Ladies and gentlemen, good day, and welcome to CG Power Q3 FY 2026 earnings conference call, hosted by IIFL Capital. 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 this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. Now I hand the conference over to Ms. Renu Baid Pugalia from IIFL Capital. Thank you, and over to you, ma'am. Thank you, Shubham. Very good afternoon, everyone. On behalf of IIFL, I'd like to invite the management of CG Power and Industrial Solutions to discuss the 3Q FY 2026 results. From the management team today we have with us Mr. Amar Kaul, Managing Director, Mr. Sushil Todi, Chief Financial Officer, Mr. Murray Neil, EVP, Drives and Automation and International Motors Business, Mr. Gaurav Makhija, Vice President, Switchgears and APD Business, Mr. Ajay Jain, Vice President, Transformer Business, Mr. Dhananjay Bapat, Vice President, Railway Business, Mr. Jatinder Kaul, EVP, Motors Business, and Mr. Sriram Rangarajan, EVP, Head, Consumer Products Business. I now hand the call to Mr. Amar Kaul for his opening comments, after which we can start for Q&A. Thank you, and over to you, Amar. Thank you. Thanks, Renu and team. Good afternoon, everyone, and welcome to the CG earnings call. Starting with a summary of results, I'm very pleased to share with you all that we have delivered outstanding set of numbers for the quarter and the nine months ended December 31, 2025, reflecting operating discipline and strategic focus using our CG Edge as a tool. This is yet another quarterly performance with all-time high standalone revenue and PBT after accounting for exceptional items. Our Quarter 3 sales grew by 22% year-over-year, and PBT before EI grew by 35% year-over-year, and we have achieved 148 basis points margin expansion in PBT during Quarter 3, financial year 2026. Further, the orders remained, excuse me, robust, with backlogs strengthening further to 66% year-over-year to INR 14,859 crores, reflecting sustained demand across all the businesses. Now, going deeper into Q3 standalone performance, aggregate sales for the quarter were higher at INR 2,909 crores, recording a growth of 22% year-over-year. PBT was higher at the growth of with a growth of 25% at INR 454 crores, which is 15.6% of sales as against INR 338 crores in Q3 previous year. And exceptional items include incremental impact due to introduction of new labor code, effective 21st of November 2025. Return on capital employed for the quarter was 23%, and the order intake for the quarter was INR 4,096 crores, which is about 13% growth year-over-year. Unexecuted order backlog as of 31 December was INR 14,859 crores, which is 66% up. Now, if we go deeper into each of the segments, starting with industrials, while we saw steady sales growth with the margin impact coming due to commodity cost headwinds, aggregate sales for the quarter was at INR 1,584.85 crores, which is 8% year-over-year, and a healthy growth across motors and railway business. PBIT was at INR 149 crores, which is 9.4% of sales, as against INR 184 crores, which was 12.5% of the sales in Quarter three last year. Margin change is driven by lower price realization and product mix changes in the railway segment, as well as, lower gross margin in motors due to significant commodity inflation that could not be passed on entirely to the market. And this adverse movement was partially offset through the cost optimization, operational productivity, and disciplined pricing. And the business will continue to focus on margin improvement through cost optimization initiatives, pricing, and improving our product mix. Order intake for the quarter was 2,050, which is 9% increase, and the unexecuted order backlog as of 31st December continues to be sequentially better at INR 3,569 crores, which is 20% year-over-year. As we go deeper into the power system, it has shown continued growth trajectory with further margin expansion, supported by healthy underlying market and execution discipline. Aggregate sales for this quarter was at INR 1,326 crores, with a sharp rise of 44% year-over-year, supported by robust execution disciplines. PBIT was at INR 283 crores, which is 21.4% of sales, as against 17.6% of sales in the previous year, same quarter. 378 basis points margin expansion driven by improved price realization, reflecting robust demand trend and enhanced operating leverage. Order intake for the quarter was INR 2,046 crores, which is 16% growth year-over-year, and unexecuted order backlog as of 31st December was INR 11,289 crores, which is 89% higher year-over-year, providing multi-quarter visibility. With this, we conclude deep dive into our standalone performance, and I'll now move to consolidated performance. The consolidated results includes the performance of our operating subsidiaries in Sweden, Germany, Netherlands, which is drives and automation, as well as CG Adhesives Products, CG Semi Private Limited, G.G. Tronics, and Axiro Semiconductor Group, that is, our non-operating subsidiaries. Aggregate sales for the quarter was INR 3,175 crores, at a growth of 26% year-over-year. We have PBT before extraordinary income was 