Ladies and gentlemen, good day, and welcome to the Bikaji Foods International Limited Q4 and FY 2026 earnings conference call. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Ambesh Tiwari from S-Ancial Technologies Private Limited for opening remarks. Thank you, and over to you. Thank you. Good afternoon, everyone, and thank you for joining the Bikaji Foods International Q4 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 session. Thank you, and over to you, sir. Hello. Thank you all for joining the investors' call of Bikaji Foods International Limited. Before starting this, We recently lost our chairman on 23rd of April. This was a great loss for the company, as well as for the family. He was a great visionary and a born leader and was the influential figure for the company as well as complete Bikaji. All this FMCG fraternity. Now I can start. Largely, this quarter has been a great quarter from many perspective. Be it top line, where our top line growth was close to 18%+, and in top line also, the core market has grown at upward of 15%, which is large from last many quarters. It was growing at 10%-12%. Yes, in this quarter it has grown a good growth. Export has been doing very well from last four, five quarters. Family pack, which is our key, for this we also started two campaigns, "Bhujia Ho Toh Bikaji" after September, and "Kya Baat Hai Ji!". Family pack has grown upward 20%. E-com, q-com now became 3% of overall business, which is significant and grown to over close to 100%. That's a target what we're taking for this year also. From campaign perspective, of course, these two campaigns this year has been two half, where in first half, six months, our core Namkeen snacks growth was slow, after this GST reduction from government and the two campaigns what we started, last six months, our momentum in overall snacks category, snacking, has been very significant and we wanted a good growth. That's what we want to continue for this year. From bottom line perspective, largely from consolidated financial, our gross margin is at 35.6%. This also includes PLI, overall this is 240 basis points year-on-year, because PLI was included last year also. From EBITDA perspective, EBITDA is close to 12.2%. Lastly, in this quarter, we started two campaign end of last quarter, mid of last quarter, largely. We continued the same campaign this year also, our ad cost is having increased this quarter compared to last year to tune of 1.2%. From EBITDA overall, we have closed close to INR 88 crore of EBITDA with PAT margin of close to 8%. Overall, from year perspective, largely our overall yearly revenue from operation is close to INR 294 crore at 9.5% volume growth. In last quarter, our volume growth was upward of 16%, which was highest in many quarters. Overall GM at a full- year level is 35% plus 35%, 35.1%. EBITDA margin is 13.7%, upward of 120 basis point compared to last year. From capacity perspective, largely we've not added much capacity last year. Yeah, this year we have a plan to increase the capacity in sweets which is going on. From distribution perspective, I request Manoj, sir, to- Thanks, Rishabh. One of the key growth drivers what we had called out was the continuous increase of footprint, which is distribution. We delivered the target what we had taken for ourselves was to cross 3.5 lakh outlets, which is what team has done. This increase has come across all our core focus in other geography. These campaigns what Rishabh just spoke about did extremely well and that was one of the reasons for our higher growth in the large packs. Large packs have outperformed and these marketing campaigns have worked very well. From core geography standpoint, "Bhujia Ho To Bikaji" was a major and a great success, the number speaks louder than what now I would say. It is that if one is to look H1 versus H2, there is a multiple growth in that stuff. In UP, we did the campaign "Kya Baat Hai Ji!", while looping in Pankaj Tripathi in that. This campaign also did very well for us. That's what is the reason that we look at quarter four. Our family pack has grown at 20% while impulse grew at 14%. There's certainly a room of improvement on impulse, but family pack outperformed this. From key initiative perspective, this year also has been very significant for us as we have gone SAP Go-live this year in December. We have also gone Darwinbox Go-live. There was new logo launch in January this year. We completely changed our packaging, revamped our complete packaging, changed logo. Our investment in The Hazelnut Factory last year. This year has been very good for the brand. They crossed INR 100 crore revenue this year, and target is to grow 50%-60% year-on-year for next two, three years. Our annual report has been ranked 42nd in American Communications Professionals. From export perspective also, we have crossed INR 100 crore first time this year. From revenue from operation perspective, in quarter four, we have crossed close to INR 720 crore of revenue with EBITDA of INR 88 crore and PAT of INR 66 crore. From working capital perspective, our working capital cycle is largely same compared to last year. Largely same. There's not much increase in working capital cycle. From raw material perspective, this war, which was started in 7 March, we are seeing a significant increase in our packing material and edible oils largely. Edible oil has increased to close to 12%, 13%, 14% in fact, and packing material has increased to close to 25%, 30%. Overall, we have taken a price rise in April this year, and which will suffice largely for the current price hike what we're seeing in raw material and packing material. We'll see how this war goes and if we need to take either another price rise or not. Yeah, as of now, we have taken a price rise which will manage our overall gross margin and EBITDA. Thank you very much. We are happy to take all the questions. Thank you. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. We request to use your handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assemble. We take the first question from the line of Abneesh Roy from Nuvama. Please go ahead. Yeah, thanks and congrats on a good performance. My question was now Q1, almost 50 days are gone. Are you seeing a good momentum continue in Q1 also based on the sales and volume trajectory in Q4? Any divergence you are seeing in Q1? Hi, Abneesh. Momentum, what we are seeing is it's a continued momentum. Post-November, the way or the trajectory we are on, this continues. This also is the outcome of the kind of investment in demand generation, what we have done thus far, and is giving us and keeping us on the same trajectory. In spite of certain price being passed to the consumer, yet we haven't seen any slowdown in terms of the demand. We've seen two turbulence in this last 50 days. One, largely Bengal election and our factory, most of the laborers are Bengali. Largely some of the laborers have moved to Bengal for elections and all. We've seen some production loss, but overall momentum seems very strong. Of course, our chairman lost, so the factory was shut for 2.5, 3 days. That was also, but overall, from momentum side, what we are seeing, we are seeing good momentum. Just to get clarification on these two points, 2.5 days factory shut and Bengal, the workforce had gone. Did it lead to sales loss also or you had pre-planned? In terms of sales, there's no impact? Could you clarify on that? Yeah. Abneesh, demand, we were talking of, that way you started off. There's no issue in demand. Very well created and that's on. Yes, from supply end, there were some disruptions because ours is not a phasing where in that most of the billing happens in last few days. It's a daily progression. A very seamless day on day what we do, r ight? We have been talking in our earlier calls as well that we work on two days FG kind of customer, even less than two. The production impact has certainly resulted in some sales. The quarter could have been even better, yet overall, if you look at this quarter will be well in line to what we have said. The Bengal workforce impact, that will come in Q1, right? Q1. This, see Bengal election first phase was on 23rd of April. These people and after SIR and all that stuff, government, there were no choice to hold them or no way one could have hold them. Majority of them went on leave. From 20th of April till, say, 15th of May, these people started coming back, there was disruption or the manpower problem in that stuff. We managed it somehow, there was some effect also. Just to close this point, 2.5 days because of the loss which had happened, unfortunate, plus the election related. Can we say around four days of impact overall? Yes. Yes. Second question is on the inflation. You said palm oil and edible oil inflation is around, say, 13%-14%. I wanted to understand packaging inflation because it's linked to the crude oil, and crude oil inflation is much more than the 24%-25%, which you mentioned. If you could clarify on that. Have you taken a shrinkflation, so a grammage cut or in the larger packs it's more of a price hike? If you could clarify on those two. From packaging material inflation, we are seeing that the average packing material cost was close to INR 190, INR 200, has gone up to INR 260, INR 270. It has again came down to INR 20, INR 25. It's not on high side as of now. It's manageable. Overall what we've done, we have increased price in our family pack and we have reduced grammage in impulse. That's what we can do largely in impulse. Understood. Okay, that's all. Thank you. Overall, the price rise was close to 3%, which we can manage this increased RM and PM price. Okay. Thank you. That's all from my side. Thank you. We take the next question from the line of Siddhesh Deshmukh from IIFL Capital. Please go ahead. Hi, this is Percy Panthaki here. Sir, what is the quantum of price hikes that you have taken? Yeah, the price hike was close to 3%. Do you think you will have to take more given where the commodity costs are currently? Currently, as of now, this is manageable for us. We can manage at the same DM, largely, at this current increase what we have taken. Actually, we had good amount of packing material orders, which we have blocked. What we see that these PM prices came down from the price increase what we've seen in early days of war. It has came down significantly, so it's manageable. Okay. Wanted to ask if I look at your EBITDA margins, first half of the year versus second half, there is a sort of lower second half margin versus first half. Is this something normal seasonality or is there some other reason behind that? Largely, our major ad cost, which comes in during festivity. Normally, in every year, our major ad cost comes from August to December, but this year we have continued to campaign in the fourth quarter also. Fourth quarter ad cost was little significant, higher compared to last year quarter, but overall ad cost was close to 2%, which was last year 1.6% on yearly basis. Okay. 40 basis points YoY, I understand, YoY the margins are not a problem. I was looking at more versus the first half margins are close to 13.5%, 14%, the second half margins are close to 11%. I was trying to understand that because the movement is like 280 basis points between first half and second half. Is the ad spend the explanation fully or is there some other reason? Majorly ad spend. There was 50 basis point, some provision