Limited Q2 FY27 Earnings Conference Call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 Earnings Conference Call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 Earnings Conference Call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 Earnings Conference Call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 Earnings Conference Call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 Earnings Conference Call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 Earnings Conference Call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 Earnings Conference Call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 earnings conference call. Please stay connected, your conference will begin shortly. will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 earnings conference call. Please stay connected, your conference will begin shortly. Welcome to Elin Electronics Limited Q2 FY27 earnings conference call. Please stay connected, your conference Welcome to Elin Electronics Limited Q2 FY27 earnings conference call. Please stay connected, your conference will begin shortly. Good afternoon, ladies and gentlemen. I'm Sashmita, moderator for the conference call. Welcome to Elin Electronics Limited Q2 FY27 conference call. As a reminder, all participants 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 0 on your touchtone telephone. Please note, this conference is recorded. I would now like to hand over the conference to Devas Shah. From Sunidhi Securities. Thank you, and 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 Q2 FY27 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. Over to you, Akash sir. Yeah, thank you very much, Devash. Yeah, good evening, uh, ladies and gentlemen. This is Sanjeev Sethia, Director at Elin. We also have on call today our Managing Director, Mr. Kamal Sethia. And our Head of Strategy, Mr. Akash Sethia. Thank you for joining our earnings call for the 2nd quarter and 1st half of fiscal year March 2027. Coming to our overall performance for the quarter, operating revenues for the quarter was ₹413.2 crores against ₹374.5 crores in the same period last year. Up 10% on a year-on-year basis. Growth during this quarter could have been better, but for a 2-week delay in Diwali as compared to last year. Consolidated EBITDA for the quarter was ₹14.1 crores against ₹20.3 crores in the same period last year. The decline in EBITDA margin of 200 bps year-on-year is entirely because of increase in raw material cost which could not be fully passed on to the customers. RMC increase was driven by the following factors: substantial increase in polymer prices driven by increase in crude oil price due to the conflict in Middle East region. Prices of polymer are up 30% on an average on a year-on-year basis. Metals, especially steel, saw a sharp increase of 12 to 15%, and copper also has hit an all-time high level. Depreciation of INR against the US dollar, see, or Chinese yen are affecting prices of imports, especially electronics and components, as well as sea freight. Great. We also had a large minimum wage increase of 25% in Ghaziabad region of Uttar Pradesh where our largest factory is situated, with the effect from April 1st, 2026. There has been a further increase in minimum wage of around 7% with effect from October 1st, 2026. Change in the products— product mix with decline in motors and select lighting products which are at higher value addition. Therefore, our EBITDA margin declined from 5.4% last year to 3.4% in the current quarter. Excluding extraordinary items, consolidated PAT for the quarter was ₹3.8 crores against a profit of ₹13.8 crores in the same period last year. Our liquidity position is a net debt of ₹6.4 crores as of September 2026. Our CapEx spend in H1 FY27 was at ₹77.5 crores, which includes ₹65 crores towards capitalization of Vivaldi plant and balance ₹12.4— ₹12.5 crores towards the existing business. Our working capital days was 52 days at September 2026 versus 53 days in September 2025. Now I would like to share with you the performance of each of our business verticals. In lighting, fans, and switch segment, the revenue for the quarter was ₹77.8 crores against ₹72.4 crore in the same quarter last year. This was driven by customer ramping up in the LED lighting category. LED lighting exclusive flashlight— excluding flashlights increased from ₹47.5 crores to ₹54.4 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, impacted us, with downlights being replaced by battens. With effect from August, we had decided to scale down battens till the pricing situation does not improve. We are now working on our terms with customers who accept our pricing and are not chasing customer wallet share. Moving to our fan business, our fan business was steady at ₹15 crores in this quarter. 