Ladies and gentlemen, good day and welcome to Q1 and FY 2027 earning conference call of Belrise Industries Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectation of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Shrikant Badve, Managing Director of Belrise Industries Limited. Thank you, and over to you, sir. Your conference has been put on hold. Are you ready to unlock your conference? The conference has not been initiated. Good morning, everyone, and thank you for joining us to discuss Belrise Industries financial results for the first quarter of FY 2027. On the call today, I have with me my sons, Sumedh and Swastid, along with our CFO, Mr. Rahul Ganu, our CMO, Sunil Kulkarni, and SGA, our investor relations advisor. We entered FY 2027 carrying forward the momentum we built through last year. I am pleased to say Q1 has been an eventful quarter for us. We strengthened our balance sheet through a capital raise, added a high quality business to our commercial vehicle portfolio, made further progress on our energy and roof space and defense platform, and continued to win marquee new business across our core segments. On the demand side, our 2W and 3W business, which remains the largest contributor to revenue, continued to benefit from the industry-wide volume recovery and from new platform launches at our marquee customers. Our growing engagement with two marquee OEMs where we previously had limited presence continues to build a robust order book for us. Our 4W and commercial vehicle business was the fastest-growing segment of our portfolio in FY 2026, and this momentum has continued into Q1 FY 2027, with revenues growing 18% year-on-year, driven by new business wins across our expanding customer base. Coming to the results. Against the backdrop of continued geopolitical uncertainty, we delivered a resilient quarter with the PAT reaching INR 1,217 million. Total revenue from operations for Q1 FY 2027 stood at INR 2,465 million, up 13% year-on-year, including manufacturing revenue of INR 31,979 million, which grew 20% year-on-year. Our EBITDA stood at INR 2.93 million, with margins at 11.5%. Let me also touch briefly on the cost environment we are operating in. Input costs, particularly steel and polymer, remained elevated through quarter one FY 2027. As we have said before, our back-to-back pricing model means these fluctuations are largely passed through to our customers with a slight lag, and we do not expect this to have a material impact on our margin profile in this fiscal year. I can say with a great amount of confidence that the worst is behind us in terms of cost pressure. Coming to our growing footprint in the aerospace and defense segment, this is a strategic pillar for us, and we have made significant progress in building our capabilities there. Last year, we acquired APN and Chester Hall, further deepening our capabilities in this domain. Together with these acquisitions, we have significantly strengthened our capabilities in aerospace manufacturing. We are also in advanced discussion to localize a portion of the high-volume aero-engine component manufacturing in India, and expect to share further details on the initiative in the coming time. With this, I hand over the call to Swastik to discuss the key order wins across key customers during this quarter. Thank you, everyone. Thank you. This was a strong quarter for us on new business with wins spanning our core 2W and 3W portfolio, our proprietary product portfolio, as well as new adjacencies such as renewable energy and aerospace investment. What is particularly encouraging is the increasing breadth of these wins, both in terms of customers and the scope of orders we have been selected to provide. Coming to the order wins. Number one, we secured an additional order from one of the fastest-growing 2W and 3W OEMs for the chassis system for one of their highest-selling models this quarter. The program is expected to generate annual revenue in excess of INR 650 million and will be added to our existing ground-based facility in Bangalore, with startup production expected in Q4 of this fiscal year. This win is over and above the exhaust system and fuel tank order win we had secured from this OEM last quarter, and we are pleased to see our engagement and wallet share with this customer continue to build momentum. Secondly, we are also embarking on a manufacturing expansion focused on assemblies for the renewable energy sector. We are working with one of the largest solar tracker manufacturers in the U.S. for a new setup, which will manufacture sheet metal assemblies, which will approximately support 2.5 gigawatts of annual supply. We expect production to commence in quarter four of this fiscal year with a gradual ramp-up thereafter. At peak volume, this facility is expected to generate annual revenue in excess of INR 1,500 million. We see this as an important step in diversifying Belrise beyond its core automotive segment and expanding our presence in the renewable energy sector. Thirdly, this quarter, we continued to build on momentum in our proprietary product portfolio by further expanding our customer base in the suspension segment. As discussed last quarter, we are currently supplying suspension systems to four marquee 2W and 3W OEMs. We have now secured an order from a fifth OEM, a leading Vietnamese 2W manufacturer entering the Indian market. For this customer, we will manufacture both suspensions and braking systems for several models. While the project timeline remains confidential, we are pleased