calling in. Can I have your name, please? Welcome to DURSABA. Our operator will be with you shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Kindly stay connected. Our operator will be with you shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Kindly stay connected. Our operator will be with you shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Kindly stay connected. Our operator will be with you shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Kindly stay connected. Our operator will be with you shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Kindly stay connected. Our operator will be with you shortly. Welcome to Campus Activewear Limited. Thank you for The conference will begin shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Please stay connected. Your conference will begin shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Please stay connected. Your conference will begin shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Please stay connected. Your conference will begin shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Please stay connected. Your conference will begin shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Please stay connected. Your conference will begin shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Please stay connected. Your conference will begin shortly. Welcome to Campus Activewear Limited Q2 FY27 earnings call. Please stay connected. Your conference will begin shortly. Ladies and gentlemen, good evening and welcome to the Campus Activewear Limited's Q2 and HY FY27 earnings conference call. Before we proceed on this call, Campus Activewear would like to point out that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties, and other factors. to discuss their results. It must be viewed in conjunction with our business that could cause future results, performance, or achievement to differ significantly from what is expressed or implied by such forward-looking statements. As a reminder, all participant lines will be in the listen-only mode, and there'll be an opportunity for you to ask questions after the management's commentary. Should you need assistance during the conference call, please signal an operator by pressing star and then 0 on your phone. I'm pleased to welcome Mr. Nikhil Aggarwal, Chief Executive Officer, Mr. Upalaksh Tiwari, Chief Operating Officer, and Mr. Rajesh Thakkar, Chief Financial Officer of Campus Activewear Limited. Thank you, and over to you, sir, for your opening remarks. Thank you. Good afternoon everyone, and thank you for joining us for Campus Activewear's Q2 FY27 earnings call. I'm pleased to share that Campus has delivered another strong quarter with a revenue growing 16.9% YOY to ₹452 crores, driven by volume growth of 10.2%. to 6.3 million pairs alongside a 6% improvement in ASPs. This performance is particularly encouraging in a relatively subdued consumption environment. More importantly, our growth is increasingly being driven by stronger fundamentals, a broader consumer base, a richer product portfolio, and deeper market penetration. Our continued investments in product innovation, design, and distribution are translating into tangible results. First, we are successfully expanding our consumer base. Our women and kids categories grew by 27% and 34% respectively during first half FY27. significantly outperforming the overall business. These categories represent substantial opportunities to expand our addressable market, and we believe we are still in the early stages of unlocking their potential. Second, premiumization is emerging as a powerful structural growth driver. Our products priced at ₹2,000 and above have delivered volume growth exceeding 50% YOY, with their contribution to the overall volumes increasing from approximately 9% to 13%. This reflects growing consumer preference for differentiated design, comfort, and quality. Third, we are strengthening our omnichannel presence alongside our traditional distribution network. We are witnessing encouraging traction across emerging digital platforms including quick commerce and our own brand website. Their combined contribution to D2C online revenue has doubled YOY during the quarter. Our strategy is clear: make Campus available whenever our consumers choose— wherever our consumers choose to shop, while maintaining a sharp focus on channel productivity and profitability. Coming to profitability, our material margins remained under pressure due to significant inflation in key input costs. While we have taken calibrated pricing actions, there is an inherent lag between higher input costs flowing through our inventory and the corresponding pricing benefits being fully realized. It is important to distinguish between recovering absolute input costs and protecting a percentage margin. We believe maintaining the right balance between growth, consumer value, and profitability is more important than pursuing