Good evening, and we welcome you all to the Q4 and FY25 earnings call of Hyundai Motor India Limited. Today we have with us Mr. Unsoo Kim, Managing Director; Mr. Tarun Garg, Chief Operating Officer; Mr. Wangduh Hur, Chief Financial Officer; Mr. Gopalakrishnan C S, Chief Manufacturing Officer; Mr. Saravanan T, Function Head Finance; and Mr. K S Hariharan, Head of Investor Relations from Hyundai Motor India Limited. I would like to inform you that the call is being recorded, and the audio call and the transcript will be available at the company's website. I would now like to invite Mr. K S Hariharan, Head of Investor Relations from Hyundai Motor India Limited. Over to you, Mr. Hari. Thank you, Rishi. Good evening, everyone, and welcome to the Q4 Financial Year 2025 earnings call. Before we begin, I want to remind you of the safe harbor. We may be making some forward-looking statements that have to be understood in conjunction with the uncertainties and the risks that the company faces. The conference call will begin with our MD remarks on the performance and outlook, followed by a brief presentation by me on our fourth quarter and annual results for the Financial Year 2025, after which we will be happy to receive your questions. Now, I hand over to our MD. Over to you, sir. Thank you, Hari. Good evening, and welcome to the fourth quarter and the Financial Year 2025 earnings conference call. In Financial Year 2025, Hyundai Motor India scaled new heights, achieving remarkable milestones. During the year, the company successfully executed India's largest-ever IPO, a historic achievement that stands as a testament to Hyundai's legacy of excellence and its deep-rooted commitment to the Indian market, paving the way for the next chapter of HMIL's growth story. The company remains firmly committed to delivering sustained value and long-term returns to our shareholders. Within just six months of being listed, the company secured inclusion in the Morgan Stanley Capital International Index. In the recent MSCI review, which took place in February 2025, HMIL was the only large cap from India to be included in this global index. Further, by becoming part of the prestigious Indian capital market indices, such as Nifty Next 50, BSE 500, and other indices in March 2025, we have fortified HMIL's standing in the Indian stock exchanges, reinforcing its market presence and credibility. Financial Year 2025 was a challenging and transformative year for the Indian automotive industry. The overall environment remained tough, with a combination of macroeconomic uncertainties impacting consumer sentiments and purchasing decisions. On top of that, we were up against a high base from the previous years, which further amplified the impact. Despite these headwinds, HMIL navigated the turbulence with agility, with our quality-of-growth strategy solidifying its position further in India. Our first-time SUV lineup grew stronger, driven by growing customer preferences and continued product enhancement. The launch of a bold new Hyundai Alcazar and the introduction of Creta Electric, our first intelligently developed EV, further strengthened our position in the segment. The fact that two out of every three vehicles sold by us in India is an SUV is a testament to our deep understanding of Indian customers and our commitment to delivering innovation, style, and safety. HMIL further set industry benchmarks by surpassing the milestone of INR 2.5 million SUV sales and INR 1.5 million Creta sales cumulatively since inception, including domestic and exports. The turbulent over eight-year variant contribution and the increasing popularity of Sunroof-equipped models reflects the rising aspiration of our customers and the success of our premiumization strategy. During the year, HMIL marked a significant milestone by completing 25 years of export from India, reaffirming its position as the country's largest exporter of passenger vehicles cumulatively till date. The Financial Year 2025 was marked by global uncertainties, including the Red Sea Crisis in the Middle East and geopolitical instability in Latin America. Despite these headwinds, our agile and strategic decision-making enabled us to sustain export volume during the year. Turning to the margins, the market conditions were undeniably tough, yet we were able to exceed the Financial Year 2025 on a strong note, with an EBITDA of nearly 13%, clocking in another year of healthy margins. This was made possible through optimized operations, disciplined cost management, and relentless focus on value creation. The company is in a pivotal phase, backed by aggressive strategies and the lowest investment plan in India over the next few years, particularly focusing on scaling up production capacity, accelerating our presence in the EV market, and strengthening local manufacturing capabilities. The Financial Year 2026 will mark a significant milestone in our growth journey, with the commencement of our third plant in Talegaon coming in after more than 15 years since the establishment of our second plant in