Good evening, ladies and gentlemen. I'm Madhuri, moderator for the conference call. Welcome to Elin Electronics Limited Q1 FY 2027 conference call. As a reminder, all participants will be in listen only mode, and there'll 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 and then zero on your touch tone telephone. Please note that this conference is recorded. I would now like to hand out the floor to Mr. Devansh. Over to you, sir. Thank you, ma'am. Good evening, and very warm welcome to everyone. On behalf of Sunidhi Securities, I welcome you all to Elin Electronics Limited Q1 FY 2027 Earnings Conference Call. Today we have with us from the management represented by Mr. Kamal Sethia, Managing Director, Mr. Akash Sethia, Head of Strategy, and Mr. Sanjeev Sethia, Director. We thank Elin Electronics Limited for giving us the opportunity to host the call. I would now like to hand over the floor to the management for their opening remarks. Post which we will open the floor for Q&A. Thank you, and over to you, Akash Sir. Thank you very much, Devansh. This is Sanjeev Sethia here. Good evening, ladies and gentlemen. I also have on call today our Managing Director, Mr. Kamal Sethia, and our Strategy Head, Mr. Akash Sethia. Thank you for joining our earnings call for the first quarter of fiscal year March 2027. Coming to our overall performance for the quarter, operating revenues for the quarter was at INR 362.8 crores against INR 295.5 crores in the same period last year, up at 23% on year-on-year basis. Our revenue growth was driven primarily by material-led inflation across our portfolio with high single-digit to low double-digit volume growth across categories. Consolidated EBITDA for the quarter was INR 4 crores against INR 17.6 crores in the same period last year. The decline in EBITDA margin is primarily because of the following factors: sudden and massive increase in commodity prices, primarily led by plastic resins due to crude oil prices. Because of the conflict in Middle East region, prices of plastics rose up to 40%-50% in selected categories. Similarly, metals, especially aluminum, saw a sharp up of around 40%-45% during the quarter, although of course it has cooled off partially. Again, sharp depreciation of INR against USD, CNY, affecting pricing of imports, especially electronics and some key components. We also had a large unanticipated minimum wage increase of almost 25% in Ghaziabad region of Uttar Pradesh, where our largest factory is situated, with effect from 1st April 2026. Change in product mix with decline in motor and select lighting products which were at higher value-add, which got replaced with products at lower value-add, led to impact on gross margin and therefore EBITDA margins. Our EBITDA margin declined from 5.9% last quarter to 1.1% in the current quarter. Excluding extraordinary items, consolidated PAT loss for the quarter was INR 2.8 crores, against a profit of INR 9.4 crores in the same period last year. Our liquidity position is at net cash of INR 6 crores at June 2026. Our CapEx spend in quarter one FY27 was at INR 7.5 crores. This was probably one of the most challenging quarters in my experience with both macro and micro disruptions affecting operation. In addition to the war and conflict-led surge in raw material prices, sharp depreciation of rupee, we also had a major fire in our Ghaziabad plant in the end of May 2026, which I would like to update you about. Firstly, there was no casualty or loss of life. Our assets are adequately insured. We have provided for loss arising from the fire amounting to INR 24.6 crores. It has had an impact on both production and working capital. Filing of claim is in the final stage, and we expect to recover this loss from insurance within four to five months. I would like to share with you the performance of each of our business verticals. In lighting, fans and switch segment, the revenue of the quarter was INR 106 crores against INR 80 crores in the same quarter last year. This was driven by both fans category and new customer ramping up in the LED lighting category. LED lighting, exclusive of flashlights, increased from INR 39.5 crores last quarter to INR 51.4 crores in the current quarter. This was primarily driven by new customer ramping up capacity with us. While overall volumes have grown, change in the product mix has impacted us with downlights being replaced by battens. Further, in the batten category, we could not increase customer prices despite substantial increase in input due to irrational competition keeping margins under severe pressure. With effect from August, we have decided to scale down battens till the pricing situation improves. Moving to our fans business now. Our fans business grew from INR 27.8 crores to INR 43 crores this quarter. Our BLDC ceiling fan business has done well on a year-on-year basis with 75% growth. While margins were under pressure in Q1, they have come back to normal in Q2 with the quarterly price settlement kicking in. While Q2 is seasonally weak for fans, we expect this to pick up strongly again in Q3 and continue to do well in Q4 as well. Moving on to the home appliance segment. Revenues increased from INR 68.6 crores last quarter to INR 110.6 crore this quarter. Kitchen and home care revenues increased by 70% year-on-year