aggressive price increases for short-term margin protection. Despite these pressures, we delivered EBITDA growth of 12.5% and PAT growth of over 21% YoY, reflecting the resilience of our business. Looking ahead, we expect a meaningful recovery in profitability during second half of the year, supported by the progressive benefits of pricing actions, improving product mix, operating leverage, and continued cost discipline. We remain confident on delivering a full-year FY27 EBITDA margin of 17%. Stepping back, I believe Campus is entering an important phase in this growth journey. FY27 is about sustaining growth and demonstrating operating resilience despite significant input cost inflation. which is taking the H1 growth at 11% combined. For the quarter, the volumes grew by 10.2%. Revenue from operations grew by, uh, 17%, uh, closer to 17%. Which has taken our revenue to ₹452 crore. With steady growth across all the channels. At trade distribution, registered growth of 14%, while at D2C online channel grew by 22%. D2C offline grew by 13%, wherein retail in fact did pretty well. We sold, like Nikhil mentioned, 6.3 million pairs during the quarter. And ASP has grown by 6% year on year. And Women's and kids' shares in the revenue mix has inched up from 21.7% last year to around 22.7% during this quarter. FY28 will be about converting this stronger growth platform into accelerated earnings and improving profitability. We remain committed to building a larger, more diversified, and increasingly profitable Campus while creating sustainable long-term value for our stakeholders. With that, I would like to thank everyone for joining us, and I, I hand over the call to our CFO, Mr. Akshay Thakkar. He will take you through the financial performance in greater detail. Thank you, Nikhil. Uh, good afternoon everyone, and thank you for joining us for the Q2 FY27 earnings call. I'm extremely pleased to report that we delivered double-digit volume growth in back-to-back, uh, Q1 and Q2 consistently. A gross margin, uh, like Nikhil mentioned, that at— are at, uh, 51.4% in the current quarter versus 53.9% in last quarter. And we did witness inflationary pressure, uh, on material side. Our EBITDA grew by 12.5% year on year to ₹62 crore, and we— our margin stood at 13.5% during the quarter, which is a marginal decline by 50 basis points versus the last year. But we recorded a strong 21.3% growth in PAT, outpacing revenue growth. And PAT stood at ₹24 crore, which is 5.3% during the quarter and improvement of 20 bps versus the same quarter last year. That's on, uh, P&L side. Our balance sheet remains strong with ROCE improving at, uh, to almost 22.3%. And ROE at 18.5% as of September 26th. Our net working capital days have inched up during the quarter because of the season, uh, planned buildup of inventory for the season. Uh, in Q3. I think with, with this, I will conclude my remarks and open the floor to the moderator for Q&A session. Thank you. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and 1 on your telephone keypad and wait for your turn to ask a question. If you would like to withdraw your request, you may do so by pressing star and 1 again. Participants are requested to use handsets while asking a question. First question comes from Mahesh Tolani from Gokwater. Please go ahead. Mr. Mahesh, please go ahead with your question, sir. There is no response. The next question comes from Devanshu Bansal from Emkay Global. Please go ahead. Hi, uh, hi, uh, Nikhil and team. Uh, thanks for the opportunity. Uh, congratulations on good fat growth in the quarter. Uh, sir, you have shared some interesting insights, uh, this time around, so, uh, I just wanted to check on this kids and performance wear opportunity. Uh, I mean, what, uh, is the current scale of the industry per se and what kind of market share are we targeting in these segments? So whatever initial thoughts you have, if you could share, uh, share some sort of insights on that, will be helpful. Uh, hi, Devanshu. Can you please clarify again which segment are you talking about? Kids and performance wear. Kids and performance. Okay, so see, these are absolutely nascent segments. We've just started, uh, you know, revamping these segments and very aggressively so. Both women and kids. And we have— these are pretty much like white ocean, like blue ocean markets for us. It's white, completely white space, big white space. We believe that there are very few organized players targeting these 2 segments. So Campus definitely has a big right to win given our expertise in both of these segments, especially the sports shoes and the sneaker market, along with performance, you know, where we are entering now also aggressively. Performance is a is the next growth driver. We've already launched badminton and now in the process of launching cricket and running shoes very, very soon. So Uh, this, this can be a good opportunity, great opportunity for Campus