Ladies and gentlemen, good day and welcome to CG Power Q1 FY 2027 earnings conference call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Renu Baid Pugalia from IIFL Capital. Thank you, and over to you, Ms. Pugalia. Thank you. Good evening, everyone. On behalf of IIFL Capital, I'd like to welcome the team of CG Power & Industrial Solutions for their Q1 FY 2027 earnings call. From the management team, today we have with us Mr. Amar Kaul, Managing Director and CEO; Mr. Susheel Todi, Chief Financial Officer; Mr. Marais Nel, EVP, Drives & 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, Railways Business; and Mr. Jatinder Kaul, EVP, Motors Business (India Sub-continent). I now hand the call to Mr. Amar Kaul for his opening comments. Thereafter, we can open for Q&A. Thank you, and over to you, sir. Thanks, Renu and the 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 ended 30th June 2026. Revenue and PBT, excluding exceptional items, crossed new quarter one's high as our operating momentum continues, reflecting a good start to this financial year. Our Q1 FY 2027 sales grew by 16% year-over-year, PBT grew at 27% year-over-year, with 140 basis points margin expansion. Order flow continued to be strong during the quarter and with the order book rising to 45% year-over-year to INR 17,333 crore and offering multi-quarter revenue visibility. As I go deeper into the standalone performance, the aggregate sales for the quarter was at INR 3,061 crore, recording a growth of 16% year-over-year. Profit after tax was at the growth of 27%, INR 364 crore, which is 11.9% of sales as against INR 286 crore, which was 10.8% of sales in Q1 FY 2026. Return on capital employed analyzed for the quarter was at 23%, and the order intake for the quarter was at INR 4,692 crore and unexecuted order backlog as of 30th June 2026 was INR 17,333 crore, which is 45% higher year-over-year. If you go deeper into the segments, the Industrial segment Q1 performance, the aggregate sales was INR 1,671 crore, which is 6% higher year-over-year with a strong double-digit growth in motors. PBIT was at INR 148 crore as against INR 172 crore in the previous year same quarter. Margin deviation is largely due to one-off provision of about INR 20 crore approximately in the railways business. Other than that it was comparable to, or a shade better than, the last year same quarter. The order intake for the quarter was INR 1,586 crore and unexecuted order backlog as at end of 30th June 2026 was at INR 2,899 crore. Double-digit growth year-over-year in order in motor continues the momentum. If we move to Power Systems performance, the sales for the quarter was at INR 1,402 crore, year-over-year increase of 31%, reflecting strong execution discipline. PBIT was at INR 324 crore versus INR 225 versus the same quarter, with an increase from 21% of sales in the previous quarter to 23% in the current quarter. Strong margin expansion of 209 basis points, reflecting a disciplined execution and a strong operating leverage. Order intake for the quarter was INR 3,106 crore and unexecuted order backlog as of 30th June was INR 14,434 crore, which is 59% higher year-over-year. It also gives us the revenue visibility spanning several future quarters. With that, we conclude deep dive into the standalone performances, and I'll now move to the consolidated performance. For information, consolidated results include the performance of the operating subsidiaries in Sweden, Germany and Netherlands, which we call Drives & Automation Europe. It includes also the CG aggressive products, the CG Semi Private Limited, G.G. Tronics, and also the Exero Semiconductor Group. The Q1 FY 2027 performance at consolidated level, the sales for the quarter was INR 3,281 crore, which is a growth of 14% year-over-year. Profit after tax was 16%, which is INR 308 crore versus INR 267 crore in the previous year same quarter. Margin gain driven by strong standalone performance was partially offset by the continued investment in the talent pool for Semiconductor business. Total Semiconductor segment impact of about INR 43 crore, which is 132 basis points. Return on capital employed annualized for the quarter was 20%, and order intake for the quarter was INR 5,211 crore. Unexecuted order backlog as of 30th June 2026 was 45% year-over-year at INR 18,965 crore. Moving to some of the key events. CG on 4th of June 2026 announced the commissioning of its EHV switchgear manufacturing facility. S3, as we call it's the Unit-II of that in Nashik, Maharashtra. This is in addition to the S3 Unit-I manufacturing facility in Ambad, in Nashik itself, and which manufactures EHV circuit breakers in the range of 33 kV - 800 kV. The new facility will manufacture EHV circuit breakers from 33 kV - 245 kV range and expand CG Power's EHV circuit breaker manufacturing capacity by 80%. So incrementally, 7,200 units will be there