Ladies and gentlemen, good day and welcome to Lumax Auto Technologies Limited Q3 and 9-month FY2025 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and involve the risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anmol Jain, Managing Director of Lumax Auto Technologies Limited. Thank you, and over to you, sir. Thank you. A very good afternoon, ladies and gentlemen. A very warm welcome to our Q3 and 9-month FY2025 Earnings Conference Call. Along with me on this call, I have Mr. Deepak Jain, Director, Mr. Vikas Marwah, CEO, Mr. Sunil Koparkar, Managing Director, IAC India, Mr. Sanjay Mehta, Director and Group CFO, Mr. Sanjay Bhagat, Head of Aftermarket, Mr. Naval Khanna, Corporate Head Taxation, Ms. Priyanka Sharma, Head Corporate Communications, and Mr. Ankit Thakral, Corporate Finance, along with SGA, our Investor Relations Advisor. The results and presentations have been uploaded on the stock exchanges and the company's website. I hope everybody has had a chance to go through the same. I am happy to announce that our performance for this quarter has been very strong, with revenue growth of 24% at INR 906 crores, which has been the highest-ever single-quarter revenue in the history of the company. Nine months also witnessed a strong performance, with revenue standing at INR 2,504 crores, a growth of 21%. This revenue includes INR 23 crores from Greenfuel Energy Solutions, which has been consolidated from 26 November 2024, having an impact of 3% and 1% on the Q3 and 9-month growth, respectively. We continue to beat the industry growth rate, and this exceptional performance is a testament to our decades-long partnerships with OEMs and the enduring trust they place in our products and solutions. It also highlights the strength of our technological expertise, manufacturing excellence, and the strategic advantages gained through our joint venture collaborations. I would like to provide a brief overview of the key macroeconomic factors currently shaping the Indian economy and their potential impact on the automotive industry. The country has experienced a period of economic slowdown, with GDP growth showing signs of moderation. Consumer confidence has been somewhat dampened due to persistent inflation and high interest rates, leading to cautious spending patterns. However, the recent union budget presented by the Honorable Finance Minister has delivered a much-needed boost to the economy. One of the most significant measures introduced is the increase in the income tax exemption limit, which will leave consumers with higher disposable income. This, in turn, we believe, can have a positive impact on the automotive sector, as more individuals may now consider purchasing vehicles. With improved affordability and greater financial flexibility, we anticipate a steady demand in the industry, supporting its growth in the coming quarters. Now, coming to the performance of the overall automotive industry during the quarter, overall it grew by 6% in Q3 FY2025, as per the data released by SIAM. On a segment-wise basis, passenger vehicles, the issue of higher inventories at dealers' end was addressed with OEMs providing decent discounts to clear the inventory levels. Overall, the festive season, coupled with decent discounts, helped the passenger vehicle industry witness highest sales ever in Q3 of any year. The ongoing trend of premiumization remains strong. However, with the recent increase in the income tax exemption limit, we may see a potential revival in demand for the entry-level vehicles as well. However, a weakness in urban demand, relatively high interest rates, and some tightening in retail loans may lead to a muted growth in this segment. The two-wheeler industry has witnessed a strong revival throughout the year, achieving double-digit growth despite a slight slowdown in the sales momentum in December 2024. This growth has been largely driven by a favorable monsoon, barring excess rainfall in some regions, along with a robust agricultural sector performance and rising rural demand. While there may be a marginal dip in the growth in the last quarter, the overall volume expansion in the domestic two-wheeler market is expected to remain in the low double digits. New model launches by leading players, particularly in the EV segment, are expected to further fuel the demand. Additionally, a recovery in export markets, as seen in the numbers reported by leading OEMs in the last quarter, provides further optimism for the two-wheeler industry's production outlook. On the commercial vehicles, the commercial vehicle market has continued to face challenges, where the volumes have remained flat on account of slowdown in industrial activity and sluggish pace of government capital expenditure, which was impacted by multiple elections. Additionally, the demand for LCVs is experiencing some cannibalization due to the rising popularity of electric three-wheelers for local transportation, which are proving to be a much more cost-effective alternative for last-mile connectivity. However, in FY2026, we can see some recovery in the commercial vehicle industry, with an uptick in government and private sector CapEx. Speaking of our operations, during the quarter, we have consolidated the operations of Greenfuel Energy Solutions Private Limited from 26 November 2024. Greenfuel's expertise in clean mobility solutions complements our product portfolio. This integration is expected to drive significant synergies by leveraging Greenfuel's technological capabilities and Lumax's extensive OEM relationships, manufacturing excellence, and the distribution network. With the growing push for sustainable mobility, this partnership positions Lumax Auto Technologies to capitalize on the increasing adoption of alternative fuel vehicles, expanding its product portfolio, and driving long-term growth in the green automotive space. Giving an update on some of the major awards won by the company in the recent quarter and as recent as this month, the subsidiary company, IAC India, won three awards, including the Business Partner of the Year and Special Appreciation Award for Development in Thar Roxx and BS-VI models from its esteemed customer, Mahindra & Mahindra, at the recently held supplier conference. The subsidiary company, Lumax Cornaglia, also won one award for innovation in development of degassing tanks at the same vendor conference of Mahindra & Mahindra. The Bengaluru plant of the company has been awarded with the prestigious JIPM TPM Consistency Award. The Chakan plant of the company also won the JIPM TPM Excellence Consistency Award at the Bajaj Auto Vendor Association Convention for the year 2024-2025. The subsidiary company, Lumax Ituran Telematics, received the prestigious Hall of Fame Award from Daimler India Commercial Vehicles for its role as a reliable telematics partner, achieving 100% delivery and quality performance. We remain highly optimistic about the future, driven by multiple growth levers in the automotive industry. Rising disposable incomes, improved consumer sentiment, increased capital expenditure from both the government and private sector, and a wave of new model launches by OEMs are set to propel the industry forward. Our strong performance reflects our resilience and unwavering commitment to excellence. With a sharp focus on innovation and adaptability, we are well-positioned to capitalize on emerging opportunities and drive sustainable growth in the years ahead. Now, I would like to hand it over to Mr. Sanjay Mehta, Director and Group CFO, to update you on the operational and financial performance of the company. Good afternoon, everyone. Let me brief on the operational and financial performance for Q3 and 9-month FY2025. The company has witnessed a strong performance with revenue growth of 24% and 21% for Q3 and 9-month FY2025, respectively. Coming to the product category-wise performance for 9 months, the Advanced Plastics has grown by 18% from INR 1,204 crores in 9-month FY2024 last year to INR 1,420 crores in 9-month FY2025. Our outlook for this segment remains strong, with more premiumization trends and addition of new product lines. Order book for this segment is set at INR 660 crores. Mechatronics segment has grown from INR 38 crores to INR 67 crores in 9-month FY2025, a strong growth of 75%. This product category has huge opportunity in terms of wallet share in new model launches through cross-selling. The order book is set at INR 320 crores for this segment. Structures and Control Systems segment has grown by 9% from INR 471 crores to INR 512 crores in nine-month FY2025. Our outlook for the segment remains strong, with the opportunity to penetrate premium and EV Segment and addition of new technology-driven products, with order book standing at INR 170 crores. Greenfuel Energy Solutions, recent addition to our portfolio, has strong visibility due to growing preference for alternative fuels in the country. The strong demand is reflected in our robust order book, which currently is set at INR 200 crores, positioning us well for sustained growth in this segment. Revenue from Aftermarket segment has grown by 3% in FY2025 with respect to nine-month last year, a trend similar to all major Tier 1 suppliers and other peers. This is largely because of poor realization due to tight money liquidity in the Aftermarket. Our outlook is better for Q4 with the ease in liquidity and new product launches, which may lead to double-digit growth in Q4 with respect to Q4 of last year. The total order book, considering the value of all product categories, is INR 1,350 crores, out of which 90% is new business. 30% order book value will mature in FY2026, 40% in FY2027, and remaining 30% in FY2028. EV contribution is approximately 40% of the total order book. With increased focus on passenger vehicle segment and integration of IAC, our share of passenger vehicle stood at 50% in 9-month FY2025, as compared to 47% in last year. In 9-month FY2025, two-wheeler contribution to overall revenue is at 25%, Aftermarket at 12%, CV at 8%, and balance 5% was contributed by other categories. On financial highlights, the consolidated revenue for Q3 stood at INR 906 crores, as compared to INR 733 crores, up by 24% year-on-year. On 9-month FY2025 basis, revenue is at INR 2,504 crores, compared to INR 2,064 crores, a growth of 21%. EBITDA margin is set as 14% for Q3. Absolute EBITDA for Q3 is at INR 127 crores, a growth of 9% on year-on-year basis. 9-month FY2025 margin stood at 14%, with EBITDA growing by 15% at INR 350 crores on year-on-year basis. PAT before minority interest for the quarter is at INR 56 crores, as compared to INR 48 crores in Q3 FY2024, a growth of 17%. The tax rate for the quarter is 25% and is likely to continue in the same range in the future. The CapEx outlay during 9 months has been at INR 83 crores, measured on account of new product SOPs in IAC and Lumax Alps. The guidance for the full year remains at INR 130- 140 crores. The company is sitting on healthy pre-payments of INR 315 crores as of 31st December, whereas the long-term debt is at INR 462 crores, which has increased from previous quarter due to acquisition debt for the purchase consideration of Greenfuel Energy Solutions. The long-term debt equity ratio is set at 0.53 as of 31st December. With this, we open the floor for questions. Yeah. Hi, Manav. The floor is open for questions and answers. Sure, sir. 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 touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets only while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. We have our first question from the line of Apurva Mehta from AM Investments. Please go ahead. Sir, congratulations on the great set of numbers. Sir, just wanted your broad outlook on where the four-wheeler Industry and the two-wheeler industry is moving on the basis that a lot of new EV launches are happening, and where do we see ourselves in these EV launches? Apurva, thank you very much. Number one, on the passenger vehicles, I think, as I mentioned in my opening address, even in FY2026, similar to what of FY2025, I think the growth would be pretty muted. The penetration of electric vehicles, we believe, will definitely be far more in the passenger vehicle segment, and that's primarily because of some of the recent launches which we have seen. The full-year production of those particular launches from big OEMs