to further expand our customer base and increase our product footprint across multiple OEMs. Fourth, we have also won an order from a marquee legacy 3W OEM for their complete brake assemblies, including wheel cylinders, tandem master cylinders, and back brakes. We expect supplies under this program to commence in the quarter 4 of this fiscal year. While the initial order size is modest, this is a strategically important win for us as it gives us an entry into one of the fastest-growing 3W OEMs in southern India and further expands our presence in the proprietary braking system segment. Fifth, we also secured a significant order from a leading Indian 4W OEM, where we have been selected to manufacture 59 unit assemblies as part of their localizing program for one of their highest-selling EV models. The localizing program is progressing rapidly, and we expect to support this program with expansion at our existing facilities in Maharashtra. In addition to the underlying mass manufacturing order of these components, we have also secured an order to design and develop the tooling, fixtures, and automation required to manufacture these parts. This is similar to the work we have previously executed for a leading Japanese 4W OEM. This capability is opening up a new revenue stream for us, where we can go beyond component manufacturing and provide bespoke end-to-end manufacturing solutions to OEMs. This allows customers to work with a single partner across machinery, tooling, fixtures, and component manufacturing, rather than engaging with multiple vendors across the value chain. Six, following our acquisition of H-One India in the last fiscal year, we have also now successfully concluded our technology collaboration with H-One Japan during this quarter, thus strengthening our capabilities for high tensile steel applications up to 1470 megapascals, which is approximately three times the industry standard today in India. This capability will be a key differentiator as we expand our presence in the passenger vehicle and commercial vehicle segments. Lastly, we also won an order to commence supplies of a 2W chassis for an existing model of one of the country's largest 3W OEMs for its Sambhajinagar facility. Supplies are expected to ramp up from the quarter 4 of this fiscal year, with the program representing an annual revenue potential of approximately INR 500 million. During this quarter, we also navigated several operating headwinds, including disruptions to input availability and logistics from the global oil situation, elevated raw material and energy costs, and higher staff and labor costs following the minimum wage hike. Despite these challenges, our operations remain uninterrupted, and we continue to meet all customer delivery commitments. While some pressures persisted in this quarter, we do not expect any material impact on our margins in this fiscal year, given our cost structure, pricing arrangements, and operational efficiencies. We expect EBITDA margins to remain broadly stable as compared to FY 2026 levels. Lastly, with respect to our fundraise of INR 17,000 million, we intend to deploy a significant majority of these net proceeds within this fiscal year, primarily towards high-quality inorganic opportunities and also towards select organic growth initiatives. Let me now hand over the call to Sunil, who will take you through how we are thinking about our inorganic growth, and he will also talk about our Belrise India tipper business acquisition. Thank you. Thank you, Russell. Coming to QYT, as my brother mentioned, we raised approximately INR 17,000 million during this quarter to support our next phase of growth. A large part of these proceeds will be deployed towards inorganic growth, particularly in aerospace and the 4W and commercial vehicle segments, which are key strategic focus areas for us. In aerospace, our focus is on acquiring well-run, high-capability businesses in India and globally that possess an inherent competitive moat and long-standing, often single-source relationships with leading global aerospace OEMs and Tier 1 suppliers. Many of these capabilities have been developed over three to four decades, making them highly specialized, difficult to replicate, and deeply embedded within the customer supply chains, making them very sticky. Our objective is to build on these capabilities, expand our existing customers and program presence, and over time, leverage India as a complementary manufacturing base as a best-cost manufacturing location. We believe India offers the best of manufacturing base for this strategy. Beyond its cost competitiveness, India has a strong growing engineering talent pool, an increasingly sophisticated manufacturing ecosystem, and highly favorable geopolitical relationships with Western markets. This creates an opportunity to combine the technical capabilities and customer relationships of these businesses with India's best cost manufacturing advantage, while maintaining the quality and certification standards required by the aerospace industry, which are very stringent. In the 4W and commercial vehicle segments, our acquisition strategy will primarily be focused on India. While we already work with almost all major 4W and commercial vehicle OEMs in the country, we are looking for businesses that bring differentiated capabilities, strong customer relationships, and product technologies that will otherwise take us considerable time to develop organically. Importantly, these acquisitions will enable us to add new product categories and