versus existing 9,000 units annually, which was already there. Now equipped with advanced manufacturing and testing infrastructure, including 500 kV and 350 kV high voltage testing laboratory. The facility has been designed to meet the growing demand for the reliable power transmission equipment across domestic and international markets. CG Semi, which is a subsidiary of CG Power and Industrial Solutions, announced the commencement of a commercial production at its G1 OSAT facility in Sanand. The launch was held in the august presence of Honorable Prime Minister of India, Shri Narendra Modi, Honorable Chief Minister of Gujarat, Shri Bhupendra Patel, Honorable Minister for Railways, Information and Broadcasting, Electronics and Information Technology, Shri Ashwini Vaishnaw, and other dignitaries. Number three, S.R. Batliboi & Associates are the statutory auditors of Tube Investments of India Limited, TII, which is a holding company as of date. They will demit office as auditors after completion of 10-year period, in terms of the provisions related to the rotation of auditors with respect to Section 139 of the Companies Act, 2013. Upon conclusion of the ensuing AGM of TII proposed to be held on August 14, 2026. Consequent to the above, CG proposes to align its statutory auditors with those affiliated with the same network as appointed by its holding company, TII. Consistent with the practices adopted by various groups to enable better coordination with the holding company's auditors and bring efficiency and synergy to the audit process. Given the relative material size of the CG together with its subsidiaries, more than 50% to the holding company's consolidated financial statements. In view of the foregoing, S.R. Batliboi & Associates LLP intend to resign as CG's statutory auditor with effect from close to business hours on 14th of August 2026. With this, I'll conclude my opening remarks. Unaudited financial statements with detailed notes are available as part of the stock exchange filing and are on our company website. Thank you for listening in, and over to you, Renu, for Q&A. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star 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 Harshit Patel with Equirus Securities. Please go ahead. Thank you very much for the opportunity. Sir, my first question is on the power system. Could you give an update on the pricing environment currently? Given that all major companies have expanded capacities over here and are expanding further as well, have we seen prices kind of stabilizing or maybe moving a bit downward? Hello, am I audible? Thanks, Harshit. Can you hear me? Yes, sir. I can hear you. Fair question. As you rightly said, everybody's trying to expand the capacities because the environment, the demand is going pretty high, and everybody's trying to take their share out of it. Is that capacity enough for the whole world? The answer is no, and that's why we don't see any such stresses that you're talking about. I think the business continues to go. We keep seeing the pipeline is increasing as ever. That's where we would be. Understood, sir. Sir, secondly, my question is on the motors business. I think during January 2026, you had mentioned that you had taken about a 17% price hike, nine-month period. Sir, what has been the situation in the past five to six months? What more price hikes you have taken, are they sufficient to cover for the raw material inflation, or we will do more price hikes as well going forward? No, it's a continuous journey. Even after I talked last time, 17.5%, after that, we have again increased about 5%. The market is absorbing it pretty well. Is that sufficient? No, because the commodities are so inflationary. We have to keep an eye on it and make sure that we have as much as possible realization of those price increases in the market. It's a constant journey that we are in. Understood, sir. Thank you very much for answering my questions. I'll come back in the queue. Thank you, Harshit. Thank you. Next question comes from the line of Atul Tiwari with JP Morgan. Please go ahead. Yes, sir. Thanks a lot. Sir, my first question is on Industrial segment margin. You did mention that there was an INR 20 crore one-off in the standalone numbers. Was there any additional one-off in consolidated segmental Industrial business? Because the margins in 700 have been quite weak at consolidated. Can you repeat your question? Sir, my question is on the Industrial segment margin at the consolidated level. The consolidated Industrial margins have been quite weak, 7.6% in this quarter, versus 10.2% in the year-ago quarter. There's quite a bit of a dip in the consolidated numbers for the Industrial segment margins. What is the reason for that? No, that's fine. I think the consolidated, of course, I think that overshadows a lot of realities of that. As I touched a