Ladies and gentlemen, good day, and welcome to the Q3 and nine-month FY 2026 earnings conference call of Jupiter Wagons Limited, hosted by Systematix 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 the conference call, please signal an operator by pressing star and then four on your smartphone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prathamesh Kamath of Systematix Institutional Equities. Thank you, and over to you, sir. Thank you, and, good evening, everyone. Thanks for joining us today for Q3 and nine-month FY 2026 earnings call of Jupiter Wagons Limited. On behalf of Systematix, I would like to thank the management for giving us the opportunity to host this call. Today, we have with us Mr. Vivek Lohia, Managing Director, and Mr. Vinod Kumar Agarwal, CFO. Now, I will hand over the call to the management for their opening remarks, followed up by the Q&A session. Thank you, and over to you, Vivek sir. Thank you, Prathamesh. Good evening, everyone, and thank you for taking the time to join our earnings call. It is our pleasure to walk you through Jupiter Wagons' performance for the quarter and nine months ended December 31st, 2025. I trust you have had the opportunity to review our financial results and the investor presentation shared earlier. During the third quarter, we continued with improvement in performance, overcoming the severe supply side constraints faced during the start of the year, and delivered a clear sequential improvement in performance. Total consolidated income for the quarter stood at INR 900 crore, reflecting a healthy 13% quarter-on-quarter growth. EBITDA for the quarter was INR 116 crore, up 12% from Q2, with EBITDA margin sustained at a healthy 13%. Profit after tax came in at INR 62 crore, registering a strong 36% quarter-on-quarter growth, while PAT margin expanded to 7%. This performance underscores the resilience of our operation, disciplined execution, and the inherent strength of our diversified business model. Our order book remains robust, providing strong visibility for the quarters ahead. As of 31st December 2025, the consolidated order book stood at INR 5,041 crore, covering diversified products across wagons, wheelsets, brake systems, and containers, reinforcing sustained customer confidence and demand strengths across both public and private sector clients. From an operational standpoint, wheelset supplies constraints have eased compared to the acute shortages experienced earlier in the year. However, supplies are yet to return to the optimum required levels and therefore continue to impact wagon production across the broader industry. To structurally address this challenge and secure long-term supply chain resilience, our Odisha greenfield project for the fully integrated wheel sets manufacturing is progressing as planned. Orders for all critical equipment have been placed, and construction activities are advancing at full pace. The facility is expected to commence production by year-end, which will materially enhance wheel set availability and support higher throughput across our wagon and component businesses. Our existing wheel sets and axle business has gained further momentum, supported by a healthy order book across multiple end user applications, including freight wagons, LHB coaches, metro systems, and Vande Bharat trains. We have also secured orders for the machining and assembly of LHB wheel sets, strengthening our position within the railway components ecosystem and expanding our participation in higher value segments. Jupiter Electric Mobility made significant progress during the period. The successful implementation of auxiliary battery systems for Vande Bharat trains underscores our growing capability in advanced energy storage solutions for railway sector. In parallel, we secured orders from marquee customers across the material handling and specialized equipment segments, validating both our product performance and market acceptance. Our operational capabilities are further strengthened with the commissioning of a cell-to-battery manufacturing line in Indore, enhancing both capacity and vertical integration. Additionally, our modular battery energy storage systems, developed in containerized formats, are gaining traction across high-value applications such as diesel generator replacement, mobile energy storage, and renewable energy integration. Collectively, these developments position Jupiter strongly within the rapidly evolving energy transition landscape. Our commercial vehicle and container business recorded healthy growth during the year, supported by recent policy initiatives, including production-linked incentives and increased budgetary allocations. This segment is well positioned to... well positioned for accelerated expansion. As one of India's leading container manufacturers, Jupiter Wagons stands