for doubtful debt, which we taken last two quarters. Last quarter, in fact, which was one time. Okay, understood. Can you just tell me what is the ad spend as a percentage of sales in the 3Q and 4Q? 3Q and 4Q ad costs was close to average 3.2%, 3.3%. Okay. In first half it was like 1% or something, is it? 1%. Hello? Yeah, 1%. Oh, got it. Secondly, sir, just wanted to understand this difference between consolidated growth of 19% and standalone growth of 15%. Is there any inorganic remaining now or it's just that the subsidiaries are growing at 70%, 80%, which is giving this kind of growth? From consolidated to standalone, largely, we have Bikaji USA, which is a foods, ethnic snacks business which is doing good. We have Ariba Foods, which works for us for frozen segment. Of course, there's THF. THF is going on very well. This year they've grown at close to 130% to cross INR 100 crore. Retail business is doing on very well. The difference between ethnic snacks and retail overall is close to 2.2%, which is THF retail. Understood. There is no sort of inorganic portion this year on a YoY basis, right? Everything is annualized. Yes. Got it, sir. That's all from me. Thanks and all the best. Thank you. We take the next question from the line of Darshit Vora from Asit C. Mehta Institutional Equities. Please go ahead. Yeah. Hi, good afternoon. Am I audible? Yeah, you are. Yeah. Thanks and congrats on the good set of numbers. Just wanted to firstly understand if you could quantify the CapEx amount that you alluded in your opening remarks. What amount? CapEx amount. CapEx, largely what we'll be doing, there's two CapEx. One, the sweets factory, which is coming in Bikaner. This year we'll be doing close to INR 100 crore of CapEx. That's the plan. Less than or close to INR 100 crore CapEx. Okay. Can you elaborate further? There is big warehouse which is coming. The CapEx has been done. It will come installed I think in next what, 15, 20 days. That will solve lot of supply chain problems. All right. Secondly, just wanted to get your sense on the western snacks portfolio. This quarter we saw about an 8% kind of increase year-on-year. If you look at the entire year also, we've seen a kind 7% kind of a YoY increase. How do we see this moving forward in terms of growth? Yeah. Generally, if you look at, just not Western snack, holistically, if we look at quarter four has been a 16% volume growth, wherein the ethnic snack is in line with overall volume growth, which is 16.1% volume growth. Packaged sweets did well. Western snacks, one, of course now, the INR 5 pack, as I spoke now in my earlier statement as well, that the trajectory what moved was more on the family pack and the family pack is more on the ethnic side. Perhaps that's what should have been better. To your question that going forward, if we look at now the quarter three, there it was 25% growth in Western snacks itself. We will get back to that stuff and Western snacks will grow 20%+ if you look at going forward. All right. At the analyzed level as well, if we look at, the analyzed level first half and second half, was a major contrast in terms of growth across category. Even here, if we look at ethnic snack, is at 11% in that stuff. While Western snacks was better off, because of this poor quarter four, this has come down a little. Going forward, this will fall in place. Okay. Are we taking into consideration the grammage cut impact? Despite that, we'll be seeing that 20% kind of a growth? I think that's now a new normal in terms of as the inflation now comes in, grammage starts coming down. As you know, there's deflation or there's now cooling of commodity prices, companies do pass it back to the consumers, which is what we saw that during this GST changes. Most of the companies and so did we pass back these extra grammages to the consumer, which now again, this post-war after effects, maybe we'll cut down, but this will keep going and coming. We don't see much of a difference in that stuff. One thing I want to now bring it to the table that overall, if you look at the Western snacks growth in the last quarter, for the category has also not been very bright in that stuff. Relatively, if you look at 8.5% growth, while certainly we could have done better and we know that what is that now we have to press on. Overall, Western snacks was also on a little slowdown. All right. That will be all. Thanks so much and all the best. Thank you. Thank you. We take the next question from the line of Ronak Shah from Equirus Securities. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. My first question is, am I audible? Yes, Ronak, please go ahead. Yeah. My first question is regarding the core versus focus market. Ideally, the long-term aspiration of the business is to grow the focus market at least by 1.3x-1.5x. However, if we see the fourth quarter or FY 2026 as a whole, the growth rates are not that different. Sir, what is holding us back from getting those sort of growth rate into the focus market? If we look at in terms of the growth of focus markets vis-à-vis category is over-indexed in that sense, which means Bikaji's performance or for whatever we are doing now is ahead of category. However, to your question, what we intend to do is as of our, say, 1.5x growth this term. There have been certain challenges, which keeps coming and we keep addressing. Like I just spoke about that UP, one of the large focus markets. We made those investment and results started coming in. Going forward, what we see and what we have been saying would continue, that these focus states has to grow faster. These four states did extremely well in quarter four, is on the back of like the mega campaign, what we did, Bhujia, and the