brief on in the beginning itself is, like GGT, for example, G.G. Tronics, which I think in consolidated gets rolled up under the same umbrella, which has not even started the operations of Kavach, which should happen very soon now, hoping in the next few weeks. We are almost there. That is a big dent into that, when you see the big delta there. The moment it starts, all that will be taken care of. Number two is, as I mentioned, there was a one-timer of about INR 20 crore for railways. I think that was a bigger dent. The good news is the largest portion of it, which is the motors, as I said, is consistently going up and up on the double-digit margins and consistently improving on that. Okay, sir. Sir, on the power system margins, obviously margins at 23% have been doing very well over the past two quarters. Should these levels be sustained over the next few quarters, and is there some possibility of increase beyond these levels? See, one, we don't give any forward-looking statements, I always keep saying future is always bright. We'll keep doing our hard work and the way we are looking at it. As I mentioned, we don't see the depletion of the pipeline. We don't see any depletion. Of course, competition is good always in the market. That will continue to be there with more and more players coming in. Yes, we are continuing with our operating rhythm and the discipline that with which we are executing things. Okay. Sir, finally, sir, on your transformer capacity expansion, where we are right now, how much is the operational capacity right now, and what will be the breakup of high voltage transformers in that? The power transformer is already about 75,000 MVA, and distribution is about close to 10,000 MVA. With the new plant starting up in the next few months, I think we will add about 45,000 MVA more into that. Okay. Thank you. Thank you. Thank you. Next question comes from the line of Sumit Kishore with Axis Capital. Please go ahead. Good evening, sir. Thanks for the opportunity. My first question is on Industrial Systems. In FY 2026 and first quarter of this fiscal, you have mentioned that motors is now double-digit growth, but the overall outcome is still a single-digit growth in the segment. How is the railway segment within Industrials performing? What is the status of approvals for the Kavach order from RDSO? If you could give us some color around the balance business beyond motors, and margins have also been depressed there. What is the road ahead for this particular piece? Thanks, Sumit. It is a good question. You have to break it down into, motors, of course, as I said, I am pretty comfortable with all the work done. It is not only last two quarters. It has consistently been moving up for the last four quarters now after the initial lull that is there. Which means something is consistently working there. Coming back to railways, as you would remember in last few quarters, last quarter only, I mentioned that I would look at railways because there is a lot of work which we are doing to clean up the groundwork, build on the technology innovation piece of it. For railways, I would be either flat or a little bit of growth in that area. Okay. To my surprise, by the way, even though we do not give the numbers for each of the business lines, railways did much better than what was anticipated. The only downside was this INR 20 crore provision that we had to take for one of the developments that was happening for the last couple of years, and because the innovation keeps changing very fast. Again, we might still be able to use that material. We do not know that at this point of time, but as per the good accounting practices, we have still provided for it. Last question of yours on G.G. Tronics, as I mentioned in the beginning, we have completed all the trials. In fact, the sixth year trial, I personally attended, spent three, four hours in the locomotive on the sector that we are in Hyderabad. I think everything has been cleaned up, cleared by the railways. Our accuracy percentage is much higher than anybody else in the competition today. The ISA audit has already happened, we are waiting for that approval and then RDSO approval, which hopefully should happen in, I would say, four to six weeks from now, approximately. The moment it happens, in parallel, we are gearing up for our manufacturing setup, so that every day we are producing in the sets as required by the railways and start commissioning it. Okay. While we can't complain on Power Systems, it's going quite well, the momentum of top-line growth that we had been seeing for some time sort of moderated in this quarter. Is there anything to read into the quarterly numbers, given the orders inflows, order backlog is up quite nicely? No, I don't think that's really an issue. I think there can be a lull here and there in a quarter, here and there. I think because the size of