Ladies and gentlemen, good day and welcome to the Jupiter Wagons Limited Q2 and H1 FY26 Earnings Conference Call hosted by Systematics Institutional Equities. 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 this conference, please signal an operator by pressing star and then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sudeep Anand from Systematics Institutional Equities. Thank you, and over to you, sir. Thank you, and good evening, everyone. Thanks for joining us today for the Q2 and H1 FY2026 earnings call of Jupiter Wagons. On behalf of Systematics, I would like to thank the management for giving us the opportunity to host the call. Today we have with us Mr. Vivek Lohia, Managing Director, and Mr. Vinod Kumar Agrawal, CFO. Now I would like to hand over the call to the management for the opening remarks, and then we can open for the Q&A. Thank you, and over to you, sir. Yeah, thank you, Sudeep. Good evening, everyone, and thank you for joining us to discuss our performance for the quarter and half year ended September 30, 2025. I trust you had the opportunity to review our financial results and presentation shared earlier. We begin this financial year navigating supply-side disruptions, particularly in wheel sets, which affected Q1 and extended into July. I'm pleased to share that supply conditions improved meaningfully from late July onwards, resulting in strong sequential recovery in Q2 FY26. In Q2 FY26, on a consolidated basis, revenue from operations stood at INR 786 crores, a strong 71% sequential growth, primarily driven by normalization of wheel set supplies in our wagon division. EBITDA rose 73% quarter-on-quarter to INR 104 crores, and we reported an EBITDA margin of 13.2%, while profit after tax reached INR 45 crores, reflecting a PAT margin of 5.8%. For H1 FY26, our consolidated revenue was INR 1,245 crores, with EBITDA at INR 163 crores and PAT at INR 76 crores. I'm also pleased to share that even as we strive to restore the pace of revenue and EBITDA from our wagon business to a peak disruption level, our business verticals continue to scale up performance. During the quarter, we saw encouraging traction in volumes of gray-billed containers, wheel sets, even as volumes of CMS crossing and CV bodies remained resilient. This has helped us demonstrate renewed operational strength, disciplined execution, and an improved financial performance. Our order book of INR 5,538 crores provides strong visibility for the coming quarters. Our immediate goal is to regain our past performance benchmarks and then build upon them through continued growth and diversification. We have witnessed several positive operational developments this quarter. Our subsidiary, Jupiter Tatravagonka Railw heel Factory, secured significant orders, including an INR 113 crores contract from Indian Railways for 9,000 LHB Axles and an order for INR 215 crores for 5,376 wheel sets for the Vande Bharat high-speed train project. At Jupiter Electric Mobility, we continue to drive the clean energy transition through innovation. This quarter, we launched 10 ft and 20 ft containerized battery energy storage systems with modular air-cooled architecture ranging from 241 kW to 3 MW, suitable for applications for DG replacement to solar energy storage. We delivered our first 10 ft base unit to Greenlit in partnership with GEMCO and are preparing our first 20 ft system for export. Development is also progressing on our liquid-cooled grid-scale base, which will further reinforce our leadership in India's energy storage market. Following the success of our first showroom in Bengaluru, we have expanded our network with six new dealerships across Hyderabad, Delhi, Ghaziabad, Pune, Ahmedabad, and Trivandrum, enhancing our national presence. Moving to updates across our expansion plans, sustainability initiatives, and leadership transitions. We are also making rapid progress on our four-wheel and Axle facility in the USA. An INR 2,500 crores investment that will, upon commissioning in 2027, produce 100,000 wheel sets annually. Jupiter Wagons Limited has been independently assigned an ESG rating of 45 by ESG Risk Assessments and Insight Limited. Based on FY 2024-2025 data, a recognition of our ongoing commitment to responsible and sustainable business practices. We are also pleased to welcome Mr. Vinod Kumar Agrawal as our Chief Financial Officer and a key managerial personnel. His financial expertise and strategic insight will further strengthen our leadership team as we enter the next phase of growth. As we step into the second half of FY 2026, our priorities remain clear to scale responsibly, innovate continuously, and create enduring values for all our stakeholders. With strong momentum in our performance, headroom to optimize capacity, and progress in expansion plans, Jupiter Wagons Limited is well-positioned to sustain its growth trajectory and lead the next phase of transformation. On that note, I would like to request the moderator to open the forum for any questions or suggestions you may have. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the queue, you may press star and two. All participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Balas ubramanian from Arihant Capital. Please go ahead. Good evening, sir. Thank you so much for the opportunity. Sir, my first question regarding that tender, I think earlier it mentioned it is expected in Q3 or Q4. Could you please quantify that tender size and specify the wagon types and what kind of opportunities we have? Why the tender has been delayed a long time? Look, regards to the tender, honestly, it's an Indian Railways decision as to when they come out with the tender. It is not something which we control. What is very clear is that if you look at the stated position of Indian Railways, is that they required close to about 50,000 wagons to achieve their revenue forecast. We expect the tenders to come out anytime. I think one of the reasons for the delay was because of the wheel set position. The outstanding order book was substantial. I think Railways is looking for the existing order books to reduce before they come out with the new tender. Okay, sir. Sir, on that side, beyond in-house assembly, what is the strategy for localizing the supply of key components like battery management systems and power conversion systems to reduce reliance on Chinese imports and create a durable cost advantage? Okay. See, the BMS as well as EMS for us is local only. EMS, Jupiter's already doing, I think, our own EMS, and we should be ready with our EMS very shortly. From China, we are mainly dependent on the battery cells. Besides that, I think the entire design and all BESS and the entire all in-house for us. We are in a very strong position today because we are one of the few companies in India who have successfully delivered as well as commissioned BESS systems. Today, already we have a very strong order book on the BESS side, and we are continuously building on that order book, and we expect this business to be quite significant for us. Okay, sir. Sir, my last question regarding the wheel sets, like how the lead time has improved from Indian Railways for supplying wheel sets. Secondly, on that EV side, I think we have dispatched nearly 50 LCVs since launch. What is the volume and margin threshold required for this division to break even? Given the highly competitive landscape, what kind of value propositions are we able to scale? Look, the wheel sets, as I said, the supply disruption is no longer there, so now wheel sets are available online. That is very good news for us. That is not a challenge anymore. On the EV vehicle side, definitely, with the opening up of the dealerships now, we have close to 10 dealerships across the country, and we plan to open another four to five before the end of this financial year. If you look at our numbers, it is growing very significantly every month. Our vehicle sale numbers are growing by close to 20%-30%. Even overall, the non-BESS business also on the battery, our volumes are growing significantly. We are very confident that by the end of this financial year, this business will break even. In FY 27, we expect it to be EBITDA positive, and EBITDA margins will be similar to the other existing business. Got it, sir. Thank you. Thank you. The next question is from the line of Sahil Patani from Strokes Capital. Please go ahead. Hi. Thanks for the opportunity. A couple of questions. One is, could you shed some more light on the container business? Because we can see the volume has more than doubled over Q2 of last year. What has really propelled this growth? Look, see, again, the container business in itself, by itself in India, is growing significantly. Jupiter as a company is focused on the specialized segments, mainly for the battery storage as well as for the containers which are required for the data center. We are now working with very marquee clients such as General Electric, with Toshiba, Mitsubishi, with people like Tata Solar, with Reliance, with Delta. We have a very strong Indian as well as a global presence. Today, we are expanding our capacity also significantly because the demand for these kinds of containers is not only growing in India, but the global demand is also increasing significantly. We expect this business to show significant growth, at least in the foreseeable future. Okay. Got it. I think my second question is regarding the electric, the LCV that we launched. I think we did a partnership with Porter earlier in the year. I was just wondering, has that partnership been in any way fruitful? Are we on track? I think we guided for about INR 100 crores of revenue from the eLCV segment. Are we on track to achieve that? Look, definitely, we are on track. This year, our Jupiter Electric Mobility revenues will be very close to our INR 100 crore target. Next year, we are looking to double the revenues in FY 2027. Our partnerships, not only with Porter, but with other significant players like Pickup and others, which I cannot mention names right now, all our partnerships are doing very well, and we are seeing a lot of traction in the sector. If you look at the segment itself, it is growing month on month. The segment itself is showing a growth rate of close to 100%. We are very, very bullish on this sector, and we expect significant growth. Next