Ladies and gentlemen, good day, and welcome to Bikaji Foods International Q3 FY 2026 earnings conference call. As a reminder, all participants line will be in 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 zero on your touch-tone phone. I now hand the conference over to Mr. Ambesh Tiwari. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and thank you for joining the Bikaji Foods International Q3 FY 2026 earnings conference call. From the management team, we have with us Mr. Rishabh Jain, CFO, and Mr. Manoj Verma, COO. I now request Mr. Rishabh Jain to take us through the key opening remarks, after which we will have the floor open for question and answer round. Thank you. Over to you, sir. Thank you to all the investors and friends. Largely from this quarter perspective, this quarter is a story of two halves. In October, where we have seen some preponement of Diwali, this year, we're seeing sweet business being in negative growth this year. But overall, when we see a core business, which is Ethnic Snacks and Western Snacks. Ethnic Snacks has grown at close to 13.5%-14.5%, versus Western Snacks grow 20%+ growth. We've seen overall snack category growing at 14%+, in this year. And we also seen some early sign of GST benefit, which is, which is, government has passed on in September month. We are seeing good volume growth also in ethnic, Ethnic Snacks and Western Snacks, overall. So we've seen good signs in our core business. That's what in this quarter, and also January is doing pretty good going on, and we are seeing some good results also in this quarter also. In this quarter, we've also done some two big campaigns, which is regarding with respect to Bhujia. So Bhujia Ho Toh Bikaji campaign, which we started in September month, and ran in this full quarter, and has given a very good result in a Bhujia category, in our traditional snacks category, which has grown at upward of 16, 17%. Also, we have started one UP-specific UP campaign, which is Kya Baat Hai Ji!!, which has started in December month. And it's early to say, but yeah, getting good result in UP. From bottom line perspective, we are seeing gross margin at a steady level, at close to 35, close to 35%, which is including PLI. But yeah, overall, we are seeing gross margin 35%. Ad cost, of course, this is October month, is always big on ad quarter, ad costs. And so our ad cost was close to 4% in this third quarter. So our EBITDA is close to 1.5%. But overall, we are seeing good operational efficiency, as well as GST has remained stable in last three quarters, two, three quarters. From raw material perspective, we're seeing stability in all key raw material, except peanut, which we are seeing some uptick, but overall peanut is not so big in our overall portfolio. Yeah, all the other raw material has been stable, and we have started doing long-term parking of each key raw material because it's a peak season or peak crop season. So overall, next 3-6 quarters, what we see, we see some stable growth, being we are at low category, low inflation as of now, 50-52%. So we are seeing early sign of good recovery due to GST and good demand uptick, so we see at least 14%-16% growth in our core category. That's what overall. From investment perspective, we are doing some, we committed close to INR 131 crore to investment in the Dhara factory last year. Out of it, INR 60 crore has been invested, we have taken 40% stake. We are putting additional INR 40 crore as per agreement this year, and we have passed, we have taken the approval from the board also for this. But after this, our overall stake will be close to 48%. And also, we have done the JV with T.K. Khaleel. T.K. Khaleel is a big name in Middle East, having more than 4 decades of experience in bakery category. He has made some big business in bakery in Middle East, and we tied up with him and formed a JV, where he will be having 30% stake, and we will be having 70% stake in our company, in Bikaji Bakes, separate company under Bikaji. And, that's a futuristic investment, but, yeah, we see that it can become hundred- crore business, because now all the children and all new TG normally see this business as a big business, and we also have done some investment in this. Overall, from the nine months numbers, so our gross margin is close to 34.9%, with EBITDA is 14.2%. Our revenue from operation, if you see, that's without PLI, we've grown at close to 14% revenue from operation at console level. From distribution perspective, Manoj, you can— Yeah. So in terms of distribution and which is what is identified growth lever, so we continue to grow. If you look at in terms of our overall reach as Bikaji, we are now close to 1.4 million outlets, and in terms of our direct reach, we are now at about 3.35 lakh outlets directly. The marketing campaign, which Rishabh just spoke about, so what we had identified was that we need to infuse something so as to accelerate the growth in Bhujia category. With that in mind, we started a campaign, Bhujia Ho Toh Bikaji, which has given a good and an excellent dividend in terms of increasing our reach and increasing the consumption both, resulting into our overall