business that you see, even if you look at transformers, each of the shipments are INR 100 crore, INR 150 crore. Again, as I said, in terms of good accounting practices, even if it is ex works or it is FOB incoterms, we have to make sure that what happens to the number. I think to start with a quarter of 16% growth, I think it's good to start with. Of course, the momentum, it's going to catch. That's the way typically first, second, third, and fourth quarter happens. It keeps inching upwards. Got it. Finally, the cadence of losses, on CG Semi and Exero, we've seen this go up, this is to be expected, could you give us some sense of how we should be sort of modeling in losses in the ramp-up phase for the CG Semi and Exero through this fiscal? That's my last question. Thank you. Yeah. See, it's the same thing, what I have been saying. Semiconductor business or entry has been for a long term. To us, it's an investment. As I mentioned in the message as well, a lot of it is employee cost. Of course, capital is started now. The production has started there. We'll continue to invest into this area. It won't slow down. The good news is that, of course, Exero is already revenue generating. Will it suddenly start making 20% EBITDA? The answer is no. It may make, we'll keep reinvesting that money back into it. My input has been always very clear. Exero is the design company we have. We'll keep investing. We didn't buy that company or start to stay at $60, $70, $80 million. It's going to go big over the next few years. We will keep investing into the technology and different segments. We'll not stay with only radio frequency or Satcom that we are currently doing. Just stay with us, stay tuned. You'll keep hearing more and more on that as we progress. Sure. Thank you, and wish you all the best. Thank you. Thank you. Next question comes on the line of Sameer Thakur with Ambit Capital. Please go ahead. Hi, thanks. I just wanted to check on if you have any end market commentary. Which markets are doing well for low voltage motors? Is it metals and mining, or cement or something of that sort? That would be helpful. Jatinder, you are there on the call. Would you like to take it? Yes, sure, Amar. Thank you. Thank you for the question. I hope you are able to hear me. We are seeing good traction. The end market cements is doing very well. Metal and mining is also doing well. Overall, OEM piece of the business is also doing well. We are seeing these three Industrial verticals doing extremely good. Okay. Thank you. I just wanted to check on this transformer plant of 45,000 MVA. That would be operational by end of this year, if I'm not wrong. Would you- We have not declared that as yet. Just wait for a minute, I think it should be happening. Although our original plan was 2027, 2028 financial year, I think we should do it at least one year before. Just stay tuned with that. We should be declaring that very soon. That would be with all the capacity, like 45,000 MVA or it would slowly ramp up over two, three years? No, not two, three years. Those days are gone. Two, three years, the whole world will change. As I said, we plan. This kind of plant typically takes about 24 - 36 months. I think we should do hopefully in 12 - 14 months. Let's see how quickly we are getting ready and start the commercial production. We'll keep you informed on that. The ramp-up typically happens, the first phase in the first quarter will be at least 10,000 MVA, going to 30,000 MVA in second quarter, and third quarter will be peak at 45,000 MVA. Again, we are not looking at 45,000 MVA only. Right now, Ajay and team are busy working on how do we take it to the next level. We'll further have plans to expand it. Okay, thanks. That's helpful. Just a last question, if I can squeeze in. Any material export orders you had this quarter? Material means as per the statutory requirement, that we had already reported. Yes, the order pipeline has been pretty strong after that also. Okay. Thank you. That was all from my side. Thank you. Thank you. Thank you. Next question comes from the line of Girish Achhipalia with Morgan Stanley. Please go ahead. Sir, thanks for the opportunity. Exports contributed how much in this, if you can share the year-on-year growth. Secondly, on transformer pipeline, particularly export side, how big is this pipeline currently that we are discussing? Finally, on Semiconductor side, I believe Renesas has offtake agreement with you for 40%, if I'm not wrong. Are there more customers who have signed up? If you can help us with those details. Thank you. Yeah. See, exports, as I mentioned before, the pipeline is very strong. Order inflow is also very strong. Instead of giving exact numbers, I would say it's practically between last year to this year, we already doubled. It's more than that, the journey continues. Our go-to-market strategy is working reasonably