Ladies and gentlemen, good day and welcome to the Q2 and H1 FY27 earnings conference call for Electronics Mart India Limited. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there'll be an opportunity for you to ask questions after the presentation concludes. Should you need assistance, please press star 1. During the conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Bajaj. Chief Executive Officer of Electronics Mart India Limited. Thank you, and over to you, sir. Thank you very much. Good evening and a very warm welcome to everybody on the call. With me today, I have Mr. Premchand Devarakonda, our Chief Financial Officer, and HGA, our Investor Relationship Advisors. We have uploaded our results, press release, and investor presentation for the quarter and the half year end, 30th September 2026, on the stock exchanges and on the company's website. I hope everyone had the opportunity to go through them. H1 FY27 has been a strong half for EMIL, and what stands out is how our growth came from different categories in each quarter. Quarter 1 was led by air conditioners. An extended summer drove a sharp rise in AC sales, and large appliances made up to 48% of our revenue. Quarter 2, in contrast, was led by mobile phones. which rose to 53% of our product revenue. Even so, with the mobile-heavy mix in Q2, we delivered an EBITDA margin of 6.9%, an improvement of 180 basis points year on year. It shows the strength of our premium positioning, our cost discipline, and that our margins do not depend on a single category and season. For the half as a whole, revenue grew 30% to ₹4,319 crore, EBITDA nearly doubled to ₹369 crore, and an 8.6% margin. And PAT grew more than 4x to ₹161 crore. We served 16.8 lakh customers' bills, 20% more than last year, and same-store sales growth of 4H1 stood at 27.5%. In Q2, revenue grew 19% to ₹1,900 crore with same-store sales of 16.5%, in what is seasonally a softer quarter between summer season and the festive period. Mobile grew 31%, supported by new launches and continued traction in existing models. Air conditioners grew at 52% as the extended summer carried into our quarter. Premium and emerging categories also delivered the strong double-digit growth. Built-in appliances grew at 35%, dishwashers grew at 41%, tablets grew at 52%, and wearables grew at 26%. Bill cuts was about 3%, while our average ticket size rose nearly 15% to over ₹25,700. This reflects our strength in premium categories and the trust customers place in us for high-value purchases. For the half year, mobile phones contributed 45% of product revenue, large appliances 41%, and small appliances, IT, and other categories at 14%. The South market remains a scale profitable engine for us, with revenue up 28% in the first half of the year and EBITDA margins up 320 basis points to 9.3%. In Q2, Andhra Pradesh grew 24%, Telangana appliance market grew at 17%. And our established Hyderabad city base at 16%. For the half year, Andhra Pradesh grew at 45%, Telangana grew at 33%, and Hyderabad city grew at 25%. The North cluster is on a similar path. Revenue grew 45% in Q2 and 36% in the first half of the year. The first half EBITDA margin in the North rose to 3.4% from 1% last year as our stores mature and scale. And we expect store productivity and margins here to continue moving towards South cluster benchmarks. Overall, same-store sales growth stood at 16.5% for Q2 FY27 and 27.5% for the first half FY27, and growth was both based on with SSG across our clusters ranging between 13% to 40%. This links directly to the theme I spoke about last quarter, the maturity of our network. Today we operate 102 stores that are over 4 years old, delivering an EBITDA margin of 9.7%. And 127 stores that are less than 4 years old, which stood at 6.4%. More than half of our network is under 4 years old, so we expect margins to keep improving as the better product mix and operating leverages take effect. We ended the half with— half year with 229 stores across 102 cities comprising 222 MBO stores and 7 EBO stores. With 6 net stores addition during the first half and a total retail area of 2 million square feet, we have also expanded our network to 14 central warehousing to support the growth. Our entry into West Bengal, our next growth cluster, is progressing as planned, and we are encouraged by the opportunity