Chennai. The Pune plant is being developed as a modern manufacturing hub, incorporating advanced global practices from our parent company. Designed with flexibility in its core, the facility will be capable of producing both internal combustion engine and electric vehicles, enabling us to respond dynamically to market demand. Mirroring our Chennai plant's focus on sustainability, the Pune plant is also expected to integrate energy-efficient technologies aimed at reducing our carbon footprint in alignment with Hyundai's global commitment to achieve carbon neutrality by 2045. We are gearing up to start vehicle production in this new facility from the third quarter of Financial Year 2026. In parallel, while our dedicated localization team continues to enhance our localization efforts at the Chennai plant, we also intend to deepen our localized supplier network by adopting an indigenization strategy at the Pune plant, further reinforcing our Make in India vision. With the increased capacity coming in from the Pune plant, we will have additional headroom for expansion in both domestic and export markets. The emerging markets have significant demand potential, and HMIL serves as a manufacturing hub for those markets. Aiming to become Hyundai's largest export hub outside South Korea, we aspire to continue our growth trajectory in export in the coming years. Aligned with our global vision of progress for humanity, our resolve to serve global customers with a wide range of smart mobility solutions will continue to grow stronger. Exports have gained strong momentum in the recent months, and we aim to sustain this trajectory going forward. For Financial Year 2026, we anticipate the growth in export volume to be around 7%-8%, supported by robust demand for our products in the emerging markets. The demand environment in the domestic market continues to be challenging, but we remain optimistic in our strong fundamentals, which enables us to strategically pursue opportunities that can drive both growth and profitability. While the recently recorded RBI and income tax relief by the government should support the demand sentiments, we remain cautiously optimistic on the backdrop of global trade and economic uncertainties. With the growing aspiration of customers, we believe SUVs will continue to dominate the passenger vehicle segment going forward. We will continue to focus on increasing our SUV contribution and premiumization. Our rural contribution has seen consistent growth, and we are continuously strengthening our rural presence in high-potential locations, both from sales and service perspectives. We are set to accelerate our presence in the EV market, building on a strong foundation laid in Financial Year 2025 with the launch of Creta Electric. This model has received increasing response from the customers, leveraging the trusted legacy and the strong market presence over the Creta ICE model. For Financial Year 2026, our endeavor is to grow broadly in line with the industry, driven by our strong SUVization and premiumization strategy, along with a focus on rural markets, among others. While the near-term market sentiment appears subdued, we remain confident in the underlying potential of the industry and expect a rebound in the near future. HMIL is gearing up with aggressive product strategy, coupled with capacity expansion, while also extending its footprint across the country. We shall continue to march forward with a focus on customer delight, offering products that are future-ready, feature-rich, and engineered for India. We remain steadfast in expanding our well-branded portfolio across ICE and eco-friendly technologies to cater to diverse customer needs across segments. In addition to ongoing product intervention and updates, we are excited to announce that we will be launching 26 products. This will include a mix of new models, full model changes, and product enhancements by the end of Financial Year 2030. This will comprise 20 from ICE and six from EV segments. Additionally, we shall be introducing new eco-friendly powertrain-like hybrids. These aggressive and strategic launch plans demonstrate our strong commitment to innovation, market responsiveness, and delivering sustained value to our customers. To conclude, we remain optimistic about the road ahead and are confident in our ability to strengthen our position in the market. With a sharp focus on quality-driven growth strategy, we are committed to delivering a sustainable performance, laying a strong foundation to regain momentum and reinforce our leadership in the industry. I am happy to share that the board has recommended a dividend of INR 21 per share for Financial Year 2025, which translates to a payout ratio of 30%. We are also in the process of formulating dividend payout policy aimed at enhancing transparency and delivering consistent value to our shareholders. We look forward to sharing the details in the near future. Lastly, we are pleased to announce that HMIL will host its first Investor Day in September this year, covering near-to-long-term