like Mahindra and Maruti Suzuki will add a significant volume in FY2026, so the penetration levels will definitely be much higher than what they are today. However, overall, as a passenger vehicle, I think we are still looking at estimates between 3%-4% or 5% at best. The two-wheeler industry, however, will continue to outperform the other segments. Even in the current year, as I mentioned, the two-wheeler industry has reported a double-digit growth, and we are fairly certain that in FY2026, we will surpass the FY2019 historic production volume of about 24.5 million units, so two-wheelers will continue to outshine, and I think the penetration of EVs in two-wheelers continues to increase. If you see the last three-year trend, it's consistently increasing quite significantly, and of course, the players will keep changing, but the good part is that the legacy players are now commanding the top two, top three position in the Electric two-wheeler segment, and Lumax Technologies, again, both on the four-wheeler as well as on the two-wheeler electric vehicle models, has a good presence with a sizable contribution per vehicle. Where we are placed today, if we want to penetrate more into the EV side of the thing, and are we finding any new products which are particularly focusing on EV side of the thing, or anything which is on the pipeline or in the radar where you will be future trying to penetrate more into the EV side of the business? Yes, absolutely. I think the company is currently also evaluating certain products and technologies to foray into the EV space. We believe that the play in EV will be more on the software and integration side where there will be real value added rather than the hardware and product manufacturing side, which may slowly but surely get commoditized. So I think there is a lot of significant focus by the company to evaluate how to get into this software and integration space for the EV vertical, and I am hoping that in FY2026, you will see some traction and movement towards the same. On the JV side, mechatronics has ramped up a lot of orders. Can you just explain which are the JVs which are getting huge orders from this mechatronics? So if you look at mechatronics as a whole in the Nine-month Outlook, they have grown by approximately 75%, and in this, one of the clear winners was the Telematics joint venture, which started in FY2024 but for the full-year realization has significantly ramped up on the volumes. Also, the Alps joint venture, because of certain new product launches, has grown by almost close to 85%-90%. So these were two, and the last was the oxygen sensor joint venture, which has ramped up its production in FY2025, and going forward in FY2026, we actually see all of these JVs having a significant run rate and contributing to the top-line growth. This INR 320 crore order breakup is more towards the telematics or where it is exactly? Yeah. So INR 220 crores is on the total mechatronics, and I would say that almost half of that would be for the Alps Alpine Joint Venture. Along with that, there is also a discussion with a new Japanese Player as a Tier 2 contract manufacturing setup, which would further add about INR 100 crores to the order book. Okay. And that is for export or for domestic? It is for domestic product. Okay. Any new products or developments which you would like to highlight in the last quarter where we have done anything new? Apurva, I think the new product, as I mentioned, yes, it will get into SOP only in FY2026. That is something. But along with that, there are two particular products where we have already gone into SOP under the Alps Alpine Joint Venture. One is a throttle position sensor, and one is an in-vehicle infotainment system. Both are in the two-wheeler space. One is more specific to an EV model, and one is, again, going on an ICE model. Okay. And your outlook for next year broadly, if you have just to? It's too premature to say, but I would suggest that the overall revenue would continue to outperform the industry. Anywhere close to between 15%-20% would be our estimate in terms of the top-line growth. From an EBITDA margin, I think our endeavor is to continue to sustain and further expand these margins in FY2026 as well. We do not anticipate any major hiccups. There are certain signs of raw material pricing going up, but again, that is a lag. We should be able to recover them from the OEMs in three to six months' time frame. Okay. And on the Green fuel side, where we are currently and what are we doing to complete the chain of the whole package? And is it possible as tech we use this Green fuel for the Aftermarket also in a bigger way, like putting the whole set of the CNG kit like a thing? So absolutely. I think Green fuel, obviously, because of a full-year consolidation, will become a much more sizable contribution of the pie in terms of the top line and bottom line in FY2026. We continue to believe that the kit value and the content value per vehicle through the CNG core products and other products which we are pouring into should be anywhere between close to INR 7,000- 10,000 a vehicle in the near future, in maybe another two-year time frame. On the Aftermarket, yes, we are already supplied about 2,000 CNG kits to the African market. We do believe that there is a tremendous export potential of converting CNG kits in Africa. We've done this for passenger vehicles as well as buses, and we continue to explore further geographies and territories for penetrating this conversion. Okay. Okay. And on the Aftermarket side, we have been muted for the last maybe one and a half years. We are very, very stagnant, which was our area where our focus was there, and we were hoping to double the turnover in every three years. But last one and a half years, for many reasons, it's not moving at all. So what is your take, and where should we look for next three years? Should we double the turnover now from not next three years or yeah? So absolutely. I think it has been an industry-wide phenomenon, nothing specific or exclusive to Lumax Technologies. If you look at other Tier 1 peers in the Aftermarket space, pretty much most of them, almost 90% of the big names, have reported a very muted or low single-digit growth in FY2025. However, as Mr. Sanjay Mehta had mentioned, we have already started seeing good traction in Q4 onwards, where January has been a good month, and we see a similar momentum continuing in the month of February as well. So for Q4 standalone, we should be looking at a good double-digit growth rate, which is pretty similar to what the Aftermarket division used to do up until FY2024. Giving you a horizon, I think this growth momentum in FY2026 will continue very healthy into a double-digit territory. Yes, our endeavor is still to double the Aftermarket revenues in the next three-year time frame, given the fact that more growth would probably come from the exports vertical, not just the domestic vertical. Okay. Yeah. Thanks a lot, and wish you all the best. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. I repeat, if you wish to ask a question, you may press star and one. The next question is from the line of Hitesh Goel from Riddhish Advisors. Please go ahead. Thanks, sir, for taking my question and congratulations on very good results. Sir, you gave a pretty good background on the three main subsidiaries. So if you can give that about IAC, Lumax, Mannoh, and also Cornaglia. So what has happened in this quarter in terms of OEM growth, margins, how it has been, and order book, if you can repeat, because I think I missed the order book position as well. So I think IAC continues to have a strong growth rate for the nine months of the current fiscal. Total revenue was up by 20%. This was also on a large set of tooling revenue. If I look at the manufacturing, it was up by almost close to 14%. And I do believe that in Q4, this momentum would continue to grow. For the full year, I think we're looking at a handsome 20-plus% growth of manufacturing, as well as including tooling, a total growth of 30% plus. IAC continues to be a partner of choice for its largest customer, Mahindra & Mahindra. And as was mentioned earlier, we're sitting on a very strong order book of almost close to more than INR 500-550 crores in IAC itself. Further to that, we are also in dialogue and touch with other OEMs and expanding our wallet share there. Coming to Lumax Mannoh, as well as Lumax Cornaglia, I think here the growth rate clearly has been a little bit more muted. Lumax Mannoh, while the volumes have grown, however, there has been a shift in the product mix, more leaning towards manual transmission than automatic as previous year quarter, and that has resulted in a lower value of take by the OEM. So for that reason, you see a muted growth. We have only grown about 1% in the full nine months, and we expect a pretty similar muted growth for the full year. But I think both these joint ventures, Lumax Cornaglia, and Lumax Mannoh, should have a better growth rate in FY2026 on the back of a decent order book. Sir, in IAC India, you talked about Tata Motors' business starting on ambient lighting and plastic business from Q4 FY2025. So I think, is that on track, or there's some delay there? So, Sunil, you want to add to that, please? Sunil, you're on the call? Yes, so Tata Motors is very simply. I think there are some dialogues. We did get some order wins for their electric vehicle model. However, for now, they are under a complete revamp on the design. You may have also noticed certain media information where Tata Motors is now completely having a new strategy on how to defend their turf on the electric vehicle segment in the rise of competition, so there have been some changes, but yes, we are deeply engaged with Tata Motors for ambient lighting and other plastic parts for the forthcoming modules. Okay, sir. Thank you. Thank you. Now, we can proceed with next caller. Okay, sir. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Amit Hiranandani from PhillipCapital. Please go ahead. Yeah. Congratulations to the team for achieving the highest quarterly revenue, EBITDA, as well as PAT for Q3. This is a commendable job. Sir, my first question is, sir, we have achieved a 10% EBITDA margin at the standalone level, which is a 55 basis points improvement on a YoY basis. And this is a 14-quarter high margin for standalone. So your views on the same, please. So yeah, this is Ankit Thakral. Standalone revenue, excluding Aftermarket, has grown by almost 15% if we see nine months to nine months basis, which is basically driven by two of its prime customers, which is Bajaj and HMSI. So both have shown significant growth. Bajaj revenue is almost up by 20% with nine months to nine months, and HMSI is also up by similar closer to 15%-18%. And yes, the EBITDA margin, if we exclude the other income part, yes, it has grown by almost 60 to 70 basis points, which you said has closer to 10, 10 and a half% for the nine months. Of course, on one side, yes, the Aftermarket revenue has been flatter, but we have been able to maintain or even say better the last nine-month margin by almost 40-50 basis points, which is basically you can say that by giving certain price increases in the market or thereby saving some sort of doing some savings on account of raw material. All these reasons have enabled us to achieve the standalone margin better than the last nine months. Sir, is it sustainable? Yes, we certainly feel that it's sustainable going forward. Great. And my second question is, as per the presentation, our consol 9M EBITDA margin is about 70 basis points lower than the last 9M FY2024. So are we still maintaining our guidance of similar level margin in FY2025 versus FY2024? Also, along with this, if you can help us understand what would be the margin levels in the coming year? And conservatively, where do you see it reaching by FY2027, please? If we see the nine months financial year 25 EBITDA margin, it is at 14%, and yes, it was 14.7% in the nine months last year. If we see in the last year, if we exclude the Lumax Ancillary, which was acquired sometime in Q4 of last financial year, and of course, in order to have the apples-to-apples comparison, if we exclude the Greenfuel numbers also in the current quarter, so that 14% becomes 14.5% for the nine-month current year also, because Lumax Ancillary is at a lower single-digit