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. We have a strong outlook for fans, especially BLDC ceiling fans, and setting up additional capacity in our Bhivadi plant for it. Moving on to the home appliance segment, revenue increased from ₹140.6 crores last quarter to ₹175.8 crores this quarter. Representing an overall growth of 25%. This would have been higher if not for the delayed festival season this year with Diwali falling due in November. Kitchen and home care revenue increased by 25% year on year. This was on the back of growth of revenue driven by increased volumes for mixer grinder and irons. We have started regular supplies of electric kettles also in the quarter. Personal segment— personal care segment was up 28% year on year, driven by volume growth in hair dryers and sterilizers. We are happy to share that we have added a new customer for personal care in this quarter. Additionally, we have participated in government tenders and expect to do some business in it as well. Moving on to the FHP Motor segment, revenue declined from ₹73.5 crores to ₹56.8 crores in the current quarter. Further, please note this segment reflects only third-party sales, so increase in sales of mixer grinders and fans as appliances and resultant increase in captive consumption of motor thereof is captured via increase in sales of appliances. A quick update on the Bivari factory. The plant is ready and has started commercial production in mid-September 2026. We have started with OFR production and will be adding fans and chimneys as well. Setting out a revenue guidance for FY27 now, as discussed in our call last quarter, we are prioritizing profitability and therefore taking some firm decisions on pricing with our customers. Not only have we become firm in passing on raw material costs but have also initiated discussions with customers for passing on assembly costs owing to large minimum wage increase. We have incurred— we acknowledge that these actions with customers generally take time, but some results are already visible in our Q2 EBITDA margins improving from 3.4% from 1.1% in Q1. We estimate revenues to be in the range of ₹1,400 crores with a variation of ±3% for full year '27. It is difficult to forecast the EBITDA with certainty in this high volatile macro environment. With this, we conclude our opening remarks. We can now open the floor for Q&A. Thank you very much. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and 1 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 1 again. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and 1 on your telephone keypad. First question comes from Zahi Nazar from Nazar Investment. Please go ahead, sir. Sir, um, good afternoon, sir, and, um, I think, uh, um, thanks to the team for giving a turnaround quarter, I would say. Uh, top line has grown and margins have stabilized or started inching up. Uh, you have upped the revenue from between 1,350 to 1,375 to 1,400 plus, uh, for the year. I appreciate that margins cannot be predicted, but with things looking up, do you think we can, we can look at Q2 as the base quarter for margin, sir? Akash, can you answer that question? Uh, sir, I wish, you know, I could, uh, I could give you that kind of certainty. And under normal, uh, you know, circumstances, I probably would have been able to give you that. comfort. But, uh, you know, unfortunately, uh, you know, given the kind of situation we are in, uh, I mean, I, I don't want to make any assurances, but That said, of course, we are— I mean, we do endeavor that this is not only a base quarter, but subsequent margins should be better. But given the volatility in the, in the macro, I don't want to make a commitment regarding margins, especially in Q3. Maybe now with certain global developments especially in the last few days, there is some view that, you know, there will be stability in, you know, crude and therefore, you know, prices will come off. So maybe, maybe Q4 onwards we'll be able to share a better, better picture. In terms of margin, you, you feel, sir, Q3, uh, Q2 again was a one-off kind of a margin uptick, or I mean, if we are already halfway into Q3, so do you see these margins things, sir, at least a 3.4, 3.5 above? So Q3 historically is our slowest quarter because what happens is that Q2 is our— Q2 and Q4 are our peak quarters, uh, in the run-up to Diwali. And then Q3, right after Diwali, there is a kind of a seasonal, uh, lull. So also, uh, you know, what happens is there is some sort of moderation in revenue. That is point one. Point 2, uh, just in terms of our newest factory in Bhavani, that has just been commercialized in September. Now, uh, you know, you can appreciate that, you know, once we start, things take, you know, some amount of time to ramp up. Both in terms of revenue and margin stabilization. So, as of now, at least this year, will be, uh, you know, in a