growth strategy. Further details on upcoming product launches and other key initiatives will be shared during the event. Thank you for listening. Now, I hand over to Hari. Thank you, sir. Let me now begin with the key business highlights. Financial Year 2025 has emerged as a truly defining year for Hyundai in India, one that reflects the strength of our vision by underscoring our strong market positioning with strategic foresight. We continue to witness strong traction in the SUV segment, which now accounts for 69% of our domestic sales volumes, thereby reaffirming our deep understanding of the evolving needs and aspirations of Indian customers across rural and urban markets. With the launch of Creta Electric and Alcazar facelift, HMIL further reinforces its position in the SUV segment. At HMIL, we are committed to delivering superior customer experience by introducing innovative and value-enhancing features. The presence of 675,000 connected cars on the roads since 2019, along with the growing adoption of ADAS at 14% and i20 at 53% for Financial Year 2025, underscores the strength of our quality-of-sale strategy. Our newly launched Creta Electric has been receiving good customer response, particularly for its long-range and high-end variants, further affirming the market's preference for Hyundai's premium offerings. The introduction of dual-cylinder technology significantly enhanced our CNG penetration during the year, reaching 13% in Financial Year 2025. Additionally, the launch of our first locally manufactured mass-market EV bolstered our position towards the electrification journey. HMIL's localization efforts are deeply in sync with government's Make in India drive, and our localization strategy strives to constantly leverage India's rich resources, skilled workforce, and advanced engineering prowess to develop world-class technology domestically. As part of this commitment, we have successfully localized over 1,200 components in the last five years to strengthen our supply chain ecosystem. We are proud to mark 25 years of our export journey, a significant milestone that reflects HMIL's growing global presence and strategic expansion across key emerging markets. HMI also continues to hold the number one position as India's leading passenger vehicle exporter on a cumulative basis. Key export milestones during the year include the launch of Exter in South Africa, Creta Electric in Nepal, and recognition of Exter as the Bargain of the Year 2024. Moving on to the sales performance for the quarter, we achieved total sales of 191,650 vehicles in Q4 Financial Year 2025, compared to 193,717 vehicles in the same period last year. In the domestic market, we sold 153,550 vehicles compared to 160,317 vehicles in the same period last year. The moderation in domestic volumes was due to the softness in overall demand sentiment. However, HMI focused on quality-of-sale strategy to navigate the challenging environment. During the quarter, our exports grew by 14.1% to 38,100 vehicles as compared to 33,400 vehicles in the same quarter last year. Our agile market response enabled us to realign efforts towards regions with stronger demand dynamics, contributing meaningfully to the overall export momentum. Coming to the annual sales performance, Hyundai Motor India achieved domestic sales volume of 598,666 vehicles in Financial Year 2025 as compared to 614,721 vehicles in Financial Year 2024. Volumes during the year were impacted due to the high base of last year and demand moderation in urban markets owing to the overall macroeconomic conditions. On exports, we could sustain our volumes despite global headwinds. Hyundai Motor India exported 163,386 vehicles in Financial Year 2025 as compared to 163,155 vehicles in Financial Year 2024. Our continued focus on both domestic and export markets enabled us to sustain healthy capacity utilization during the year. Hyundai Motor India continues to drive quality-of-sale strategy by enriching its portfolio with regular product interventions to offer superior customer experience. The SUVization and Premiumization strategy has helped us to garner higher volumes in the SUV segment and also improve our domestic ASP. During the quarter, we registered record-high SUV sales of 106,182 vehicles, while the annual SUV sales were recorded at 410,200 vehicles, representing 69% SUV contribution to the total domestic sales. Hatchback and sedan contributed 20% and 12% respectively in Financial Year 2025, reflecting the broader industry shift in customer preference towards the SUVs. On the fuel mix, the introduction of dual-cylinder technology helped us to increase our CNG contribution during the year to 13.2% as compared to 11.5% last year. Our EV share inched up to nearly 1% in the overall fuel mix with the recent launch of Creta Electric, thereby reiterating our commitment towards sustainable mobility. Let me now share the quarterly financial highlights. Our revenue from operations stood at INR 179,403 billion in Q4 Financial Year 2025, as against INR 176,711 billion in the same quarter