going ahead as a growth vertical. Uh, you know, our growth vectors have been performing very well and they have been delivering Uh, majority of the growth actually outperforming the core business. So, uh, would you like to add something here? So yeah, like, like Nikhil mentioned, right, we have launched 3 new business opportunities this year. I mean, apart from performance, there is apparel, which was launched primarily in retail as stage 1. Elan was the second launch, and now we are entering into performance as a third launch, right? We have launched this category about 60 days before through an online platform, and the initial results are extremely positive. You can see and order the products on Flipkart and Amazon as well. Right, and we believe this will be one of those drivers of disproportionate growth for us because of the white space that Nikhil mentioned, right. Kids also, we have seen Like you've seen over the last 2 to 2.5 years, you've seen disproportionate growth coming from women in our business. You'll see a similar pattern coming through kids as well. You've seen the initial nascent stage with disproportionate growth coming from the school shoe category for us this for the last 2 quarters, the same will flow into other ancillary categories of sports shoes as well as smallest kids or kids of a lower age segment as well. The same story that we, we have delivered with women as a business, we will be delivering with kids in the going ahead session, as well as performance is going to be a very big bet, starting with badminton, moving on to running. Football and cricket as well. Got it, sir. That's very encouraging. Secondly, I wanted to check some of your peers who play in the value segment have shared very aggressive outlooks on— in terms of growth. So wanted to check, is this a sector-wide uptick in growth momentum that you are noticing and whether Uh, you would also like to sort of provide some medium-term growth outlook for campus, so as a whole, so that would be helpful. So we are— we are— we— our direction remains consistent. We believe to be delivering mid-teen growth, and we are what you delivered, and you continue to deliver on the similar pattern going ahead. We don't see any any changes in that, uh, future-looking forecast for this year? For this year, yeah. So it's just a small follow-up here because peers, uh, like Asian, etc., are indicating like 25% kind of growth outlook, right? So wanted to check, as in, is this kind of a conservative kind of stance that you are sort of adopting, or whether we can see positive surprises on the growth front, because the opportunity seems to be very large. So we, we will not leave any opportunity on the table. We are focusing on all segments that we need to address while being financially prudent as well. So our growth has always had a backing of you know, financial prudence behind it. We will take decisions looking at profitability of the category, and we will not run any business for driving revenue without, you know, it adding to our bottom line. Right, so we are very clear on that principle, and wherever we see opportunity, we'll go aggressive. We are confident of delivering mid-teens growth. Anything— of course, we have, we have a bigger plan for the near— for the, for the long term as well. But at the current juncture, for this financial year, we will want to stick to our mid-teen guidance as of now. Morning, sir. Thanks for taking my questions and festive greetings to the team. Thank you. The EBO number has a bit of an underlying reason to it. And like you— like we have given commentary earlier as well, we were in process of a model transition for franchise. which is now 100% completed. Almost 50-odd stores got converted in Q2 as well, which of course has an accounting where you take the inventory back and then rebill it. So it has a has an impact of inventory coming in the system and going out again. And hence the franchise number will start showing double-digit— sorry, significantly higher growth. Just to give a perspective, in the same quarter, I'll Coco business grew at a like-to-like above 20%. Thank you, sir. The next question comes from Videesha Sheth from Ambit Capital. Please go ahead. Hi, I hope I'm audible. Uh, my first question was pertaining to the channel-wise growth. Uh, so when I see the growth in the trade distribution channel versus the EBO channel, trade distribution accelerated to around 14-15 odd percent, but EBO has probably moderated to 11 due to the festive shift impact. So fair to say that the distribution channel would have seen sufficient inventory for the festive season and How to specifically think of growth for this channel going forward at primary and secondary level? So, uh, As well as the partners who transitioned in Q4 of last year have shown the range— growth range of 20-40% for H1 of this year. So we are very confident that this retail number, which shows a slightly lower