Ladies and gentlemen, good day and welcome to Borosil Q2 FY 2026 earnings conference call hosted by ICICI Securities. 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 touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manan Goyal from ICICI Securities. Thank you, and over to you, sir. Thank you, Nitish. On behalf of ICICI Securities, we welcome you all to the Q2 FY 2026 results conference call of Borosil Ltd. We have with us today senior management represented by Mr. Sreevar Kheruka, Managing Director and CEO, Mr. Rajesh Kumar Chaudhary, Wholetime Director, Mr. Anand Sultania, CFO, Mr. Rituraj Sharma, President, Consumer Products, and Mr. Balesh Talapady, Vice President, Investor Relations. Now, I hand over the call to the management for initial comments on the quarterly performance. Then we will open the floor for Q&A session. Thank you, and over to you, Shreevar, sir. Okay, so thank you to ICICI Securities for arranging this call. Good afternoon to every one of you. The Borosil team is delighted to be communicating with you once again. I'm pleased to inform you all that Borosil Ltd's board has approved the financial results for Q2 and H1 FY 2026 during a meeting on 7 November 2025. We have submitted our results and an updated presentation to the stock exchanges, and they're also available on our company's website for your review. I'm pleased to share that Borosil Ltd delivered an impressive performance in H1 FY 2026 with consolidated revenues from operations at INR 573 crores compared to INR 499.5 crores in the same period last year. This translates to a 14.7% year-on-year growth. Despite a challenging Q1, this half-yearly growth highlights the resilience of our business model, very strong execution capabilities, and the continued trust of our customers, as well as the hard work of our employees. In order to just highlight one point, we do realize that Diwali this year is earlier than the prior period, and therefore the comparison to last year is not exactly like to like. In H1 FY 2026, the company recorded an operating EBITDA before investment income and one-time incomes of INR 90.1 crores compared to INR 82.2 crores in H1 FY 2025, marking a 9.5% YoY increase. This improvement reflects a continued emphasis on operational efficiency and sustainable growth. The operating EBITDA margin was slightly lower at 16.1% compared to 16.8% in the previous year. Other operating income for the first half of 2026 includes INR 12.1 crores from shared service support income compared to INR 8.4 crores in the same period last year, with the related expenses reflected under total expenses. PBT for the period was INR 53.9 crores, up from INR 38.8 crores in the previous year. H1 FY 2026 includes a one-time stamp duty expense provision reversal relating to demerger of INR 7.2 crores, which is shown under the head other income, and also includes one-time expenses of INR 1.8 crores towards professional fees for assignment. The net impact of one-time items is INR 5.4 crores. During the same period, depreciation increased by INR 4.3 crores, while finance costs declined by INR 5.2 crores, primarily due to debt repayment. As a result, PAT rose from INR 27.6 crores in H1 FY 2025 to INR 40.1 crores in H1 FY 2026, reflecting a strong 45% year-over-year growth. As of 30th September 2025, Borosil Ltd has a net debt of INR 4.5 crores. Now let's take a look into the categorized performance behind the numbers for H1 FY 2026. Our consumer division continued to grow across both Glassware and Non-Glassware segments under the Borosil brand, alongside our Opalware range under the Larah brand. Coming to Larah first, the Larah Opalware segment recorded sales of INR 195.4 crores in H1 FY 2026 compared to INR 181.3 crores in the same period last year, which is a growth of 7.8% YoY. In our Glassware segment, which includes microwavables, serving-ware, glass tumblers, lunch boxes, and storage solutions, we recorded an impressive YoY growth of 27.4% in H1 FY 2026. Revenues stood at INR 148.6 crores compared to INR 116.7 crores in H1 FY 2025, reflecting our demand across key product categories. The Non-Glassware segment, encompassing a wide range of small home appliances, insulated bottles and flasks, cookware, and other kitchen essentials, performed strongly, posting a 12.4% increase in revenue. Turnover for this segment reached INR 216.6 crores in H1 FY 2026 compared to INR 192.8 crores in the corresponding period last year. BIS compliance requirements affected our Hydra bottle sales, as some of the channels are only accepting BIS-certified steam products. Our team has recognized these headwinds and is actively reshaping the overall strategy to mitigate the impact. It