Ladies and gentlemen, good day and welcome to the Mrs. Bectors Food Specialities Limited Q4 and FY 2026 earnings conference call. As a reminder, all participant lines will be in a 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 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. Anoop Bector, Managing Director and promoter. Thank you, and over to you, sir. Thank you so much. Good afternoon, everyone. On behalf of Mrs. Bectors Food Specialities Limited, I extend a very warm welcome to all participants joining us for our Quarter Four 2026 and Financial Year 2026 results discussion call. Today, I am joined by Mr. Manu Talwar, our Chief Executive Officer, Mr. Parveen Kumar Goel, Whole-Time Director and Chief Financial Officer, Mr. Ishaan Bector, Whole Time Director, and Mr. Suvir Bector, Whole Time Director. We also have with us our investor relations advisor from MUFG Intime. I hope everyone has 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. FY 2026 marks a significant milestone for Mrs. Bectors Foods. We have crossed the INR 2,000 crore revenue mark, a goal we had set our sights on and are proud to have achieved it. From INR 988 crores in financial year 2022 to INR 2,044 crores in financial year 2026, the company has grown at a 20% CAGR over these four years. Within that, biscuits vertical grew at 20% CAGR and the bakery vertical at 23% CAGR. These four years have been equally defined by the foundations we have built across several dimensions. Over the last four years, the company has undergone a meaningful transformation across every dimension of the business. We transitioned to a professionally managed setup through deliberate leadership hiring, strengthening of IT infrastructure, and benchmarking and execution excellence across sales and distribution. A clear brand and sub-brand strategy was defined to move towards long-term brand equity creation and sharper market positioning, reinforcing visibility, and laying the foundation for sustainable demand-led growth. We have made substantial investments in expanding our manufacturing capacity across both biscuits in Rajpura and Indore and bakery in Kolkata, Khopoli, and Bavla. These additions represent some of the most significant capacity scale-ups in the company's recent history, strengthening our ability to meet growing demand, support new product launches, and build the operational headroom needed to sustain our next phase of growth. Attuned to evolving consumer behavior, we have been and will be deliberately building quick commerce as a channel of significance. Structured mindset of cost optimization institutionalized through Project IMPACT. On the international business front, we have steadily entered new markets and geographies. We have earned the trust of partners through consistent quality and reliable delivery, onboarded new customers through channels, and forayed into new countries with a calibrated market-by-market approach. Today, our products reach consumers in more than 70 countries, a testament not just to the reach we have built, but to the credibility we have earned on the global stage. In Q4 2026, the company reported a revenue from operations of INR 485.86 crores, reflecting a year-on-year growth of 8.9%. The biscuits vertical delivered a resilient 8.4% year-on-year growth and witnessed a sequential uptick despite navigating geopolitical headwinds from the West Asia conflict. This sequential recovery was partly supported by the GST reforms through increased gramages and reduced MRPs. We anticipate this tailwind being tempered in the coming quarter as inflationary pressures from the conflict intensifies, with the raw material and packaging material costs rising and some degree of price sensitivity expected in the market. The bakery vertical recorded 8.5% year-on-year growth in Q4 FY 2026, with strong double-digit momentum through January and February before the complete shift of the Navratri season into March tempered the closing month's performance. EBITDA margin came in at 12.7%, an improvement of 25 basis points over Q4 2025. On a full year basis, the company delivered a 9.1% growth. The biscuits business delivered a growth of 6.7%. FY 2026 presented a challenging operating environment across multiple fronts. The year opened with uncertainty surrounding punitive tariffs and closed with pressures of West Asia conflict. In between, the GST 2.0 reforms rolled out by the government of India, while a positive structural development for the industry over the long term, posed short-term inventory-led challenges in quarter three of the financial year 2026. With a discernible impact on our domestic biscuit growth during that period, the bakery business delivered a strong growth of 14%. The current environment presents pressure across three key areas: disruption in supply chain and logistic costs within the exports business; escalating crude prices driving inflation across raw materials, packaging, and fuel; and the recent impact of minimum wage hike across key states. That said, mitigation measures are being actively pursued through calibrated and cost efficiency measures, and the Project IMPACT. With implementation underway from April 27, the gradual clearing of uncertainty around tariffs has and is expected to provide further tailwinds as we move ahead. While the full impact of inflation at price hike on consumer sentiments will be seen in the coming quarter, barring the uncertainties stemming from the