Ladies and gentlemen, good day and welcome to the NRB Bearings Q2 FY27 earnings conference call. 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 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Diwakar Pingle from ENY. Thank you, and over to you, sir. Thank you. Uh, good afternoon to all the participants in this call. So before we proceed on the call, let me remind you that the discussion may contain forward-looking statements that may involve known unknown risks, uncertainties, and other factors. It must be viewed in conjunction with our business risks that could cause our future result performance or achievement to differ significantly from what is expressed or implied by such forward-looking statements. Please note that we have mailed the results and the same is also available on the company's website. In case you've not received the same, you can write to the investor relations team and we'll be happy to send the same over to you. To take us through the results and answer your questions today, we have, uh, from NRB Bearings Limited, Ms. Harshbeena Zaveri, Vice Chairman and Managing Director. We will start the call with a brief overview of the quarter gone past and then conduct the Q&A session. With that said, I'll now hand over the call to Harshbeena Zaveri. Over to you, ma'am. Ladies and gentlemen, Please wait for a moment while I get in touch with the management. Thank you. Ladies and gentlemen, the management is available. Over to you, ma'am. Just one second. Yes, ma'am, over to you. Good afternoon, everyone. Thank you for joining us. This is NRB Bearings Q2 FY27 earnings conference call. It's indeed a pleasure to connect with all of you once again. Our Q2 FY27 was another encouraging quarter for NRB. Our revenue from operations stands at ₹386 crores, which is a growth of 18.8% year on year for the quarter and 19% for the half year. Our adjusted EBITDA is ₹71 crores with an EBITDA margin of 18.2%. Profit after tax is INR 36 crores for the quarter. As you all know, our profit after tax has the implication of depreciation because we are a company that does not have adequate capacity. for the kind of growth opportunities that are before us. We continued to see healthy traction across automotive exports, industrial applications, and new product programs. Growth was broad-based across every segment. More importantly, the quality of growth has remained extremely strong. Supported by an improved product mix, deeper customer engagement, and a rising contribution from high-value engineering-led solutions. While quarterly performance is important, as I highlighted last quarter, we are not a quarter-by-quarter driven company. Nonetheless, we believe holding on to our margins is imperative. Equally important as quarterly performance is the larger strategic direction of the company. The decisions that we are taking today are designed to shape NRB over the next decade. And the substantial pivot that we have already begin— begun our journey towards. will lead to an entirely different NRB. In 5 years' time, when compared to the past, Our approach will be to build a differentiated business vertical. In segments where technical complexity customer. Thank you. And credibility matters. Customers are increasingly looking for partners who can accelerate our plug-and-play model and reorganizing our people We are reorganizing our people to enhance product development. Solve complex engineering challenges and deliver within a constantly changing and challenging environment. We believe precision engineering capabilities with speed and flexibility are rare in the current world. And therefore command a premium. This is an area where NRB Bearings Limited is going from strength to strength. And enhancing its competitive position. Vis-à-vis peers. Domestically and the world over. NRB continues to see robust accelerated traction. In terms of growth opportunities and order book across automotive, export, and industrial applications. Our new product development programs address exactly this. So does our capacity enhancement. Unlike companies that have to sweat their capacity at any which price, NRB is focused on growth areas where both our legacy and our new verticals will deliver outstanding performance driven by the capacity enhancement and capability enhancement and infrastructure mechanization Tilwin. R&D. what we are servicing. Commercial vehicles, 2-wheelers, continue to demonstrate resilient double-digit demand. NRB's growth, for example, as you know, I do not like to go into every segment detail because there are a lot of different seasonal variations. But just as an example, I would like to state that our CV segment has actually grown 47%. This is focused on the highest value addition in that segment. I think that is an important point to mull on. While commercial vehicles and 2-wheelers continue to demonstrate resilient double-digit demand, there are certain areas certain technologies, certain