25% high at INR 420 crores, which is 13.2% of sales for the quarter. EBITDA was INR 335 crores, which is 13.3% of the sales. Margin gain is driven by strong standalone performance, were offset by continued investment in the talent pool for semiconductor business and deferred revenue in Axiro on account of holiday-related timing of customer activity. Power semiconductor segment impact of INR 41 crores, which is 130 basis points. Return on capital employed, ROCE for the quarter was 21%, and the order intake for the quarter was INR 4,372 crores. The unexecuted order backlog as of 31 December was 62% up year-over-year at INR 15,753 crores. Finally, I would like to share about the major order, win, achieved earlier this month. CG secured one large order of INR 900 crores, which was about $99 million, of power transformer export order from Tallgrass in U.S. It's a large-scale data center project in the United States, and this order was received on sixteenth of January as the single largest order ever in the history of CG Power. And this is a direct export to U.S. for supply of power transformers. Under this contract, CG will supply power transformers, specifically engineered to meet the stringent reliability, efficiency, and uptime requirements of hyperscale data center applications, and this order will be executed over a delivery period of 12-20 months. With this, I'll conclude my opening remarks. Unaudited financial statements with detailed notes are available as part of stock exchange filing and on our company website. Thank you for listening in, and back to you, Renu, for Q&A. Shubham, you can start. Okay, ma'am. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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 comes from the line of Ravi Swaminathan from Avendus Spark. Please go ahead. Hi, sir. Good afternoon. Thanks a lot for taking my question, and congrats on a good set of numbers. My first question is with respect to the order intake for the power system segment. So it has seen 16% growth. It's a healthy number, but in the previous quarters, we had seen significantly higher kind of growth in the order inflow momentum. So just wanted to check with you, are you seeing any signs of, at the margin, slowness in the ordering momentum in the power system segment, especially related to the domestic renewable category? Thanks, thanks, Ravi, for the question. See, it's a quarter-to-quarter variation will always happen, so, we have, we are not seeing any decline or slowdown in the pipeline of the orders that we have, so I think it continues to be as strong as it has been, and, and growing as well. Understood, sir. Secondly, on the motors piece, if you could call out on the, what would have been the volume growth in the LT and HT motors? So we had seen a revenue growth of around 8%-9%. How much would have been contributed by price increases, and how much would have been contributed by LT, HT motor volume growth? And are you seeing, recovery in the demand for LT motors, and how is the price increase, holding up? Yeah, so couple of answers to, you know, multiple questions that you asked. So, on the market size, yes, there is definitely an improvement versus the last few quarters that I have been talking about, where it was negative if you look at the data. It has, you know, crossed the reach of being flat or a little better than that. But I think the good news, as we've shared, is if you are getting 8% up, which means you are either eating through the market share or putting across the value proposition in front of the customers. So yes, it's a combination of the price increase that we did. The realization has been fairly good. We are satisfied with that. Of course, it could not completely cover the increase, the increase in the commodity, but yes, we're working on that. And second is also, you know, if you look at the little stress on PBT, is also, you know, we are working aggressively on the I2V piece, which is innovative value. So that activity is also happening in parallel. So both these should help us to come out of these difficult situations. So your question answer is yes, a combination of, volume as well as the top line from the price increase. Understood. And with respect to the commodity price increase and currency depreciation, how much more price increases are required, say, from the Q4 onwards? And how is it likely to kind of pan out for both the power and industrial segment? So, how does it work in the power segment? First, fresh orders are benchmarked to the current commodity prices and passed on to end customers. Is it the way of understanding? And with respect to the industrial segment also, with respect to motors, how much more price increase is needed for both LT and HT motors? See, price increase, you know, the thumb rule for the industry is very clear, you know, any inflation has to be passed on to the customer, so that's the way it happens. So if commodity still doesn't behave well, obviously there'll be forthcoming price increases coming in the market. That's typical to the industrial business that we are in. But if you go to the power, most