last year. Favorable product mix, along with pricing actions, contributed to the top-line growth. On a sequential basis, the overall revenue grew by 7.8%. EBITDA for the quarter stood at INR 25,327 billion as compared to INR 25,218 billion in Q4 Financial Year 2024. EBIT margin was at 14.1% as compared to 14.3% in Q4 Financial Year 2024. EBIT for the quarter improved sequentially by a significant 280 basis points. EBIT was INR 20,023 billion in Q4 Financial Year 2025, as against INR 19,640 billion in Q4 Financial Year 2024. EBIT margin was at 11.2% as compared to 11.1% in the same quarter last year. EBIT margins expanded by more than 300 basis points over the sequential quarter. PAT for the quarter was INR 16,143 billion as compared to INR 16,772 billion in the same quarter last year. The PAT margin was 8.9% as against 9.3% in Q4 of last financial year. On a sequential basis, PAT saw phenomenal growth of 39.1%. On a year-on-year basis, the impact of macroeconomic headwinds was mitigated by our cost-reduction efforts and additional government incentives, enabling us to sustain margins in line with the same quarter last year. However, on a sequential basis, our Q4 profitability witnessed sharp improvement, primarily due to better operating leverage, pricing strategy, cost optimization efforts, and higher government incentives. Let me now share the annual financial numbers for 2024-2025. HMI recorded revenue of INR 691,929 billion as against INR 698,291 billion in the same period last year, a marginal drop of 0.9% despite challenging market conditions and multiple demand headwinds during the year. Through our proactive planning, operational efficiency, and strong product mix, we could effectively navigate the challenging environment while maintaining our competitive edge. EBITDA for the year was INR 89,538 billion as against INR 91,326 b illion in Financial Year 2024. EBIT for the year came in at INR 68,485 billion as against INR 69,247 billion in Financial Year 2024. We were able to maintain healthy EBITDA and EBIT margins during the year at 12.9% and 9.9% respectively. PAT for the period stood at INR 56,402 billion against INR 60,600 billion last year. PAT margin was at 8.1% in comparison to 8.5% in Financial Year 2024. Moving on to the outlook for Financial Year 2026, as highlighted by our MD in his opening remarks, for domestic, our endeavor is to grow broadly in line with the industry, while for exports, we are targeting 7%-8% growth for Financial Year 2026. We have planned for a CapEx of around INR 7,000 crore in Financial Year 2026, in line with our vision of driving sustainable mid-to-long-term growth. As you are already aware, HMI consistently strives to maintain industry-leading margins. For the upcoming financial year as well, our aspiration is to maintain healthy double-digit EBITDA margins. With the commencement of Pune plant from Q3 Financial Year 2026, additional depreciation amid low capacity utilization in the initial period may weigh on near-term profitability. However, with our continued focus on optimized operations and our quality-of-growth strategy, we remain confident of securing healthy margins going forward. Lastly, this slide highlights our upcoming launches. I will not go into the detail as our MD has already covered this in his opening remarks. I conclude my presentation. Thank you all for your time and attention. Now we open the floor for Q&A. Thank you very much. We will now begin 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 handsets while asking a question and to restrict to two questions at a time. Kindly note the management will use English-Korean translation for better communication. Hence, there could be a slight delay in the responses. We'll take our first question from the line of Rishi Vora from Kotak Securities. Please go ahead. Yeah, congratulations team for a great set of numbers. My first question is regarding the quarter itself. On a sequential basis, excluding other operating income, our ASPs have gone up by almost 4.4%. So can you just give us what were the drivers of this? It was just mix or something else was also contributing to such a sharp increase on a sequential basis? Hi Rishi, thanks for the question. Hariharan here. Yes, our ASP has improved on a sequential basis. In fact, there are different contributing factors here. If you look at the domestic, especially we have done the price increase in the month of January. Plus, we have also moderated our discount levels in domestic on a sequential basis. Apart from that, we also had a favorable product mix. Even on the export market, also the product mix was quite positive this quarter. So all these factors have actually supported us for the improvement in ASP. In fact, our ASP has improved by more than 5% on a sequential basis. I hope I have answered your question, Rishi. Yeah, and our second question just on the industry side, right? The hatchback segment as well as the sedan segment for us, as well as for the industry, has been in a consistent downtrend. Just wanted to get a sense from the