biggest consumption happens in these four states as well. Bhujia outperformed, and that's what helped these four states over-deliver. In fact, going forward, if one was to give some guidance for next year, 15% growth would not be sustainable. What we look at it is, let's say about 13%± kind of a growth we look at from core states, and from focus states would be upwards of 20%. Understood. When we see the EBITDA margin profile ex of your PLI benefit, in FY 2027, considering the price hikes plus the inflationary trajectory which we are sensing, how we are expecting the margins to flow in? On top of that, we are having a higher focus on E&P as well. Overall, how you are sensing your FY 2027 EBITDA margin? From ad perspective, our ad budget this year will be close to 2%, which is same from last year. Number one. Number two, from EBITDA lens, we have taken one price rise in April. What we're seeing, the price increase of raw material, pack materials. That will suffice overall cost pressure, what we got largely. From that perspective, gross margin, the target of gross margin at consolidated should be really same for us. We need to maintain the gross margin this year. That's important. That's challenging also because that's a very fluctuating year as of now. Started with a very fluctuating year where we're seeing daily fluctuation in edible oil as well as raw material, depending on how war react. Yeah, overall, our target is to maintain same gross margin. EBITDA lens largely, so if we maintain the same gross margin, EBITDA will improve because there'll be lot of fixed costs which will be fixed, and our production from outside Bikaner, which is CMU, will also increase. There'll be a lot of operational efficiency which will come in this area. Understood. Lastly, on the retail business front, we are seeing very good traction over there. Over a period, how we are sensing to open the newer stores? On top of that, how the overall optics and all are looking like? From retail lens largely, our major focus, the investment was on THF last year, and THF is doing extremely well. They have closed 19, 20 stores. Intent is to open eight, 10 stores every year for next three years, and to grow our business at 50%-55% top line growth. That's the target. That's the best part, they're profitable, so they're not EBITDA dilutive. That's important for us, and at a steady speed, they want to grow for next two, three years. From Bikaji lens also, we opened outlet, two outlet will open in next six months, and we will see how we grow our own retail business. Understood. That's it from my side. Thank you. Thank you. Thank you. We take the next question from the line of Abhishek Mathur from Systematix. Please go ahead. Yes. Hi, team. Thank you for the opportunity. Just wanted to check, out of our direct reach of about 3.5 lakh outlets, what would be the split in terms of how much is in focus markets, how much is in core, et cetera? Also, if you can, so we have a target of about 5 lakh in three years, about 50,000 per annum. Of that 5 lakh, what is our target split in terms of how much would be in focus and core and the others? Yeah. Currently, if you look at out of 3.5 lakh outlets, about 120,000 outlets is in four states. Here the distribution is more led to the wholesalers. Whereas if we look at indirect reach, is about 8.2 lakh. Coming on to focus states, we cover about 1.7 lakh outlets in the focus states, and here our indirect reach, the wholesale channel and the other stuff, our overall reach here is 3.5 lakh outlets. In the other states, we cover about 60,000 outlets. This all adds up to 3.5 lakh outlets. Going forward, the increase is to come from the core as well, because that's where now we are going down pop setup. Instead of keeping our dependence on wholesaler, we are trying and we are getting in directly there so as to sell brands, so as to establish NPDs and the stock weight in the store. That's what will help us drive same store growth in core state, whereas the key driver would be distribution reach in the focus state. That's where the majority of the new stores would come in. Right. If I heard you correctly, the delta of 150,000 in the next three years, most of it will be in the focus states. Is that right? Right. This would be from core and focus states. Other states would be incidental because that's where we do not have as much gravity in general trade. There we do need-based kind of stuff. The other state sales is driven by or the growth, what we take pride on is on the basis of the other channels such as modern trade, e-com, institutions, so on and so forth. Doing extremely well in all that stuff, and which is what is getting the brand recall. There also, if you look at the indirect reach in the other states is also about 1.8 lakh outlets we have there. Right, sir. Secondly, on the raw material inflation front, you have talked about the packaging material and the edible oils. In terms of our pulses and flour, that part of our basket, what is the trend that you're seeing on inflation or is it benign as of now? We have not seen any major price rise in raw pulses and flour. All right. Great, sir. Thanks and all the best. Thanks. Thank you. Thank you. We take the next question from the line of Soham Samanta from Motilal Oswal Financial Services Limited. Please go ahead. Yeah, thanks for the opportunity. I just wanted to check on focus market. Last time you called out that Delhi market was not performing well, while UP has been doing good. On a full- year basis, how these two major markets have been doing in the focus market, UP and Delhi? Sorry, Delhi and which one? UP. UP, if you look at in terms of TAM, out of six markets, UP is equal to rest of the five, the focus states. That's the size of price for UP. Delhi is not as big in terms of, I mean, however it is, it has a weight, but not as big a category, the TAM there. In terms of our performance, UP has outperformed, so has brought in the overall numbers. Whereas Delhi, as we said last time, that has not done well, and we have not invested also behind Delhi as much in this stuff. Delhi has brought these, the growth numbers down only. In UP, what kind of growth we're expecting? 