well on that. Coming back to your question on capacity with Renesas, yes, I think, not to be exact on 40%, it's close to 50% that they will pick up. Our business development activity with the rest of the customers is ongoing. Of course, in this business, typically, we don't name the details of the customers that we sign up for, which cannot be shared. Yes, that work is happening in parallel. Mr. Girish, are you done with your question? Yeah. Just exports growth number, sir, if you can have that for the quarter, the growth for exports. No, we are not declaring clear numbers there, as I mentioned. Okay. Orders have gone up into that. For order intake, if you look at our This thing was about 84% growth. Close, as I've mentioned, it's doubling, so it's about 84% growth per year. Understood. Thank you. Thank you. Next question comes on the line of Kartik Kohli with Kotak Institutional Equities. Please go ahead. Hey, sir. Thanks for taking my question. I had two on Semiconductor. First of all, can we please talk about how the top line is shaping up for the Exero business? It seems like it's a Q1 decline. Secondly, on the CG Semi business, you only said 50% offtake is being promised by Renesas. That is for the combined G1 and G2 plants? That will be my first question. Thanks, Kartik. The growth, Exero, honestly, I think they're doing fairly well. It may not show in the P&L because we are reinvesting a lot of money into that. Yes, if you look at the top-line growth, it definitely will have a double-digit growth. What is more exciting for me is the kind of orders and the size of orders that we are getting. Hoping, if the momentum continues with last two, three orders that I have seen, we should be at almost crossing, with almost double of what we had. If that continues, then obviously it is the execution issue or how quickly we can execute and fulfill the requirements of the customer. Got it, sir. Just one last question on the Industrial side. Last call, we were talking about how the competitive intensity is increasing, and you're seeing pockets of competitive players coming up. Can you talk more how has that changed in the last quarter or so? What kinds of new players are coming into the market? Industrial, I think, it's a pretty wide area, and that's happening in every area, right? There's a lot of new suppliers coming in. There's so many opportunities happening in. I think it's a very normal process. As I mentioned in the beginning as well, is we have to see how do we put our acts together. How are we efficient? How are we productive? How are we getting the solutions that are required by the customer? I think that's what we are honing our skills on. Got it, sir. Thank you so much. That will be all. Thank you. Thank you. Next question comes from the line of Rahul Gajare with Macquarie. Please go ahead. Yeah. Hi. Good evening. Mr. Gajare, sorry for interrupting. We cannot hear you. Can you speak a little louder? Yeah. Is it any better? No. Still not clear. Can you come a little closer to the mic and speak a little louder? Yeah, I'm trying. Are you able to hear me any better now? Yes. Please go ahead. Better now. Hello. Thank you. Please go ahead. Thank you so much. After two years, we have seen the revenue growing at mid-teens. Any specific reason that you want to call out over here if there is any delays or deferrals? That's the first part. What's your thought on the Chinese players being allowed to participate in the government T&D projects? That's on the power side. Is your question specific to power business or overall? Revenue, we've broadly seen mid-teen growth in the revenue, I can see that there is a specific growth challenge in the Industrial business. What is your thought on that? The second question was on the power and China angle. The first one, I think I already covered in the previous questions. Motors is doing fairly well. It is high teens, even though we don't give more details, but then I think that should give you an idea. Railway, I told you, I'll be happy with even the similar flat or a bit of growth, but railway, in the Q1 they have performed much better, which is good. If I look at the console numbers, G.G. Tronics, definitely in this quarter, they should commence their production. In a quarter or so, it'll be bouncing back on that. That adds to the console number for Industrial. I think consumer business is already doing well, but the size is very small, so it doesn't show up too much in the front of it. That's where I would stay with in terms of Industrial question that you had. For Chinese players coming in, obviously, as I said, I don't comment on what competitors will be doing. Important is, how do we get ourselves better and be there? The journey everybody has to go through the approval process and let's see how much time it takes. Sure. Now on the railway side, is there any development as far