Hey, gentlemen. Good day and welcome to the Havells India Limited Q2 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note this conference is being recorded. I now hand the conference over to Ms. Bhoomika Nair from DAM Capital Advisors Limited. Thank you, and over to you, ma'am. Thanks. A warm welcome to everyone for the Q2 FY 2026 Havells India Limited call today. We have the management being represented by Mr. Anil Rai Gupta, Chairman and Managing Director, Mr. Rajesh Kumar Gupta, Whole-Time Director and Group CFO, Mr. Amit Kumar Gupta, Whole-Time Director, and Mr. Rajiv Goel, Executive Director. At this point, I'll hand over the floor to Mr. Anil Rai Gupta for his initial remarks, post which we'll open up the floor for Q&A. Thank you, and over to you, sir. Thank you. Thank you very much. Good evening, and thank you for attending the call today. At the outset, I would like to extend my heartfelt wishes for Diwali. May this festival of light bring joy and prosperity to you and your family. As regards the Q2 results, we have delivered a decent overall performance. However, the summer products experienced weakness with overhang of shorter summers and higher channel inventory. Air conditioners, fans, and coolers revenue declined by a while. This not only impacted our growth and margins, but also led to elevated working capital levels. We have been working closely with our channels to increase consumer uptake, and we believe that the channel inventories will normalize by the end of Q3. Cables maintained a steady growth momentum, driven mainly by strong growth in power cables during the quarter. Our execution towards capacity expansion in cables is on track, and in this reference, we have acquired a land parcel of 39 acres adjacent to the existing manufacturing facility in Alwar, Rajasthan. LED price stabilization in lighting and an initial pickup in residential demand seems to augur well for the business going forward. By continuing our investment towards strengthening brand presence, the overall expense growth has been in line with revenue growth. Higher working capital levels, especially for cables and Lloyd, have led to a reduction in cash and bank balance, impacting the interest income earned during the quarter. Although we expect working capital to normalize by Q4, the other income may remain relatively low in H2, considering the bank CapEx spend. The recent GST reduction by the government has been a welcome step towards uplifting consumer sentiment and strengthening the demand. Amongst the Havells category, air conditioners, TVs, and solar have seen GST-based reduction. We can now move to Q&A. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Manoj Gori with Equirus Capital. Please go ahead. Yeah, thanks for the opportunity and greetings for the festive season. My question is on the Lloyd front. Two parts to it. One, you said inventories will get liquidated by Q3. Probably during November and December, when channels will be building inventories for old star-rated air conditioners, do we see pressure during Q3 on primary sales? In the presentation, we have mentioned the customer support schemes and offers that we have offered, which led to a significant decline in contribution margins for Lloyd. Are these in the form of customer support schemes or price cuts that we have taken? Can you throw some light over there? Right. As far as the first question is concerned, yes, there will be liquidation of inventories in the third quarter because of the V rating changes. The manufacturers, depending upon how much inventory is there and how much of the old ratings will be produced, will definitely be offloading that inventory to the channel. The channel can sell that inventory to the consumers in the coming quarter as well. The manufacturers will limit their production to that extent as it can be liquidated during the third quarter. I believe that's why I'm saying that the inventory, at least at the manufacturer level, will normalize by the end of the quarter. As far as consumer schemes are concerned, yes, because it was a shorter summer and that overhang continued in July, which was also a very strong summer last year. The channels which were holding inventory were offered certain direct consumer schemes so that consumers get attracted to lift the product during the off-season. Otherwise, there was no price reduction from the company's side. For material which is already in the channel, certain schemes were passed on. This customer support scheme, sir, likely to continue till? No, those were for a shorter period of time. They have been withdrawn because of the GST changes. They've already been withdrawn. Contribution margins, at least we should see normalcy from third quarter onwards? Is that understanding right? Yeah, we will start seeing improvement in the third quarter, but real effects will come in the fourth quarter. It's also contribution margins also greatly affected by the under-absorption or manufacturing overhead because, as you can imagine, because of the high inventory levels at the end of the first quarter, the production levels will also scale down. Right. That's all, sir. Wish you all the best. Thank you. Thank you. The next question comes from the line of Natasha Jain with Philip Capital. Please go ahead. Thank you for the opportunity. My first question is a follow-up on the last participant's question. While inventory, definitely, we might see clearing at the brand level, how do you see secondary moving? First that, and secondly, when we talk to our channel partners, they tell us that they have huge inventory saddled with them, and the entire cash flow is blocked in that inventory. Third quarter, do you expect channel partners to fill up very aggressively given they already have stocks and they do not have that kind of