Bhujia growth numbers, which was primarily focused in our core states. The other campaign, what we also did was, we roped in, Mr. Pankaj Tripathi as the celebrity, and this was more towards UP and nearby markets. Kya Baat Hai Ji!, that was the, that's the property campaign, which we started. This was in the later half of quarter three. So it's too early to comment, but that, yes, the initial reach, and the responses what we are getting is very positive. And, we are very confident that this should help us build quarter four and thereafter business for us. So we, in this, you know, we, we went on to multiple communication vehicles and very aggressive on digital media on this stuff. Another, big thing which has happened in this quarter is what, we have relaunched our logo, Bikaji. So the one which we have is more vibrant, it is more enticing, and this is a refreshment of our old logo, and effective this year, this calendar year, we have now moved on to this new logo, which is also there in the deck of ours. Growth, if we look at, so quarter three volume growth, so this is supported by the GST stuff. So volume growth picked up is for the quarter was 8.4%. And Ethnic Snacks, Western Snacks did extremely well, so was Papad. So if you see, there's two contrast pictures that where it was a Q1, and now what was quarter three. So this quarter three performance has led YTD performance moving up. But to underline, Ethnic Snacks and Western Snacks have done very well and things getting back on track. On a YTD basis, if we look at, so now Ethnic Snacks stand for stand close to 10%, and Western Snacks is is 6% above, which in H1, if you look at, was a concern which had come up, was pretty low, but this is in this quarter, it was is made up for the first half. Sweets, of course, was low, and that we had explained earlier, Pulse as well, that it is always good to see quarter two and quarter three put together. So this was early Diwali, hence quarter two numbers were high, and quarter three was a negative growth. But on a YTD basis, if we look at, so, Sweets is again, you know, on a positive note and a growth of 8.1%, while quarter three was a negative note. Now, this, sweets and gifting category has impacted the growth of focus states, because the contribution of these two categories in, focus and other states is very, very high. So just to put a number, and this is, if in the core states, it is 7%-8%, in other states, it's about 20%, upwards of 30%, and in focus states, upwards of 25%. So when these two categories, because of Diwali, got shifted, so therefore the growth of focus states or other states looks muted or negative. But if you—we net off sweets and gifting, the growth for these two, these two, state categories is also in line with the core state. Exports has done very well. This is now the results, what we are getting from the investment made in the yester quarters and years. That is about building our capacity, wherein we invested behind Ariba Foods, scaling up our capability on production for the frozen items, which is, most salient in these markets, and also our people investment, what we did in the exports market. We expect this export growth to continue, and for next 2, 3 years, we should be witnessing same kind of growth. Family pack and, impulse pack is, again, you know, if we look at family pack, looks weak in this quarter. This is on the back of the gifting and sweets, which is primarily large pack only. There's nothing small pack in that. That is now impacting that makes this picture weak in terms of family pack growth. But if we look at traditional snacking growth, so we have grown higher in family pack than the small packs. So overall, from retail business perspective, so our retail, our retail business has grown at 86% growth. We have in quarter three, being it's the biggest week of Diwali is big, and for THF as well as for Bikaji. Diwali and sweets gifting is very big in, retail stores. So we then delivered INR 47 crore business from 23 stores as on date, as on date, and the target is to open at least 10 stores next year, in THF as well as in Bikaji. Overall, from revenue perspective, our revenue has grown close to 11%, with EBITDA growth compared to last year, quarter three quarter, ignoring 77% being, stay, increase in EBITDA margin compared to quarter three. That's the part from the presentation. We are happy to take all the questions. Thank you. Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, please wait for a moment while the question queue assembles. The first question is from the line of Abneesh Roy from Nuvama Institutional Equities. Please go ahead. Thanks. My first question is on, dry fruits and, nuts. So, consumer treats dry fruits and nuts also as a broader part of the snacks category, and clearly consumer is focusing more on health. We have seen many companies create business. For example, Tata Consumer, only INR 250 crore ARR in nuts they have created. What will be your thoughts on this? Because this is a very low-hanging fruit, because part of the same broader snacks, category. Any thoughts on this? Have you tried this at any point of time, any pilot projects, you have done in this? So if you look into the mass category, so this is not mass, this is niche and the top of pyramid. If we look at in terms of just the dry fruits, so that's a commodity. But yes, when you do process this stuff, that becomes the snacking part of it, which is actually 2% of the overall snacking category at this point in time. So we also do have, you know, some cashew nuts and these, the nut stuff, but that has not been our focus thus far. And in near future, this is not our priority, because this is importantly on some few channels where the premium products could be sold. So our focus has been more on the range of Namkeens and Bhujia. Yes. One follow-up on the core versus focus. My question is, why is sweets and gifting higher in focus market? Is it easier to do that, especially in a new market? What is the reason? No. So, two reasons of niche. One is that the play of modern trade is very high because, you know, by virtue of, our modern trade presence in all these states, Reliance and DMart, so we are over-indexed in these states. And there, the—b ecause modern trade does very well in all these stores, so therefore, our sweets and gifting goes very high. So this is this is the reason that our contribution of sweets and gifting is very high in focus and even higher in other states. So my next question is on your overall, advertising strategy. Generally, we don't see two brand ambassadors in the same category, in the, in the same geography. So Amitabh Bachchan, till when do you have him as, the brand ambassador as per the agreement? And, what is the specific reason for having in the same geography, Pankaj Tripathi as the brand ambassador for Namkeen? So how does it help? Is it a long-term transition from Amitabh to Pankaj Tripathi, is that the reason? No. So one is that, not same geography. If you look at Amitabh Bachchan is our brand ambassador, nationally and internationally as well, and will continue to be our brand ambassador. We have extended his contract for another two years, so that's one. Pankaj Tripathi, we have roped in for a campaign, basically. So these, these are, you know, the geography-specific which we'll be doing. So not that in UP we are not using Amitabh Bachchan as our brand ambassador. That is it. But for specific Kya Baat Hai Ji! is, we also engage with, you know, one of the known agency. So this is Ogilvy we have worked with, and we have done this now as a campaign. So this does not impact anything with what Amitabh Bachchan has been doing or would continue to do in that stuff. I didn't understand what was the need? So, no, point is that Amitabh Bachchan helps us do all category, right? Now, getting one ambassador, brand ambassador for specific stuff, so he's a generic overall stuff. The Pankaj Tripathi, we roped in because this connects more closer to this geography, to the masses and the TG, what we are looking at. So based on the research, we figured it out. The options were, one, we could have used Amitabh Bachchan, so one is our overall broad messaging, and then, focused for particular state. Instead, the option what came, you know, brighter was that we have a different celebrity, but this is nothing to do with replacement of one over another. Sure. Thanks, that was on my side. Thank you. The next question is from the line of Rehan, from Trinetra Asset Manager. Please go ahead. Good afternoon to the team, and thank you for giving me the opportunity. So I have a couple of questions. First of all, the distribution strategy side. So, direct distribution reach has increased to thirteen point like, 13.9 lakh outlets as of December 2025. So from here, so the growth will be driven more by a higher throughput per outlet or by entering new micro markets. And how should we think about the margin impact of it? This is my first question. Yeah. So growth has come both. So it's a two-pronged growth strategy. One is that, you know, continue to drive growth, which is more, you know, if you look at in terms of our core states, because that's where our numeric distribution or our reach is already at a higher level. So there, the growth story is more about throughput of store. In the focus and other states, it is both that the stores where we are, they will grow, and the inorganic growth in terms of new stores where we were not present earlier and as we reach in that stuff. Now, talking about the margin impact, so yes, we make better margins in our core states, and there, now, increasing or driving growth from throughput helps us mitigate for whatever, you know, when we expand more in our focus states. So overall, there's no margin impact in that stuff. This is a thought through thing, what we do. Okay. And just continuing my first question and just more focusing on the margin side. Like right now in quarter three, your family pack continue to contribute 62% of revenue with impulse pack at 38%. So if impulse packs start growing faster in non-core markets, so do we expect any margin or working capital pressure from a mix perspective? No, no, so it will not have major impact, because of a gap between the family and impulse pack in overall gross margin is not more