Ladies and gentlemen, good afternoon and welcome to Hitachi Energy India Limited's Q2 FY 2026 Analyst 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 this 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. N. Venu, MD and CEO, Hitachi Energy India Limited. Thank you, and over to you, Mr. Venu. Thank you, Neerav. Good afternoon, ladies and gentlemen. Thank you very much for joining us. I hope you're all doing well. Over the next 20-25 minutes, I will take you through our performance from this quarter, September ending 30, 2025. We have uploaded the presentation on the stock exchange. For your convenience, I will call out the slide numbers, whichever one I am talking about. In this room, together with me are our CFO, Ajay Singh, our General Counsel and Company Secretary, Poovanna, and our Head of Communications and Government Relations, Seema Siddiqui are here with. You all know, on September 30th, India reached a historic milestone as the country's total installed electricity capacity surpassed 500 GW, reaching 500.89 GW. It reiterates the growing energy network in India, and an increased focus on advanced grid technology, digitalization, storage, and integrated solutions. At Hitachi Energy, we understand the significance of these evolving dynamics, and it is also reflected in our operational and financial performance. I am starting with the presentation and moving to slide number three, which is our license to operate, that is safety. Safety is fundamental to our license to operate. In Q2 2025-2026, the focus on safety continued to keep the injury frequency rate under control through timely prevention actions, and several initiatives across our factories, project sites, and offices. This is reflected in the appreciation letters and awards we received from our customers and the stakeholders, for adhering to the highest safety standards as a leading industrial product at our project sites. At Hitachi Energy, we prioritize and remain committed to our employees' well-being, with a special focus on mental health. Towards that end, we introduced the Kyan app this fiscal year, which offers online personalized support for mental well-being. Furthermore, during the quarter, we organized several health initiatives, including multiple awareness sessions on first aid and basic life support, emergency preparedness, so on and so forth in that. Moving to the slide number four, which is also another key driver for our growth, is a sustainable target, ESG target. Sustainability you all know is a key part of Hitachi Energy's business strategy, and fits into our company's purpose that inspires the next era of sustainable energy. The company's sustainability strategy is built around three interconnected pillars, which are planet, people, and principle, each working together to fulfill its purpose. We have set ESG targets for 2030. We have also released the 2030 strategy of our ESG targets. Under the planet pillar, we are confident of achieving more than 70% reduction in CO2 emissions in the financial year 2025, 2026, in our operations from our targeted 50% reduction compared to our baseline year of 2019 emissions. Similarly, we have achieved 69% reduction in waste disposed of in landfills or incinerated in FY 2024, 2025, and aim to further reduce in the financial year 2025, 2026. When it comes to the people, we remain committed to safety and ensure diversity across our workforce. Currently, our gender diversity stands at 11%, and we are confident of meeting our 16%, 18% mark in the coming years. Our principal strand is committed to ethical behavior and responsible governance in all aspects of our work. A t Hitachi Energy, w e remain devoted to zero incidents when it comes to integrity. Moving to the slide number five, and I'm sure this slide, you know better than me, but I still like to say a few things on this particular slide. As you all know, according to the World Bank, India's growth outlook looks positive, with a revised forecast from 6.3% to 6.5% in FY 2025-2026. The World Bank has further rated India's GDP growth of 7.8%, exceeding expectations for the first quarter of 2026. The GST 2.0 reforms, along with the strong domestic and resilient external sector, have played a crucial role in sustaining this growth momentum. During this quarter, the trade deficit receded slightly. D espite several positive indicators, uncertainty looms over U.S. tariffs, but we are hopeful, like all of you, that it will be resolved soon through the dialogue which is on. In terms of investment, India continues to make significant strides in the clean energy sector. In the first half of 2025 alone, the renewable energy sector attracted investments of nearly INR 1 lakh crore. Additionally, the sanctioned INR 2.4 lakh crore of 500 GW transmission plan to link renewable- rich states with the demand center, shows the country's growing confidence and commitments to sustainability. If I move to the slide number six, the company continues to maintain its strong growth momentum. In the quarter ending September 30, we secured a total order of INR 2,217 crore, up 13.6% year- on- year and our revenue stood INR 1,915.2 crores, with a year-on-year growth of 23.3%. The effective execution of good margin orders sustained operational excellence, a good product mix, increased export momentum. A lower base in