year, as I mentioned earlier also, we will be launching another variation of our one-ton truck, which will be a much lighter truck and at a lower cost. We are launching a two-ton payload truck also. I think with the entire expansion of the entire range and the way the market is growing and our dealerships are growing and overall with the partnerships which we are able to forge, we are very, very bullish, and the volumes will keep on increasing significantly for us. As I mentioned earlier, next year, we expect this business to definitely break even and turn EBITDA positive. Got it. Got it. Thanks for that. That's all I had, and good luck for the future. Thank you. Thank you. Our next question is from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead. Sir, good afternoon. Good afternoon. Congratulations for better results than compared to Q1. Sir, [Foreign language] Q1 2025 [Foreign language], that was very good. When can we expect second half [Foreign language], can we expect that we will be on the similar or a better line than before? Definitely, second half, we expect to be on similar trajectories. Definitely, the revenues will improve and margins will improve. Overall, wagon numbers, I think, because right now, we are seeing if you look at the execution, we are doing a lot of private order books and very complex wagons like the auto cars, where definitely the margins are better. You will see margin improvements in the last two quarters. The numbers may not be that high, but once the railway order book kicks in, in FY 27, you will see again a significant expansion in the overall numbers. [Foreign language]? [Foreign language], at least in the next six months to a year, [Foreign language]. [Foreign language]. [Foreign language]. LHB [Foreign language], which is already in production. Yes. There is a plant in Aurangabad production [Foreign language] capacity limited. [Foreign language] wheel set who LHB in supply [Foreign language] private [Foreign language] order books [Foreign language] use [Foreign language]. Yeah. What is LHB, sir? LHB is Indian Railways [Foreign language] passenger coaches [F oreign language], LHB [Foreign language], [Foreign langauge] supply [Foreign language]. [Foreign language], sir. [Foreign langauge], I saw that [Foreign language], [Foreign language] INR 400,000 [Foreign language] LHB [Foreign language], INR 1.2 [Foreign language]. One set. [Foreign language]. I think your numbers wrong. INR 1.2 [Foreign language] wheel sets [Foreign language]. [Foreign language] exact numbers [Foreign langauge], but. [Foreign language] INR 130 crore [Foreign language] order [Foreign language]? 12 [Foreign language] Axle [Foreign language] orders [Foreign language] axle prices. Oh, [Foreign language]. Okay, okay, okay. [Foreign language] wheel [Foreign language], Cheetahgarh [Foreign language] setup, competition [Foreign language]? [Foreign language] competition, competitors [Foreign language], I cannot comment, but [Foreign language] differentiators [Foreign language] facility [Foreign language] fully integrated. [Foreign language] wheels [Foreign language], axles [Foreign language] machining [Foreign language], which may not be available with the competitors. [Foreign language] clear position, [Foreign language] because [Foreign language] partners, [Foreign language] significant requirements, Europe wheel sets. Okay, okay. [Foreign language] sizeable capacity [Foreign language] export [Foreign language] earmarked. Domestic market [Foreign language] dependence, relatively compared to others, [Foreign language]. Odisha factory [Foreign language], production? Next year end [Foreign language] axle line [Foreign language], and 2027 we expect wheel line to be fully commissioned. 27 means financial or calendar year? Calendar year 2027 in wheel line will start, and calendar year 2026 the axle line will start. Okay, okay. [Foreign language], sir. Thank you, sir. Thank you. Ladies and gentlemen, you may press star and one if you wish to ask questions. Our next question comes from the line of Ashit Kotti, an individual investor. Please go ahead. Yeah. Good evening, sir. Thanks for this opportunity. I was just going through the presentation where we have mentioned provided operating highlights railways or product-wise. Where we have given the numbers, if I would want to have this breakup in value terms and in terms of margins, is it possible? Which of these nine products, which has got the highest operating and EBITDA margin? See, again, in terms of right now for us to for me, offhand to give in terms of value or revenue would be very difficult. If you can share your email, we can share those numbers with you. In terms of what I can definitely say is that obviously wagon constitutes a significant part. That would be close to 60%-70% of the order book. In terms of margins, definitely the wheel business and container business along with the crossing business would have the maximum margins. Okay. So should we be saying that over a period of time, we should be reducing our dependence on wagons and move on to other products? Because if I look at net profit margin of 5% or so with so much of efforts you all