number of 13% of retail decrease, that has other channels as well. There is LFS within that as well. But we are very, very confident of showing double 20% plus growth on the retail front because that is already what we are seeing. Just the model transition is taking away some of that, that positive repercussions coming there, but you will see that number simply improving in the upcoming quarters. So, and on the trade bill, of course, of course, the seasonality has shifted a bit later. We have seen that happening, same with online, same with offline. But it's not— the growth is not driven by this aggressive inventory buildup. It is in line with our standard inventory practice. So you'd expect the 15%, uh, growth in the trade distribution channel to largely sustain even going forward? In that range, in that range. Got it. Second is, uh, if we were to break down the ASP growth of 6-odd percent into premiumization and even price hikes, uh, that would have probably been undertaken, Uh, can you call the bifurcation out? And even going forward, to what extent do you expect to see this ASP growth shape up? So our ASPs, you know, like, uh, we've taken approximately ₹40, uh, of ASP jump, uh, in terms of absolute value, uh, ₹13 or ₹12-13 is attributable to the premiumized ₹2,000+ segment, and the balance is the, is the product mix and the, and the MRP increases that we have taken. Right, so, uh, that's the, that's the broad split of that. Uh, this is basically, this was enough to offset any, um, any increase in raw material inflation that we have witnessed. So that we had accounted for, and that is the kind of increase that we took in the MRP. Noted. And the third question was on the D2C or the online channel. How different is the portfolio and price points being sold across your own website versus the likes of Amazon, Flipkart, and QC? So there is— so I'll take the brand.com question first. Brand.com will share almost an 80% portfolio with what the rest of the marketplace operations will be selling. Plus they will also have access to the retail exclusive lines which will only sell between retail and brand.com and will not be offered to the rest of the marketplace ecosystem. E-commerce is a much more limited set. We were only selling, for example, open footwear on Blinkit for the longest time. Only about 2.5-3 months we've just introduced about 3 shoes. Zepto is a product portfolio of about 8 to 9 products across some 4 open footwear and 4 closed footwear. So much more limited, tight portfolio available to these products and not the entire gamut that we have to offer. Between these channels. Uh, so the growth that you've seen in, uh, your brand.com operations, uh, that would primarily be led by which price points or any particular part of the portfolio, if you'd like to call it out? It will be on similar lines as a marketplace, but the ASP behavior is significantly better than a marketplace operation because we also work on selling more premium and showcasing products like Elan. as well as our retail exclusive ranges there. So the ASP profile would at least be 8-10% higher than our marketplace business today. The product that we sell, of course, since 80% of our profile matches with what we sell on our partners' commerce as well. So the product profile will not be very different, but the newer age category that we do, be it Apparel, Elan, or performance products, or premium exclusive, will have a higher share on our brand.com as compared to marketplace. Got it. And last bit, if I may, oh, if you can, can you call out the festive trends that you're observing at consumer level so far and how does it compare with the festive last year? If any particular categories or channels are leading, what kind of trends are you observing? So I mean, last year there were multiple inputs that went into market around this time. Of course, there was a very big GST change that happened in the market followed by a big festive push. Uh, there is no GST of course this year, so that one big blip that came into the system at that time doesn't exist this year. But like to like, if we compare, we change— when we compare our D2C ecosystem where we are able to compare directly, we are seeing Double digit growth there as well right now. Got it. Thank you. That's all from my side. Thank you, ma'am. Participants are kindly requested to ask 2 questions in the initial round and may join the queue for more questions. The next question comes from Umang Mehta from Kotak Securities. Please go ahead. Hi, uh, thanks for the opportunity. Uh, my first question was on the new categories, uh, you know, Elan, uh, performance footwear. And even sneakers, if you can add to that. How much would they have contributed in, uh, first half in terms of top line or volumes? Any color would be very helpful to understand how that business is shaping up. Thanks. Since we are a reasonably large organization, whenever a new category is