. Got it. That's it. Thank you so much, Manu. Thank you very much. The next question is from the line of Chirag Shah from White Pine Investment Management. Please go ahead. Yeah, thanks for the opportunity. Sir, just a question on this India-U.S. tariff. So as things are, is it back to normal business or there is some added tailwind? And if yes, which countries generally we compete with, which gives us some advantage? You know, we when, you know, U.S. trade tariff had happened, so, you know, we are covering most of the countries, right? But what we are seeing is, you know, in our journey, in our trade fairs, with our people who are visiting, we feel Europe is coming out strong. So Europe would be, which was earlier, not there or very limited for Indian food products other than ethnic, is now getting into the mainstream. So what you have to understand about exports is that we have a very limited ethnic consumer. Our consumer is more mom-and-pop stores. As a general, we compete with the local competition. We're giving them the local product. So, you know, that is the differential which is there with us. I think Europe is coming out extremely well. We also see America, you know, as they have started, responding and, you know, coming back onto the old projects which they had put on hold, you know, till the time these, duties were not clarified. So I think, there's a great opportunity in, South America, in Europe, in U.S. as well. So U.K. is going to be very good for us. So my question was, it is back to normal business, right? Before this entire tariff tantrum happened, we are back to normal business- No, no, no. Or there is an added advantage that we have? No, no, no. We have, we have not lost any business, but new projects from U.S. stopped coming in, which will now start coming in. Okay. But, yes, definitely we had to, we had to part away with some extra discounts or something, you know. Small discounts, not very big discounts. So we did not- And, which- We did not lose business. Other than small, few, yes. Few retailers, yes, we lost, but not... I mean, otherwise, we would continue, I mean, you know. Sir, which country we would be competing for import this, if they are importing from A or B or C country? Which are the other countries? India, see, India is very unique. Okay. We, you know, China is not our competitor in these products. Okay. As I said, we make for the market, you know. Okay. We will make products for Walmart. Like, most of the tins, which are Danish cookie tins, which are earlier going from Europe, are now going from Mrs. Bectors, you know. Okay. So similarly, so, you know, I mean, we do not, we do not have competitors from any other country as such. You know- Okay. That's what, what is it at the moment, right? Great. This is helpful, sir. This helps. Thank you. The next question is from the line of Ajay Thakur from Anand Rathi Securities. Please go ahead. Hi, thanks for taking my question. So I wanted to understand a bit more on your strategy 2.0, which you had indicated will be rolled out possibly, you know, in FY 2026, as in towards the 2026. So I wanted to get a more sense in terms of is it kind of analyzed, you know, or and when can we expect that rollout to happen? And if you can share some, you know, broader contours of that, it will be helpful. Yeah, I think I answered in one of the beginning question. Our sources of growth across the business area, which I explained. So export, obviously, with this tariff agreement happening and, with new capability of some new products coming up in Indore and one or more of plant, we should again see a resurgence of our export growth, which has been there well over the past few years, but yeah, this year was little low, right? Coming to another biscuit winner, domestic biscuit, which on a quarter-on-quarter has seen improvement in growth. And we are investing in our distribution coverage in 400 km from both our Punjab and Indore plant. We have launched series of premium products in the last nine months' time, so we'll be again continue investing behind them to kind of build it and further strengthening our brand marketing, as we are carrying out a brand study about Cremica and English Oven. So make a go-forward strategy on both the brands, which will, you know, further enhance the growth on the domestic Cremica biscuit side and take it to a low-teen kind of growth next year. English Oven, as I briefed that it continues to be on a strong growth path, which has been growing at kind of high-teen kind of growth. And we launched in last few months in Kolkata region and Hyderabad, further expanding our geographies, right? Our Mumbai plant will come up in next few months' time, which will help us, good quality, bun and bread supply. We will strengthen our distribution not only in Mumbai, in many parts of Maharashtra, and that will become another large source of growth for English Oven. English Oven continues to grow in the existing new territories, plus we're planning to add some more net territories in the coming financial year. B2B business, as I briefed that, frozen business is showing a good traction, which we built over last two, three years' time, and now we have enough on pipelines as a promising, for good revenue growth in the next financial year. QSRs also continue to expand in their-- invest in their store expansion, and there should be a turnaround. So these are the business-wide sources of growth, and a strategy, what you call it, for the next financial year. Understood. Also wanted to get a bit more sense on the margin. We have seen small bit of improvement and obviously, you know, given the fact that we will be utilizing the duty import, duty incentives, duty export incentives. So in that context, hopefully, the margin should start, you know, improving further, possibly from Q4 onwards. So wanted to get more sense in terms of, you know, what kind of improvements can we see in Q4 and then going forward? So as I've been briefing the previous call, that our target was to get to 14%. We would have got to 14%, but for the export incentive, which kind of suddenly was put under suspension by the government, right? Otherwise, we would have been at 14% in this quarter. So now, improving from here to getting to, to in the 14% range is what we expect in the H1 of the next financial year, and that's the path we are progressing on. Understood. Very helpful. Thanks. Thank you, sir. The next question is on the line of Resha Mehta from Green Edge Wealth. Please go ahead, ma'am. Thank you. So, you know, the first question is on the bakery QSR. So, fair to say it would have grown, let's say, in mid-single digits for Q3? Yes, yes. Okay. And here, again, would it be fair to assume that, you know, since we are already so well penetrated on the bun side, so any incremental growth here, would largely be driven by new categories like frozen foods, unless, you know, the macro demand for the QSR improves, which sees, you know, the growth from the bun side as well? Would that be the right