put in, do you feel that margin should be higher? See, margin expansion is definitely which we all strive to do, and that is the we are doing business, that is the key indicator. That is the reason we are doing so much of product expansion and integration. The whole idea is that, as is the stated position of the company, that by FY 28, wagon revenues would constitute close to about 50% of the overall revenues. From the other businesses, the revenues would significantly increase. That is our stated position, and definitely that's where we strive to go. In the wagon part itself, because we are doing so much of integration both forward and backward, we continuously strive to even improve our wagon margins. By FY 28, we expect the revenues to also expand, and we expect margin expansion also. With regards to railway wagons, are we also exploring or already into aluminum wagons? No, we are already into aluminum wagons, but the market for aluminum wagons is very small. I think where our focus is that we are now getting into very specialized wagons where there is a significant market opportunity and which requires a lot of investments and designs and other technologies. That is where we are focusing on, and that is what is going to lead into margin expansions. I think that is where we are more focusing rather than on the aluminum side because there the market is, it's a very, very small market right now. Okay. And sir, are we also into Vande Bharat, and? We are in talks with a lot of global players, and definitely the company is looking to enter the passenger side of the business also. Maybe by FY 27, we could announce a foray into that business. Because and that is a better margin than wagons, per se, or is it vice versa? No, I would not say that business has better margins. That's also a very, very competitive business, but definitely that will expand the product base as well as the revenue profile because we are already into brake systems, wheel sets, brake discs, and other products which we are already supplying for Vande Bharat, METRO, and other businesses. By directly getting into manufacturing, we can utilize our skills which we have developed. That is how we are looking at that expansion. If you look at overall sales numbers, contribution from railways and contribution from private? I would overall contribution from private and railway is private would be about 60% of our contribution, and railway would be about 40% of our contribution. Okay. Definitely the private side of our business has a larger contribution right now than the railway. Still, our margins are lower. No, but compared to the competition, the margins are much higher. As the revenue, see, the first two quarters we were also constrained by the availability of wheel sets. That had a huge impact on us because the revenues were reduced. As the revenues come back to, as the revenues normalize, the margins also will improve. Compared to competition, if you look at our competitors, our margin profiles are significantly better. Thanks for your time, sir. Thank you. We look forward to much better numbers and performance. Thank you. Thanks. Thank you. Participants, you may press star and one if you wish to ask questions. Our next question comes from the line of Sarang from Vimana Capital. Please go ahead. Yeah. Thanks for the opportunity. On the BESS side, how much is your capacity and how much have you invested for it? See, on the BESS side, in terms of investments, in terms of capacities, we have built significant capacities. We are looking in terms of capacity, we can easily do about close to 40-50 MW of BESS systems on a monthly basis. Capacity is not a constraint right now for us, and we continue to invest in the same. Currently, since the whole business is at an infancy stage and the technology also is relatively new in India because most of the BESS systems, if you look in India, are still getting imported from China and other parts of the world. In the next six to eight months, definitely our volumes on the BESS supplies will improve significantly. We have enough capacities to take care of the order books which we expect. The investment that you have made for that capacity? In terms of the investment numbers, again, very difficult for us to say because it's part of the complete integrated capacities which we have because a lot of the capacities are shared capacities. It would be very difficult for me to pinpoint any kind of investment numbers for that. Got it. Currently, what's the realization for these BESS containers per megawatt, say? Compared to China, how is it? Are you competitive compared to China? Yeah, yeah. We are definitely competitive, and that is the reason we are getting significant order books. Not only in India, right now we are executing export order books also, which is also growing. We are definitely competitive. As our volumes increase and we get better integrated in the next three to six months, as I mentioned, we are developing both our own BMS as well as our EMS, which is again a significant step for us. As we get more integrated, our volumes increase, we will keep on getting more and more competitive. Got it. And the