cash flow with them? See, there are various kinds of channels: distributors, large format chains, e-commerce, and certain channels would have higher inventory because they have higher stock build-up capacity. I would assume that largely the distribution channel, which is almost more than 50% of the sales, will be definitely normalized by the end of the third quarter. That is the kind of channel which generally picks up more material during the V range changes during the third quarter. Anyway, the modern format retail and the e-commerce channels generally pick up in the fourth quarter only. Understood. My second question is on ECD. Your degrowth is at 1.7% worldwide. When we went on the ground, we understood that fans' degrowth is in high single digits, around 8%- 9%. If you could correct me if my data is correct or wrong. If that is the case, what product categories supported in terms of reducing the degrowth? If you could just give some qualitative color on how the large appliances, small appliances did versus fans. Sorry, I missed the last part of the question. You were asking about the fans' degrowth in high single digits? Yes, sir. That is what we picked up from the ground. Your numbers are - 1.7%. I just want to understand how is this gap closed as to how did the large domestic and small domestic appliances perform? Is there a good growth in terms of kitchen appliances and winter products? Yeah. We are seeing good growth in the water heater channels as well as the consumer appliances. We have actually small appliances. We have actually seen a degrowth of fans, not necessarily high single digits, but mid-single digits. We've also seen a significant degrowth in the coolers because there was already high levels of inventory in the channels. Hence, the second quarter sales, there was a high level of degrowth. Overall, degrowth is about 2%. There is growth in the good growth in the appliances as well as water heaters. Thank you. Should I have more questions, I'll get back in with you. Thank you. The next question comes from the line of Aniruddha Joshi with ICICI Securities. Please go ahead. Yeah. Thanks. Thanks for the opportunity. Sir, the question on once in January, we move to new BEE norms for fans and air conditioners. What will be the price hikes that will be required in both the categories? Already considering the steep competitive intensity plus huge inventory in the market, etc., do you see there is any potential to innovate? I mean, whether the price hikes can get easily absorbed without much impact on the volumes? Second and last question is if you can quantify the current inventory in terms of how much it is more than the normal inventory. I mean, assuming normal inventory is around three weeks, whether the current inventory is four weeks, five weeks, if any quantification you do, that will be very helpful. Again, channel-wise, which are the channels which are having the maximum inventory impact? Thank you. We are confident that whatever the cost increase will be there. Yes, there are challenges of inventory levels within the secondary trade, but we will be able to pass on. Of course, you can say it depends upon the competition also, but the kind of price increases which will happen will have to be passed on to the consumer. It is unfortunate that the GST reduction is not fully being passed on to the consumers because of the changes which will happen on January 1. This means the prices will come back to almost the same levels as before. Otherwise, yes, the cost increases will be passed on, and as a company, we'll be responsible to pass on those benefits. The inventory levels are varying between channel to channel and product to product, coolers, air conditioners, fans. It will be very difficult to quantify. Yes, these are generally higher than normal at the end of the quarter. Sorry, sir. Your voice is breaking. Yeah. The inventory levels, it will be difficult to quantify because there are three or four product categories in different channels. Otherwise, they are at a higher level at the end of the second quarter. Particularly, air conditioning inventory is higher than even the fans and coolers. Okay. Last question. Cables and wires, we have seen a massive improvement in profitability. Is it fair to assume that the profit margins are close to the peak level, or there is still further potential to see the margin moving upwards in coming quarters also? I think this particular quarter, there was, like, you know, if you compare it to last year's same quarter, this was a depressed quarter because of the fluctuation in the prices of the raw materials. This particular quarter, there was a benefit because the prices were constantly increasing, and there were certain benefits on the inventory. I would say, you know, with our blend of cables and wires, 15% - 16% is the right contribution margin to assume. That will continue to spike depending upon quarter to quarter. Some variations may happen, but otherwise, that's what we are striving for. Okay, sure. This is very helpful. Many thanks, and wish you all a happy Diwali. Thank you. Thank you. The next question is from the line of Siddhartha Bera with Nomura. Please go ahead. Yeah. Thanks for the opportunity. Sir, on the ECD side, I mean, despite some recovery in the growth rates, margins, especially contribution margins, also seem to have come down sequentially. Has there been any sort of, given the early festive this time, pull forward of investments, and should we expect things to pick up better in quarter three and quarter four? How should we look at the margins from the ECD segment? Yeah, I think ECD segment is on the positive side for the contribution margin. Second quarter is generally a little bit more depressed because of fans' off-season. In this particular quarter, it was