West Asia conflict, we remain hopeful of a stable demand environment across the categories we operate in, underpinned by stable consumption trends, a continuing focus on premiumization, and sustained investments in brand building. On new product launches, we expanded our health portfolio under Natur Baked, our clean label brand, with the introduction of protein bread, a deliberate response to the growing consumer shift towards functional, health-forward eating as more Indians actively seek higher protein in their daily diet. We extended our dessert range with the launch of cheesecake jars under the English Oven, tapping into the growing consumer appetite for premium ready-to-eat dessert experiences and the broader premiumization trend gaining momentum across urban markets. Rounding out the quarter, our Valentine Day collaboration with Blinkit continued the momentum from our Christmas partnership, where our Danish butter cookies then reached over three lakh households and generated meaningful brand goodwill. On the operation front, we successfully commissioned our Kolkata plant in January, marking our foray into the East and enabling us to serve general trade, modern trade, and institutional partners in the region. We also expanded the English Oven brand into Hyderabad, marking a strategic entry into key growth markets. Our Mumbai plant commission in Q4 FY 2026 is now in its ramp-up phase and is expected to progressively scale up over the coming quarters. Together, these initiatives are expected to strengthen our presence in the bakery industry across key markets, improve supply chain efficiencies, and support sustained growth through deeper regional penetration. Financial performance. Talking about FY 2026 financial performance, the consolidated revenues for FY 2026 stood at INR 2,043.6 crores, versus INR 1,873.9 crores in FY 2025, thus registering a growth of 9.1%. EBITDA for FY 2026 stood at INR 257.7 crores versus INR 251.5 crores in FY 2025, thus registering a growth of 2.5% with an EBITDA margin of 12.6%. PAT for FY 2026 at INR 140.9 crores with a PAT margin of 6.9%. With this, I request you to open the floor for questions and answers. Thank you so much. Thank you very much. We will now begin the question and answer session. The first question is from the line of Abneesh Roy from Nuvama. Please go ahead. Yeah. Thanks for the opportunity. My first question is on the current cost inflation you are seeing. If you could specifically comment on wheat raw material. We have picked up conflicting signals, but most of the studies are saying that this year, although wheat crop was good, there was a damage because of the unseasonal rains. How much is the current inflation from the bottom in the last three months, and how is the overall scenario for the raw material basket currently when you are seeing the petrol hike and all this? If you could tell us in terms of RM basket, how much is the inflation and how is the wheat raw material? In the RM side, there has been inflation, especially which comes from palm oil and crude and also from our packaging material. These are actually the three major impacts which have come in. Other than that, on the wheat front, we are as per our AOP wheat, we have done good for this quarter, and we also quite booked for the next quarter. The wheat quality, like in the bakery side, our major businesses, part of our business is QSR, we block it for the year. Our inflations are covered over there. On the biscuit side, where the rain affected quality actually only damages certain part of gluten. Biscuits don't require gluten. We do not feel that there should be a substantial impact, so if it is specific to wheat. Yeah. Totally, if I see what we anticipate and what we have seen till now, we look at around 3% impact, which comes in from all our areas, which is including labor, logistics. Logistics is very fresh for domestics. It might come in a bit later, we have not yet got it. That's where we are, and Manu can talk about the recovery, if you want to know about the recovery also. Yes. I would like to know. Yeah. Manu, over to you. Lastly, it is coming from the packaging, as Anoop said, and it's about 3%, including some of the impact on minimum wages, steep revision in UP as well as now we're heading in Karnataka also. Yes, we had taken the recovery actions in terms of pricing and cost efficiency. We expect ourselves to be covered on this inflation to keep our value addition in line in the H1. As of now, if nothing further deteriorates on pricing, we should be more or less in line with our gross margin, which is value addition, for Q1. With pricing actions and some bit of cost efficiency on manufacturing side. Sir, my second and last question is on biscuits. 