meaningfully increase our content per vehicle. Across both areas, we will remain disciplined in our approach to capital allocation. Any acquisition we pursue will need to meet our financial return thresholds with a clear focus on transactions that are EPS and ROCE accretive from day one. One such example of a transaction we recently completed is with Hyva. On August 4, 2026, we announced the acquisition of the tipper business of Hyva India, marking another important step in our strategy to expand our presence in the commercial vehicle segment and build capabilities in higher-value heavy fabrication. Hyva is a globally recognized leader in hydraulics and tipping solutions for the commercial vehicle industry and is part of JOST Werke SE, a global listed engineering systems company. The business we are acquiring has an established position in the India market, supplying tipper bodies to all five of the leading commercial vehicle OEMs in the country. There are several reasons why we find this acquisition particularly compelling. Firstly, it significantly strengthens our commercial vehicle customer portfolio. The business supplies to a leading European commercial vehicle OEM, with whom Belrise has not worked historically. This gives us an opportunity, an immediate entry point into this customer and importantly, an opportunity to leverage our product portfolio and progressively increase our wallet share with this OEM as well. Second, this is a high-quality and high capital efficient business. Based on FY 2025 financials, the business generated a high ROCE, and we have agreed to acquire it at a very attractive valuation. The transaction is currently progressing through the closing process, and we expect to complete it during Q3 of this financial year. Third, the acquisition represents an important step in Belrise's transition from a Tier 1 component manufacturer to a Tier 0.5 system supplier. Our recent entry into long members for heavy commercial vehicles established our heavy fabrication capabilities, and tipper bodies are a natural extension of this platform. By combining these capabilities, we are moving beyond individual components to delivering larger integrated systems and assemblies, deepening our involvement in systems development and manufacturing, while also increasing our content per vehicle. As part of the transaction, we will also acquire three established manufacturing facilities in Pune, in Jamshedpur, and in Bangalore, which gives us an immediate manufacturing footprint close to commercial vehicle customers and clusters without the gestation period associated with building greenfield capacity. Finally, we believe the underlying market opportunity is very attractive. Continued investment in infrastructure, construction, and mining should support healthy demand for tippers in India over the medium to long term. At the same time, we see an opportunity to leverage the acquired heavy fabrication capabilities beyond traditional commercial vehicle applications, particularly in defense and armored vehicles. Belrise already has a strategic partnership with Plasan Sasa, Israeli company, under which we intend to assemble armored vehicles for the India defense market. We believe the heavy fabrication know-how, manufacturing processes, and capabilities that come with the Hyva business will be highly synergistic with this initiative and further strengthen our ability to address this massive opportunity. With this, I hand over the call to our CFO, Mr. Rahul Ganu, who will take you through our financial performance for the quarter. Thank you so much. Thank you, Sumant, and hi, everyone. Let me take you all through our financial highlights. Coming to the quarter 1 FY 2027 consolidated financial highlights. The total revenue stood at INR 2,546.5 million, up by 13% year-over-year from INR 2,262.2 million. Manufacturing revenue stood at INR 2,197.9 million, up 20% year-over-year from INR 1,832.3 million. EBITDA stood at INR 293 million, up by 5% year-over-year from INR 280.5 million. EBITDA margin stood at 11.5%. Manufacturing EBITDA stood at INR 279.3 million, up 10% year-over-year from INR 253.6 million. Manufacturing EBITDA margin stood at 12.7%. PAT stood at INR 121.7 million, up 9% year-over-year from INR 111.7 million. PAT margin stood at 4.8%. Export contributed 4.5% to our manufacturing revenue in quarter 1 FY 2027. Coming to the segmental performance for the manufacturing plant, 2-wheeler and 3-wheeler contributed around 81.4%, passenger vehicles contributed 4.6%, commercial vehicles contributed 8.5%, and others could be around 5.5% in FY for the 1 FY 2027. With this, we can open the floor for questions. Thank you. Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Also, just a gentle reminder, in order to ensure that the management will be able to address all the questions from the participants, we request you to kindly restrict your question to two questions only per participant. If you have a follow-up question, please stay on the queue. Our first question comes from the line of Vipul Agarwal with HSBC Bank. Please go ahead. Yeah. Hi. Can you hear me? Hello? Yes. Yes, we can hear you. Hi. Actually, I have a few questions. First, some clarification on the commentary. First, we would like to talk about the chassis system for 2W OEM with annual revenue of around INR 650 million. Just want to understand, two more chassis or order parts orders earlier from South India. Is this order on top of those early order wins, or it is a new order win in 2W segment? Yes, sir. Thank