lower, so there is some under-absorption of manufacturing overheads for the fans' margins. Whatever we see as a reduction there is mainly because of the fans' margins. Otherwise, in other product categories, we are seeing improvement as well as also coolers, both fans and coolers. I think it is transient, and we are hoping for better contribution margins. It's also affected by it's not comparable as it was last year because EPR, you know, liabilities have also increased in the coming in this current year, which obviously, you know, when the season comes, you know, when we are in a position to pass on that price to the market, we'll have to do that. Right now, because of those reasons, we've also been restrained to do so. Understood, sir. Second question is on the switchgear. Now, we hear also, if you look at the margins Q1, you had talked about some adverse mix which had led to lower margins. This quarter also, margins seem to have come down a bit sequentially. What should be the sort of range we should think about in terms of switchgear? I mean, do we also see some scope of improvement there, or these are some sort of steady state numbers which we have now reached? I think switchgears, we can barely assume to be around 38%, sometimes 37%, sometimes 39%, 40%. So 37%- 40% is the right range to assume, depending upon the product change in a particular quarter or mix. That's the right number. Got it, sir. Lastly, on the initial few festive period in terms of demand recovery, how are you seeing the trends? I mean, have we seen in terms of air conditioners? I understand that it is not conducive in terms of environment, but how about ECD in wires, PEs, and other segments also we have? Can you throw some color about how the recovery has been in the beginning part of the quarter three? Yeah, I think we definitely see positive momentum, especially also because of the fact that there was some pent-up demand till 22nd of September. There was a slowdown of sales. The channel is also picking up material. They're also clearing their own inventories in the system. We do believe that, you know, there is a better pickup. The rural area growth is also coming back. I think overall, you know, this positive change in GST also, though in many of our product categories, there is no change. There is a positive feeling amongst the consumer right now during the season. Okay, sir. Thank you. I'll come back in a minute. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question comes from the line of Umang Mehta with Kotak Securities. Please go ahead. Hi. Thank you for the opportunity. First question was on wires and cables. Your Tumkur expansion last year came on stream only in September. Even if we assume, say, 70% - 80% utilization over there, that itself should have given a growth delta of around 7% - 8% on a YoY basis. Is it that wires is something which was under pressure? Competitively, at least we see peers have reported better numbers over there. Any insights you can share on wires? I think cables, as you rightly said, is continuing on a very good growth pattern right in the first quarter and second quarter. If you see first quarter, our wire sales were showing a much higher growth. If you actually see the first six months, it also depends upon stocking of material at the dealer's end, depending upon the price increases or price reductions. I would not see wire performance on a quarter-on-quarter basis. What we track is market shares, and I think we continue to be very strong in trade wires. Overall, if you see the first half of the year, our growth in wires has been quite good, you know, mid-single digits, mid-double digits. That's a very good sign for the wires business as well. Cable continues to do well with the enhanced prices. Understood, sir. Makes sense. The second question was on Lloyd. These offers which you had to give to liquidate the secondary channels stock, were these get recorded below contribution margin or above contribution margin? Just from an accounting perspective. Above contribution margin. Got it. The pressure in that sense should ease out going forward, is the right understanding, right? That's right. Got it. Thank you so much, sir, and wish you all the best. Thank you. The next question is from the line of Renu Baid with IIFL Capital. Please go ahead. Yeah. Hi. Good evening, team. My first question is on the other segment. This was a seasonal quarter with respect to rains and monsoons. By when and in what color should we expect growth in the solar portfolio to come through? Any color that you can share with us? Generally, second quarter is a low season for the solar business. I think third and fourth quarter, we are expecting very decent growth in the solar business. It is good growth in this quarter. In this quarter, it is good, but real growth will come in third and fourth. Second half is generally a good time period for the solar. Right. The material scale-up in business volumes, as I was saying, the material scale-up in business volumes after investing in Goldi Solar Private Limited and having acquisition to better supply chain components, that factor will start playing out from the second half of the current fiscal year. Excellent. In fact, it had started playing out in the second quarter itself. The growth was decent, but it is generally a low quarter anyway. Over the last year's base, there was a very good growth in the solar business. In the third and fourth quarter, the real benefit of the supply chain would start coming in. Margins thereafter should improve for others as a segment or category overall. Yes, hopefully. Sure. Second is within the Lloyd portfolio, if you see recently LG after the listing, they have announced a pretty aggressive, at least initially, the start with some range for the mass premium and the