added, when I start comparing it to my existing base of business, everything looks small, right? But within their own rights, they are doing a reasonably good job. We would have sold over 20,000 units of apparel already in the last 5-6 months, primarily through our retail ecosystem. We would sell over 100,000 units of Elan as well in this financial year. Reasonably successful, and we are not going very aggressive on inventory. We are doing very clean-cut launches, being very clean on channel exclusivity, on where we want to launch these products. And we're seeing very good throughput. So there is no inventory issues of these categories. The partners are happy. There's a very strong brand communication. You would have seen the Gymshark campaign that we did along with Amazon Prime. During launch of that category, we are planning something similar for kids. So everything is linked to a much larger GTM and not just an ancillary category which I'm trying to pump a new product into the market, right? So we are very happy with the results. Badminton is a very nascent launch. I mean, the numbers might be small. So in this last 30 days, we would have sold maybe 3,000 units. Only on our online platform, but we're very happy because we launched only about 6 products there, right? So we're seeing very, very good traction, and that gives us the conviction of doubling down on these categories. So there's already Elan 2.0 coming next month in retail. If you visit our stores next month, you'll see a much more unique profile of Elan coming into our ecosystem. Same with performance. So there's already a cricket line coming in January. So I mean all that is happening because we believe all these small categories have the right to win in itself and will become small sub-VUs in itself in the next couple of years, right? And that's what we're investing behind today. So we're not very worried, is it 5% of my revenue or 3%, but eventually it will be a substantial part of my revenue in the next couple of years. That's what we're going behind. And in all 3 categories that I mentioned— performance, Elan, and apparel— all 3 are categories we are doubling down and expanding the range and not slowing down. So that should give you confidence that, you know, we are very happy and the entire ecosystem is driven towards You're making these categories significantly larger. Understood. Sure. The second question was on, uh, was to Nikhil. Uh, Nikhil, we've kind of, uh, heard some chatters around, you know, promoters wanting to sell, um, and, you know, it's been impacting the stock sentiment to some extent. Uh, possible to clarify, uh, you know, how are you thinking about it, um, and is there any such plans in the immediate future? Thanks. Uh, hi, Umang. No, so there is no plan from the promoter family in the foreseeable future. We don't tend to said anything right now. Got it. Sure. Thank you. I'll come back in the queue. Thank you, sir. Dear participants, if you have any questions, please press star and 1 on your telephone keypad. The next question comes from Bhavesh Jain from DV Investment Advisor. Please go ahead. Hello, sir. Am I audible? Yes, sir. Yeah, so, um, thank you for the opportunity. It is more of a bookkeeping question from my side. So in our balance sheet, within other current assets, there was this government authorities of ₹125 crore in FY26, so which has jumped from ₹72 crore in 2025. So can you just elaborate on what is this related to and how are we planning to realize this amount and in what time? No, I think, uh, thanks for the question. Uh, broadly, if you look at ₹125 crore, it's largely GST input credit lying in our balance sheet. Uh, if you— I think if I split it into 2-3 parts, see, uh, we are claiming refund from 2 states, which is HPNJ and UK. I think that itself is in this month, next month will be clearly roughly ₹25 crore. This leaves the balance to ₹100 crore. Within that ₹100 crore, uh, the ₹40 crore is Haryana, rest is different states. But if you would have noticed in last amendment in GST, uh, meeting, the council meeting has happened. I think now the services— on services also you can claim the refund, right? That's really going to help us, uh, release, unlock some of the GST input credit. We can claim the refund in both HP and JK and UK. The second piece is, uh, the accumulation which was happening, uh, every month on a Uh, you know, uh, 2-3 crore. Uh, that, that's also not going to happen. And last bit is, uh, you would have seen that our inventory is slightly at an elevated level. As it gets unlocked in next couple of quarters, this number will further unlock. Yeah, the overall 125 is a month. Okay, so any expected timeline when we can realize this amount? Uh, The overall 100 crore you are saying, or Yeah, it will take, uh, you know, good, uh, 12-18 months to, you know, unlock this number. Yeah, and broadly, okay, inventory coming down, this number will, uh, you know, come