8% growth YoY, 16% growth on a two-year basis. Are you happy with this performance given you have huge headroom to expand market share in many states? What will be the outlook on market share in FY 2027? Second is, odd pricing by, say, Parle ITC of INR 4.5 and INR 9 pricing, which they had done post GST 2.0. Did that impact you in any way in the branded biscuits in the domestic business? Answering on your both question, were we happy with the last quarter or last year growth on biscuit? I would say it was a somber kind of growth. We are looking at doing much better than that in this coming financial year. We're very confident of touching on the biscuit segment somewhere between low to mid-teens kind of growth in this financial year, and things look promising. Last year, both domestic as well as export was impacted. Export impact largely came because of U.S. tariff issues, which kind of clouded around almost the full financial year. On the domestic biscuit side, although GST change was a good change, but it is linked to your second question. The post GST revision, some of the large players continued at a INR 4.50 pricing, as you said, and we had moved to INR 5, and Britannia had moved to INR 5. That definitely had its impact in the last quarter of the financial years, quarter three and quarter four of the year. Now, obviously things are settling in terms of rightful pricing by everyone. I would say one of the large players is still into transition, has not fully transitioned, but they have started the transition and everybody is coming to the right coinage pricing. This year should be fine. Sir, one follow-up on that. That odd pricing, was that an aberration? Because these players have tasted success. Would you be confident that either you or any other player will not go back to 4.59, say, when the raw material again turns favorable or irrespective of that, right? Ultimately, it doesn't have too much to do with raw material. If someone chooses to go to 4.59, they gain market share. Would you be confident that this is just an aberration by the industry players? Yes, it's an aberration, and I think that most of the players in a rightful manner who went to five will be more careful, including us. The next time any grammage increase or decrease, whenever it happens, I would say at least we will be very watchful of the competition, which we normally are. Probably this time was a miss because one of the very large player decided to stay at a lower pricing. Understood. Thank you. That's all from my side. Thank you. The next question is from the line of Siddhesh Deshmukh from IIFL Capital. Please go ahead. Hi, sir. This is Percy Panthaki here. Just a question on your bakery segment. We have been, in the past, doing high teens kind of growth on that segment. Even Q2 was 16%, and then Q3 slowed down to 13%, and now it is at 9%. What is really the reason behind this slowing growth in the bakery segment, and what kind of growth do you think is realistically possible over the next few quarters? The only impact was, I'll explain to you. We are largely North-based business. Jan and Feb went very well. Navratri was in March, and Navratri is a time, last year it was in April. During Navratri, the bread consumption really dips because in North India, they fast and they don't eat non-vegetarian eggs and all. That's a seasonal cyclic thing which happened in the last quarter. It's nothing to do with the business trend. We continue to be bullish. English Oven has been growing at high teens for the last four years, and we expect a similar trend to continue on that. On a QSR side, there are some initial good signals after almost 2.5 years, that their consumption is moving up and we are very hopeful that trend will continue. On the QSR side, we expect a low teens kind of growth in this financial year. Bakery overall should also be at a low teens kind of a level? Overall as a company? Bakery. No, bakery. Bakery will be at a mid-teen kind of level on overall basis. Understood. Secondly, on margin, given that we are seeing inflation in a few commodities, how do you see your gross margin and EBITDA margin for the overall company on a YoY basis for the full year? You must appreciate that the situation remains very dynamic, and the way pricing is volatile, literally on a quarter-on-quarter basis. Based on whatever is the pricing, and whatever the war impact, which we just stated is close to 3%, we have taken actions to cover it up. We should be able to cover it up to not impact us on our margins negatively, on EBITDA margin side and also on the gross margin side. If something very volatile happens in future, we will take certain actions, but I won't be able to comment on that. As of now, whatever impact has come in inflation because of war, we have taken due actions to cover up that impact. As we told last time also that we will be working towards improving our EBITDA margins. As of now, we are fairly optimistic that quarter-on- quarter, we should see improvement in the EBITDA margins side. Would it be fair to assume that unless, let's say, crude suddenly spikes up again above 100, we should at least be maintaining EBITDA margins on a YoY basis? Yes, we should be maintaining. Yes, unless until the crude kind of breaks the roof. In India, if you look at India, the oil prices have started going up only recently, and there have been, I think, four or five revisions in the last two weeks' time. Yeah. It will have a larger impact on the inflation. Right? If you ask me, I see the impact of this to start showing somewhere in quarter two. Right? That's what on the logistics and other side, because logistic cost is something fundamental base to everything which gets moved. Yes, as of now, whatever has happened, we have covered ourselves. We will take all necessary actions. We will take all necessary actions to do our best to cover up the future cost impacts also. Last question, if I might squeeze in on the biscuits portfolio. Could you just tell us, without specifying any numbers if that's a problem, which are the two or three states which are sort of growing significantly above average, and which are the two or three states