state of just about EBITDA breakeven, with the result that it's going to pull down the overall, uh, EBITDA margins. Uh, from next year, once the new factory also stabilizes, you will definitely see margins move up. But Q3 Uh, my suspicion is, uh, margin should be in this range with, with maybe a, you know, 0.5% variation in this side. Okay, sir. Thank you. Thank you. Happy Diwali to all of you and best wishes for the year. Thank you, thank you so much. Thank you, sir. Ladies and gentlemen, if you have a question, please press star and 1 on your telephone keypad. Next question comes from the line of Utsav Baheti, an individual investor. Please go ahead. Hello, sir. Thank you for the opportunity. Am I audible? Yes, sir, you are. Yeah, so my first question is regarding like, uh, Diwali has been postponed by around— I mean, due to the Adhik Maas and all, uh, it has been postponed by 15-20 days. So will there— will we have a, you know, carryover revenue kind of a thing in Q3? Is it— will that be the case? Definitely. Definitely we are going to have, uh, you know, some sort of benefit of revenue, uh, you know, spilling over to Q3. Uh, so you know, on a YOY basis, this coming Q3 versus last Q3, you should see some, uh, some good traction in terms of revenue. Okay, and one more question, sir, regarding the minimum wage hike. So I mean, it has been hiked 2 times, so How much, or, you know, how much basis point will that affect, uh, in our margins? Over a long term, over a longer term, probably say 2 years, 3 years down the line. Uh, okay, let me just give you, uh, just a quick 1-minute background. So, uh, the minimum wage, uh, increment happens every year. But it happens typically to the tune of anywhere between 4 to 7%, right? Uh, what happened this year in April was a very large unanticipated kind of increase to the tune of 25%. Uh, moreover, like we pointed out in our opening remarks, Uh, on top of that, in October, effective 1st October, there has been a further hike of another 7%. So effectively, it is almost a cumulative hike, if you see, in 6 months of almost 34%. 33%, right? Uh, now definitely, uh, you know, if you have this kind of hike— and unfortunately for us, this has happened, uh, in the region where we have our largest factories. So this has happened in the Ghaziabad region of Uttar Pradesh. Which is our largest factory where we get approximately 2/3, uh, 65-odd percent of our revenue from. Uh, now historically what used to happen was that because I said the minimum wages used to— the increments used to be typically much smaller, uh, that used to get offset from the volume growth that used to come in. So, you know, we used to pass on material price hikes with customers, and the assembly, uh, hike used to get— or the labor hike used to get absorbed through efficiency gains. which would come via volume increase. But this kind of large increase is, you know, extremely difficult to absorb. So like we again alluded to in our opening remarks, we have initiated dialogue with with, uh, you know, all of our customers, uh, and, uh, you know, inform them of these facts. Now, as you can imagine, you know, these conversations are you know, a little bit time-taking, a little bit slow. People take time to assess, uh, and, you know, come to, come to a conclusion. Uh, so as of now, I think the, the impact on margin is almost close to, uh, you know, 1% kind of, kind of number. Uh, but we are, we are making all efforts to kind of recover the maximum amount that we, that we can. Hope that answers your question. Yes, thank you. Thank you for answering the question. Best of luck. Sure, thank you. Thank you, sir. Ladies and gentlemen, if you have a question, please press star and 1 on your telephone keypad. Ladies and gentlemen, if you have a question, please press star and 1 on your telephone keypad. Next question comes from the line of Niraj Mansingha from White Pine Investment Management Private Limited. Please go ahead. Yeah, I wanted to know 2 things. One, when is the scale-up of the facility? What's the timeline you see the scale-up of that? And the revenues that you see from that facility. Uh, so I think, uh, in terms of just to give you a context of the revenue, I think this year the remaining— I mean, effectively we have only you know, 6-odd months. Uh, so we should be, uh, you know, in the vicinity of 50-odd crore rupees, uh, in 6 months, 45 to 50 crores. Uh, and for the next fiscal, which is fiscal '28, uh, we should be in the vicinity of about, uh, 150-odd crores. Uh, our stated goal, as we've mentioned on earlier calls, is to achieve the full potential of the Bivadi factory in terms of revenue. That is about 500-550 crores. Uh, in approximately 4 years' time. And how much more CapEx you need to do for that full potential to be realized? So, uh, we've already capitalized approximately 