Ladies and gentlemen, good day, and welcome to the CG Power Q4 FY 2026 earnings call hosted by IIFL Capital Services. I now hand the conference over to Renu Baid Pugalia, Senior Vice President, Research of IIFL Capital. Thank you, and over to you. Thank you, Ritesh. Very good evening, everyone. On behalf of IIFL Capital, I'd like to invite the Senior Leadership Team of CG Power and Industrial Solutions to discuss the fourth quarter FY 2026 earnings performance. From the management team, we have with us today Mr. Amar Kaul, Managing Director and CEO, Mr. Susheel Todi, Chief Financial Officer, Mr. Marais Nel, EVP, Drives and Automation and International Motors Business, Mr. Gaurav Makhija, Vice President, Switchgears and EPD Business, Mr. Ajay Jain, Vice President, Transformer Business, Mr. Dhananjay Bapat, Vice President, Railway Business, and Mr. Jatinder Kaul, EVP, Motors Business, India Subcontinent. I now like to hand over the call to Mr. Amar for his opening comments and explain us how do we deliver such stellar performance in the business, especially Power Systems surprising yet again. Thank you, and over to you, Amar. Amar sir, please go ahead. Sure, Ritesh. Go ahead. Thanks, Renu and team. Good afternoon, everyone, and welcome to CG earnings call. I'm happy to share with you all that CG had another strong set of results for the quarter and year ended 31st March 2026, reflecting our continued momentum powered by disciplined execution and strategic focus. This is a record fiscal year performance for CG in recent times. Very strong Q4 caps off a record fiscal year with highest ever standalone revenue, order book and PBT after accounting for exceptional items. Our Q4 2026 sales grew by 22% year-over-year, PBT at 43% year-over-year with 260 basis points margin expansion, delivering a strong finish to a record year. For the full year, our sales grew by 21%, PBT at 34% year-over-year with 143 basis points margin expansion. Again, making it its strongest standalone fiscal performance yet. Further, the order flow remained pretty strong during the quarter with penetration into several new and emerging verticals and markets, taking the order backlog up 59% year-over-year to INR 15,719 crores and offering a strong revenue visibility for FY 2027. As I go deeper into standalone performance, starting with Q4, the aggregate sales for the quarter was high at INR 3,129 crores, recording 22% as mentioned earlier. Profit after tax was higher at a growth of 49%, at INR 412 crores, which is 13.2% of sales as against INR 275 crores, which was 10.7% of sales in Q4 FY 2025. A return on capital employed for the quarter was at 27% and order intake for the quarter was INR 4,505 crores, which is 23% growth year-over-year and unexecuted backlog at the closure of FY 2026 was at INR 15,719 crores, which is 59% up year-over-year. Going further deep into standalone performance for FY 2026, the sales was at INR 11,331 crores with a growth of 21%. Profit after tax was at 39% at INR 1,352 crores, which is 11.9% of sales as against INR 974 crores, which was 10.4% of sales in FY 2025. Return on capital employed for the year was 22%. Order intake for the year was INR 17,574 crores, which is 30% growth year-over-year. Unexecuted order backlog as of close of the financial year was at INR 15,719 crores, which is 59% up versus the last year. Now moving to the sector-wise or the segment-wise performance, starting with Industrial Systems. Performance for Q4 continued on a sequential upward trajectory despite volatility and the rising commodity costs. The aggregate sales for the quarter Q4 was at INR 1,643 crores, which is 5% up with robust double-digit growth in the motors, which for the last few quarters you might be must be hearing me saying that we have stabilized a lot and the team is doing a fantastic job to stabilize that. So that has started showing the results there. PBIT was at INR 157 crores, 9.6% of sales as against INR 176 crores, 11.2% of the sales in Q4 2025. Margin deviation is due to the mix change and the competitive pricing in railways business, as well as higher MSR for motors due to commodity impact. But the disciplined pricing, along with focused efforts on efficiency gains via cost and productivity programs over the last few quarters help partially mitigate this adverse impact. Business continues to prioritize margin expansion through ongoing cost initiatives, structural improvements, pricing and the mix shaping. We have improved margins by 20 basis points sequentially. The order intake for the quarter was INR 1,478 crores. The unexecuted order backlog towards the closure of the financial year was INR 3,075 crores. Healthy growth in orders and order backlog in motors and drives also was a contribution to this. When we come to the full-year performance, the sales for the year was INR 6,197 crores, which is 6% up with a healthy growth primarily in motors. PBIT was at INR 613 crores, which is 9.9% of the sales as against INR 707 crores, 12.1%, you know, in the previous year. The margin deviation that you see here is due to the mix change in the competitive pricing in railways business. If we talk, we on our own slowing down because of the tariff impact from some countries that we had. That was a conscious effort to delay that. Disciplined pricing along with focused efforts on efficiency gain via cost and productivity program over the last few quarters helped partially to mitigate the adverse impact. Business continues to prioritize