whose growth is lagging versus the average in the biscuits portfolio, not just for this quarter, but let's say for FY 2026 as a whole? Okay, let me explain to you how are we driving. We are driving our distribution primarily within 400 km of our north plant, which is in Rajpura, which is Punjab, and that will be the large source of growth for us. Secondly, as our MP plant, Indore plant, that plant has come up. We will be driving our distribution in the central India and some part of western India. That will be our source of growth. These two will be source of. Within north, of course, we have a higher share in upper India. Large part of source of growth will be lower part of South. Okay, sir. That's all from me. Thanks and all the best. Thank you. The next question is from the line of Soham Samanta from Motilal Oswal Financial Services. Please go ahead. Yeah. Thanks for the opportunity, sir. I just wanted to check on this quarter biscuit number. We grew 8%. Within 8%, what is the bifurcation in export and domestic? This last quarter export was a low single digit. How is the export market doing right now? Export was again low single digit even in this quarter, right, in the quarter four. Yes, things are optimistic and things are looking brighter now, and you should get to see good growths in both export and domestic in the quarter one, quarter two. Again, export will grow. What is our target? Mid-teens kind of a growth we will take for FY 2027? Mid-teens. Low to mid-teens kind of growth. Last quarter, if I'm not wrong, challenges were these competitive pressure from Latin America and all. How is the competition right now over there? It was not a competition kind of issue. There was an issue on account of local competition creating a regulatory and a duty pressure on us. We have collaborated and taken help of our commerce ministry and external affairs ministry. Rather, our Export Head and Director, Suvir, wasn't there. He just returned it from there, having meeting with the Indian ambassador as well as Dominican ambassador to India, and he was present in that country. These efforts are now giving some positive results, which had created pressure in the last financial year. We're very hopeful that with all the efforts by the commerce ministry as well as external affairs ministry and by us and our partner there, should resolve this problem and we should be able to grow well in this territory in this financial year. Okay. Sir, next question. English Oven, last time we spoke our target, so we are capturing the market like Chennai, Hyderabad, and all. How we are looking this market as of now? What is the traction over there right now? I would request Ishaan to take up this. Yeah. We have launched Kolkata and we've launched Hyderabad. I think the response in Kolkata has been fairly good. On Qcom, we're already reaching a high single-digit market share. Clearly showing that brand acceptance is there. I think we're also making strong inroads into GT, into general trade. Hyderabad is positive, however, slightly muted compared to Kolkata. Right now in Hyderabad, we're going to be focusing largely through the Qcom segment, as we said, to establish the brand in the market, followed by then getting into general trade. We're very hopeful of these two markets adding to our portfolio, because as we scale success in not only these two markets, but a further couple of markets is going to be very important for the growth of English Oven. What are the next couple of markets you're looking? See, we've been getting a good response in Punjab as well, right? We will further make inroads into Punjab. I think Chennai will be another market that we will look at. If you ask me where the biggest opportunities for English Oven are at the moment, I think our biggest opportunity still is Mumbai. I think we still have a low market share. I think the new plant that is coming up is going to really unlock supply chain inefficiencies that we have at the moment, as we are very largely dependent on co-packers. We are very hopeful that this new plant is really going to bring in that supply chain efficiency, cost reduction, but also significant improvement in quality. I think if you ask me, in Mumbai, we can 3x from where we are at the moment. I would say that Mumbai, Kolkata and Hyderabad scale up, and then maybe a Chennai or Ahmedabad. Okay. Thank you. Thank you so much. Thank you. The next question is from the line of Ronak Shah from Equirus Securities. Please go ahead. Hi. Thanks for the opportunity. My first question is regarding the export incentive. Last few quarters, there is a hold on the export incentive. Is there any update on that? Secondly, the management was trying to offset that via few initiatives. What are that initiative? Are there any benefit coming from that aspect? On the export incentive, we are pursuing with the government on restart of the incentive, but still the file is in progress. I think probably with certain amendments they might be bringing out the file, but nothing concrete as yet. On the import side, we had evaluated certain possibilities, but have not been able to fully utilize direct import other than we are importing some whey protein, like whey powder. Not protein, whey powder. Which is being used in the biscuit side. Other than that, this is still, I think we are pursuing with the Ministry of Food Processing to take this forward. Mr. Ronak, I will just add further to that you asked. What