understanding? Yeah, broadly, yes. But yes, as we have started our Kolkata plant, so that will give us a fill-up of the east region business on the, even on the bun side, right? There are many new small customers also mushrooming, where we had a capacity constraint both in Mumbai and Bangalore. So Mumbai plant coming up will help us to service that new customer, which we were, as of now, not able to service them and add them to our portfolio. Similar is a challenge in Bangalore, and Bangalore also we're investing in a expanded new plant there in the coming financial year, so that will help. So yes, so some bit of growth we were not able to capture of new customers in both west and south territory. They'll get available with the capacity falling in place. And the Kolkata region, both obviously, is a geography new to us, other than McDonald's, is what will add to our business. So broadly, what you said is right. So with that, then, you know, FY 2027 onwards, can we expect this to touch like a double digit or a high single digit kind of a growth for the bakery QSR? Bakery B2B business, yes, we will be targeting a low-teens kind of growth in the coming financial year. ... Right. You know, the export of biscuit business, so while we've seen a low single-digit growth in Q3, if you could break it up into, you know, the U.S. and the non-U.S. business. So, as I understand, the U.S. business is almost 20% of our exports business. So how much would have, you know, U.S. business de-grown, and how much would have the non-U.S. business grown? So we- I think, yeah. Most of the territories have grown, so we don't share numbers to that granularity. But broadly, yes, our challenge in Q3 was U.S., which is kind of now will be kind of will get rectified, right? So, okay, so the non-U.S. business would have registered a double-digit kind of a growth, or would we have seen some slowdown there? I don't have a ready number as of now. So, yeah. And we normally don't get into sharing such a granular number, but directionally, as I said, what is true. And so the export business also with, you know, the U.S. trade deal, coming through, right? Would that also be a low double-digit kind of a number that we are targeting for growth for FY 2027? Yes. Yes. You know, now that the trade deal has been announced, so are we already seeing, like, more inquiries from the U.S. business, or it's still status quo? You know, we have started, the people have started talking to us, right, back. So like, I mean, we had a deal, you know, which we-- if the trade deal did not, had not had happened, we would have lost that deal. Because there are certain, you know, businesses which are like the Danish cookie tins; you know, we are approved supplier with them. But, if it was 50%, we would not have got that. They were not going to come back to us, or we would have had to discount heavily. So which has, which has gone into our favor. So already things have started happening. India is back into their mind, which was, we, we are... Even the buyer was confused as much as we were confused, right? It was very difficult to create a supply chain. So effectively, I think in going forward, India is going to emerge as a big player in exports and food products, and biscuits being one of them. And America being a very large consumer will really, you know, give a benefit. But those companies will benefit who are prepared, you know. I, like I mentioned earlier, we manufacture for the market, for the U.S. market. We do not manufacture ethnic products, right? We do ethnic wherever there's a need, but our main competition happens if I do America, if I selling my biscuits into America, I'm doing a cheese cream for them, a cracker for them. It's a product which they keep eating. They are consumers of that product, right? So it's not that I'm giving them a Jeera biscuit or something else. I, we are sure that, you know, things will be much more productive, right? Sure. Sure. It's so new. In fact, the agreement has, right now, we don't even know. I mean, we know we got to have 18% tariff, but we don't know. It might be different, right? It might be lower, it might be something else, because in the newspapers we read that certain food items are being considered as 0%. Now, if that is the case, we don't know, right? So I think end of March, we'll have a clear clarity on what is happening. But yes, things are moving in the right direction. Understood. Just the last one on the domestic biscuits business. While you all have, you know, articulated the future growth levers for the domestic biscuit business, but I just wanted to, you know, kind of double-click on, you know, why the domestic biscuit business, you know, has been sluggish. See, the GST-related disturbance is something that even, you know, the industry leader has faced. If you look at our domestic biscuit business, you know, the growth versus, let's say, Britannia is, you know, hardly 200 basis points higher, while, you know, we are probably 1/8 their size, right? So is it, you know, if I exclude the GST part, is it... I mean, what is it, you know, that has impacted our growth in the domestic biscuit business over the last one year? So is it like a lot of competition? Were we constrained on capacities? Were there any execution gaps? If you could just kind of help me on that. Let me brief you, right? I just briefed in the last, actually. You see, domestic biscuit business, if you remember, we had a huge commodity spike in prices starting October, November of 2024, right? Palm oil and other things, right? And with the hyper competition is something which had put a very large adverse pressure on our domestic biscuit profitability and margin, right? So it was very important for us to kind of first make sure that we correct our margins there and get the business again to a good sustained level, and that's what took about, you know, close to eight-nine months to get that into mode. Then we started about kind of getting into the, again, distribution expansion, new products and other things few months back, which will kind of which will now is getting back into the investing behind a high growth, investing on distribution brand board. We have seen a sequential improvement in our growth over the last quarter to this quarter, and that journey will continue. Our expectation is to get to into low teens kind of growth in the next coming financial year, and we're confident we should be able to achieve that. Sure. Thank you, and all the best. Ladies and gentlemen, due to time constraint, that was the last question. I would now hand the conference over to the management for the closing comments. Thank you everyone for joining us. I hope we have been able to answer all your queries. In case you require any further details, you may please contact us or MUFG in time, our investor relations partner. Thank you very much. Bye. Thank you once again, sir. On behalf of Mrs. Bectors Food Specialities Limited, that concludes this conference. Thank you for joining us. You may now disconnect your line.