20%-25% kind of growth or it's higher than that? Yeah. upwards of 20% growth. Yes. Okay. If we want to maintain that 15% kind of top-line growth, in that case, on product wise, how we are looking like ethnic versus packaged goods? As we mentioned that western snacks could be a little bit a higher growth category, I mean 30%-40%. Ethnic and packaged goods, how we are looking for next couple of years? If you look at the critical element to your question, that is, one is to deliver 15% year-on-year growth. One category you cannot choose to ignore is the traditional snacks, which is about 70% of our business. That has to take lead. Followed by the second-largest category is sweets, which is about 12.5% to our business, r ight. This is where when we are on our strat plans. This is one category where the shift from unorganized to organized is going to happen. For the category, this growth is going to be large, and we cannot miss the opportunity, so therefore, this would be second one. Third is western snacks. Our base is very small, so even 20%, 25% will not add as much value to our overall consolidated growth of that stuff. Yes, western snacks will continue to grow. The double-digit or 20%+ kind of a growth year-on-year western should do. This is what we are talking of also that in next three years, currently what it is 8.5% western contribution should move to about 11% in, say, next three years. Sir, last question from my side. In core market like Bihar, Assam, and Rajasthan, within three markets, what is the most growth driver as of now or how do you look each market? No. Say again, what is the? Basically, what is the fastest growth driver within these three markets? Rajasthan, in fact, is our homeland in terms of closest to Bikaner and all that stuff, and is very large. Put together, Bihar and Assam is equal or less than what the Rajasthan market is. The delta what comes, the growth what comes, Rajasthan is the largest. This year, if you look at when we say, when we report number is core and core delivered 15%. It's not just one state, it's a holistic performance, wherein all these states have done extremely well. I think all our inputting, the team, the strength behind this growth, I think this has paid us dividends. The campaigns what we did. When we say "Bhujia Ho Toh Bikaji," that was a very straight campaign because we witnessed in first half that there was a slowdown in Bhujia category per se. I'm not talking Bikaji, I'm talking of overall Bhujia as a subcategory. We being market leaders, it was our responsibility to spike up this growth, build this category further, and hence these campaigns were done, rolled out, and worked very well for all four states. Okay. Thank you, sir. Thank you. We take the next question from the line of Shirish Pardeshi from Motilal Oswal Financial Services Limited. Please go ahead. Yeah. Hi, Manoj, Rishabh. Thank you for the opportunity. Yes, Shirish. Yes. Just two, three question. About three, four months before, there was a lot of noise around GST rationalization, unorganized player will exit. There is a lot of momentum which is said that the unorganized player will not be able to compete at INR 5, INR 10 or maybe compliance burden will happen. In your experience, given this framework which is now implemented, which are the states you have seen this has been beneficiary to us or is there realistically anything has happened? Parallelly, you might have got the benefit of 5%, but inflation is also inching up. I think, a very nice question, Shirish. If you look at what we did, the family pack there, this has now impacted more in that stuff. As our numbers are, I am sure for other companies also would have done better. In this INR 5 and INR 10 play, the regional and local nuances are also very high. It is like few new players get in and few get weeded off, kind of stuff. That's what is the phenomenon in the trends, what we see. Going forward, if you look at this is what we always have been now calling it out on our calls, that the results of the impact would be seen over two to four quarters, you will see the impact. Certainly, this GST regime change would benefit the organized space or the larger players also. Really, is there any trend you are picking up that the national branded players are getting the sales and unorganized are tapering down or it's too early to judge? Parallel, again, I'm using the word inflation is inching up. See, unorganized, when you say so, unorganized, you don't track because you don't get data. It is like when you do market visits, you get some sense in price. Yes, if you talk about the local and regional players, yes, this is where certain players we have seen that now the kind of traction what they had has slowed down, is not as much. The kind of trade investments they were doing, it's a little muted stuff. For their survival, they will certainly do for two quarters at least. I think the right time may be next quarter onwards, as the year will pass by, you will see those impacts coming in. Okay. Sorry, I'm stretching. Let's pick up a UP as an example. What happens to A-One, Apricot, Evita? These brands are still existing, but if I check on the ground, they're still growing. Evita and Apricot is not a small brand for