EBITDA margin as of now, which is basically we are aspiring to grow in line with the company EBITDA margins. With this, the nine months, you can say that the margins are absolutely similar with respect to the nine months last year. Yes, we are able to sustain, and we will be able to sustain similar sort of EBITDA margins going forward in the Q4, and financial year 2025 whole year numbers will be somewhere closer to 14% to 14.5% for the 12 months. Right. So sir, my second question was on this thing. What will be margin levels in the coming years, and conservatively by FY2027, where do you see it reaching? So again, I think my margin guidance would be that anywhere close to 15% should be the margin which we should be looking at, perhaps in FY2026, let's say 14.5%-15% at a consolidated level. Again, as I said, the order book is strong, and we are having a significant presence of coming into the next year itself. Backed by multiple small joint ventures which are firing Aftermarket also for F20Y26, we do expect the double-digit growth to bounce back, which is operating at a higher EBITDA margin. So we do expect anywhere between 14.5%-15% should be the margin guidance for FY2026. Right. So JVs will turn around, and Aftermarket will also do well. So these are the two major levers for the margin improvement. That's correct. All right. Right. And sir, thirdly, we have added Tata Motors in IAC India as a new client. So are we on track for the SOP starting Q1 FY2026, and how large is this business? And additionally, if you can please sorry, let us know the IAC revenue for 9M, please. So sorry, can you repeat the second part of your question? The revenue of IAC for 9M? IAC India, 9M, yes. Yeah. So, IAC total revenue for nine months of this fiscal stood at INR 800 crores. And again, maybe I'll request Sunil Koparkar to just take the question on Tata Motors' launch date and value of the business for IAC. Can everybody hear me? Yes, Sunil, go ahead. All right. So just to give you Tata's position right now, I think the answer to your question is there is a delay in the program. We expect the delay to be about six months. And this delay is primarily driven by one single factor, which is the recent launch of Mahindra EVs, which are in the market, has created a lot of momentum in the EV market. So Tata is rethinking of some of the design changes they need to do, which was supposed to come on stream next year. So we expect some delay in that respect. Tata revenue for us was initial on this EV program was expected to be about INR 30-35 crores. Okay. Thank you, Sunil. Okay. Right. Right. This is helpful, sir. And secondly, on Cornaglia, so our largest customer and. Mr. Amit, may we please request you to rejoin the queue as there are several participants waiting for their turn? Sure. Okay. Thank you. Yeah. Thank you so much. We have our next question from the line of Ghanshyam from Unifi Capital. Please go ahead. Thank you for taking my question. I'm new to tracking this particular company. So what I'm trying to understand is on the structural or on the advanced plastic segment, right? Apart from gaining wallet share, I mean, with the existing customers, how does the content of vehicle actually increase? Is it just a function of adding more products that you can supply to OEMs, or is there also an angle of premiumization that comes along with it? And with the existing OEMs, what would be our wallet share typically? How do you, as a strategy, expand that wallet share? And what are you sort of doing to add more customers, or do you feel you've got the broad portfolio over there already right now? So thank you. I think it's a comprehensive question. Let me try to elaborate as best as possible. Advanced plastics, of course, if you look at the total share, it's almost close to 55% of the total pie. Largely, IAC would be the biggest contributor in the advanced plastic, thereafter followed by, let's say, the lighting and polymer business for Bajaj Auto as a two-wheeler, and then we have HMSI as well as Lumax Cornaglia as an entity. I think the premiumization story is very, very integral to IAC. It's not just selling more products. It is actually a technological product which is adding the contribution per vehicle based on premiumization. And if we continue to see the new model launches, our kit value is consistently increasing based on certain new technologies like the soft touch and premiumization. Going forward, as I said, we are also trying to integrate the ambient lighting piece to our interior offering so that, again, the entire kit value goes up significantly. While that holds true for IAC, for HMSI as well as for Bajaj, there is a largely plastic part business, which again, we are trying to expand based on getting more and more products in our kitties and also getting products which have a higher contribution per vehicle compared to the really bottom of the pyramid shoot-and-ship parts. So these are some of the ways how we are expanding our overall portfolio in the Advanced Plastics Business. Thank you. That's very clear. And with the existing clients right now, how has our wallet share evolved, right? Who are we competing with in the supply of these products? And how will this drive growth? Because you're guiding about 50% faster than industry, right? So I'm just trying to understand over volumes and ACV, what other levels you have and what you expect would pan out in the coming years in terms of growth from those levels? So I think it's a pretty difficult question to answer because our wallet share differs entity to entity, product segment to product segment. Lumax Auto Technologies being an extremely diverse player in terms of its product offering as well as multiple technologies, it's a very different equation for each of the entities. So in certain cases, for example, in Lumax Mannoh, where we are the market leaders, we would have wallet share as high as 80%-85% or even 100% in certain OEMs where we continue to be the single source. Similar would be the case in certain products of Lumax Cornaglia. However, then when we switch gears to certain other businesses like the Metallics business, where our wallet share would be probably 30% in the overall