than 2% in Ethnic Snacks category today. So if what we see that in next 2-3 years, this 55/45 should become. So family should become 55% and 45% should be in impulse pack. So it will have less than 10-20 basis points impact, and we are doing multiple things to improve, build on efficiency and overall pricing strategy. So this will offset this. So we don't see any major impact, if impulse pack goes up, too. And we want to go we want to go to improve our impulse pack contribution, meaning it's a trial pack too in a focus state. Oh, okay. Fair enough. Like the last one, more bookkeeping question. Like I want to understand regarding marketing intensity has increased with multiple regional campaigns like ATL and BTL brands. So what, like as per management review, what internal metrics, such as volume uptake, repeat purchase or outlet productivity do you use to assess ROI, and in what time frame do these campaigns typically break even? So, so these are now multiple steps in it and multiple vectors if you look on this. So one is, the first and foremost is that we look at the efficacy or effectiveness of the campaign. So there are reach agencies which gives that what was the viewership, how many viewed, and how many they did multiple times. So that's the power of campaign, that how has it gone below. But this is all, you know, this is nothing to do with numbers, just how the campaign has gone. While this has a correlation with our numbers in terms of that your productivity, sales team productivity starts going up, which means that there is some demand creation or which could be a new entry and also in terms of repeat purchase or the throughput of the store. So both ways, you know, in this case, it's measured. So one, to the marketing team, they have a KPI to deliver, and similarly, you know, in synergy, sales team is to deliver KPI in terms of that how many new stores, how many, you know, what kind of productivity and throughput it has. So those are the measures what we track, and then we call out that is, was it successful or not, or should we repeat it or not that. Oh, okay. Okay. That's it for my side, and good luck for your coming quarter. Thank you. The next question is from the line of Harpreet from Go-Global Consultants Research. Please go ahead. Yes. So thank you for this opportunity. My question is regarding the stock run out, like this has been a serious issue for the company for some time now. Like, for some retailers, they do not purchase on purpose and wait till the 24th of a month, which causes stock run out, and as a result, loss in dual consumption. So what has the company been doing to deal with this? Can you be little more specific on this question? I mean, I'm so sorry, couldn't understand well. Like, for some retailers, they do not purchase on purpose— and, being aware of the fact that discounted prices will be available from the 24th of a month, which leads to stock run out, and as a result, loss in dual consumption. Like, customers are not able to buy due to unavailability of products. So what has the company been doing to manage this? Yeah. So, one is that it is not that, that 24th onwards, there are schemes. The scheme starts on the 1st of the month itself. That is one. Also, none of the retailer, because if company loses something, that's a sales loss to the retailer as well, right? So that's not the case, but what happens is that, you know, whenever any schemes are anticipated, unless maybe you're talking in, in specific to the GST, there when announcement was to happen, right? So till 23rd, people were waiting that now the, the post GST rates will come down, and then they buy. So, even at that point, point in time, it was not that sales was zero. What happened was that these retailers started destocking. So let's say, giving an example, if a retailer keeps, say, 20 pieces or 15 pieces of one particular SKU, so at that point in time, he brought this inventory down to five, six, and he did not purchase. Now in anticipation of that, now the rates, GST impact benefit will come, and then I'll buy again 15, 20, whatever. So that was a momentary stuff, otherwise, in FMCG space, this is how it works, that around the month or all four weeks, there are purchases, but yet always, you know, you look at week four becomes little high, and week one are high, two and three are the regular servicing of that stuff. Got it. And, like, the Nepal JV is expected to start production in a year and, like, Ethnic Snacks category, which is a core category, and, we aim to become, among the top three player and gain high single market share. So what is the progress there? So largely, from Nepal perspective, our plant will come up next 8, close to next 8 months, largely. We have started, we will start working with CG Group in maybe by end of, by end of this year, end of this financial year. So we are hopeful that they are a big group there, and they will be having good distribution. So next 2-3 years, we'll be having at least top 3, to be the top 3 players in Nepal. That's why we've done a JV with them, and that's what our aspiration is with them. Okay, thank you so much, and all the best. Thank you. Thank