that reason. If you look at the kind of players, in UP itself, there are 200 listed brands there, right. Top 10 brands, if you look at after that, any brand is less than 1% market share. That's the fragmentation in this UP. Though which actually is not as said, it's a country in itself. That's what it is. Morano, another brand, if you look at on account of its UP sales, it's amongst top 10 players in the country for that stuff. I'm talking of the players which were pure regional and local like Sajan, Kopert, Mahesh Namkeen, which is only in the geography of 100 km or 150 km. Like PK Namkeen in west UP. Those are the ones I'm talking about. Likes of Adarsh and all, what you're saying? Exactly. You got it. Okay, got it. Second, on slide 10, we have given certain promotions which we ran. Consumer offer, Bikaji campaign, UP campaign with Tripathi and the other- Yeah. Packaging what. On a broader terms, if I split, I mean, tangibly you may not be able to quantify, but in the current era of packaging or maybe packaged food industry itself is so complex. Such kind of measures have brought any benefit to the company in terms of quantitatively you can say that we got distribution expansion or volume growth or maybe some percentage of sales would have happened. I mean, just ballpark number. Shirish, you come from a FMCG background whenever company plans any consumer offer. This is not just to subsidize sales, it's always known with the objective of that the build is giving you 20% extra, 30%. This again is one kind of investment you are doing. For example, Paytm, if you look at it just comes at negligible cost to us. Hence, if my sales team is to plan, I cannot have very bullish number on this stuff. Yes, certainly data will come in, and the investment what we do, the kind of focus what we bring in, are the larger or the big ingredients to get a good result out of it. Which is in terms of the motivation, so the team, the posters, retail activation around that, buzz what you create. There is more power of execution on ground, and which is what gives us data for sure. The number speaks more louder than what I can speak on this stuff. You look at what was quarter one or quarter two and then what is post. When these campaigns were up on air or was on ground, so this has certainly given this stuff. Any company, when they do these kind of offers, there could be two objectives. One is that if they are seeing decline, they say that I want to hold it. Holding on those numbers in itself is achievement because when you. The relative is that at what rate they were falling down. The other is that what growth are they wanting to or next trajectory you want to go on. Those are the measures what we see, what we track, and based on this, we'll call out for our next promotion in the campaigns. I understand, Manoj. We both are from the same background. My worry is that these are all routine activities. We need to do promotion. We need to excite the consumer. We are creating a benchmark. It becomes more challenging that the next promotion has to be better than the previous one. That's why I was worrying because we are building a base. Yeah. You will see the next campaign will be phase II of it. Certainly we'll not repeat the exact stuff. You will see build. Let's say last year in UP, what we did was that now trying to establish Bikaji. Now, the part two would be a different communication, the challenge statement, identified challenge statement or opportunity, we will try and address with this campaign. It will not be airing of the same film what we did last year. That's what is. Certainly, I think you have a very good point, and we work in the same way itself. Not to repeat, to build on that. All right. My last question, Rishabh, on Ariba, THF, can you give us how the momentum is picking up? I mean, we have also given some press release last time saying that we are looking for JV in Nepal. In terms of scale-up, in terms of our 100% acquisition path to profitability, something if you can tell. Yeah. From THF lens, THF, we have been doing well. The last year top line was close to INR 50 crore. This year they've doubled their top line. What we see that THF will do it for 50%-60% year-on-year for next three years at least. They have strong plan. In large, they are focusing on the northern part of India, UP, Haryana, Punjab, and they can go towards Bihar and that part. Largely that part they will target on for next three years. From THF lens, the retail investment is going on very well. Ariba is just a manufacturing capability, and they are just solving our export problem, which was there before Ariba, when they were dependent on other vendors. During their peak time, they're not able to supply. There were always supply chain issue. You will see even that after Ariba, our export growth is growing at 50%-60%. This year also, this will be a same momentum what we see this year. Ariba is largely manufacturing facility. Of course, profitability is a focus because they cannot be diluted to us, and that's why we are working on. Currently, they are at low utilization. This year they'll be at close to 55%-60% utilization, and that will solve this Ariba issue also. Okay. Just last question. On the warehouse, what we were trying to build into the adjacent location- Yeah. You have fully covered operational b enefit you started expecting. Trials have started two weeks back, largely. It will start completely by 15th of June. By end of this quarter. By next quarter, we'll see a benefit in this. We'll see benefit because currently, we have space of keeping finished goods like in two days, and this warehouse has capacity to keep storage of around six to eight days. We'll see a momentum, we'll see production running seamless and all. We'll see momentum in second quarter. All right. Thank you, and all the best. Thank you. Thank you. Thank you. We take the next question from the line of Nitin Gupta from HDFC Securities. Please go ahead. Thanks for taking my question. My first question pertains to the very first question around people movement from our factory. When we have highlighted for West Bengal laborers have moved from 20th April to 10th May. I just wanted to reconfirm how many days of sales got impacted. That time, answering to that, you had confirmed four days. I just wanted to double-check on that. Lastly, there are two things. One, overall, few labor movements from Bikaner to Bengal, and there was a loss of a chairman where a factory got closed for 2.5 days. Overall, close to four to five days, 4. 