Ladies and gentlemen, good day, and welcome to Crompton Greaves Consumer Electricals Limited's Q1 FY 2026 Investor Conference Call hosted by Axis Capital Limited. 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. Please note that this conference is being recorded. I now hand the conference over to Mr. Bhavani Kumarat from Axis Capital Limited. Thank you, and over to you. Yeah, thanks, Nira. Good evening, everyone. On behalf of Axis Capital Limited, I welcome you all to Crompton Greaves Consumer Electricals Q1 FY 2026 Learning Conference Call. Today, we have with us management represented by Mr. Promeet Ghosh, Managing Director and Chief Executive Officer; Mr. Kaleeswaran Arunachalam, Chief Financial Officer; Ms. Shweta Sagar, Chief Business Officer, Butterfly Gandhimathi Appliances Limited; Ms. Natasha Kedia, Head of Investor Relations and Corporate Communications. We thank Crompton for giving us the opportunity to host the call, and now let us hand over the floor to MD&CEO for his opening remarks. After that, we will open the floor for Q&A. Thank you and over to you. Good evening, everyone. Thank you for joining this call. Thank you Axis Capital Limited for hosting this call. My colleague John Patil will be introduced by Crompton Greaves Consumer Electricals Limited and they will. Company's face to face. Let me quickly jump into the quality audio. Oh, sorry for interrupting. You sound like you have a little fever. You can't hear me? This is better. I think you have stronger loudness, yeah. All right. I do have a graph for it, so sorry if I can't have it. I will try to speak up. Okay, before I dive into the details of the financial performance and the business performance quarter, there are a few highlights that I do want to talk about. Generally, the theme of the Q1 results, we believe, reflects our continuing resilience and agility. We do believe that our performance is ahead of the industry in various categories. We know that we have recorded market share gains on a year-on-year basis. Our high-growth categories, solar pumps and more domestic appliances, led the way, with SDA growing not only faster than the industry, but also at strong number change. Numbers. Significantly, our solar pumps also demonstrated very strong growth. Earlier in the quarter, we secured the largest ever single order of INR 101 crore in solar pumps from the Maharashtra Energy Development Agency, demonstrating the continued strength of our position in solar pumps. In the path to growth categories, the area that we've been focusing on over the last few quarters, lighting remains stable despite headwinds from continuing pricing pressures. Revenue was flat, while Butterfly grew in line with the market and expanded its market share in core categories. We also have a bunch of businesses which have high exposure to sales. These are categories like TPW, residential, battery pumps, and air coolers. While the industry saw a sharp slowdown, we also saw a slowdown due to the shorter than usual summer season and erratic monsoon pattern. However, companies of relatively high sales still maintained market share. Despite the challenging environment, on an overall basis, we have held on to our resilience margins. I'd also like to highlight two major strategic strategies that are shaping Crompton's future. First, we have embarked on a transformational journey, building on our go-to-market strengths. The focus is on expanding in reach, improving market share, and enhancing consumer advocacy powered by stronger sales fundamentals, digital enablement, and capacity development. All of you know that our products both impact and are impacted by the environment. Climate change is altering demand patterns and driving changes in consumer behavior. At the same time, we are mindful of the environmental impact of our products. As an industry leader, we are committed to delivering products that not only meet but also anticipate evolving consumer preferences. We see sustainability not just as a responsibility but also as a driver of smarter choices, sharper innovation, product differentiation, and consumer affinity. Doing good in business and doing well for shareholders is inextricably linked to also doing well for the environment. Importantly, we have both the scale and the capabilities of being able to offer sustainable products at affordable price points to consumers. We believe this is a major differentiator. Accordingly, we are today announcing ambitious sustainability goals reflecting our commitment to responsible growth. By 2035, we are committing to reducing our Scope one and two greenhouse gas emissions by 50%. Additionally, we are also committing to reduce by 60% the emission intensity per unit of sales of our product by 2035, most particularly in our highest-selling category, the fans category. With that, let me get into the nuts and bolts of how we performed the last quarter. As you are all aware, weather-related disruptions clearly had an impact on the industry as it had lasted. Our revenue this quarter, on a standalone basis, stood at INR 1,800 - INR 1,900 crores. Material margins remained healthy, reflecting sound financial management and adaptability in a demanding environment. EBIT came in at INR 155 crores and EBIT margin at 8.5%. This quarter, we also became a zero-debt company, having fully repaid the last loan that we had of a INR 300 crore NCD loan. We, of course, have been a healthy debt cash overdraft company. This