the corresponding previous quarter, the company reported a significant year-on-year growth in profit before tax and profit after tax. Profit before tax and profit after tax recorded 4x year-on-year growth, 399.8% and 405.6% respectively. During the quarter, the company achieved the highest ever order backlog of INR 29,412.6 crore, creating a revenue visibility for several coming quarters and years. Key orders this quarter included automation solutions for state transmission companies and HVDC connections, a 220 kV air insulated switchgear, air stations for 250 MW solar battery energy project in Bidar, along with 420 kV GIS and 220 kV AIS for other solar projects, wind projects with 400 kV air stations in Nanded, and many other industrial projects such as GIS stations for a green steel plant in Paradeep, aluminum plant expansion at Mahan, and greenfield steel plant at Jaipur, and for rail locomotive,, EMU transformer for Indian Railways and Vande Bharat, etc. Moving to the slide number seven, as a technology leader, we continue to drive innovation and reinforce the nation's energy security through impactful initiatives. This quarter, we commissioned several significant projects covering renewables, data center, and industries. I'd like to share a few highlights. In the industry segment, we commissioned 220 by 33 kV AIS package in Rajasthan for a leading cement brand, and 220 kV GIS substation in Maharashtra for a leading data center provider. In renewable, we established a 150 MW EBOs in Rajasthan, and 220 kV AIS substation installation for 200 MW wind power evacuation in Tamil Nadu for a leading renewable energy company. For all these commissioned projects, our teams were responsible for designing, engineering, manufacturing, supply, erecting, testing, and commissioning according to the defined scope of work. If I move to the slide number eight, at Hitachi Energy, we remain committed to leading with purpose and creating a positive impact across the industry and society. Through our flagship platform, Energy and Digital World 2025, we connected with our esteemed partners across Chittagong, Bengaluru, Jharsuguda to accelerate collaborations in close to our customer places. Additionally, successful completion of NABL re-accreditation by our power transformer factory, reaffirmed our commitment to quality and eco-conscious practices. Our Doddballapur facility has earned special recognition for its sustainable practices at the CII Karnataka ESG Summit, an achievement that we are proud of. Also, I'm pleased to share with you that our first batch of women in engineering graduates has secured 100% employment through our latest community initiative in education. 1,350 students in Thandavapura and [Manjunagur] near Mysore will benefit from solar-powered smart classrooms and libraries. We continue to lead industry conversations through key forums in this quarter, whether it is CIGRE and IEEE, and also the CII, etc. Moving to the slide number nine, here I would like to provide some more color on the orders received this quarter. In terms of segments, renewable, wind, and solar, and rail, metro contributed significantly to the order book, followed by industries. In Q2, both renewable and rail and metro experienced a growth of 40% and 61% respectively, whereas the transmission and data center segment witnessed a decline, 43% and 50% respectively. We believe it' s a timing issue. It' s a temporary phenomenon, and we are very positive about both data center and transmission because of the large project that is done. Otherwise, there is a huge amount of pipeline issues there. The order mix is shown on the right. In the graph, you can see that the projects have taken the lead in the segment, whereas utilities, the direct end users are clear winners for the sector and channels respectively. Moving to slide 10, our growth levers, that is service and export. During the quarter, exports contributed attained 59% year-on-year growth. Diverse geographies and industries we served helped sustain export momentum toward order book. The company received export orders from utilities in Europe, data centers in Southeast Asia, and renewables in the Middle East and North America. On the service front, it maintains its high single-digit contribution to the total order book. Some of the key service orders came from utilities and industries, including an air core reactor for an HVDC project, GIS and AIS extensions, repair and retrofitting, and first iconic order in India, which is a game-changing SF6-free technology, what we are deploying in India for the first time. Moving to the next slide, I request my colleague, our CFO, Ajay Singh, to take you through. Over to you, Ajay. Thank you, Venu. G ood afternoon, everyone. I hope you all are doing well at your end. Let me just take you through the quarter two financials and the performance that has happened. If you see orders, in this particular quarter, we did INR 2,217 crore, which is 13.6% growth when I see year-on-year. Even if I remove the large orders of the previous quarter, I see there is a growth of 28%. Revenues, if you see revenues, we closed at INR [1,915] crore for this particular quarter, which shows a very good growth compared to year-on-year, 23% growth and compared to basically quarter- on- quarter, 25% growth. With the support of very good