management on what will change this and when should we expect some recovery, some bounce back from these two segments? Thank you for your question, Tarun decide. This is a question we have been getting every year, but the segment continues to reduce. We understand. It is not about only affordability. I think it is also about the clear change in the customer preference. What is happening is if you see the micro SUV segment, which did not exist three years back, suddenly that has become a very substantial part of the market. Almost 6%, 5.7% of the market was in 2024. In fact, 6.3% now. Many of these hatchback customers in the same price range are going to the micro SUV segment. I think it is more about the body type than the affordability. That is point number one. Point number two is this segment earlier used to be, I mean, the hatchback segment depended a lot on the first-time buyers. Now the first-time buyers are very clearly moving again to the SUVs, which is very clear even in Hyundai's first-time buyer percentage, which continues to go up. In fact, it has now reached almost about 40%. What I'm trying to say is it does not appear that there will be a bounce back in this segment. In fact, many of the players are leaving that segment. Also, you talked about sedan segment. Many of the players have left the premium sedan segment. It appears that SUV is the way forward. I think the only thing which can change is probably EVs. Maybe some opportunities may come in the EVs, but it is too early to comment on that as well. In the near term, I do not see the segment bouncing. At the same time, it is still substantial. 23% hatch and even 9-10% sedan is still a good 30% of the market. I do not think we can ignore it. We still need to be present. I think Hyundai's strategy is very good that we are very strongly present there. Of course, we have no intention to leave these segments because they are really, really very good for us even going forward. I hope I have answered your question. Yeah, thank you, Tarun. Thank you. We will take our next question from the line of Binay Singh from Morgan Stanley. Please go ahead. Hi team, thanks for the opportunity. I'll just go back to the gross margin question. Could you quantify what was the January price hike? What was the discount thing? Also, we've seen in most of the companies that when EV share goes up, margins go down. Was there a drag that the electric vehicle rise had on margins? That's the first question. Hi Binay, thanks for the question. The first one is on the price increase. The price increase was around 0.6%, which we did in January. Point number two is on the discount. Yes, as I mentioned earlier, our discount in the domestic especially has reduced on a sequential basis. In Q3, the discount was 2.6%, and in Q4, it has reduced to 2%. There is a reduction of 0.6% on the discount as well. Point number three is on the EV profitability. Today, if you look at Creta EV, of course, if you exclude the launch-related marketing expenses and the test drive discounts, we are positive on the Creta EV. The margin is positive. Going forward, of course, if you look at even the penetration level, currently, even for industry and for HMIL as well, the EV penetration is still at a very low level. Whatever is the margin impact should not have any material impact on our total profitability. Having said that, we are working on an aggressive localization strategy for the EVs especially. You already know that we have already localized the battery pack assembly with the Creta Electric. We are already working with a local partner to localize the battery cells as well. There are a lot of opportunities for us to localize the components, especially on the EV side. I think when we do that, I think that should really support us to bring down the cost and support for the margins going forward. That is helpful. The second question again on EVs, I noticed that you've increased the number of electric vehicle launches from four earlier to six now. What's the thought behind that? Are we seeing more opportunity in EV than we anticipated? What is driving that change? Just to clarify, the four were the new models, but the six include refreshments as well. Because we have said very clearly, the 26 model launches, 26 include refreshments as well. That is what we are talking about. More details, of course, we'll be sharing during the investing. Great. Thanks, team. Great. Thanks. Thanks, team. We'll take our next question from the line of Kapil Singh from Nomura. Please go ahead. Good evening, sir. Congratulations on the strong performance. My first question is on market share. We can see that quality of sales strategy is working quite well, and your margins have been better than theirs this quarter. At the same time, there is some pressure on market share also that we see. How are you thinking about the balance of these? Are we going market share and margins? Will there be any new nameplates this year which can drive up your market share from where you are in quarter four? On the exports also, recently