65-odd crores. So this is phase 1 where, you know, approximately 1.25 lakh square feet has been constructed with all the common utilities, etc., being done. Uh, what is pending is another 1 lakh odd square feet just of factory shed area. All the common utilities, etc., have all been done. So maybe in the next, next year you would have another maybe 12, 12-odd crores, 12 to 14 crores, uh, in, in that vicinity, right, uh, approximately. Okay, any visibility on the, the revenue from this asset, like the order bookings for the body? So we, uh, like we pointed out earlier, uh, we don't really have an order book system, uh, but we have visibility from our customers from a planning perspective. So all indication that we have, uh, by design is non-binding in nature. Uh, the numbers that I've given you, uh, 50 for this year and 150 for the next year are reasonable estimates basis, uh, you know, the customer planning that we have received. That's one. Another question is in the invite, I know you said EBITDA margin is difficult to give a guidance. But can you give at least a minimum range, minimum at which you aspire to achieve? बस मिनिमम एंड एक्सपिरेशन यू नो टू ऑपोजिट ऑपोजिट। एक्सपिरेशन में नॉट लॉन्ग टर्म इनफॉर्म एफएक्ट हैं। 27 हम कर रहे Fy27, look, I think for the first half of the year we are close to just about 2.3%, right? Quarter 1 was close to 1%, quarter 2 was 3.5%. I just mentioned Q3, uh, you know, would be probably maybe, you know, similar to Q2 but with a 0.5% variation on, uh, you know, on either side and I mean, realistically, I don't think it's going to be higher. So if I look at the full year number, I don't think EBITDA would be, you know, more than 3-3.5% in that range. From a full year, full year perspective, this is of course because of the, uh, you know, tough first quarter that we, that we had. But going forward, it should नॉट बी लोअर देन 2.5 आल्सो इट शुड बी अबाउट अबाउट 2.5 एटलिस्ट फॉर द नेक्स्ट नेक्स्ट वार्ड And this includes the, uh, not full utilization of the B-Body one, right? So yeah, that's, that's one of the key reasons why Ambika is also getting dragged down. So can you give some understanding of what margins can improve or what— okay, let me say on a like-to-like scenario, if Diwali facility scales up I'll just give you the numbers also. Bhavani for this year, for the remaining part of this year, uh, on the 50 crore kind of top line, we'll probably have an EBITDA of close to 3%. 2.5 to 3%, and the moment, uh, you know, we hit that 150 crore kind of number next year, uh, EBITDA is going to be 6.5%. So, uh, you know, you can imagine as and when, you know, utilization starts to scale up, uh, fixed costs, uh, tend to get absorbed much better. What happens is you can imagine, I mean, the factory is up and running You still have to pay your general manager, your purchaser, your maintenance guy, your stores guy, all of that, right? Whether your turnover is 1 crore, 10 crore a month, right? So, so that is, as revenue scales up, those costs tend to get absorbed better, which results in margin, margin expansion. But on, on, is there any more operating leverage left beyond this 6.5% in this, uh, Diwali? Or because what I understand is a similar, uh, If your full revenue capacity is 550 crores, uh, this is 1.25 lakh square feet versus 2.25 total. You should be, should be able to do 300 crores of revenue in, uh, in this existing facility in a full utilized one. Uh, and, uh, if you're doing NFI 28, 150 So is there some more operating leverage left in that facility beyond this? Yeah, once we hit, uh, once we hit that close to or north of 400 crore kind of number, EBITDA margins will, will move towards 7-7.5%. But I don't want to mention that because that's still some time away. It will hit 7 to 7.5% once Diwali turnover crosses 400 crores. But that's still some time away, full disclosure. For the next year, what we are guiding for is 150 crore and between 6 to 6.5% EBITDA. Okay, and, uh, got this. And the last thing is on, on the utilization of Diwali, do you have— obviously there's no order book, you've said, but do you have enough understanding from customers that your utilization of revenues of— will be that with the extra ₹500 crores, or any thoughts do you have on that? No, no, sir, it's next year is not going to be 500 crores, next year is only 150 crores. No, I'm talking about the full revenue once the full phase 2 CapEx happens. I'm just thinking on that side. No, sir, we don't have a visibility of ₹500 crores, definitely. I mean, that's, that's not there, which is why we've not even built out I mean, right now you only built out Phase 1, which is 1.2 lakh square feet out of the 2.2, right? So to expect, I mean, I don't think, you know, we are in a position to give you revenue assurance on, on 500 today. Okay, but any visibility you can— you have like, uh, in