new products that we are enabling in terms of new launches. which make the NRB's strength indeed shine. Expanding export pipeline, deeper engagements with global tier 1 OEMs are also proving that our Global competitiveness. And our very strong manufacturing base. is in demand. More importantly, the quality and defensibility of our revenue expansion has structurally improved. This performance was not driven by passive market tailwinds. but by a deliberate margin. Accretive shift in our product mix, deeper co-engineering partnerships with customers that value exactly our R&D capabilities. Expanded content per platform. Higher share of wallet at existing customers, focused share of business at new customers. And an accelerated revenue contribution from high-precision proprietary friction solutions. Crucially, this quarter provides clear empirical proof that NRB has transitioned into a structurally higher sustainable growth trajectory. No longer are we operating within bounds of traditional cyclical automotive demand. With an expanding multi-year order pipeline, strong conversion on critical customer platform nominations, and new high-margin verticals or deep-ups penetration in some of the existing verticals which have tremendous opportunities. NRB is forging ahead. Adding capacity on orders that are already firmly in place. We've established a higher operational baseline. Looking forward across the second half of the fiscal year, our forward visibility remains extremely strong, giving us an exceptionally high confidence level. in our ability to compound top-line expansion while consistently protecting and expanding operating margins. In the next 5 years. Customers across industries are moving away from transactional build-to-print component vendors. They're actively consolidating their partner bases through co-development partners, engineering leaders who can sit alongside their design team, anticipate complex mechanical and thermal failure models, solve intricate friction, noise, and torque challenges. Come day zero. To launch date. In sectors where submicron tolerances, extreme load conditions, uncompromising reliability are non-negotiable. Merely producing commoditized products and meeting a print specification is just table stakes. What truly sets us apart is we are not adding machine capacity alone. We are building a world-class integrated engineering and manufacture infrastructure and platform. This platform brings together an institutionalized, process-driven, scalable ecosystem. At the backend is proprietary material science, advanced multibody simulation software, that is copyrighted, in-house dynamic test-led validation, high-precision automated manufacturing. We partner with incredible AI partners right through whether it's IoT on the shop floor or advanced manufacturing new products. AI-driven technologies from concept design at our manufacturing level as we conceptualize new capacities. We don't just add machines. We are rethinking. The future of manufacturing. And our biggest advantages that we are building and Today, what we are building is in fact within an extremely challenging and complex environment as opposed to our peers. who have pre-built, underutilized capacities. Customized high-performance geometry, shortened developmental lead times. Delivering solutions. that consistently beat international benchmarks and are hugely disruptive on friction reduction and durability. This platform-centric model that we have built for our future strategy embeds not just our intellectual property directly onto our customers' next generation architecture. It also creates a deeply integrated partnership approach with exceptionally high switching costs. It is precisely this structural capability to serve sticky customers that is widening our competitive model and elevating NRB from an Indian market leader into premier world-class engineering platform. Trusted by Tier 1 OEMs worldwide. At key is our strategic priority development of an aerospace and defense business. The acquisition of Mahan Tumrum and the addition of AS9100D certification capabilities has strengthened our position in high-precision and mission-critical applications at an opportune time. We are strategically broadening our addressable market across the 5 vital verticals that I spoke about in my last earnings call. I would like to repeat this. For the benefit of those who have newly joined, and also as a reminder to our investors that we are firmly on this declared path. Aerospace. As I explained, It's a vertical where we are buying speed, not scale. NRB is an expert at scalability. What we want to do is ensure that we have the necessary certifications to leverage this scale. Many people ask us why we acquired a relatively smaller aerospace company. Well, our plans, our ambitions. The answer is simple, and the answer applies to all partnerships that we are putting in place. We buy access and speed. Not