down significantly by March. Post that, this number will be, uh, will take some time to get unlocked. Okay, and do we see this figure recurring again in future? No. I think like you would— like I mentioned that you would have seen that. Yeah, sorry, let me just come in here. I want to just clarify that this accumulated because of the service— services that we were availing, and there was no law before earlier to use that input credit. So now that we are able to utilize that, there is absolutely no more further accumulation. this number will only come down. So one big chunk will come down post-March after the, the season and the inventory comes on, and then it will steadily come down over the next 6 months after that. That is the plan of action from our side. Okay, thank you so much. Thank you, sir. The next question comes from Kaustubh Pawaskar from ICICI Direct. Please go ahead. Yeah, uh, good afternoon, sir. Thanks for giving me the opportunity. So my question is on the margin front. So if we look into the first half EBITDA margins, uh, they were around Uh, 15%. Uh, you in the call, uh, you know, mentioned that for the entire year you are expecting EBITDA margins to be around 17%. So that indicates that H2, we should expect, you know, profitability to be much better than H1. So, you know, I just want to understand, you know, what confidence does, uh, you know, give us, uh, so that the H2 should be much better in terms of profitability considering the fact that, uh, you know, uh the raw material pressure is going to be there, uh, maybe for a quarter or 2. So, uh, Historically as well, our H2 margin profile have always been significantly better than H1 profile. Of course, due to the seniority of our business as well as the operating leverage kicks in because of it. Uh, we believe that our quarters— we are very, very geared up for a very strong quarter 3 and quarter 4, and that brings— gives us the confidence that we will be able to sustain and deliver the 17% EBITDA prediction that we are offering you right now. Uh, we, like you mentioned, that the input pressure is not going— I, we believe that eventually this input pressure will also taper off. And will flow into our margins at some stage. We, of course, there is no, uh, fun in forecasting when that day will happen, but we believe that input pressure, uh, with crude also kind of, uh, going down southwards for the last 3 days We believe that that should flow into the ecosystem starting sometime in January. Now there are multiple work that we are working on to ensure that our margin profiles stay consistent and in line with what our our performance and our EBITDA. Right, yeah, we are not depending on the 17% guidance with respect to the raw material coming down. Okay, so this is irrespective of that. Right, so, so, uh, are we looking for any further price hike in our portfolio, or, uh, there won't be any further price? So it will depend, right? Like, uh, fortunately the crude has tested today, as we see. So if it sustains, we don't need to take another price hike. But unfortunately, if it does, then we'll have to take another price. And so, uh, one clarification, uh, in the initial comment you mentioned that about 2,000 has grown by 50% and the contribution is around 10%, right? In terms of volume. Is it right? That's right, yeah. Okay, and, uh, so where do you expect the contribution of about 2,000? Uh, you know, I don't want the immediate, uh, this thing, but over the next 2 to 3 years since you have been, uh, you know, entering into Uh, you know, too many categories and the categories of growth, these are most of them are categories of growth. So where do you expect this about 2,000, you know, contribution going ahead over the next 2 to 3 years? So I mean, I would not want to put a number to it, but all the categories that we are currently focusing on, be it performance, be it elan, be it sneakers, right, all these are PSP-accredited categories. The best thing about this entire direction that we're talking about is that one of the largest chunk of growth is coming from a generated business. Our other businesses were already poised to sell higher MRP, higher— your D2C businesses or your modern trade businesses. were already tuned to selling a higher profile of products. Over the last 18 to 24 months, we have been seeing a very massive growth in the share of premium in our generated business. Through a lot of product intervention as well as other trade interventions, right? So the, the heartening thing is that that is growing and we believe that this, uh, the growth will continue. So I mean, I would not want to put a percentage number, but you will see a positive trend going ahead. for, for significant period of time. Right, thank you. Thanks for that. Thank you, sir. Dear participants, if you have any questions, please press star and 1 on your telephone keypad. First question comes from Bhavish Jain. From DV Investment