the market offers. With a disciplined approach to growth, we are well positioned to capture this opportunity over time. Looking ahead, festive season demand is off to a strong start and we entered the season well stocked across all categories. With a solid first half behind us, we remain firmly on track to deliver on our growth objective for the year. Our priorities remain unchanged: working capital efficiencies, disciplined expansion in existing and newer clusters, and the customer experience that has underpinned EMIL's growth for over 4 decades. With that, I will now request Mr. Premchand Devarakonda, our CFO, to take you through the detailed financial performance. Thank you. Thank you, sir, and good evening everyone. Let me take you through our financial performance for Q2 and H1 FY27. Revenue from operations was INR 1,900 crore, up by 19% year-on-year from INR 1,591 crore, and retail sales grew by 19% to INR 1,807 crore. Gross profit— gross profit was INR 293 crore, up by 31%. From INR 225 crore to 224 crore. Gross margin expanded by 130 bps to 15.3%. EBITDA was INR 131 crore, up by 61% from INR 81 crore. EBITDA margin expanded by 180 bps to 6.9%. On a pre-indexed 116 basis. EBITDA was INR 90 crore. At a rate of 4.8% compared to INR 46 crore at 2.9% last year. PAT was INR 40 crore, up by 149% from INR 16 crore. PAT margin improved to 2.1% from 1%. H1 FY27 financial highlights. Revenue from operations was INR 4319 crore, up by 30% year on year, uh, from INR Triple three zero crore. Gross profit was INR 710 crore, up by 49% from INR 477 crore. Gross margin expanded by 210 bps to 16. 4%. EBITDA was INR 369 crore. by 93% from INR 191 crore. EBITDA margin expanded by 280 bps to 8.6%. On a pre-indexed 116 basis, EBITDA was INR 290 crore. Uh, at a rate 6.7% compared to INR 161 crore at 4.8% last year. PAT was INR 161 crore. अब भाई 323 percent from INR 38 crore with a PAT margin of 3.7%. Cash flow and balance sheet. Working capital days stood at 61 as of, uh, 30th September 2026 compared to 77 days as on 30th September 2025. And 73 days as on 31st March 2026. The increase from June level was due to inventory buildup ahead of festive season. Operating cash flow for H1. was INR 384 crore on post-index basis, up by 41% year on year, and INR 304 crore on pre-index basis compared to INR 202 crores last year. Total equity, total equity was INR 1787 crore. TTM ROCE was 18.5% and TTM ROE was 12.9%. With this, I open the, open the question and answer session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, We will wait for a moment while the question queue assembles. Ladies and gentlemen, in order to ask a question, please press star and 1 on your touchtone telephone. I repeat, in order to ask a question, please press star and 1 on your touchtone telephone. on your touchtone telephone. We will wait for a moment while the question queue assembles. The first question is from the line of Akhil Parekh from 360 ONE Capital Market India Private Limited. Please go ahead. Since the line for the participant is disconnected, The first question is from the line of Zaki Nasser from Nasser Investments. Please go ahead. Sir, uh, congratulations on a healthy second quarter. Uh, Kanji, you had said that, um, uh, for the full year we are expecting a 20% kind of a growth trajectory. Uh, Q1 was of course exceptional. Uh, so do you think that, um, generally Q2 is among our weakest but things pick up from Q3. And as the festival has shifted for a couple of weeks, do you think Q3 will be a slightly surprise quarter? Good evening. Uh, yeah, so we are looking at, uh, so there are no surprises. So this is, it is a very organic business setup, so it has a lot of external factors that, you know, improve a good season. Like, you know, the Q1 was really good because of the weather supporting us. Q2 was in line as expected. Uh, Q3 is— the festive season started well. Uh, and we've still got, uh, you know, a long journey ahead, uh, for Q3 to end. Uh, you know, Christmas again becomes a good festival period for us, the last 10 days of December. Uh, then January again is a big month for us, but then again the Q4, how it shapes up, that would be a surprise in terms of, you know, the summer supporting us. But baki festive season, any other big days in the year are all more organic, uh, so that we can, you know, uh, estimate a