you for the question. This order win is over and above what we had announced in the last quarter. Last quarter, we had announced a win in exhaust systems and fuel tanks. This is a chassis system win, which is on top of that. The growth with this fast-growing 2W and 3W OEM is growing quite well. The OEM itself is continuing to gain momentum in the market, and we expect this relationship to grow at an extremely fast pace for us going forward. Is that clear to understand the total order win in last one year on 2W is somewhere around INR 1,100 million to INR 1,200 million of annual run rate? Is that a fair understanding? No, sir. I think last quarter we had announced, I do not have the exact numbers in front of me, but as per my understanding, it was around INR 900 million order win in last quarter, and then INR 650 million on top of that. So it is a INR 1,550 million cumulative Annual. On the books when I say annual revenue run rate, and this is only with one OEM in the 2W and 3W space. Thank you then. Thanks for the clarification. My second question is on the renewable energy sector. Is it a reoccurring revenue of around INR 100 million to INR 300 million or what is the timeline of revenue? Can you elaborate on that? I did not get the first part of the question. Did you mention Sorry. On the renewable energy sector, sheet metal assemblies. Is it a recurring revenue or it will be a one-time revenue for you over a certain timeline? Yeah, it's a recurring revenue. This is the first order win that we have won from this North American solar tracker manufacturer. We are putting up facility, we are expanding a current facility to enable manufacturing for this order. As I mentioned earlier, it will be recurring in nature, and we expect this to be a scalable order book, which started at 2.5 gigawatts, which is as per the OEM, an initial entry. We can expect this order book to expand going forward, given that this particular OEM that we are working with is a market leader in the segment and we will be working with them both on export as well as domestic opportunity. As I mentioned earlier, this is starting in Q4 of this fiscal year, and then we will progress naturally from there. Just one question is on your- Thank you, Vipul. I am sorry to interrupt you, but you may please stay on the queue for follow-up. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may press star and one. Our next question comes from the line of Nitish Mangal with Jefferies. Please go ahead. Hi, good morning, and thanks for taking my question. Firstly, can you talk a little more about how you see the margin trajectory from here? So let's say fully you still expect sluggish margins, but can you talk about some of the commodity cost pressures have already come through or gotten or I think passed on to customers and there's a big jump in staff costs over the last couple of quarters or quarters back trending and there are still some of these cost pressures that are left to come into the next quarter. Thank you, Nitish Mangal, for the question. I think based on my prior commentary and what we already mentioned, we believe that the worst is behind us in terms of cost pressures. We do believe that the commodity cost pressure that was there in quarter one, we will get the pass-through of that in the coming quarters, which means that the commodity cost cycle for us has largely played out. Secondly, in terms of staff costs, there was of course, an annual increment cycle that happened, in this quarter for the upcoming fiscal year. Apart from that, we've also been hiring a lot because as we speak, there's four new facilities coming up, including downstream facilities for us. So when we are ramping up these facilities, we have to hire in advance. A lot of times these fixed costs show up on our P&L much before the revenue show up. Again, I think those are largely peaked out. In terms of energy and transportation costs, again, there's been a sense of normalcy that's come in into those as well. So across all three, which is commodity, staff, and energy and transportation, we believe that we are largely through the cost pressure or cost pain that we faced in the first quarter, and we can expect our margins to go up in the coming quarters so that we're able to maintain our EBITDA margins as compared to FY 2026. Okay. Thanks, author. Secondly, you have been ramping up this, one of the popular players that you historically had a smaller presence in the bottom couple of quarters already. How do you see the potential ramp of this business further? Versus, the content that you supply to your top OEM versus this, cost of doing two-wheeler company. What is the potential for ramp over thinking? In terms of this fast-growing 2W and 3W OEM, I think what is most exciting for us when it comes to this OEM is the fact that our content per vehicle with this OEM has risen up very fast. We are doing fuel tanks for them, we are doing exhaust systems, we are doing chassis systems, we are doing suspension systems as well as braking systems. In general, it is a basket of products that we have been able to penetrate with this particular OEM, which apart from say, our largest OEM, we have not enjoyed this type of content rate per vehicle across any other OEM. This is especially exciting because this particular OEM is amongst the fastest growing OEMs today in the country. Sumedh, you want to add something to that? Yeah, if I can add something. Fundamentally, as you were gaining entry into an OEM for a new product is the difficult part. Once you are