underscores our commitment to financial discipline and long-term value creation. Our PAT for this quarter was INR 125 crores with PAT margin at 6.9%. Moving on to business specifics, in the fans category, performance was subdued, partially because of system disruptions. However, we had a series of innovations that launched. We've included Fluido, Meteo, and Nuclei. These not only resonated well with consumers but strengthened our premium portfolio and brand positioning. While the sealed fans category witnessed a downturn, we do believe that we did better than the industry due to market share gains. The TPW fans and air coolers businesses, both highly exposed to weather, witnessed a decline in line with industry levels. In pumps, the business continues to see very strong momentum in the solar pumps segment. Our business has doubled over a similar period since last year. We successfully executed orders, and we have materially grown our order pipeline even apart from this order that we have publicly disclosed of INR 101 crore in the last quarter being done. Agri pumps and residential pumps both, of course, get impacted by unseasonal rains. Having said that, we do believe that we are performing well in these segments compared to industry. In appliances, the small domestic appliances business delivered strong double-digit growth as I mentioned earlier. This is a business that has been demonstrating strong double-digit growth quarter on quarter for the last several quarters, and that has sustained in this quarter as well. The growth was underpinned by demand for our distributors and residents for our industrial cooktops. In large domestic appliances, we introduced an industry-first 2,000 TDS certified anti-steaming technology in water heaters. That's where a whole world of innovation work has been done to come out of this product. While the air cooler business, again, this was the high season for air coolers, and like everyone else, we similarly had the business was impacted. Large kitchen appliances recorded a series of INR 15 crore and seems to have added and seems to be getting strong resonance with consumers in the cooktop segment, which has been added a few of products being added to our cooktop range. That's doing very well. We have also broadened our chimney range in the large kitchen appliances. On to lighting, industry-wide price erosion persists. Despite this, revenue was stable at INR 232 crore. Remember, this is pure lighting products that we have currently in our portfolio. The standout of this quarter was a sharp improvement in profitability. EBIT growth 41% YOY to INR 21 crore, with margins expanding 370 basis points to 12.6%. This is a result of our continual focus on improving product mix as well as operating efficiencies in our lighting business. Our B2B lighting business was a key driver this quarter, generating double-digit volume growth, led by commercial, flood, fine mask, and bowls categories. We also secured several project rings in the industrial segment, which contributed beautifully to the performance. In the B2C segment, our broadband decorative lighting witnessed traction as we continue to pivot toward higher-value designer-led offerings. Moving on to Butterfly, we have an exciting update. This quarter, we unveiled a refreshed brand positioning for Butterfly. Now, as you know, Butterfly has been through a continued transformational trajectory, and this is the latest update on that trajectory. We unveiled a new brand positioning, which is built around the philosophy of celebrating change. You've probably seen the new Butterfly brand logo, which talks about this. This positioning is designed to resonate with the evolving consumer aspirations and is supported, importantly, by a series of innovative product launches under the Ideas First series, with over 40 SKUs being introduced aimed at strengthening Butterfly's premium and differentiated portfolio. Butterfly's growth revival continues. Its growth trajectory is in line with the industry. Revenue rose 3% to INR 137 crore, and there was strong traction in mixer grinders, gas grills, and pressure cookers, all of which are the core business of Butterfly. In each one of these core categories, Butterfly gained share. EBITDA grew 39%, reflecting the product mix and operational efficiencies. Overall, our kitchen portfolio, which includes Butterfly, SDA, and large kitchen appliances, performed very well this quarter. We continue to harness our brand equity and innovation capabilities to drive differentiation across categories. Our consumer-centric design approach, backed by in-house R&D and marketing excellence, has enabled us to launch high-end products that address evolving consumers' preference and also reinforce our leadership in key segments. With that, I will conclude by closing remarks. I assume you have also seen the presentation that is being put up on our website. There's also a press release that's made, and all of us here are happy to address questions that are suggested. If I may, if I may ask, of everyone, please restrict your questions to one or two. If you have more questions, please come back into the queue and allow other people to ask questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may click on the raise hand icon to ask your questions. Kindly unmute your audio and announce your company name before proceeding with your question. First question is from the line of Siddhartha Bera. Kindly provide your