mass market at slightly lower price points. While the details of the price points, I think, will be available in the market by next month, do you think that this can impact our penetration or expansion plans for our non-RAC portfolio, namely on the refrigerators or on the washing machine side of the market, especially in smaller towns? Lloyd has been a strong player in these segments, and they continue to be a mass premium player. They are not really a luxury player or anything. They continue to be a mass premium player in these segments, and you know that has only enhanced the penetration of these products. Right. Do you think that we would face increased competitive pressures from LG with that targeted service? We are still a very nascent player in these categories, and you know there is a lot more we have to do for distribution leads and all that. I don't think we can face some headwinds against that. Got it. Lastly, on the Lloyd part of the portfolio, we are hearing globally that [crosstalk] is looking for consolidation. If there is a sale transaction wherein the India portfolio is also acquired by any large company, do you think this could create increased competitive intensity in the Lloyd category, which itself has been struggling on the growth and profitability front? You're saying [crosstalk] buys somebody or sells revenue, or what? [crosstalk] is up for sale. Do you think the M&A could translate to higher competitive intensity for Havells? No, I don't think so. Got it. Lastly, just your input and feelers while the entire buzz in automotive has been very bullish after GST rate cuts. For FMEG or Consumer Electricals, there's a bit of inventory and festive uptake, which is there. Directionally, do you think some of the government initiatives which have been taken should drive material uptake in consumption, or a lot needs to be done beyond the GST rate cuts that we have seen? I think we are very hopeful. Things should come up in the second quarter, second half. Got it. Got it. Thanks much and best wishes, team. Thank you. Thank you. The next question comes from the line of Tanay Shah with DAM Capital. Please go ahead. Hi, sir. Good evening. Thanks for the opportunity. Mr. Tanay, we are unable to hear you. Could you please come closer to me? Am I audible now? Yes, sir. Please go ahead. Thank you, sir. Thanks for the opportunity. My first question is if you could possibly help us between the volume and the value growth for our cables and wires growth this quarter? I think as far as cables is concerned, the value and volume growth is the same. As far as wires is concerned, there is a volume growth lower than the value growth because copper prices have gone up if you compare it to the last quarter. We don't give figures separately for cables and wires. Understood, sir. The second question is, obviously, while we saw some sort of deferment in the ECD demand for the first quarter, given that now the GST norms are fairly set, how has the demand been post the GST norm change, and any sort of outlook or any sort of green shoots we're seeing in demand for festive for the ECD portfolio? Actually, there's no GST change in the ECD portfolio for us. It's only, as I said, in air conditioners and LED TVs and solar business. For ECD, there's no change. As you rightly said, the first half was affected by the summer season, which was not very strong. The second half, hopefully, with all these changes, positive outlook, we are hopeful for a good second half. Got it. Mr. Tanay, does that answer your question? Yes, yes. Thank you. Okay. The next question comes from the line of Pulkit from Goldman Sachs. Please go ahead. Sir, thank you for taking my question. My question is on, you know, overall cost for the company. When I look at employee cost, that looks to be under the growth seems to be under check after quite some time. Till 2024, we were expanding that cost. Last six, seven quarters, obviously, growth is not there, but we've also seen employee cost, etc., come down. Now, is there a conscious effort for the company, given the fact that, you know, growth has been quite sedate, to look at some of these costs? In a scenario that consumption was to come back, do you think as a company we are right-sized right now, or do you think we will have to sort of build on some of those costs? What I'm trying to understand in short is, is how do you see, you know, the organization placed today in a scenario that there's an upcycle in demand that comes back after so many quarters? First of all, over the last few quarters, last few years, if you've gone through our calls, you will have seen that we have been investing heavily on right-sizing the company in terms of sales infrastructure, functional infrastructure, R&D, digitization. There has been a lot of, I would say, investment towards building those teams. We believe that we are well placed in terms of getting the advantages of those investments. That is now translating also. Now the focus is to continue to increase productivity of this large workforce that we have. Not that we'll not continue to invest, but there will be a lot of focus on productivity enhancement. Sometimes it can look a little bit more pronounced because of the lower season. Sometimes the contractual workers, like the demonstrators and all, also get affected because of low season. Otherwise, generally speaking, there is a lot of focus on improving productivity of the manpower for sure. Sure, sir. My second question is, can you highlight what are the portfolio gaps that we have right now? I mean, when we look at your product portfolio, it looks to be very, very wide across segments. Is there any obvious portfolio gaps that you feel that you could fill over the next 6, 12 months, which could drive incremental growth? Do you think we are, by