we have seen some pickups. Any more detailed color, if you can share what has happened that has caused the growth rate to pick up there? Thank you for your question. Look, no company wants to lose market share. Even we do not want to lose market share. At the same time, I think being listed brings in much more responsibility in terms of profitability and volume. You would have seen today also the results. You have seen the discount levels. Obviously, we are passing through a phase where industry is under stress. SIAM has projected 1-1.5% growth in this financial year. Companies are having a strategy where price cuts and rampant discounts are there. We have already announced a very aggressive model plan, and obviously, it has been married to the Pune plant capacity expansion. I think what is important is how do we navigate this period? Our challenge is that opportunity, of course, is because we are one company which has both export leverage as well as domestic leverage. What we are doing is, one, put the accelerator up on the exports, both in terms of trying to look new markets, also the existing models in the current markets. Also, instead of reducing price, what we are doing is we are introducing higher features in the lower trims also. I think there is a question on ASP. One reason why we have been able to increase our ASP, especially the domestic ASP, is because we have been able to give, say, sunroofs in the lower trims, automatics in the lower trims. I think this is a very smart strategy because it prevents the need for higher discounts. It prevents the need for any price cuts. It gives more opportunity to the customer. I think to answer your question, we will continue on this path until this new model cycle kicks in. Out of these 26 models in the next five years, eight of them will be in the immediate next two years, two financial years, starting April 2025. Eight of them will come. I think we are a few time away from this new model cycle kicking in. I think until then, we have to make sure that our core competence of brand, network, technology, and it stays. Of course, we do not lose too much of market share. I think this is what we are doing, maintaining quality of sales and the balance between domestic export as well as between volume, market share, and profit. I hope I have answered your question. Yes, sir. Thank you so much. The second question is on the CapEx plan. We have talked about INR 7,000 crore. Could you give us a breakdown of in what area this is going? Is this higher than the average levels that we will see over the next few years? Because earlier, we had talked about something like INR 32,000 crore over 10 years. Linked to this, we have also talked about some costs. If you could give us some indication, will this drag down your margins this year or the EBIT margins, or should we expect that you have other cost levers to offset that? Thank you. Hi, Kapil. Hariharan here. Number one on the CapEx, INR 7,000 crore which we mentioned, the major portion would go for Pune expansion, roughly around 40% we expect, followed by 25% for some product-related investments. This is the guidance which we are giving for financial year 2026. We will be sharing more details about the long-term CapEx plan in due course of time. Even regarding this, whatever we have discussed on the MOU, these are all some of the MOU commitments we have given to the state governments, like Tamil Nadu also, Maharashtra also. As I mentioned, more specific guidance on the long-term CAPEX plan we will be sharing in some time. Hope I answered the question, Kapil. Sure. Sir, the cost part also, if you can give some direction. Yeah. Initially, this year, financial year 2026, as we mentioned, we will be starting this Pune capacity from Q3, financial year 2026. As you can understand, a plant of such a scale, initially, the utilization level will be a little low only, and especially considering the overall weakness in the demand sentiment in the domestic market also. That may have some impact on the margins. What we are planning to do is that, as we have indicated, we are planning with the aggressive product launches in the next five years. I think with that strategy, I think we are very much confident that apart from that, even the export also, we are going to focus to improve our volumes strongly going forward. These strategies, we believe that should give us a lot of support to maintain and secure the margins even going forward. Great. Wish you all the best, sir. Thank you so much. Thank you. Thank you. We'll take our next question from the line of Gunjan Prithyani from Bank of America. Please go ahead. Yeah. Thank you, team, for taking my questions. I just had first one is just quick clarifications. You mentioned eight of them in next two years. So eight models in fiscal 2026 and 2027. Is that understanding right? Yes. Fiscal 2026 and 2027 put together, eight models. Any breakup on ICE and EV in that? Overall, we have given out of those 26 models by fiscal 2030, 20 will be ICE and 6 will be EVs. Please wait for the investor