Ladies and gentlemen, good day and welcome to the Lumax Auto Technologies Limited Q4 and FY 2025 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 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. It is our pleasure to welcome you to the Q4 and FY 2025 earnings conference call. Joining me today are Mr. Deepak Jain, Director; Mr. Vikas Marwah, CEO; Mr. Sanjay Mehta, Director and Group CFO; Mr. Ashish Dubey, CFO; Mr. Sanjay Bhagat, Head of Aftermarket; Mr. Naval Khanna, Corporate Head of Taxation; Ms. Himani Joshi from Corporate Communications; and Mr. Ankit Thakral, Finance Controller. We're also supported by our investor relations partners, Adfactors PR. Together, our leadership team looks forward to sharing the company's performance highlights and strategic outlook with you. Performance highlights for FY 2025: FY 2025 has been a landmark year for our company, with revenue reaching an all-time high of INR 3,637 crores, reflecting a strong year-on-year growth of 29%. This performance was driven by strong demand across all segments and deepening engagement with OEM partners. EBITDA for the year also touched a record of INR 516 crores, first time reaching the mark of INR 500 crores, marking a 25% increase over the previous year. This growth highlights the strength of our operating model, supported by improved efficiencies, prudent cost management, and continued focus on value-added offerings. Talking about the industry, the demand environment during FY 2025 was underpinned by gradual recovery in rural consumption, easing inflation, and sustained government trust on infrastructure development and agri-supportive policies. These positive trends translated into broad-based volume momentum across the automotive sector. In the two and three-wheeler segments, growth was. Hello? Is the management line still connected? I don't think it's connected. Can you please check it? Sure. Thank you, everyone, for waiting. We have the management line connected with us. Sorry for that interruption. Continuing about the industry, in the two and three-wheeler segments, growth was fueled by rising rural demand and improving export traction. The Passenger Vehicle category continued to benefit from a strong premiumization trend, with higher consumer preference for feature-rich models, leading to robust offtake from our key OEM partners. This was further supported by healthy production schedules and positive market response to new vehicle launches. The Commercial Vehicle space witnessed steady demand driven by infrastructure-led activity and fleet upgrades, while the Farm Equipment segment recorded encouraging growth, supported by favorable monsoons, improved rural liquidity, and strong crop procurement. With a well-diversified product portfolio and deep integration with leading OEM platforms, we remain strongly positioned to capitalize on evolving opportunities across segments in a structurally improving macro environment. As per SIAM report, sales of passenger vehicles have been the highest ever in FY 2025, at 4.3 million units, with a growth of 2% compared to the previous year. Sales of three-wheelers in FY 2025 grew by 7% as compared to last year, which is again the highest ever in any financial year. Two-wheelers witnessed a good growth of momentum of 9% in this financial year compared to last year, with sales of 19.6 million units, while Commercial Vehicles posted a slight degrowth of -1% in FY 2025 compared to last year. This reflects robust demand across most categories. Talking about the Q4 and FY 2025 company overview, a defining highlight of the year was the successful acquisition of Greenfuel Energy Solutions, marking Lumax's strategic entry into the alternate fuel segment. This move aligns with our long-term vision of sustainable and innovation-led growth, offering strong synergies with our core business and expanding our capabilities in clean mobility solutions. On 22nd May 2025, Lumax Technologies acquired the remaining 25% stake in IAC India, making it a wholly-owned subsidiary and securing full control of its largest revenue-contributing business division, with the intent to boost free cash, better leverage, which will enable Lumax Technologies to go for future inorganic steps. IAC India also commissioned two new facilities in Chakan, Pune, for the BEV models of Mahindra & Mahindra, the BE 6 and XEV 9e. IAC India was recognized with three awards at the recently held Mahindra Supplier Conference 2025, including the most coveted Business Partner of the Year award. Also, our many subsidiaries and plants received multiple accolades, including Lumax Cornaglia's Innovation Award at Mahindra & Mahindra Supplier Conference and the Supplier of the Year from Škoda Auto Volkswagen India. Lumax Ituran Telematics earned the Hall of Fame Award from Daimler India Commercial Vehicles, while Lumax Technologies' Bangalore plant secured the Best Award for QCDDM second year consecutively by its customer Honda Motorcycle and Scooter India, apart from the JIPM TPM award. The Lumax Auto Technologies' Plastic Division, Lumax Mannoh Allied Technologies Limited, and IAC India were also recognized at the Maruti Suzuki India Supplier Conference for overall performance and process excellence. Our Bengaluru and Chakan plants won the Manufacturing Excellence Award at the 59th ACMA Excellence Awards as well. During the quarter, we successfully rolled out cockpit assemblies for Mahindra's Thar ROXX BE 6e and XEV 9e models. For Honda Cars India, we introduced both AT and MT gear shifters and shark fin antennas for the Amaze. Additionally, we initiated the supply of counter box and receptacle assemblies for Maruti Suzuki's newly launched Swift models, expanding our engagement with key OEMs and enhancing our product portfolio. We are pleased to report a robust order book of INR 1,300 crores, with strong visibility across next three fiscal years. Of