basis. This was on the back of growth of revenue from mixer grinder and irons. We have seen sustained volume growth across categories. Personal care segment was up 43% year-on-year, driven by strong volume growth in hairdryers and sterilizers. In this entire category, margin pressure has been severe as commodity price moved up sharply. This has been adjusted with effect from July using average of Q1 commodity prices. We would also like to point out that customer demand seems reasonably strong, evidenced by double-digit volume growth across the category. Moving on to the FHP motor segment. Revenues declined from INR 61.4 crores to INR 45.6 crores in the current quarter. Given that this is an ODM product, we undertook price hikes, which led to certain customers to defer orders. Further, please note this segment reflects only third-party sales, so increase in sales of mixer grinder, increase in motor thereof is captured via increase in sales of appliances. A quick update on the Bhiwadi factory. The plant is ready and will start commercial production in quarter 2. We will start with OFR immediately and chimney in the next quarter. Setting out a revenue guidance of FY 2027 now. As discussed earlier, given that we prioritize margins and therefore will reduce the scale of our lighting operation, particularly battens, we estimate revenues to be in the range of INR 1,375 crores for full year FY 2027. In the current times, it is difficult to forecast EBITDA, so allow us another quarter to update margin guidance. Bulk of the CapEx on Bhiwadi is now concluded with focus now on driving commercial production and utilization. With this, we conclude our opening remarks. We can now open the floor for Q&A. Thank you. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. First question comes from Zakin Hase, an individual investor. Please go ahead. Sir, I think we've been through a tough quarter and looking forward to better times. Thankfully, there was no loss of life in the fire. Going ahead, sir, do you think we have been through the worst and we can only look for better times ahead? Margins being 1.1%, how do you see the year closing on EBITDA? Do you think our aspirational 6%-8% margin will be breached in the last quarter or the first quarter of next year? How do you think the year will end on your product mix? These are my questions, sir. Once you do that, I will go to the next question. Sure. Thank you, sir, for your question. There were two or three questions, I'll just take them step by step. I think the first set of questions was around margin guidance. A, we've pointed out that we are still in uncertain times, although, to your point, the worst seems to be behind us, but can't honestly say that for sure. On margin guidance, perhaps like we outlined at the beginning of the call, we would like another quarter's time to update. Just to update you mentioned do you think we can achieve aspirational 6%-8%? Looks unlikely as of now, at least. Does that answer your question on margin? We'll just take it step by step. Yes, sir. No. Do you plan your product mix, and your strategy is planned towards achieving that next year at least, sir? We will definitely get better from here. Margin should definitely move up in Q2 itself from what we have achieved in Q1. That said, Q1 is not a benchmark at all. It is such a low margin that I don't want to benchmark against Q1 saying that we will do better. Like I said, please allow us another quarter to update you all with some sense of finality in what we can achieve. Okay. Sir, how are the macros looking for your product? How is the demand offtake and the market been? Okay, lighting, I understand that they are bottom of the price. It cannot go below this, because I don't think it's possible to manufacture below this. For your small appliances and your other products, how do you foresee the demand scenario, sir? In general, demand has been good across categories. We see and we continue to see strong demand because, of course, currently we are in the season month as we gear up for Diwali. Demand is strong. Of course, a major issue has been the sharp increase in commodity prices and maybe inability to pass 100% of the increase to our customers, which have affected the margins. You see, in terms of your point on fans and lighting, of course, I think prices are absolutely rock bottom. It's irrational prices where we are operating in that category, and it's a fairly large category. What we were able to do, and like we had mentioned in our earlier call, is that we will be able to add to customers in the lighting business to compensate for the loss of business because of the Lightanium JV with Signify and Dixon. We were able to do that. We were able to drive substantial numbers in terms of fan and overall. Unfortunately, the market prices have not corrected to the same amount as which the input costs have gone up. That we still see as a major issue is because of maybe massive capacity at certain suppliers where they don't want to lose orders, so they continue to operate at prices which seem very difficult for us. If I leave aside fan also in general, again, saying that, look, fan demand is strong. Our projections for next year are also pretty good. We're looking at good demands across appliances. We'll be adding