Bajaj metallic portfolio. So it would differ, but I think the way we are trying to do is, number one, increase our kit value, and number two, by cross-selling towards OEMs because the relationships are between the organization to the organization. That's how we're trying to expand our presence and our wallet share across different OEMs. So that's the strategic initiative which we're trying to get to. All right. That's very clear. Thank you. And then just one more question is on the mechatronics segment. Obviously, this. Mr. Ghanshyam, may we please request you to rejoin the queue? Sure. Thank you. Ladies and gentlemen, in order to ensure that the management is able to take questions from all participants in the conference, please restrict yourself to two questions per participant. Should you have a follow-up question, we request you to rejoin the queue. We have our next question from the line of Pritesh Chheda from Lucky Investment. Please go ahead. Sir, just on IAC, what was the nine-month revenue number and why was it growth? The nine-month revenue number stands at INR 800 crores, which is a growth of 20% over nine months last year. Okay. And specifically for IAC, what's your growth outlook next year? So at the company level, you have given the number, but specifically for IAC, what will be the growth? So I think we're still in the process. It largely depends on the Mahindra volumes, but we do expect a growth of at least somewhere 15% or more on the manufacturing revenue side, basically on the back of the new EV launches, which will have the full year realization. Okay, and for IAC, 70% is Mahindra, right? That's correct. And IAC is, let's say, 800 divided by 2,500. So about 40% for us is IAC. Yes. Almost 30. And. But one-third of the consolidated revenue is IAC. It's IAC. And my last question is, the other acquisition, the Greenfuel Solutions, when will it start getting merged? And can you give the pro forma number for nine months for that entity? Greenfuel numbers have come into the consolidated revenue with effect from 26th of November 2024. Almost 35 days revenue amounting INR 23 crores is part of INR 906 crores revenue for the Q3. The full quarter number, which is the Q4, the current quarter, the whole quarter number will come as a part of the consolidated revenue in Q4, which is somewhere closer to INR 75-80 crores. Okay. So for the quarter, it is INR 23 crores? INR 23 crores, but that's almost one month revenue only. Correct. Can you give the nine-month revenue for Greenfuel Solutions? Greenfuel Energy Solutions' nine-month revenue was closer to INR 225 odd crores. What was the growth here? I believe it was closer to 15%-20%. Margin of this business? So margin is between 17% to 19%. Okay. And lastly, sir, your consolidation is 100% or it is less than 100% that your ownership is 100 or less than 100 in Greenfuel? We have purchased 60% equity stake of Greenfuel Energy. Up to PBT level, it is 100%, and then 40% basically goes out as minority interest. Okay, sir. Okay. Thank you very much. Thank you. A reminder to all participants, please restrict yourself to two questions per participant. We have our next question from the line of Shashank Kanodia from ICICI Securities. Please go ahead. Yeah. Thank you, sir, and congratulations for the strong performance. Just wanted to check, sir, firstly, what would be the execution timeline of the new order book that you have? I think initially you used to guide us that 50% get executed in the first two years, and then probably this peak order book hitting in three years' time frame. So could you please help us explain what is the execution timeline of this order book of INR 1,150 odd crores? The total order book is about INR 1,350 crores. About 30% of this will come in next year, FY2026, 40% in FY2027, and a remaining 30% in FY2028. However, please note that this is an evolving number, and it will keep changing every quarter. Right. And this is all incrementally new orders, right? So apart from the organic growth, this will be the incremental top line that we're supposed to clock. That's correct. 90% of the order book is new orders, not replacement orders. So yes, we will expect this to have an incremental impact on the top line. Right. So sir, does INR 5,000 crores kind of a revenue figure seem doable for us in FY2027 in your realistic opinion? I mean, we expect a CAGR of anywhere between 15%-20%. If I were to do that number arithmetically, it should take us to somewhere around INR 5,000 odd crores in FY2027. Right. Actually, sir, just I'm a bit curious to know that from last quarter's presentation to this quarter's presentation, there has been a substantial increase in content of vehicle for us, right? I think last quarter we mentioned PV side content of vehicle to be around 55-50 thousand, and now it's roughly at 70-75 thousand. Is it just a question of CNG portfolio adding to our portfolio, or is there something else to it? Yes, absolutely. Yes, absolutely Yes, absolutely correct. So we have added CNG as a part of our product portfolio, which has led to an increase in the content for vehicle for four-wheelers. And there is an addition on account of two-wheelers also because of the SOPs of basically the two main products in Lumax Alps Alpine Joint Venture by name of in-vehicle infotainment and TPS, throttle position sensor. But sir, I think initially we used to guide as a content being INR 2,000-3,000 per vehicle, right? So in the passenger vehicle for CNG components that we are supplying. But the increase is quite substantial to the tune of INR 15,000. And in the initial remarks, you find that we could reach seven to 10 thousand INR maybe two years' time frame. So is it a potential content per vehicle, or is it realistically supplied at this point of time? So absolutely right. So as of now, in P&L, there is a content per vehicle of 4,000 on account of CNG. But going forward in next year, we are seeing that content to increase to somewhere closer to 8,000-10,000 per vehicle. And apart from that, there has been a slight increase in content per vehicle of this IAC EV launch as well, which is having a larger content per vehicle as compared to the last year. Okay. Okay. Thank