Ladies and gentlemen, good day and welcome to Q1 FY 2026 Investor Conference Call for Minda Corporation Limited, hosted by Mirae Asset Capital Markets. 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. Kripashankar Maurya. Thank you, and over to you, sir. Thank you, Avira. Good evening, everyone. On behalf of Mirae Asset Capital Markets, I would like to welcome you all to Q1 FY 2026 Earnings Conference Call of Minda Corporation Limited. Today, we have with us from the management team, Mr. Aakash Minda, Executive Director; Mr. Vinod Raheja, Group CFO; Mr. Ajay Agarwal, President, Finance and Strategy; and Mr. Nitin Jalan, Head of Investor Relations. I would like to thank management for giving us the opportunity. I will now hand over the call to the management for your opening remarks, post which we will open the floor for the Q&A. Over to you, sir. Good afternoon. This is Aakash Minda this side, and thank you very much, Mirae Asset Capital, and Mr. Kripashankar Maurya for organizing this call for Quarter One Financial Numbers for Minda Corporation Limited. Thank you. Good afternoon, everyone, and welcome to the Quarter One Financial Year 2026 Earnings Conference Call for Minda Corporation Limited. I hope you are all doing well. It is a pleasure to connect with you today and present our performance for the quarter, along with the key developments across the businesses. I trust you have reviewed our Quarter One Financial Year 2026 earnings presentation, which is also available on our website and with the stock exchanges. I will begin with an overview of the industry landscape and then dive into our company's performance for the quarter. The first quarter for the year continued to showcase an uneven recovery across India's auto sector, while production segments showed promising traction. Others were muted due to cyclical pressures. The two-wheeler industry witnessed a soft growth in production volumes of about 0.7%, reflecting ongoing pressure. Passenger vehicles' production volume grew marginally by about 3.4%, with utility vehicles continuing to drive the demand. The commercial vehicle segment remained largely flat, with a modest growth of 2.6%. Overall, the automobile industry recorded a year-on-year growth of about 1.9% in Quarter One FY 2026, despite cautious market sentiment and subdued demand, particularly in urban and entry-level segments, where volume growth remained stagnant. This growth was primarily driven by strong export volumes, while domestic consumption declined on a year-on-year basis. Looking ahead, the automotive segment remains cautiously optimistic. A gradual recovery is anticipated over the coming quarters, supported by the upcoming festive season and a likely improvement in rural incomes following a favorable monsoon. Now, reflecting on the company performance, Minda Corporation continued to strengthen its market position in Quarter One FY 2026. The company surpassed consensus estimates, delivering its highest-ever quarterly revenue of INR 1,386 crores, a growth of 16% on a year-on-year basis. The company reported its highest-ever EBITDA of INR 156 crores, with a growth of 19% on a year-on-year basis, along with a margin of 11.3% EBITDA margin, demonstrating strong operational execution and the effectiveness of our various strategic initiatives. The profit before tax for the quarter stood at INR 71 crores, with a PBT margin of 5.1%. This was impacted by higher financial costs arising from our investments and strategic partnership with Flash Electronics, as well as increased depreciation due to investments in capacity expansion and technology upgrades. These strategic investments are expected to drive accelerated growth in the future. Profit after tax for the quarter was INR 65 crores, with a tax margin of 4.7%. This highlights our commitment to drive sustainable growth while maintaining profitability in a challenging macroeconomic environment. Across all business segments, we have outperformed industry clients with notable success in the wiring harness division, where we have expanded our share of business with existing customers and secured new contracts. The commercial vehicle segment also shows strong growth for us, driven by increased volumes and acquisition of new customers. Additionally, for our other product lines, including the EV segment, we saw impressive growth of around 30% this quarter. On Flash Electronics, the associate company reported revenue from operations of INR 376 crores and EBITDA of INR 59 crores, translating to an EBITDA margin of 15.8%. That stood at INR 21 crores, 49% of which is about INR 11 crores, was recognized in Minda Corporation's financials as share of profit from associates in this quarter. Despite global macroeconomic challenges, our exports have supported steady single-digit growth. Minda Corporation has minimal exposure to the US market, with less than 2% of its revenue or below than INR 100 crores coming from the USA market. We have evaluated the situation with our customers, and there have been no changes in existing and future orders. Our strategic initiatives continue to drive growth and enhance our competitiveness in Quarter One FY 2026, and I would like to share some of the highlights. We closed the quarter with a strong order book exceeding INR 1,300 crores, with over 30% of the new orders coming from new energy vehicles. This highlights our increasing traction in the new energy vehicle space, which continues to be our strategic focus area. During the quarter, the company received INR 105 crores from the promoter entity for the issue of share warrants. The amount received has been