some more categories, let's say, in the coming month in terms of kettles, et cetera. Chimneys also, like I mentioned in the call, our Bhiwadi factory is also starting commercial production in this month with OFRs. Overall, demand has been good, pricing has been a challenge. Okay. Sir, the minimum wage, do you think it will reset the whole macros in your particular industry, sir? You would have to look at aspirational EBITDA of 4%-5% instead of 6%-8%? Do you think the pricing will be reset going down a few quarters? Sir, the problem currently is that the minimum wage hike, such a substantial hike, has happened only in Haryana and Uttar Pradesh. Two districts. Right. It's not happened across India. You always have a conversation with a customer where they mention that for them, they have the option of sourcing from different factories in parts of India where there have been no such large minimum wage increases. There is just that debate that is going on. It's been about two and a half months or three months since the minimum wage has happened. Although they understand that our costs have gone up, they ask us to understand that they have the option of sourcing from other factories. It's a bit of a tough situation for us. Obviously, a hypothetical scenario for us, if minimum wage is increased across India, again, we are in a good position because then it's a level playing field. As of now, where our largest factory is where the wage has been increased by a large amount. We are pursuing all sorts of options, including discussion with customer, including some amount of, say, automation to reduce dependence on manual operations. All these things, you will appreciate and understand, take time. Now, discussing pricing increase on this account with customer at a time when material itself is on fire is another challenge. I'm just sharing the background and the context so that you appreciate the situation that we are in. Sir. Do you think the material scenario, the supply chain and the prices look to be stabilizing anytime soon, sir? We are seeing the price stabilize a bit, even though, of course, they are still much higher than, let's say, February, when the war began. There is some stabilization, at least I think we'll be able to pass on the price increase. I think part of it is already passed on, as the price correction happens, we'll be in a position to have transferred the price increases to our customers. That being said, we still not very sure how the Middle East thing plays out. As we speak, I think we're seeing a spurt in copper prices. I think today, we are reading that Congo, which is probably 20% of the producer of copper, has put some restrictions on export of copper. We are seeing copper go up. The war is also not really behind us. We're not sure exactly how it's going to play out, it'll be a little wait and watch. In general, commodity prices, plastics, aluminum, have stabilized, but still much higher than they were in February. Would also like to add, because now quite a large portion of our business depends on electronics also, especially with LED and now BLDC fans. If you followed the electronic prices, there's probably anywhere from 10% to 15% hike in the basic price of all electronic components. Plus, you have had the U.S. dollar appreciation, and currently, if you look at the PCB, just the bare PCB prices, they're up from 40% to 60% because of a scarcity of laminates in the country. It's one of the rare times where you see each and every commodity, whether it's plastics, aluminum, copper, PCB, you can take paper, everything has seen a fairly substantial increase in the last three, four months. To answer your question, stabilized a little bit, but still is much, much higher than what they were in February. I think our MD would like to add something. Mr. Zakin, this is Kamal Sethia. I just want to add that now our focus is, as you have seen in our opening remarks, that most of the products what we make, they are seeing strong demand except motors. Going forward, the focus is going to be more on margins than only just increasing our revenue. Of course, revenue increase will be there, focus on margin will also be strongly put so that at least we are out of the situation what we are going through right now. Thank you. Thank you, sir. Wishing best for the balance of the year. Thank you so much. Thank you. Thank you, sir. The next question comes from Sahil Doshi from Thinqwise Wealth Management. Please go ahead. Hi. Good evening. Hope I'm audible. Yes, Sahil, you are. Yeah, perfect. Just firstly, I just want to clarify, the guidance you all gave out was INR 1,375 for this year? That's right. Okay. This seems lower than if I just had to annualize the current quarter, which is typically seasonally weak. This is in addition to Bhiwadi plant coming in also. What's really the thought behind this guidance, and are we seeing some pressure in the second half? Is that what we should make of this? No, no. This is pertaining to the lighting business, largely. Batten, which is almost 50-odd percent of the lighting business or slightly more even. We've just taken a conscious call because prices are at such a level where there are losses in manufacturing. We don't want to increase turnover and pile on losses in terms of bottom line. We've