capacity. We firmly believe that the kind of capacities that we create, which is why we are partnership-driven and not in the real sense, M&A-driven, where you actually go and acquire customers and you acquire capacities. We only acquire capabilities. The automotive agent adjacency Our second legacy vertical There we are moving beyond traditional boundaries. And we are going to exponentially expand our automotive business, as I explained in the earlier part of my earnings call, moving beyond legacy products into adjacent higher-value spaces at the same customers or similar customers. Tapered and ball bearings, wheel hubs, spherical roller bearings. Of the highest and most critical applications. Automotive applications beyond transmission and chassis, steering systems, one-way clutch, wheel bearings. All across EV. Mutual development. What I have worded as EV agnostic development. The 3rd vertical is EV beyond electrification. We view electrification holistically, not just passenger electric vehicles. Or electric 2-wheelers. NRB is expanding into high-frequency drives, commercial EV fleets, electric 2-wheelers off-highway, e-mobility, every application. Where electrification is going to make a defining difference. Mobility beyond the current segments and beyond vehicles. We define mobility as the movement of systems, not just cars. This includes high-growth, high-tech sectors such as robotics, Automated guided vehicles, AGVs, urban air mobility, advanced automated transit systems. All of these require precision friction management. Including industrial and heavy construction equipment. Deepening our footprint in heavy-duty off-highway segments, construction, mining machinery, where extreme loads, harsh operating environments showcase the superiority of our sealing, lubrication, and material technology. And finally, mission-critical friction solutions, both stationary and mobile. As you can see, many of these eat off, feed off each other. Because in the current world, it's very, very hard to separate. And that is another huge advantage NRB has because we are a structurally integrated company where KRAs and KPIs are not driven the way legacy peers are structured. That is the reason why the right hand and left hand plan together and you don't end up with an outcome that was not intended. If anything, we can leverage pivots within incredible speed because we are structured and process-driven to do that. Looking ahead, our priorities remain unchanged. When you are talking about a data center, cooling architectures, renewable energy drive, or precision gearboxes, or integrated e-mobility, or air transport, land transport, drones, It's very hard. to predict what is going to replace. Rich. functionally driven, traditionally managed vertical, and therein lies the advantage of the NRB way. Looking ahead, our priorities remain unchanged from what I explained to you in the last quarter. We will continue investing in technology, innovation, capacity expansion, and product development. Please keep in mind that you should stop looking at our profit after tax. You want NRB to invest. That's been the first question that every investor has asked. Please look at our results from the viewpoint of capacity and capability expansion. Increasingly pay attention to our EBITDA and our operational EBITDA and not profit after tax and PBIT. We remain focused on increasing the share of premium engineered products within our portfolio, strengthening customer relationships, expanding our presence in segments where engineering depth, technical expertise, and reliability create sustainable competitive advantages. With that, I open the floor to your questions. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. And in the interest of time and fairness to others, please restrict yourselves to 2 questions. For any more questions, you may rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Siddhant Mantri with InvesQ Investment. Please go ahead. Yeah, hi, am I audible? Yes, Siddhant Diwakar. Yeah, yeah, congratulations, uh, ma'am, uh, for a good set of growth numbers. So my first question, uh, was that We've been guiding for around 15% of top line growth with similar range of margins, but we've— in the first half, we've done around 19% of growth. And if we see the remainder of the half of last year was a bit of low-high digit kind of a growth. So do we expect the second half to be slower, or do we see our underlying volumes to keep delivering the kind of growth of, you know, 19-20% in the second half? That's my first set of questions. So is your question why we did 19% when we said we'd do 15%? Just for me to understand. Yes, ma'am. For the second half, since, uh, the base of second half is much lower as compared to— so do we see this momentum going on forward? No, no, no, no, just to again reiterate, I am a conservative person when it comes to commitments, and you have to always take everything I say with that pinch