we have done in the export business is that we have worked on our cost efficiencies as well as on pricing with customers. We have moved well in terms of covering that part of the FI incentive partially. While we continue to pursue for that incentive, rather, there was a ministry and roundtable just about three days back with the Secretary of Food Processing and we have taken up with them. Yes, we have worked on cost and the pricing to cover up quite a bit of that impact. Understood. Second question is on the Project IMPACT 1.0. It's been last few odd quarters when we have implemented. Are you seeing any quantitative benefits which you can highlight to us? If we see last six odd quarters, your margin is largely into the range of 12.5%. Can you highlight what are the benefits you are yielding right now and what can be the trajectory going forward? Mr. Ronak, this is now Project IMPACT, which we started two years back, has become annual where when we do our annual plan, we do make cost efficiency. Last year this Project IMPACT had a fairly decent good result for us, both on the manufacturing cost side, somewhat on the supply chain side, and somewhat also on the S&D side. These were the key areas where we kind of worked on, and also on the recipe rationalization side. This year again, we had made a plan and we review it on a monthly basis, which is definitely, as I told you in case of exports also, that through the cost efficiency we will be covering some part of the impact of the FI. This program is certainly running fine and building up in terms of defining the target for cost savings and then monitoring them on a monthly basis to ensure they are fulfilled. Got it. Sir, lastly, on the distribution front. We have realigned strategy via focusing more nearing to the plant vicinity. Now if we see the throughput per store, how you are seeing the changes in trajectory? Secondly, in terms of the overall distribution expansion, how you are now revisiting your earlier targets in terms of the direct and the overall reach? Yeah. What we are planning for this financial year definitely is that we are going to take our build outlets, which we track, and we were around 310,000, 320,000. That we are targeting to take it about 40,000 outlets in this financial year and keep building it up. Yes, our focus, as I said earlier, would remain within 400 km of our plant. Okay. In terms of the overall reach, what is the current status and over the next two to three years how you are aiming for that? You see, I would say that we in North India are around 35% weighted availability as per ACNielsen, and our reach is around. Objective over the next three years or next four years rather, till 2030, would be to take this weighted availability between somewhere around 40%-45%. That should be the target, which also would mean that in terms of outlets, which all over India, we are around over 700,000 outlets available. We should get somewhere between 900,000 to 1 million outlets. A large focus will always remain on the weighted outlets, because that's what we want to achieve, take our weighted availability up by 15%-20% over four years. Understood. That's it from my side, sir. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Lokesh Manik from Vallum Capital. Please go ahead. Yes. Hi, good afternoon, Anoop and team. Sir, my question, just add a clarification. In the frozen food segment, when we are supplying to a lot of cafes- Oh, management line dropped it. I'm just connecting. Okay. Yes, we have connected with the management. Yes, sir, go with the question, please. Yes. Good afternoon, Anoop Bector and the team. My question was on the frozen food segment. Just a clarification here, when we say that we are supplying to small cafes, are we supplying the bread itself or we are supplying the finished products in the sense that even the ingredients we are making and the sauces and everything, it's the finished product that we are supplying? Just a clarification. It's a mix of both. In some cases, we supply raw dough, which is not like a baked bread. In some cases, it's a baked bread. In some cases, we have products like toasties, which also have sauces and cheese and veggies on it. They are all procured from outside. It's not like we are manufacturing the sauce or anything. It's all procurement, but it's a mix of readymade sandwiches and... Okay. How do you see the growth now going forward here? This is a very interesting segment, given that your association with a lot of QSR players, you also help them come out with new products on their menus, which you can leverage towards these small B2C outlets. What is the thought process here, strategy here to scale this part of the business, which looks very interesting as a future growth driver? I would say, as we are upgrading our facilities, with the new bread plant, which is coming up in Khopoli. We are also talking about setting up the Bangalore facility. Our idea is to have each plant which can do burger buns, breads, and value-added products. Those value-added products could be frozen dough. It could also be sourdoughs. In fact, in our north-based plant, we have just increased capacity for sourdough breads in the market. At the end of the day, our focus is on value addition. I think through the Q-commerce space now we are playing not only on the B2B side, but also on the B2C side on all these categories. You can see that we have a frozen range of products which are