just taken a call to just slow the batten business down. We were doing anywhere between 10- odd lakh battens every month, and at an average price of anywhere between INR 65, INR 65- odd, that itself is six and a half odd crore INR a month of turnover that we are seeing may be difficult to immediately replace. The loss of revenue that you are seeing is pertaining largely to the batten operation. Reducing this will actually increase our bottom line because currently, at least in the quarter gone past, this was a loss-making operation for us. I understand that. Let me clarify this. Bhiwadi, since the plant is coming in, what is our outlook for Bhiwadi, if I may ask, for this year? Bhiwadi will be in the vicinity of anywhere between INR 70-INR 94. The reason this is slightly probably we earlier guided for somewhere in the INR 90 crore-INR 100 crore kind of range was because some machinery here is imported, and because of the whole global situation, shipping out the machinery and getting it to our factory has just taken longer than what was anticipated. We will be starting commercial operations this month itself. The total revenue that we estimate we'll be able to achieve for Bhiwadi should be in the INR 70 crore-INR 90 crore kind of range. Just taking on this point further. If it's INR 6 crore, if I remove lighting INR 75 odd crore, you have an accretion of INR 90, INR 75 crore from Bhiwadi conservatively. Despite that, are we seeing some kind of a slowdown? I think this is a quite conservative guidance or a tapered number. Let's keep lighting out of the conversation, I understand. The other parts of business which we've always been talking about, is there a problem where we're not getting price hike and we are willing to compromise there as well? Or what is really the thought process behind this? One of the other key reasons, and we've spelled that out also in our remarks at the beginning, is that we are seeing some pressure also in the motors business. We mentioned that because prices have increased so sharply, we had to take sharp price hikes. What has happened is that we were supplying to customers all across India. What happens is, our factory is in the north, we are supplying to people in the south. Because of the sharp price hike, what people do is that they take a decision to sometimes source locally in and around where their factory is for these few months until pricing stabilizes. We've seen certain customers, which is what we mentioned, who've deferred orders, who've not placed orders with us. We've seen some impact on our motors business also. Just in the quarter, it's kind of come down by almost 25% odd, if I'm not mistaken. Bear that in mind as well, please. Sure. Motors, could you quantify what's the kind of price hike in terms of our raw material basket and what's the kind of price hike which we require to maintain the same margin? We've already hiked prices to come to our desired margin. The average price increase, depending on category of motor, has been from, say, 10, 11% on the lower side, 15% odd on the higher side. This kind of price increase within a quarter is kind of unprecedented. Sure. Understood. Again, I'll just take lighting out of this entire equation. If you're able to pass on the prices in the other segments and also that with Bhiwadi coming in, where essentially we are going towards higher ASP products, essentially, directionally, our margin should improve. Assuming today lighting is loss-making. We should see a fillip in that at least Q4 or so, maybe exit rate, we should be back to possibly 6%-7% kind of margin. Is that a right understanding or that doesn't seem possible in the today's environment? I'll just break that down into two and just give you a fair assessment. In terms of, there are two key aspects to this price inflation. There is one which is material led, and two, largely which is labor led. Labor led when I say, that is pertaining largely to operation in Ghaziabad, not the other factories as of now, thankfully. Material, most of the price increases have already happened. We've clarified that as well in our opening remarks at the start of 1st July. In Q2, we've already repriced using the average of Q1 pricing. Now, unless there is a further increase in material from here, Q1 already material prices were fairly elevated. Using that average, pricing is already done for Q2. We've seen from whatever price hikes we've taken, Q2 we've taken further price hikes. That material price increase has been passed on and has been recovered by and large. In terms of labor, that pricing has not yet been done, which is pertaining to our Ghaziabad operation. There, if you look at our direct cost in terms of labor in Ghaziabad, just for the Ghaziabad factory, it is approximately 9 odd%. Ghaziabad labor divided by Ghaziabad turnover, that is 9 odd%. There has been a 25% increase in that. 2.25% kind of price increase that has not yet passed on. Ghaziabad itself is, say, approximately 65%-70% of the company. Just giving you a perspective of what is not yet passed on. Understood. This really helps. This brings me to a larger strategic question or a thought, if we have any. We allude to the fact that there's strong demand, but we're not able to take a price hike. This is not only in lighting, but even other