the margin expansion to ongoing initiatives and structural improvements in pricing and mix shaping. The order intake for the year was INR 6,365 crores, and the unexecuted order backlog as of closure of the year was INR 3,075 crores. There's healthy growth in sales and order backlog in motors. If I go to the other segment, which is the power systems, the performance continued upwards trajectory, with the sustained margins and continues to be in Q4, underscoring the robust market dynamics with disciplined execution. The aggregate sales for the quarter was at INR 1,487 crores with a jump of 50% year-over-year, reflecting strong execution discipline. PBIT was at INR 354 crores at 23.8% of sales, as against INR 208 crores, which was at 21% of sales in Q4 2025. Significant 287 basis points margin expansion underpinned by efficient order execution and strong operating discipline. Order intake for the quarter was INR 3,027 crores, which is 72% growth year-over-year. Unexecuted backlog as on 31st of March 2026 was INR 12,644 crores, 91% up year-over-year, offering revenue visibility spanning several future quarters. When we consider full-year performance for power, the aggregate sales was higher at INR 5,138 crores, with a rise of 46%, reflecting its strong execution discipline. PBIT was at INR 1,123 crores, 21.9% as against INR 668 crores, which was at 19% of sales in FY 2025 which again comes to 281 basis points of margin expansion and underpinned by the efficient order execution and strong operating leverage. Order intake for the year was at INR 11,210 crores, 69% growth year-over-year. Unexecuted backlog as on 31st March was INR 12,644 crores, which is 91% up year-over-year, offering revenue visibility spanning several future quarters. With this, we conclude deep dive into our standalone performance, and I will now move to the consolidated performance. As you know, consolidated results includes the performance of our subsidiaries in Sweden, Germany, Netherlands, CG Adhesive Product, CG Semiconductor, CG Semi, G.G. Tronics, Axiro and other non-operating subsidiaries. Starting with Q4 performance, aggregate sales for the quarter were up at INR 3,442 crores at a growth of 25% year-over-year. Profit after tax was 32% higher at INR 362 crores, which is 10.5% of sales for the quarter as against INR 274 crores, which was 10% of the sales in Q4 last year. Margin gains are driven by strong performance, were offset by continued investment in talent pool for semiconductor business and total semiconductor segment impact of INR 38 crores, which is 110 basis points. Now return on capital employed annualized in the quarter was 60%. Order intake was at INR 8,335 crores. Unexecuted as on 31st of March 2026 was at 61% year-over-year at INR 17,133 crores. When we consider our full-year consolidated performance, aggregate sales for the year was INR 12,418 crores with a growth of 25%. PAT was at 27% at 1,009.9% of sales for the year as against INR 9.3 crores, which was 9.8% of sales in FY 2025. Margin gains are driven by strong standalone performance and were offset by continued investment over talent pool, as mentioned before. Return on capital employed for the year was at 20%. Order intake for the year was INR 19,616 crores, 33% growth. Unexecuted backlog as on 31st of March was 61% up at INR 17,107 crores. Now moving to the key events for the last financial year. As you would have seen, we had announced that we have, you know, order for the supply and servicing of 765 kV transformer packages from the large customer Power Grid Corporation. You know, that our total order value was about INR 641 crores, is the highest single order domestically received in the transformer business in CG. The order is expected to be completed between 18 to 36 months. Also CG secured the single largest order of INR 244 crores for EHV business from Techno for supply of packaging transformer, circuit breakers, lightning arresters and combination. CG also launched successfully and completed QIP for equity shares and raised INR 3,000 crores. The issue opened on 30th June and closed on 3rd July. It was oversubscribed by 3x and saw participation from both Indian and global marquee investors. CG Semi, a subsidiary of CG, unveiled one of the India's first end-to-end OSAT facility in Sanand in Gujarat. With this launch of G1 facility, CG Semi becomes one of the first fully served OSAT providers offering solutions across both traditional and advanced packaging technologies. This marks a major step in strengthening India's semiconductor capabilities and supporting the country's goal of becoming self-reliant while also serving global markets. The G1 facility will operate at a peak capacity of 0.5 million units per day, which we are trying to even increase that output over the next few months or quarters, we should be in that situation. G2 facility located about 3 km from G1 is under construction, expected to be completed by end of 2026. Once operational, G2 will scale up to the capacity of approximately 40.5 million chips per day. Together, the two facilities are projected to generate about 5,000 direct and indirect jobs in the coming years. CG Semi is also eligible for capital assistance as per the scheme for setting up OSAT facility launched in India Semiconductor Mission, ISM, under the Ministry of Electronics and Information Technology via approval dated 8 March 2024. The approval covers the five-year period from FY 2024/2025 to 2028/2029, for a total project