day for more clarity on the immediate plans. Okay. The other clarification was on this. You did speak about the operating income being higher. Can you quantify what was the government incentive in this and how should we be thinking about it on a fully? There does tend to be a little bit of bunching up in second half, right? If you can just give some color, how much was it in Q4, and how should we directionally think on the incentives for fiscal 2026? Hi, Gunjan. If you look at our current MOU incentive, Tamil Nadu, we have three different types of incentives. The first one is the tax incentive. The tax incentive is something which we have been getting for a long time. That incentive basically starts coming from the third quarter or sometimes in the second quarter also. The second point is the clean energy vehicle subsidy. That amount is somewhere around INR 25 crore, which generally comes in the fourth quarter. This year, we also have a new subsidy called a capital subsidy. Since we achieved the MOU conditions, both on the investment side and manpower obligations in the last financial year, this particular incentive has accrued for us from this year, financial year 2023 onwards. The amount is INR 75 crore. This is the bifurcation. If you see sequentially Q3 versus Q4, the additional incentive from the Tamil Nadu MOU is around INR 100 crore. Going forward, obviously, in the next year, every year, as I mentioned, the tax incentive will follow a separate timeline. The CEV subsidy and the capital subsidy mostly accrue in the last quarter. Okay. Okay. Got it. That is very clear. The second question I had more from the point that you made using India as an important export market, right? Are there any rethink on what are the markets that we can still add to in terms of exporting out of India? I mean, Middle East and Africa, you have touched upon earlier. Given the overall changes, noise around tariffs, is there a rethink that we could have more markets which could get added, which India services from an export perspective? I'm not thinking next 12-18 months, a little bit next three-five years. How should we think about the potential of export? Because 7-8% is great, but I do think there are more markets which can get added. Some thoughts around that. Yes. Thank you for the question. This is Unsoo. We are positioning Hyundai Motor India as an export hub for emerging markets, especially Middle East and Africa, South Asia, and Latin America. Currently, we are exporting to more than 80 countries. We are very optimistic to the export market, current market, and also we are exploring some advanced countries like Australia and other regions. In terms of tariff conflict, it will not affect ours. It is between the U.S. and other countries. The release of the tariff will improve our export volume. With the expansion of Pune plant, we will reach the 1.1 million units capacity. Currently, last year, our export portion was 21%, but we will increase to the 30% of our volume capacity to export. Our current model is very suitable for emerging markets. So we are very confident for exporting market. Thank you. I hope it's good. Yes. Just a little bit of a quick question, but I believe it. Sorry. Go ahead, sir. Yeah. Yeah. Basically, also, you've mentioned about some new opportunities. Within Middle East also, for example, in financial year 2025, we started Venue in Indonesia. We started Venue in Yemen. We restarted Bhutan. We started Exter in South Africa. Creta EV, we started Nepal. We're exploring other RSD markets. Alcazar facelift to Middle East and Africa. While primarily it is emerging markets, at the same time, different models in emerging markets, I think itself gives us a lot of opportunities to grow our export volume. I think this is important. On tariffs and all, of course, we'll continue to study because going forward, India-U.K. trade agreement, etc., etc., maybe some new opportunities will come, especially with the EVs coming in from the HMI plants. I think we are very open and we'll be discussing what are the opportunities which can come to further increase the export. That is why we are saying by 2030, the export penetration can go up and maybe reach 30%. Okay. Got it. Thank you. Thank you very much. I'll join back. Thank you. Thank you. We'll take our next question from the line of Amyn Pirani from JP Morgan. Please go ahead. Yes. Hi. Thanks for the opportunity. My first question is on your comment that you expect to grow broadly in line with the domestic industry this year. Given that the new plant is coming up in the second half and we probably will have some refresh or product launch, is it a bit of a conservative guidance or are you expecting some headwinds? Because ideally, we would have expected that you could actually outperform the market this year after a bit of underperformance last year. The year is divided into S1 and S2. Obviously, the new plant will come in the S2 of the financial year. I think this you have to keep in mind. I hope this also answers the question. Yeah. Okay. Understood. Understood. Yeah. Secondly, just