utilized for the repayment of existing debt. We filed six new patents during the quarter, taking our total portfolio to over INR 110 crores, further strengthening our leadership in automotive innovation and technology. Further in line with our strategic vision, Minda Corporation has also acquired 32 acres of land in Aurangabad, Maharashtra, for future expansion. We continue to focus on partnerships, and we advanced our manufacturing footprint through strategic capacity expansion and inorganic initiatives. During the quarter, Minda Corporation entered into a joint venture with Toyo Denso Corporation Limited of Japan, in which Minda Corporation holds 60%. The partnership is aimed at developing and manufacturing advanced automotive switches and control systems at the new state-of-the-art facility in Noida. This initiative reinforces Minda Corporation's commitment to building local technological capabilities and enhancing product value. The joint venture has already secured significant orders from a leading two-wheeler OEM. We remain committed to executing our strategic priorities, with continued focus on enhancing our system solutions offering, strengthening customer relationships, and investing in new technologies. Our emphasis on operational excellence will also play a critical role in driving growth in FY 2026 and beyond. We are committed to expanding our presence in the EV market, advancing our R&D capabilities, and building strategic partnerships. Now, I will move to the presentation and run you through the presentation, which is uploaded online. I request you to start from page three, which shows Minda Corporation at a glance. In FY 2025, the group achieved a revenue of about INR 7,500 crores, and in FY 2025, INR 5,056 crores came from the Minda Corporation listed entity. We have 32 plants, more than 18,000 people, six product lines, and various partnerships. Moving on to the next slide, which shows the industry automotive performance. I've already shared that if I look at on the right side, which is the year-on-year growth, the tractors grew about 13%, commercial vehicles grew about 2.6%, three-wheelers about 10%, passenger vehicles about 3.4%, and two-wheeler was muted to about 0.7%, overall giving a growth of about 2% only. Moving to the next slide, which shows the Quarter One business performance key strategic developments. The revenue grew by about 16.2% year-on-year, despite various challenges. EBITDA margin stood at 11.3% for the quarter, with growth of 23 basis points on a year-on-year basis. Total lifetime order booked was INR 1,300 crores, with EV constituting more than 30%. Signed a joint venture agreement with Toyo Denso of Japan, which I will explain in the next slides. We filed six patents, and we also formed a strategic partnership with Qualcomm of USA for developing smart cockpit solutions. Moving to the next slide, which shows the details about the strategic joint venture with Toyo Denso Corporation of Japan. On the right side, you can see Minda Corporation will own 60%, and Toyo Denso will invest 40%. On the right side are the switches for two-wheelers and four-wheelers for the entire Indian automotive industry. On the left side of the bottom, I would like to share, we foresee a growth in terms of the values opportunity and the technology in this product line going forward. The joint venture has already secured significant large orders from one of the largest two-wheeler OEMs in India, and which will be profitable from the first year of commencement. The operations are expected to start in Quarter Two FY 2027. Initially, the total investment is around INR 150 crores, and we will hold majority. The strategic partnership with Flash Electronics, which shows the financials of the Flash Electronics. On the right side, the revenue from operations stood at INR 376 crores. The EBITDA was INR 59 crores at 15.8%, which is a growth of about 10.2%. The PAT margin stood at INR 21 crores, which is 5.7%. Moving on to the next slide, which shows the Minda Corporation's performance. The revenue grew by 16.2% from INR 1,192 crores to INR 1,386 crores. EBITDA grew from INR 132 crores to INR 156 crores, from 11.1% to 11.3%, marking a growth of 19% on the value basis and 23 basis points. That has grown from INR 64 crores to INR 65 crores. Moving on to the next segment, next slide, which shows our business vertical-wise performance. The mechatronics and aftermarket grew from INR 575 crores to INR 650 crores, marking a growth of 13%. There was a strong demand from our two-wheeler products that we had launched recently. ASEAN market, which is Indonesia and Vietnam, showed flat growth. Diecasting facilities are starting to commence manufacturing plants now. On the right side, which is the information and connected systems, which is the wiring harness and instrument cluster business, grew from INR 617 crores to INR 736 crores, marking a 19% jump. Wiring harness division has achieved significant orders from India and exports, growing our market presence. The cluster division has also launched various new TFT clusters. Moving on to the next slide, which shows the revenue breakup by products, geography, and end market. Wiring harness continues to be about 30% of the revenue. Vehicle access products are about 23%. Die-casting is about 15%. Instrument clusters and sensors are about 15%. Others contribute 17%, which includes our interior plastic division, starter motor division, electric vehicle mobility product lines, various electric products like shark fin antenna, wireless chargers, etc. By geography, India continues to be the major revenue share, which is about 