revenue, along with the execution of good margin orders, better product mix, operational efficiency and better exports, our PBT in this particular quarter is INR 352 crore, which is 18.4%, and PAT is INR 264 crores, which is 13.8%. Operationally, EBITDA, we closed at INR 291.6 crores, which is 15.2%. Overall, I would say that this particular quarter is fairly better compared to the previous quarter. Order backlog, we are having roughly INR 29,400+ crore o f order backlogs, which provides a very good visibility for the several quarters. If I come to the next slide, slide 12, here basically I'd like to give you an overview a little bit more in detail, where you see we are able to also review the cost structures also. The revenue, if you see, out of the total INR 1,915 crore revenue, we have other income of INR 69 crores. T his other income is basically coming from the interest deposit that we have done. The interest we have gained is roughly INR 69 crores. A lso, in this particular quarter, we have an exchange gain of INR 12.8 crores. Personal expenses is 8.1%. Other expenses, if you see, based on the overall efficiency that we gained with the better revenues and also the overall cost structure, we closed 16.9%, which was in the previous quarter 22.7%, and that has also supported in the bottom line development. Depreciation, as you are all aware, we are investing, so depreciation is slightly increased compared to the previous quarter. Finance cost, it is a bare minimum because we are no more having any debt at the moment. W ith all these improvements and all these cost structures, overall we see that we closed, the profit for the quarter is 13.8%. With this, I hand over to you, Venu. Thank you, Ajay. Moving to my last slide before we open it up to Q&A, and that's our priorities for the remaining part of the financial year and also coming years. As we closed our second quarter, explained by our CFO, which is a very good quarter from our standpoint. Our focus remained on the two objectives, maintaining high growth momentum and enhancing our overall efficiency in all spheres of our work, maintaining our leadership in core segments such as utilities, HVDC, transmissions, industries, infrastructure, etc., and that. We continually strive to capitalize on emerging opportunities in new segments, such as a data center, industries, and refine our strategies to leverage opportunities in service, export, and digital segments, which you have been seeing this, how we have been driving this growth for the last several quarters. Our focus will remain on strengthening the service business in India, and the company will continue to drive productivity with an emphasis on operational excellence to improve productivity, quality, and opportunities under the one Hitachi umbrella. On the business front, consolidated efforts will be made to leverage the large order backlog for revenue accretion, and focus strategy for the utilization of the capital raised during the QIP. A s we speak, a lot of CapEx projects are under execution at various stages of completion, and we see the traction of some of them coming online from the n second of the next year onwards. With the safety embedded in our culture, our commitment to fostering a strong safety-first work environment remains steadfast. At the same time, we continue to invest in expanding our capabilities for sustainable growth, whether through upskilling and cross-skilling our workforce, which is extremely important for the energy transition-related thing, or by strengthening our operational footprint to inspire the next era for sustainable energy future. L adies and gentlemen, with this, I close my presentation and request the operator to open the channel for the questions. Thank you. Thank you very much. We will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and one on the touchscreen 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 will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Umesh Raut from Nomura India. Please go ahead. Thank you so much for this opportunity. Good evening, sir. My first question is pertaining to our CapEx timeline. If I look at our prospect document for fundraising, that is QIP, it mentioned that for FY 2026, we were planning to deploy closer to INR 750 crores in the CapEx and about closer to INR 720 crores in FY 2027. If I look half- year, I think we have done closer to INR 67 crores of CapEx. Just wanted to understand how this CapEx ramp-up will happen say in second- half of FY 2026, and then in FY 2027-2028. That is my first question. Okay. Thank you, Umesh. Thank you for asking this question. I think it's a very, very important question for us. For us also, the CapEx project's going on stream in line with our timeline, in line with our budget, cost exercise, extremely important. We have dedicated teams working on that. As we said in the beginning of our document, INR 750 crore is what we're going to spend in this year in terms of, we may not be completing INR 750 crores worth of the projects, but we will be close to that range. I think we still see that traction of coming very close to that, and also similarly in the subsequent years. Understood, o kay. Three large projects that we have in terms of backlog, which is one on the domestic HVDC program side and one in Australia, again more of our