5 d ays loss of production was there. Now from 16th, 17th, from this Monday, all the laborers had came back, and our production is in full swing. We'll try to cover this. Yeah, till now the loss is close to 4.5 days. Okay, four to five days. It's more of a scattered impact, not a continuous impact. Okay. It's fine. Second, just wanted to understand at a consolidated level, how do you see the growth for FY 2027? Also wanted to sort of understand how we are placed with sweets. Was there a capacity constraint that's where the growth in last two years was around 6% CAGR or any other reasons you wanted to cite for the sweets business slowdown? From sweets, largely, of course, that's more of manual. Capacity was constraining. In sweets there are different challenges. During festivities, we have capacity constraints, and during non-festivity, we have a very surplus capacity because during festivity, we work in 100% utilization. We are building one sweets factory in Bikaner, which will solve this sweets production issue. We are trying to build all-season sweets, small pack, INR 5, INR 10 pack in sweets and cone pack and everything. That can be all season, and that can improve overall growth of sweets category. From sweets sales, largely, our basic growth was close to 9%, and our target is to be 11% or 12%. That's the target what we're taking on. On sweets, 11%-12% growth, our major focus will be on our ethnic snacks and western snacks. Thanks for the answer, but the way Manoj ji has highlighted, big part of formulation is pending on sweet side. Don't you think we should target higher growth or is there a genuine sort of constraint in terms of driving this formulation and the growth? No. Nitin, talking on sweets business, if you look at these four months, the festive from, say, Rakhi till Diwali, 80% of our sweets business comes in these four months, balance 20%-25% comes in eight months. In these four months, we are over-utilized. Our output, it exceeds 100%, overtime and all that stuff starts happening. Whereas in rest of the time, it is very poor utilization. That's the dichotomy we are in if we increase capacity. Which means that in off-season time, we will be further under-utilizing our capacity for this stuff. That's the stuff and which is what we are trying now, that how do we make sweets around the year kind of a category, leveraging on our e-com, modern trade stuff, and that's the work which is on. What Rishabh spoke about is that when we build budgets in our annual operating plan and all that stuff, we have kept sweets as about 12.5% growth. However, the working is on that how that we can now exceed these numbers because that's where the opportunity is. How soon and how much we explore on that stuff would be on our capability and speed to act. Yeah. Thanks for the detailed answer. Now this is very clear. Last question pertains to how we are placed with e-com, and particularly q-com, and any thoughts around q-com seeing a faster growth convenience channel. In terms of the portfolio expansion, maybe leveraging the third party, we wanted to do something for the q-commerce to ride on the faster growth wave. Thank you. Yeah. E-commerce certainly as a channel is doing well for the entire FMCG or even other categories as well, and so is true for Bikaji. If you look at last year, our e-commerce contribution to overall business was 2%, which now has moved to 3%. That's the kind of business shift or the importance this channel is gaining. This channel has delivered upwards of 75% of growth, whereas against company's growth of far less, 11%, 12%, that's the kind of over index growth. We are present across all players and have a strong JBP, so the joint business planning for the year, quarter, and so forth. The growth drivers are, of course, one is that inorganic growth, which is that as these accounts are getting into from, say, Tier 4 to Tier 1, Tier 1 to Tier 2, and further below. That's the inorganic growth, how we look at it is. Also what we're doing is that increase of number of SKUs range on these platforms. When we speak to e-com platforms or q-com platforms, what they're saying is that their growth in the metro towns is getting stagnated because now they've exploded to what they could. Even they are looking at the out-of-the-box thinking that how do we grow metro and therefore new categories, premium stuff, let's say introduction of new sweet range and all that stuff, which is what will certainly benefit us and these channels as well. This is what it is. We see a huge continued growth in this channel for us next year as well. Sure. Thanks a lot, and all the very best. Thank you so much. Thank you. We take the next question from the line of Mahima, an individual investor. Please go ahead. Yeah. Hello, am I audible? Yeah. You are. Okay. Thank you for this opportunity, and congratulations for your result. I was asking that, as lifestyle changes, are