company name and proceed with your question. Yeah. Thanks for the opportunity. This is Siddhartha from Normura. My first question is, on the growth, if you can provide some color about how has been the growth or decline in the categories like fans, pumps, and SDA in the quarter. If you look at these categories which are more impacted, like the TPW and the air coolers, what% of our ECD revenue will be in the quarter? If I understand, your volume was a little feeble. If I understand the question, you wanted to know how these individual segments under ECD have performed and, within this, how the seasonal categories have performed. Is that right? Right. Okay. As you know, we don't give specific details, but I just want to give you a few colors on the overall ECD performance. Our ECD business has declined by about 8%. When we did an industry benchmark, we saw the industry decline to about 11%. We corroborated with that. We saw significant progress has been made on market share across all the categories that we are in. Now, individually, if you look at it, a large part of this decline is attributable only to seasonal categories. Seasonal categories here would include table, pedestal, wall fans, air coolers, and residential pumps. These are the categories that are impacted by the decline. If you look at our growth categories, which is solar pumps, we have doubled our business year on year. Our SDA business, which we have been investing over a period of time, continues to grow at healthy double-digit growth. It has on a trajectory of growing at about 15% - 18%, and we are continuing on that. Back to growth categories, which are two focus areas that we called out earlier, lighting is ahead of the industry growth, and Butterfly is continuing to grow back on the growth track for the last two quarters. Fundamentally, the quarter one performance is largely impacted by seasonal businesses, and a significant amount of this decline is attributed to TPW and air coolers. Within TPW and air coolers also, if you look at an industry benchmark, we have gained market share in both the categories, which means that our performance is superior compared to where the industry delivered for Q1. Thank you, sir. Second question is, again, I mean, if we go ahead, given that this unseasonal impact is likely to be restricted only to quarter one, are we seeing any green shoots of improvement now as you go ahead into quarter two for these segments? Second, again, is on this plan. We did showcase and launch multiple engineering categories across industry and BLDC plans. What percentage of the revenues are currently being contributed by these categories, and how should we look at the ramp-up going ahead for these categories? Yeah. Let me take this into our key focus. From a macro perspective, we see that the long-term demand is pretty much intact, and we see the long-term demand is positive. Across categories, we believe there is drive to grow for us on various initiatives that we have been discussing in the past. On top of it, we have also talked about a few new categories that we are entering, one of them being solar rooftop that we announced in last quarter. You'd also see progress updated on this as we move forward in the coming quarters. Now, within the segments that we talked about, particularly you wanted to know about fans and some of the new category announcements or subcategory announcements that we made in the new platforms. We are very pleased to share with you that the two new launches that we have made on BLDC under the Nuclei platform, Nuclei, plus the other SKUs, are doing extremely well. We have actually not even completed a Pan India launch on that because demand is outweighing supply. We are trying to see how do we catch up to the demand as we move forward. It is doing very well. As you would know, we continue to be the number two player in BLDC, and our endeavor is to become the number one player in BLDC. These launches are pretty much supporting us. There are a few more launches planned in the subsequent quarters within BLDC to strengthen our portfolio presence and drive on the BLDC category growth and further gain market share. To answer your questions with that, I suspect this is a question that some of the people need. I'll share it with you in a moment. Are the indications from the market positive? Great to hear that, sir. Thanks a lot, I'll come back in a bit. Thank you. Next question is from the line of Aniruddha Joshi. Can he proceed with the company name? Yeah. Aniruddha Joshi from ICICI Securities. Two questions on solar pumps. As for the great set of numbers, in terms of if you can share more details regarding the business model, how are you doing the sourcing arrangements? What are the margins in this business? What are the working capital? Are these numbers closer to what Crompton's control numbers are? Secondly, in terms of rooftop solar, which you alluded to in earlier quarter, that entry we are doing entry in rooftop solar. Any further progress updates if you want to share on that? Yeah. Thanks. That's it from my side. The way that we work on our solar rooftop business is that for the product, the entire product, we are responsible for. We We have a partner who executes on our graphs and also has for consumer orders once the government has chosen us as a bidder. This is the approach that we've been taking since we launched this product about two years ago. It's working very well for us. As