and large, present across most categories? This is a question which has been there in all calls since 10 years. Every time, we keep adding something or the other. Like, now chimneys and hobs have been added in the ECD segment. We are creating a renewable sector wherein we are looking at EV chargers also coming in along with our solar automation. We are looking at automation in a big way. A lot of things get added within our existing portfolio. It's not right to say that it's a pretty wide portfolio, but within those portfolios also, there's always, within cables, for example, constant addition of maybe higher category of industrial cables or higher voltage cables. There is constant addition, and it's difficult to say each and every product category that we introduce in an investor call. This is more for our consumers and customers, which we constantly continue to look at our gaps and keep filling that. Sure, sir. Thank you so much. Thank you. The next question comes from the line of Achal with Nuvama Institutional Equities. Please go ahead. Good evening, sir. Thank you for the opportunity. Sir, I just wanted to understand, from a broader context perspective, is it fair to say in the last three, four years, competition in each of the categories is actually intensifying and pulling down the margins for the industry as a whole? Is that a fair assessment whether it is fans, lighting, or even small appliances, or water heater, for that matter, where we keep on hearing every other company also talks about being in top three or top five? Just wanted to get your sense. Has that been the case, and is it pulling down the contribution as well as the operating margins at the category level, each of these category levels? Yeah, I think if you look at the switchgear or you look at lighting, for example, our contribution margins and our EBIT margins have remained stable. If you compare it to some peaks or troughs, that may not be a right comparison, but generally, they have been very stable. In ECD, in the last two or three years, as we had mentioned, sometimes the raw material prices went up. They were not entirely passed on to the market. Things are actually coming back. In most of the categories, our water heaters we mentioned, we have industry-leading margins. Switchgear, we have industry-leading margins. Lighting, we have industry-leading margins. Fans, we have industry-leading margins. Yes, we are continuing to invest more in fans because of the change towards BLDC. Now, almost 40% of our fans are BLDC fans. There is constant investment going on, but I feel that the real play with Havells is kind of a branded premiumization. While competitive intensity keeps going up in every category, our focus has always been our strength, you know, innovation, distribution, and brand. I think those continue to remain. Really speaking, if you see even this quarter, Havells continues to, Havells standalone continues to be about 12%, 13% EBITDA margins that this will further improve. I feel that I don't think there's really concern about dilution of margins due to increased competition. Understood. If I see in the last quarter, we had kind of commented that there is, I mean, if the growth is normal, we can actually see a 150, 200 basis point margin expansion for Havells standalone. Does that stay intact, or could there be a change in that part? Yes, that's why I'm very confident that these are the kind of things, you know, with the productivity improvement, with the, you know, cost rationalization, premiumization. I think that's something which we have to achieve. Got it. Just a quick conclusion. In terms of, is it fair to say that the demand is still kind of, yeah, you know, weak? It's not that we have seen any significant change in the demand in the last few weeks. Is that a fair assessment? I know a few weeks is too early, but still, you know, is there any turnaround in the plan? Yeah. As you rightly said, it's early to say because right now, 22nd of September, as I said, things have slowed down till then because the trade was not picking up. You know, post that, it's just too early to comment upon that. I think let's wait for one quarter to actually see how things are. It's difficult to get a feel on that. We are quite, you know, generally positive. Got it. Just the CapEx number, if you could quantify for FY 2026-2027, what kind of CapEx we can look at and which segment? FY 2025-2026 will be about INR 1,450 crore. FY 2026-2027 right now, it's estimated about INR 1,000 crore, but we'll know the exact numbers by the end of March. Got it. Thank you so much, and wish you all the best, sir. Happy Diwali as well. Thank you. Thank you. The next question comes from the line of Latika Chopra with JP Morgan. Please go ahead. Hi. Thanks for the opportunity. Two questions. One was just on broader demand. You commented a fair bit on B2C demand, but would like to know from you, how are you sensing the B2B segment? Any specific thoughts on what are you seeing on the real estate side as well? The second bit was, if you're looking at your business plans over the next 2-3 years, how do you view the export opportunity and which of the segments you will be most excited about on that front? Thank you. Latika, on B2B, we continue to feel that the traction is there. One could argue whether the government CapEx will slow down because of the sort of the spend they have done on the consumer side or the real estate cycle will finally start slowing down. As of now, I think there is a robustness in the B2B. If you ask us what we feel currently, we continue to remain positive on the B2B. Probably on B2C, we believe that things are sort of improving. You cover FMCG, so I think you will have much better input than us. We do feel that the B2C should improve from here. As regards to going