Ladies and gentlemen, good day and welcome to the Q3 FY 2026 result conference call, hosted by Motherson Sumi Wiring India Limited. 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 call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. V.C. Sehgal from Motherson Sumi Wiring India Limited. Thank you, and over to you, Mr. Sehgal. Thank you. Good evening, ladies and gentlemen, and thank you for joining us today. I'd like to introduce the people on the call. We have Pankaj Mital, we have Anurag Gahlot, we have Gulshan Pahuja, we have Lakshman Sehgal, and myself on the call. I warmly welcome you to the Motherson Sumi Wiring India results call for the third quarter of FY 2026. I appreciate your continued interest and confidence in MSWIL. The quarter has been marked by a mixed operating environment. While the Indian automotive industry demonstrated a very healthy growth, we also witnessed sustained upward pressure on commodity prices, particularly copper. Against this backdrop, I am pleased to all share that MSWIL has delivered a strong, resilient performance, reflecting the robustness of our business model and the disciplined execution of our teams. During the quarter 3 financial year 2026, MSWIL reported a healthy year-on-year growth in revenues, EBITDA, and profitability. With both reported and ex-greenfield operations showing steady progress. Our greenfield investments are strategic and position MSWIL well to support the future growth across ICE, EV, and hybrid platforms. The increased contribution from these facilities will further strengthen our scale and competitiveness over the medium to long term. I'm also pleased to highlight that MSWIL continues to maintain a debt-free status, supported by a strong cash flow generation and proven capital management. Our performance remains on deepening customer relationships, increasing content per car, and supporting OEMs as they transition over the powertrain technologies. With that, I now hand it over to Pankaj, Anurag and Gulshan, who will be happy to address any questions that you may have. Thank you, and over to you. Operator? Yes, thank you very much. We'll now begin with the question and answer session. Participants who wish to ask questions may press star and one on your touchtone 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and one. First question is from Gunjan, from Bank of America. Please go ahead. Yeah, hi, thanks for taking my questions. My first question is on the copper inflation that has affected the margins in this quarter. Can you just refresh as to what is the overall exposure, you know, in terms of copper, how big it is in terms of either RM or net sales? And what is the typical contractual agreement with the customer OEMs in terms of pass-throughs? Thank you. Pankaj and Anurag, either of you can... This copper has given a total impact of approximately around 1.9%-2% at this moment. We have back-to-back arrangement contract with the customers for these arrangements that it will be by a quarter lag or in some cases, a six-month lag. I hope that answers your question, Gunjan, because the money will come before the end of the financial year, but it only affects the time lag. Got it. Just a follow-up, I mean, you quantified the impact in this quarter, but the commodities continued to go up, right? I mean, copper has continued to go up. So is it fair to say that there is a similar sort of impact, which we can see in quarter four as well? And I'm just trying to understand how much of the inflation is already factored in this quarter and how much more to go? You know, a little bit more color on that. Anurag? So when the copper prices will be an upward trend, there is an impact, which is there on the temporary basis. But we all... We have a pass-through arrangement with our customers. So whenever it gets increases, we always get compensated. So in terms of inflationary, we don't have a control on the increasing copper prices. Having said so, whenever it is on an increasing trend, our discussions with the customer getting progressive at a fast pace also, that there should be a minimum impact which needs to be the same. But there are certain customer where we getting adjusted on a quarterly or a half yearly basis, so lag will remain, but we will, but the discussions with the customer, how to minimize that, so that we can consider the inflationary which is going right now as per the current market scenario. Got it. And my second question is on this, the new plant, the new startup, plants, which, you know, you had all these, programs which you've spelled out in one of the slides, that there have been some delays, on these, programs, and some of them are, I think, EV programs. Can you give some color on when do we expect those programs to come on stream? And how should we think about the, you know, utilization ramp up of the new plants? I can tell you that for the EV powertrain, you can see that in the month, one of the project of EV that is the volumes are gearing up right now in Q4. And the other location is in Pune, where the EV powertrain one model is launched in early this year. And this is again the volumes are still ramping up onto those as suggested by the customer their RFQs. But we have to watch it carefully and because as the They are not going to ramp up as the volume has been you know suggested in the first place. But slowly we are seeing that there is an improvement in that. Okay. Got it. Thank you. I join back with you. Thank you. The next question is from Siddhartha Bera from Nomura. Please go ahead. Yeah. Thanks for the opportunity, sir. So first question on the growth side. So, in the last few quarters, with the industry growing at 4%-5%, we have been growing at close to mid-teens. But