89%. Indonesia and Vietnam continue to be about 5%, and direct exports are about 6-7%. By end market, two-wheelers and three-wheelers are about 47%. Commercial vehicles are about 28%. Passenger vehicles are about 15%, and aftermarket is again about 9%-10%. Moving to the next slide, which shows our investments into the new capacities and new plants which are coming across India. From the left top, you will see our diecasting fifth plant, which is coming up. There was a greenfield expansion in our starter motor alternator division because of the exports business that we have received. On the top right, you will see the diecasting Greater Noida coming up. On the bottom left is our new and latest facility coming for the instrument clusters division. In the middle bottom is the new joint venture facility for the Spark Minda Toyo Denso Private Limited. On the right side is the components division expansion for our localization of the connectors and systems for the wiring harness division. Now I will move and summarize to the ESG slides, which are standards slides which we always share in our journey to become an ESG-compliant company, and we are reducing our ESG by 42% by 2030 is our target. In the next slide, we'll show some of the awards that we have won from our customers, and the last slide where we will show some of the awards that we have received from various organization events that we participate and we continue to give back to the society. With this, I would like to conclude my presentation and open the floor for questions. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Raghunandan from Nuvama Research. Please go ahead. Congratulations, Sir. For stellar numbers, good to see a strong beat versus the industry performance. Trying to understand the outperformance better, starting with the others category where you have multiple parts like EV parts, sensors, etc. If you can indicate how much was the growth in the others category where the share has increased to 19% of revenue? Within that, which product categories have grown? And do you see this growth being sustainable? Yeah, hi Raghunandan. Thank you very much. So the other categories include the products like our starter motor division, which is primarily for the off-road vehicle. It also includes our interior plastic division, which is making kinematic parts like center consoles, air vents, under bonnet parts, etc. This also includes our Spark Minda Green Mobility, which is making EV power electronics products like DC-DC converters, battery chargers, and other power electronics, which is infrastructure charging. It also includes other electronic products like shark fin antenna, wireless chargers, adaptive solutions, etc. So these are the products that are covered under the other related segments. And while we have won the orders in the last few quarters and years, now we are seeing many products which are coming into the start of production with the new vehicle launches. So the premiumization of the products that we have been always sharing, as well as increasing the kit value of the products by launching new products, is falling under this category, which are now seen and coming to life. Got it, sir. So given that the orders are now getting executed, the run rate in this category, which is closer to, I think, INR 240, INR 250 crores, so you think that is sustainable going forward? Yes. As we are further deepening into the more and more electronics and EV systems, yes, this is the run rate that we expect. Got it, sir. And the second question was on the wiring harness division. You referred to an increase in share of business with existing customers. If you can elaborate a little bit on that, in which segments you are gaining market share? Does it also include a higher share of business in EVs? And how is the share of EV within the wiring harness division? Yes. So we are primarily into the non-four-wheeler segments because our joint venture, Furukawa, is into the Japanese four-wheeler OEMs. So this focuses for us, Minda Corporation focuses on gaining a share of business in the existing or the larger two-wheeler OEMs, which are again in the north as well as west and south. So that is one increasing in the share of business. Number two, of course, we have started getting businesses in the past one year from the EV two-wheeler OEMs as well as three-wheeler OEMs. Thirdly, the commercial vehicle space is in the last quarter or this quarter has also picked up pace. So that where also we are seeing a good pickup in volumes as well, which was subdued in the whole of last year. How much would be EV, sir, in this division? At the group level, we are somewhere about 5%-6%. I will have to exactly get back in this particular division. Thank you, Sir. My third question was on the cluster space. You indicated that on the TFT side, there have been launches, and that has supported, and clusters is also a play on premiumization with digital clusters. If you can talk a little bit about what is helping the growth, new product segments, and are you seeing that share of digital cluster increasing in the overall segment? Yes. So as you know, the instrument cluster is going through a premiumization phase. So let's say in a two-wheeler, there was typically about an instrument cluster for about INR 700, INR 800. And now with the TFT coming in, the prices are literally going three to four times. And with that respect, we have been only winning orders in the past few quarters. And now we are coming with the startup production or the new product launches that are happening for the Indian market as well as exports. So that is where