cost of INR 7,584 crores, with central government assistance of INR 3,501 crore and additional state government support equating to 40% of the central government assistance coming to about INR 1,400 crores. The fiscal support agreement was signed on January 17, 2025, and the trust and retention account agreement was signed on September 15, 2025. The board of directors on 29th October 2025 approved a greenfield expansion for switchgear business with an investment of INR 748 crores, net of taxes. The expansion is proposed considering the expected increase in demand for medium voltage and extra high voltage circuit breakers, instrument transformers, gas-insulated switchgears for domestic and also to the exports market. CG secured about INR 900 crore worth of power transformer order, which was a substantially large one. It's for the data center in United States. The order was received on 16 January 2026 and is the largest single order received by CG for supply of power transformers. Under this contract, CG will supply the transformers specifically engineered to meet the stringent reliability, efficiency and uptime requirements of hyperscale data center applications. This order will be executed for a delivery period of 12 to 20 months with the delivery terms of FAS Mumbai port as the Incoterms. The board of directors of the company at its meeting held on January 27, 2026, considered and approved the payment of interim dividend of INR 1.3 per equity share. That is 65% of the face value of INR 2 per share for financial year 2025/2026. With this, I conclude my opening remarks and audited financial statements with detailed notes are available as part of stock exchange filing and on our company website. Thank you so much for listening in and over to you, Renu, for Q&A. Hello, Renu, Ma'am. Can you open the session for Q&A, please? Thank you. Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone phone. 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'll wait for a moment while the question queue assembles. The first question is from the line of Ankur Sharma from HDFC Life. Please go ahead. Oh, yeah. Hi, sir. Good afternoon. Thanks for the opportunity. I have three questions. First, you know, it's good to hear that, you know, we finally seeing double-digit growth in motors. Just wanted to understand, you know, how much is volume growth and how much is price-led. Also, you know, given the current inflationary environment, how much more of price hikes, you know, would you intend to take in the motor side of the business? Thanks. Sure, Ankur. I think it's a great question. On the motor side, I would say it was a combination of the price increase that we got from there, from the customers, and a combination, I would say, about 50%, 50% of both and the volume hike as well. The volume hike is almost in sync with the market growth that we are seeing. Also we can let our, you know, pricing leakage also to happen from there. Okay. How much more do you think you may have to take? I mean, how much, you know, to cover the current increase? No, it really depends on, you know, because we keep a laser-sharp eye on, focus eye on the commodity inflation, the way it is happening, because it's a little tricky for motors or drive business versus some of the large long lead item because where you get the PV C. We keep a laser-sharp focus on how it is going or the projections on that, basis that we take the decision case to case basis. Maybe it's not required. What we are also honing our skills on is the pricing discipline. You know, how do we make sure that we are not having the leakage for by giving additional discounts? I think that's another thing that we are working closely on. Okay, fair. Fair. Okay. Second question, sir, would be on the power product, the orders. You know, while it's very, very strong, given we got this INR 900 crore order for the data center. If I exclude that and I look at the domestic orders, you know, that's up about 20% ex of that data center order, you know, it was about 16% last quarter. Sequentially, we are in that INR 2,000-INR 2,200 crore ballpark. You know, just trying to understand, is this like the more sustained kind of growth rate that we should be kind of expecting in that 15%-20% ballpark as we head into next year? Obviously the base also starts catching up. Just your thoughts on the overall, you know, trajectory on the domestic transformer power product business? I think, Ankur, the, you know, if I had to give a short answer, the game has just started. INR 900 crores is what we had to report because it was a substantial order that we have. After that also the app is open, and as we, you know, put our feet on the ground outside India as well, the, you know, anything we touch, you know, it just opens up. There's so much of opportunity available for everybody. You just need to know how to encash on it, how to make sure that you execute with the right quality, right standards, right liability. I think that's what will be the differentiation, nothing else. If you should have the appetite on that, so. I'm not going deeper whether it's transformer or it's switchgear, but I think, overall for power, we still see a huge demand all over the world. No, fair. I understand ex of India, but specifically of India is what I was talking about. How would you see the Indian power product, you know, market shaping up as you head into the next couple of quarters as well? Yeah, that's also growing at a very, very fast