certain growth, uh, how the market is going to react to it. But surprise point of view, quarter 4, if the summer sets in a little early, like air conditioners were surprised this quarter. If you see, air conditioners have also grown drastically in quarter 2. So that was a good surprise for us. But then, uh, quarter 4, how summer sets in early, that will end up the whole year in a very positive note. That is what we are looking at, that quarter 4, if the summer sets in a little early, so you'll see a flavor of it coming in March as well. And, um, would you, would you go to fathom that in Q4 we can again repeat the EBITDA margins of Q1, sir? If things are good, of course. Yeah, because the summer quarter is summer quarter, that is quarter 1, but quarter 4 will have a flavor of it, but not necessary that, uh, you know, it will have the same numbers as the quarter 1. And how's, how's the West Bengal, uh, geography picking up, sir? West Bengal, we have not started our operation yet, uh, so we plan to start our operations by mid of November. Okay, so what, what size would the operations be initially? So we're talking about 4 to 5 years. Uh, so by second week of November, we'll have 4 to 5 operational stores, and we keep on adding up stores as they keep getting ready. Thank you, sir, and best wishes for the year, and wishing you all a happy Diwali. Thank you very much. Wish you the same. Thank you very much. Ladies and gentlemen, in order to ask a question, please press star and 1 on your touchtone telephone. I repeat, in order to ask a question, please press star and 1 on your touchtone telephone. The next question is from the line of Veenit Pasad from Investec. Please go ahead. Hi, um, good evening, sir. Um, so our gross margins, if you look at in this quarter as well as H1, have expanded quite, quite quite substantially. Now I understand we've had a slightly favorable base as well, but there appears to be some element of benefit given the inflationary pressure. So if you can quantify what amount what part of the gross margins is due to that benefit? And given we are still seeing price increases continue, is it safe to assume that some of these benefits will be Uh, will be there in H2 as well. Sir, we may not expect the similar kind of, uh, what you call improved gross margins in the second half of the financial year because during the first half there was frequent price escalations across all the categories. So that really put us in it— put us in an advantageous position to liquidate the inventories we were carrying forward or we procured before the price escalation. And that kind of scenario we are not, uh, foreseeing in the second half of the year. But, uh, the blended margins, uh, I mean, we are trying to maintain the blended gross margins around 15% in the second half year. Understood, understood. And sir, if you can quantify, uh, what sort of benefit would, would we have realized in H1? See, that is quite evident in H1, in Q1, especially in Q1, you could see drastic, uh, improvement of the gross margins almost by about 150 bps. So that kind of advantage we enjoyed in Q1, and in Q2 also we had about 30 to 30 bps of advantage. And, uh, that's it. So that, that kind of, uh, benefits we enjoyed in the first half. And for the second half, we will strive to achieve 15% gross margin. Understood. No, no, this is, this is clear. Uh, thank you so much, sir. Thank you very much. The next question is from the line of Atkarsh Nupani from Anand Rathi. Please go ahead. Uh, yeah, hi, good evening, sir. Uh, so my first question is regarding your store addition. So just wanted to know what is the reason for the slowdown in the pace of, uh, store addition in the H1 FY27? And what would be your guidance for H2 FY27 and FY28? And in which geography we are targeting to add? Uh, new stores. Uh, so, uh, uh, your number of store openings might have been a little slower, uh, because there are a lot of properties that are getting ready. Uh, you know, right now as we talk, so Calcutta was one of the major ones, right? So Calcutta, though we signed up 22 properties, out of which 15 will open up by, uh, you know, in another 3 quarters or 2 quarters. So the time taken, uh, to open these stores was a little longer, but, uh, expansion, as, uh, said earlier in the previous quarters also, uh, we will stick to opening 