already in a seat to supply for a product for any of the models, it is far easier to replicate or horizontally expand that portfolio across different models because there is a certain commonality and certain horizontalization that OEMs also follow. We believe this is a very exciting opportunity for us where we have already gained entry and we can replicate this with other models and that is not only with the same level of contribution across multiple models. There is a significant opportunity to grow from that. Just on the numbers bit, we have first mentioned that we have already won around INR 15 million of orders in the fuel tank, exhaust system and chassis system. The suspensions and braking wins are over and above these wins. One can say that we are already at a INR 2,000 million or a INR 2 billion run rate with this particular OEM and this further combination is ongoing, which will continue to build on top of this. We are quite excited with the growth and contribution that we have as of now with them, and we hope to continue building that on as we go forward. Like I mentioned, it is really hard. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1. Our next question comes from the line of Divyansh Jaju with Three Arrows Asset Managers. Please go ahead. Hello, sir. Thank you for giving me the opportunity. First question was around our new major near-term expansion, one is in Bangalore brownfield and Haridwar facility. So can you give their current utilization and the range of production will it ramp up and how meaningful contribution will be there from the revenue? We are unable to comment on specific facilities. I think we've given our guidance on overall numbers and I think that's what we stick with. Okay. The next question was around like after making the multiple acquisition in aerospace segment and we are doing more by using the QIP fund. What is management looking at the business like in the aerospace segment? How much meaningfully revenue contribution over next few years? We have already mentioned in the last earnings call that we want aerospace and defense to get to 10% of our manufacturing revenue in a short to medium term. As we speak and based on my brother's thoughts, we are looking at acquisitions across Europe, North America as well as India. A lot of these acquisitions that we are looking at are high-quality players which means they have been around for four to five decades, have inherently higher ROCE and EBITDA margins than our current business and of course have a moat in terms of the capability that they have built up. If I just take an example of what we bought through Chester Hall, Chester Hall is a global leader in titanium machined components for engines. Now as you know, engine components are amongst the toughest to manufacture in the aviation market with tolerances as low as 1 to 2 microns. So acquiring that type of capability is very important for us and the discussions that are currently ongoing with major aerospace OEMs is to move a part of these high volume aero engine components into India. You would ask why India? We feel India is the best cost manufacturing place in terms of low arbitrage, in terms of labor cost, in terms of a very well-settled engineering ecosystem as well as very good geopolitical relationships with the West. So we see good progress over there and you will hear more about these acquisitions as we go forward. Maybe Sumedh wants to add more to that. Yeah. I will just take a step back. See, fundamentally we are focused on the sectors there is a lot of opportunity wherever it exists. But if I were to take a step back and look at the overall industry Over the past many months, leading OEMs and Tier-1s, including engine makers, their leadership has spent time in India, not only meeting with our country leadership, but also visiting various locations. There are already manufacturing facilities that have started in the likes of Gujarat with an Indian partner as well. What this signals fundamentally is they are looking at India very seriously in terms of their ecosystem, and there is obviously not a China plus one, actually China replacement strategy, whereas there is far more trust in the India ecosystem with respect to IP know-how, capability, governance, which does not exist in China from that standpoint. There is an opportunity. They are looking at India very seriously, and we are looking to capitalize on that. It is a trend that is panning out, which we believe will play a significant role in. Okay, sir. Thank you. Thank you. Thank you. Our next question comes from the line of Shubham with Investec. Please go ahead. Hi. Thanks for the opportunity. I just want one clarification. Your revenues from 2W and 3W segment have grown by about 18% on a year-over-year basis. Now, if I look at the industry production growth for 2-wheelers and 3-wheelers, it has been upwards about 20%, 25%. Given that we have been gaining market share and there would have been some benefit of R&D pass-through as well, can you please help us understand the reason for slightly lower growth versus industry? Thank you. So inherently, the reason for that is that, of course, a couple of OEMs who we do not work close with right now have been gaining higher market share and have been growing faster as compared to a couple of OEMs that we work with today. So there is a bit of mix that potentially got our growth rate down. But the good thing is that the two OEMs who have been growing faster, we have now penetrated them in a very meaningful way, which means that