available on Q-com in Delhi NCR. We are seeing month-on-month growth there. Sourdoughs is something where we always had a capacity bottleneck, actually. With that happening, that is going to bring value addition onto our English Oven brand as well. As these bakeries come up, I would say that in the, let's say, coming quarters or coming years, we will get a fair sense of how much capacity is needed in each of these businesses. What is very positive is where we understand the business, we already have a proof of concept. We're already selling these products in the market, so we've already started building our relationships with our customers, both on the B2B and the B2C side, which gives us a lot of confidence that as volumes ramp up, we are able to scale quickly. Great. Just if you can give us a sense from a perspective that today value-added products will be what percentage of revenue for bakery or consol, whichever is convenient for you, and what is the aspiration to take this, let's say, four, five years down the line by FY 2030, if that's the vision. How we look at it is we look at, let's say, our premiumization that we look at internally. We are at about 55%, 56% premiumization on the English Oven front. NaturBaked, as a business, as a new brand, I would say it's become quite reasonably accepted in the market. We'll be touching like an ARR of almost INR 10 crore for a new brand. We see it scaling up fairly quickly. Our focus on premiumization is going to continue. I think NaturBaked has seen very positive movement towards the clean label side, sourdoughs coming in. I think our target more so then is how can we bring this premiumization to, let's say, 65%, or see positive uptake quarter-on-quarter on these metrics. Got it. That was very much helpful. Thank you so much. That is it from my side. Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference, please limit your question to two question per participant. If you have follow-up question, we request you to rejoin the queue. The next question is from the line of Aachal Pal from Monarch Networth. Please go ahead. Yeah. Hi. Thank you for the opportunity. I have three questions. First, how much did the export business grow on a full year basis? Second question is on Khopoli plant. Just wanted to know what is the current utilization rate, and have you commissioned second production line or any update on that? Yeah, I'll take Manu, you start, okay, then I'll follow it up. Export growth last year was in single- digit. Right. That was the kind of growth we had. On Khopoli, Anoop can update you. Yeah. Khopoli, our bun line has already been commissioned and has already started. Since it's a very large line, we are yet working with our equipment suppliers to have it fully commissioned within the right manner because a major part of the equipment comes from abroad. On the bread line, bread line is nearing completion. I think within this quarter, we'll be rolling out products end of the quarter. I think we are in tune, we are in line with everything, yeah. Okay. Any number if you want to quote on the utilization rate, like what is the current status and. Utilization, because right now currently, on the utilization side, we're running both the lines. We're running our old line also, we're running the new line also. You understand? Okay. Whenever we find a small defect, we pass on the line to the team. We are running the line, I mean, for substantially, but whenever there's a need, we have to pass it down. Right. We are running both the lines. It will not be very fair to tell you exactly percentage, this is the percentage. The line is well commissioned. It has come out beautifully well. It's a very automated line and, in fact, probably after the monsoons now, because Khopoli gets lots of rain, we would definitely invite you all to the facility. It's one of the best facilities not only in India and probably a lot of many other European countries too. We will not be able to specify today. It will not be fair on me, but on utilization, it will lead to a substantial utilization because also QSR numbers are also growing now, and they're more positive. I think it'll be very fair. Right now it will not be right to give you the number right now. Okay. My last question. In this quarter, we have launched our English Oven jar dessert. What kind of traction we are getting for this and in which other markets we have launched it? Currently we are focusing only on Delhi NCR. Blinkit has been our launch customer, but we have two or three customers who are following up with us to launch the product with them as well. We have also made a small investment for automated line, which can increase our capacity for doing jar desserts that can be leveraged not only in B2B but also in B2C. Right now, it's still small scale, but from what we have looked at, the unit economics are very positive. In fact, even with the limited supply chain, we are cash flow positive in this business. I think as our capacity increases, not only will we be more bullish on B2B but also on B2C. Okay. Thank you so much. Thank you. The next question is from the line of Rohit Harlikar from Aditya Birla Money. Please go ahead. Yeah. Hi. Thank you for the opportunity. My question is on the biscuits export business. With U.S. tariffs having reduced from peak levels, so are we seeing order volumes come back for this business? I can take it up. Hi. Yes, tariffs have reduced substantially. We