as Vande Bharat is concerned? I remember you all were talking to a lot of tech partners. Any progress on that front? Now that the Semiconductor Mission 2 is announced, while I understand that you first will find customers for the existing plant, but at some point in time, would you look at ramping up this Semiconductor project? I think these are two different questions. Yes. The first one was on the railway side. Yes. On the Vande Bharat side, is there any tech partner that you've signed up, or are you talking to somebody on the tech side for Vande Bharat project? I would imagine that after two years we can see some traction coming in the Vande Bharat business. No. See, on the Vande Bharat, the project that we have with our customer, that work is going on right now, that testing. That initial development that's happening, and I think we had declared that, with Kinetic as our internal customer. That work is going on. Even the new shed has come up, testing facilities are under commissioning. That is usual work that is already going on. Second, as I said, I think this first and second year, I would say is more development of in-house versus any collaboration or something that could happen is what we are busy on for the technology development. The Semiconductor Mission, the one that government announced recently. Are you looking at scaling up your capacity? No. I think the team is evaluating what is in it for us, if it makes sense or not. That work is still going on in parallel. Right now, the existing team is busy with ramping up what we have on the plate. Get the new plant, the second plant in action, and current plant, we are ramping up to the capacity that we had installed it for. Okay, fine. Thank you very much. Thank you, Rahul. Thank you. A reminder to all the participants, please restrict yourself to two questions. Next question comes from the line of Amit Mahawar with UBS. Please go ahead. Amit, hi. I have two quick questions. First is on Industrial motors, et cetera. We've seen in last six, eight months, pricing has been holding up very well, and there's a very clear trend of higher grade motors, IE4 motors, or even IE3 and IE4 motors. Do you think in FY 2027 for CG Power, which is the largest motor company in the country, a 20% revenue growth or 25% revenue growth is possible because the pricing is shifting very drastically? That's not practical for this year? That's the first question. See, as I hinted towards that, we are going at high teens in the motors piece. Market is absorbing what we are passing on with the right logic. That is happening. Third thing, I would have mentioned it last time in terms of the R&D acceleration for the new product development that we have initiated. Those are the things that are actually going to take us to the next level. It's not only the pricing game that is going to play, but it's also the R&D. In fact, the first range, across IE3, IE4, and IE5, all this full range will be complete in next 12 months. Sure. The second and quick question on switchgears and power transformer exports, particularly. As you target more customers in U.S., particularly the utility grade, and we understand that there is a very strict timeline and qualification timeline that is taken, which is slower than the data center customers. Do you think FY 2027 is the year where you can see significant utility customers order from U.S., or that's too early for us? That's it. Yeah. We don't target one. It's combination of utility, renewable, data center, oil and gas. Each of these booming markets, we have the teams dedicated to each of these verticals. That's where we're working on. Okay, sure. Thanks a lot. Thank you. Next question comes from the line of Shirom Kapur with Jefferies. Please go ahead. Hi, sir. Thanks for the opportunity. Just wanted to start off with one bookkeeping question. The difference between your consolidated order book and your standalone order book, is that primarily on the Industrial side? Does that reflect basically your rising automation in Europe and your G.G. Tronics business, or is there anything else in that? You are asking at consolidated level, right? The difference between the standalone and consolidated order book. What is included in that? If you could give that breakup between G.G. Tronics and. Majorly this include GGT and the Exero. Would you be able to quantify what is that size? No, I think G.G. Tronics, we know about the INR 1,000 crore order book is there. Rest is all coming out from Exero. Okay. Understood, sir. Just secondly on your Industrial Systems business, just want to clarify, you mentioned that your motors business, the margins have now improved to double digits. Is that correct? Is that just for this quarter? You'd mentioned the business has been ramping up for the last four quarters. Are we seeing consistently double-digit margins, and is it that the railways