far as margins are concerned, our EBIT margins for. Sorry, sir. Sorry. Why is it a bit feeble? Okay. All right. We'll just stop there. Maybe I'll repeat. We are responsible for the entire product. The installation is executed by a partner of ours. This is a model that we followed. One partner. This is the model that we followed for the last two years. Insofar as margins are concerned, at the EBIT level, the margins are very similar to the overall margin that Crompton records. Working capital in this business is, what should I say, is comparable to the working capital that we have in other businesses. Return on capital in this business is strong. Right? Sorry, I should clarify here that the way that we've been going about our business is why even as we ramp up our position in the system, we've obviously also simultaneously been careful about how we ensure that the essence of the business and the business fundamentals remain very robust. Okay. Sir, on rooftop solar, if you can indicate about the launch. Yeah, as we said, we are entering this business. We just received the announcement after we've done a bunch of work on how we are going to execute, really testing for that, the supply chain for that product. As and when we secure orders, we will come back and disclose it to you. Thank you, sir. We'll request you to come back in the queue. We have next question from Aditya Bhartia. Tell us, Aditya, please unmute your line and go ahead with your question. We'll take the next question from Natasha Jain. Natasha, you can go ahead with your question. Thanks. Yeah, am I open? Yes, Natasha. Yeah. Hi. Good evening. My first question is on the ECD segment. Barring fans, your pumps, you said, have done very well. Appliances have done very well. I presume appliances, again, is a very high-margin business here. If I remove those two, probably the degrowth in terms of fans is sharper when I talk about margins. That number, when I compare to your peers, I think probably we have underperformed some peers given that all the peers' numbers are out. If you could, you know, we've been talking about a lot of new product developments on the BLDC side. These are high-margin products. Fans, comparatively, are slightly less seasonal than other product categories. That BLDC could have probably saved the margins a little more. Can you explain, is this completely reverse leverage or is something else kind of pulling the growth here downward? No, actually, Natasha, I'm not sure the conclusions you arrived at are robust, right? Insofar as let's take each one of these in turn. You said that the appliances business has strong margins. The answer is exactly that it has good margins, not necessarily better margins than our fans business or our pumps business, right? Overall, the movement in margins in fans is very similar to the movement in margins in the products in our ECD business. In fact, it is not at all particularly impacted. Insofar as each one of these businesses is concerned, there are seasonal products and non-seasonal products. In the fans business, there is the ceiling fans business, which is more replacement, and therefore less seasonal, but seasonal nevertheless. Having said that, there's the TPW part of the business, which is very seasonal. A significant portion of our annual TPW sales happen in the first quarter. In ceiling fans also, the first quarter is the best quarter as by the fact that replacements happen most particularly when the weather is warm. Insofar as our pumps business is concerned, again, pumps is related to water scarcity. We have three segments that we are in. There is solar pumps, there is residential pumps, and agri pumps. Both residential and agri are impacted by weather, not in this case by hot weather, but by extensive rains, right? In fact, you would have noticed that even the solar pump business is impacted by unseasonal monsoon rains. Our own estimate is that the solar pump business has, at best, on an industry level, been flat. Our performance in the district matters, right? I would certainly not make the attributions that you are making, Natasha. Fair enough, sir. I appreciate your detailed answer on that. It helps in terms of understanding a little further. Just last question, on fans again. I mean, can you call out how the inventory is as of now and any faster sellers in terms of the other appliance category, how are we seeing them and any green shoots on the ground? That's it. Yeah, no pressure. I'll do that. I'll explain what I said earlier insofar as the indication. Yes, the indications are positive. What we've seen so far in this quarter, indications are that we have green shoots going forward. The second question that you said was what fans inventory? Yes, there is fans inventory in the channel. It's been into care, and that's also led by some of the green shoots that we're seeing. What tends to happen, I do want to clarify this, and sometimes I think we underestimate the channel, is the same channel. Sometimes the channel is the channel which sells fans. It also sells water heaters. It also sells air coolers. It helps sell TPW. Occasionally, there is overlap with other products as well. When the season doesn't go off as well as was anticipated, then inventory build-up means that the ability of the channel partners to invest also gets constrained. It does tend to impact businesses which are not explicitly seen. Oh, fair enough, sir. That's all. Thank you so much. Thank