is pertinent to note that the growth in Non-Glassware was in spite of a substantial degrowth in the category of Hydra. As a part of this, during the quarter, our board approved a revised project scope for our upcoming manufacturing facility in Rajasthan through our wholly-owned subsidiary, Styleness India Limited. The project will now include three double-wall production lines for vacuum-insulated steam flasks, bottles, and containers, with an estimated capacity of 3.6 million units per year and with an estimated CapEx of INR 65 crores. Estimated commercial production dates from two double-wall lines is by the end of this financial year, that's Q4 FY 2026, and from the third double-wall line by the end of Q1 FY 2027, subject to receipt of necessary approvals. This INR 65 crore investment will be financed through a mix of equity, debt, and internal tools. The expansion reinforces our commitment to Make in India and will enhance our compliance, that is BIS compliance, and strengthens our supply chain resilience by reducing dependence on imports. Alongside a strong revenue performance, H1 FY 2026 saw the company implement several cost control initiatives to enhance operating efficiency. We will continue to keep a close watch on expenses, particularly advertising and sales promotion, which remained at INR 38.4 crores in H1 FY 2025, which was approximately the same as the same period last year. In addition, power and fuel costs declined from INR 42.3 crores to INR 36.9 crores over the same period, reflecting our continued focus on food and cost management. We were also honored to be named the most trusted consumer service provider in the consumer appliances sector at the India CISO Summit & Awards 2025 by Synnex Group. This recognition proves our unwavering commitment to customer satisfaction and our focus on delivering experiences that embody the same quality and reliability as our products. Between FY 2018 and FY 2025, our revenues have been growing at a CAGR of 23.5%, while EBITDA is standing at a 34.3% CAGR. Since acquiring Larah in 2016, its revenues have risen from INR 48 crore to INR 384 crore in FY 2025, delivering a 26% CAGR. Likewise, our Non-Glassware portfolio has grown from INR 23 crore in FY 2017 to INR 453 crore in FY 2025, reflecting an exceptional 45% CAGR, which shows clear evidence of our ability to deliver sustained growth and value creation. We remain focused on the long term, and the outlook for our categories is strong. India's per capita GDP has risen from about INR 1.1 lakh in FY 2022 to nearly INR 1.4 lakh projected for FY 2026, with per capita consumption expected to approach $4,000. As income rises, pending on lifestyle and home product growth, and with a premium yet accessible positioning, Borosil is well placed to capture this expanding demand. India's brown goods market, which includes kitchen and home appliances, is expanding rapidly. Valued at about $5 billion in FY 2024, it should have shifted to $9 billion by FY 2030, growing around 10% annually. This surge is led by rising demand for kitchen-focused appliances like oven, toaster, grills, choppers, mixers, and sandwich makers, categories that align well with evolving consumer preference for convenience, efficiency, and modern design. In recent years, India has seen a clear shift towards health and sustainability, creating strong tailwinds for Borosil. The $50 billion health and wellness market is projected to reach $90 billion by FY 2030, also growing at 10% CAGR. Consumers are moving towards toxin-free, durable materials, and away from plastic due to rising health concerns, regulatory demands, as well as sustainability concerns. This shift squarely aligns with Borosil's focus on safe, eco-friendly products, which include Glassware, Steel, and Opalware. We see strong potential in INR 4,000 crore lunch box market, where consumers are increasingly seeking safer, microwave-friendly, and sustainable options. This is where Borosil stands apart. Our premium glass lunch boxes combine durability, leak-proof design, and microwave compatibility in a stylish, long-lasting product, one that has become a substantial part of our portfolio. A key pillar of Borosil's long-term growth strategy is our strong commitment to Make in India. We operate one of India's largest opalware capacities at 84 tons per day, along with a 25 tons per day Borosil glassware plant that we commissioned last year. Building on this foundation, we are now expanding our manufacturing footprint with a new facility dedicated to producing vacuum-insulated stainless steel bottles, flasks, and containers. Borosil is leading India's move towards healthier, eco-friendly kitchens by replacing plastic with