segments. Does it say our bargaining power with our customers is lesser? Strategically, why are we doing some of these businesses where we're not making a decent ROC? What's really our game plan? Because time and again, we are seeing this in different segments, where there is some event, maybe even employee, where customers are saying that we have other choices. It's not that we've not been able to take price hikes, but let's say, just for example, on a particular product axis, the overall price hike is about, let's say, 10%. There is negotiation from the customer that we cannot give everything in one month, what you get is maybe sometimes 6% or 7%, the 3% gets carried on. That's the challenge. The hike has been so high, let's say anywhere between 10% to 12% or 13%, you don't get all of it in one go. It's probably in the first month, you've been able to get, let's say, 7% or 8%, then 2% or 3% gets absorbed by us. In some product categories, in general, in all product categories, we've been able to get the price hike, but it has not been 100% of the hike which has happened. Secondly, what also happens is, let's say, most of the pricing happens at, let's say, an N minus one kind of product cost. You take the prevailing price, when we start supplies, last couple of months it's been that again, the prices have gone up. When you go again for a price hike, the same thing is playing out that again, maybe the hike is, let's say, another 5% or 6%, then you get 2% or 3%. We've not been able to pass 100% of the hike to most of the customers. It's been a partial recovery. As the product prices are now stabilizing, we are now getting into a position where practically by, let's say maybe somewhere placed in July or August, that means operative prices of September, that we will recover the price hikes which have happened. Labor hike, it's been passed on to very minuscule customers because like Akash mentioned, what we are facing is that when you are facing such a steep price hike, when we go with a price hike and a labor hike, both, the customer is like, "Currently, take the price hike of what we are able to pass on for the material at least, because we are in no position to give you both the hikes." That's what's been playing out for the last couple of months. Most of our customers are very long-term customers. We've been working with some of them for 30 years, 20 years, 10 years, five years. It's not a transactional business. It's more of a strategic partnership where a certain portion of the brunt has also been borne by us with the hope that things will improve in terms of this massive hike goes down, we can go back to our normal operating situation. If the prices stay stable, I think you'll see most of the price hikes have been passed on, at least that material thing is taken care of, we further have to push for the labor part. We are talking to customers. Some we've been able to pass on, some we are still in the process. It might take a couple of more months, we will be able to pass on some of the price hike which has happened on the labor front because it's an unprecedented hike. Normally, it is at around a 7% kind of increase which happens on the labor basis. It's like almost 21+, if you do plus plus, it's 25% hike, which has been very difficult for us to absorb. With the same macroeconomic situation right now, it's been a little difficult to pass on. Maybe in the next three, four months, we are able to pass on a portion of this also on our customers. Doubt it'll be 100%, but yes, maybe anywhere to 50%-60%, we should be able to convince our customers that that's the kind of price hike we will need. What we are hoping here is the material price stabilizes, it becomes a little easy for us also to open that negotiation with our customer. Sure. My question was more in the context where even Kamal mentioned where we will now possibly chase margins and returns over revenue. Is there a really rethink in that strategy? If you can elaborate more on that. Ultimately, we have to get these prices from our customers. We cannot go on like that. It's a matter of time, maybe being long-term customer and strategic partners, we have to balance our negotiation with them. As we mentioned earlier, where we are not able to sustain any margin, those products will reduce, and we'll focus on other products and expand on other products where margins are better. This year probably would be a period of consolidation of maybe one quarter. Next quarter, we hope that the raw material prices stabilizes, we are in a better negotiating position with the customer. Ultimately, we have to go for it and improve our margin. That's the prime focus right now. Revenue growth is not a issue, but margin growth, whatever the challenges are there, that we are in active day-to-day conversation with customers. We have got from most of them, some of them, we are still trying to get it. Quarter on quarter, you'll see an improvement there, I hope. Yeah. Does that answer your question? Perfect. Thank you so much. Just one final one. In terms of the fire, you have called out there has been some impact. Could you quantify if there is any impact in terms of production as well, and how confident are we in terms of this claim and other processes? I just want to highlight a couple of things. A, none of