you. Next question is from the line of Umang Mehta from Kohrat. Hi. Thank you for the opportunity. Sir, just on Butterfly, we had a slightly slower start, but would you still hold on to your guidance that you look at double-digit growth this year? That's the first question. Yeah, that's what we're looking at. The trajectory is good. While the quarter ended at a single-digit growth, the exit of the quarter already gave us positive indication towards double-digit growth. Understood. That's helpful. The second one on the new category 4 is, we see that you've made some changes in your MOA, and a whole host of categories are added there, including large durables. Obviously, you can't share which categories they are, but can we safely assume that large durables is not being considered at this point? Yeah, large domestic appliances is not considered at this point. Thanks. Just the third one was on solar rooftop. Any broad aspirational numbers you can share? I mean, I know it's early days, but any feelers you've got from your performance anyway? Yeah, what I would like to put across is you have seen the acceleration that we have done in our solar pumps business. From 1X, we moved to 4X in one year. Already that 4X, we think we'll be beating it down pretty early into the year as we look at the current financial year. That's the kind of scale that we have. Probably we didn't set up an experience in solar when we started solar pumps. Today, we have got a library of business execution capabilities that we have built both on the technology side, procurement side, and on SIPC. Our aspirations are high, and the category size is also pretty high. Total addressable market is available here for us to take a meaningful market share and grow. Sure. Thank you so much, and all the best for the rest of the year. Thank you. Next question is from the line of Acha Lohade from Nuvama. Please go ahead. Hi, Acha? We can't hear you. Can my audio come? Yeah, we can hear you. Thank you. Thank you for the opportunity. Sir, we're building onto the solar pumps part of it. Can you help us understand, given the PM cooking is, the theme is ending in March 2026, what is your thought process on this particular line of business? You know, what shape and form and size are you looking at? What are the pillars you're getting from the government agencies? That's my first question. Fundamentally, our understanding is, yes. Today, there is a good amount of pile that is precipitated by the PM cooking scheme. We also need to keep in mind this initiative is not only towards saving the energy costs for the government and moving into sustainable power. It is also to ensure that the power availability is continuous for the farmers. Today, if you look at the rural areas, continuous power availability is a question mark. Farmers end up spending reasonable amounts of money in buying diesel. For example, if they have to trade that off to a solar pump at an affordable EMI, the payback would be around two to two and a half years. That one case is without subsidy, right? Fundamentally, once we have already seen how PAM 1 and PAM 2 has played out in EV, even when the subsidies are off, the initial trajectory has showed that the sector is moving towards EV. We do think a similar thing is what would happen in solar pumps also. Subsidy is an initial kickoff, but keeping the consumer or a farmer requirement here, which is beyond free electricity, but more about continuous power availability at an affordable cost of operation, solar seems to be much more sustainable than agri. Second, to look at this, over a period of time, you will find that agri market itself will transition into solar. On an annual basis, you see agri market has got a potential to scale up to $4 billion - $5 billion. Today, solar is very, very small compared to that as an industry size. It is a huge phenomenon. As this moves into a national plan, as this moves into replacing agri, we see the petrol deposit category to grow even stronger with or without the subsidy. Got it. The second question I have, if I look at in terms of the seasonality, one part is the fans which you've gone by. Obviously, there will be some residential sales as well. If I see from a seasonality perspective, the pumps will see an impact given the rains are abundant. I presume even agri sales, agri pumps also take a hit. Is the case with the residential. Is that understanding right? Yes. That will be the next thing. Let me touch on that a little earlier. Solar pumps, even, for example, if you look at industry as a whole at West Coast Fly, but we have the vendor solar business. There are certain segments where you will find that, yes, the vendor does play a role in this entire thing. By and large, the impact was significantly higher in air coolers and TPW. If I take air coolers, DPW, and to an extent residential pumps, the rest of the portfolio at an aggregate level, we have grown the business if you want also. Understood. Just a clarification, fans, what is the extent of decline for the industry and for us broadly? We don't give specific data. What we have gained is market share. That's the way we are looking at it. We have gained market share both in TPW and in ceiling fans. That's the indicator that probably we have become better than the industry. As we said, the way we need to look at this, we have kept our financial model tight, which is why the material margin has been held up in spite of where the industry has