microwave-safe, BPA-free glass and sustainable steam products. As rising incomes and health awareness drive the shift, we are steadily converting plastic users to Glassware and Opalware. Through aspirational designs, educational marketing, and a focus on hygiene and elegance, Borosil is redefining the modern Indian kitchen. Our strong omnichannel presence across general trade, modern retail, top e-commerce platforms, and expanding B2B and export networks has driven deeper market penetration. With availability in over 24,000 retail outlets, we built a well-diversified revenue base that reaches both urban consumers and rural users. In summary, Borosil's strong brand equity, diversified portfolio, expanding manufacturing base, and omnichannel presence position us well for sustainable growth. With that, I thank you, and I would be happy to take your questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Naitik from NV Alpha Fund. Please go ahead. Hi sir, congrats on a good set of numbers, and thanks for taking my question. So my first question is if I— Sorry to interrupt, Naitik, your voice is coming—your voice is coming muffled. Just a second. Is it better now? Hello? Y es, it is. It is better. Please go ahead. Hi sir. Hi. Thanks for taking our question, and congrats on a good set of numbers. My first question is, you know, if I look at your three, four years period, you know, we have spent almost INR 500 crores-INR 550 crores of CapEx. I just wanted to know the breakup of this CapEx and what sort of peak revenue potential do we see from the CapEx that we have spent already in the past three or four years? Okay, I think I'd shared this breakup in the past. Offhand, I don't have exact numbers for you, but broadly, most of the CapEx has been spent for expansion of our opalware glass. You know, we added a second opalware furnace. We added a borosilicate glass furnace, the first one of its type in India. We've done a, you know, large solar projects to reduce cost of power and fuel, or at least power, and various upgradations in our Jaipur plant. We've put in a lot of new capacity there, both upstream and downstream. I would say that's most of the CapEx, but specific, I think you'll have to go back to some previous conversations such as this and find it. You'll definitely find specific numbers. Sure, sir, no problem. I just wanted to ask, what sort of peak revenues do we expect we could do from the CapEx that we have done in the past, including the INR 60 crores-INR 65 crores of the flask or insulated bottles, sorry, that we are putting up? Yeah, look, peak revenue is, I mean, just you see, our revenue is not dependent only on our C apEx. We also buy products from third-party vendors. Peak, I mean, I can say that the peak revenue from this CapEx, including the flask, will be over INR 1,000 crore. That does not mean our, I mean, we already have more than INR 1,000 crore of revenue. That is because we also buy, you know, products from outside. I would say that you have to take peak revenue with a little, I mean, it is only from this CapEx, not including a visibility of products from third-party vendors. Right, so this INR 550 crore-INR 600 crore including flask and there was INR 1,000 crore. That is what I want to understand. I am just talking about this INR 550 crore. How much revenue can this INR 550 crore-INR 600 crore? Yeah, I mean, maybe INR 900 crore-INR 1,000 crore. INR 900 crore-INR 1,000 crore. Got it. Got it. Sir, along with this, after the INR 65 crore CapEx that we do for the bottles, the peak of the CapEx cycle is behind us, or we do plan on some capex going forward also? No, you see, our sales have been growing well, and I think the way it looks from the government's perspective is that we are, you know, making it more and more attractive to Make in India. Because of that, we will be doing a lot more CapEx in the future, for sure, in maybe different segments because even our Non-Glassware segments picked up a lot. There is scope to do more CapEx there. Nothing is, you know, finalized here, but I'm sure we'll be doing more and more capex because we see, you know, reasonable growth opportunities in the segments. Got it. Got it. Sir, so my last question, if you could provide us the number of amount of utilization that we are currently at in Glassware and Opalware? I would say Opalware like 90%+ and Glassware around 80%. Got it, sir. That's it from my side. Thank you. Thank you. The next question is from the line of Pranay Roop Chatterjee from Burman Capital Management. Please go ahead. Hi, good evening. Thank you. Am I audible? Yes, you're audible. Please go ahead. Yeah. My first question is on the margins. I was just slightly