of salt. We like to overperform and underpromise. It's part of our company conservative financial approach. So is 19% growth sustainable? Definitely. Once we reach a new threshold of growth. We definitely intend to sustain and surpass it. Does that answer your question? Okay, okay, yes, ma'am. Yes, ma'am. So, uh, so Just to build on the first question, uh, we've seen that our EBITDA has grown much faster than our revenues for the first half, if we can say so. So, so is that the kind of momentum, uh, is that how the trajectory will be, EBITDA to be growing much faster than the revenue? So I don't give forward guidance. What I do tell you is our company, once it achieves something, it doesn't fall below it, at least on an annual basis. Again, I repeat, we're not a quarterly driven company, but the way our planning and our approach pans out we typically do meet and surpass our commitments, and we have Last time I actually said that we were moving into a growth trajectory towards 20, and that we would maintain a 17-17 or 18-18 ratio, which means that if we have a current EBITDA as a percentage of sales Because you didn't ask your question, uh, in terms of whether we will have EBITDA growth or whether we will maintain our EBITDA as a percentage of sales. We definitely like to maintain our EBITDA as a percentage of sales. Okay, now if you are looking at operational level, if you are looking at things like forex up and down, dividend coming in from S&L in quarter 1 or quarter 2 or quarter 3, Those are not things that we allow to interfere with our operational vision. I think with that I have addressed all your questions and we could move to the next person. Thank you. या हाय गुड आफ्टरनून मैम सो माय फर्स्ट क्वेश्चन सर सर सर सर योर वॉइस इज़ नॉट क्लियर I can't follow. The next question comes from the line of Varun Jain with Dolat Capital. Please go ahead. Yeah, uh, is it better now? हेलो इज़ इट बेटर नाउ यस नाउ यू कैन गो एडवर्टिसमेंट या या सो माय फर्स्ट क्वेश्चन वाज़ ऑन द यूनिटेक आरवी जेवी Uh, are we on track to commission it by April 2027 at Aurangabad? And if yes, what is the kind of revenue we are expecting in FY28? No, it's not. There's a lot of interference. Maybe— is it better now? Maybe you should, uh, is it possible for him to write his question? No, no. Is it better now, ma'am? I've, uh, I've removed the headphones. Coordinator can repeat it. from it. We are on track, but again, we would not like to give you the revenue breakup at this stage. Uh, everything that we give in terms of breakup is at the consolidated level. So will our growth move from 15, it has already moved to 19. Will it move beyond 19? Yes. But ma'am, will we utilize the entire capacity in FY28 itself? Because it's a 130 crore revenue potential, right? So will we utilize the entire thing? Obviously not. I don't think that's the way capacities for an entirely new business division are led. Thank you. The next question comes from the line of Aditya Minglani with Berman Capital. Please go ahead. Hi ma'am, congratulations on a good set of results. My question was just taking on forward the Unitech JV question. Actually, I was just trying to understand which segments within the industrial space are we exactly hoping to address through this specific JV? Like, what specific capabilities of Unitech— if there are any specific capabilities that we are hoping to leverage, if you could highlight that. I'm— I have given the answer to this in very many detailed ways. In fact, it's even on our website, so I do request you to have a look at that. It's broad industrial applications with a heavy, uh, focus on industrial gearboxes because that is where you get the best price, and you get also the highest traction because in India there's a very high growth potential. One of our customers for whom we're putting the capacity in place has recently listed, uh, on the stock exchanges. So I think all this information is there when we announce the JV. Sure, ma'am. Thank you. And if you could also explain in terms of the order book on the Mahindra toolrooms and also on NRB's own defense segment. So again, on the Mahan Toolroom, multiple times our actual sales for the past quarter was ₹55 lakhs, which is significantly higher than any targets that were set. So the traction that we expect is in that line. As you know, you cannot predict anything when it comes to new aerospace and defense business. It has a long acquisition period, but once you get it, you have the business forever. Do we have adequate base? Yes. Are we expanding? Yes. Are we taking new facilities? Yes. Are we adding new products? Yes. Are we starting to speak to the global clients which had reached out to us in the first place to build such capabilities? Yes. As it pans out and it actually happens, we will keep announcing it. Expect announcements, but they will take 6 months. Thank you. The next question comes from the line of Lakshmi Narayanan K G with Tunga Investments. Please