been. We have also been prudent in our overall spending. Therefore, we could ensure that the overall impact on a seasonal, or a season like this, is not fully impacting the overall gross margin or fan delivery. Otherwise, that market share gain is the right way to look at it, where we see that is a bit on the positive direction. Got it. Thank you so much. I'll call back in the queue for follow-ups. Thank you. Thank you. Next question is from the line of Praveen from PL Capital, please go ahead. Yeah. Hi, sir. Thank you for the opportunity. It's maybe a repeat question because in the MOA, you had mentioned a lot of products where you are not in, actually, whether it's a drone or, you know, several products. I just wanted to know, because, you know, the several products which are amazing, in the future, do you believe want to venture out in such products? I think that was similar to the question that was answered last time. Large durables is not something that we're looking at. However, having said that, over a period of time, there are categories that we think there is a right to win beyond that. It is not necessary to state that all those categories we will be entering in. It is based on a priority. It is based on unit economics, scalability for us, and the right to win. As we discussed about this in the earlier calls also, we wouldn't be getting into a category on a participatory basis. The idea is to, can we become a top three player in that? Those are the criteria on which we need to look at. I think we should, you know, we've said this before. Obviously, you know, there are a whole bunch of things that are actually, you know, so there will be that prospect you can read into that MOA. Importantly, I want to reiterate that the Crompton brand is strong. The Crompton right to win in various categories is also robust. Having said that, the policy that we'll be following is that when the time is right, we make an announcement about entering the category, not beforehand. That doesn't make sense, right? Right. Yes, it is true that, over the last year, we have spent a fair amount of time in strengthening our capabilities in various areas. Yes, we will enter new categories, which those are, I'm sorry, I cannot tell you just now, but you will progressively see. When we do enter those categories, it will be with the belief that we can be one of the leading players in those categories. Thank you for the clarification. Next question is related to Butterfly. As you had mentioned, the 40 SKUs have been launched, and you are focusing on the major three categories there. Is there any way forward, geographical expansion is also on the card? Swetha, you want to take that, please? Yes. Maybe you also want to give them a sense of the introductions as well as the brand relaunching. I think I will be doing enough justice to that. Sure. Before that, just a quick view into our journey into the news and the research that we have gotten. I think Butterfly had a journey of about 40 years, and we are here in the kitchen appliances business. Post our understanding of how we would want to take Butterfly in the next, you know, five years and 10 years, the first one that we wanted to address was what space that we would occupy with the consumer's mind space, right? From there, we did speak about our UNAIDS study that we commenced about a year and a half, understanding where consumers are moving to, their attitudes towards life, kitchen, home, and various other things. From there, it became very imperative for us to be a brand that speaks to the generation today and tomorrow. It was very important that we redefine ourselves, but yet stay rooted to what you are as a brand. That's how we moved into the positioning of getting into celebrity change. Basically, speaking to the millennials, a microgeneration between millennials and Gen Zs, who look forward to what's in it for the future, but yet rooted to the space where they are today. Predominantly from there, it called for a revamp in the way the look of the brand is. Basically, the brand does have, starting from the mnemonic to the logo. We started working around the whole piece of celebrating change, and we came up with a mnemonic where the fingerprint of the individual gets converted into a butterfly. That's how we came up with the mnemonic, basically emphasizing the fact that as individuals, we might change, celebrate change that's happening around us, but the core of the consumer or the personality doesn't change. That's what Butterfly is also about, quite individualistic and very specific to you, which doesn't change, but then you as an individual evolve with the environment around it. Celebrating change, core for taking it forward to the consumer in terms of experience, also needs a variety of portfolio interventions, first of which is the revision of our brand architecture that we spoke about, that we are working on the last quarter. Out of which the first Ideas First series, the completely new set of products which are industry-first innovations, talking and solving problems with the very specific to consumer problems, which are very thoughtful and that make a real difference to the consumer's lifestyle. Those products are right now in the key categories, which are mixer grinders, gas stoves, and pressure cookers. That's how the new brand launch and the portfolio expansion has happened to us. Now, coming to expansion outside of South, Butterfly even today plays