confused. If I look at it quarter on quarter and YoY, number one, your revenue is much stronger. As you called out, you said Diwali was earlier, so that would have a positive impact on our revenue. So revenue is higher. And I am seeing that the mix is also favorable, right? Because both Opalware and consumer Glassware have done better than your Non-Glassware. Non-Glassware is where it's mostly traded, right? My question is, is this a single factor or a combination of factors that you would like to call out which have depressed margins in this quarter? Yeah, so basically there's two reasons for reduction in margin. One is that in the Non-Glassware segment, we've had to start moving substantial volumes from made abroad to made in India. In the short run, the vendor ecosystem in India is not as efficient as the vendor ecosystem overseas. It will take time because, you know, overseas, these vendors have been making products for the last 20, 30 years, and Indian, you know, production has just started. In the short run, definitely there's pressure on gross margins in the Non-Glassware segment, which is one, which is why I would say the main contributor. The second thing is in the Non-Glassware itself, we lost a reasonable amount of revenue on the, let's say, this Hydra product category, which was higher margin. The product mix also has hurt us in Non-Glassware. Most of this revenue contraction, or rather margin, I mean, it's not a big contraction, frankly, but it's still there. It's coming from, I would say, temporary factors relating to adjustments in supply chain owing to, you know, more difficulties in imports and, you know, moving to India sourcing. I would say that these are, I would say, short term, probably in the next 12-18 months, this factor will play out. As you rightly mentioned, the benefit from higher sales of our own manufactured goods, which is actually quite substantial, but has not shown in the numbers this year. Makes sense. If it was like to like, then you would see a, I would say, 2%-3% improvement in our overall EBITDA numbers, percentage-wise. Got it. Just in case you are willing to answer this question, in non-glass, which blended EBITDA margin is probably steady state, high single digit, probably when you are purely sourcing. Would that be below breakeven, above breakeven, low single digit? Yeah, it has gone from high single digit to mid single digit, more or less. There has been a substantial reduction there. Of course, it is definitely beyond breakeven. Like I said, it is a short-term phenomenon. I'm not too worried about it because these things will play out in the next couple of years. Yeah. Perfect. No problem. No, no, that makes complete sense. Another key question we had, I think a couple of quarters back, and this is something that you had mentioned, is that this is when the BIS was coming into play for flasks. And you had mentioned that we have enough capacity to last us till Diwali. So now we have officially crossed to Diwali. And you did mention a statement where you have already lost revenue. So how is it looking like for the rest of the year? I mean, especially Q3, right, before your capacity starts coming in. Should we expect a material impact in the next quarter, Q3, because of more flasks? In fact, I thought the impact would be worse, but it's been, I mean, we had stock, we had inventory, but the demand in the market was far higher than our ability to supply that demand. Therefore, we did lose out on potential revenue growth. I mean, just to be clear, we've still grown 12% in Non-Glassware. That growth may have been north of 20%-25% had we had that inventory. As you rightly mentioned, the inventory is on the lower side now. I think we have enough to last us. You know, frankly speaking, a couple of channels have already stopped accepting non-BIS goods, which is also impacting sales. Even with the inventory there, some channels are not accepting those goods. That is also hurting us. Probably from Q4, we will start seeing some bounce back, and maybe Q1 of next year, we should be, you know, back to normal, I would say, output or normal sales. Yes, there will be some impact. Hard to quantify at the moment. Got it. No, got it. Great. Just a confirmation on the initial remark you made. Probably I am missing something here, but you said the base is not comparable, right? Last year, Diwali was, I think, 28th, 21st? No, last year, Diwali was third week of October, and this time it is last week of October, right? Or is it around? Yes, last year and third week this year. I think last year was 1st or 2nd November, if I am not mistaken. About 12 days earlier this year. Yes, yes, yes. This time it was third week of