go ahead. Yeah, I have 2 questions. One is that the, uh, because your voice is coming a little jumbled, so if you speak a little slower, it will be easier for us to grasp. Is this, is this better now? Yes, it's much better. Yeah, uh, I mean, as NRB Bearings is expanding its footprint and transition towards EV and hybrid platforms and defense, etc., Uh, how are you strengthening the leadership pipeline, both in terms of sales and as well as in terms of technical leadership? Um, what— how are you— how are you thinking about it and what kind of key appointments and gigs you have made in the last few months? You can highlight that. Uh, second question is that we have done a growth across, but however, I see that there has been an increase in receivables at a consolidated level in the cash flow statement. So can you just elaborate as to, is it because of a war scenario that there has been strain in the export receivables? Um, these are my 2 questions. Thank you. So Um, the first question— just one sec. In terms of leadership pipeline, I think NRB absolutely stands apart in its ability to not just attract exceptional talent, but more importantly, what makes us stand apart is our ability to build talent. Just so that you understand the way the company addresses this, which is completely different. I must highlight it's totally different from how other companies in manufacturing do this, and it actually comes from my experience experience of being the founder of Ashoka University and also very deeply engaged in the education here and being a past teacher as well as a professor, as you may find on the Wellesley website, of— I was faculty of the Albright Institute. Which is a developmental think tank which makes global leaders. Now the point here is that we actually do very high talent acquisition at दो Masters. stage, which means that we take 20 to 40 management trainees every year. Who have graduated from top engineering colleges but have just completed what we consider very valuable master's programs. The master's program that we consider valuable is not degree collection. People will say also have some, uh, correspondence MBA and stuff like that. We are absolutely not interested in those kind of पेपर डिग्रीज़, वी गो तू व्हाट वी हैव डेमोनस्ट्रेटेडली नोटिस्ड, आर टॉप नॉच प्रोग्राम्स बिल्ड विच thinking individuals on a layer of top engineering institutes. So do we look for the highest marks? Definitely not. Do we look for the top institutions for the undergraduate engineering degree? Definitely. Do we look for toppers of the second-tier program that we think builds thinking capabilities? Yes. Do we look for people who've had no work exposure? No. So we look for engineers who've had 3 years work exposures at very fine companies and then have left those companies. Or have been sponsored to take extremely meaningful master's programs, either in product development or marketing. Or in manufacturing, or in finance, or in product development on the engineering side, or an integrated holistic approach. Now, when we take them, I have been told on the feedback And I have been told by people that I just meet socially. That this is the kind of program they would like their top-performing children to join. The kind of mentorship that our top leadership give to these programs, I say makes it outstanding. This is our pipeline. We accelerate these people every second or third year. And they fill vacancies within the company which are cross-functionally shared. This pipeline, for example, has led 2. Individuals who are number 2 and number 3 in our engineering verticals, who are number 2 and number 3 in many of our marketing and international business development verticals, they have reached the second level of NRB's leadership by today, and they will increasingly fill all the requirements that are there for the future. It's very, very, very different. From what other companies do. And literally, we give 20% and 30% jumps, okay, to our people when they fill vacancies rather than Oh, our best people leave and then we go in the market and pick up someone which is not culturally exactly the kind of person who don't fit in and understand our entire holistic approach and take them from competitors at 30-40% higher salary. That is not how NRB operates. Did that answer your question, um, Mr. Lakshmi? Yeah, yeah, that's, that's fine. And the second question related to— I'm coming to your second question, I haven't forgotten it. So customer receivables in terms of the DSO at the same level. We consider that as extremely healthy because typically when you have such a high level of growth, your DSO goes up. NRB's DSO stands at the same level. Thank you. The next question comes from the line of Nisarg Shah with PKD Investments. Please go ahead. Thank you so much for the opportunity and congratulations for a good result. Uh, so my question is predominantly on the other expenses. for this quarter, which has risen