realization on BESS per megawatt or per container, how much is it currently? See, so we enjoy decent margins on the again, right now it's a very we would not like to in terms of the margins, as I've said, that it's a business which just started. Maybe by next in the next three to six months, we'll be able to give you a clear view on the margins. Definitely I can say that it's a margin-accretive business, and the margins are going to be as compared to the margins we enjoy in other businesses. Got it. Just one last question. Are you currently focusing on the utility scale energy storage or more on the CNI where your product will be used to replace the diesel generator or power backup? We are focusing on both the segments, CNI as well as the utility scale, but definitely to start with, our focus is more on the CNI segment. In the CNI itself, the market opportunity is huge, and we see a big opportunity there. On the grid scale also, we are focused, but I think that once we are in terms of the technology and size, which we are much more mature, I think that is when we are going to start focusing on the grid scale BESS opportunity. Initially, our main focus is on the CNI. Got it. Is there enough interest because what I've heard from a few small businesses is that diesel generator is much more flexible, is much more reliable than batteries. There was some kind of acceptance or knowledge related, like people do not know yet about the batteries. Is there any challenge or is there ready acceptance of battery storage over diesel generator? No, no. I think that is not the case right now. Acceptance is very strong, and it's not just diesel generator. There are other significant opportunities which we are there, which I cannot divulge right now, which we are already working on and which is something where there was not the BESS is the only solution which is available. We do not see any kind of challenge. Adaptability is very strong, and I think this business in the next two to three years is going to scale up very, very strongly. We have a huge advantage because today, I think in India, we are the only, we are one of the first companies who have delivered and proven BESS systems. A lot of people have announced, but till now, nobody has been able to deliver and prove their systems. Right. The other ancillaries in the BESS container, PCS, power converter, inverter, and HVAC, you are sourcing from the other Indian suppliers, right? You are assembling the cells into battery packs. Mainly where we are importing is mainly on the cells, but besides the cells, everything else for us is mainly all indigenous, and a lot of it is also in-house for us. It is a mix of everything. Understood. Thank you. That's it from my side. Thank you. Participants, you may press star and one to ask a question. We have a follow-up question from Sahil Patani from Strokes Capital. Please go ahead. Thanks for that. I just wanted to kind of go over the guidance that we had given in one of our previous conferences, I think Q3 FY 25. We said that we'd be doing INR 5,000 crores of top line by FY 26. Do you think we'll still be able to meet that? I'm sorry, Sahil. I don't think we will be able to do it because in Q1, we faced significant headwinds because of the wheel set issue. Q2, definitely, as you could see, there's an improvement, but the first month of Q2, again, there was a challenge. We will try to make up a lot of ground, but again, if you ask me what will be our revenue numbers by end of this year, I think very difficult for me to give you a very clear picture. We will try to make up significant ground, but definitely 5,000 is something, unfortunately, I don't think we'll be able to reach those numbers. Okay. I think. Actually, we are looking to, overall, we are looking to maintain the margin guidance which we have given. So we are still very hopeful that we will be able to achieve the margin guidance. Okay. What would be our wagon number for this entire financial year? Again, as I've told you, right now, that's very difficult for me to give because we are already striving to improve our deliveries and try and achieve the revenue guidance which we have given. Maybe by end of next quarter, I'll be in a better position to give you in terms of the guidance for the entire year. Okay. Okay. Just in terms of the order book pipeline, are there any tenders floating by the Indian Railways, or what's that pipeline looking like for this financial year? Indian Railways, there are tenders which Indian Railways keeps on floating. This year itself, Indian Railways has floated tenders for close to, I think, five—I do not know the exact numbers, but maybe close to 5,000-6,000 wagons. Definitely, we expect the big tender to come from Indian Railways any time. I think it got delayed because, again, the outstanding order book, if you look at the industry level, is still significant. I think when the order books get executed, which we expect by early next year, a substantial portion of that order book will get executed. I think that is when we expect the tenders to also come out. Okay. Okay. All right. That's all I had. Thank you. Yeah. Thank you. Thank you. Participants, if you wish to ask questions, you may please press star and one. Our next question comes from the line of Ashit Kotti, an individual investor. Please go ahead. Sir, one small question. I mean, while we are having multiple JVs and new products and everything, which is the most exciting business part which the company, as well as a person who's running the whole show, which part of the business is really looking very, very exciting? Okay. Yeah. Thank you. See, for me, they're all my baby, so you cannot distinguish which is a better baby for you. All the businesses are very exciting, and we would not be in a business if we did not find it to be very exciting. Definitely, I think all the businesses which we are into are showing very, very significant growth momentum, and there is a lot of opportunities which are there. Some businesses, such as our wagons business, definitely, or the commercial vehicle business, they are much more mature. In terms of the other businesses, such as the wheel sets, containers, there we see a lot of revenue opportunities because we have now become significant players there, and we are putting up substantial capacities also. Definitely, on the EV, the electric vehicle, as well as the battery business, I think there in India, as well as globally, the growth opportunity is very, very significant. I think in the next two to three years, especially in India itself, you will see about a 2,000%-3,000% growth in those businesses because today itself, also, a significant amount we are importing. As you saw the inflation happening on the solar side, where most of the, if you look at three, four years back, majority of solar panels, everything was imported. Today, if you look at it, it is mainly all domesticated, and all the solar companies have gone through a huge transition. Similarly, you will see this happening on the battery business also. Definitely, overall, we are and we have a very, very strong head start in that business. We have built in significant resources, talent. We are now scaling up those businesses. Definitely, I think next two to three years, there'll be a huge opportunity in all these segments. You mean to say, sir, Jupiter Electric Mobility could possibly, even in terms of growth, surpass other divisions with a big margin? Yeah, definitely. Going forward, the way the sector is panning out, you could definitely see a lot of expansion in that sector because a lot of the significant, if you look at people like Reliance, the Adani startup, they are all now entering that business. You can understand the kind of scale which is going to happen in that business. There is enough opportunity for everybody because that business is in its infancy in India. Okay, sir. Thanks. Wish you all the best for coming quarters, and we hope we achieve a greater capacity utilization. Thank you. Vis-à-vis our installed capacity. Thank you. Thank you. To ask a question, you may press star and one. Our next question comes from the line of Sandeep Mukherjee from SKP Securities Limited. Please go ahead. Yes, sir. Thanks for taking my question. Sir, what would be the wagon order book backlog, wagons to be executed currently and for Q2 FY 26? In terms of numbers, the wagon order book, I think it stands close to about 11,000-12,000 wagons, roughly. I cannot tell you the exact number of wagons, but close to about 12,000 wagons. In terms of size, it is close to about INR 4,000 crores. Okay, sir. Okay. Thanks. Thank you. The next question is from the line of Atif, an individual investor. Please go ahead. Hi, sir. Thanks for the opportunity. Just had kind of a lot of philosophical questions. Just wanted to get your view on something. We have the National Rail Plan, the National Electricity Plan. We've had an unprecedented push in railways in the last two, three years and so. As you've stated, our company policy statement is that we'll try to get 50% of our revenues from non-wagon businesses going ahead. For that 50% revenue, which we still want to do from the wagon business, I know we have a very strong order book on the private side. I mean, how is the industry pulse? I know new tenders are coming out, but do we see this push tapering off any time in the near future, like by the time maybe a wheel set plant comes online? If that happens, do we have optionalities to export our wagons? I know we're going to export wheel sets, but just thinking ahead, I mean, I know you can't predict the government, obviously, but just wanted to get your thoughts on kind of the whole way we are thinking about this. See, honestly, for us to predict ahead, as you rightly said, is very difficult. If you see not only the National Rail Plan, but overall the National Growth Plan, the government is pushing infrastructure a lot. You're looking at a lot of core capacity build-up, which is happening, especially on the steel side, on cement. In terms of now, there is again a concerted push towards building up more thermal power plants also, which was not there earlier. I think definitely, if you look into the future, definitely, I don't see any lack of opportunity because, again, by 2030, government's stated position is that we would be a 5 