now with the industry growth picking up meaningfully, and given the copper price, which also sort of benefits your revenues as it is a pass-through, is there anything else which is sort of maybe dragging down the growth to some extent, given the strong industry momentum? If you can sort of talk about something there. I think, this particular thing refers to just the time lag, really. You know, second quarter, third quarter, second quarter, we had the Diwali and all these other particular thing and the announcement by the government. But I'd let, Anurag answer that question or Pankaj to help it, if necessary. I would say that there is nothing else which we can think of, but the newer models getting launched, the volumes have come up, of course, with the reduction in VAT, and therefore we see higher revenues as well. The entire impact of copper, as my colleagues already explained, has not been factored in the revenue, but it is in the cost. Understood. Understood. Second question is on this greenfield plants. Again, I think, if I look at the revenue ramp up, they are probably reaching maybe close to the 50% utilization levels, and, the EBITDA losses also, haven't gone down meaningfully. So when should we expect, probably an EBITDA breakeven? At what utilization level do you think, we can achieve, the breakeven at the EBITDA level at least? So as the volumes of the customers are ramping up, I think we have also mentioned in our presentation that in some cases the ramp up has been slower than expected. In some cases it had been deferred. So we believe that in the coming quarters, step by step, it will continue to improve. Already the performance is improving as the volumes have kicked in. And you know, before the start, we have to put all the costs. So we try to build that up, and they will continue to taper down. And in the next, I think 2-3 quarters, we should see these ramp ups reaching the right levels also. Got it. The last question is on the cost impact, which you highlighted of about close to 200 basis points in the quarter. So if you look at the greenfield margins, which are at 11.3%, that also will be impacted by this copper. Is it the right assumption? Yeah. Yes, it's the right assumption, because copper is all across. Okay. Okay, so even there as well, we should see improvement as these get passed on to the customers over the period? Right. Okay. Yeah, actually, I don't think anybody in this particular thing can, in the kind of scenario, you know, you have the rupee devaluation also and, you have the price increases also. So definitely it's, we've not seen anywhere resistance from the customer. They are very much helpful to make sure that, we are maintaining this particular facility. Got it. Right, Pankaj? That's right. So it has always been, it's a contractual understanding between us and the customers for this product. Got it. Lastly, on the CapEx side, if you can just highlight what is the CapEx plan for this year and next year, if possible? Just, go ahead. Go ahead, Gulshan. Sorry, sir. So for this year, we projected a CapEx of INR 220 crore. So out of that, INR 150 crore have already been incurred, and we're expected to go as per the plan in the remaining period of this year. For the next year, we are populating the budgets. Our discussions with the customers are ongoing, how the plans will be placed. So based on that, we would be able to finalize that. So probably in the next quarter or so, we would be able to give a clarity on the numbers for that part. Understood, sir. Thanks a lot. I'll come back in that, sir. Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Rahul Kumar, from Nuvama Wealth Management. Please go ahead. Mr. Rahul Kumar from Nuvama, please go ahead with the question. Hello, am I audible? Yes, sir. Please go ahead. Yeah. Good evening, sir. Rahul here from Nuvama, and thank you for the opportunity, and congratulations for the strong revenue performance. Sir, my question was on the ramp-up of the green fields. You have indicated in the presentation also that Gujarat plant is ramping up in Q4, even the Kharkhoda plant ramp-up is continuing. So going forward, over the next six to nine months, do you expect the plants to reach optimal utilization? And once they reach that kind of utilization, would you expect the margins for greenfields to be closer to the blended margins? Thanks, Rahul. Who's... Rahul, yes. Rahul? Rahul. Yes, please. Yeah. Yeah. You know, obviously, as you have seen in the presentation also, that one of the location, this greenfield is already reaching to around 80% of the utilization. Gujarat one is also going to happen as the volumes are going to ramp up, and the new launch, which is happening in this quarter, as well as in the Pune location. Obviously, their volume has gone down, but by that one of the customer. So I think for the other two locations, for Gujarat and Kharkhoda, yes, in the coming time, this will reach to the optimal utilization. But for Pune, we will be filling with the to the new businesses also. So I think another 2-3 quarters, you will see that they will be reaching to the optimal utilization. And thus, as you ask for the margins also, that will also get improved over a period of time. Thank you, sir. Given that several new models are being launched by OEMs and industry growth is also healthy, do you see the need for more facilities coming up in the subsequent quarters? Absolutely. I don't know, next quarter or next year, but whenever any plant in Motherson reaches close to 80% utilization, we are already on the lookout for land, building, and new facility. We always do that every year. That's the reason why we are far ahead of the competition and always in sync with what the customer wants or