our customers had to stop production because of fire. We were able to get back on our feet and start supplying in most the affected product categories within three to four days. This was basically on account of having multiple lines, and within the factory, multiple locations for lighting and motors, which were two categories which were impacted with the fire. We have lost some capacity in our induction motor line, but we still have adequate capacities to feed our existing demands. There was just a slight delay in some motor supplies, you can say about one week or so, but we were back on our feet. In lighting, we lost some material where the lead time was a little long, with certain imported material which was there. There was probably a delay of about 6-7 weeks in supplying some product categories. Since we had multiple locations, most of the products, the supplies remained unaffected. There were certain categories where we lost maybe supplies for about 6 weeks or so. In terms of the demand, we are adequately insured, and there is no adverse feedback from now. We are quite hopeful that we should be able to get the claim what's under process right now. You want to add? Yeah. [inaudible], just to clarify, the claim amount is larger than the provision because, in our books, we effectively only provide for the written-down value in terms of, say, machinery or building. The claim amount will be slightly larger. Of course, that will also be spent in replacing that. There's no profit as such, but the claim amount is expected to be larger than the provision amount. Perfect. Thank you so much for answering these questions. Thank you. Thank you, sir. Dear participants, if you have any questions, please press star and one on your telephone keypad. The next question comes from Saket Kapoor from Kapoor & Co. Please go ahead. Yes, sir. For the Bhiwadi facility, and namaskar, sir. Hope I'm audible to you. Yes, sir. Yeah. For the Bhiwadi facility, we have invested around INR 62 crore or INR 68 crore, and we are expecting peak revenue of INR 90 crore? I just missed your number. Can you come again on the same? No, sir. The peak revenue is going to be in the range of INR 550 crore or INR 600 crore. Okay. What we were saying is that this year, that is financial year 2027, revenue will be in the range of INR 70 crore-INR 90 crore. Okay. Sir, what would be our working capital requirement there, and how do we manage all those aspects? Look, working capital is going to be similar to the company average, which is roughly anywhere between 45-50 days on a net basis. Right. Sir, when you look at players like OEM players like IFB, Eveready Industries, what kind of business, can you give us some percentage on the entire top line that adds to these players? I think Eveready might do a lot of their work in the lighting segment. If you could just give some specifications about these two customers, if you can share. We do flashlights or torches for Eveready, and we do the front fascia of the front-loading washing machine for IFB. For IFB, we do give or take about INR 100 crore, INR 80 crore-INR 100 crore a year. For Eveready, that amount would be in the range of INR 40 odd crore, INR 35 crore-INR 40 crore a year. Okay. Sir, Just- Yes, please. You had a question on lighting with respect to Eveready. Yeah. Correct, sir. I had. Yeah. Please reply. We are in talks with Eveready. In fact, we just had a visit from their sourcing people last week. We are in active conversation with them to supply downlights and emergency lights. We're very hopeful of converting this business, as we've been suppliers to them since 2007. Quite hopeful in adding Eveready also in our lighting basket. Okay. In the lighting space, we have the lights of Surya Roshni also in our customer profile. Currently, we don't have Surya. We don't have it. Okay. No, we don't have Surya. Just to give you an idea, not naming customers, till last year, we were only with Signify, and currently, including Signify, we have nine other customers. Just our ability to add customers in lighting business can be seen that in the last eight, 10 months since this Lightanium business has happened, that we've been able to add customers on our customer list. We've been able to increase the lighting business. Unfortunately, most of it has been batten, where the pricing unfortunately has not matched the hike which has happened. That's like our MD said, that we'll focus now more on margins than just the top line. Within lighting, we are now looking to focus on product range where the margins are better. We have eight or nine customers in our basket, at least it gives us the ability to maybe pivot out of battens and into other product categories where they are already selling, and see how we can increase our business there. Sir, even taking all this inflationary aspect into account, how do you see demand and the uptick in volume shaping up? What is the response and what are things at ground space from your key customers in terms of their schedules and their demand of understanding of the market? Because that is what will lead to the utilization levels for us. Look, demand has been reasonably okay. Like we mentioned, for most product categories, we've seen volume growth either in the high single-digit or the low double-digit