trillion-plus economy. We are looking at significant growth rates. To achieve those growth rates, definitely, the logistics sector is going to play a very, very critical role, and the logistics sector is going to expand or has to expand dramatically to achieve those growth targets. From Indian Railways also, we are seeing, as you have seen, that Indian Railways continues to expand its railway network and modernize it. There are significant investments which are happening. This year itself, Indian Railways has announced more than, I think, INR 70,000- INR 80,000 crores of investments in new railway lines and in modernization. If you look into the future, I think the opportunity is huge. There is no question about that. We do not see any challenge in terms of the future opportunities because otherwise, we do not see the country growing the way it is stated to projected to grow because logistics has to play a crucial role there. There could be small hiccups, six months, one-year hiccup, which could happen in this growth rate story. Otherwise, we don't see much of a challenge. Right. Like I said, have we considered the optionality of doing wagons for Europe instead of just wheel sets? Also the metro side. See, again, complete wagon exporting is not possible because of the entire share size and the volume of a wagon is considered. The opportunity always lies on the component side, and that is where we are focusing on. You do not need to export a complete wagon, but if you focus more on the components, such as the brake systems, the wheel sets, and other components, which we are focusing on, I think that itself will be a big opportunity and will be both revenue as well as margin accretive to the business. Yeah, that makes sense. Makes sense. J ust a word on the metros, are we doing anything? I mean, have we pushed further? We are focusing on that segment, and maybe before the end of this financial year, we may make some announcements on the same. Got it, sir. Thank you so much. Thanks for your time. Thank you. The next question is from the line of Sudeep Anand from Systematics. Please go ahead. Yeah. Thank you. Sir, in the wagon segment, though we are waiting for the big order from Indian Railways, how is the scenario and the ordering trend from the private players this quarter? Are we seeing any slowdown, or the uptrend is still intact? On the private side, I don't see a slowdown. I think, as you are seeing it, see from our numbers also that our private execution is quite strong. If you see the announcements also we make, and if you see, we keep on adding private order books to our portfolio. We don't see a slowdown, but definitely, Indian Railway tenders are very, very critical because that provides the main volume. That is definitely needed. On the private side, the outlook remains to be quite positive. It has to be matched with significant numbers from Indian Railways. Right. Sir, secondly, what's the current status of Stone India and when are you expecting it to commission? I think Stone India, by last quarter, Stone India, we expect the commissioning to happen because our final trials are going on, and we are in the process of getting the final certification also done from Indian Railways. Next year, you will see significant revenues coming from Stone India. Next year, definitely, Stone India is also going to become even PAT positive. I'm very confident on that. Sir, lastly, on the JV side, we are still seeing marginal negative contribution from all the JVs. Any thought on that, when are we expecting it to turn around and see a positive contribution? I think right now, the only JV which is negative in terms of contribution is DACO. I think all the JVs are positive in terms of contribution. In terms of the subsidiary, as I mentioned, the electric mobility business, next year, we are going to definitely be EBITDA positive and maybe PAT positive also. As I mentioned, Stone India also would be similar. Our wheel business is already showing quite good revenues and margins. I think DACO is the only business, and that also, next year, we expect that to also turn positive. I do not see any on the subsidiary side, I think, any challenges. Obviously, these are all new subsidiaries. You had to give them some time. Now they have all matured. I think FY 27 onwards, these will start now showing quite good traction. Gotcha. Thank you and all the best, sir. Thank you. Thank you. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to the management for closing comments. Over to you, gentlemen. Thank you. While we have started off FY 26 with a few challenges, especially with wheel set supplies, we have regained momentum and are confident of our performance through the rest of the year. With a strong foundation, strong order book, and a future-ready portfolio, we have multiple levels for growth. Our focus remains on scaling efficiently, innovating, and delivering consistent value to all our stakeholders. Thank you for your continued trust and support. We look forward to updating you in the coming quarters. Thank you. Thank you. On behalf of Systematics Institutional Equities, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.