of the business, we have the PVC clauses, which is price variation clause. So, so any change in the commodity that happens, you know, we get the compensatory amount on that. So that doesn't amount to change in the pricing, but, yes, that gets compensated, which is a typical industry practice. Okay. The price variation clause- Sorry to interrupt, Mr. Ravi. Yeah. We request you to return to the question queue for the follow-up question. Sure. Thank you. Ladies and gentlemen, a request to all participants, please restrict your questions to two per participant. For more questions, please rejoin the queue. The next question comes from the line of Ankur Sharma from HDFC Life. Please go ahead. Yeah. Hi, good afternoon. Thanks for your time. Two questions on the power segment. First, you know, obviously there have been some media reports saying that the government could potentially allow Chinese players to bid for PSU, you know, tenders. So just your thoughts on this, you know, what are you hearing when you interact with the ministry? And, you know, are you seeing anything in that direction? Is my first question. Yeah. So yes, a lot, lot is going on in that direction, and as we interact with the ministries or, with the- Mm-hmm. with the utility companies and the customers, so Mm. Honestly, as we are not really worried about that, even if Chinese players come in, important is level playing field. Mm-hmm. Like, I'm a big fan of saying that with the level playing field, we have to be operationally efficient, and then we can compete with anybody, you know, whether it's the Chinese players or Japanese or Indian players, yes, we have to be competitive. So that we'll continue to do. But I think important thing is, being, having that, level playing field, which I think as of today, what we see, I don't see a concern on that at all. I mean, can you just elaborate a little more? When you say level playing field, you mean that they need to come and set up shop in India? Is that what you mean, that instead of a blanket imports, is that- No, that is not an issue. I want from that level playing field to me. I'm saying- Mm. When I say level playing field, means that you don't get any special benefit or special privileges- Mm. or special incentives by the respective governments, then we cannot. Then it will be a problem for the industry, not for us only. Which I don't get that feeling that that advantage people will have. Okay. So, so you do expect that there could be some relaxation, but, as long as there's a level playing field, is what you would expect to see. Is that how we should understand what you're trying to tell us? See that the government has to decide whether they allow Chinese companies or not. Okay. We don't control that. I'm saying even if it comes- Mm-hmm, mm-hmm. Based on our competition with our industries- Mm. that's the only thing we have to put across, let it be a level playing field. Mm. So we control our destiny by being operationally efficient. That, that's all I would say. Fair. Fair. Okay. Okay. Fair. And, and just the second one on this large transformer order, which you got for this data center in the U.S., if you could just talk about, you know, what more could be there in the pipeline? How much of an opportunity does it really open for a company like CG, in terms of, export orders, for data centers? Thanks. See, data center, you know, this renewable data center is one of the key verticals for us. So it's not that, you know, this, order has come by fluke or, you know, it just suddenly came up. You know, we have been working on this, Sure. For the last two years, Mm-hmm. Religiously, on these, key account management, the vertical focus of the industry, and that has started, you know, giving us some of these results. So we are of firm opinion that, you know, de-risking strategy of, being domestically strong, as well as, keep, you know, divesting a bit on the outside India as well, so that there's a focus on both the sides. So we don't want to put all the eggs in the one basket. Got that. Okay, great. Thank you. Thank you. The next question comes from the line of Mahesh Bhendre, from LIC Mutual Fund. Please go ahead. Hi, sir. Thank you so much for the opportunity. I just wanted to understand, sir, in the outlook for domestic, the power, transmission business, if we look at the five years, do you see a sustained, order pipeline? Because government has published recently new NEP, where there is, high amount of CapEx in power is going to take place. So do you think, we are in a phase where growth could be extended well below five years—well, above five years? Yeah, see, I think if you, if you have noticed in last couple of quarters, even the earnings call, I have always been bullish about it. The last year also I said next five years, up to 2029, I don't see a concern that this sector will not grow. Unless something catastrophic happens, then obviously that's out of control of everybody. Otherwise, the way expansion plans are, the way government is expanding infrastructure, power generation, so I don't see anything slowing down here up to 2029. And, of