October. The reason you called it out, is it because you're seeing a YoY dip in the current quarter? Is that the reason? Because seven days? You see, again, if you look at my Q2 remark last year, it will also have some comment on this. And the Q2 remark the year before will have some. I'm just calling it out so that, you know, we don't think that these are exactly comparable. There's some impact. I'm not projecting anything for Q3 at all. Okay. Got it. Thanks a lot. The numbers look great. Thank you. Thank you. Thank you. The next question is from the line of Akshat Mehta from Seven Rivers Holding. Please go ahead. Hello. Thank you, sir, for the opportunity. I had a few questions on the results. Number one is just wanted to understand on the revenue part, you know, except for, let's say, in the month of September, where you see an early impact of Diwali coming in, you know, for August and for, you know, July, on a figurative basis, what kind of, you know, year-on-year growth did you see? I mean, I'm not asking for a specific number, but a trend, you know, so that we can understand where the industry itself is moving except for the festive season period. I mean, as I said before, the first quarter was not good. I mean, you know the numbers for the first quarter, right? Yeah. The first quarter was challenging for everybody. And we had, I think, single, if I'm not mistaken, single-digit kind of growth in the first quarter. This, you know, started changing from, I would say, Q2 onwards, the first half of Q2. Obviously, the festive season supercharged it a little bit. We'll have to see now how the rest of the year goes. Hard to predict because here, actually, there are two factors at play. One is the demand from the market, and the other is our ability to supply specifically one product category that is Hydra. That is, you know, muddying the waters a little bit in the short run because it's hard to predict how it's going to play out. Overall, I would say demand has picked up, you know, from Q1 onwards to Q2 and Q3, and even, you know, and we see, you know, with the GST reduction, I think, although it's not directly impacting our goods at all, just general consumer sentiment seemed to be better than before. I'm, you know, reasonably bullish on demand going forward. Our short-term issue, which is specific to Borosil on our ability to supply that demand on the Hydra category, that, you know, will fix itself in the next two-three quarters. Overall, I'm quite bullish for the future. Thank you. Hello. A reminder to all participants, anyone who wishes to ask a question may press star and one on the touchstone telephone. The next question is from the line of Bhavin Rupani from Investec. Please go ahead. Yes. Hi, sir. Thank you so much for this opportunity. First question on small kitchen appliances. We'll see BIS implementation kicking in from April onwards. Just wanted to understand what proportion of our Non-glassware revenue stands exposed to BIS right now. If we are still importing it, can we see jumping working capital because of this going into Q2 or second half? Yeah, I mean, frankly, the entire Non-Glassware segment is subject to BIS now with what you just mentioned. The main drivers were Hydra, which is the vacuum flasks, then appliances, and then Steel, you know, the Stainless Steel. These are the three categories within Non-Glassware. Now, as it stands, we have also launched Gas Stoves as a fourth category. The third and fourth, namely the Steel and the Gas Stoves, we were already aware that this issue is coming. We started with only Make in India. That product will not be impacted at all. Hydra, which is the biggest category, we have already decided to produce in India, and, you know, that is en route. Appliances will be impacted, but seeing this coming, of course, we knew this was coming from some time ago. Already, roughly 50% of our appliance revenues are made in India. This number will go 70%-80% in the next 12 months. We're seeing good traction there for our local sourcing. It takes some time. Like I said, there's a margin pressure on that. Overall, I think we're on the right track. There will be some working capital impact, although, frankly speaking, it will not be that material because last year, our inventory went up because we had a higher inventory of Hydra, which has now come down. That will be replaced by BIS inventory of appliances. Net-net from last year, I do not think there will be much impact, but I expected working capital to reduce this year, which may not happen. Net-net, can we once say that our import contribution right now is 20%-25% of total Non-glassware revenue as of now? Of total revenues? Non-Glassware