the phase 1. Sanjeev, do you want to come in and maybe share your thoughts? Yeah, actually, for some reason the voice is not— you're talking about visibility of Phase 1, uh, in terms of 150 crores is what you said for next fiscal. Correct. Yeah. See, you're talking about till what year? What I'm asking is that how much revenue is visible or assured, or the customers have guided they will have an offtake from the Bhivadi facility for FI28. So we have visibility about up to 150 crores. Okay, between, uh, OFRs for which we already have a fairly good idea what we are doing, some number— I mean, numbers this year and whatever we can add next year. The third would— the second one would be ceiling fans, and third would be chimneys. So all these 3 products put together, we have a visibility of about 150 crores for next fiscal. Got it. Thank you. I'll come back. Thank you. Thank you, sir. Ladies and gentlemen, if you have a question, please press star and 1 on your telephone keypad. Next question comes from Sahil Landove from Hengel Advisor. Please go ahead. Thank you for the opportunity, actually. So sir, basically, uh, in last quarter we were going to, uh, reduce the lighting business, but here we see, uh, an uptick in this. So are we, uh, the— are the margins positive in that segment? And are we going to scale, uh, from here? So lighting, uh, see, uh, First of all, I mean, other than Signify, we've been able to add 5 or 6 customers, uh, to our product portfolio. And, uh, with them, uh, we were earlier— we were aggressively taking up orders of battens, uh, where, where price is an issue. Uh, and, uh, you know, there was a tremendous increase in the price of electronics, plastics, etc., but the overall market price had not increased. So that's why batten became a pretty difficult category. So we scaled it down in terms of numbers, but like I mentioned, we are still working with customers who are willing to work at our price point. So it's not that, uh, battens has been totally switched off. We've scaled it down so that we do not incur losses in that. Customers who are willing to offer certain price points, I mean, we are working with them. At the same time, some of these customers which we've added, we are trying to expand our product portfolio with them. So we've increased our downlights, we've increased our 2x2 kind of range of products with them. Sanjuta, why don't you take that? Lighting is— yeah, sure. So So you see there is some increase in the lighting business. I mean, if we would have kept on producing battens at the rate which we did for a couple of months, I mean, you would have seen a further increase in the top line of the lighting business, but the bottom line would have been a different story. So we consciously reduced the orders of, you know, battens on hand and just picking up orders where, uh, you know, where it makes economic sense. So there is still an increase. I mean, otherwise this top line would have been much higher than what we have reported. Okay, so that's good to know actually. And sir, in the BLDC fan segment, uh, what kind of growth rate are we targeting for H2 and H4? Like it, uh, uh, PLDC fan segment. BLDC fan segment, uh, so I think if I talk on year-on-year and not on a fiscal basis, just to give you some idea, I think this year we will practically do close to maybe about 500K fan kind of number. I think we'll easily hit about 750-800K fans next, next calendar year. So Approximately, you can see about, you know, 55-60% kind of growth number. Uh, and sir, in the SHP motor segment, so the revenue has kind of decreased in that segment. So like, what is our target? Like, what are we going to do in it? Uh, FHP motor segment, basically, uh, there have been 2 basic, uh, you know, reasons. Uh, one, you know, the biggest contributor for our FHP motor is of course the mixer grinder category. Uh, see, uh, this business, if you see, there are very few people who buy motors from outside. There are certain big customers. Otherwise, this category as such works in a way that the person who makes the mixer grinder is making the motor. So we had one particular customer who was— last couple of years, you know, he, he was buying a lot of motors from us, but parallelly as what this business is, that, you know, ultimately ended up having set up his own facility. So we saw some loss in numbers. Over there. And the second one, FHP motors, in the same breath, you know, uh, we have an increase in the captive consumption. Like I'd mentioned in our call, our mixer grinder sales has gone up. So even the motors, they have gone up, it's not really reflecting on the motor sale as such because it is in the appliance sale. Uh, so that's one primary cause. And second, we are also seeing there are certain cases where maybe some customers are doing a buy and sell decision where, uh, instead