you. The next question is from the line of Nitin from Emkay Global. Please go ahead. Yeah, thanks for the taking my question. Hi, Manoj. Hi, Rishabh. Can you please help us understand the monthly revenue trend? Like, I want to assess how the GST rate cut is aiding demand. And also want to know your view on the GST benefit aiding demand ahead, like, how you think, the GST rate cut will help, overall improvement in the growth trajectory? That's the first question. So, largely, what we've seen that you see where overall Ethnic Snacks and Ethnic Snacks in first half has grown at 5-6% versus this quarter, the third quarter, has grown at around 13%-13.3%. And we've seen good uptake in family pack as well as impulse pack. That's what we see the result of some GST input benefit, what we've given. We've done some MRP reduction, so it's more affordable to consumer, and also some value increase in impulse pack. So we see some. Also, there is possibility that there are smaller players who are largely not doing business in a much more professional way. So we get the opportunity to do, like, 5% GST, the chance of doing that type of business will be limited. So we've seen some benefit of due to this also. So overall, we see that, and you'll see a volume growth also in traditional snacks. It's up, it's close to 11%, 12%. So we are seeing some good results after the GST rate cut, and this will be continued in coming quarters. Yeah, this is really helpful. I just want to know, like, December would be the clean month with GST benefit. Any sense you can provide on, like, how would have been the growth in December month, if you can? So, Nathan, if we were to look at, you know, in terms of Ethnic Snacks or the Western Snacks, so immediately after GST, so complete even in October also, they, these categories did extremely well. So the, it is only, you know, on account of sweets and gifting that October was a weak, month in terms of overall company. But, GST benefits started reflecting or coming in October onwards. So, it is not that it has only come in December, but the good thing is that the momentum continues. So what it was, like September end, there was a little confusion, chaos around that GST will bring the rates down, and so the purchasers were on hold, which someone took up as a question as well. But this picked up October onwards. All three months, our growth has been by far higher than what we had delivered in the earlier yesteryear quarters. Thanks, this is helpful. Do you expect, like, further acceleration in growth possible? I think, see, now it is based on overall category growth as well, but momentum is good. January, you know, almost is about to get over. We don't see any disruption or look- back on this season. Thanks, this is helpful. Second question pertains to your gross margin. So, like, despite relatively weaker mix, where Packaged Sweets volumes down almost around 900 basis points QoQ, I am talking sequentially. Our gross margin correction has been limited to only 40 basis points. So can you help me understand, like, what other factors are helping to keep the gross margin stable on a sequential basis? So we are seeing good growth in our core product, which is Bikaneri Bhujia, and that's highest in gross margin in our Ethnic Snacks. And we've seen good growth being given two campaigns around this, majorly Bhujia to Bikaneri campaign. So we've seen good growth in Bikaneri Bhujia, and that is overall has been improving gross margin. Also, the product mix, what we're trying to improve and focus product, which are high in gross margin, and we started this 2.5 years back. So that has also worked well with this. Okay. So which is largely to do with the Bhujia. That's basically I've done done. And lastly, in the core market, growth are around 8%. So, like, how should we see this, growth, shaping up ahead? You know, growth, if we look at it now in terms of our markets, basically, so as we have said, that the focus would be growing higher than what the core markets are. But for now, if we look at this, in this particular quarter, focus looked weak because, as I explained, you know, in my earlier statement, that there is a huge play of sweets and gifting, which got shifted in quarter two. Otherwise, other than sweets and gifting, if we look at, the growth of focus and other states is also, in fact, ahead of what core has delivered. So going forward, now to your question, focus will be growing, you know, higher than what the core states will grow. No, so this is helpful. Thank you and all the very best. Thank you. The next question is from the line of Shirish from Motilal Oswal. Please go ahead. Hi, Manoj. Rishabh, thank you for the opportunity, and good afternoon. Manoj, just one quick question. When we entered the quarter, September, and every industry player was very excited with 5% GST, and shift, which was expected. But when I look at nine-month number, I think, the focus market has grown only 10.2%. The reason why I'm asking is that I'm sure you are not happy with 8.4% volume growth. So two things: One is that you said there is a GST benefit which you have passed in terms of higher grammage. So