not only will our existing OEMs continue to grow, but these new OEMs will add numbers on top of this. You will see a lot of these figures come into our profit and loss in the quarter three and quarter four of this fiscal year. So I would say at the moment it is due to a lack of the right customer mix, but we have all the elements in place to make sure that going forward, we will have all of the OEMs in the frame to make sure that we continue growing faster than the industry. Fundamentally, there is a lag in terms of new order wins and then going to process. I think that is what you are perhaps seeing. Okay. Will it be possible for you to quantify the benefit that we got from R&D pass-through in our revenues portion? We are unable to do that right now. We are happy to answer this question offline, but not at the moment. Okay. Thank you so much. Arun, there has been a. Okay. Thank you. You may please disregard the follow-up question. Thank you. Our next question comes from the line of Nitin Agrawal with JM Financial. Please go ahead. Yeah. Thanks for the opportunity and congratulations on the set of numbers in this macro challenging environment. First question was related to your trading business. We have seen 19% decline on a year-over-year basis in this business. Could you please explain what has happened out there? Secondly, on the margin in Q1, would it be possible for you to quantify the raw material impact and the employee cost impact? I am assuming lower contribution from trading business would also have helped our margin. Would it be possible for you to quantify this? Thank you, Nitin, for the question. I think on the trading business, of course, due to the ongoing crisis in the Middle East, there is a lot of pressure in terms of business scenario in the Middle East over this quarter. Since most of our business in this trading business comes from outside India and largely from the African, Asian and Middle Eastern regions, it was fairly muted due to everything that was ongoing from April to June. We do not expect this to be a concern going forward, and we expect this business to grow, albeit not as fast as the manufacturing business. Sorry, what was your second question? It was related to the margin. Is it possible for you to quantify the impact of raw material and employee cost and the partially offset impact that you would have gotten from the lower contribution from this trading business? Will it be possible? We are happy to quantify this offline, Nitin. I think at the moment, all we can say is that the raw material pain that we have had in the first quarter is behind us. A lot of this hiking the raw material cost will pass back to us in the next couple of quarters as different OEMs do the pass-through exercise. So we do not expect there to be a material impact due to this. Yeah. Yeah. Okay. All right. Thank you. That is it from my side. Thank you. Our next question comes from the line of Vipul Agarwal from HSBC. Please go ahead. Yeah. Hi, Ejaz. Thank you for taking my question. Just a couple of follow-up questions. First is, you talked about H-One as well, like it is high in sell, like almost three times more than others have in India. So what are parts benefit from this? And what is the TAM here and how is it expanding? We understand you guys going for light weighting, which should help a lot over there. So how is the TAM and if you can help us understand what is the revenue trajectory we are looking at from this technology? I can start with the first part of the question and then ask JayMohan to come in, he can add on top of that. I think literally all of the shipment parts that we manufacture today from a 4W can be manufactured with high-tensile steel. So it is a concept of which parts the OEM want to focus on to enable the light weighting and better car safety. In fact, the order win that we announced this quarter of around 59 assemblies that we will be manufacturing for a large Indian EV OEM, all of these assemblies will be made within our H-One plant, or a large majority of these will be made within our H-One plant. And the fact that we have a high-tensile capability has also allowed for the localization of these components, which was initially being done outside India. The capability and the guidance that we were able to give to the OEM in terms of localizing these parts was only possible due to what we got from H-One. I think the second part of what we want from the OEM is also the tooling and the automation that we are designing for them end-to-end. Again, when it comes to high-tensile steel, what is difficult is the component manufacturing, but what is more difficult is manufacturing the tools and automation required to enable the high-tensile manufacturing. There is a concept called spring back that is extremely important in the high-tensile technology. To reduce the spring back requires a very unique technology which H-One produces globally, and we have now inherited this through our partnership with them. I think this is something that we are seeing increased focus on from the EV makers as well as from the Japanese OEMs, and we expect this market to continue growing for us. Maybe Sunil can also add more to this. Yeah. So, adding to what Shashwat said, that during the process of the technical agreement that we were doing, we have been engaging with our OEMs also to understand what the requirements are and which specific parts that go into a passenger vehicle as far as safety norms are concerned, would be considered. So right now it is under