pace. You know, in fact, as we are adding, if you see just one year back, we were at some 17,000 MVA capacity for transformer. Today, we are almost close to 65,000 MVA. That I don't think anybody has done that kind of increase. S till we feel as we meet the large customers or even the government companies in the utility sector, what we keep hearing, "Give us more, give us more." I mean, nobody is saying, "Stop it." I think it's a good It's like Amar Kaul for power sector in India as well. Okay. This one, last one is on the balance sheet. you know, I see this item called other financial assets, totaling almost INR 3,000 crores, you know, in Q4. Can you just help us understand what is that? This is that, you know, the QIP money which has come up, so it is parked into the different asset class. Got that. Great. Okay. Got that. Okay. Thank you so much, sir. Thank you. A reminder to all the participants, please restrict yourself to two questions. The next question is 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 that can you help us with the G.G. Tronics order inflow, and how did the year panned out in terms of revenue, EBIT and PAT? How do you see the order outlook in the segment here? Yeah, Mohit. I think, G.G. Tronics, if your question is specific to the order book, I think it's pretty strong right now. Just a bit. Just to give update. We should have the, you know, I think the order backlog should be the tune of close to INR 1,000 crores approximately. Right now, you know, the second question might come for, you know, when do we start executing? We are at the last leg of the tool process, which is the passenger trials, which is already going on. There are about, as of today morning, 12 trials have already been completed. I think maybe another one month, one and a half months, all these trials should be done. Then we start executing. What was the last year revenue, EBIT and PAT? The number is available with you? You mean for GGT or what? G.G. Tronics, yeah. What's your question? Sorry. My question is, what was the revenue and profitability for the G.G. Tronics especially? Okay. They are at, I think, at INR 100 crore at a full year basis, they are making money. They are not within the money. They are at, you know, at least around INR 4 crore-INT 5 crore PBT number. My second question is, can you help us with the understand the receivable jump in receivable, which was INR 2,000 crore last year. I think it has jumped to INR 2,900 crore, if I'm not wrong. It's up by around maybe 50%, while the top line is up by 20% odd. No, you are talking about the trade receivables? Receivables. Yes, yes. Only trade receivables? Yes, yes. Okay. Consolidate. You look at that, the growth which is coming mainly in the power segment, right? Yes. If you look at even that, the return of capital employed on the power side is more than 100% plus. The receivables which are there today, that is more is coming from the power side. The average credit period is ranging between 90 to 100 days. Understood. Understood. Okay. Thank you, sir. That's all. That's it. Thank you. The next question is from the line of Harshit Patel from Equirus Securities. Equirus Securities, please go ahead. Hi, sir. Thank you very much for the opportunity. Sir, firstly on motor, what would be the mix of IE3 and above in our overall FY 2026 volume? Where do you see that growing in next two to three years? Does this change in mix help our margins or this change in mix will be margin neutral? To be specific, I'm not allowed to give exact numbers of IE3, IE2, IE4 numbers, but I can tell you it's not very substantial at this point of time. Even though we talk about energy efficiency, Indian market is a bit slow on adoption of IE3, IE4, IE5 technologies. I'm sure it's going to pick up in next couple of years, as government is tightening and the need for energy is increasing further. Our R&D and development is also accelerating the same, you know, to have a complete portfolio of IE3, IE4 motors. That is progressing well. To your question, to be specific, it's not very big in terms of the percentage of the overall portfolio. On market side, not because we cannot supply. Understood. Sir, secondly, on the GIS, we were in the development stage for 440 kV GIS. If you could share an update on its commercialization and also the development plans for 765 kV GIS, if I may. Gaurav, you want to pick up that question? Yeah, sure, Amit. Thank you for that question. For 400 kV GIS, the plan is exactly on the schedule there. We have already tested the phase 1 of our GIS portion. The phase II is scheduled between quarter two and quarter three. Yes, once we have the type test done in any of these international labs, we should be out with our commercialization for 400 kV GIS. Yes, further to that, 755 kV is on the conversation there. 2027 financials should see the commercialization happening for 400 kV GIS. Sir, lastly, if you could share an update on the drives business in terms of how much sales, assembly, value addition, localization that we are now doing in India. Drives, I think there's a series of new product launches that is planned from April onwards. It's already started getting launched, you know, it's called AMX drives, which is a next generation drives. Again, low voltage drives and medium voltage, the percentage is not so high, but low voltage drives is almost 100% indigenous. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Thanks for the opportunity. Phenomenally strong results in power systems. Could you give us an update on the power transformer capacity expansion, how that's panning out, and what are the sort of the timelines as you add capacity and reach your target? The second question is on the export business within CG. What has been the scale or size of exports overseas revenue separately for power systems and industrial systems in FY 2026? What is your outlook for growth through FY 2027? What are the opportunities that you are pursuing? Those are my questions. Ajay, if you can take the first question in terms of transformer capacity and then send it back to me for the exports, I will answer. Thanks, Amit. Thanks for the question. Regarding the transformer capacity addition, we have completed the brownfield extensions both in Gwalior and Bhopal. The Gwalior facility has now capacity increased from 6,000 to 10,000 MVA. The Mandideep Bhopal facility, there we have done CapEx, and as per the CapEx plan, the capacity is increased to 40,000 MVA first. We had our lean plant where we worked along with the lean consultant, this capacity has grown to further 65,000 MVA at the end of the last year. For the forthcoming additions and capacity, our greenfield expansion is in greenfield plant erection is in progress, we hope to commission the plant somewhere between July and August. Initially, we will be re-starting with the capacity of around 25,000 MVA-30,000 MVA. By the end of this calendar year, we will be touching the peak of 45,000 MVA there. As of now, the total of between Gwalior and Bhopal, we have a capacity of 75,000 MVA and another 45,000 MVA to be added by the end of this year. This will be around 110,000 MVA by the end of this calendar year. Over to you, Amar. Okay. Thanks. Thanks, Ajay. I think, Sumit, on your other question, we would not give the split of exports by way of business. Yes, exports and services is the focus area for us. The only thing I can talk about is both the areas we have more than doubled our order back bookings between last year and this year. We have much larger aspirations for more to come, so stay tuned on it. Exports and services will stay as our key focus areas. Thank you. The next question is from the line of Atul Tiwari from JP Morgan. Please go ahead. Yeah. My question is, again, on the motors and drive business. Since the start of the war, I mean, because a lot of clientele we understand is MSME. How has the demand been for, you know, that part of your business where you sell stuff to MSME? Very strong demand. In that case, for motors and drives, our exports is not substantial today. I'm keeping out our European business for drives because that is primarily the European plant which supplies to Europe as well as to U.S. That is going on on that geography. There's not any specific dip or anything that we see from these regions because of war or anything. Sir, what about in India? I mean, I believe, you will be selling to small industries quite a bit, right? Yeah. Is the demand building up in India, or is there an impact on demand because of, you know, prices of gas and things like that? We don't see the dip in that. In fact, you know, with our GTM getting activated now with the senior leaders in place, in fact, we see improvement in the order intake. Okay, sir. Good to know. Sir, my last question is on, again, the transformer capacity. Currently operational 65 kVA, how much of it will be 400 kVA plus capacity, or is it fungible across all the kV ranges? It is across all the ratings that you have, even up to 765. In fact, we are now getting the new plant coming in up to 1,200 also. Thank you. The next question is from the line of Amit Mahawar from UBS. Please go ahead. Yeah. I have two quick questions. First is on the power side- Sorry to interrupt. Amit, sir, your voice is very low. Yeah. Can you just get the headset a little bit closer? Is it fine now? Is it fine now? Yes. Okay. You can go ahead. Thank you. Amar, I think, first of all, congratulations on great set of results. On the power business, when you tap the American market beyond data centers for American grid utilities. Yeah. Amit, I couldn't hear you. You'll have to come close to the mic. Sir, the line from Amit, sir, has been dropped. I'll move for the next question. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Yeah. Thank you for the opportunity. Aditya, please go ahead. I hope I'm audible to you all. Yeah. Can you speak a little bit louder, please? Sure. Will do so. Yeah. Firstly, congratulations to the entire team on a fairly strong set of results once again. The first question that I had from my side was, if you could give us a sense of the addressable market on the GIS side in the 400 and 755 kV category, domestic, overseas, whichever way you want to kind of think through today, how do you think through the addressable market for yourself? I think, Gaurav, if you wanna answer that, of course, not going too specific into the ratings, you can generally talk about GIS, market, addressable market. Not to get into any specifics of the details of GIS today, if you see the overall figure today would stand close to about INR 12,000 odd crores as a market total, right? Of which I believe around 25%-30% still would be GIS, rest of them could be an AIS figure. That's the quantum, possibly a potential addressable market that we could also be aiming at in future. Sure. Understood. I'm assuming this is a domestic part. Is there also an overseas part that you believe can fall inside