if you can split that 8.4% volume growth, what is the percentage, or what is the contribution has added because of the grammage addition? Sure. So, Shirish ji, largely from increasing grammage in quarter three, what we did due to GST, so it has helped in improving volume growth of 1.5%-2% in overall, yeah. But overall, you will see that our overall volume growth in Ethnic Snacks and Ethnic Snack category, or all of snacks category, is close to 12%-13%. So— Okay. That's high in the last three quarters, and that's what we targeted. Okay. Anyway, didn't impact in our Sweets business, because that was same. Papad and Sweets stayed same, it was only in the snacking space. Okay. The other thing which is the observation, and that in order to most, not you, but most of the players said that there is a destocking because there was a confusion about the GST will happen and other things. But did you really get any benefit of restocking in the trade, in quarter three? And again, is it settled or it is still ongoing? Okay. So Shirish, for the impulse category, no one would wait for, you know, this thing, so the opportunity loss or the day loss is a loss. However, you know, it from consumption standpoint. But yes, if you look at in terms of destocking, so yes, there it was certain impact, but then that got over in a week's time itself. Thereafter, it's an ongoing replenishment model to weekly servicing, weekly buying in that stuff. But yes, whatever consumption loss happened during that time, that the outlet who ran out of stock and all, so you cannot replace that stuff. Okay. The other thing which I came, I mean, I'm reading from slide 20 from your presentation. When I compare nine months growth in the focus state, which is just about 10%, I mean, I'm giving the benefit, Diwali's come here or there, or festivals there would have shifted. But in nine months, we are, you know, we are still, 10% growth is, is it much lower than your expectation? And how much, growth we can expect? I mean, you did allude saying that, the focus state will grow faster, but, I think, what are the issues? Yeah. So, Shirish rightly said that 10.2% growth is, is not a good growth in that stuff. It is. It will not be less than 15%, 15, 17% should be the bare minimum growth in that stuff. The disruptions, you know, when you talk about, so that because of GST, because of, you know, the sweets could have done, or the other categories could have done even better. This is what in the Western Snacks, which again, is a higher contribution and focus in core state— in focus in other states, was weak in quarter two. Those were the stuff. But if you look at the, you know, how it is made up, you know, in rest of the category, so Namkeens, Western Snacks and all. So it is again coming back to what, in line for what we have said or in line with our plan for this year. I have a specific question, Manoj, here. Out of six markets which we have identified in focus state, specifically UP is a very large snacking market. So could you strip off what is the growth you are seeing in particularly UP? So UP is on a high growth in that stuff. So if it's 10% is the overall growth, so UP is close to about 14% growth in this stuff. So it's on a high side. There's one market now, Delhi, which we call as our focus state, has not done very well in that stuff, and we also did not, you know, invest as much in Delhi, so there's no specific campaign or something what we have done for that stuff. But to your question, yes, UP has done better than the overall focus states. UP would be growing on an average, about INR 50 crore- INR 60 crore a month now? No, no. Shirish, what... Hello? Yeah. Yeah. So UP, I said, is about 13-14% growth, whereas overall focus state is 10%. Okay. Got it. And in export, what are the reasons? I mean, I do understand, Ariba is yet to contribute meaningfully, but what are the drivers for this growth? Are you opening more markets, or is that core markets in the export is showing you, scalability? Yeah. So Ariba is our enabler, right? You have stocks to sell, right? But, the latter, the second question which you said, that in terms of the expansion. So the driver is expansion, you know, getting into new accounts, large accounts, where we were not there earlier. We got listed, and there is a good response, a demand coming in. So that's the driver. Ariba is a back-end stuff, I mean, so which is solving for us problem. Which are the large market in your exports? So large, U.S., of course, continues to be a large market. U.S., Canada, then Middle East, these are the markets, which have done. So U.S., you know, in spite of odds, like, you know, the tariff thing and all that stuff, we did still well in, in U.S. Costco is one of our, one of the largest account there, where we were not there and, so we got listed in this quarter and, and, a very good performance in this, in this store, and very good response in terms of repeats. Okay. Just last question on BBPL. What is the rationale? I mean, I know Khaleel is a very big brand, but is the company is going to diverse and getting into biscuits and croissants and other segments? And what is the scalability