discussion. So they are evaluating on both sides. But yes, the announcement of the technical agreement is a welcome scenario in the industry in India today. That much I can tell you. That was really helpful. Thank you so much. My second question is on the Plasan Sasa. You talked about that actually, with the highway you can always work about on heavy penetration capabilities. So can you quantify the potential revenue over here? Like if you have any order book or something, or maybe any parts which you are supplying to any OEM or directly to defense, like Indian Army or any other entity. Can you just quantify a bit on that? It looks pretty interesting that obviously we are getting a lot of localization in Indian on the defense side of the business, so if you can give some idea around it. Sure. We are already supplying parts to Plasan. We are exporting them to the Israel market. Of course, Israel as a market has been undergoing significant challenges on their own as we speak, multiple geopolitical challenges that are ongoing as we speak. The progress over there is happening, but it is happening at a gradual pace. I think the acquisition of CVille is, of course, a welcome step, and is something that we intend to, of course, utilize further. I think the main thing would be a lot of these geopolitical situations to calm down globally, which will allow us to really work with them on a more strategic basis on these new technologies. A couple more points there. Fundamentally, Plasan Sasa is a global leader in anti-ballistic, high safety armors and production of that sort. With that, with obviously what is happening in the world from a defense perspective and self-armory, there are a lot of orders that are being placed. Given the scenario in the Middle East, Russian they have identified that there needs to be the right partner where despite these geopolitical challenges, you can continue producing and manufacturing and meet the supplies. In that sense, I think India benefits significantly, and that is what we are seeing. We are seeing greater engagement from them. We are seeing an opportunity to localize further and support them on a longer-term basis. That is an additional factor that we see panning out over time. Just one last question, booking question. How should we look at your other revenue, maybe, because it also includes your defense and aerospace revenue. So, it has been a bit volatile in terms of absolute numbers. How should we look at that number? Given that it was a small base, Sukul, I think it will be the fastest-growing segment across all of our 2W, 4W and other segments. It will be the fastest-growing. I think we will get a lot of benefit in the sector as we double down and move fast on the renewable opportunity, on the aerospace opportunity, and the defense opportunity. All three segments or sub-segments have had meaningful traction over the past couple of quarters. You will see a lot of the revenue flowing through in these segments going forward as well. And we maintain our guidance of reaching at least 10% of our overall revenue being aerospace and defense in the medium term. Thank you. Just one suggestion, if you can help us, if you can carve out defense and aerospace from this revenue if possible, if it is material, it will be really helpful for us to understand the growth over there. That is all from my side. No problem. Thank you. Thank you. Our next question comes on the line of Ashwin Patil with LGB Securities. Please go ahead. Yeah. Hi. Thank you for taking my question, and congratulations on a good set of numbers. I wanted to understand the growth profile within the trading business, because that business has posted about 19% decline this quarter on a year-over-year basis. Going forward, if you could share the outlook on that and how this business is expected to grow in the next couple of years. My second question is, if you could share the numbers of H-One and Max Filters for this quarter. Thank you. On a trading business, I think the worst is behind us in terms of the Middle East and that was ongoing. I think that has largely calmed down, which means that trading volumes globally have begun to get back to some sense of normalcy. We are unable to give specific guidance for this business. What we are guiding for is the business as a whole, which is Belrise as a whole, which is mainly setting towards a stable EBITDA margin. On H-One and Max Filters, H-One has been doing quite fast for us. Max Filters also has been able to regain some of the market share from a large Japanese popular OEM. We are unable to comment on specific numbers for either of them because for us, it is one whole family. We continue to grow the complete business as a whole and not look at business segment-wise. Okay, sir. Thank you so much. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for the closing remarks. Thank you, and over to you, team. Thank you all for taking out the time for this call today. We remain committed to creating sustainable long-term value for all our stakeholders through disciplined execution, prudent capital allocation, and continued investment in capabilities. Hope we've been able to answer most of your queries on this call. For any further queries, please reach out to us or to SGA, our investor relations advisor. Thank you so much for joining us for this call. Thank you so much. Thank you so much, sir. Ladies and gentlemen, on behalf of Belrise Industries Limited, that concludes today's conference. Thank you for joining us, and you may now disconnect your lines.