of making the product themselves, we have certain cases where customer has, you know, moved, uh, has shifted to buying the complete product from outside. So these have been the 2 primary cause for some reduction which you see, and the increase in numbers which you've produced is not reflecting because it's shown in the increase in captive consumption of either mixer grinder sales or the fresh air fans which we are making, where the, the numbers have gone up but the motor sales are not reflecting. Yeah, that's fungibility. So for us, if we make the complete, uh, product, you know, at least we have assurance that, that the complete chain then stays with us in terms of making motors and the plastic molding and the product. So of course, we, uh, for us, I mean, we— I'm not saying that we just try to increase our FG production, but that's a more safer bet in terms of if we increase that number, then the motor business stays with us. I mean, the utilization of assets and all our happening. Of course, the number is not reflected in the sale of FHP motor. Uh, with respect to the pure motor sale, I mean, it's dynamic. ओके सर तो बेसिकली सर बेसिकली हमारा फंजिबिलिटी इज़ देयर लाइक इफ़ इट विल देयर विल बी जस्ट फैन इंक्रीज और एफएचपी मोटर्स इंक्रीज इज़ वेल देयर फंजिबिलिटी Some You know. कंपनीज़ मेक डिसीजन विथ रेस्पेक्ट तू बाय एंड सेल एंड स्टफ लाइक दैट सो दैट दैट्स इन व्हाट्स दिस ईयर्स बीन रिफ्लेक्टेड नंबर Okay, okay, sir. And, uh, on the precision component side, like, what are we doing in the higher value added segment? Uh, in the precision component side, our side, our primarily focus, primary focus is on the automotive industry. Uh, we are trying to increase our business with them, but Generally automotive, you know, the, the gestation time or the lead time to start a business is almost 2 and a half years. I mean, by the time they do the trials and all. So, uh, so, uh, we, we are working with, uh, automotive partners to increase that business, but it takes a little longer than you can say consumer electronic business to get the revenues. increase. We are in the development platform. We have submitted samples and all to our customers, but like I mentioned, the lead time for development is, is a little long as compared to the consumer electronics business. So basically on the precision component side, so are we in the development platform or is it like already the model is available and we are just going to cater to the existing model? Like, let's suppose any new model comes So basically we are waiting for their approval, not like the, uh, the kind of work we are doing. We are already done and just, we are just waiting on their approval, right? Right, that's correct. Yeah. And then lastly, on the BVD plant only, so, uh, for FY27, will we be doing 70 to 90 crores of revenue this year? Which one? Which segment? I'm sorry, the voice is not very clear. Could you please repeat your question? On the BVD CapEx, so in FY27, are we going to do 70 to 90 crores of revenue in FY27. No, no, we just mentioned we'll do around 80 crores. We'll be going around 50 crores. Okay, okay, sure. That's it, sir. That's it from my side. All the best for your journey, sir, and happy Diwali. Thank you so much. Thank you, sir. Ladies and gentlemen, if you have a question, please press star and 1 on your telephone keypad. Next question comes from Rehan Laljee from Coheron Wealth. Please go ahead. Hi, thank you for the opportunity. Uh, just a couple of questions. Uh, Akash, from this 10-12% kind of growth, what would be the, um, price benefit and what would be the volume generation growth that you guys have done? Okay, varies of course across sub-segment, but bulk of this, or the overwhelming majority of this, is price realization, which is led by material, material price inflation. Volume growth is, is not, not very high, uh, barring, barring a few categories. So low, low single-digit kind, kind of number for volume growth. Okay, so then, um, you know, I'm looking at the expenditure sheet on your PPT. The gross margins on a quarter-on-quarter have not really, you know, normalized even to a percent or half a percent. It's probably 30-40 bps. So just want to understand if the price increases happen, why isn't the gross margin sort of normalizing? If you can share some light on it. No, he mentioned that the gross margin was not normalized. He mentioned very clearly that we've not been able to pass on, uh, you know. No, but you said it's price increase, right? The growth is primarily price increase. So then that should have increased gross margins at least half a percent, right? fully increase the increase in RMC. Okay, so how much more is left according to you? No, no, no, no, no, it doesn't work like that. No, if you're— if it's, it's, if it's moving in tandem, I mean, it only— gross margin will only increase if you can