of this model? Are you going to get the Khaleel brand in India, or you're going to spread more, because you're giving a capital also. Yeah. So, Shirish, one, certainly not biscuits, right? So this would have three parts of it. So very premium breads, grocery, and then the third is cakes. These are—these would be the three segments we will be playing in. And the business would be under, again, three legs. One is, frozen exports, and everything is frozen, that's one. Second is that the business would come from, we'll export from there. That's what Khaleel's presence will bring in, because he, is already into this model of that stuff, which is the facility or manufacturing capability we are building in it. So one is exports. Second is B2B, right? And the third would be domestic, which will be the least of that stuff. Now, this is a futuristic investment. We have set up our plant in Bengaluru, and, as Rishabh said, that over three years, I mean, this has the potential to get us about INR 100 crore as in our top line number. That's where it is. So this will not be, you know, it'll be a complete separate team, not that anything to do with Bikaji. This will be run by a professional team, which is now more into bakery and all this stuff. So you mean to say that the existing stores which Khaleel is operating, in UAE is not a part of this deal? No, no, it's not. No, no, no. So this is Bikaji Bakes. This is Indian staff only. Okay, okay. And, this plant, when do you think we'll get operational? Say, another a year or so, or will take a little longer? No, no, no. By end of this quarter only it'll happen. Okay. Okay, thank you, and all the best. Yeah, thank you. Thank you. Anyone who wishes to ask a question, may press star and one on their touch-tone telephone. Thank you. The next question is from the line of Abhishek from Systematix Group. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. While you mentioned in your opening remarks on the raw materials being fairly stable, just wanted to check specifically on potato, what is the procurement cost trend that you're seeing in potato? Because I understand that, December and January is the period of crop flow and procurement, and you can correct me if that is not accurate. But just wanted to check, what is the sort of procurement cost trends that you're seeing specifically in potato right now? So potato crop has been very stable and good this year. So we'll. We don't see any major disruption in price or quality availability this year. And we started, it's early to say, but early to do, but yeah, in next two months, we'll do a long-term buying of all, of at least for next six, seven months. That's what we do normally in February, March, but yeah, price has been very stable. All right, sir. Got it. That's very helpful. Thanks, and all the best. Thank you. Thank you. The next question is from the line of Anchit from Goldman Sachs. Please go ahead. Hello, am I audible? Yes, yes. Yeah, hi. Thank you for taking my question. I just wanted to understand on this Bikaji Bakes, what is the trajectory? Are you expecting revenues to start coming in from FY 2027 itself? And in terms of the products, in terms of, say, premium breads, et cetera, is it just going to be export, or you will, is it going to be, like, in stores, et cetera, in different stores? Or will it be just in your retail stores, in Bikaji retail stores? Yeah. So to your first question, yes, revenue will start coming in from year one itself. On the product side, so yes, the, the split of the business, you know, if you look at, would be majorly exports, then B2B, and then few top-end stores as well, so domestic sales. So this would be available in top-end stores, because these will be all premium. And also we leverage, the e-qcom, e-com channel also on this stuff, so it should be available there as well. Will this be under the same brand of Bikaji, or how do you plan to brand this? The work is going on in this, but it will not be in the same brand, Bikaji. We'll announce it shortly before we, you know, commission the factory. But not Bikaji, for sure. Okay. Okay. So thank you so much. Thank you. The next question is from the line of Soham from Motilal Oswal. Please go ahead. Yeah, thank you, Rishabh ji and Manoj ji. I just wanted to check, one direct coverage. Right now we have a 334,000 direct coverage, and last one year, we have added almost 46,000 addition. So Manoj ji, if you want to give a ballpark, breakup of this 46,000 breakup of this, core versus non-core addition in the last one year. So the most of the addition which has come in is in the focus states, right? So as I see, so it's about 1.65 lakh outlets is what we're covering in focus states, and core states is about 1.15 lakh, and the rest is other states, about 55,000 outlets. Okay. So majorly it is a non-core addition. Okay. Second, Yeah, see, because— Yeah. Secondly— Sorry, you would— Yeah, yeah. On the impulse pack, right now, if you look the snacking portfolio, so if you, almost 50% of snacking portfolio comes from impulse pack, and in nine months data, which is grew only, only 6.8%. So like for full year, for next, basically for next