we are seeing premiumization. So of course, the kit value increase is happening or the annual selling price is increasing. And also the new product launches for our customers are happening, whether in EV or as well as in ICE segment, where we are seeing the uptake happen. And also, of course, you can see commercial vehicle segments are seeing more and more TFT clusters, which are much larger in nature from the Auto Expo and now you can see all in mass production. And our entry into the four-wheeler large TFT cluster space as well. Good to hear that, sir, and on the order book of INR 1,300 crore plus, lifetime order book, can you provide some detail across which segments or product this order book is? Would it also include Toyo Denso order? No, this does not include Toyo Denso order. Number two, these are businesses for the products across our divisions: wiring harness, our TFT clusters, electronics, EV, vehicle access space, as well as domestic and exports. So they are spread across our segments and products, Raghunandan. May I request you come back in line if you don't mind, please? Yes, yes. Thank you. I'll come back in the line. And thank you so much, and wishing you all the best. Thank you. Thank you. The next question is from the line of Jay Kale from Elara Capital. Please go ahead. Yeah, good afternoon. Thanks for taking my question and congratulations on our strong outperformance result. My first question is regarding your Snapdragon collaboration. If you could just a little bit elaborate on what is the scope of this collaboration, what is your role in this, and how will this collaboration work? You will provide what components and what will be assimilated by Snapdragon? If you can just throw some light and also the timeline of the startup production of this collaboration. Yeah, hi, Jay. So, Jay, we are partnered up with Qualcomm as a software and a chip manufacturer. So that is what they will give in terms of the backend solution. We are already pitching these products and incorporating their products and technologies for quite some time in our system solution offering to various customers. And now that particularly on the particular chipsets, we are winning orders from the four-wheeler, and they are developing a couple of the softwares and chips for us from the two-wheeler perspective in the cockpit domain controller space. So we are working with them on various capacities. I will not be able to share a lot of things here, but yeah, they are supporting our team from the software and the chip side. Okay, that's great to hear. And any broad indication of what kind of kit value you would be able to provide? How does it compare to your existing kit value? Yeah, see, so the kit value, particularly in this space, is from the cockpit domain controller as well as the cockpit electronics. So this includes from the displays to the silver box to various heads-up display and other things all coming together. So I mean, the kit value in a four-wheeler can even go up to INR 50,000-INR 1,000,000 depending on the configuration. But if I break down the components, there are different kit values in that space. So it's a very large spread, I would say, particularly with respect to the cockpit electronics, depending on the configuration with the four-wheeler OEM. This will largely be for the EV customers, or this scope is also for ICE models as well? It is across customers and across segments, whether it's a two-wheeler or a four-wheeler or a commercial vehicle. Understood. And also second on your wiring harness as well as your CV revenue contribution. Now, we're seeing that your CV revenue growth on a YOY basis seems to have outperformed your other segments' revenue growth. And of course, your wiring harness has outperformed. So are you seeing very strong traction on the market shares or share of business from the CV customers on wiring harness? Because earlier, the localization was an impediment for us to gain incremental share in wiring harness. Where are we in that trajectory? Have we kind of solved that problem and hence we are gaining incremental share? And as an extension of that, does that mean that the profitability of the wiring harness division would have also meaningfully increased now? Jay, I think you've answered all the questions yourself. So it made my work easier. But over the last few quarters, if I may say, we've been working on various aspects. So we, of course, coming from a low single-digit EBITDA, our focus was, A, improve ourselves as an organization. We consolidated our plants in the past few quarters. You've seen we've tried to get economies of scale from larger plants rather than running multiple small plants. Number two is, of course, we've invested a lot in our component division for localization. And now our complete requirements of the connectors and systems is catered by our own Minda Corporation division by about 15%-16%, which has come down very, very significantly from 5% in about three to four years before. Number three, we are continuously looking at enhancing our revenue model, which includes domestic plus exports and areas and segments where we are stronger when it comes to the two-wheelers, three-wheelers, commercial vehicles, and of course, tractors. So now with the regulatory changes, whether it's TREM 4, TREM 5, which is upcoming in tractors, or with the more and more penetration of the features coming into the commercial vehicles, as well as in the EV segment, the kit value increases. And in the conventional low-voltage two-wheeler business, we have gained some share of business across the customers also. So there have been multiple factors on the quality of revenue, what we've been sharing, the quality of earnings, and the quality of the products that we have been offering to our customers. Of course, we have, in this respect, if you remember, we have signed up a TLA with a Chinese company called Sanco, which is helping us now develop our local connectors and charging guns and bus bars, etc., which we've already won businesses and offering to the EV clients across segments, so all of this in the last few years, the few quarters, and of course, more to come is combining into what we can see is a good performance for wiring harness division. Great. Heartening to know. And just one last question, if I may. Sorry to interrupt. Mr. Jay, may we request you return to the question queue for a follow-up? Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Jyoti Singh from Arihant Capital Markets Limited. Please go ahead. Yeah, thank you for the opportunity and the invitation conversation and the good set number. Sorry to interrupt, Ms. Jyoti. May we request you use a handset to ask a question? Yeah, I'm using handset now. Hello. Yes, please go ahead. Yeah. So just wanted to ask, on the ASEAN region, growth was flat. So what challenges we are facing there? And what's your strategy to revive momentum? And another on the die-casting capacity expansion at Greater Noida and Pune is already utilized, and when do you expect full ramp-up on that side? Yeah, so hi Jyoti. Yeah, hi Jyoti. So on the ASEAN, we are seeing in terms of particularly Vietnam and Indonesia, they have been flat for us over the last one year or so. Again, the overall market is dominated by one or two large players, and continuously, we are seeing that the industry itself is flat. Number two is what we are doing going forward is we are again entering into the new and new customers in Indonesia and Vietnam and across Thailand and other customers. Number two is also we are planning to export out of that location to other parts of the world, which is going to help us grow in the ASEAN region and hopefully come out of the steady and the flat growth that we've been having. Number two, when it comes to the die-casting business that you asked, currently our die-casting capacities are to the tune of somewhere about 85%-90%. And the order book that we are having in place for exports as well as domestic, we are coming up with two facilities, which is our fourth and the fifth plant in the north as well as the west region, which will cater primarily to the export market. And the north will have high-tonnage machines for the HPDC products as well as for the EV castings and castings that are required for the EV products, where we've already won orders over the last few quarters in the EV motors, battery casings, etc. So that is why we are coming up with the new capacities in die-casting. Okay, thank you. So just one more question on the CapEx side. What's the plan for 26 and how much will be allocated to EV versus traditional product lines? Yeah. So while I have that answer, but I'll request my colleague Vinod if you could take up that question, please. Yeah, in FY 2026, we expect a CapEx of about 350-375 CR. And it will be sort of in range like we have been doing in the last year. And the CapEx on new facilities that we talked about a bit earlier would be spread over two financial years. Okay, thank you, sir. Thank you. The next question is from the line of Mitul Shah from DAM Capital Advisors. Please go ahead. Thank you for the opportunity and congratulations for strong performance all around. My question is on Flash financials for Q1. It seems there is a meaningful margin improvement and also top line. Can you highlight what are the factors driving this in this situation? Is the raw material side benefit is coming or operating leverage? And how are these key numbers comparable Q1 2025? Yeah, so hi Mitul. From the sales perspective on the quarter-year-on-year basis, the revenue has grown from INR 330 crores to INR 376 crores, which is about a 14% jump. On the EBITDA side, they have grown from INR 54 crores to INR 59 crores, which is about 10.5, 11% jump. And Vinod, maybe you would like to highlight that some of the initiatives that we have taken or the Flash Electronics management has taken for the such numbers. Of course, there were subdued challenges due to the magnet issues. Of course, our revenue of Flash Electronics revenue could have been higher, but due to the magnet challenges, we lost some sales there. So Vinod, over to you, please. Yeah. First of all, the increase in EBITDA margin was also a result of a sharp increase in the export revenues of Flash, where, of course, the margins are better. Then apart from that, we were able to get productivity gains in utility costs and other things also, which helped us improve the EBITDA margin over the same period last year. And the export revenues that I just talked about are not just one-time phenomena. It is the execution of orders that were done, say, about a year back or so. And while I say this, EV as a percentage of total revenue in the FY 2025 was 23%. And in this quarter also, I think it was almost the same at about 23% itself. Thank you, Vinod. So looking ahead in the next two, three quarters, how do you see this revenue growth would be double-digit or on a sequential basis, considering again global challenges on the EV front in terms of rare earth magnet and all? So Mitul, yes, there will be some challenges when it comes to the next quarter two or quarter three. But hopefully, by the end of the year, we will start seeing some positive, particularly from the EV perspective. But from the ICE engine-related products and other related technologies, we continue to see the momentum. So overall, the growth is expected to be in low double digits. Thanks and all the best. Thank you. Thank you. Participants who wish to ask questions may press star and one at this time. The next question is from the line of Sridhar K from Axis Securities. Please go ahead. Thank you for the opportunity. Congratulations on the outperformance. Akash sir, firstly, I'd just like to understand, other than the other segment which you had briefly detailed from the first question regarding the performance YOY basis, is there any other reason, any other segments because of which we were able to outperform the industry by a huge margin? Or was there any new OEM that we had onboarded, or was there an increase in wallet share regarding the outperformance reasons? Yeah, so there are multiple factors, Sridhar. And again, thanks for your question. I mean, again, multiple factors come into play. So while our exports have been largely flattish, the domestic has seen higher growth. And of course, the first reason is the kit value increase by either increasing of the premiumization of the products like the TFT clusters or keyless solutions or the wiring harness, or the addition of new products from the other category like the electronics or EV, etc. The second is, of course, the new product launches which are coming in through the SOPs that have happened or the new launches from the OEMs that are coming into aspect. And third is, yes, we have gained some market share in a couple of products and a couple of customers. Fourth is our product lines where we have been able to come up with some specific related special technologies like a cockpit or all those things which are of a higher kit value are helping us grow this as well. Understood, and in the wiring harness business, like in earlier phone calls, you had mentioned that lightweighting is one of the key factors that you all are looking for, especially in the electric vehicle segment. Anything on the optical fiber-based wiring harness that we are developing? No. So far, cable-related technologies, currently, we are dependent on our business partners or supplier partners. And whatever the customer asks us, we are, of course, working collaboratively with them. But as of now, on the optical fiber, we are not seeing a lot of penetration, maybe in a segment here or there, but not too much. All right. Do you see any technological transition in coming five years, ten years down the line because optical fiber is being extremely lightweight than the traditional wiring business that we are into? So, Sridhar, there are various technologies which are coming up in wiring harness. I mean, there are multiple components to it. So one is, of course, the cables itself, whether they are flat cables or aluminum cables for lightweighting or etc. Again, from the connection systems, there are high-voltage cables, obviously. On the connection systems, there are with the EVs and other production technologies which are getting more complex. There are a lot of bus bars, charging guns, high-voltage connectors, hydrogen system connectors, and of course, electronic data system connectors which are coming in. So a lot of things are technology is changing over the course of time, which is going to increase the kit value across wiring harness everywhere. Understood. And lastly, so just one clarification on the magnet side of business of Flash Electronics, where I believe we basically procure HRE magnets, but due to the disruption in supply chain, how ready are we with the LRE magnets? And is there any possibility of commercial production with the usage of LRE magnets and supplying them to the OEMs? So maybe I'll answer the question that Flash has been working on a magnetless motor for across segments from the Poland tech center as well as in India for the last one year and plus. And we have already taken them to various customers of Flash as well as Minda. So hopefully, we should look at converting some of these businesses very soon. We're in advanced discussion with various customers. So yes, the magnetless motors organically and inorganically are something that we're working on. Okay. Thank you. Thank you so much. All the best. Thank you. Thank you. The next question is from the line of Raghunandan from Nuvama Research. Please go ahead. Thank you, sir, for the opportunity again. Sir, on Toyo Denso, where you are investing INR 150 crore, and also you indicated that there are orders and the venture will be profitable from first year. If you can give some timeline on the completion of the facility and ramp-up by FY 2027, 2028, how do you see that facility ramping up? And on a INR 150 crore investment, what can be the revenue potential? Yeah. So again, we have won businesses from one of the large Tier-1 OEMs. We are, of course, under advanced discussions for other OEMs also as the industry needs this particular product and good players in this. So that's one. Number two, we expect the production to commence in quarter four of FY 2027. I think I already mentioned quarter two, but it's quarter four of FY 2027. So about a year and a half or 18 months from here on. And the ramp-up is going to happen from the, let's say, first year, FY 2028. So we expect the orders that we've already got, let's say, with this product line, we can typically say an FATR of about two and a half to three times. With that helping up in, let's say, FY 2029, we'll get the full ramp-up, which is a typical automotive trend. Got it, sir. Thank you so much for this. And one of your