outside of South. A considerable business does come from outside of South because we are a strong brand, a strong player in E-commerce. E-commerce is available in multiple other places outside of South, and we serve as the seat coats that are available. Having said that, the new portfolio and the new brand refresh helps us accelerate our business thought processing non-South as well. We will be looking at increasing our market share and going as far as whatever is our milestones that we've laid for sale outside of South. That's how we are. Thank you, sir. Thank you, and all the list. Thank you. Next question is from the line of Keshal Lodhi. Can we unmute, provide your company name, and proceed with your question? Hello. Hi. This is Keshal from NTMC Securities. In the middle margin guidance, which you have given for Butterfly to improve by 100 bps in this year, that still holds after week two? Yeah, that holds. Got it. Is it possible not getting more about, you know, each segment? Possibly. How much would be the single category in your overall revenue mix? We don't give a specific impact to that data. Allow us not to share that, Keshal. Okay. Sure. You know, again, I want to reemphasize something I said earlier. It is not a great exercise to only look at what the seasonal demand categories are, right? The seasonal demand categories are DPW, air coolers, and pumps, residential, agricultural pumps. The kind of season that we've done does have an impact on other areas as well. I mean, to give you an example, if you are anticipating a great air cooler season, you and you don't sell as much of air cooler, not us, but the channel does not tend to have large quantities of space constraints. There's space being occupied by air coolers, which also has an impact on the rest of the sales. We're not only talking about the cash flow ratio. I think you need to look at it in a slightly more broader context. Thanks, sir. I agree. One last question from my side. What is the aesthetics for upcoming one, two, three years? What sort of greenfield are you expanding to? If you know some terms on greenfield, when will it come in, what will be the aesthetics outlook? Yeah. We have announced that we are going to put up a greenfield unit, which is going to manufacture for India and abroad. Our indicative CapEx for that unit is about INR 350 crore. That should be spent, about two, two in a half years, three years. When do you plan to start this? You will hear soon enough on that. Got it. Thank you. Thank you. Next question is from the line of Deepak from Unified Capital. Please go ahead. Hello. Am I audible? Yes. Hello, sir. Thank you for the opportunity. Sir, first question on the TPW segment. You mentioned that we've seen green shoots in pumps and fans. Is this an industry affair or specific just to Crompton? If this is the case, if you can help us with the growth that we should be looking at for the remainder of the year for the ECD segment? We're not going to give you all the guidance for the growth of the year as to whether this is an industry phenomena or a Crompton phenomena. My sense is that there is some broad-ranging green shoots. How much of that is a Crompton special phenomena? Frankly, with one pump starting up, I cannot really tell you. My hope and I believe is that going forward, it will be a broader phenomena. Sure. The second question is on the lighting segment. We've seen good margin recoveries, at least in the last two quarters. Just wanted to check on the sustainability of this margin profile for the lighting segment. See, what's it? You have to understand. Like I told you, the margin improvement is underpinned by the improvements in product mix, right? We have over a period of time told you that we are pivoting away from a B2C product portfolio, which is substantially bald and batted. We are growing our panels business, and we are growing our floodlights business and our outdoor lighting business. What you see are the benefits of those going through. Now, these segments now account for a large share of business. I could go so far as to say that panels now are the largest segment in our portfolio. These businesses also continue to grow. You take away what you want to from the sustainability of margin. Okay. Sure. All inclusive. Thanks. Thank you. Ladies and gentlemen, we'll take that as the last question. I'll hand the conference over to the management for closing comments. Thank you very much for joining us today. I hope you were able to get answers to many of the questions that you had. In any event, if you don't, if all of these were left unanswered, you know Natasha is always attentive, and you can always circle with her and get further inputs from our side. I must tell you, we are very excited. I know no questions were asked about this, but this is an important time for us because, like I said, we announced that we are committing that our greenhouse footprint will halve by 2035. The greenhouse footprint of our products will come down by 60%. The reason that we are able to say this is that we believe we have the scale, we believe we have the technology, we believe we have the capabilities to be able to cater to more sustainable products at reasonable prices. That's the thing. This announcement stands out, but I personally am very, very proud that we are able to meet that commitment today. Thank you very much. Thank you, sir. On behalf of Axis Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.