were actually visiting the U.S. a week back. We've thus discussed a lot of potential new business with clients, and with the reduced tariffs and India's good relation with the U.S., customers are already onboarding us on some new projects. I think it will be a great start with a couple of new retailers and new projects going forward. This low single-digit growth for Q4 in exports, was it because of the West Asia conflict or even the U.S. contributed to the lower growth? It was a bit of both. A lot of influence was there from the U.S. tariffs, because at the peak, the tariffs were at 50%, which made it hard for a lot of importers who were importing our brand or their own white labels. It made them harder for them to change the price point for the consumers. That had hampered the business a bit. Now we are seeing, like I mentioned, a positive trend for it to go forward. We had a little impact also because of the U.S. and Iran conflict going on. Mm-hmm. For the H1, some of this impact should continue, right? From West Asia and U.S. to impact. A bit on the West Asia, minor impact will be there. But we are already finding other avenues of growth in other territories, and we are still working on building the volume. In the GCC region, only majority two of our markets have been impacted, which are Bahrain and Kuwait. Barring that, we are still able to deliver our shipments into the UAE, Saudi, and Qatar through the Saudi. Our teams are actively working on finding solutions to still deliver the goods in the market and being very competitive at it. Okay. For FY 2027, mid-teens kind of growth, can we expect or like close to double- digit? I think, as the CEO mentioned, our target is a low to mid-teen growth coming in. That's our target as of now. Okay. Thank you. Thank you. Thank you. The next question is from the line of Darshit Vora from Asit C. Mehta Institutional Equities. Please go ahead. Yeah. Hi, am I audible? Yes, sir. Thank you for the opportunity. I just wanted to add that in the previous con calls that we've done, we've said that we are aiming to start to get towards the 14% kind of EBITDA margins by H1, and then for the full year, more than 14% EBITDA margins. Given the prices that we've done and considering that there is no further raw material inflation from here onwards, do you see that to be something that is achievable, or are we slightly down a little back from the targets? As the situation stands now, as I said that we should see improvement in our EBITDA margin quarter-over-quarter. Quarter one, we should see improvement over quarter four. Quarter two also, we should see improvement over quarter one. Objective is to get as close as possible to 14. You must appreciate the kind of disruptive inflationary impacts which have been there, which we have done our best to cover up. Yes, as of now, where we stand, we should see improving our EBITDA margin both in quarter one and quarter two. All right. Got it. Finally, would it be correct to say that our domestic bakery English Oven has grown in low and early double- digits? Pardon. Sorry? Our domestic retail bakery has grown by early double- digits? Yes. They have grown in high teens. Yeah. All right. Okay. Thank you very much. Thank you. The next question is from the line of Abhishek Mathur from Systematix Group. Please go ahead. Yeah. Hi, sir. Good afternoon. Thank you for the opportunity. On the biscuits business, just wanted to check, what is our sales salience of the INR 5 and INR 10 packs currently in our portfolio? Related to that, do we also maintain certain forward covers in certain key commodities, such as wheat or palm oil, something like what the market leader does? That's all I wanted to check. Thanks. Okay. I'll just quickly tell you on the percentage of 5/10, which is about 65-odd%, which is fairly in line with the industry. I'll hand it over to Anoop to brief you on the commodity future cover. Yeah. We would normally, if you ask me, is there a strategy to hedge for a particular time? Currently, no. Wherever we feel the situation needs hedging, we definitely do hedge. Like in case of wheat, we would hedge wheat flour. In case of sugar, when we feel that sugar prices can climb up till a particular type of month, we will hedge. Milk powder, we normally hedge. Edible oils, we also hedge. How much are we hedging or what has been our hedge at the particular time when prices have gone up or gone down, it's not to be disclosed. As a hedge, we definitely see to secure our time. In case wheat harvest is in April or early March, so we will see that we are hedged depending on the wheat crop. This year the wheat crop has been good, so our hedging would be restricted for particular quarters, right? Last year, what we felt was that there was a wheat shortage. A year last, we saw a lot of inflation. It all depends, very situational. Yes, whenever there's a need be, we definitely work towards hedging. All right. That was helpful. Thanks and all the best. Yeah. Thank you. Ladies and gentlemen, due to the interest of time, this will be the last question. I now hand the conference over to the management for closing comments. Over to you, ma'am. Hello? Yes, sir. Over to you for the closing comments. Okay, sir. Yeah. 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 Intime, our investor relation partner. Thank you so much. Thank you. On behalf of Mrs. Bectors Food Specialities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you.