Advisor. Please go ahead. Uh, sir, thank you for the opportunity. Just a remaining follow-up on that, uh, balance with government authority figure. So just wanted to ask why the— why our competitors don't see this amount on their balance sheet, and is it specifically related to us? So it's an interesting situation actually. In our case, you know, there is, uh, most of our portfolio actually sits in the 5% output bracket. And plus, we are the only or one of the very few companies that does such a high AMP spend on the brand and brand marketing side, right? Uh, so therefore we accumulate a significant amount of input credit on the services side, which we are unable to offset because most of our portfolio sits in the 5% bracket. So that is where the mismatch sort of happened. But now that with the new GST ruling coming in, it will now offset all of that as well. I hope that clarifies. Yeah, yeah, yeah. Okay, sir. Thank you. Thank you so much. Just to add, uh, we are carrying around 600+ crore in our books, right? So you should read it like 15%, we are already on an average basis 15% GST we are paying while buying the material, right? So it will move in line with the inventory level what we are carrying in the books, okay? It will never get zero because always you will be carrying certain level of inventory. for the business. Right, but it will move in line with the inventory level what we are carrying for the business. Thank you, sir. The next question comes from Devanshu Bansal from Emkay Global. Please go ahead. Hello. Hello, Mr. Devanshu. So there is no response. Dear participants, if you have any questions, please press star and 1 on your telephone keypad. Again, the question comes from Devanshu Bansal from Emkay Global. Please go ahead. Yes, sir. Hi, uh, thanks for the follow-up opportunity. Um, sir, uh, you're sort of Hi, apologies, am I audible now? Yes, sir. Yes, uh, so if you're pressing pedal on EBO expansion, so obviously a full store requires a good amount of range as well, right? So in terms of display, etc. So wanted to check if you could share some thoughts around how you have sort of worked upon that, maybe walking, running, kids. Slippers, etc. Whatever new initiatives that you have taken will be really helpful. So, I mean, we have just recently launched a new format of a retail identity in Luthnagar in Delhi, which is a new store identity that we've just launched, which was inaugurated by Gautam Gambhir. Right, and a lot of images and videos. And in case you are in Delhi, would love you to visit that location. Helps you understand how we are trying to communicate and talk to consumers and, you know, really bring the products to life. On the product category that you mentioned, by default a new retail store today will, will have sections of all categories that we are focusing on. The early categories of men, women, kids and within men running, walking, uh, and lifestyle would remain the way they were. Along with that, there will be by default an apparel section that gets built into the newer store that we open. As well as an elan section that we built. As of today, we do not have a separate section for performance yet because we don't have a wide enough portfolio, but eventually once that category becomes big enough there will be a separate section for performance footwear as well. Kids will get incorporated within the same segment. In case required, we will be adding certain floor units to accentuate the range that smaller kids, which is the 1 to 5 year segment, which is not a very big category in our stores. We already present the 6 to 14 year old category within our stores quite well. In case we need more space, that will be done through a floor unit change. So all these categories will be represented well within our retail ecosystem. Our store sizes will go a bit bigger now. We are working in the 600 to 700 square feet spaces early. Now we'll be moving to an 800 to 900 minimum square feet kind of a site to be able to do justice to all these categories. Fair enough. And, uh, so your brand philosophy around comfort, value at very razor-sharp point sort of applies to apparel as well, as in this is how we are sort of differentiating? Yeah, absolutely. The same values apply to apparel as well. Absolutely. Whatever category we do, uh, has to have very high value proposition. That has been the genesis of our entire, you know, Thank you, Nikhil. Uh, thank you, team, uh, for taking my questions. Thank you, sir. Dear participants, if you have any question, please press star and 1 on your telephone keypad. Dear participants, if you have any questions, please press star and 1 on your telephone keypad. Thanks everyone. As there are no further questions, we would conclude this call. In case of any further queries, please reach out to the Campus Activewear Investor Relations team. at ir@campusshoes.com. Thank you for joining us, and you may disconnect your lines now.