this clarification on the previous point. Did I hear correctly that by the time the full ramp-up happens to 1.1 million, you are expecting exports to become close to 30% of volume? Yeah. Financial, yes. Answer is yes. We already reached 22% this year. And the plan is that if there's an opportunity, I think we're looking at reaching 30% by 2030. By 2030. Okay. But that would involve even more expansion, I'm assuming, beyond FY 27, 28. No, no. Okay. 1.1 million will happen by financial 2028. I mean, calendar 2028 for sure. We have not announced financial 2028 or calendar 2028. I think around that time, we should be looking at export expansion. Look, it's very difficult to give exactly it should be 2028 or 2029. But I think the intent is to really continue to increase export as a percentage of total sales. Understood. Understood. Okay. Thank you. I'll come back in a bit. Thank you. Thank you. We'll take our next question from the line of Prashant Kothari from SICKET. Please go ahead. The line is disconnected of Mr. Prashant. We'll take our next question from the line of Arvind Sharma from Citi. Please go ahead. Yeah. Hi. Good evening, sir. Thank you for taking my question. On the Pune plant, when the commercialization starts, would there be a change in the vendor base? I'm talking both from the perspective of localization as well as group company. That would be the first question. No, this is Gopalakrishnan here. We are trying to develop a whole lot of vendor ecosystem in the Pune also. And the whole plant will be, in terms of automation and manufacturing practices, similar to the world-class manufacturing as per the HMC Global standards. And all the preparations workforce are going on. Sir, the supply from group companies would remain at the current level? We'll be leveraging their capability, both the Chennai plant as well as the Pune plant. Sure. Thanks, sir. Second question would be just for accounting purpose. Was there any PLI benefit that you accrued in the fourth quarter, which is there in the top line, in the reported top line? Arvind Hariharan here. As such, we have Creta EV as a product we have launched recently. Since there are some minimum domestic value addition conditions to be met, currently there is some gap there. We are continuously evaluating the localization opportunities on the EV segment, which we believe that, as we have already indicated, one is the battery pack we have already done. There are other plans on the component side for EVs to localize going forward. Going forward, I think the strategy is to avail the PLI incentive. But yes, currently, we are not eligible. All right. Thanks, sir. That's all from my side. Thanks so much. Thank you. We'll take our next question from the line of Nitij Mangal from Jefferies. Please go ahead. Hi, good evening, and thanks for taking my question. On the Pune plant, can you share which all models are you planning to manufacture there, and how many of your existing models will also be made there versus just the new models? Thank you for question. This is Unsoo. We will produce the SUV model. I could not specify the model names, but we will announce shortly. In the coming years, we will add another SUV model in the Pune plant. I hope I answered your question there. Okay. Sure. Thanks. Secondly, I want to ask on the operating cash flow. The EBITDA for the full year was almost flat year over year. The operating cash flow, there is quite a bit of decline and there are some changes in other liabilities. Can you elaborate what happened on the other current liabilities? Hi, Hariharan here. If you see the operating cash flow, mainly if you see this year beginning, we had paid TDS on dividend, the special dividend which we paid to HMC in last financial year. The TDS was remitted in the current financial year. That is financial year 2025. Also, there has been some increase in the MOU incentive receivables from the Tamil Nadu government. These are some of the major factors which have actually impacted the operating cash flow. Okay. Thanks very much. If I can ask just one last question, how long are these Tamil Nadu incentives valid for you? Thank you. The Tamil Nadu incentive, the tax incentive part, is valid till the 2032 financial year. The other subsidies, the CEV subsidy and the capital subsidy, are generally valid for 20 years from the commencement date. One point I would like to add is that all these subsidies are subject to fulfilling the MOU conditions. Every year, we need to achieve some condition, so the incentive eligibility is subject to that. Thank you very much. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Rishi Vora for closing comments. Over to you. Thank you, everyone. We would like to thank the management for giving us an opportunity to host the call. With this, we conclude today's conference call. On behalf of Hyundai Motor India Limited, we thank you for joining the call, and you may now disconnect from the line. Thank you. Thank you, ladies and gentlemen. You may now disconnect your lines. Thank you.