outsourcing package as a part of larger HVDC project. Just wanted to understand, would there be any delay in terms of execution because of slight delay in terms of CapEx timelines, or how should we look at in terms of completion timelines for these three projects respectively? Okay. First of all, the CapEx, as of now, there is no delay as per our schedule. They are going in line with the schedule, almost all of those, o kay? Whatever the projects we have booked, we have seen everything in our CapEx. Some incremental CapEx has to come in for some of those products that are required for that. We see that is very much on track. I do n't see any delays on account of those things. Schedule completion timelines for three projects, which I mentioned? It is varying from customer to customer, ranging from anywhere between 48 months-54 months. We are very much within our schedule and doing that. As we speak, all these projects you have named about, we are completing the engineering phases. We are doing some of the component testing. All those things are going on. Interesting, understood. My last question is pertaining to other expenses, where we have seen a 7% decline on a year-on-year basis, while our revenues went up by about 18% for the quarter. Any particular reason for a drop in other expenses or any one-off here? Yeah. I'll ask our CFO, Ajay to talk on this. Yeah. Just i n my initial commentary, I also mentioned other expenses have come down. Mainly, if you see, I would say that we have achieved operational economies in this quarter, and that is mainly driven by the containment of the cost and also supported by the higher revenues. To give one specific example, in the last quarter, we had higher royalty expenses. You are aware we have been telling that our royalty expenses are generally dependent upon the previous quarter revenues. The prior quarter revenue was higher. In the last quarter, the expenses, royalty was higher. Based on the last quarter revenue, this quarter, the royalty expenses were lower. That is also one of the major reasons where it has also come down. Overall, we have been telling that we will be hovering around, let's say, around 20% level. [crosstalk]. Understood, sir. Understood. Sir, last one, clarification. If I look at slide number nine, the figures which are mentioned here, it looks like Q2 FY 2025 figures are basically for Q2 FY 2026. Is that the correct assumption? I think if I look at following slide, I think on the services side, Q2 FY 2026 was on a declining side, while in the first slide, that is on the ninth slide, I think it is increasing for Q2 FY 2026. No, I think that what you're saying, the slide on the nine is? I think the figures for Q2 FY 2025 are basically for Q2 FY 2026, s o it's mentioned in reverse way. Yeah. That is, if you see here what you're talking about in the 10, Q2 FY 2025 on the left-hand side, Q2 FY 2026 on the right-hand side, t hat's only the representation standpoint, but otherwise, everything is okay. No, but sir, services contribution in orders is basically? Yeah, in the services is down, no? It has increased for Q2 FY 2026 in the slide number nine. Slide number nine, where did we say that? From 7% in Q2 FY 2025, that has gone up to 12% in Q2 FY 2026. Let me check on that, o kay? Thank you. Yeah, sure. Thank you. Thank you for pointing out. Thank you, Umesh. A request to all the participants, kindly restrict to two questions per participant and rejoin for a follow-up question. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Sir, congratulations on a great quarter, sir. Thank you. The first question is in the order book [crosstalk]. Sorry, your audio is not clear. Can you speak a little louder, please? [crosstalk] close to the mic, yeah? Please come close to the mic. Is it better now? Yeah, it is better. Yes. Just want to understand, out of the total order backlog right now, what is the base order, excluding the HVDC? What will be the order backlog? I think we have at least close to INR 10,000 crores, w e will have a base order backlog. Okay. Understood, sir. In this quarter, sir, if you can help us quantify, out of the total order inflows, how much was the export order? In the total order book of INR 10,000 crores base order book, what will be the export order backlog? No, we do not make it like that. We said our exports, we are telling you on the overall basis, is the 25%. It' s varying from 25%- 30%. We do not have a large backlog exports. Most of the exports are at a quite short cycle, except for the Marinus order, which we are booked in. Most of the exports are quite short- cycle [crosstalk] y ou can take around 25%. Okay. This is the last order on the related parties. Sir, any large orders expected from the parent company and the related party? Like we have seen some of our peers getting orders from the parent entities or related parties. Anything planned for this year? Any thoughts there on the parent side where we can get orders? Parikshit, we have been saying consistently that our main focus, unlike some other companies, is the domestic market. We are expanding our factories. We are increasing our localization. It' s primarily to serve the market. It is not that we cannot do it. We see a huge amount of tailwinds in the domestic market. Today, our challenge is our ability to supply that. That' s where