course, of course, it can go beyond that as well, but it's a combination of publicly available data as well as what we see in the market. Sure. Sure. Thank you. Thank you so much, sir. Thank you. The next question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good afternoon, sir, and thanks for the opportunity. My first question is on the power system. Is it fair to say that the price variation clause is present in almost the entire order book? Yes, almost. Understood. My second question. Of course, you have won a very large order of export from U.S. Can you please confirm whether this order was not part of the order inflow announced for Q3? Is that right? No. This is from, I think, if you see the date is, sixteenth- Yeah ... of January. Yeah. So this is not, this is not added in last year, so this is for the current quarter. Thank you, sir. That's my question. Thank you. Okay, thank you. Thank you. The next question comes from the line of Atul Tiwari from JP Morgan. Please go ahead. Yes, sir. Thanks a lot. Sir, on the power systems margins, you know, which have obviously expanded quite a bit this quarter again, my question is, for the new orders that you are getting for the power systems in the domestic market, are the margins similar or they are even higher than what you are reporting today? I would say with the backlog that we have, future is bright. Okay, so roughly similar margins that you are reporting today. I mean, we should be able to hold on to these margins. Is that a- Sorry? -fair conclusion? Yeah, see, I'm not able to tell you exactly, you know, what my backlog margins are, but there's a very disciplined process of order intake to the backlog margin, how to understand. So each of the business leaders for each of the businesses are on top of it. The quality of incoming orders, what quality we are getting in. So I think there's a very disciplined process in place. So I think we are very much in control of that. Okay. And, sir, the second question is on the, you know, OSAT business. So, I mean, could you give some update on, you know, what is the kind of ramp-up we are seeing in the facility that we commissioned a few months ago? And when is the next bigger facility likely to come online? You know, any, you know, updated color on that? You mean for transformer or? No, no, for the OSAT business, the semiconductor business. Yeah. So OSAT, as you, you know, heard last time, the, the mini plant, which we call M1, has already started, commenced its activity. I think the next two quarters, we should start, sales out of that on a small scale, and then, it'll keep graduating. I would say next two to three quarters, you'll start seeing a decent amount of sales coming. But it's a small plant in any case. And the new plant, which is the bigger plant, M2, as we call it, that should, be ready by end of this, end of December 2026. And, so I would say Q4 of, next financial year is when we'll start some activity. Of course, the lead time for customer approval and validation of these chips doesn't take as much time as the mini plant takes, so but, yeah, there will be some time. So I would say another one year or so, it should be operational. Sir, in terms of yields, et cetera, that you are getting in the mini plant, you know, will you be able to comment on that? You know, what kind of yields, et cetera, we are getting? Is it in line with whatever you have anticipated? Yeah. I mean, it's much better than what we anticipated, because the business case was much lower. But I think today we are operating at about 98%-99% kind of yield. So which is a very- Okay. -good situation. Okay, sir. Thank you. Thanks. Thank you. The next question comes from the line of S. Kapoor from Jefferies. Please go ahead. Hi, sir. Am I audible? Yeah. Yes, sir. Yeah, thanks. Just wanted to ask you again on the potential re-entry of Chinese players. So, you know, assuming, as you said, there is a level playing field, but they do come back into the market, do you see pressure on potential pressure coming back on pricing and as a result, any pressure on your margins going forward, in case they do come back and it is a level playing field? We have not seen anything like that till now, for sure. No, I meant that in case they do start coming back in a year from now, could there be certain pressure on pricing? That's just directionally, if there's you could comment on that, going forward. See, that's why I said the answer is very simple. You know, nobody can predict what will happen after one year. Important is how do we flex our muscles in the gym to be prepared for the worst-case scenario after a year? I think that's what we are focusing on. To me, that's the leading indicator. How do we become more operationally efficient, and how do we keep expanding, not only in India, outside India as well? With that focus, I think that's, that's the only way. To me, that's the leading indicator, so that's where we're focusing on. Sure. And just to carry on with this, is it, you know, are there any segments where the Chinese players are more likely to come in, you know, maybe in the extra high voltage or