substantially more compared to other expenses. So could you just break down what has led to the other expenses to grow this quarter? I'm— I'll just repeat the question. Uh, so other expenses, uh, in our P&L for the quarter has risen by 19% year-on-year basis. So what is the particular reason for that? I actually didn't catch what you were saying before you asked the question. So you mentioned that after expansion So one of the things is that overall, if you notice, uh, look at the peer results, look at the basis points by which their COGS has risen, okay, you will find that NRB's COGS has barely risen roughly around a percent, which I think shows our extremely efficient cost management, waste elimination, and product mix response. Uh, the other thing is that we're constantly building new products, and the new products obviously are priced in a manner that takes the realities of the world into account, and that our customers are increasingly and wholeheartedly supporting us on that. Now in terms of power, fuel, logistics, and input cost. Definitely there are other impacts which are coming in many ways and other expenses. Now, will we be able to offset them with increasingly higher growth? As we build capacities, Yes. Can we move to the next question? Okay, so, uh, just to understand the implication here, moving forward, will we be seeing a similar kind of a growth trajectory because our products have been improved and we are going into newer lines of products. Would we see a similar what growth strategy? But I've already given you the 5-year growth strategy. I very, very clearly outlined our entire 5-year growth strategy and told you that we are firmly on path, sir. Thank you. The next question comes from the line of Shreyansh Gathani with SG Securities. Please go ahead. Hi, good afternoon, ma'am. A couple of questions. Uh, the first one was, uh, if you could highlight, you know, like any wins for the quarter. And you, you know, earlier provided like a nomination number. So if you could just give some, uh, wins for the quarter and just give some overview of, you know, uh, of any— anything that Yeah, you would like to highlight that. So basically, we don't do this on a quarterly basis. We do this on a half-yearly basis as a practice, or if something is very significant and it requires like a disclosure we give it out. I mean, as I explained to you, we're constantly getting new platforms. If you see our top 10 customers which I've highlighted in the past, it's companies like Magna, it's companies like ZF, it's companies like Daimler. It is companies like, uh, so eventually all this internationally goes into BMW. And I've highlighted to you that every single BMW has us in their gearbox. Every Mercedes, whether it's A-Class, T-Class, E-Class, whether it's the S-Class, whether it is the Maybach. And whether it's SUV or sedan, I mean, through Tier 1, they have us in their transmission. I have highlighted to you that from January, the steerings of the new BMWs when they are released will also have NRB bearings. So you have to keep in mind that if you keep track of the EV agnostic platforms, fundamentally chassis powertrain and steering systems. NRB is just right up there launching the future. So I don't think that it is correct for us to keep giving out the, you know, technological advances that our customers are making. But Obviously, with the growth having moved from 15 to 19, this is firmly adding in. And now I told you that within the next 6 months we should move to a higher growth trajectory. As I said, not Q-on-Q, but you will definitely every 6 months see an upswing as our capacities have starting to come in. हम्म हम्म, but that's the reason why profit after tax It's not a correct measure. Because the depreciation is kicking in. Do you have to compare us for apples to apples with other companies, which is both actually EBITDA operating and EBITDA as a percentage of sales, which is where we are shining and outperforming? Got it. That, that's very helpful, ma'am. The second question was, you highlighted the— there was like CV sales was up like 40+%. So any segment, you know, that you would, uh, call out in terms of like you know, facing some headwinds or not performed as, or what you would like to improve, uh, further and not as per expectation? So let me put it this way, we've grown in all segments— 2-3 wheelers, passenger cars, commercial vehicles, farm equipment— that's including LCV segment, MCV segment, HCV segment. Industrial has grown at 48%. 