you planning to enter into a healthy snack segment? See, frankly speaking, there's nothing called healthy snack. There could be less unhealthy snacking, right? In our portfolio also, there's a long list of SKUs which fall in that space, so in terms of futurity, we are, right? There's a range. Today, if you look at now the contribution of these categories is by far low. Today, the companies which are surviving is purely on the q-com platform. You will still see the premium label products kind of stuff. When you speak on the masses, this is not true for now. We perhaps are five, six years behind time, in the next as many years, you will see that these things will start picking up even faster. From our readiness standpoint, yes, we have the entire range with us. All right. Thank you so much and all the best. Thank you. Thank you. We take the next question from the line of Utpal Saikia, an individual investor. Please go ahead. Yes. Hello. Thank you for taking my questions. First of all, I'd like to pay my heartfelt tribute to the founder chairman of Shiv Ratan Agarwal ji. I have actually two short questions. The first one is, as a company is trying to build consumption habit of Bhujia and other Indian snacks in the Western countries, how are the consumer's behavior evolving? Are we seeing a good momentum? The consumer primarily in the Western market, is the consumer primarily of the Indian origin or are we also attracting mainstream Western consumers? Is this you're talking from the export standpoint, right? Hello? Hello. This question is more from exports lens or from domestic? If you can clarify, I'll answer accordingly. No, it is for export-oriented. Thank you. One is that there's huge Indian diaspora, right? That is our primary TG, which is what we focus on. There if you look at now the two approach of growing business, one is that you grow category. For the category leaders, if we were 50% market share, then our task would be that how do I grow consumption, grow users, right, through occasions of consumption, right? That was if I was major player. When I'm not a major player, then my job is not to build category there. I'm not looking at that how many more people have started eating Bhujia there. I will look at that how do I eat shares that come in today, they are eating of competition or some other players, other category, how do I get them to my fold? This is what we are working on for overall namkeen, the frozen item, because there we are gaining share from the competition. We are not building category. For our Bhujia, which is our hero product, and if you look at across place, Bikaji Bhujia is number one now in the Bhujia segment. That's where we build consumption and our consumers, to your question, is not just Indians. What we see when we travel to these places, when we interact with our consumers there. There are lots of foreign origin guys as well who like this snacking. If something is very famous about India is, one is tourism and second is food, and India's food is appreciated across. We are taking this food, this snacking stuff to their country. This is gradually shifting. It's not a major shift, but it is not just stuck to Indian diaspora. It is the foreigners as well who consume our products. Thank you, thank you so much. Thank you. We take the next question from the line of Darshit Vora from Asit C. Mehta Institutional Equities. Please go ahead. Yeah. Hi. Thanks for the follow-up. Am I audible now? Yeah, you are audible. Yeah. Just wanted to pick your brain on this Western snacks portfolio again. Just wanted to understand, why do you think the industry's growth is coming low for the Western snacks front? The other part to this question is that if the industry growth is kind of moderated, I mean lower than ethnic snacks, then how do we plan to grow higher? Is it distribution expansion or innovation in products? What else? I'll take your latter question first. See, one is that we are very small share. If you look at it at all India level, our Western snacks is 1.1% market share, so it's a drop in the ocean. That leaves us with the opportunity of disproportionately high growth, theoretically, this is one. To your first question, when we say, relatively, so these growth trends keep changing. If it is down, does not mean that. The right takeaway would be when you see the declining trend that over last four quarters this is coming down, then you can extrapolate and come to some conclusions or correlation of that sort. One quarter in particular leaves us with nothing, just a reference point. Please now consider that if Western snacks has not done well, it's a reference point only. Okay. Got it. Secondly, just wanted to clarify on the gross margin front, you said that you're going to maintain margins on the gross margin front. Is it like margins or absolute gross profit you're talking about? Which margin? So- Sorry, can you repeat? You earlier alluded that we will be maintaining gross margins. You mean like gross margins or absolute gross profit? Just wanted to clarify that. The gross margin term of percentage. All right. That'd be all. Thanks a lot. Thank you. Ladies and gentlemen, we take that as the last question and conclude the question- and- answer session. I now hand the conference over to the management for their closing comments. Thank you so much for taking time out for the call. It was a good interaction, and we tried and answered most of the questions. Still, anyone felt left out, happy to now get connected separately or through our relation manager. With this, thank you so much and look forward to now connect again. Thank you. On behalf of Bikaji Foods International Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.