revenue. No, it may be slightly higher. It may be slightly higher than that, but I think by the end of this financial year, it will reduce to even lower than that, so maybe 10%-15%. Right now, we have stocked up. It may be slightly higher than that. Got it. Also, sir, you mentioned about expansion in other categories going ahead in Non-Glassware. What is the priority list? Any indicative list would also be fine over here. I mean, obviously, whatever we sell more, we will manufacture. Whatever we sell more, there is a Venn diagram. One is what we sell, and the other is what we aren't able to source at a competitive cost, which we believe we can manufacture at a better quality and cost. The intersection of those two diagrams will give you what we are going to make. I don't have an answer for you at the moment. All right. The CapEx will be started from FY 2027, 2028 onwards? Any indicative time? From FY 2027. FY 2027, not even 2028. Like I said, I don't want to get into specifics because these are just under consideration and haven't been approved by a board yet. We will cross the bridge when we come to it. All right. One more question on Hydra. This is the first time that we are doing a steel product in-house. What is your sense on ramp-up and time to full utilization? What would be the peak utilization, sorry, peak revenue as well as EBITDA for this category? Peak revenue, I can say, a peak revenue from our production, I think, would be close or just north of INR 200 crore. However, when we can reach there, you know, our effort obviously is to get there as quickly as possible. I do not want to put a number or a date out there because it is, you know, like you said, the first time, there are many known unknowns, which we will solve for, but there are also many unknown unknowns, which are hard to kind of predict. I do not want to give a number or a date. I think we have followed the process. We have recruited good talent. You know, we have done everything by the book. I see no reason why this should take more than, you know, any other plant would take. You know, yeah. I see no reason why this should take more than six to twelve months. Let's see where that goes. All right. Also, sir, in the last call, you mentioned that you have made some progress on procurement of Hydra products from the local sources. Would you like to comment more on that, or would you like to quantify more, what proportion or how many number of pieces that you have contracted? No, no, I would not. I mean, yes, there is progress, and we have been increasing our, you know, local sourcing dramatically. Obviously, given the fact that I just mentioned earlier that we are not, we are actually at a lower sale in Hydra this year compared to last year, it obviously means that we've not been able to achieve the local sourcing to the level that we would have desired. It is there, and it is growing rapidly, but it is not where we need to be. To be fair to the local ecosystem, we have to also mention that, you know, the Chinese ecosystem evolved over 20 years. We cannot expect that what somebody has done over 20 years, the local guy can do it in 12 months or 18 months. It is not a realistic expectation. It will happen, and it will happen, I would say, in the next year or two. I think there will be enough local supply for this. Fair enough, sir. Also, sir, on revenue and CapEx guidance, I think in Q1, we had mentioned that it was difficult for us to reach 15%-20% revenue growth in FY 2026. Now, given where we are in a cost arc, would you like to reinstate the guidance, or do we still see pressure on ground? No, no, there's pressure because it's, again, like I said, it's a combination of two factors. One is on-ground demand, which is definitely better compared to Q1, at least. But our ability to supply this product category is still a day-to-day struggle and a day-to-day, let's say, you know, it's every day is a new day. That is what is keeping me away from giving you a, you know, a change in my guidance. If we had ability to supply, I would definitely stick to that 15%-20% more. We just have to see whether that'll, you know, whether that last few months we can supply that quantity. All right. And this last question, any CapEx guidance, sir, for FY 2026 as well as FY 2027? FY 2026 was deemed yet, we already gave our guidance for CapEx. For FY 2027, there's nothing further that I can speak of. Once it gets approved in board, then we'll discuss it at that stage. Perfect. All right. Thank you so much. Thank you. The next question is from the line of Vaidik Bafna from Monarch Network Capital Ltd. Please go ahead. Congratulations, sir, on a good set of numbers. Sir, I have questions in the