48%. I promised 34%, but actually it's at 48%. Um, our exports is gone back to a growth trajectory even when you're looking euro for euro. And dollar for dollar, uh, so export growth has been actually 16% plus, um, and that will keep moving up. Uh, aftermarket, as I mentioned to you earlier, our aftermarket is typically 9 to 10% or 9 to 12%. And the one thing we don't do is grow at the expense of margin. We are the most diversified company. No one customer is even 10% of us. So definitely in those products where there's a push to commoditization, for example, in the 2-wheeler industry, We're happy to leave that to our competitors because it impacts their margins. If they want to supply increasingly commoditized products and we as an opposition to supply more and more differentiated high-margin products. We do pivot that Q-on-Q. We have that flexibility. And it could be well deliberate. Because see, we don't have excess capacity lying around to sweat. We're building capacity where the margin is strong. Did that answer your question? So on just on the BMW clarification, uh, so would that be for like the global platform or is that a specific geography, uh, that you mentioned? I mean, BMW is only manufactured on a global platform. There is no difference in their transmission wherever they put it together. Thank you. The next question comes from the line of Abhishek Jain with Chris PMS. Please go ahead. Point. I don't know what you mean by non-auto because every company has a different definition. Some companies consider automotive only cars. Some companies consider automotive including CVs and 2-wheelers. Some companies actually end up putting 2-wheelers as industrial because in their home market that particular engine goes into I mean, there is no, uh, significant market, uh, for like scooters or mopeds in America or in, um, for example, parts of Europe other than Italy. And therefore what they do is they use those kind of bearings in Like small industrial gearboxes, you know, like, uh, compressors or like, um Uh, outboard motors which are not because their home market doesn't offer that. They consider that industrial, or it goes into ATVs or little tractors and, and things that Walmart sells and stuff like that, you know, for the backyard. So our definition of auto is very wide. It's the widest. It comprises of 2 and 3-wheelers and passenger vehicles. and commercial vehicles, and 99% of the companies do not consider— I mean Commercial vehicles are considered they don't go to an end user or a consumer, okay, who drives it for their own reasons. Thanks for opportunity and congrats for decent set of numbers. Uh, for my first question on the non-auto segment, so in the first half, what was the revenue from the non-auto segment? And what is your target for the, uh, non-auto segment by FY30? So biovery So therefore, a lot of companies consider 3-wheelers, uh, commercial vehicles, non-auto. So I think what matters is, do we have lots of different leverage points? And is it the same capacity that NRB has which goes into 2-3 wheelers and passenger vehicles? And, and, uh, tractors. Yes, it is. It's pretty much the same capacity. Only, let's say, 20-30% of the capacity is a dedicated capacity. 60-70% of it is common capacity. And the point I'm making again and again, this gives us a lot of wiggle room. It gives us a lot of opportunity to pivot. And that flexibility and speed of being able to pivot comes from the way our management, organizational structure, and performance driven payouts are structured. It is the people advantage, the strategy advantage, the planning and integration advantage that we have. In other companies, you literally have someone who's the boss of every little thing. And then bosses are whatever discussing with each other. Over here it doesn't work like that. At the second layer we have very integrated cross-functional team management, flexible systems. Ma'am, my question is very simple. I want to understand that how much revenue right now you are with the industrial segment and what is your revenue target for the next 3 years. And how much revenue target you are from the other segment like aerospace, defense. And, uh, so just wanted to know this, that one. Yeah, but sir, the point I'm making is, do you want me to consider farm equipment and CV the way most of— many of my competitors consider farm equipment and CV along with general industrial? And if you do that, then it becomes 50-50. No, uh, so I'm not talking about the numbers. One second, sir. The Indian CV market is extremely— ours is a much more complex company with a much more complex strategy. So my point— the main point of your question is what is our risk when it comes to automotive? And my answer to you is The commercial vehicle segment does not move in tandem with 2-3 wheelers. It moves— commercial market moves more in tandem with the infrastructure and growth, whereas 2-wheelers and farm equipment moves with rural development in India. On the other hand, the entire size of the CV market in India is minuscule compared to the world, and every single truck in the world has NRB Bearings. So we have 30% of global market share for truck. 