our kV? I think as Amar mentioned, I think exports as well as service remains our key focus. Whatever we are developing or whatever is under plan is both for domestic as well as exports for product development, whether it's a 145 kV GIS, ranging to 170 kV- 45 kV, as well as 400 are under plan for both domestic and international markets now. Understood. One of your peers was talking about and the similar zone that you are in terms of capabilities, was talking about moving on the HVDC side of things. Is there a plan that the company has and what are the key milestones that you may and have to achieve to kind of reach that level of capabilities there? Yeah. We are, you know, it's still at the infancy stage. We have laid down a bit of roadmap on that, the plan is not fully mature. When we are ready for it, we'll surely share. Sure. Maybe the final question from my side, this is more on the semiconductor part. You made an initial investment about INR 50 crore inside EdgeCortix. Could you talk a little bit more about that and how to think through investments inside semiconductor design from here on? Maybe a little bit more on the medium-term basis, yeah. Thank you. That'll be my final question. This is, you know, just one of the steps that is into this direction. You must have heard me every quarter in the earnings call or any of the interactions that, especially on- Is it working? Yes. Can you hear me? Yes, sir. Yes. Yes, sir. Okay. Let me repeat. What I was saying is that these investments, as you would have heard me in last couple of quarters, that we are looking at a detailed pipeline of candidates on potential M&A to keep building on our design capability. The first step was on the RF design capability, but that's not where it actually stops. The investment that you see is just one step forward in that direction. You know, especially with AI thing coming in, there's so much every day the technology is changing. You'll see more and more of these investments coming into even these startups or these kind of companies where we will get to know the latest in the world that is happening. More to come on that. Thank you. The next question is from the line of Rahul Gajare from Macquarie Capital. Please go ahead. Yeah, hi, Amar. I have a question on motors. Are you able to hear me? Yes, Rahul. On the motors, is it fair to say that the worst is behind and we can see improvement in growth and margin from here? Also, you know, I think you've talked about this earlier, you know, where you've taken some price hike. Through the last entire year, how much price hike did you actually take? Your comments on competitive intensity and market share in the motors. That's the first question. Okay. Super. I think, to start with, your question was how much price increase did we take is about, all put together it was 5, 7.5. Total of 17.5% price increase that we did in the last three to four quarters. With decent realization. The good news also in that, you know, the team led by Jatinder Kaul, who leads this business, is, they have kind of maintained their market share in spite of such a steep price hike. Now, I generally say that we are blessed to be the market leader, the moment we do something like this, everybody else follows us. That's what has happened in that direction. To quantify that will be in the range of 33% market share? Yeah. It depends on different. If you look at overall LT motor side, we would be approximately 38%-39%. Approximately if I go to larger industrial motors, it'll be around 19%-20% approximately. Okay. Okay. Fair enough. That's on the motors. On the power, I want to understand, you know, the order that you got from the data center, that actually indicates the delivery time anywhere between 12 months to, I think 18 or 20 months. Is that the quickest you can deliver a transformer to the U.S. market, or you think you can do it much faster? Ajay, you want to answer that? Yeah. Thanks for the question. The delivery of transformers for the U.S. market basically depends upon the delivery of the components like tap changer and bushings. Even though we can manufacture a transformer earlier than that, we will always be dependent on the tap changer deliveries which come from Germany, they are anywhere between nine to 12 months. As of now, we are constrained. We can deliver from 12 months onwards only because of this reason. Okay. I understand, you know, Koreans can actually deliver in closer to 10 months. You know, that's the reason of this question. Fair enough. My last question is on the semiconductor business. You know, while you did indicate that the chip revenue will start in two quarters, the INR 500 crore which is currently booked into the financials, all of that is design-led revenue or there is some other part in that revenue? That's my last question. Thank you. Please stay connected. The line for the management has been disconnected. Please stay connected. Mr. Rahul, you can go ahead with your last question again, please. Thank you. Yeah. I don't know, if you heard the question, or I will repeat the question. Yes, please. Yes, Rahul, because the line got disconnected. My last question was on the semiconductor. Now, you have indicated that, the semiconductor chip revenue essentially will start in about two quarters or so. I want to understand, you know, the INR 500 crore which is booked into the financials, all of that is design-led revenue or there is something else in that INR 500 crore? Which INR 500 crore