business is what's actually dragging down the margin to single digit at a consolidated level? I think I gave that commentary already, your full question was answered before. Double digit definitely in motors. Consistently it's going upwards. Railways is not really a drag. Of course, I think it's not as good as what motors is, but it's not bad also. I think the bigger impact was because of that INR 20 crore provision that we have taken. I think that's kind of a drag on the overall performance. Right. Because, sir, even if we exclude adjusting for the INR 20 crore provision, you're still seeing the margin dip from 10% in the same quarter. As I said, motors are double digit. Railways has always been single digit, delta will always be there. Would you share how much is railways now contributing to the Industrial? We don't give the breakup of that, no. We just give Industrial. I'm not allowed to share so much, in my enthusiasm, I keep sharing a lot. No, only thing what you have to consider is that Industrial also include consumers. That is actually at a break even today. Noted, sir. Thank you. I'll come back in the queue for any other questions. Thank you so much. Thank you. Next question comes from the line of Ravi Swaminathan, Avendus Spark. Please go ahead. Hi, sir. Thanks for taking my question. Couple of questions. One is in terms of lead time of delivery for transformers. How is it now vis-à-vis how it was last year? My second question is for transformers, the bid pipeline, how it would have grown for us, how much we would have bid this year vis-à-vis how much we would have bid last year. Yeah. I think capacity, the way we have increased it in last, what, four quarters, from 22,000 MVA to almost 75,000 MVA. Honestly, that's not a concern at all today, I think. I'm not saying that the transformers are available off the shelf, because that's not the kind of product we make. Each transformer has to be customized. Yes, I think the lead times are much better than depending on what kV range you are asking for, it is what it should be. No customer will get delayed, and then we are adding the capacities into that as well. Okay. In terms of the bid pipeline, sir, essentially how much we would have bid this year vis-à-vis how it would have grown year-on-year? We are talking about the orders, no. We don't give the details like bid pipeline and then bid rate and loss rate. That is all company confidential. Okay. Order inflow had declined this quarter compared to last quarter in the power segment. Last quarter, there was this BCA large order of around INR 650 crore. Was that the only reason why the inflows had declined during this quarter, or was there any deferment that can be booked next quarter in power segment order inflow? No, no, absolutely. I think you answered it very well, Ravi. That is the real thing. If you just take it out apple to apple, there's a fairly good growth. Understood, sir. Thank you. Thank you. Thank you. Next question comes from the line of Kartik Kohli with Kotak Institutional Equities. Please go ahead. Mr. Kohli, please go ahead. Yeah. Hi, this is Aditya. I hope I'm audible to you. The question that I had was more on the overseas opportunity. As we can see, there are three big markets in U.S., Europe, and maybe the MENA region. As you see through your mix of exports over the next three years, what could be the order of relevance of these three geographies? Would eventually U.S. become the biggest as you think through data centers, renewables, everything put together, or would Europe or MENA region be more relevant for you? No. Yes, we don't put all the eggs in one basket. Export market, as you mentioned, definitely these are important markets for us. Our GTM is based on that. Will that become the primary? Answer is no, because we will have it spread out fairly evenly to make sure that even if something happens in one market, something is there to survive. Yes, each one of these. India will continue to be our primary growth market because that's where we originate from. We'll keep expanding into Americas and Europes and MENA, as you mentioned. Sure. No, that clarifies. The second question that I had was on the Semiconductor part of it. Obviously, this is more on the design aspect of things. Part A of the question, does ISM 2.0 make a difference to your growth strategy? Whether you will be using that as a platform. Part B, just intrigued to kind of see good order inflows coming in, maybe a sizable backlog is already there. Could you give us some more color of what is actually happening on ground and how do you go beyond the RF space here? As I mentioned, I think there was a similar question before. Where we started off with radio frequency, Satcom area. We are also venturing into the adjacencies around that. Power, because that's our own business. We are looking at power electronics as a business from