high voltage? Do you have any visibility or clarity on that as to which segments they're more likely to enter and where we might potentially see more participation from them? See, even if I think your worry is on the Chinese players, so now what are we talking about? I mean, You can count on tips, you know, to probably one company that will be in India, and they are sold out for next two years. So where, where is, where is the worry? So even if they start expanding today, you know, to get transformer manufacturing up and running is 24-36 months. So you're talking about two years plus another two years, so four years, and we'll talk after four years. But that doesn't stop us from being, you know, should not make us complacent. Important for us is how do we keep flexing our muscles to be prepared for the worst, whatever happens. Understood, sir. Thank you so much. Thank you. Thank you. The next question comes from the line of Aditya Mongia from Kotak Institutional Equities. Please go ahead. Hi, good afternoon, everyone, and thank you for the opportunity. My first question was more on the outside business. I wanted to check, based on our discussion with customers, how much of our full capacity already would have a customer's, obviously, pending clearances, but already would having, would be having a customer today? As a percentage, I think about one third of the capacity is our, the collaboration with Renesas. So they have, that's part of the agreement, so they will pick it up. And there are a lot of discussion going on and, with multiple agencies. And there's the, I think, the longest lead time we see is auto industry, because it's not easy to get those approvals. So that takes a bit of time. So it's a combination of multiple types of customers that we have, right now going on. Just a clarification over here. You both have segmental loss, when the company looks for segmental loss in the semiconductor segment, is it all linked to the design business, or are some costs linked to OSAT also getting expensed out? If you can provide a breakup, would be useful for us to understand the underlying design business better. So I think both are separate because design is the Axiro, which I think, the board meeting already happened. So, so I'm not worried about Axiro because that's already, we committed about $64 million we do for the year. How much? $55-$56 million. I think should do that, and I'm very sure with that, it should be able to break even, so we don't have to really fund that. CG Semi is like a startup, so I think it's going to take some time till you see that it starts making money. So it's, it's investment for the future. So you cannot expect that from day one, it will start making money. And, and we are prepared for that. Understood. The second question I had, and the final one, was on the power business. As in, I recall your comment of a fairly large part of the incremental capacity that you add up being focused on exports. Could you give us a sense of what all milestones you want to be tracking for gauging the progress over here on the export side? Essentially, countries that we will be focusing on the kind of clearances that are required, whether they are already there or not there. Just trying to get a sense of how fast can be the scale-up in exports on the power side. That's been your final question. Thank you. You mean exports for power sector, right? Yeah, yeah. Exports for power sector. Yeah. No, I think exports for power has already started picking up. You know, if I look at my... I’ll not throw the numbers right now, but I can give you some reference of the order pipeline for exports has gone up by more than 50% in the last nine months. So April till December last year to April to December this year, we have more than 50% on the exports bookings, which is orders. So that itself, you know, shows you that the wheel has started moving in that direction. Understood. I'll get back into queue for more questions. Thank you. Thank you. Thank you. A request to all participants: Please restrict your questions to two per participant. For more questions, please rejoin the queue. The next question comes from the line of Saif Galaria from ICICI Prudential AMC. Please go ahead. Yeah, sir. Thanks for the opportunity. My first question is on the coverage part. So on the order with G.G. Tronics from CLW, which got canceled due to end of the twelve-month delivery period, can you highlight where are you on the product development part, and, how do you expect the future orders from these? Because we saw some other players receive fresh orders, in the recent tenders. Yeah, thanks. Can you, can you repeat your question exactly on coverage? Sorry, on the coverage part, so, with the order, with the first order from CLW, which got canceled, I think because of the 12 months period getting over, where are we on the product development part, and do we expect future orders to replace this existing order? Because we have seen some other players get orders from CLW, as a replacement after the tenders got lapsed for them. Yeah. Yeah, I think the team is progressing. Of course, there