earlier ventures on the sunroof part also, if you can give some update as to how the progress is happening and by when we can start seeing revenues from that segment? Yeah, Raghunandan. So yeah, I mean, we continue to engage with customers. We are, again, very closely working with various and many of them. Hopefully, we should convert something very soon when it comes to sunroof. We are in the bidders' list of all the customers that are there. But when it comes to the other product lines that are part of the joint venture, such as the power tailgate, that's something that can be done fairly quickly. So it's a matter of time when we are working with something with a couple of customers. So we create the indigenized product offering by Spark Minda Group. And of course, currently, we have not made any investments, so to say, because whatever comes out of this can be done from the existing facilities that are already upcoming. So we're working in that respect. So once we win the order, that is when we will start the investment into the equipment, etc. And to the tune of the ratio of 50/50 of the joint venture that we have with the Taiwanese company. Got it, sir. Thank you so much. I'll fall back to the queue. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Kripashankar Maurya from Mirae Asset Capital Markets. Please go ahead. Yeah, hi. Thank you for taking the question. Sir, on the collaboration with Qualcomm on smart cockpit solutions, just want to understand how this will help to expand our product or increase in content or segment expansion. If you can throw some light on this collaboration, it would be very helpful. Yes. So Kripashankar, again, Qualcomm is a complete system solutions provider when it comes to the chip and the software part of it. They are deeply engaged in the global ecosystem of cockpit electronics. And they are also very deeply knitted to the OEMs in India. So while they work closely with them and having them partnered with the tier one like Spark Minda, we are now part of the ecosystem when they are engaging with their OEMs or our OEMs as partners, all three partners. Number one. Number two, as I mentioned earlier in the call, that this is more on the backend side where the hardware solutions and the complete system solutions come from Minda Corporation. And Qualcomm gives us the supports us in the software and the chip side. And this is across segments of whether it's four-wheeler, commercial vehicle, etc., largely so when it comes to the cockpit domain controller or the complete architecture of the vehicle. When it comes to the standalone TFT cluster, etc., which is where Minda Corporation does on our own. So when we are now venturing into the complete advanced cockpit electronics, that is where their expertise and our expertise come together to create value. So will this increase the content value for the product or whatever we are supplying currently? So just want to understand from that perspective. So this is not particularly for increasing the content, but yes, with them coming on board, it gives more power and more strength to our system offering that we have and helps us collaborate with other technologies and products to offer a system solution. So directly, maybe not, but indirectly, yes, it helps us grow our product portfolio with the complete architecture that they bring in. Okay. Got it. Got it. And on the second question, on the other segment, what we have, so we have seen very good growth. Just want to understand your thought and key. What could be the year-end target we are expecting or what quantum growth we are expecting for FY 2026 from this particular segment? If you can throw some light. Yeah. So again, this will continue to be in the range of what we are currently showing about 15%-17% because the other segments also continue to grow. But this segment, as I mentioned, constitutes of our interior plastics division, our starter and alternator division, which is gaining traction for the exports, for the off-road. Number three is on the electric vehicle mobility, which is the power electronics. So some of them are coming in new launches like DC-DC converters, battery chargers, infrastructure chargers, etc., and other electronics like shark fin antenna where we have got a couple of new orders from various Japanese as well as Indian OEMs. So all these things combined to be in that way. Of course, they have to start bringing economies of scale while over the next few quarters we ramp up. Okay. Okay. Thank you. That's it from my side. Thank you very much. Thank you. Thank you. Participants who wish to ask questions may press star and one at this time. As there are no further questions, I would now like to hand the conference over to the management for closing comments. So once again, thank you very much. At Minda Corporation, we remain committed to execute our strategic priorities with continued focus on enhancing our system solutions offering, strengthening customer relationships, and investing in new technologies. Our emphasis on operational excellence will also play a critical role in the FY 2026 and the years to come. I would like to thank everybody for joining this call. And I would like to also assure the capital allocation and the growth that we focus on in terms of the top line and bottom line is always focused on our sustainable and consistent growth, which we have always committed to our shareholders and investors. So once again, thank you very much for joining this call and looking forward. Thank you. Thank you. On behalf of Mirae Asset Capital Markets, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.