Exero point of view, what can we do there? These are some of the areas and as I said, just stay tuned with us. As we get closer to our footprint into those areas and additions to Exero, we'll keep you informed on that. Great, all the very best to you. Thank you. Those are my questions. Thank you. Thank you. Next question comes from the line of Prathmesh Salunkhe with Nippon Life. Please go ahead. Hi. Thank you for the opportunity. My question was on the Power Systems. You mentioned that the prospect pipeline or the bid pipeline has doubled year-over-year. Just wanted to understand, what are the key end industries that is, apart from the T&D space, we know how T&D is doing, right? Maybe some commentary on how the data centers are doing for you. Any traction on that front? The bid pipeline, we didn't mention that. The order pipeline that we talked about, orders have gone up by 84%. As I mentioned in the previous question also or the other question, we don't give too many details on how the order pipeline is doing and how are we doing or losing. That's company confidential. Yes, pipeline is pretty strong. Sir, have you seen any contribution from data centers? Of course. Okay, how would you put it in terms of growth driver in next two to three years compared to maybe T&D and Industrial business? No, we're not breaking it down because everybody has to win the bread to survive. As I said, because AI will keep booming, of course. They can be used in the industry differently, data centers will continue to be important. Renewables is important, green energy is important, oil and gas is important. Even the grid modernization, that's a vertical. As I said, we'll not get too skewed towards one side only. It'll be a fairly even distribution. Of course, depending on the size of opportunity, something may be big and something may be small. We'll not forecast that we'll go all about one particular segment. All right. Sir, my second question was on Semiconductors. You mentioned that for Exero, you're currently looking at the RF first and some of the power equipment. With ISM 2.0, I understand that the fine print is still awaited, ISM 2.0, would it be possible for you to get some subsidy for RF equipment and power equipment in ISM 2.0? Prathmesh, I answered that a few minutes before. There was a similar question. I said the team is evaluating what is in it for us and should we do something. There's a separate work happening in parallel. We have no clue right now whether we'll use or not. Whatever I talked about on the Exero side is purely what will continue. With government, without government, the work will continue in different segments. All right. Thank you so much. Welcome. Thank you. Next question comes from the line of Sameer Thakur with Ambit Capital. Please go ahead. Hi, thanks. I just wanted to get back to the Vande Bharat order, which you had taken, I think, in Q4 FY 2025. That is still under execution, if I'm not wrong. Any problems with the execution because of that the margins are not doing well, or are there any other issues? What is the timeline for this execution of this order? Do you expect any further orders from Kinetic this year? Thank you. No, Sameer, I think I answered that a few minutes before, is this Kinetic order, that initial order that we have. In fact, I was there on Monday, Tuesday, Wednesday, I was in Bhopal. I saw the facility is already set up, the building has come up, test lab is getting set up, and the order is under execution. That's where it is. Based on their performance, and of course we are bidding for more and more on that. That's the current status of it. Okay, currently there are no deliveries happening at the moment. It is yet to happen, yet to start. Yeah. The work is already going as per the project. The project team is working, there are weekly meetings. Dhananjay, who's our business leader for this business, he himself is on top of these weekly meetings to ensure that it is delivered on time with the right quality. All right. Thank you. All the best. Thank you. Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of question and answer session. I now hand the conference over to Ms. Renu Baid Pugalia for closing comments. Sure. Thank you everyone for your time, and participating in the call. I would now request the management to give any closing comments, and also thank the management on behalf of IIFL Capital for giving us the opportunity to host this call. Amar, any closing comments from your side, please? No. Thanks, Renu, and thanks everybody for joining and all the questions. Pretty excited to see how we can go forward in the future. Stay invested, keep investing more and more, and we'll grow together. Thank you so much. Have a good rest of the day. Thank you. Thank you. On behalf of CG Power, that concludes this conference. Thank you for joining us. You may now disconnect your lines.