we are doing it. We are expanding it. As you can see, the new opportunities, like a gigawatt-scale data center requires a large amount of transformer, GIS, automations, etc., in that. It is quite a big opportunity pipeline for the domestic market, and the focus is that. Having said that, we have been saying consistently that our exports is, we've been concentrating on exports and we brought exports from 15% to 25% on an overall basis. We would like to remain in that range bound, few percentage this way, that way. That is what is the thing. It is not that we're taking an export order from our parent and compromise on the domestic market. That' s not what we meant. Okay. Just one thing for Ajay. Sir, this Adani order is over, is it still some more execution left? I mean, in this quarter, was it a significant part of the execution? Yeah. Generally, we do not basically talk on those particular lines. Is the order completion over now or it is still pending? At least [that question]. Not yet. That yet. That is yet to get completed. Not yet. In this year, by this year end, we'll have that order completed by this year end? Hopefully, y es. Okay, sir. Sure. Thank you. Yeah. Thank you. Next question is from Harshit Patel from Equirus Securities. Please go ahead. Thank you very much for the opportunity, sir. Sir, just a question on our Marinus Link products order that we had received from Australia. What percentage of execution is completed for this order a nd by when will we complete this entire order? If you can give us those details. I think it's a very small percentage right now, but we will be completing it in the next 36 months or so. Understood, sir. Secondly, could you give us a sense on what kind of margins we are realizing? Harshit, sorry to interrupt you. Your voice is coming muffled. Can you speak a little louder, please? Is this audible? Yeah. Thank you. Could you also give us a sense on what kind of margins we have realized on this Mumbai HVDC project, and similarly on Marinus Link also? We do not wa nt the exact numbers, but if you could give us a few [crosstalk]. Welcome to Corus Call. Please hold for an operator. Welcome to Corus. Please hold for an operator. Welcome to Corus Call. Please hold for an operator. Welcome to Corus Call. Please hold for an operator. Your name and company name, sir? Yeah. [crosstalk] and then Mr. David. You want to connect with? There you go. Thanks. The conference is now being recorded. Thank you. That is very helpful. To summarize, these are part of a long-term strategy and can be for going forward if the strategy continues to be executed. Noted, sir. T hank you. Secondly, of course, post your QIP of a large cash balance, we have earned about INR 120 crores of interest income in the first half of the year. As you deploy your CapEx, I mean, how should we look at this over the next couple of quarters and FY 2027? Can this level of interest income sustain, or do you expect it to come down as it is just a one-off in the first couple of quarters this year? Yeah. Just now, w e explained that we had a very slow start as far as the business comes down to that. [crosstalk] i n the next two quarters, our expectation is that we will pick it up. Whatever we have declared around seven and plus [crosstalk] is what we are aiming to. With that kind of deployment, definitely I see the reduction of the interest because this will get deployed. That is a near-term thing that we see at the moment. Okay. Got it, sir. Thank you so much and all the best. Thank you. Next question is from Mitra Subhadip from Nuvama Wealth Management. Please go ahead. [crosstalk] and thank you for the opportunity. My question is related to margins. I'm sorry if this is a repeat. I missed the early part of the call. I understand that you've been highlighting that starting from fourth quarter of FY 2026, we'll be entering double-digit EBIT margins. The guidance still stands. Is there a tease that between now and fourth quarter, there will be some retraction in terms of margins because of some of the [crosstalk] projects? Sorry, what [crosstalk] projects? Old legacy projects. Oh, okay. Older projects which might still be left in your order book. Could that still impact margins with you? I think our guidance, we said that we will enter double-digit EBITDA margin, and we have entered much ahead of our own target. We also said that we will sustain, we will also improve from that. That' s what we are saying in that. We will not say from where we go, but what we are saying is that we will [be in the] double-digit. It could be a few percentage this way, that way. On an overall basis, if you take a year-on-year basis, it will have a double-digit EBITDA. Understood. Any of the older legacy projects still left which can impact margins, let's say for the rest of the year? Our o verall portfolio is very robust and a good gross margin, and we do not see any of these things. Having said that, there could be always some extra external EBIT, right? [crosstalk] uncertainty of geopolitical things like that. Something can come. To the best of our knowledge, we have a very solid order backlog and very good portfolio order backlog, which is executable and [still putting into good] gross margins. Understood, sir. Thank you so much. Thank you. Next question is from [Manager Sitaram Agarwal from