you, sir. Thank you so much, and wish you all the best. Thank you. Thank you. We have our next question from the line of Sanket Kelaskar from Ashika Stock Broking. Please go ahead. Thank you for the opportunity, sir, and congratulations on a good set of numbers. So my first question is on EV agnostic products. So how are EV agnostic products performing in this quarter, and what are the steps we have been taken to enhance the market penetration? And if you can also give us what is the percentage of revenue coming on from these EV agnostic products? Sanket, this is Vikas Marwah. Thank you for the question. Of course, the DNA of Lumax Auto Technologies is very much EV agnostic, and more than 90% of the value contribution continues to come from EV agnostic products, and we don't see this trend changing at least over the next 24-36 months. What is driving the EV product sustainability? Of course, in all the joint ventures like IAC or Lumax Mannoh or Lumax Cornaglia or Lumax Alps Alpine Portfolio, they do not require currently significant change in their application models and only very fine miniaturization. That is why I think these are all very sustainable products. Okay, sir. Thank you. So my second question is, as of 1st April 2025, OBD-IIB norms will be getting implemented. So how are we getting impacted from this norm, and are we expecting any kind of revenue increase with the help of this norm? Yes. OBD-II for Lumax Auto Technologies is a very welcome implementation. One of our joint ventures, which has been finding a challenge on capacity utilization, that is Lumax FAE, has now got into a full-blown SOP with a major two-wheeler manufacturer down south. We went into the SOP one and a half months back. We are anticipating almost INR 60-70 crore increase in our top line revenues with the implementation of the secondary oxygen sensor, which now becomes mandatory from 1st April 2025. This will take care for a full year capacity utilization of about 45%, which was earlier hovering around 10% because of the non-implementation of OBD-II. We are aggressively pursuing a second OEM then to fill up the remaining capacity, and FY2027 then would be the go-live date of the second OEM. So on oxygen sensors, we are very positively impacted with the OBD-II norm implementation. Okay, sir. Is this also will be going to increase the content per vehicle? On two-wheeler, definitely, this will increase the content per vehicle by almost INR 800. Okay, sir. Thank you. That's all from my side. Thank you. Ladies and gentlemen, please restrict yourself to two questions per participant. We have our next question from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Namaskar, sir. I'm audible, sir? Please go ahead. Yeah. Yes, sir. So just to sum it up, sir, so taking into account the way we ended our this quarter on the highest revenue profile on a quarterly basis and also on the increased margin, what should we expect going ahead for the year to end with? And on a consolidated level, sir, what steps are in the anvil that will match the levels of our EBITDA margins, which we have posted earlier? I think so there's a 90 basis points point reduction. So these are the two questions, sir. So I think the margin reduction was explained earlier by Mr. Ankit Thakral. I think in last year, 14.7% margins for nine months was again apples-to-apples for nine months FY2025. If you were to compare, excluding the Lumax Ancillary and the Greenfuel, it stands at about 14.4%. So again, we are at a similar level playing field of about 14.5% EBITDA margins. There has not been really a decrease in the margins if you compare apples-to-apples. However, going forward, I think the full-year outlook is very clear that we should be looking at a growth similar to a nine-month growth anywhere between 20%-25%, which should ideally get the total consolidated revenues closer to around 3,500 crores. And we should be able to sustain a similar EBITDA margin in Q4 as well. Going forward, as I mentioned in FY2026, the guidance would be that anywhere between 15% to 20% top line growth, and EBITDA margins will surely be more towards 14.5% to 15%. That's the guidance for FY2026. Thank you, sir. That's all from my side. And all the best, sir. Thank you. Thank you so much. We have our next question from the line of Amit Hiranandani from PhillipCapital. We have our next question from the line of Hitesh Goel from Riddhish Advisors. Please go ahead. Thank you, sir, for taking my question. You talked about OBD-II norms increasing content by 800. What is per vehicle? What is the content right now? So two-wheeler content, as of now, it's closer to 16-18 thousand per vehicle. So this 800 per vehicle relates to a specific product of oxygen sensor, which will be going through the joint venture, Lumax FAE. So answering to your question, the OBD-II will give us an enhancement of about INR 800-1,000 a vehicle. That would be the impact of OBD-II on our content per vehicle. Yeah, sir. And sir, on basically Bajaj's business, basically which you have in standalone business, it is largely leveraged towards exports because exports are the value for Bajaj in a big way. So just wanted to get a sense that does that help you? We have both. We have a pretty diverse portfolio of the domestic models as well, right, from the premium segments of KTM as well as for the main Boxer, the Platinas. However, we also have now a sizable presence on the EV models of Chetak. So that is the reason why the growth has been consistent. This is on the metallic frame business. Apart from that, on the plastics and lighting, we are spread across both Aurangabad as well as Pune and Pantnagar clusters as well. So it's a fairly widespread, diverse mix of product for Bajaj. Any update on Pulsar? You You were talking about that you are trying to get into the Pulsar as well for Bajaj. Any update there? The discussions are ongoing. We hope to see some traction in FY2026. Okay, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, please restrict yourselves to two questions per participant. I repeat, please restrict yourselves to two questions per participant. We have our next question from the line of Amit Hiranandani from PhillipCapital. Please go ahead. Yeah, sir. Our largest customer in Lumax Cornaglia is reporting flat to negative growth. So can you please help me with the revenue of this entity for 9M? And additionally, if you can help us understand whether we received any compensation from the largest client for rolling back to metal fuel tank? Lumax Cornaglia, in spite of its anchor customer being down this year in production volumes by 5%, still reported about 5% kind of a top line increase. For the full year, we are expecting Lumax Cornaglia to report around the same number. However, I think what is going to help Lumax Cornaglia is now the new SOPs that are kicking in also for some new customers for which we cannot disclose the details right now because the products have not gone into SOP. It will take a couple of months. The strategy for plastic fuel tank is meanwhile undergoing a change at our end due to the customer demand not panning out that way and the CAFE II norms not getting implemented completely in terms of the plastic fuel tanks as a regulatory thing. So the roto-molding business initiatives are now being taken to the direction of making the rooftops of E-3 wheelers for which we are going into a major SOP in the next two months and also some body cabins. So these are the potential applications of the roto-molding facility that we have put up, and we continue to wait for the expansion of the plastic fuel tank potential. Right. Sir, as this is the second last question for my side, so if you can help us understand all these emerging subsidiaries, what we have: Alps Alpine and Ituran, etc., if you can give us an outlook one by one on the revenues and margin side, please. I think overall my commentary would be that we've seen a significant growth in the mechatronics vertical, and for the next year onwards, we do expect to almost double our revenue within the mechatronics vertical. All the joint ventures which sit under the mechatronics are expected to report a very handsome growth, although because of a small base, but we have gained significant traction on all of them, and the margin guidance in pretty much all of them would be similar to the consolidated number or slightly better. So they will add to the top, not just the top line, but also the margin accretion for the consolidated entity. All right, sir. You're the best. Thank you so much. Thank you. Thank you. We have our next question from the line of Ghanshyam from Unifi Capital. Please go ahead. Thank you. So just to continue on the FAE side, Lumax FAE that you're explaining, I've read your previous call where you said there would be heated sensors that you would be supplying, and this would be about 500,000 in volume, I assume, on a full-year basis, right? So the INR 60-70 crores that you're talking, is that the kind of revenue that you expect would materialize on a quarterly basis? And would that also be a strong growth driver for the doubling in revenues that you expect in the coming year? Lumax FAE OBD-II secondary sensor application revenue has already started kicking in, and we will now be expecting in FY2026 a full year of this revenue emerging. We are expecting INR 70 crore additional top line to Lumax FAE for one full year. As I mentioned, this would still take us to a 40% capacity utilization only, being a new product and being the first year of SOP. We don't want to go in an overdrive mode in the first year of this launch, and we will slow pace it to come to the second OEM launch in FY2027 and thereby take up our capacity utilization closer to 70%. Okay. Very clear. So the last question, just from my end, is to how to understand, I mean, this is a basic one, but to understand the order book and ACV numbers, I mean, the contract value numbers that you report, right? So when you say order book, typically what's the timeline? I mean, you've given the split, I understand, 30%, but what is typically the order inflow on a quarterly basis? Are these more recurring orders that clients present and sign with you, or are they one-off kind of events where they supply for this model for a year? So I'm just trying to understand how these contracts typically work. As far as the content value in itself is concerned, is this, again, maybe it's just a clarification, but is this the potential revenue, I mean, potential addressable value that you can supply to these vehicles, or is it what is actually being supplied at the moment? So again, first question on the order book, I'll just add that the order book is an evolving number. This is not a one-time order. These are orders which have been given on certain models across different product lines, across different entities. So again, these are something which are based on constant engagement, constant RFQ process, which is an ongoing process with multiple OEMs. These businesses are awarded based on competitive bidding, but these are recurrent in nature. And again, the endeavor should be to get more and more business for new models by increasing our wallet share. So that's a constant endeavor. And if you see the order book, as mentioned earlier, it's sitting at about INR 1,350 crores, which is close to one-third of the annual revenues of the consolidated entity. The second question you had was on the contribution per vehicle. I would say that it's a mixed bag. In certain cases, the content per vehicle is actually being addressed by the entities. However, in certain cases, it is still an addressable market, which we are hopeful of getting into over the next two years. Okay. Thank you very much. Thank you. Thank you. Ladies and gentlemen, that would be the last question for today due to time constraint, and I now hand the conference over to the management for closing comments. Over to you, sir. I take this opportunity to thank everyone for joining into the call today. We will keep the investor community posted on a regular basis for updates on your company. I hope we have been able to address all your queries. For any further information, please get in touch with us or SGA, our investor relations advisors. Thank you once again, and have a good day. Thank you. On behalf of Lumax Auto Technologies Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.