forward on the international business, definitely, we see a lot more positivity there despite whatever the global sort of issues being there because we believe these are something which will get resolved over some period of time. They are the key contenders for growth. The international would be cables, switchgear, and Lloyd, basically the air conditioners. Those will be the key contenders. I think we are seeing good traction on the international side. I think this is something we expect to continue and actually more positive going forward as well. Understood. Thank you so much. Thank you. The next question comes from the line of Manoj Gori with Equirus Capital. Please go ahead. Thank you, sir. Thank you for the follow-up. Sir, the only question I have, if I look at when we do our checks at the ground level, we are able to see that there are a couple of brands, including yours, which have been carrying relatively higher inventories for room air conditioners. What has actually triggered this? Or probably there is some mismatch versus your data points. Can you throw some light on this? I don't think we would be very different than the industry. Maybe there could be some push sales in the first quarter or something, which, because the season didn't really come in the second quarter, it might be a season. I don't think we are very different from the industry. There are certain different practices by different industry players. I don't think we will be very different. As I said, the third quarter would be normalized to a very different. Sure, sir. Got it, sir. Thank you. Thank you. The next question comes from the line of Aniruddha Joshi with ICICI Securities. Please go ahead. Yeah. Thanks for the follow-up. Sir, two questions. One, if you can elaborate a bit more on the rooftop solar business now because the investment in Goldi Solar Private Limited is now almost two quarters, three quarters ago. If you can indicate what are the revenue we are looking at in terms of three years, what should be the profitability, what will be the additional investment required in this business, etc.? Whatever you can share in detail, that is question one. While you alluded to EV chargers and some of the other businesses, we see Havells is still not in some of the businesses like heat variables, wearables, or even some of the new age businesses like CCTV cameras. A lot of these businesses are growing at a pretty fast rate and are using the same channels to some extent where Havells India Limited is already strongly present. Any plan to get into such new age products also? Yeah, thanks. Yeah, sir, solar business is different. We have definitely big plans. We've made a large investment in Goldi. It's not been two or three quarters. We're just starting at this quarter, last quarter only, the real benefits of that would start coming from the supply point of view, strategic supply. Because of these, we will continue to have a very good growth in the coming two or three years, as you have asked. We can provide more details as we go along. As far as the other product categories are concerned, look, I said earlier also on the call, there is constant evaluation of new product categories by Havells. When it makes sense for our brand distribution channels, our kind of, you know, brand extension, then we would inform you that we are investing that. As I said, there are always white spaces available for a brand like Havells. Sure, sir. Thank you. Thank you. Ladies and gentlemen, in the interest of time, we will take this as the last question. It's from the line of Uttham Kumar with Avendus Sp ark. Please go ahead. Thank you, sir, for this opportunity. My question relates to the premiumization trend, which the company is incrementally focusing on to grow the various subsegments. Would you be able to give some clarity on what is the mix which is there currently? Let's say, if in case of fans, what is the premiumization trend which is there? In case of the air conditioners which are selling, let's say, five-star inverter ACs, what is the mix which is there in that category? Could you just give more color on the premiumization mix across the various, at least for the larger subcategories, there will be variations? Yeah, we can provide you the extent because we track it regularly and how we are increasing the mix of premium products. All I can say on this call is that in products like fans, appliances, room heaters, air conditioners, our share of premium products, and that there's a certain definition, the share of premium products in the overall subsegment is increasing year by year. Got it, sir. Got it. Sir, with regards to, yes, one side, we are looking at premiumization increase. How should we look at the margin profiles also improving from here on? Is there any scope for margins because of premiumization going up by, let's say, 150, 200 basis points over the medium term? Is there a possibility of that kind of a trend? In the medium to long term, yes. Initially, when we do that, there is always over-investment in R&D spend as well as marketing spend. Over a period of time, yes, absolutely right. This should help improve margins in the long term. Got it, sir. Sure, sir. That's all from me. Thank you so much. Thank you. Thank you. Ladies and gentlemen, that was the last question for today's conference call. I now hand the conference over to Ms. Bhoomika Nair for closing comments. Yes. Thank you very much to all the participants for being on the call and very much to the management for giving us an opportunity to host the call. Thank you very much, sir, and wish you all the very best. Thank you once again and wish you a very happy Diwali. Thank you very much. A very happy Diwali to all of you. Thank you. On behalf of DAM Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.