TriLisers]. Please go ahead. Thank you for the opportunity. I have two questions. First question is, I mean, is there any sense of pricing that you can share, let's say from 2023- 2025? As in, what was the pricing for projects that you were winning in 2023, and how they did last year and what is the current trend? No. Thank you, Mr. Sitaram, but unfortunately, we will not give you those kind of trends because it's basically for our own thing. I must tell you that we are predominantly working to serve the domestic market, and 1/4 of what we produce, we also sell exports. In the domestic market, despite the supply and demand, there's always an affordability challenge, right? It's not that whatever price you want, you can get it. It's not feasible, and the project is not going to be viable. You may get once in a while, better margins, but we're also looking at a lot of localization. That's very important in that. Today, we produce almost 75%-80% of globally what we produce. We produce locally here. That is what is also very important for us to get into these kind of things. Right, o kay. Thank you. My next ques tion is, I mean, I know you've quantified some of the data center opportunities in the past, but I mean, if you were to take this example of the 1 GW data center that Google has announced, I mean, what really would be the opportunity for transformers out of the entire CapEx of whatever $14 billion-$15 billion that they've announced? More importantly, I mean, are these all high-voltage transformers, or is it going to be a mix of high voltage, medium voltage, low voltage? I mean, just a broad indication of the quantum and the kind of transformers that would be needed for these data centers. Absolutely. I think the data centers are completely redefining. We used to have a data center of 10 MW, and then they went into 40 MW and then they were calling it hyperscales. T hey said the air-ready data center, which is 100 MW, and now we're talking about a gigawatt-scale data center, which is a super, super hyperscale data center. We have been saying also, during hyperscales and air-ready data centers for our portfolio of Hitachi Energy, which is grid connection, substation, automation, all ranges of the transformer, which is high voltage, low voltage, medium voltage, dry-type transformers, o ur addressable market of every data center CapEx is in the range of 15%-20% of data center CapEx. Depending upon the size and scale and depending on the business model, what they deploy, it might vary, but that's where it is in 15%-20%. We believe that that's going to be there in the gigawatt-scale data center as well. Is there any indication of how much of this would be high voltage out of the 15%-20%? [15%-20%] is our addressable market. It's the energy addressable market. Right. Yeah, o kay. Thank you. Thank you. Thank you. Next question is from [Ayaz] Bhalchandra Shinde from Motilal Oswal. Please go ahead. Hi, sir. Am I audible? Yes. Sir, two questions. One on HVDC pipeline, if you can provide insight that, in the next one to two years, how many HVDC projects are expected to be tendered? Also, there is one thought process going on, that because of renewable [crosstalk] technology will come into play, relatively HVDC CapEx requirement will be lower. Your insights on that would be good. Great, o kay. Thank you. I think I have already answered this question, Mr. Bhalchandra, but just for your sake, I can do that. HVDC pipeline in the near term, you know that one project is already completed, but there is [spinning], so it is in the market. In addition to that, there is another LCC project of 60 GW that is likely to be tendered out. Two projects in this financial year, and then we see in the next year anywhere between two to three projects coming out for bidding. That is what is the thing. I also said in the call that previously, I used to say one project per year to come up for a bidding. Now I revised it to two projects per bidding. Anywhere between two to three projects are required to manage the complexity arising of such a huge magnitude of renewable and electrification, is what you see in our country in that. Regarding your second question on the BESS versus HVDC, I think this is not one against the other. Both the technologies are required to coexist in that. Battery energy storage cannot compete with HVDC or [vice versa like that]. Both the technologies are required for our energy transition. As you have seen, the SECI's mandate right now is the 10% of the renewable they need to have energy storage built in in the project going forward, and that is in the right direction in that. For your information, energy storage, Hitachi Energy is one of the key players in energy storage itself. W e do have our converter, [PES], etc., which are very, very critical for energy storage. Thank you. Good. Sir, on the data center side, again one of our peers is not expecting that much growth, at least for the next two, three years. What is your take, h ow should one see India? India has a really good edge against any other country t hat surplus power in solar arc, and all those things are a really good thing for data centers. What is your take? Welcome to Corus Call. Please hold for an operator. Welcome to Corus Call. Please hold for an operator. Welcome to Corus Call. Please hold for an operator. