Ladies and gentlemen, thank you for joining Harsha Engineers International Limited Conference Call. The call will begin shortly. Request you to please stay connected. Thank you so much for your patience. Ladies and gentlemen, good day and welcome to Harsha Engineers International Limited Conference Call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vishal Rangwala, CEO of the company. Thank you, and over to you, sir. Hello all, good evening. I welcome you all to our quarter two H1 FY 2026 investor calls. As per our past practice, our CFO, Mr. Maulik Jasani, will take you through the details. However, I am assuming that you would have had a chance to look at these numbers already. If I summarize my thoughts on quarter two H1 performance, I'll take the liberty to state that overall our performance is in line with our expectations. I have quite a few positive topics to talk about. First and foremost, I'm delighted to inform that after several quarters, Harsha Romania has posted a strong top-line growth and has reported a positive EBITDA, which further strengthens our optimism that the trend witnessed in first quarter and the improvement in the undercurrents in terms of demand and offtake in quarter one has also continued in quarter two. What is noteworthy is the fact that current quarter sales of semi-finished casting to one of the key customers has improved, along with sales of finished case, which has resulted in almost 38% growth in the top line in the current quarter over the corresponding quarter of the previous year. 88% growth in the first half in the top line as compared to the corresponding first half of the previous year. Again, as I hinted earlier, we see most of this improved demand in Europe coming from the industrial. We are yet to see any significant improvement as much as the wind market is concerned. Further, our exports from India to Europe have also grown decently in this current financial year. Thus, our total export sale from India in the current quarter stood at INR 123 crore, resulting in total export sale of INR 237 crore in the current half of the year, which shows around 12% growth on half-year to half-year basis. It has been about 27% growth on quarter-over-quarter basis. These indicators have definitely made us cautiously optimistic as we feel that if similar trend continues in the coming quarters, we can confidently say that this looks to be sustainable going forward. As I said earlier, it is a bit early to reach this conclusion, and let's wait and watch for at least one or two more quarters. Further, I informed earlier, as it is evident from the result, Harsha China has been performing very consistently and with almost same level of operations reported in quarter two with a comfortable positive EBITDA in the range of about 12% on a turnover of about INR 65 crore reported in the first half of the current financial year. Thus, the combined loss at the subsidiary level is reduced to just around INR 2 crore in the first half. As against the overall combined loss of INR 17 crore in the whole year previous year. If this trend continues, then our first objective of turning around the overseas subsidiary into a positive territory can be achieved likely in the current financial year. Coming to our India engineering business. We have continued to witness a decent positive traction on all key fronts. Thus, as you may have seen on a combined basis, what that means is including our standalone as well as Harsha Advantech subsidiary, we have achieved about 15% top-line growth on quarter-over-quarter basis and 10% top-line growth on H1 to H1 basis. However, EBITDA and PAT margin reduction on sequential basis is largely attributable to an aggregate loss of about INR 5.7 crore. Suffered by Harsha Advantech in first half, largely due to additional charge of over INR 4.2 crore in form of interest and depreciation, which could not be absorbed because of suboptimal revenue in Harsha Advantech, considering that this has come into production only in first quarter this financial year. We believe that with better capacity utilization in coming quarters, Harsha Advantech should become profitable within the next one year. Now, talking specifically about our three growth drivers. The bronze bushing vertical, or bushing vertical, has reported a robust 25% sales growth in the first half of the current financial year over the previous first half, achieving sales of around INR 55 crore. As we have guided earlier, we expect sales in this vertical to be much stronger in the second half, and we therefore feel confident of meeting our guidance of around 30% growth. In the sales of bushings in the current financial year. Similarly, large-sized cages have also reported a decent growth and stood at around INR 27 crore in the first half, showing over about 33% growth as compared to sales achieved in the first half of the previous financial year. Sales growth of Japan-based customers was a little modest. At 7% on the first half, stood at about INR 35 crore. However, with a strong pipeline, we will be likely back on track in acceleration form for this segment as well. In coming quarters. On the stamping front, we had a flat or a slight degrowth. However, it is to be noted that one of our major customers in this segment for stamping, which is an air conditioning consumer goods segment. This subsegment witnessed an exceptionally strong sales corresponding to the first half of the previous year. This was not repeated in the current first half. However, long-term outlook as well as short-term demand improvement is also visible within this segment. I am really hopeful that we should post at least a single-digit growth, maybe about 5%-7% in this segment in the current financial year in spite of a tough first half. Lastly, on a major resourcing, outsourcing, and various new project contracts, we have already started production in India for those. As per the specific requirement of the customer, sales relating to that may start showing up in a significant way in the fourth quarter of the current financial year. Largely, it will come in the next financial year, which is 2026-2027. The new product pipeline also continues to be extremely strong. We have developed about 258 new SKUs in the current financial year so far. It is on track with our expectations. If I talk a little bit about our solar division, it has continued to operate more or less in auto mode. Sales in the first half were much lower, owing to typical order-based, project-based revenue cycle. We had some rain-related project delays that had some impact. At the end of the day, it still continues to post a positive bottom line as a division, as a unit. To conclude, I wish to reiterate what we have indicated overall guidance for FY 2026, that on a consolidated top-line growth to be in a higher single digit with India engineering business continuing to grow at about low to mid-teen range. Much stronger growth in profitability is also expected in the current financial year as compared to FY 2025. Now, I will ask Maulik to go through more details in some numbers. We can continue to take questions after that. Over to you, Maulik. Thank you, Vishal Vai. Good afternoon, everyone. For the quarter ended September 25, for our engineering business at consolidated level, we have achieved a top line of INR 363 crore against the INR 349 crore in the immediate previous quarter and INR 310 crore in the same quarter last year. We have achieved consolidated EBITDA for engineering business of INR 63 crore in quarter two FY 2026 against the reported EBITDA of INR 65.2 crore in the last quarter and INR 50.2 crore in the last year's same quarter. The major reasons, as Vishal has explained, is lag in raw material price pass-through and the first year of operation at our neighboring field site, Baila. Impacting the EBITDA margin and PAT compared to the previous quarter. Our foreign subsidiaries have contributed positively in EBITDA and PAT by INR 4.62 crore and INR 0.64 crore, respectively, in quarter two. Our solar business has achieved a revenue top line of INR 15.2 crore and EBITDA of INR 1 crore in the last quarter. Our overall working capital cycle at consolidated level remains at around 146 days, similar to the last year's first half, while compared to last quarter of 139 days. We have spent INR 24 crore in this quarter on CapEx, cumulative INR 68 crore in the first half of the year. With this brief note on the financial numbers, I request the operators to take the Q&A from the participants. Thank you. Thank you, sir. Ladies and gentlemen. We'll now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use headsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question comes from the line of Mr. Harshit Patel from Equirus Securities.. Please go ahead with the question, sir. Thank you very much for the opportunity, sir. Firstly, on our India engineering business, wherein we have posted a growth of 15% YoY. However, our exports have grown very tremendously. It seems like the domestic revenues have not done very well. Please correct me if my reading is not right. If you could explain how the domestic market is functioning, which customer groups and industry are doing well, and which are not doing well. Yeah. So. Yeah, you're right in a way that our growth largely, and specifically if we talk about, versus previous quarter, quarter one FY 2026 versus quarter two, is largely driven by mainly Europe on a consolidated basis. Even in India, there is a positive Europe demand coming in. Overall, if I talk about, I mean, and then there is growth across a few other segments, also a few other geographies also. At the same time, in India, we see fairly robust demand coming in. Only as I mentioned that, in my commentary about the stamping segment, one of our customers, we had a significant order drop, again on account of market in the air conditioning segment, and that has kind of created a little bit of a flat situation. There is no degrowth in India. Actually, there is significant growth happening in other geographies. That is primarily what we see. There are a few other segments like railway, which are a little bit soft from our point of view. I'm not sure if that's really true for the segment overall. There are a couple of things like that overall. Otherwise, India's demand remains strong and very positive. We have seen, if I create those one or two exceptions, even India as a segment has seen growth as well. Just to add, Harshit, this is Sanjay. We have about 10% growth H1 to H1 on a YoY basis, even in the domestic side of the business, sales from India, sales into India. Understood. Understood. Sir, secondly, one of us. Sorry, Harshit, I just was reminded of something. One of our customers, domestic customers, went through a split of business. There was probably some inventory held off due to that, also had some impact. They went through split, I believe, first of October. They were trying to manage because of the business separation. Understood, sir. Sir, secondly, on the Romania front, it was very encouraging to see a turnaround both in revenues as well as on the EBITDA front. Could you highlight some of the factors which have contributed towards this? What kind of product mix do you witness over there? We were also trying to reprice our operations in Romania. Is that whole exercise over? If you can give some more insights into our Romania performance, that will be helpful. Sure. Romania, as we have said earlier, we are working on a significant cost reduction initiative there. That is continuing. It is showing some positive sign. I think there is still a long way for us to go on that, but that is contributing a bit also. Obviously, we are seeing a higher order book on the finished cage product side in Romania. Product mix from a finished product versus semi-finished product has improved significantly, which is also contributing in a significant way to the top-line growth. We are seeing some semi-finished growth also coming our way. The ratio has improved on the finished goods side, some cost improvement, as well as overall improving demand. Understood, sir. Just lastly, if you can provide us an update on the CapEx plan for the remaining six months of FY 2026 and for the next year, FY 2027. That would be my last question. Yeah, Harshit, this is Maulik. As I have mentioned, for the first half, we have spent around INR 68 crore at console level. We are at our pace of our original target, which we have given as an intimation to you, around INR 110 crore-INR 120 crore in the full year. That is the program. While the next year, it is a bit early, and we will be able to give you the better guidelines in the next quarter. Sure. This year in FY 2026, will our Baila CapEx be completed, or still there will be some spillover to the next year? Major CapEx will be done as it has already started operationalizing. Yes, there are incremental lines coming there. As you know, our Baila site is the equivalent size of our existing plant. There will be some incremental lines coming over there. Maybe the next year will also be a few lines coming over there. Understood, sir. Thank you very much for answering my questions and all the best. Thank you. Thank you. Our next question comes from the line of Saket Kapoor from Kapoor & Company. Please go ahead. Yeah. Namaskar, sir. Thank you for the opportunity. Hope I'm audible, sir. Yes, you are, sir. Yeah. Thank you. Sir, firstly, with respect to the large-sized cages, has there been the contribution from the same? And if any, color you can give on the order booking with respect to the same? As I mentioned in my beginning note, that large size, we are back on growth track. We are seeing positive, almost 30%+ revenue growth. Not able to clearly provide exactly the future. We are expecting and hoping that this trend will continue. There is a lot of volatility in the market. Our customers are also not able to give a clear picture as of right now. Remains positive is our outlook. For the first half, sir, can you quantify for us how much has been the contribution out of this category? And which industries' end users are we getting to these large-sized cages? Large size are basically addressing the large bearing market. This is primarily industrial. Bearing going to industrial bearing cages, including wind and steel mill and a variety of those industrial portfolios. Specific number, I think Maulik can share on that. Yeah. The first half, we did large-sized turnover of around INR 77 crore. And that is with a growth of 33% for the first half, while for the quarter, the growth is more than 35%. Okay. Last year's numbers, Maulik, sir? What was last year's sales number? INR 43 crore. So it is a full year, you are asking, or? Full year, sir. Full year number. Last year was around INR 20 crore. First half last year was INR 20 crore, while full year would be around INR 45 crore. I don't have it handy. INR 43 crore f ull year. Okay. Sir, you were mentioning about our greenfield project at Baila, the Advantech one. If you could just categorize to us, sir, how different is the current facility? How are the margins? How is this facility going to be more margin-accretive? What is the key differentiation with our existing facility and the one wherein we have put up this large CapEx? Going ahead, how are the utilization levels going to shape up? Yeah. What we have set up at Baila, or the new site, is our incremental bush manufacturing capacity. Where we are doing a lot of bushings, machining, and a few other processes there for bushing. That is very different. It is a technically advanced facility when it comes to bush manufacturing. The other thing we have is large-sized cages, where we are, again, on our incremental demand. To support the incremental demand, we are adding capacity there. Now, in terms of margins, I think in general, it is roughly, it is small for stamping also. Okay. Thank you. Also, there is a third facility for our stamping expansion. All three, in line, roughly, if you look at margins, are somewhat similar or in line with our overall India standalone margins. Obviously, these are industrial products. So they would be. Small volume production base versus small batch production base. These facilities are designed keeping those product portfolios in mind versus our current manufacturing would be if the smaller size would be more automotive, high volume. In that sense, these facilities are a little different than our existing facility. We have something similar here, existing facility as well. These are incremental capacities we are setting up over there. Sir, in terms of utilization levels, what should we work out at peak? I mean, what are the current? Current utilization would be probably less than 10% last quarter. Because this is a significant capacity addition we are doing, that is continuing. This is an ongoing, even though we have started production. There are a few lines which are coming in in the next few months. We will add significant capacity here. We will take some time to really achieve optimal utilization. I would say that about two years. Optimal point may take about two to two and a half years to really reach. However, as I mentioned earlier, it depends on some customer approval. We are very hopeful that even we will be able to ramp up this to a good margin or a respectable, at least positive margin within one year. Okay. Sir, there was one announcement dated 31st October that was also regarding our Advantech subsidiary only, wherein we have shifted the facility from the lease to the new plant. Lease to. Yes, sir? So, basically, you want a more description of that, what really happened, or what you're looking for? What's your question? Sir, do I understand that what was that lease arrangement? And now we want our own facility. Why we shifted? No? The question was also that we were already doing production under the lease facility. This subsidiary was already contributing. What is the question? First of all, yeah. I wanted to understand the reason. I have one follow-up. That side, the subsidiary has started operation in the lease site. Obviously, that lease site is comparatively very small size to our new Baila site. That was mainly focused on the stamping products initially as an incremental new business. Last year's turnover was around roughly INR 7 crore or so. Important point here is the Baila site will have all the incremental businesses on account of the bushings and large-sized business as well as stamping. You may refer to the other announcements we did in the stock exchanges for the incremental revenues we have or the incremental orders we have won. Likely, all those businesses will come from the Advantech side. Okay. Just Just to add to it, sir, we as investors, can we make a request to visit this facility and have some better understanding? Because during the call, may not be the capacity of time, won't be able to put forward all the questions. So can that be facilitated going ahead? Yes, I can put it once we have a sufficient group number of investors. We will be able to provide that. Yeah. We'll be happy to provide that. Sir, now coming to the Romania. Yeah. Now coming to the Romania part, sir, in the earlier calls, I think two calls back, you did mention about an overall restructuring of the facility and with the things. At that time when we took the written down value for our investment. Taking that into account, where are we, sir, in terms of that conclusion since the last two quarters have been substantially better in terms of the operations? In your opening remark also, you did allude to the fact of better sentiment and better revenue visibility from there. Where are we, sir, in terms of the restructuring, if any, for the Romania facility? That's an ongoing, continued initiative from our side. We are continuing on that. This will take some time, and there is a lot of work yet to be done on this topic. There is a lot of customer engagement and seeing a long-term sustainability and all that. That is an ongoing work. We are nowhere near, or we have just scratched, made some improvements there, some changes there. We expect that this will continue for a while before we can really clearly define a long-term future for this. Any timeline, sir, you can put for it? It's difficult to put a clear timeline. Having said that, we are feeling fairly positive considering the recent situation. Cautiously optimistic. It will take some time before we can really conclude. The last point pertaining to the order booking part, sir, with respect to the business profile in the three major categories outlined. How do you see the order intake and the updates in terms of, say, six months down the line, the visibility, if you could throw some color on this, sir? Right now, I mean, we do not have very long visibility. Long-term visibility is strong. The indications are strong. From an immediate order book point of view, I think our customers are giving some forecasts, some indication, not all of them. If I look at short term, about three to six months, it looks fairly robust. Difficult. No one is actually saying that it will sustain like that. Everyone is a little cautious. Just to add here. Saket, most of our contracts are long-term with the customers, five to ten years or even longer, correct? That way, we have a very good visibility. When it comes to PO-based, when we talk of an order book, it is a PO-to-PO kind of a situation that we are talking about. That is what Vishal is referring to. Now, the fact that I have developed more than 258 SKUs in the first six months, plus more than 8,500 SKU kind of a pipeline, that itself gives us a very clear visibility in terms of medium to long term that your business is very, very solid. It will continue to drive our new CapEx and new development. Again, on the Romania side, we are working very hard with the existing plus new customers to convert most of the business into cage. That is what Vishal was referring to, that that particular visibility, though early indications are, we have slowly started getting more orders for cages. We are doing tremendous pushing for those customers to increase the cage allocation and buy more cages from us. This is where we are. From an India perspective, we are very comfortable. Right, sir. I'll join the queue, sir, for a few more of them. Yeah. Yeah. Thank you, sir. Our next question comes from the line of Mayank Bhandari from Asian Market Securities. Please go ahead. Thanks for the opportunity. Sir, my first question is around this automotive part of the little business that we have. We were anticipating cyclical impact or the amount of cyclicality we have. How is this panning out? What is the expectation going forward given the recent GST cut we have seen? We have not seen some improvements on the demand front from some of our domestic customers. I mean, that positivity and slight growth is continuing. We are not seeing, we are not able to say that we are seeing a big shift there as such. Having said that, there is a lot of pipeline inventory, and it is a little bit too for impact from quarry and all that. How is it going on? I'm really sorry to interrupt you, sir, but your voice is very slow. It's breaking. Okay. How about now? Can you hear me? Yes, yes, sir. It's good now. Okay. All right. We can go to the next question. Hello. Okay. Yes. Mayank Bhandari has left the queue. We'll move over to the next question. Our next question comes from the line of Jamin Addico Asset Management. Please go ahead. Thanks for the opportunity. Last quarter, we felt that you and I were a bit confused on whether the European-led uptick was sustainable or not. This quarter, the tone is more confident. Would you help us to break down what's driving the export growth? I mean, is it the growth coming from existing customers increasing their schedule, or are there new geographies or accounts contributing to the momentum? Yeah. So, yeah, we are a little more confident because it has continued for two quarters. That changes. That builds the confidence. Second, this is coming from existing customers and existing products. One, so we are seeing a little bit uptick in demand. Also, it is coming from new product developed over the last two, three years, and now they are in the process of commercializing and winning some new additional business and all that. Combination of all of the above is how I would say. Okay. On Harsha Advantech, I mean, the Baila plant, you mentioned, I mean, the losses due to the subscale volumes and also, I mean, delayed cost pass-through. Can you just specify quarterly revenue rate required for the operational break-even? And by when you expect to see that lower? Harsha Advantech's modify is. Jamin, really, this pass-through is actually relatable to entire Harsha India engineering, not only to Baila. Okay. Yeah. And then, of course, the other part is Advantech. Yeah. Jamin, on Advantech, a break-even will be difficult to give the guideline. Reason being, there is a different product mix, having a different order level possibility as well as margin possibility. And capacity buildup is also happening in the various phases. We, as we said, likely the optimum capacity level will be reaching two to two and a half hours, while profitability will start likely last quarter or the beginning of the next year, first quarter or so. That's our current. About break-even optimum. That is our current estimate. Got it. Let me just, I mean, reframe the question. Has the break-even threshold or timeline changed versus your earlier internal projection? Not precisely, but yeah, there are some incremental capacities are building. Again, as Vishal Advantech has mentioned, there is a trail of customer approvals and product pipelines. Again, the old customers' inventories and everything is followed by. That is how the customer will also put the orders accordingly. Got it. On our incremental business. Okay. Okay. Also, on the India engineering EBITDA margin front, I mean, we have been to a, I mean, a basis point decline on a sequential basis. If you just keep out the Advantech losses, and specifically, how much that, I mean, your EBITDA margin decline came from RM cost lag or any change in the product mix? Just to first to answer effectively, if you see, there is no significant impact of Baila on the EBITDA front as of now. On the EBITDA side, the products are having a good result. It is majorly impacted on account of full depreciation started as well as interest cost started over there. Now coming to your questions on the decline on sequential basis on margin, if you see the last quarter and even in our last call in the last year, the last quarter call, we have mentioned that this is exceptional margin we have earned on account of the metal price reduction effort. Right. We were able to gain better market. That is not something, and we also specifically mentioned that this is not a targeted EBITDA margin for us. That is the reason the reverse scenario has happened. Metal price has been passed through. Sales price has reduced, and metal has started increasing. Okay. This is an ongoing process. You know, of metal, we would look at us at least on a 6- or a 12-month basis, and we will find that we are very comfortable at India level in the range of around 21%-22% sustainable margin. Got it. Got it, sir. Thank you so much. Yeah. Thank you, sir. Our next question comes from the line of Amit Anwani from PL Capital. Please go ahead. Yeah. Thanks for the opportunity. First question on Romania, where we have seen good improvement after several quarters. You did highlight demand coming back and the other positives which happened. Just wanted to understand the key reasons for the demand coming back. Is it with the same customer we wanted to do when the business was not properly working, also to sell to other customers? We tried to change the mix also, semi-finished versus large cases. What is actually happening? What is your sense? Can we directionally think that now Romania will see better days ahead if I take a medium-term view? Can this quarter be an indicator? This growth on top line in Romania is coming from, as I mentioned earlier, both from semi-finished as well as finished products. However, significant increase is coming from finished products. We are, at least last quarter, able to see improved proportion of finished product portfolio, which was our endeavor. From a customer point of view also, yes, some of it is coming from new customer, new business, and some of it is growth of existing customers, existing business, which was lagging previously. We are seeing a combination of factors supporting this improvement on the top line. On the bottom line, some work on the cost cutting done in the past has continued. In terms of future, we are a little too early to say this is sustainable. As I said, it has been a difficult journey in Romania for us. We are working towards making a sustainable situation here. I'm not able to fully say that, okay, everything, a bad time is completely behind us, but we see continued progress. Where it sustains, where it falls, how the new business comes in and demand develops, that's something we are still working towards. See, just to add, there would be a very strong impact on the consolidated PAT, not because Romania has started generating a very good EBITDA, but the loss contribution is zero. If you see last year and this year, we did about INR 74 crore PAT first half, correct? There is a loss of about INR 5 crore at Advantech level. On an adjusted basis, I am still saying I am doing INR 75 crore. If I multiply it by 2, I am talking of INR 150 crore, assuming there is no further loss contribution. We are trying hard first, achieving the goal that the losses will be zero, which I feel, and we strongly feel we should be able to contain it. Obviously, with more and more cages being sold and other things, if Romania starts to continue contribution of even some positive EBITDA, it will have a very big compounding effect. That's what we are trying to say. Understood, sir. Second question on bronze bushings. What was the number for this quarter? Are we adding customers? Some sense on the demand side, where are we seeing traction? In terms of customer sourcing, is the wallet share increasing with the same customer? Are we adding customers? Any particular geographies? In some sense, what we want to achieve in bronze bushings over the next 12 months, any color there? Plus, once the CapEx is done, what could be the peak revenue for bronze bushings we are targeting? Okay. For the last quarter, the bushings number were around INR 30 crore. About the potential business of the bushings, I request Vishal Advantech to give you the first half was INR 55 crore. Yeah. In terms of bushing pipeline, we are confident that right now we have, as we have announced in the past, about INR 117 crore or so new orders pipeline. We are continuing to win some business. Primarily, it is coming from better share of business from a global perspective from our customer, as well as the fact that the bushing is a kind of a change in design product. As our customer transitions from one design to another, more so bigger portfolio adopts this bushing kind of application. That is why we are seeing a significant growth there. We see a very positive turn on this. I am not able to fully define exactly timeline, but we are really hopeful that long term, about three plus years, we could hit INR 253 crore-INR 300 crore long-term kind of goal here. Again, very optimistic right now. I don't have a very clear visibility on that. We are very hopeful. Based on this, plus whatever orders we are already having on hand and the new capacity available in Advantech, that is where we are guided that, as against about INR 100 crore we did last year, we should be able to do about INR 130 crore this year. Therefore, a lot of additional business coming in the second half of the current fiscal. Thank you, sir. Thanks for answering the questions. All the best. Thank you. Thank you. Thank you, sir. Our next question comes from the line of Jason Soans from IDBI Capital. Please go ahead, sir. Sir, thank you for taking my question. Sir, you did explain about how Romania's performance has increased, has been better, basically due to a better proportion of finished cages and finished products. Now, I just wanted to understand, sir, if you could give us some color on, in terms of the semi-finished castings. Now, I understand if you do finished cages, you'll do more processes in-house, and that's leading to a better margin. Is there anything we can do probably where we could do more of finished products and basically tell customers to do more processes in-house? Is there something we could look at in terms of Romania that could basically profile margins for us there in that case? Just wanted some color on this. Also, the semi-finished castings, what we spoke about, which end industries does this cater to? First part, as you rightly said, we are continuing to work with our customers to increase the finished product share in the total pie. As you rightly said, that should give us more value-add and opportunity to earn margins. That is an ongoing project, including converting some of the semi-finished current supply into a finished product. That is all under discussion. We have had some partial success on that, and we are hopeful that we will get more out of it. The second part still is that taking bigger volume. This is a foundry, and overall volume has a significant impact. Taking in more volume or more top line, even on the semi-finished side, has a positive impact on this situation. As an example, when we were having a decent margin profitable in Romania, our v olumes were at least 30%-40% higher, even though the proportion of semi-finished was even much higher. We are right now running a deficit versus that point, a significant deficit. There is the impact of overall volume, which should be helped by overall increase in volume, including semi-finished. The second part is we are working and continue to work on the finished product, which has better value-add. Sure, sure, sir. Sir, this basically feeds into end-user industries. Will it be automotive, industrial, or what exactly? Could you give me some color on that? It's an industrial. Romania is a completely industrial facility. It caters to industrial demand, semi-finished as well as finished line. Okay, okay. So it's completely industrial. Thank you, sir. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit the question to one question per participant. Should you have a follow-up question, please rejoin the queue. Our next question comes from the line of Saket Kapoor from Kapoor & Company. Please limit the question to one question, Mr. Kapoor. Yeah, I will be. Yes. So far, the only question is that we have undertook CapEx to the tune of, I think, INR 300 crore plus. How much? I think the INR 250 crore has gone towards Advantech. What should be the asset turnover ratio going ahead at the utilization level? If you could just give color on the same. For the solar business, how much is the pending receivable amount? These are my questions. Yeah. Sakit, on the Advantech side, the spend includes the infrastructure spend, including land and building, which is going to be used for a longer phase also, as I just said in my speech. Incremental machine lines will also come in the next year over there. Keeping that in mind, if we utilize the full land and building, we will be able to turn it around around two times. 1.5-1.6 times till the time we fully utilize the infrastructure. Right. On the solar receivables, I do not have—yeah, on the solar receivables, I do not have handy numbers, but except some old numbers of around INR 10 crore or INR 12 crore pending, rest are operational ongoing business numbers. I do not have it handy as of now, and we can check offline. Okay. I'll join the queue. Thank you. Thank you, sir. Our next question comes from the line of Jason Soans from IDBI Capital. Please go ahead. Sir, thanks for the follow-up. Just wanted to note, sir, since you spoke about in the Baila facility, you are increasing value addition, especially for bushings. I just wanted to know, in terms of total addressable market, sir, are we only looking at bushings towards the windmills or the wind sector, or are there any more important and more larger sectors where bushings can be targeted? We are right now focused on bushings in the gearbox segment. Wind is the biggest market out of that. We continue to work with other industries for these bushings. However, they are used on the industrial side. I'm not talking automotive bushings or those kind of things. On the industrial side, they are— Sorry, there was some— Okay. Yeah, on the industrial side, other bushings, we continue to work, but they are very small volume. Portfolio with very—ten pieces to—or rather two pieces to twenty pieces kind of demand annually and those kind of things. We continue to work there, but it's not a big segment for us right now. It could change in the future. Okay. Thanks for that, sir. Thank you, sir. Our next question comes from the line of Saket Kapoor from Kapoor & Company. Please go ahead, sir. Yes, sir. Sir, for the current year, what are our current maturities in terms of the debt repayment, and what is the long-term debt currently? You can find it in our annual report for the 12-month maturity number. Effectively, our Advantech side is still under the moratorium, so there is no repayment coming up in this year. Okay. There are a set of tax incentives also in terms of the CapEx that we are going through in terms of the interest rate subsidy? Not tax incentive. There are some state subsidies, and that is subject to application and actual realization. Okay. Understood. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, since there is no question from the participants, I now hand the conference over to Mr. Vishal Rangwala for closing comments. Thank you. And over to you, sir. Thank you. I would like to thank you all for your continued confidence in our engineers and your support. I wish you all a very good evening. Thank you very much. Thank you. Bye. Thank you, sir. Ladies and gentlemen, on behalf of Harsha Engineers International Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.