financial, how do you look this impulse pack growth for the FY 2027? So what we plan to do is that, see, for us, family pack is equally important, and we get better margins also in that stuff. That also in our core states, this is what helps us store throughput also. In the channels like, say, modern trade, e-com, it is the play of the large pack only. But as we drive distribution, as we drive focus states—a nd which is where, as I said, that the faster growth would come from the focus states. So that's where the role of the impulse pack. So to your question, what we see that the growth of impulse and family pack will be in line, not that, a very differential growth in that stuff you will see. But yes, impulse would be on a slightly higher side. Okay. And in this core versus focus market, like as you previously said, that focus your target could be 15-17. So what could be the target for core, high single digit for next year? No, no, double-digit target. So you will see that about, say, 13% ± would be the core state performance. So 13% ± for core, and focus would be more than 15? Yeah, upwards of 15%, yes. Upwards of 15%. Okay, got it. And recently for this margin, for nine months, gross margin ex- PLI, you have done 33.5%, and operating margin you have done 12.5%. So how do you look for this year and next year for gross and operating ex-PLI? Largely we see EBITDA margin should move up at least 50 basis points from this year. For operating? Okay, you are saying operating is 50 and gross will be stable, or how is it? So EBITDA should be—s hould improve by 50 basis points, EBITDA. Okay, EBITDA is 50. AMP would be the range of 2-2.5, right? For next year as well. Yes. Yes, yes. Okay, got it. Got it. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Parshv from Mehta Equities. Please go ahead. Hello? Mr. Parshv, please go ahead. Yes. Yes, thanks for the opportunity. I wanted to understand about the product range. When you are launching the new product, what are the strategies that we are used to see? Basically, I wanted to understand the strategy steps that how because the company researching the product to distribution as per the geography. So, this is two approaches what we take. One is the innovation team, the R&D team, which keeps working on that, keep picking up. You know, we participate actively in all food exhibitions, say, like, Gulf Food, Indus, Aahar, so on and so forth. So which is a forward-looking stuff and ongoing process. That's one. Second is that we also pick at what is doing well in the market, what how the category is behaving, which subcategory is doing well, and how is are we indexed to the overall category stuff. This is the principle 3x3, which arrives us on where to work on, and that's how we pick up, you know, the subcategories, that where what should be, you know, developed, and this is how we get these NPDs out in the market. Now, talking about geography, there is diversity across states, so, and that's how the consumption palette is. So we—t hen it becomes region specific, kind of, as certain things. This is how we do and this is what is our strategy on adding new products or for new product launch. Yes, yes. Perfect. Thank you, Sir ji. Thank you. Participants are requested to ask a question, please press star and one on their touch-tone telephone. The next question is from the line of Janadharan, an individual investor. Please go ahead. Hello, am I audible? Yes, sir, you're audible. Yeah. Yeah. Hello, sir, I am an individual investor in it, so my only question is: if raw material costs normalize upwards, right, and demand softens, I understand that demand is going to go up, but just this is a hypothetical question. If raw material costs normalize upwards and demand softens, which lever, be it pricing, be it mix, or be it cost, will protect margins the most for Bikaji? If raw material prices goes up, right, so one, we'll try to see that what further optimization can be done, because that is one. Then, if this would be true for competition as well, we'll closely watch that, how competition is behaving on that stuff, and we'll respond accordingly. That's what we do. Because there's a threshold we would not go, would not wish to go below our threshold in terms of our margins part. Yes, yes. And, one more question. Where do you see Bikaji's market share in the organized ethnic snack space over the next three to five years? We see a double-digit market share in next 3-5 years. Maybe around 11%-11.5%. All right. Thank you. Thank you so much, sir. Thank you. Thank you. As there are no further questions from the participant, I now hand over the conference to management for closing comments. Thank you everyone for taking time out and, being part of this call. Hopefully, we could answer the questions what came up. Still anything left out, we'll be happy to, to revert back. You can reach out to our corporate affairs person, Prateek, or the agency, and we'll be, we'll revert back to the questions, anything left. Thank you very much. Thank you. On behalf of Bikaji Foods International, that concludes this conference. Thank you for joining us, and you may now disconnect your line.