kind of quantum. Demand, that is probably the only silver lining right now in what is otherwise a pretty dark cloud. Correct, sir. It is correct on your part that now our focus has to be firstly to catering to our customers, the longstanding relationship with them, and managing the vagaries of the market. At the bottom of the thing lies your investors. If you take what the OFS pricing which the management or the lead managers worked out in 2022, and today the pricing and the profitability scenario which is shaping up even for the current year, what is there for your investor or your minority shareholders to take home, especially from the promoters who have. I think the largest portion was offer for sale. Money did not get back to the large portion, was not even plowed back to the company. If you could just give us some more understanding of how will we as shareholders would be garnering money or making money out of our investment we have made in Elin? If you can just share any specific question, I'm happy to answer. I didn't quite follow your question. Sir, my question is that we are looking after our customers. We are looking after the other vagaries of the market. Our margins have depleted. What is there in store for your investors? The investors who participated also in your IPO day back in 2022 at a pricing of, say, INR 247, where a major portion of the issue was offer for sale. From the very beginning till date, investors have not made money by investing in Elin. I would like to understand from the promoters what is there for us going ahead, wherein we will also be earning from our investment that we have made in Elin Electronics Limited. That is my basic question. Sir, unfortunately, yes. What you are saying is right, that we are not able to drive up some factor or the other has been affecting us. It is in our best interest to do that because the worst affected are our family only. Our wealth is getting destructed by not able to perform. We are trying our best to scale it up and bring it up. A lot of decisions has been taken to ramp it up. It is taking more time than expected, definitely, yes, we are after it and somehow trying to improve on the situation going forward because the family is the worst affected. Of course, our shareholders are also very badly affected. Going forward, it is our endeavor that somehow we have to come out of the situation and move ahead with a positive note. We feel that we have to do that, yeah. You are absolutely correct on the submission, sir. Can you give us some roadmap or an understanding that this will nurture out or this is how the glide to profitability will be? Whatever the conversation has been in the ADA participant, it is quite evident that things are not looking profitable, at least for us, even in the near to medium term. I stand corrected here. Kindly correct me on this front that even going ahead with the ramp-up also, it would be bare minimum 2%-3% that will percolate to the bottom line at best. Please correct me on this aspect also. No, definitely. What you are saying is absolutely correct, and we have to work harder. A lot of decisions are being taken to bring it back on the expected lines. Of course, you have had so much patience with us, would request a little bit more and probably you will see results very soon on that. Last point is on the classification of some promoter entities. When we look at some names in the Sethia family under non-promoters. What should we investors be looking at it? It is just a mere classification or how does this 32% stake in the promoter category stand? What should one read? Look, the total family shareholding is approximately 53% or 54%. This is something that stands since IPO based on legal advice, where certain family members who do not have an executive role in the company and have other businesses were classified as non-promoter. The people who are wholly involved in Elin and solely focused on this were classified as promoter. This is the way it has been classified since the IPO. There has been no change, and I don't think, in any case in the last, what I would say, three and a half years, any promoter or even to my knowledge, any non-promoter has sold any substantial share, at least. Okay. Sir, we can always apply the creeping acquisition if we find the valuations being so. Any thought process from the management on acquiring some stake from the market since it's sitting at a very steep discount to what you people sold to the market? We'll discuss internally and get back. Thank you, sir. Tough time, sir. Thank you and all the best to the teams. Thank you. Thank you, sir. There are no further questions. Now I hand over the floor to management for closing comments. It has been a tough period for us, and we are doing all our best to come out of this situation. You have kept a lot of patience in our company, and I request you for more patience for some time. Probably as we are putting all our efforts and putting all our decisions to making faster so that we are able to come out of the situation as soon as possible. Thank you so much for your time and appreciate your patience. Thank you. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Chorus Call Conference Call Service. You may disconnect your lines now. Thank you and have a pleasant evening.