expects. Good to hear that, sir. And, with relation to the top three customers which you are serving from the three greenfields, would you be supplying both the high voltage as well as low voltage harness for their EVs? Rahul, this is a- Yeah. Loaded question. Let's see if we can help. Yeah. Let's see if we can help. Yeah, if you can see the presentation also, we have also mentioned that the powertrain we are going to supply. So at Chennai and the Gujarat, we are in the EV and ICE both. Kharkhoda is only ICE, but again, the Pune is having EV and ICE both. So, you know, powertrain is not an issue for us. We are engine agnostic organization, and we can do any of the, you know, business. Got it, sir. Given that, we share has reached 6% in Q3, and, last quarter also it was broadly in similar range at 7%. And given that EV share keeps increasing, would you have similar level of localization and profitability for high voltage versus low voltage? Absolutely. You know, we have lot of inputs from Sumitomo San and even Motherson in its own capacity to localize. And all those investments are being done by Samvardhana and the suppliers, and also Sumitomo San, companies from MSSL. So I think they're all based on what the customer wants, and we do that. But Anurag, you want to add something or Pankaj? No, what you said is right. The localization level is increasing with the new models. And, of course, when you ask about the profitability, then it has no specifics on a particular type of product. Got it, sir. Very helpful. Thank you so much. Thank you. Participants who wish to ask questions, please press star and one on your touchtone telephone. Ladies and gentlemen, to ask questions, please press star and one. Next question is from Shubham Harne, from Purnartha Investment Advisors. Please go ahead. Hello? Hello. Can you hear me? Yeah, we can hear you. Hello. Please go ahead. Yeah, I just wanted to ask how much percentage of copper impact if copper increases by 10%, then whole 10% is passed on to customer, or there is some impact which we take in our books? Anurag, it depends on the customer, but Anurag will give you an answer. It's, you know, whether the price goes up or down, it's a very transparent mechanism of complete pass-through. Okay. Then it's complete pass-through. Okay, got you. Thank you. Thank you. Participants who wish to ask questions, please press star and one. Next question is from Mumuksh Mandlesha from Anand Rathi Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity. Sorry, I joined a little late, sir, but anything, sir, on the labor cost impact for this quarter and incrementally, how much could be the impact, sir? Sure. Anurag, go ahead. So for this quarter, the impact is not that significant. This is the information currently available and, the draft rules came in place. Of course, there has to be a development which needs to be seen as it progresses further, because, state rules and the central rules needs yet to be notified. So far, whatever the understanding of, best understanding we have, the impact have been uncertain, and then impacts come out to be, insignificant for the current quarter and the nine months. Got it, sir. So, sir, second on the last few quarters, growth has been very strong. Just want to understand if you can give some flavor, how some of the segments like PVs, two-wheelers, CVs have done, sir, in the last few quarters, sir? Sure. Anurag? I am. So, I can tell you the PV industry on year-on-year has grown by 19%. Sequential basis, around 6%, and the nine months, if you see, compared to the last year, it was 9%. In two-wheeler, year-on-year is 15%. Quarter-on-quarter, it has gone declined by 2%, whereas nine months is around 9%. CV industry, year-on-year is 18%, quarter-on-quarter, 10%, and nine months is 10%. So everything remain in positive sense. Yeah. Yeah, this on our side, how we are placed, sir, in each of the segments, sir? See, we are giving only the overall basis, that that's what we have grown by 25% in year-on-year basis. We don't go into the segment-wise specifically, but as we are supplying to all the OEMs in the country, so you can understand that this 25% is coming from all these categories. Got it, sir. Thank you. Thank you so much for the opportunity. Thank you. Participants who wish to ask questions, please press star and one. Ladies and gentlemen, to ask a question, please press star and one on your touchtone telephone. The next question is from Prateek Bhandari from Aart Ventures. Please go ahead. Yeah. Hi, thanks for the opportunity. Just if you can, you know, repeat the numbers for the CV industry, you mentioned as to how that has grown. If you just can repeat the numbers. Yes. The CV industry year-on-year is around 18%. I'm talking about these manufacturing production of commercial vehicles. Right. Right. Quarter-on-quarter is 10% and nine-month is around 10%. All right. That's helpful. Thank you. Thank you. To ask questions, please press star and one. Well, if there are no further questions, I'd like to hand the conference over to Mr. V.C. Sehgal for closing comments. Thank you. Thank you all very much for attending this Motherson third quarter numbers. I think the teams have done a phenomenal job. Multiple plants everywhere, they have made sure that they have not lost vehicles. They are absolutely in sync with what the customer wants. Board congratulated all the team members and said, "Phenomenal job done." In spite of whatever the headwinds, we still did phenomenally well. So, thank you all very much for attending, and wish you all a happy weekend up in front of you. Thank you. Bye-bye. Thank you very much. On behalf of Motherson Sumi Wiring India Limited, that concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.