30% of global market share for truck, which matches our 30% of global market share for 2-wheelers. And these are 2 segments that don't grow or go down together. So the risk mitigation is the important part of that, and we are very, very risk mitigated, which is why we often outperform in difficult markets, as you can see today. Thank you. The next question comes from the line of Shreya Bajaj with Serene Alpha. Please go ahead. I can't hear you, ma'am. Shreya, please use your handset on the handset mode in case if you're using a phone. Yes, yeah, yeah. My question is on the Mahan Toolroom side. At the Q1 con call, you outlined a 2031 target for Mahan Toolroom. of ₹300 crore of revenue against the current order book of ₹30 crore. First is, what did Mahan Toolroom contribute to Q2 revenue, and what are the milestones that take ₹30 crore of orders to ₹300 crore of revenue? Specifically, specifically, how much CapEx and how much additional certifications are required? And how much we depend on HAL versus other programmers? So first of all, we gave a guidance on 2031. And we started with a company that had a turnover of 2.5 crores. And then I'm telling you that a company that had a turnover of 2.5 crores, okay, is slowly now moving towards a turnover of ₹1 crore per quarter, which will take another 9 months to a year. However, when you actually get the kind of customers that we're talking about, okay, it will jump at ₹10 crores at a time, at that point of time. Now I think that overall MTR is a very small part of what we are discussing over the next 2 to 3 years. The growth will really come in year 4 and year 5. So that's my answer to you. And what additional certifications we are required for that? What additional certifications and capex? We don't require any more certifications. We have all the certifications. Now we are moving on to business development. We don't just have the certification for the MTR product range. We also got the certification for bearings that go into those applications, but it takes you a minimum of 18 months to get the business for bearings. But once you get it, it's going to be a pretty big amount. Thank you. The next question comes from the line of Abhishek Sinha with Both Capital. Please go ahead. The last question because we've almost reached 1 o'clock. I have another meeting. At that time. Uh, ma'am, do you want to take this? Yeah, I could take this for sure. Okay, sure. Hello, Abhinav. Yes, Abhishek. Yeah, correct. Um, so ma'am, a large aerospace player recently identified bearing belts, uh, its most difficult mechanical supply chain category. and shortages across the portfolio of, you know, 300+ SKUs. I'm assuming they have already approached that. What I wanted to understand is, uh, there are multiple technical tiers. Uh, and as you have recently, uh, commented that, uh, you know, bearings might take another 18 months, so who is going to be the beneficiary and, you know, how are they're going to plug this gap over the next 18 months if they're short of supply? So, uh, The most difficult product is bearings. The other products that NTR makes are much easier. Whatever the application that we are in currently, we supply to the most prestigious Uh, prestigious depends aircraft like Sukhoi. Okay, uh, if you supply— and what we supply is the most critical applications there. So you're supplying landing gears and you're supplying the doors which save the lives of the pilots, okay, when they need to evacuate. Even for a commercial aircraft, the same applications along with Plain spherical bearings, which is the type of bearing we make. Which hardly one or two companies in the whole world make today. And the other thing that I would like to highlight is the global players, my peers, are not strong in these products. In fact, they're so customized, they're so highly engineered, they need so much flexibility, and they need exactly the kind of customized mindset that gives NRB Bearings an edge, and therefore most of those companies have sold off most, almost all of their aerospace plants to other companies. Okay, because of their inability to navigate customized solutions. Traditionally, our peers have been strong in high-volume tuck-a-tuck manufacturing. Okay. NRB is strong in customized manufacturing solutions. The world has moved. To needing more and more and more customized bearing solutions. So our entire infrastructure and the way the company is structured becomes a huge differentiated competitive advantage in not just the future world, but in the future of aerospace manufacturing. So that's my answer to you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing remarks. Thank you very much. I thoroughly enjoyed my interaction. Lots of food for thought. I can see that all the areas that we are working on and the strengths that we are building are indeed what most of those who are attending the conferences are also focused on and consider a differentiator. I thank you very much for your insightful questions. And wish you all the best for Diwali. Thank you, ma'am. Ladies and gentlemen, on behalf of NRB Bearings, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.