30-35 stores very comfortably this year as well. With additions in Hyderabad, with additions in Andhra Pradesh, with additions in Delhi NCR, and definitely the new geographic region that is, uh, Calcutta in the east. So this expansion will end up adding up another 20-25 stores very comfortably. Right now we are at, uh, 9 stores, uh, addition this year, uh, with a total store count of 229, uh, which will, uh, then, uh, go up to very comfortable 25-30 stores, uh, by the year end. Okay, and a similar, uh, store addition, say 25-30, we are looking for FY28. Probably a little higher only, but nothing less than 25 stores. Okay, uh, so second question is like, uh, the number of bill cuts, uh, has grown at a pretty muted pace. Uh, it has just grown at 3% in the September quarter. Is it because of the change in the festive timing, uh, or is it because of the muted demand sentiment? Yeah, so definitely yes, the major reason for it would be that, you know, last year we had the flavor of, uh, Diwali starting early. Navratri started on the 22nd of September last year. So that was a major advantage. So you definitely see, and we had a pent-up demand especially in the air conditioners, appliances, and the television category, uh, where there was majorly drop in— though there was only drop in the television category in GST. We saw huge pent-up demand and the sales in terms of volumes were much higher last year, uh, during that period. So that got postponed this year, uh, and, uh, you know, it came into the 3rd quarter. So that was one of the major reasons for it to go down or be a little more flattish. But, and the second one, as you said, it was a partial impact especially on few product categories for entry-level laptops and entry-level mobile phones, which don't contribute to a larger number of our overall category, but we've seen a little slowdown in the volumes there as well. In that category. But if you talk about premium, if you talk about iPhone, if you talk about the rest of the categories, uh, in the mobile phones, uh, in the price band, uh, you know, where we were quite strong in terms of the premium selling वहाँ पर इट इस इंटैक्ट, सो देवी नॉट सीन अ चेंज देन, बट एंटी लेवल पे थोड़ा आया इंपैक्ट है। Okay. And so, so what kind of a growth in our bill cut we are looking, say, in H2 FY27? Will it be mid-single digit, high single digit, or low double digit? Can you give some sense? So bill cut, usually it is secondary for us, whereas we look at ASPs and we look at the overall volume and the value growth, that is key factor for us because the premium products that we sell and the ASPs are much higher. So irrespective of the bill cut, we try to achieve the value. So that is completely irrespective of others because वॉल्यूम गेम इज़ लिटिल डिफरेंट बट वी आर अ वैल्यू सेलर सो व्हेन यू प्ले द प्रीमियम गेम इन टर्म्स ऑफ़ वैल्यू यू डोंट दैट लुक यू एट द जेनरेट वॉल्यूम्स बाय दैट सेलिंग यू लुक सो एट यू नो सपोज द वैल्यू a lot of retailers might be selling. So, you know, in another way, we sell the Ferraris of the world. So the quantities are less, but the values are higher for each car that we sell. Okay, and so what would be, uh, our incentive income which we have earned from the brands and NBHC partner in this September quarter, and what it was there in last September quarter? Okay, so I'll just tell you. So yeah. Yeah. So incentive in Q2, uh, during the current quarter was about 11 crores, uh, compared to 7 crores of the Uh, previous year's Q2. Uh, this includes both incentive income from the brand and the NBHC partner. Uh, no, no. So other commissions, like, uh, I think it will be similar number, equal. Okay. And so like, have we seen any benefit of lower discounting in this September quarter versus last year because of the spike in the prices? Not really, because it is in line only. So it is nothing that we had to, you know, start discounting anything further. But definitely if you look at the overall gross profit number compared to quarter 1 or neither quarter this year, this quarter anyways, is always a little lower or looks lower because of the product mix that we have. So that is what we have to understand, uh, that the mobile phone contribution always goes up in this quarter because, uh, you know, there are launches of mobile phones. And the product mix changes a little bit. So that is why, you know, you look at a different quarter in quarter 2 versus the quarter 1 versus the quarter 3 versus the quarter 4. So every quarter the gross margin would differ depending on the product categorization that it would be heavy on. मतलब उतना तो लीवेज दे सकते हो आपकी उतना तो ऊपर नीचे जाएगा ही डॉट टू डॉट कंपेयर करना मेरे लिए बहुत मुश्किल हो यार जाएगा नहीं नहीं सर डेट इज़ इन लाइन विथ सर देर इज़ हार्डली इजी इतना मतलब इतना ऑन डॉट थोड़ी ना हो सकता है कि ये टाइम अगर अपना ग्रॉस मार्जिन आया है समझो या साढ़े टwelve बारह परसेंट point लास्ट two ईयर तब परसेंट टwelve point eight परसेंट तो देखो माइन्यू डिफरेंसेस, बहुत माइन्यू डिफरेंसेस। ऐसा कोई ऐसा कोई ड्रास्टिक जंप नहीं है ग्रॉस मार्जिन में। नंबर इट इज़ इन लाइन विद आप देखो, व्हाट वाज़ फिर देयर, लाइक बट ओवरऑल एबिटा North has started performing better for us, so our burns in North have reduced definitely. Oh no, sir, why I was asking— I was asking on a buyover basis only. Uh, the reason because we have seen a pretty good improvement in our gross margin, uh, on a buyover basis, and our mobile revenue share has also gone up. Sharply, and our large appliances revenue share has gone down. So I just wanted to know what is the reason for that improvement in our gross margin and how much of that improvement is sustainable in your viewpoint? नहीं तो हाँ अच्छा आजा सर प्लीज सर इन क्यू टू बिकॉज़ ऑफ़ द एक्सटेंडेड समर द एसी सेल्स आल्सो कंटिन्यू नॉर्मली डज़ नॉट हैपन हिस्टोरिकली If you look at Q2, it is the lean season for air conditioners, but this year the air conditioner sales continued throughout Q2. So that really helped us to improve the, uh, gross margins. And second thing, already explained in, uh, to answer the earlier question Uh, where we had the, uh, during the quarters, the prices for mobile categories and IT products has been Periodically increasing, like every fortnight there was price rise. So as a result, what happened? We were able to liquidate the, uh, liquidate the goods which we procured at the earlier price at a better rate. So that definitely helps us get up PBT levels better. But if you look at the EBITDA number, if you look at the gross margin numbers, It is hardly a difference of around 1%, you know, not much. नहीं सर, इट हैज इम्प्रूव बाय 130 बिप्स डिस्पाइट इनफीरियर मिक्स, सो दैट्स व्हाई आई वांटेड टू नो व्हाई व्हाई द बेसिस, ग्रॉस डिस्पाइट मार्जिन हैज आर मिक्स गोन अप बाय इज़ 130 गेटिंग बिप्स डाउन। ऑन अ वाईओवाई So all these put together, we had definitely, uh, 30 bps of advantage because of this price escalations in mobile category. And also second thing Q2 was very good for air conditioners, so which, which was not the normal scenario. So all these factors added to the improved gross margins. तो तो मिनिमम एजेस नाउ इट्स ट्वेंटी फाइव थाउजेंड रुपीस तो दस हज़ार रुपए तो वो भी बढ़ गया था ना सर सो बट एंड इट यू इज़ नो सो देर इन लाइन इस सो देर विथ इस माइन्यू द टोटल डिफरेंसेस सर देखो एक तो ना जो कैलकत्ता ऑपरेशन स्टार्ट नहीं हुए कैलकत्ता के सारे लोग का जो स्टेट हेड से लेके वी ऑल आर टीम्स आर आर रेडी स्टोर राइट सो यू मैनेजर्स हैव टू क्रिएट कैटेगरी अ सर्टेन टीम हेड द ट्रेनिंग्स मैनेजर्स वर ऑन सो Recruitment, salary revision हो गया था हमारा। So we do the salary revision once in 18-20 months. So that happened. The minimum wages went up, especially from 15,000. अगर आप normal employee का देखोगे It's not necessary in addition to the store count, but, uh, Calcutta stores are not open, but we already have 25-30 people on the floor there today from last 3 months. Okay, got it, sir. And so lastly, like, what is the reason for the sharp rise in our staff cost, uh, despite slower pace of new store addition? Sorry, can you repeat your question? Uh, sir, our employee expense has gone up, uh, significantly. It has gone up by 18% on a YOY basis, uh, despite the slow pace of the new store addition. So why it has gone up by around 18-19% on a YOY basis. The teams are increasing there because ट्रेनिंग सबकी होनी है, लॉजिस्टिक टीम्स हैं, सबका ट्रेनिंग करना है। तो काफी लोग बढ़ेंगे अभी, इनफैक्ट कोलकाता की पूरी टीम नहीं आई है, सौ दिल्ली एडिशन की टीम भी हुए आई है, हैं। तो पंद्रह तो अभी जो पाइपलाइन में होते हैं सर तो स्टोर्स लाइक वी लॉन्च कपल ऑफ स्टोर्स लास्ट वीक पीपल ओनली बट एटलिस्ट स्टोर एडिशन के अ मंथ बाद प्रायर भी यू नो यू टू हैव मंथ टू प्रायर ऑनबोर्ड दिस ना Okay. Yeah, got it, sir. Thanks a lot, sir. Any good question? Thank you very much. The next question is from the line of Akhil Parekh from 361 Capital Market India Private Limited. Please go ahead. Hi, thanks for the opportunity and many congratulations on a good set of numbers. My first question is with regards to the guidance, right, which we have provided in first quarter when we have said growth will be 18 to 20%. So would you like to kind of maintain this guidance, or you think that there is an upward biasness to this, uh, to this growth and the margin guidance? That's my first question. While gross margins in the range of 15 to 15.5% and EBITDA probably in 7.5 to 8%. Growth has certainly exceeded in first half, uh, 7% to 8% is what we told earlier. That would be before the NDS, uh, post the NDS adjustment, so that, you know, uh, that rental costs are, uh So I think, I think we'd like to stick to what we've committed, uh, but then, uh, the EBITDA numbers that you're looking at are pre-NDS and post-NDS. That is where the numbers you've got to look at. Yeah, so added up, not, uh, post, uh, EBITDA, they are up there. So that, you know, we get that fair number, and post the addition of that number, it would be around 6.5%. 6 to 6.5% is what is comfortable, uh, looking at a pre-NDS number. Yeah, yeah, I meant post-index EBITDA margins only, 7.5 to 8%, given that we did 8.5 in first half. Basically, that's what I was indicating. Yeah. Okay, so it's fair to assume this guidance at least we should be able to maintain, and maybe there might be an upside risk if the summer season pans out well, basically in 4th quarter. Correct, correct, correct, correct, correct. So second, on the operating cash flows, right, I mean, they have been very strong. I think pre-index EBITDA, we did around 290-300 odd crore, while pre-index operating cash flow is 385 crore for the first half. How should we look at this number for full year FY27, and will the conversion will be again 100% and above for full year FY27 EBITDA to OC? Yeah, so, uh, yeah, so it will be, uh, so because you're talking about a very good quarter once the cash flows there generated from quarter 1 not get replicated in all the quarters. But quarter 2, quarter 3, and quarter 4 will play out a little differently. But, uh, we're looking at, uh, a very positive cash flow coming in at around ₹600 crores for the whole year, very comfortably. Well, this is 600, uh, pre-index operating cash flow, post-index. Pre-index. 600 crore pre-index operating cash flow for full year, basically. Okay, okay. So the last question, uh, how has the Navratri season has been? And 3rd quarter, we are already almost more than a month Would you like to share some color, not numbers probably, but at least how the demand is shaping up across the categories? That's my last question. Okay, will be free in this day. Uh, so sir, except televisions which are going to be a little more flattish because last year we definitely saw a lot of pent-up demand and televisions booming really well, televisions So we are quite confident that, you know, but then the stretch is not, uh, these 10 days of November ending up well, but the stretch is going to be how the rest of 3 weeks of November and the whole month of December is going to pan out. That is equally important. Average, but overall numbers are looking decently well. So the way we expected the festival season to carry out, uh, it is looking into that number only. So Yeah, this is helpful. Thank you so much, and best of luck for coming quarters. Thank you very much. The next question is from the line of Devanji Kamdar from Access Capital. Please go ahead. Hello, am I audible? Yes, madam. Hello? Yes, ma'am. Can you, uh, give us a little bit of flavor on how the current— can you be a little louder? We can't hear you clearly, ma'am. Hello? Yeah, can you hear me now? Yes, madam. Sorry, tell me. Yeah, so can you give us a little bit of flavor on how the current festive season has been going? It is in line, it is in line with how we expected. Like television would be a little slower because last year there was a drop in GST, so there was a bump up in, uh, from 22nd of September. Up till the whole Diwali period, there was a huge bump in, uh, televisions. We were not expecting that kind of sales to happen this year, so we're already ready, you know, that there will be a little slowdown in that category or it will go average is what any season would do. Uh, then Apple