you're talking about? You know the segmental breakup that y'all give of the revenue, over there. For the full year, the number is INR 500 crore. I just wanted to be sure what exactly is that number. This is the revenue which is coming that, you know, the company what we bought from Renesas. Axiro. The RF from the Renesas, the Axiro. RF and design, these are the two things. Not two things. Axiro is the name of the company that we created. RF business is what we bought from Renesas, and that is what has started generating the revenue. I think, yeah, it is about $65 million was the plan, which comes to about INR 500 crores. You are right. Yeah, because it is a running operational company, so that is the number you would have seen there. Thank you. Reminder, to all the participants, please restrict yourself to two questions. The next question is from Amit Mahawar from UBS. Please go ahead. Yeah. Hi, Amit. First question is on the power system exports. How do you see the timeline for the grid utility approvals for us, now that we have data center orders basis, maybe the quicker timeline? How soon can we expect the grid utility turnaround for us on orders? That's the first question. Grid utility, you mean in terms of supply or approval process? Yeah. Yeah, in terms of approval and, you know, potential orders from the American grid utilities. Is it more like six to 12 months or a longer period, and some contours around that? No, it purely depends on, you know, what we're talking about. Like, you know, Americas works very differently than the way we work in India. America, there are 478 utility companies because every area is divided. Even if I take top 100 utility companies, that amounts to about 70%-75% of the total revenue. Every utility is pretty independent. Everybody has different timelines. You cannot categorize is it six months or one year or three months or five years. It will vary from utility to utility. Sure. The second question is on industrial segment. You know, we have a very, very formidable competition, you know, from maybe the likes of Nidec or WEG, et cetera. My question is more on, you know, in FY 2027, do you think the delta for us on profitability and growth is more on the rail part of industrial as we execute the propulsions and the Tronics book? Do you think industrial motors also will contribute significantly to the profitability in 2027 or that area? That's a year where, you know, we're still not hopeful on the motors profitability. Some color on, you know, industrial versus rail profitability in 2027. Thank you. These are different verticals under the segment of Industrial. You know, Rail is a separate vertical, you know, which is led by Dhananjay Bapat. I think he's doing some good work there to turn it around to make sure that's coming to a much bigger number, the way Jatinder Kaul did turnaround for the Motors Business, which is doing fairly well. I'm sure Railways also in next few months or quarters should be inching upwards. It's a combination of both. To your question on competition with the biggies and all, that's fine. I think competition is always healthy because that keeps us on the toes. We are just honing our skills on keep building NPDs, you know, build our design capability, and also make sure that we are cost competitive. Not cheap, but cost competitive, that we continue continuously keep eliminating the waste from the system. That's an ongoing effort. Sure. Thank you. Thank you very much. Good luck. Thank you. Thank you. The next question is from the line of Girish from Morgan Stanley. Please go ahead. Hi, sir. Thanks for the opportunity. I had a question on Railways ex-G.G. Tronics. What's been the growth rate in revenues for FY 2026? Also if you can share any outlook on this piece of the business. Second, I wanted to understand the pipeline for U.S. transformers, if you can share any qualitative color around how things are. I know you've spoken about it in the past, but any L-1 status here or how does it work there? Like, what's the size of the opportunity that you're looking at in the medium term? The final question was on CapEx. If you can just color what will be the FY 2027 and 2028 CapEx numbers. I think, you were supposed to be limited to two questions. There are three, four questions here. Anyway, let's, let me go one by one. Which one do you want me to answer first? Sir, you can take up Railways and then, transformer for U.S. and then CapEx. Railways is, So your question was specific to G.G. Tronics. G.G. Tronics. Except G.G. Tronics, what's the growth, sir, and outlook for that? Excuse me? Ex-G.G. Tronics. Except? Yes, sir. Is your question except G.G. Tronics or what is the question? Yeah, except G.G. Tronics. Excluding G.G. Tronics. Yeah. The breakup we don't give, no. It's part of industrial business, so we are not allowed to give the breakup of each of the businesses. I was asking, looking for growth rate, sir, and outlook. Yeah, that's what I'm saying. We don't go specific to each of the business lines in the business. If you talk about industry or something, then we can talk about it, but we don't go deeper into each of the businesses. Okay. If you can share some perspective on Railways outlook. Yeah. Railways, I think, maybe Dhananjay, if you can give just a flavor of, you know, how do you look at the market and, your key one or two initiatives there without getting too deeper into numbers or anything. Yeah. Thanks, Amar. On Railways, yes, we see sizable potential with some of the new products that we are working through. In addition to that, we also see some good opportunities on the export side, which we have still to explore. Long way to go. On the service side is another area where we see good potential for, you know, high double-digit growth there. Of course, helps us improve our profitability and margins on that. Thank you. Good. Thanks, Dhananjay. Same thing on the transformer pipeline. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. My name is Parikshit. Yes, Parikshit. This is a great quarter. My first question is on the margins. Are we facing any impact of the geopolitical issues occurring there on the margins? Have we been able to pass on the commodity price impact to the customers, any impact on the transformer oil prices, impact on margins or bushings? If you can give some color on the margin on the power systems business. Going ahead, how do you look for FY 2027? Do you see further expansion in this business margins? Thanks, thanks for the question. What I think a lot of your questions have already been answered. One is the numbers. If you look at power systems, if there was stress on the margin, then it would have shown up in the numbers, right? If we are doing better by 200 basis points-300 basis points on each of these segments, that means the margin pressure is taken care of. This margin pressure is not only from what we get from the customer, it's also how operationally efficient we are becoming. I think that's the critical thing, and that's the edge that we have from CG point of view. That's one. What was the second question? I was asking largely on how is the commodity inflation hitting us, and are we being able to pass it on to the customer? Yeah. Is it entirely pass through or will we see some impact in Q1 coming in on the residual order book which we have, which may get hit because of the commodity inflation? That is a simple, you know, different businesses, different areas. Like I talked about motors, we discussed just now, a few minutes back, is most of it we have been able to pass on with the steep increase in the pricing. For other large businesses, it's really not a problem, you know. For example, transformer or rest of the large businesses, because you always have the price variation clause with the customer. Whenever commodity goes up and down, it gets passed on to the customer. The next question is from the line of Shirom Kapur from Jefferies. Please go ahead. Hi, sir. Thanks for the opportunity. Just had a question. Exports, while you don't give the breakup between industrials and power systems, could you share what is the overall contribution to your consolidated sales of exports this year? Right now, I think it's very small. It's about 5% approximately. Again, the aspiration is to be in, much larger. Like as I said, you know, we kind of more than doubled, in this previous year, and this year we are taking much more ambitious targets. Stay tuned on that. Last, I mean, in FY 2025 we saw exports contributing about 10%. You're saying it's smaller at about 5%, 6% now. Did we see some kind of decline? No. No. It was never 10%. Sorry? Sorry. It was never 10%. In the overall consolidated mix. Yeah. If you include Sweden, Germany and Netherlands, it can go up to 8%-9%. Yeah. If you talk about from India to outside country, it is around 5%-7%. Understood. Understood, sir. Just my second question is on, you know, your Railways Business. You know, while you highlighted that you don't give the breakup between Railways and non-Railways, could you give some direction in terms of, you know, margins on the Railway Business? Because you've been mentioning some kind of pressures because competitive in the competitive Railway Business. So how do you see margins tracking going ahead? Yeah. That's why I said, and I think Dhananjay touched a bit on, you know, how he's prioritizing. As you know, Indian Railways, you won't be able to get too good a margin. Important is your operational efficiency. Second lever that Dhananjay has already activated as a part of overall theme I mentioned is services. Service is gonna be a big, big function of us, and he's already created that vertical and is getting driven. That will give us substantial increase in our margins. Again, it doesn't happen tomorrow. It takes a bit of time. He's executing it fairly well. That's another lever. Last one I would say is also on the NPD. That's where the activation is on the R&D to get more and more new products that helps us to become more competitive. These are some of high-level actions are being taken to continuously move this from single-digit margins to double digit. I think that's the maximum I can reveal to you. Thank you. That was the last question for the day. I now hand the conference over to Renu ma'am for closing comments. Please go ahead. Thank you, Ritesh. On behalf of IIFL Capital, I'd like to thank the management of CG Power for taking the time and discussing the results with us. Sir, any closing comment that you would like to make? Thank you, Renu, and thank you, everybody. I know there's a large crowd here and interesting questions. Thank you. Stay tuned with us. I mean, there are exciting days and months and years ahead of us. Thank you for your time with us and appreciate it. Have a good rest of the day. Cheers. Thank you. On behalf of IIFL Securities, thank you. That concludes this conference. Thank you for joining us, and you may now disconnect your lines.