this, approximately 26% is projected to materialize in FY 2026, 42% in FY 2027, and the remaining 32% in FY 2028. The order book reflects healthy traction across all product verticals, with Advanced Plastics contributing the largest share, followed by Mechatronics and Structures and Control Systems. Alternative Fuels also continue to gain momentum, reflecting the industry's shift towards cleaner technologies. Notably, a significant portion of the order book comprises new business wins, reinforcing our expanding presence across customer platforms. We remain committed to deepening OEM associations, driving incremental order inflows, and strengthening our participation in future mobility programs. Talking about the company's North Star, at Lumax Auto Technologies, we continue to be guided by our long-term strategic framework, the 20/20/20/20 North Star, which outlines four key goals. Number one, minimum 20% revenue CAGR growth from new product segments and future acquisitions. Number two, a 20%+ ROCE driven by efficient capital allocation. Number three, the vision for nearing 20% EBITDA margin, reflecting strong operational discipline. And number four, a 20%+ revenue coming from clean and future mobility solutions, including EVs, CNG, electronification, and software-defined platforms. FY 2026 also marks a key milestone in this journey by kickstarting the next six-year midterm plan from FY 2026 until FY 2031, which is themed as BRIDGE, which stands for Bold Roadmap Integrating Diverse Growth Engines. BRIDGE aims to unlock full potential across all our multiple businesses and help Lumax Auto Technologies transition from a Tier 1 supplier to a Tier 0.5 systems integrator. The launch of our innovation-driven center, SHIFT, which implies a Smart Hub for Innovation and Future Trends, which aims to strengthen the digital edge with a dedicated software-defined vehicle vertical, is a step under BRIDGE. With robust performance across segments and OEM partners, we are well-positioned to lead the industry's transition towards digital, clean, and connected mobility. We remain confident in our ability to deliver on our vision through a mix of organic growth, innovation, and selective inorganic opportunities. With this, I hand over the call to Mr. Sanjay Mehta, Director and Group CFO. Good afternoon, everyone. I would like to begin by highlighting the company's operational and financial performance for Q4 and FY 2025. We are pleased to report yet another strong quarter, concluding the fiscal year on a robust note. Revenues for Q4 FY 2025 registered a solid growth of 50% year-on-year, while for the full year, FY 2025 revenues grew by 29%. This performance reflects our continued focus on innovation, premiumization, and expanding our presence across high-growth segments. Now, turning to the product category performance for FY 2025, the Advanced Plastics segment delivered a healthy 53% year-on-year growth in Q4 FY 2025 from INR 409 crores to INR 626 crores, and a full-year growth of 27% in FY 2025. The performance was supported by the deeper penetration in the premium vehicle segment and sustained product innovation. The order book for this segment remains strong at INR 750 crores, underscoring sustained demand across OEMs. The Mechatronics segment continues to outperform, recording 87% year-on-year growth in Q4 from INR 26 crores to INR 48 crores, and a full-year growth of 80% in FY 2025. The quarterly momentum was largely driven by higher wallet share and effective cross-selling in new model launches. The current order book stands at INR 210 crores, validating the strong momentum in this space. The Structure and Control Systems vertical posted stable growth of 5% year-on-year from INR 172 crores to INR 181 crores, and a full-year growth of 8% in FY 2025. The order book for this segment stands strong at INR 190 crores, strengthening our position as a trusted technology partner in the evolving mobility ecosystem. The Green Energy Solutions segment, a recent addition to our portfolio, is gaining rapid visibility amid the national shift towards alternative fuel platforms. In FY 2025, the segment recorded revenue of INR 110 crores, starting from the end of November month, with an order book of INR 150 crores. This segment is strategically positioned to be a key growth driver for us in the coming year. As anticipated, the Aftermarket segment witnessed a meaningful recovery in Q4 FY 2025, registering a double-digit year-on-year growth at 10%, validating our earlier outlook. This rebound was supported by easing liquidity conditions and the successful rollout of new product lines. For the full year, the segment recorded a growth of 5%. With pivoting to demand-led growth for deeper customer engagement and new revenue streams in place, we are very much hopeful of much stronger growth for FY 2026. With an enhanced focus on the Passenger Vehicle segment added by a seamless integration of IAC, our share of Passenger Vehicle revenue rose to 53% in FY 2025, up from 48% last year. Two and three-wheeler segment contributed 22% of our total revenue. Aftermarket followed with 11%, Commercial Vehicle contributed 8%. This balanced revenue mix positions us well for sustained growth across segments. On the financial front, we delivered a strong top-line performance. For the first time, we crossed the landmark of INR 1,000 crores in a single quarter. Our consolidated revenue for Q4 FY 2025 is good at INR 1,133 crores compared to INR 757 crores in Q4 FY24, representing a year-on-year growth of 50%. For FY 2025, revenue reached INR 3,637 crores, up 29% from FY 2024. EBITDA margins held strong at 14.6% for Q4, with absolute EBITDA of INR 166 crores at a growth of 51% year-on-year basis. Full-year EBITDA came at INR 516 crores, marking a growth of 25% with margins at 14.2%. PAT before minority interest is put at INR 229 crores for the year compared to INR 167 crores in FY 2024, a growth of 37%. The tax rate for the year remained stable at 25.6%, a trend we expect to continue. CapEx for the year is stood at INR 177 crores, primarily towards SOPs for new product platforms within IAC and Lumax Health. It also includes INR 30 crores for purchase of Land Bank at Kharkhoda, Haryana. As of 31st March 2025, the company maintained a strong liquidity position with free cash reserves of INR 322 crores. Our long-term debt stood at INR 458 crores, following the acquisition-related payout for Greenfuel Energy. The long-term debt-to-equity ratio remains healthy at 0.49. We were also pleased to declare a dividend of INR 5.50 per share, 275% of the face value, reaffirming our commitment to value creation. We deeply appreciate the unwavering trust and support of our investors, partners, and employees, which continues to drive our success. With this, we conclude the operational and financial overview. We will now open the floor for questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one on the touch-tone 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. We take the first question from the line of Amit Hiranandani from PhillipCapital. Please go ahead. Yeah, congratulations to the team for exceptional performance, and thanks for the detailed presentation. Sir, my questions are related to the vision statements. So for the vision FY 203 1, 15% CAGR is likely to come from organic. So how much industry growth you have assumed to be the same, how confident you are in achieving this target, and risk associated to the same? And can we see, I mean, is this growth will be gradually driven by the emerging subsidiaries? So this is my first question. So thank you, Amit. Number one, the organic growth is, again, a part of the theme BRIDGE. This growth largely would be coming from across different businesses, but your understanding is correct. Some of the subsidiaries and joint ventures will be having a much faster accelerated growth, although on a smaller base. Recent acquisition of Greenfuel is also likely to substantially increase the top-line contribution with a healthy bottom-line margin as well. Aftermarket as well is continuously going to grow going forward at a pretty strong CAGR compared to what it has grown over the last five years. Again, there has been a strategic shift in terms of focusing on demand generation rather than just new product introduction. There are multiple factors. We do feel reasonably confident on achieving this CAGR over the next few years organically. So any risks to achieve this target? Well, the risks are, again, first and foremost, let me qualify that most of our growth is coming on the back of new product introductions, new model launches, or finding a full-year realization of some of the recently done SOPs or acquisitions. So to that extent, it is not directly linked with only the production volume of OEMs. I think if there is, of course, an unforeseen black swan event in the industry, then, of course, it carries its own risk. But I think with the given diversity of products, companies, as well as OEMs, we are fairly de-risked from this kind of growth opportunity. Right. And secondly, so your margin, including other income, is around 14%, and the vision statement says 20% in the next six years. It means approximately every year we are expecting 100 basis points improvement in the margin. Can you please explain what the plan and strategy here to achieve this aim and the related risk to this thing? Amit, number one, there is a correction in your understanding. We have not anywhere said that we want to achieve 20% in the next six years. I think as a part of the investor presentation also, we say that the 20% EBITDA margin is a North Star where we wish to inch closer towards those margin levels. It is not time-specific to six years. It could possibly be even beyond those six years. However, the clear strategic roadmap is to continuously get into product lines and grow our operating margins. Having said that, I think by FY 2028, we are fairly certain that with the accelerated growth on subsidiaries, on the Aftermarket, and getting full-year realizations of certain inorganic strategic initiatives, we should be able to double our EBITDA from the last year's upwards of INR 500 crores to possibly crossing the INR 1,000 crore mark by FY 2028. The same is reflected in the investor presentation, and if we are able to do that, I think you will start seeing EBITDA margins expand by about close to 150-200 basis points. Right. Thanks for the clarification for this thing. So lastly, if you can please guide on the emerging subsidiaries like Alps Alpine, Yokowo, JOPP, and FAE, CAGR growth in these FY 2031? A nd how is it currently in which company is growing fast, and margins that we have seen with the turnaround in these improvement margins, so keeping good for the next six years, please? So the various subsidiaries, of course, for the financial year 2025, so if we say specifically all the subsidiaries, meaning majorly being the IAC one, so IAC has grown by almost 35%-40% for this financial year, and it has closed at INR 1,200 crores with EBITDA margins closer to 17%-17.5%. If you see the other basically subsidiaries considering the Lumax Ituran, Alps, Yokowo and Lumax FAE, so if it is considered as a single Mechatronics division, so Mechatronics division as a single which covers all four subsidiaries has grew by 80% from, say, INR 60 crores last year to INR 115 crores this year. Of course, the detailed revenue and the profitability figures of each and every subsidiary is also covered in our investor presentation as a part of annexure, which has been uploaded on the stock exchanges. Yeah. Sir, my question was. Amit sir, I'm so sorry to interrupt. Maybe. Sorry. Also, your line was breaking a lot. Could you move to an area with better reception? Is it better now? Yes, go ahead, please. Yeah. Hello? Yeah. Amit, you're not audible. Sir, I'm audible now? Yes, go ahead. Sorry. My question was related to the, I mean, growth prospects of FY 2031 for these subsidiaries will grow faster and on the margin side? Okay. So I think few of the subsidiaries, for example, Lumax Alps, Lumax Yokowo, Lumax Ituran, we foresee a significant growth, perhaps even in the next two to three years, a CAGR of upwards of 30%, 40%. Reason is, again, as I said, these have been some recent launches, for example, in Lumax Yokowo or as well as Lumax Ituran, and also there is a decent order book which will get into the SOPs in FY 2026 and FY 2027 for certain subsidiaries like Alps Alpine. Again, these are strategic growth drivers for us aligned with the whole theme of getting towards a 20% + from clean and future mobility. We do believe that these subsidiaries which have product lines more targeted towards the future mobility will continue to grow at an accelerated growth compared to some of the other business verticals within the company. Thank you. We take the next question from the line of Pritesh Chheda from Lucky Investments. Please go ahead. Yeah. Thank you for the opportunity, sir. So just on your presentation, I was trying to comprehend the slide eight and the slide 10. If you could, in the slide eight, you guys have given the breakup of order book. So is this comprehension correct that incremental INR 333 crore of order booking or revenue on incremental order is supposed to flow in in 2026 and FY 2027? That's how i s the interpretation of the slide? Yes. So the total order book as of date stands at INR 1,300 crores. Out of that, 26% or INR 333 crores will get into the P&L of FY 2026, and the remaining will come in FY 2027 and FY 2028 in that much proportion. Perfect. Then on slide 10, I couldn't comprehend it as-is basis and post-IAC merger. So I was wondering that we are 75% in the company, and additional 25% is being bought, but the delta shown here is quite significant, so I was unable to comprehend the math. It is just the comparison of the EBITDA numbers of the IAC when we bought in 2023. The EBITDA of IAC at that time was INR 90 crores, and now the reported EBITDA is INR 210 crores. We were just trying to show that at that time we purchased at EV multiple of closer to six, and now the EV multiple. So not that grid, the grid next to it. This is just, say, for example, the mathematics of the reported number of LATL standalone as of financial year 2025 and the IAC standalone numbers as of financial year 2025. Here we are trying to say, so we intend to merge IAC India into the Lumax Auto standalone, and if that merger happens, so what will be the position based on my current numbers. Just the comparison of LATL standalone as on today as is basis without IAC merger and post the IAC merger and apples to apples. Okay. Now, for FY 2026, just to draw attention, so your inorganic will have basically the 25% additional acquisition that you did on IAC to flow in FY 2026, and on Greenfuel, which was merged with effect, I think, November. So we will have another eight months of Greenfuel to be reflected in FY 2026. These are the two pending acquisition- led numbers which we saw it, correct? Number one, there is no change from the 75%-100% acquisition in our revenue. We continue to consolidate 100% of revenues of IAC even last year. There is no change. Yes, but there is a PAT after minority where a minority growth. Now that minority doesn't grow up. Yes. So from a top line, no change, but yes, at a PAT after minority interest, that's correct. Greenfuel will be available for eight months for consolidation? Greenfuel was consolidated for four months for the financial year 2025, and for financial year 2026, full 12 months consolidation will be there. Okay. And your inorganic growth will then be a function of whatever order that you have announced which was there on that page, plus whatever is the system level volume growth in the industry for the Auto segments that you cater to, which is basically two-wheeler, four-wheeler, CV, correct? That's correct. We continue to maintain an outlook of, again, 20%-25% growth on the consolidated revenues in line with our 20/20/20/20 theme of growing at a minimum 20% CAGR. You're absolutely right. Certain part of this will come from the full-year advantages, for example, of Greenfuel. Certain things will come from the new product introductions made during FY 2026 from a part of the order book. But there is no new inorganic step which is, as of now, planned for FY 2026. Okay. And my last clarification question is, the calculation of the minority which stands at about 20%-23% today based on the way you have your holdings, once IAC of 25% minority goes off, what will be the new minority calculation that we have to do? So what was 70%, I think 77% basic math, what was 77% profit attributable to Lumax shareholders and 23% minority? What should that mathematics be for FY 2026? If we see the FY 2025 numbers, out of the 23% minority, almost 15%-16% is from IAC only. And of course, since the other JVs are also growing in financial year 26, that number is expected to be around 10%-11% based on our projections as of now. Okay. So 23% minority drops to 10%-11%, correct? Absolutely. Of course, the major part of that being the IAC being converted into a wholly owned subsidiary. Yes, yes, sir. Major part. Okay. Thanks very much. All the best. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, please limit your questions to two per participant. I repeat, please limit your questions to two per participant. If you have further follow-up questions, you may rejoin the queue. We take the next question from the line of Ganesh Ram from Unifi Capital. Please go ahead. Thank you for taking my question and congratulations on the performance. My question relates more to the plan that you've outlined for about 20%, 15% organic, right? So for industry volumes, assuming there's going to be a higher content value from the new models that you just described, my question is, IAC contributed about, I mean, grew about 35%-40% and has been the largest driver of growth for us this year. About 95% of this business caters to Mahindra & Mahindra, right? So my question is, going forward for IAC to continue delivering these sort of numbers, do we have to expand into other OEMs, or is it just going to be a function of product value increase with Mahindra & Mahindra? And if we are expanding into other OEMs, how are those conversations progressing? Is there anything in the pipeline right now with the other OEMs? So thank you for that. I think we continue to maintain that, of course, IAC would perhaps not be growing at the same rate as it has over the past two years. As a part of our next midterm plan, we expect IAC growth to be more in the vicinity of around 10%-15% CAGR. There are two factors for IAC's future growth. Number one, we continue to maintain our wallet share at Mahindra & Mahindra, which is almost close to above 90%-95% for the integrated cockpits and door panels across different models. And we continue to enjoy a healthy order book and be engaged for the forthcoming models as well. The content per vehicle there will continue to grow as long as the premiumization and the soft touch technology continues to be expanded across new models as well. Number two, for IAC, the discussions with other OEMs, namely Tata Motors, namely Maruti Suzuki, have actually been kickstarted two years ago when Lumax came in as a 75% owner, and those discussions are progressing extremely well. We do not have any significant cockpit or door panel, let us say, current orders in hand from these two OEMs, but yes, we are already engaged and we continue to provide parts towards Maruti Suzuki, and we are also in discussions with Tata Motors for their forthcoming models. A combination of both will give us this 10%-15% CAGR for IAC India on a higher base going forward. Okay. If I can just follow up with that particular part, Anmol, see, with Maruti and Tata, when we're trying to capture wallet share, right, how are IAC's products positioned versus peers, right? What is going to tell these OEMs to move from the existing suppliers to us? If you just give us some understanding of what IAC's edge is there, and now that you have 100% of IAC, will the global parent continue to give us that support, or do we have to pay them some royalty in exchange for that support? How is that arrangement? Anmol, can I come in? Yeah. Go ahead. So let me just address these two, three issues around IAC, right? So IAC is almost about first 100% wallet share on basically cockpits, door trims, and other interior things. I think one trend which you've overlooked is the premiumization. I think Mahindra's volume, of course, next year is strong because of the bets coming in and some new platforms. However, the premiumization is also upping the basically value catered to IAC. That's one part. Second, the Tata, the Maruti inroads, it is actually being done through design and both parts selection. So I'm happy to say that in Tata Motors, the one platform which we'll probably get awarded, they're probably going to start also from parts, and it could be a Tier 2 arrangement, but also kind of a Tier 1 arrangement. Maruti Suzuki already is a supplier or the customer to IAC. They're already supplying parts, but now they're actually going on for a whole design program with Maruti Suzuki, so the competitive edge is basically on the engineering front and the premiumization front. Given basically the technology adoption, we are basically having a key agreement with IAC Global, but more so now we have the flexibility to actually make certain other technology arrangements, and we are actually looking for a massive human-machine interface going forward, and the leader in the world is China. We are now having that flexibility to actually have certain arrangements to actually get from Chinese players who are established within the China market, within the BEVs, within the whole premiumization there, and we are actually making a roadmap to do that along with certain of our key OEMs. So I think the leverage and the competitiveness will remain based on the technology. The 100% gives us the flexibility to do that and also the agility to basically do it more independently of that. IAC already has about more than 350 engineers resident in India, Indian engineers working on platforms of our OEMs. So we want to leverage that around it. Also, one aspect is that there is also certain premiumization which is coming into the CV segment. We'll wait and watch that, but maybe another two to three years, we will figure it out. But if that happens, that can basically give additional volume. Understood. That's very clear. I might connect offline just to get some more details around the rest. And one last question before I hop off is, on the inorganic side, I know there's no plans for FY 2026, but there's a 5% delta that you're expecting on the inorganic side, right? So would this tie-up that you're discussing potentially in China, or what kind of acquisition are you looking at, and what kind of size would these acquisitions be? What's the target area for that? Well, I think, I mean, say from an inorganic point of view, we are always looking for acquisitions which are first margin-accretive. Second, it actually is able to have a higher kind of growth trajectory. There are certain trends which the company is already following. It could be on basically light-weighting, could be on plastics, could be on human-machine interface, could be on some other area as well. Export could be another opportunity. So we have not defined basically a target, but those are things which we continue to do this. In the recent Board meeting, we have already launched two SPVs, formed two SPVs as well. So this will help us to basically be more future-ready in acquisition. Once we have more clarity on targets and all, of course, this will be reported. Perfect. Thank you. Thank you. Thank you. We take the next question from the line of Aryan Goyal from Choice Broking. Please go ahead. Hello. Congratulations on such a good set of numbers. Most of my questions have already been answered. Just on the Greenfuel part, the existing share that the Lumax has is 60%, and the company's EBITDA margins are quite good, 22%, which came in this four months. So are we going to increase the share in that in the coming months, or is there any plan? And if not, then what is the reason we are not doing that, if you can explain that? Are you talking about the share in terms of the wallet share, or are you talking about the share of equity? 60% that the Lumax has. So let me comment that. I think we have only recently started this partnership, and it is, as I mentioned, and we have reported before, it is basically a partnership collaboration. We would basically right now maintain it at about 60%. Going forward, we'll see how the partnership basically shapes out. As you saw what happened with IAC, we wanted to continue with 75%. The global scenario seems that kind of a thing, which gives us a lot more flexibility now. But I think Greenfuel is running very well by their promoter manager, Kashyap. And I think right now our effort is to basically get more wallet share and enhance the accelerated revenue growth for Greenfuel. Anyway, the company is basically having the complete consolidation, and then, of course, towards minority. Yeah. And the last quarter, you guided that the full year revenue from the Greenfuel will be around INR 300 crore-350 crore. Is it the same, or the wallet share will increase in that, the revenue part from that? The guidance for FY 2026 of Greenfuel would be continuing to be similar between INR 300 crore-INR 350 crores. Okay. And what is the CapEx plan for FY 2026? And what was the CapEx in FY 2025? If you can give the number. Sure, so the CapEx plan for the consolidated entity would be anywhere around a similar number as FY 2025, around INR 175 crore-INR 200 crores, around that vicinity. As I again, last year, we also spent some amount on land acquisition. And we, again, to fuel our accelerated growth plan, we will continue to probably see if there are strategically more land banks which need to be created across the country. Okay. Thank you. Thank you for my time. Thank you. Thank you. We take the next question from the line of Shashank Kanodia from ICICI Securities. Please go ahead. Yeah. Hi, good afternoon, sir, and congratulations for a great set of numbers. So three questions from my side. First and foremost, sir, this new order book of INR 1,300 crores, this is, to my best of knowledge, an incremental order book, right? So base business is continuing to grow at an organic rate, and plus you have this order book execution over the next three years. Is my understanding correct? So can you come again? It wasn't clear. The INR 1,300 crores is what? It's a new order book, right? So the base case from Maruti is the base case organic growth kind of continues, and plus this is INR 1,300 crores to get executable over the next three years, right? INR 1,300 crores, as I mentioned, is coming over the next three years. The order book is an evolving order book. Every quarter, this order book changes based on new platforms. But this 1,300, as of now, only 26% of it, or INR 335 crores, will come in FY 2026 P&L. Yeah. So this is all incremental sales, right? Apart from the base case business that you're doing, right? That is what I'm trying to understand. So let's say if the Maruti volumes grow 5%, or let's say M&M volumes grow 20%, so your base case will grow 20%, and over and above, you have this INR 335 crore of sales, right? So on an average, there's about 10%-12% replacement model sales, and bulk of this, 88% or so, is incremental sales that will be adding to our overall sales. Understood. Understood. Secondly, sir, how do we look at the debt trajectory for you, given the fact I think you have this accretion to be paid out for this year, INR 220 crores plus INR 200 crores of CapEx as well, as well as your ambition for inorganic growth? So how do we look at the debt trajectory for us? Is there any parameter that you would not like to violate, let's say, in terms of debt to EBITDA or debt to equity that we should be focusing upon? So if we see our long-term debt equity ratio on a consolidated basis, it is closer to 0.5:1. And considering the mostly long-term debt has been there on account of our acquisition financing also. And considering the current repayment plan, which is considered for the current year, and maybe in the next one to two years. So if we do not consider any new acquisition financing, so that equity ratio is more or less in a comfortable zone, and it will continue to decline. So however, considering your next part of that, so we anywhere look around below, say, 0.7-0.8 is to 1, internally, we consider it as a comfortable position on account of long-term debt to equity. Right. Right. So the only suggestion from my side would be in your penetration of growth, we kind of calibrate it through a balance sheet strength as well. That is the last word from my side. Thank you so much. Thank you. Thank you. We take the next question from the line of Sanket Kelaskar from Ashika Stock Broking. Please go ahead. Thank you for the opportunity, sir, and congratulations on good set of numbers. So my first question is on Lumax Mannoh. So this year, we have seen EBITDA has been declined by 3%, and there has been some margin decline as well. So can you please shed some light on that, and what initiatives are we taking in order to improve on that? If we see the Lumax Mannoh as a revenue base, it has more or less remained flat at around INR 360 -odd crores with respect to the previous year. Of course, this is owing to some product mix relating to the automatic shifter and manual transmission shifter, which was there somewhere closer to 75%/25% in favor of MT last year. That has reduced to, say, 85% MT and 15% AT. That has impacted the revenue when it comes to the value part of it. Now, EBITDA margin, of course, yes, EBITDA margin, if we consider the other income, has reduced by almost 80-90 basis points, not the 300 basis points. Still, if we see the reported number for EBITDA for the current year, it is anywhere closer to 16%-16.3%, which was 17%-17.2% last year. Again, this has been due to certain, as I mentioned in the revenue, the product mix of AT and MT, and due to the less content per vehicle because of the higher MT sales. So these are one of two or three reasons that has impacted the EBITDA with respect to the last year. Okay, sir. So my second question is on ADAS. In our presentation, we have mentioned that we are catering to ADAS. So I would like to know, do we have our existing product which are catering to this particular segment, or are we planning on coming up with these products which are catering to ADAS? So for ADAS as well, are we catering to, are we planning for passenger vehicle or commercial vehicle? Because there is one regulation coming on commercial vehicles. So I wanted to know on that front. Currently, our ADAS strategy is based out of the telematics and the connected vehicle system portfolio. As you are aware, that we have launched our telematics products with a major commercial truck manufacturer, and already, there are more than 80,000 sets in the market. The driver management system, the DMS, as we call it in the Commercial Vehicle, is ADAS- compatible, and currently, our company is working on rolling out the POCs for that. Second, in our other joint venture, which is Lumax Alps Alpine in the human-machine interface products, we are actively working on the ADAS system. A pilot batch has been already rolled out to a major two-wheeler manufacturer. Unfortunately, their EV volumes are currently not ramping up, so we don't see the scale, but your company is already aligned on that path to pursue the ADAS objective. Sure, sir. Thank you. And my last question would be on content per vehicle. So how much content per vehicle increase are we looking for in four-wheeler and two-wheeler in FY 2026? If we see our current content per vehicle, it is closer to 70K as of financial year 2025. In terms of the percentage of vehicle, so we are seeing a similar sort of content vehicle, maybe an increase of around 8%-10%, owing to mainly the increase with respect to the Greenfuel numbers, which will come as a 12-month consolidated revenues. Sure, sir. Thank you very much. Thank you. Thank you. We take the next question from the line of Apurva Mehta from A M Investments. Please go ahead. Sir, congratulations on great set of numbers. Sir, just wanted to, most of the questions are answered. We just wanted to know your thoughts on Aftermarket because you were really talking about increasing in a big way. So what are the plans for the next few years, and where do we see this growth coming? So thank you, Apurva. I think Aftermarket, again, FY 2025 was an anomaly. I think whatever plans we had set forth because of certain external conditions in the Aftermarket, specifically not about demand, but more so on liquidity, I think we were not able to rectify that. As was mentioned in the opening address, we've already seen some good, let's say, recovery, specifically in quarter four. And we see that the momentum in quarter one is a very strong momentum, which gives us that confidence that we will be able to deliver on a very strong growth in Aftermarket for FY 2026. Also, we are changing the fundamental strategic focus area. From this year onwards, we're going to be actually spending a lot of resources and a lot of strategic focus on generating demand across different districts and also going to the last mile in terms of the connect with the retail and the mechanics. So I think those are some strategic shifts along with a very strong product development plan. We've also recently engaged an external agency to kind of spearhead and handhold our team to deliver on the full potential of Aftermarket over the next few years. So we're quite bullish on Aftermarket from a long-term perspective, and we are quite positively optimistic that for FY 2026, we should be able to, again, come back and deliver a very handsome growth, maybe upwards of 15% for Aftermarket division. Any new products which you are trying to bring in in the Aftermarket where we can really steer the growth for that? Yes, sir. So just want to update you that there are three very important new product categories which we're going to launch. In Lumax, we are actually present in all the segments: Two-Wheeler, Four-Wheeler, Commercial. So in Two-Wheeler segment, we're going to launch the CDI, starter motors, and RR. So this is the regulator rectifiers. This is a complete range of electrical products which we'll be launching actually the first quarter, which is now next month. So in Two-Wheeler, this is going to be our new product launches. In case of Four-Wheeler, we are looking at launching the suspension system. So we see an opportunity of growth in suspension and in the brake systems. So this will come in the third quarter. So that is the kind of plan for the new product launches. On Alps Alpine, what are your plans? I mean, any new products coming from Alps Alpine or strategically on the information system or on the dashboard side? In this, Apurva, Alps Alpine registered a revenue of around INR 50 crores in FY 2025. It is expected to deliver INR 120 crores in FY 2026. And very clearly, we are set for a INR 500+ crore journey over the next four to five years. The products have been very well identified with our JV partners. These are largely HMI interface products, new kinds of switches and sensors. We are also actively talking to the customers in terms of the display systems with a lot of software integration. Just to give you more comfort on Alps Alpine, there is a 22- product rollout which will be fully functional from Alps Alpine global portfolio by FY 2029 itself. And that will then give us a base for future expansion. Okay. Sir, and one more thing. When we were looking at the standalone numbers, the EBITDA margin, we saw a big drop from which was around 10%, 11%, kind of 12% kind of thing to somewhere around 7%- 8%. Why is there any one-off in this? Yes, Apurva, you are absolutely right. So there are certain one-off expenses were there in the quarter four on account of, say, for example, whatever the Greenfuel, the deal which we did, and certain consultancy expenses with respect to that. So however, for the full year, the reported margin, including the other income, was closer to 11%. But for a single quarter, so there was a decline because of that one-off thing. Can you give me the number? What was their acquisition cost at maybe consulting? It was closer to 2%-2.2% of the standalone revenues. Okay. Okay. Okay. Okay. Great. And thanks. And wish you all the best for future. Thanks. Thank you. Thank you. We will take the last two questions now. The next question is from the line of Shweta from Arihant Capital Markets Limited. Please go ahead. Yeah. Thank you for the opportunity. So my first question is regarding the percentage of current order pipeline. If you could tell me about the percentage of current order pipeline from BEV program, and are you seeing any ramp-up in the content per BEV vehicle compared to ICE counter parts? From the total order book of INR 1,300 crores, the BEV is almost 40% of the total order book. That is close to approximately INR 500 crores from BEV platforms. I think, again, on the BEV, most of our product lines are EV- agnostic, but we do see that because of certain light-weighting trends and premiumization trends, specifically on our interior cockpits and door panels, there is a higher value content per vehicle on theBEV platforms compared to the traditional ICE. Having said that, we also foresee some of these trends continuing in the future ICE models which are yet to be launched. Okay, and can you share some revenue potential about the new BEV Chakan plant over the next two, three years, and whether there are any plan to add capacities for other OEM programs at this location? We recently inaugurated, as was mentioned, the new plant in Chakan for the PEF platforms of Mahindra & Mahindra. Again, the average content per vehicle would be as high as about INR 40,000-INR 45,000 per vehicle for these BEV models. And again, we continue to service them through FY 2026. A significant part of IAC growth for FY 2026 will come from the incremental volumes of these BEV platforms. In terms of capacities, I think we have sufficient capacities to feed the BEV models as well as the other models in Mahindra's Chakan region. There may be some brownfield expansions that we will undergo in the Nashik facility to cater to the forthcoming models in Nashik for Mahindra & Mahindra. Okay. Okay. Thank you so much, sir, for your kind advice. Thank you, and Apurva, thank you. Thank you. We take the last question from the line of Jermin from Ardeko Asset Management. Please go ahead. Thanks for the opportunity. I just wanted to understand one part. When you pursue and target acquisitions, what are typical markers or the milestones that are defined internally for those acquired entities, and how would it fare, I mean, on those markers? If at all, I mean, you can share something qualitative on that. So Deepak, do you want to? Yeah. So you were talking mostly about acquisition targets. Is that what you're saying? The markers for it or the boundaries around that? Yeah. Yeah. So if you see our last two acquisitions, right, I mean, say number one, first and foremost, it is basically very much customer-driven. For example, IAC was basically Mahindra. Greenfuel was mainly Maruti Suzuki. Second, we see that all acquisitions, they're not turnarounds, but profit accretives. Number three, they have potential to have accelerated growth as soon as we come in. And number four, most importantly, that the management is intact, and we then basically come in to see how we can incentivize the management to ensure that there's a better performance. We, of course, are very clear about certain areas where we have already explained an investor relationship, that what are the future trends we are looking at, where we are basically going to invest on capital if we want to achieve an organic. Also, very clearly, we believe in the India growth story, and we are basically looking at assets within India. It could be export-driven. It could be domestic-driven. That doesn't matter, but mostly having manufacturing within India and a scalability process. So these are a few areas. Of course, Amit, when we look at potential targets, whatever are available, then we do definitely do a lot of financial diligence and make sure that the standalone company was not over-leveraged. And we basically make sure that it is profitable assets, adds good value so that we can further unlock value by accelerated growth. So this is our fundamental ethos on acquisitions. Yeah. Sure. Thanks. That's it from my side. Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Mr. Anmol Jain for closing comments. I would like to take this opportunity to thank everyone for joining into the call. 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 Adfactors, our IR and PR advisors. Thank you once again, and have a good day. On behalf of Lumax Auto Technologies Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.