had a change. Apple didn't launch 17 this year, they launched an 18 Pro, Pro Max, and Dio. So constraints on the stocks on Pro Max and Dio also were limited. So, you know, we knew that, you know, they would be a little positive, a little negative on each category, how we're going to play up. But overall, uh, it is in line with what we expected and quite, uh, good as a season. So nothing to worry about there. Okay, okay. And, uh, given the guidance that you, you had given like for full year FY27 for our revenue growth, which is 20% YOY. So like we've already like achieved almost, uh, 3/4 of that in the first half. So would you like, like to give us any upgrade on the same? No, we would like to stick to the same numbers because we still have half of the year left with us. So, uh, and, uh, as I told you earlier also, uh, the Q4, especially when we look at, uh, the summer setting a little early or getting a little flavored because last year also we didn't see that great numbers of air conditioning sales happening in the, in the Q4. So that benefit comes in over a little early summer and all. I think that should help us, uh, you know, do that delta of 100-200 more. That's it. Understood. Okay, okay. Yeah, thank you. Thank you. Thank you very much. The next question is from the line of Hitaindra Pradhan from Maximal Capital. Please go ahead. Yeah, hi sir, I hope I'm audible. Yes, my question is related to first, uh, you know, with respect to the mobile phone sales. Uh, I mean, there has been some price increases that happen in the segment and that kind of contributes to say, you know, 40% plus of our overall revenue. So what kind— how do you see the demand setting up, uh, if the, you know, the price increase continues? And, uh, do you think that, you know, that can lead to some sort of volume decline? In that part of our portfolio. Definitely. So not, not necessary with us, but the market overall, because see, we in that category also, our ASPs are one of the highest. Uh, so like if you ask me, my 18 Pro, 18s, and DUOs are all sold out, so I don't have stocks for them, you know. So that category for us, when you're talking about premium, so earlier also category below ₹20,000, ₹15,000, that was very, very single digit or a very small contributor to the category for mobile phone for us. And there definitely we've seen a decline because you don't have that category phone anymore. So you have like the same spec starting now at ₹27,000, ₹28,000, ₹30,000. So we've definitely seen jump in ASP in that category and decline in the volume in that segment. But if you look at the other segments over ₹50,000, you definitely see a positive, uh, you know, growth, but not a double-digit growth, but definitely a single-digit growth with ASPs also going up. You think that, uh, on net-net, uh, the like-to-like, uh, triple-SG growth can continue because there might be price growth that might offset any kind of volume decline? I mean, like, if that supports it, then definitely you can look at this kind of a number then. Okay, okay. And so just to, you know, clarify, I mean, uh, the cash flow, like, uh, if we adjust for the rent I mean, what was the cash flow last year? I heard a number 600 here, but can you clarify? I mean, uh, my number, I did a sort of number for FY26. Uh, if I adjust for the rental outgo— outflow. So what was the, you know, cash flow from operations number pre-index basis for FY26? And, uh, yeah. Last year. For full year, actually, it was— I remember it was only ₹350 crore. Okay, okay. And the 600 CR number that, uh, you know, you previously referenced, that referred to which, which number? That is for the current financial year. For FY20. So that is a projected number, that's an estimated number for FY27. You're saying we can hit the 600s here? That's right. Okay, okay, thank you, sir. All the best. Thank you very much. As there are no further questions, I would now like to hand the conference over to management for closing comments. I would like to thank you all for joining the call. I hope we were able to answer all your questions, and for any other further queries, you may get in touch with us or SGA team, and we will be happy to address all your queries. Thank you once again. Thank you very much. On behalf of Electronics Mart India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.