was a delay in initial approval because we are also doing it for the first time. But I think approval process is almost reached the end. The passenger trials are about to start now, which should take another 4-5 weeks. So I'm expecting that in this quarter, we should be done with the approvals and commence the supplies as well. And there's already a bigger order which we have been shortlisted, so final order should be coming very soon. Sure. And the second question on the data center, $9 billion order on the power systems side. The execution planning had mentioned 12-20 months of execution period. So just to understand, because this is beyond 12 months of delivery, is it more to do with the capacity which we have available, or there's a product development phase involved? So this is for U.S., maybe a different type of products which would be involved in. And these are what, kV class transformers? Yeah, see, these are, these are, you know, none of these transformers are standard transformers. They're customized to the customer. So design is a critical piece of each of these power transformers. So... And that's also what we discuss and negotiate, based on the customer pool as well. So that is the- that's the range that we have. And, Ajay, you can talk about the capacity or power, you know, what, what kV these are. Yes, these are 330 kV transformers. Okay. Beyond 12 months, execution is more to do with the product development also, because they are customized transactions, I suppose. Yeah, it's a combination. You know, each of these power transformers are a combination of one. Okay, thanks for all this. Thank you. The next question comes from the line of Anupam Goswami from SBI Life. Please go ahead. Good afternoon, sir. So my first question on the competition, we see that with transformer industry, you as well as some other players over the years are putting their capacities, and most of them are coming in the next one or two years. How do you see the competition going forward or vis-à-vis the demand? And do you see any pricing pressure or any signs which is coming, right now, are you seeing? That is my first question. No, I think, Anupam, this is, this is, you know, if you look at the forecasted data up to 29, 30 also, the capacity being put in by all the players in this industry, including CG, and the demand, even if you compare only with India and India, in 2029, this still will be a shortfall. So that answers the question that you're asking for, and this, this doesn't even, add to the, the capacity gap that we have outside India as well. So I don't see any concern on that, in spite of all the companies putting in there. There's enough, enough room for everybody to be playing in. Great. So what is our capacity utilization, and how do you see the ramp-up of the new setup going forward? Ramp-up is going on. Your question is specific transformer, right? Yes. Yeah. I think capacity is going on pretty well. I think just three quarters back, we were at 20,000 MVA. Today we are already 40,000 MVA, and in next one quarter or so, we'll be 65,000 MVA. I think that's the kind of jump we are making. Hopefully next two to three quarters, we'll be adding another 10,000-20,000 MVA more into that from the new facility. So once we get better visibility of that, we'll of course be announce them. So as a result, given the order book, capacity utilization to also be pretty high and ramp up soon after the capacities are in place? Yes. Okay. Great, sir. I'll join the queue. Thank you. Thank you. Thank you. The next question comes from the line of Subhadip Mitra from Nuvama. Please go ahead. Yes, sir, you may proceed with your question. As there is no response from the current participants, we will move towards the next question. The next question comes from the line of Sumit Kishore from Axis Capital. Please go ahead. Thanks for the opportunity. I have two questions. The first question is, in the industrial systems business, the 310 basis point year-on-year drop in PBIT margin, how much of this is, you know, sticky, or how much of this is rather temporary factors? You have identified two reasons. One is the lower price realization and product mix changes in the railway segment. If you could speak about that separately, as well as the impact due to the commodity inflation in industrial systems. So, like you said, power systems, everything has a price variation clause. If you could also explain how the impact in industrial systems on commodity would play out. That's my first question. Thanks. Sure. I think, for power is fairly simple, you know, with the PVC clause which is there, but in industrial, it's a race against the commodity inflation that you have. But I think we are strengthening our speed of response. If you would look at last three quarters, nine months, we increased our price by almost 17%, including this month. So which will show us the impact in the forthcoming months for the realization. So we have been pretty aggressive on that. And the good news is that the market has been absorbing that price fairly well, much better than our expectation. So we don't have to really drop the prices. So yes, it's a, it's a catch-up game right now, but yes, we'll find a way to stay ahead of the curve, to make sure we are compensating for this gap. …And on railways, sir? Yeah, railways, I think there was a, I would say it will take a few more months to come back on track, because there were a couple of issues in between. If you remember last quarter, we had, Yes. You know, the supplies were stopped for some time, and then it started, and there was some service issue which got resolved, so there were a bit of leakage on that. For our US exports, we are going a bit slow, although the number is not very substantial there. But with the duty structure, we are kind of slowed down on those areas. So that also is a bit of impact versus what we had considered for our profitability as well. But I would say each one of these are momentarily to compensate for. And now we have a new leader. Also, we whatever leadership changes were required, we are incorporated. So Dhananjay is our new leader for railways, and he's really looking at it, this business from the fresh pair of eyes, so more to come. Got it. My second question is, you know, on exports. So, basically, in the nine-month period so far this fiscal, how much have exports been as a percentage of your sales, or how have exports grown on a year-on-year basis versus your overall sales growth? And like you mentioned, your power systems prospect pipeline is up almost 50% year-on-year. What is the situation on the industrial systems and railway side as well? No, the number that I gave you is the overall number. Okay. It starts from power to industrial. So it's the overall number. So the action is across the segment, so that's why I gave you the overall number. Sure. Export revenue is how much for the year so far? Revenue, revenue starts... You know, first you have to get the orders, so that's coming, so that is under execution. So as we keep going forward, you'll see the improvement in revenues there. Sure. Thank you, and wish you well. Thank you. The next question comes from the line of Sameer Thakur from Ambit Capital. Please go ahead. Hi. Thanks. So the order for the data centers, I just want to check whether we have enough bandwidth to deliver from the existing facilities, or will it be a combination of existing and new facilities? This can be done in the existing facility. Okay. Okay, fine. And just on the price variation clauses as well. So on the commodities, as you said, we can pass on the prices. Is there any cap on that, or we can pass on the entire inflation for commodities? I don't think there is, not that I'm aware of, if there's any cap on that, but I think it's the actuals. Yeah, it's on actuals. I don't think there's any cap on that. Okay. Okay. That was all from my side. Thank you. Yeah. Thank you. Thank you. The next question comes from the line of Umesh Raut from Nomura. Please go ahead. Yeah, hi, sir. Thank you so much for this opportunity. My first question is on power system side. If I look at revenues on a standalone basis, those are up by about 66% quarter-on-quarter, despite, I think, commencement of additional 17,000 MVA capacity fully in third quarter. So is it fair to assume that order backlog conversion into execution is slightly slower because of longer timelines of orders with respect to transformers? Not really. I think if you look at the capacity expansion, the speed we are doing it, I don't think... I'm not worried about anybody else doing it. As I said, just one year back, we were 17,000 MVA capacity. Today, we are already at 40-45,000. And next, in the next quarter, it will be 65,000. So we are progressing much faster. But that's a good pressure to have because the order pipeline is stronger, and that puts more pressure on us, and it is a good, good, nice pressure. So it's working in parallel, both in order inflow versus the capacity expansion. Got it. And one clarification: I think, last, during last calls, I think you have mentioned about 85,000 MVA kind of a capacity by about FY 2028. And, now you are saying, I think within the next couple of quarters, we are anticipating 65,000 MVA. So are there any plans of preponement of CapEx with respect to transformers? Yeah, that's why I said, you know, as we get more clarity, but yes, I'm looking at a minimum of one year ahead of the time. What we planned for, what the board had approved for up to 2028, I'm sure that our team should be able to do it at least one year before. But yes, the moment we have more clarity, we'll keep sharing with you as well as with the stock market. Understood. Second question is on the export market. If you can help us with the competition that you observe in case of the orders, especially the one which you won in case of data center market in US. So how was competition like, and is it one-off order, or it is more of a collaboration with a prospective customer? And similarly, I think what are other geographies you are targeting within exports? So I'll only share what I'm allowed to share. This nine crores order that you have, and I gave a statement that our exports orders are more than 50% up across all the segments, and that does not include this nine crores. That's orderable, because that's for current quarter. All right? So it's not one-off case or a fluke that has happened. You know, it's a, it's a hard work that our leaders, along with their teams, have been doing over the past 2 years and now reaching that stage of reap the benefits of it. And, and I think what we have seen at high level, and it's not only that we are dependent on U.S., so it's across different geographies. It's a very clear laid out go-to-market strategy with very few markets. It's not all over the place. You know, we are not getting into all over the place. Which countries, that obviously I'm not able to share with you at this point of time. But yes, what we have seen is, we are selling basis our speed, the technology, and the reliability of the product that we have. I think these are the three things that we have seen that customers are willing to partner with us. Got it. Last question, if you can help us with profitability of these export orders. I mean, tentatively, how much a higher margin that these can or these orders can give you? In terms of price escalation clause as well, I think if that is incorporated in export orders or not. Yes, on the second question, yes, I think we have secured CG's interest for any of these export orders. It's part, a part of the contract. To your first question, I would say we just started the game here, so as we keep executing and sales will come in, you will see the margins and the profitability in the P&L. Got it, sir. Thank you so much. All the very best. Thank you. Thank you. A request to all participants, please restrict your question to two per participant. The next question comes from the line of Harshit Patel from Equirus Securities. Please go ahead. Thank you very much for the opportunity, sir. Sir, could you give us an update on the EV motor development and testing? Is our product now approved with the three-wheeler OEM, where it was in the testing phase? Also, status of the motor and controller for the truck that we were developing. Oh, you mean EV motors, right? Yes, sir. Okay. Yeah, so EV motors and controller that is almost done, that is still in progress. And, for the trucks, that discussion is still going on because, there's some transfer technology that we are working on. And as we get close to that, we'll of course, we have to use. Understood. Secondly, you had announced a CapEx of about INR 750 crores towards the switchgears business in the previous quarter. What could be the potential revenues from this expansion at the full utilization? Also, when do we plan to complete this particular CapEx? Your question was on the switchgear expansion, right? Yes, sir. The last quarter that you have, you had announced about INR 750 crores. Yeah, that's right. So I think we have taken a step in between. I think after today's board meeting, we also took the approval for, brownfield field in between, because the new plant will take more than a year to come up, and we can see very strong demand, not only in India, but outside India as well. So I think next couple of months, we'll be ready with our brownfield, which is close to our existing facility. That will come up, and I think that itself should give us, close to INR 1,000 crores? Four hundred. INR 400 crores. Yeah, so that will give us about INR 400 crores incremental revenue or sales. Understood. Thank you very much, sir. I'll come back to you. Thank you. Thank you. The last question for the day comes from the line of Subramanian Yadav from SBI Life Insurance. Please go ahead. Thank you very much, sir. Sir, what would be our current tariffs on our product to EU, and how do we benefit out of it up to you? Sir, can you repeat the question, sir? Sir, just wanted to understand, what is our current tariff on our products, maybe, motors, switchgears? Export is based on Mumbai Port, that is our port. Sorry, sir? No tariff on our products as of now. Okay. It's to the U.S. that is based on the, you know, FOB. It arrives to the Mumbai Port, and the tariff is borne by the customer. No, sir, I'm talking about EU, not US. Oh, EU. EU just treated everything they signed today online. Yeah. We'll say that, we'll come back to you on this. Currently, we pay some tariff on our products? Not any tariff, no, no. No. Okay, so not much benefit out of this Free Trade Agreement. Yes. Okay, sir. Thank you, sir. Yeah. Thank you. Ladies and gentlemen, that was the last question for the day. I now hand the conference over to Ms. Renu Baid Pugalia for closing comments. Thank you, and over to you, ma'am. Thank you. On behalf of IIFL Securities, I'd like to thank all participants and the management for participating. Amar, any closing comments that you would like to make? Thank you. Thanks, Renu, and thanks, everybody, for joining us. Appreciate all the good questions. So stay tuned with us for the exciting times ahead. I love this interaction every quarter. Thank you. Thank you. Thank you. On behalf of IIFL Securities- Thank you. That concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you.