Opalware division. So, sir, we constantly outperformed in the Opalware category against the competition. What different are we doing against the market leader who was earlier the market leader? In this quarter, did we have any institutional orders for the Opalware? If yes, then can you quantify an approximate figure? To the best of my knowledge, we had no significant institutional orders at all this quarter. Okay. Why we—I look, frankly speaking, the market is a market which is, you know, competitive in general. We try and do what we are strong at. I believe that we focus on our own, you know, areas where we feel that we can deliver, you know, reasonable product and growth for our customers as well as our shareholders. I would not like to comment on anybody else because the setup of our business is different. It is not fair for me to comment on any competitor. These things have a habit of changing, you know, quarter to quarter. I'm not, frankly, I've not studied the numbers too much. I only look at our numbers, which we try and, you know, do better at. I hope we can continue growing, and I hope the industry grows because without industry growth, our growth is, you know, is on a short. I do hope that the whole opalware category grows substantially in the years to come. Got it, sir. Sir, secondly, on the Glassware division, in this quarter, we've grown by more than 50%. What has led to this growth, and what kind of growth trajectory are we looking at in the coming quarters and in the coming years for this division? Yeah, that's it. That'd be second question. As far as Glassware is concerned, I think the reason for the growth is, and I think this was the—it's a thesis laying out that when you give more choice to the customer, the customer, you know, tends to buy products, you know, more items. I think the key to success has been the establishment of our plant. Like I said, it's the first of its kind in India, Borosil Press product. We have been able to grow that market by offering customers choices of products. As I have mentioned in my opening remarks, there is a clear shift from plastic to glass and to healthier alternatives, which we are seeing. You know, we are kind of, I would say we have some tailwinds over there. I would say it's broadly a shift in consumer sentiment accompanied by our ability to give the customer more choices, which has led to, you know, better growth in Glassware. This was actually the thesis. I'm glad to see it's playing out. We still have some way. Glassware is still a very small percentage of, you know, the whole kitchen and storage and even lunch boxes. I believe there's still a long way to grow in this area. The work has just started. Long way to go. Let's see that. Let's hope we can continue, you know, switching customers away from plastic to this product category. Got it, sir. Sir, out of the INR 90 crore-INR 93 crore of revenue in this quarter from the Glassware division, how much would be from old manufacturing and some bit of outsourcing as well, right? I think 90%. I don't have the number off the top of my head, but more than 90% would be our own manufacturing. 90% from own manufacturing. Yeah, yeah. Okay, sir. So that's it from my side. Thank you. Okay, thank you. Thank you. The next question is from the line of Akshat Mehta from Seven Rivers Holding. Please go ahead. Thank you, sir. Just so I understand, you know, earlier we were only going to put up two lines, and now we have approved for a third line in the Stainless Steel facility. You know, what is the thought process behind adding another line in the market? Because, as I said before, we were hoping that we'd get more local sourcing. But that's not working out to the level. Like I said, we are getting sourcing, but it's not as much as before. We just thought, rather than be dependent on someone else, let us make more in-house. That is simply the thought process. Nothing else. Okay. Also, sir, when can we see this? I know because we have a lot of Stainless Steel inventory lying on our books. Can we see some of the inventory come down by end of the year or probably first half next year? That inventory has already come down, but as somebody already asked before, unfortunately, it is going to be replaced by another inventory, which is our appliances inventory, which is also going into BIS this year. Yes, overall inventory of Stainless Steel is dramatically reduced by end of this financial year. It has already reduced substantially. On the books, you may not see, for one more year, this year rather, much reduction in inventory. Next year, you should see a substantial reduction there. Also, can you help us understand there is some royalty income of INR 3.8 crore on the presentation. What is that, Rodolphe? Yeah, Borosil as a brand, which belongs to Borosil Ltd. And our, let's call it a group company, or I don't know what the technical term is, but Borosil Renewables uses that brand. And therefore, they pay a royalty to Borosil Ltdd for usage and revenue. Also, can you help us understand, you know, exactly where we are in terms of, you know, construction or, you know, setting up of the Stainless Steel facility as well as the solar plant, which you said last call? I already said in the opening remarks, Stainless Steel facility expects production by Q4. Solar plant also, I think, in the next couple of months, by maybe also Q4, we should start seeing some net neutrina, some rather some supply of energy from that plant. Maybe February, March. The first full quarter for both will be Q1 of next year. Last one, sir, can you share the shared support service income and expense number? I think it's mentioned in the opening remarks. Anand, is anyone on the call who can share that number? Or Rajesh? Yeah, so sure. So this quarter, this half, we have about INR 20 crore of shared support service income. And in the previous period, it was about INR 6 crore of this. And so this 10%. INR 18 crore. And then lower 10%. Okay. And the expense number, sir? 10% lower. Because we have a cost + 10% market. Okay. Okay. Thank you. Thank you. The next question is from the line of Sumit as an individual investor. Please go ahead. Good evening. I had three short questions. I'll make it quick. You have mentioned the pharma industry not enabling us to do gifting anymore. I presume that continues. My question was, when does this lap up? Which quarter will that base effect go away? That's my first question. I think that base effect is gone. So it's been more than a year now. Yeah. Okay. Got it. Second question was on the competition from Milton Plastics and Opalware. I'm not sure where that is coming from. And I know you don't comment on competition, but do you envisage an effect on margins or some pricing pressure coming forward for the Opalware division because of that? I don't think so. Milton's a very, I would say, well-established player with very good distribution. In many cases, our distribution does not actually overlap. They are a very mature and seasoned, I would say, you know, company. I do not see that margin. They will be doing anything to upset the industry structure from a margin perspective. That is my sense. It is early days. We will see how that goes. I am not seeing that, and I do not think we will see that also going forward. Wonderful. Wonderful. The last question was that the BIS coming for the appliances. Just like we were kind of thought, I should not say unprepared, but off guard in terms of the Hydra that we thought there would be local sourcing, and then we changed tack and got it in-house. The same situation may again occur in appliances. Do you have any plans for doing some manufacturing in-house or at least on a subset of the lines which are your faster selling? Any plans on manufacturing therefore in-house for appliances due to BIS coming? There are two, yeah. That is a good question. I think there are two things that are different compared to Hydra. One is that as we speak already in appliances, 50% of that is made in India, okay? Compared to in the case of Hydra, 100% will be imported. In that sense, we have a 50% head start on appliances already. What we do see is another 20%-30% is well within our reach to execute local manufacturing before the end of, before the, let's say, implementation of BIS. There will be some gaps in certain SKUs which do not have an Indian ecosystem. We are doing the cost benefit at the moment to see whether it makes sense to manufacture those or just, you know, lose those SKUs altogether. That work is going on. We will definitely, having learned from Hydra, not repeat that with appliances in the sense that we will, before the time is up, either invest or set up local sourcing, which is well proven before the Hydra, sorry, before the BIS fully kicks in, or we start getting impacted in revenue terms from it. Got it. Thank you so much. All the best. Thank you. Thank you. As there are no further questions, I would now like to hand the conference over to the management. Over to you, sir. Yeah, well, thanks everyone for, you know, your engaging questions and reflects to me at least that, you know, people are interested in our organization and, you know, how we're doing and what we're doing. So thank you for your engagement once again, and I look forward to sharing the updates for you for the next quarter. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.