to benefit meaningfully from these structural growth drivers. The broader policy and industry environment remains supportive. The announcement of a new freight corridor further expands the addressable opportunity size in the domestic market. In addition, the railway ministry has maintained procurement estimates at approximately 32,000 wagons, reinforcing long-term demand visibility for rolling stock and associated components. Beyond freight wagons, we continue to see steady growth across products such as brake discs, CMS crossings, braking systems, and other engineered solutions. At the same time, we are actively pursuing opportunities to enhance our participation in the passenger rolling stock segment, and are currently at an advanced stage of engagement with a leading European partner. This strategic initiative aligns with our long-term vision of becoming a comprehensive mobility and railway engineering solution provider, and we will share further details at appropriate time. In addition to the exciting opportunities in the domestic market, recent positive developments towards strengthening trade agreements with the EU and the US are expected to open up sizable export opportunities for Indian railway engineering products. This is particularly relevant for high-value components such as wheelsets, brake discs, and allied systems, where we are well positioned to access European and other international markets through our joint ventures, subsidiaries, and global partnerships. Turning to a couple of corporate developments during the quarter. We continue to strengthen our leadership and governance framework with the appointment of Mr. Mark Damian Stevenson as Additional Director. Mr. Stevenson brings over three decades of international rail industry experience, spanning freight railcar leasing, financial stewardship, and large-scale operational transformation. His global perspective and industry expertise will further enhance Jupiter's strategic capabilities as we expand across domestic and international markets Additionally, on December 19th, 2025, Jupiter Wagons Limited allotted 28,72,340 equity shares, pursuant to the conversion of warrants by Tatravagónka, upon receipt of the balance subscription amount of INR 101.25 crore. This resulted in an increase in promoter shareholding from 68.09% to 68.31%, reflecting continued promoter confidence and long-term commitment to company's growth strategy. Despite near-term challenges arising from supply chain constraints, our fundamentals remain strong. A robust order book, diversified portfolio, supportive policy environment, and ongoing strategic capacity expansions provide confidence in our sustained long-term growth trajectory. We remain committed to operational excellence, innovation, and delivering sustainable value for all our stakeholders. Thank you for your continued trust and support. I now request the moderator to open the floor for questions. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their touchtone phone. 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. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register for a question, please press star and then one. 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, on the wheelset side, industry is facing nearly 30%-35% kind of shortage. And by next year, Titagarh and RK Forgings or JV also coming up for wheelsets. And we also coming out with Odisha project, especially for wheelsets. So I'm trying to understand, by next financial year, how the wheelset supplies will improve, and like whether we have to take any special approval to supply to Indian Railways. Like, if we are making wheelsets, we can directly supply to Indian Railways, or we can directly use in our order book. And if you could mention, we are also targeting some export orders, export side. So which are the geographies, or like, the demand is there? And so I'm trying to understand whether if your wheel sets prices are anywhere INR 2.5 lakh-INR 3 lakh or that range, is it really viable on the exports, wheel sets? Okay. Thank you for your questions. First, on the wheel sets, as you rightly said, capacities are coming online by end of this year or by next year. So I think once this private capacity come online, I don't think I can mention. It should be any challenges on the availability of wheel sets. As you have already mentioned, and we have also given notifications from time to time that we are already supplying to Indian Railways for LHB and other applications. So in terms of approvals from Indian Railways, we don't see any challenge. So the facility has been designed with the approval standards of Indian Railways in mind, so we don't see, perceive any kind of challenges with regard to getting the approvals. Definitely, once the facility is approved, the wheel sets, because they are completely fall under Make in India policy, we can use those wheel sets for our own production. So we don't see a challenge in that regard also. With regard to the export market, as you are aware that Tatra Wagons is a very active participant in this project, and they themselves have a sizable demand for wheel sets. They buy close to about 50,000 wheel sets annually. So, and so for us, they would form our biggest buyer category, and since it's captive, so we don't see that to be a challenge. In terms of pricing, we have already reviewed the pricing, and we are very confident that we will be able to meet the pricing targets, which Tata has given us. Thank you. Yes. So my second question, on that, private wagon side, like, if you could quantify what is that, market size of, private wagons market? And, where we are getting repetitive orders, from same players, or if you could, mention some of the industries, where we are getting regular orders for private wagons. And which are the, which type of wagons, we are, getting inquiries or order book? So, see, the demand in the private segment continues to be very robust. It is across all segments, I think steel and, your container and, and the auto segment. I think these four segments form the bulk of the demand. We continue to our customer, the major customers, I think, continue to remain the same, and, we, and they are the biggest buyers, and we keep on getting repetitive orders from them. I cannot disclose very specifics of the order books right now, but, we do get... This year, most of our orders have been from our existing customers only, and they have been repeat orders. So, again, we are continuously in the process of developing new, cars. We have recently developed the double-deck auto car, which will be rolling out the first rig. Our first rig is completely ready, and it will be rolled out anytime. We are very confident on that segment, and we expect a lot of traction in that segment in calendar year 2026 and 2027. Both years, we expect very strong traction. We have a very strong order book on the cement wagons. We have got new inquiries on those wagons where we continue to pursue the lead. On the container wagons itself, I think the demand is very strong, and now with the trade agreement which has been signed, I think the demand is going to become more robust. Indian Railways is also working on a very again reviewing the container policy. They are making it much more user-friendly. There's a lot of infrastructure work which is happening. We believe that the JNPT connection will happen sometime very soon. I think once that happens, it'll be a huge fill-up to this segment. So yes, so, and steel also, now we are seeing new demand coming in, and we expect that demand to whatever understanding which we have had and discussions which we had with the cement industry, sorry, with the steel industry, we expect this year the demand to be quite robust because there's been a lot of expansion in capacity which has happened. So yes, so I think the private sector, we expect the demand momentum to continue. Yes, sir. Follow up on that, is that right way to understand the 80/20 mix on the, railway and, private wagons, or is there any changes? Can you please repeat your question? I could not answer it. No, sir, that wagon industry, railway and private wagon, what is the current mix? Earlier, it used to be 80/20. It never used to be 80/20. It used to be 60/40 or 50/50, and the mix continues to remain the same. Our private order books continues to be very, very robust. So the mix is right now, I think our our private order book is about 70%, and the the balance is the IR order book. Okay, sir. Sir, my next question, we are supplying high-value components for Vande Bharat and metros. So what are the new product lines and strategies to moving up the value chain, especially in the passenger coaches side? As we have on that, this year itself in 2026 itself, we will be entering the passenger rolling stock business, and we will get to in the next few months, you will get to hear our announcements coming on that, our partnerships. So, one is that we are entering that segment as an OEM. On the component side, you know, we have very strong joint ventures with Kovis, Tatra. In Stone India, we are expecting our licenses to come in this coming quarter. So Stone India, I think by the third quarter, will become operationalized. So, across, I think, we are in the final stages of developing our coupler for the. We have the coupler for the LHB passenger coaches. We are in the final stages of developing the same for the Vande Bharat. Our, we are developing. We have got orders from railways to develop the buffers for Vande Bharat and high-speed trains, and we are in the process of doing the trials for the same. So there are a lot of components which we are working on, and as you have seen that, you know, our non-wagon business continues to grow. So over the next 2-3 years, you will see a definite increase in the non-wagon build business, and addition of more portfolios in that segment. Okay, sir. So then, my last question, on the EV side, we are targeting INR 200 crore revenue by FY 2027. And, what is the current, month-on-month value growth rate, with EV mobility side, sir? Month-on-month, I think we are growing at close to about 20%-30% in that segment. We expect to, by April or May, we expect to hit a run rate of about close to INR 20-odd crores of revenue per month. And so, and that is why we are very bullish on the target, which we have set, revenue targets of INR 200 crores, which we have set. And that will be mainly led by the battery storage business, which is growing around close to 100% month-on-month. We are expanding our capabilities and capacities there. Plus, you know, on the industry side also, the battery system, which we supply, that business is also continuing to show a lot of momentum. On the truck segment, we are launching another truck variant in the next quarter. That will also give a lot of momentum in the market. We have recently invested in a new battery line in Indore, which will enhance our battery capacities and capabilities. Indian Railways in the final stages of finalization of their policy for buying lithium-ion batteries. I think once that policy guidelines are finalized, it will give a very, very strong momentum and push in terms of adoption of these batteries in Indian Railways. I think that itself will be give a huge boost to the segment. Thank you so much for detailed explanation, sir. All the best. Thank you. Thank you. Before we take the next question, a reminder to all the participants. If you wish to ask a question, please press Star and then one. Our next question comes from the line of Sahil Parani from StoxBox Capital. Please go ahead. Hi, thanks for the opportunity. A couple of questions, Vivek. I wanted to understand now, as a part of the U.S. trade deal, as well as the European trade deal, what kind of opportunities are you seeing? Obviously, this is more long term, but what kind of products, as well as what would be the product mix as well, going forward when we open these export markets? So in both markets, I think there is a big opportunity. In the European market, definitely our major focus is on our wheelsets. I think once the plant is operational, we expect a sizable business to come from the European and the global market. And besides Tatra also, we are in discussions and with other customers, but however, we at this stage, we cannot reveal our discussions. But during in the next one or two quarters, we will be revealing on the other potential opportunities in that segment. We have already started working on CBAM, because it, we are very serious on the export side. I think in Europe, the biggest challenge Indian industry is going to face is on the CBAM. Which, I think, unless people are already preparing themselves and gearing themselves up, Europe is going to be a major challenge. On the U.S. market, again, we do export crossings, and that supply had got a little disrupted because of the tariffs. But after this, those supplies and both the crossing as well as containers we were supplying, I think that business is going to pick up. We are in very strong discussions with the American supplier to supply complete integrated battery solution storage systems to the American market. I think that is a huge opportunity for us, especially given the fact that China has a much higher tariff than India, so the price differential, one is that the customers want alternative supply chain. And secondly, because of the tariff, the price differential is now working in our favor. Understood. Okay. Thanks for that, Vivek. And my second question is, I think last year we gave, like, a very conservative revenue guidance of 10%-15%, right? But obviously it looks, seems like we'll be closing below that. Now, given the trends and, you know, the disruption in wheelset from Indian Railways, how do you kind of foresee FY 2027 to pan out? I think FY 2027 is going to remain muted, because I think this disruption is going, though it's improved significantly, but we don't foresee that the disruption is going to get resolved. So, you know, whatever our wheel capacities we had in Aurangabad, they are already fully utilized for the order book we have from Indian Railways and for our demand on the private side. So though we have expanded capacities there, but still, you know, with the expanded capacities also, we are working. I think that facility is working close to 100% of its capacity. So, this year, definitely on the freight car side, we expect our numbers to be muted. Also, I think we are expecting tenders from Indian Railways also in either in the next quarter or the quarter after that. I think that will also give us give a huge fill up to order book. But then, you know, with the new tendering from Indian Railways and the momentum we are seeing in the private side, and with our wagon capacities, sorry, our wheelset capacities coming online, we expect 2027, 2028 to be a very, very strong year. Because I think we are completely the, our base is now being prepared very nicely, and we are completely prepped, I think, for 2027, 2028. Got it. Okay. Thanks, Vivek. I think those are the two questions I had. So, yeah, good luck for the last quarter and the possible future. Thank you. Thank you. The next question comes from the line of Sandeep Mukherjee from SKP Securities Limited. Please go ahead. Sir, thanks for taking my question. Sir, my only question is like, what is the pending number of wagons in Q3 FY 2026? It's close to about 8,000 wagons, which we have pending right now. Okay. Out of this, 70% will be private, sir? Yes. Yes. Okay. Okay, sir. Okay. Thank you. Thank you very much. Thank you. Our next question comes from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi, good evening. Thanks for taking my question. I'm sorry if you have answered this question earlier, but just wanted to get your views on, any potential wagon tender from the Indian Railways. What could be timing of such a tender, if any? You know, honestly, very difficult to predict timing. If you look at the Indian Railways, the budget which they have, in that they mentioned about 32,000 wagons. But we expect it to happen, it is anytime this year, we expect it to happen. Sure. Thanks and all the best. Yeah. Thank you. A reminder to all the participants, if you wish to register for a question, please press star and then one. Our next question comes from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead. Good evening, sir. Sir, hello, can you hear me? Yes, yes. Good evening, sir. Sir, "... leasing," there are many people now into leasing, wagon leasing. So wagon business effect? Definitely, business effect, because already strong partnership segment. And, value add, day paying. [Foreign language] जिससे हमें इस बिजनेस में आज के दिन एंट्री करनी जरूरी है। जब हमें लगेगा कि कुछ वैल्यू ऐड ऐसा है, हम एंट्री करना है तो बिकॉज़ जो लीजिंग लाइसेंस है, उसके लिए जुपिटर ऑलरेडी क्वालिफाइड है। तो लीजिंग लाइसेंस हम कभी भी इंडियन आईआर से ले सकते हैं। तो वो लाइसेंस चैलेंज नहीं है। आई थिंक जो हम जिस पर काम कर रहे हैं, कि जो मेंटेनेंस अभी सारी मेंटेनेंस जो है, इंडियन रेलवे खुद करती है। सो बट उसकी अभी पॉलिसी गाइडलाइंस चेंज हो रहे हैं और इंडियन रेलवे मेंटेनेंस को प्राइवेटाइज कर रहे हैं, कुछ हद तक। सो वी आर मोर इंटरेस्टेड इन दैट, आई थिंक दैट इज गोइंग टू बी मोर क्रिटिकल देन द लीजिंग। लीजिंग इज नॉट गोइंग टू बी अ चैलेंज एट ऑल। The maintenance probably will be more paying also. Yes, and that is what is our core and we have we can give better value to our customers. So maintenance is something which we are very focused on. [Foreign language]Aur sir, aapne kaha ki abhi aapke paas 8,000 wagon ke order hain already, most of which is from private aur 32,000 ke government ke order nikalenge aur inquiry nikalegi. [Foreign language]अब 32 होगा या कम होगा, वो कहना मुश्किल है। मैंने तो- [Foreign language] Haan, nahi, 32 ka haan, 32 ka 30 ho sakta hai, 35 ho sakta hai, 40 ho sakta hai. But sir, abhi wagons banane wali itni parties hai to order bhi milega to kisi ko bhi 8,000, 7,000, 8,000, 10,000 wagons ka milega. [Foreign language] Honestly, yeh kahna bahut mushkil hai ki order milega, kisko kya milega? Aur order jo aapne jo aage jo execution kiya hai aur jo aapka capacity aur jo performance hai, us par bhi order quantity dependent hai. [Foreign language] Ji, ji, ji. [Foreign language] कोई नया एंट्रीड ऑर्डर बुक ले जा सकता है। बिकॉज़ जितने भी टेंडर होते हैं, उसमें आपके परफॉर्मेंस क्राइटेरिया बहुत स्ट्रांग रहते हैं। [Foreign language] Per month capacity kitni hai, sir? [Foreign language]तो आज हम कम से 1,000 वैगन बना सकते हैं। अगर व्हील का कंस्ट्रेंट नहीं रहा, ऑर्डर बुक हमें ऑर्डर बुक स्ट्रांग रहे तो हम 1,000 वैगन तक बना सकते हैं। [Foreign language] Last time ka meeting hua. Usmein I remember, aapne bataya tha ki wheel ki problem karib-karib solve ho gayi hai. But is baar bhi sir apna turnover and the ultimate PAT kaafi neeche raha. Ye kab improve ho sakta hai sir, kab expect karein ki improve hoga? [Foreign langauge] Jo maine kaha wo sahi kaha ki agar last quarter se aap compare karen to is quarter hamara performance kaafi better aaya hai. I think kareeb mein 20%-25% ka- [Foreign language] Nahin, last quarter, I agree sir, last quarter se better raha. Lekin agar aap last nine months len aur ye nine months len to bahut fark hai sir. See, last 9 months as I said that last year wheel supplies were not a challenge. And my anticipation is that this disruption which has improved quite a bit, but this disruption will remain and our own capacity is, that this year end or beginning of next year only our capacity will come. Incremental. I think when our new capacity comes, then and by the time I think IR from also we will get new order books also. So we expect that the next 2027 and 2028 to be very very strong years. [Foreign language] Matlab FY 2026, FY 2027 thoda dheela jayega. Yes, yes definitely. [Foreign language] jo sabse positive cheez maine Jupiter mein dekhi hai sir, wo yeh hai ki aapka jo level of profit hai, matlab jo INR 300 crore, INR 350 crore, INR 400 crore ka profit. Baaki doosron ke usmein jo rehta hai, it is INR 100 crore, INR 120 crore, INR 150 crore like that. To yeh apna sabse bada plus point tha, jo abhi thoda neeche aa raha hai sir. Sir, even now if you see then our EBITDA margin if you compare to industry peers, our EBITDA margin is quite strong. And, and if you see then EBITDA margin in the decline that is, that is minimum. Last year I think our around 14% around was. This year we are maintaining close about 13%. So that very big differential not is. Given disruption which we have faced. So EBITDA margin will improve and the biggest which plus is that which our other businesses are, specially wheel and which commercial vehicle business is and which container business, those business is very well and their we numbers see compare to last year those numbers significantly and we expect this momentum to become strong and strong. So overall 2026, overall 2026, 2027 ka apna jo turnover aur profitability rahega, that will be better than 2025, 2026? No, definitely not because... Yes, next, the 2027 and 2028 one definitely we as we have our anticipation is, I think that will be one of the best years for Jupiter. [Foreign language] Main, sir, ek clarification chahta hoon. Aapne bola 2027 aur 2028 matlab FY 2026, 2027 and FY 2027, 2028. FY 2027, 2028. [Foreign language] Achha! Matlab 2026, 2027 nahi, 2027, 2028. 2026, 2027 so now currently we are in. [Foreign language] अभी तो 25, 26 में हैं। [Foreign language] इस साल जैसा हमने कहा कि हमारी जो व्हील की जो नई कैपेसिटी है, वो 26 एंड या 27 बिगिनिंग में आएगी। तो जब तक वो नहीं आते हैं, तब तक ये डिसरप्शन रहेगा। तो अभी नेक्स्ट 2 या 3 क्वार्टर वी एक्सपेक्ट दैट डिसरप्शन विल कंटिन्यू बट पोस्ट दैट वी आर वेरी वेरी कॉन्फिडेंट दैट यू नो वी विल हैव अ वेरी स्ट्रांग ग्रोथ मोमेंटम नॉट ओनली वैगन। हमारे जो दूसरे बिजनेस हैं, उनमें काफी जो आप देख रहे हैं कि काफी ज्यादा ग्रोथ एंड दैट ग्रोथ इज गोइंग टू इंक्रीज प्लस सम पैसेंजर बिजनेस में भी वी आर नाउ फॉरवर्ड इंटू सो काफी नए अपॉर्चुनिटीज उभर के आएंगे। But government approval ho gaya sir, apna passenger coach and metro and Vande Bharat. Nahin, ismein koi government approval nahin hota hai. You need, we are hum jo ek global player hai, jinke paas already saare certification available hai. [Foreign language] जी हां, जी हां, जी हां। [Foreign language] Unke sang ham partnership mein aa rahe hain, so unke paas already saare qualification available hai. [Foreign language] Haan, kyunki abhi to metro wagairah to bahut jabardast aayegi sir. Vande Bharat itni saari hai. Nahi yaar, government ka bhi bahut bada policy push hai us taraf so that's why we also. [Foreign language] हां सर। Level par we are very strong in that. [Foreign language] और आपने बताया सर, यू के साथ में कुछ ट्रेड का प्रॉब्लम है। Nah, there is no problem with trade with the U.K. Ours is such that right now we have a trade agreement with the U.K. I think trade with the U.K. is going to be very robust. What I said about CBAM, which is basically the mechanism the European Union has introduced. Previously there was an exemption in it, now it has been introduced, in which you need to be compliant for that, on which we are already working. Because that is a trade barrier; those companies that are not prepared for compliance in it, for them it can be a trade barrier. [Foreign language] क्या क्या चीज है सर वो? I did not get it. [Foreign language] तो यूरोपियन यूनियन ने अभी इंट्रोड्यूस किया है कि दे हैव जो भी आप यूरोपियन यूनियन में जो भी चीज सप्लाई करेंगे। [Foreign language] जी हां, जी हां। [Foreign language]Aapko declare karna padega ki kitna carbon content hai. [Foreign language] Oh achha achha carbon policy. [Foreign language] यह कार्बन पॉलिसी हम उसको रेफर कर रहे हैं। [Foreign language] हां, हां। [Foreign language] क्योंकि उस पर टैरिफ अगर आप डिक्लेयर नहीं करेंगे। Foreign language] करेक्ट। सर, मैं इस चीज को थोड़ा डिटेल में पूछना चाहूंगा। कार्बन पॉलिसी मतलब आप जहां से स्टील ले रहे हैं, अगर उसका कार्बन कम है तो आपको भी उसका बेनिफिट मिलेगा। [Foreign language] Definitely milega. Steel just one part of it. Aap aapke jo main more than steel also jo hamare jo, jo process hum kya follow kar rahe hain, hum kitna green initiative le rahe hain, us par bhi hai. [Foreign language] Oh, achha, achha, achha, ji haan, ji haan, ji haan, so that will help. Definitely, definitely that will be of great. [Foreign language] Haan, nahi nahi, theek hai, theek hai sir. Okay sir, thank you sir. All the best, all the best sir. Thank you. Your next follow-up question comes from the line of Sahil Parani from StoxBox Capital. Please go ahead. Hi Vivek, so I think as you mention right, I think FY 2028 is going to be pretty good for the company and previously we also given a guidance about INR 8,000 crore-INR 10,000 crore in FY 2028. So given this financial year, which is 2027 will be like more or less flat for us. Are we saying that by FY 2028 over the next couple of years we more than double our revenue. Definitely and that is and that is what we are targeting and that is how we have built up product portfolio also. So if you look at all other segment, they are if you look at the battery segment and the battery container storage. These are segment where India has just started localizing. So as you saw, so in case of solar the initial you know momentum was very small and then the government as the industrial base was established in India, the government put a lot of barrier. And then you saw huge momentum in segment. I think similarly the battery segment is now for that kind of growth to happen. Because, the industrial application as well as the solar application are very very robust. Beside that government is introducing of PLI scheme on the container side. As you are aware that we are one of the biggest producers of containers in the country and that PLI will go a long way in India being competitive in the global landscape, specially with regard to China. So, as China today produces 90% of the global containers. So again there is a big opportunity in that segment itself. We, as we have already talked about at full production that is the revenue potential is close to about anything between INR 2,000 crore-INR 2,500 crore annually in that business for us. So, that will be a huge incremental revenue for us and even all other segment, the commercial vehicle segment, those also month-on-month showing good growth rate. So definitely, I think, we expect-- our expectations are very, very high going forward. Okay, understood. Got it. And when you kind of, you know, thought of that number, INR 8,000 crore-INR 10,000 crore, which is last year, there were a couple of unknowns. We didn't know if the European deal would go through. We didn't know about the U.S.-India trade deal or, you know, those things were like a bit unknown, which you have clarity on. So does that kind of give you a bit, bit of like enhanced confidence to do better or, you know, even surpass that, that kind of a number? No, definitely it gives us a lot of confidence and clarity because all the ambiguity has now been removed. In terms of the business and landscape, or I would say the regulatory landscape, the picture is very clear. The government is very keen to push exports out of India, and we have the right partnerships to enable that. So definitely, we are very, very positive. Again, in terms of numbers, I would not like to comment right now. I think as and when we start delivering, and that is when we are going to talk about the numbers. Got it. Okay. Thank you for that, Vivek. That's all I had. Thank you. Participants, you may press star and then one to ask a question. Our next question comes from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead. Sir, a question, Indian Railways certain price Make in India price substitute. Okay. Indian Railways use. Railways use. Okay. Matla, compulsory, IR. How, how, how? Okay. Okay, okay. Government IR. Got it, sir. Got it, sir. Yes. Yes, yes, got it. Got it, sir. Thank you. Thank you, sir. Thank you. Thank you. Participants, if you wish to register for a question, please press star and then one. As there are no further questions, I would now like to hand the conference back to the management for closing comments. Thank you for the same. As we move forward, we remain encouraged by the strong momentum across our businesses and the continued strength of our execution. With wheelset supplies improving, our freight wagon business has meaningfully regained operational momentum, while the excellent visibility across our other business lines positions us well for sustained and profitable growth. We are excited by the abundant opportunities set across both domestic and export markets. Our focus remains firmly on execution excellence, disciplined capital deployment, and the continued strengthening of our manufacturing and integration capabilities as we work towards delivering long-term, sustainable value for our stakeholders. Thank you for your continued trust and support. We look forward to updating you on our progress in the next quarter. Thank you. On behalf of Systematix Institutional Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you.