I mean, we would have to take, you know, assuming material prices stay where they are, we would have to take another, you know, 4-odd percent kind of, uh, kind of price hike. And look, I'm just saying 4%, uh, very, very broadly. Now you can imagine we make motors which, you know, are, uh, you know, ₹300 to ₹700 product. category, uh, and we make, say, fans which are ₹2,000, and we make, you know, ovens and heaters which are ₹4,000. So of course it's, it's hard to kind of give a sweeping generalization, but, uh, I mean, very, very broadly, if you ask me, uh, 4-odd percent, uh, further price hike would be, would be required. To, to kind of, uh, you know, be able to pass on the material, material part of the cost. So then that would lead to a similar gross margin of what, 24-25%? Is my understanding correct? 25%? No, no, not 25%, closer to 24%. Okay, okay. And, uh, you know, considering now that Bivadi started and you're— you have visibility of about 150-odd crores next year, so with that incremental revenue coming in, um, with, you know, the growth that you guys are doing, some good growth this year, about 10-15% is what you've guided for. So, um, next year, you— do you think that you'd be around the range of ₹1,600-1,700 kind of top line. Look, in terms of, uh, top line, that's— we feel that's lesser of a challenge. Even, uh, like we mentioned, this— even this quarter we've we've kind of said no to business because the business wasn't at prices that was, that was making sense. Towards the end of our opening remarks, we very clearly mentioned that, you know, we are prioritizing profitability and margins over revenue because it does not make sense. I mean, we are not a venture-backed startup, uh, you know, we're just chasing revenue without profitability. Uh, so for us, it's not about whether, you know, we hit, uh, 1,500 or 1,800. Uh, it's the fact that we have to be, uh, you know, uh, healthy in terms of our margin profile. Uh, and, uh, you know, to that extent, uh, if required, we are ready to say no to, uh, no to some business that does not make, uh, You know, margin, margin sense. So if you consider that the business and the elevated cost scenario is as is, you know, do the top line and Bwadi scale? Because it may not be every quarter but Bwadi may contribute. Going forward every quarter, right? So do you feel at a company level some operating leverage coming on to play that these 3-3.5% EBITDA reported this quarter becomes basically your new base to take things forward closing into next year. I'm not going to hold you to it, I'm just trying to understand is that what the company is also thinking. No, we certainly do believe so, uh, that that should be the case. Uh, but you know, you can just appreciate that things are just so volatile, uh, that you know, every week literally there is something, something new that is happening, which is probably some Uh, you know, price movement. So it's extremely difficult, uh, you know, to give you some sort of picture. I wish we could, uh, you know, because as investors you're entitled to ask, and as management it's our role to give you some sort of clarity. But we, we believe that, you know, where we ourselves are not sure, it's, it's probably not, not right to just make, uh, you know, gut feel, gut feel statements. Uh, better to be, uh, be candid about the fact that, you know, we ourselves don't have 100% clarity and, uh, probably, you know, just wait for a quarter more. It does seem like things are, uh, you know, hopefully going to, going to, you know, uh, get, get better. But, uh, let's see, let's see where we get to. Okay, sure. Thank you and wish you the best and happy Diwali. Thank you, dear. Thank you, sir. Ladies and gentlemen, if you have a question, please press star and 1 on your telephone keypad. Ladies and gentlemen, if you have a question, please press star and 1 on your telephone keypad. Ma'am, if there are no further questions, we can wind up. Thank you, sir. There are no further questions. Now I hand over the floor to management for closing comments. All right, thank you so much to all who have attended the call and taken time out. I wish you all and your family a very happy Diwali. Going forward, we are, you know, as Sanjeev and Akash said, focuses on improving the profitability. Hopefully, after yesterday's event in US, we feel that things are going to stabilize for the industry. Of course, what the industry needs is a proper stable atmosphere. So with that, we are definitely positive on going forward that definitely it should improve our situation. So, and once again, I thank you all for your time and, uh, taking interest in Elin. Thank you so much. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Doosaba's conference call service. You may disconnect your lines now. Thank you and have a pleasant day. Thank you all.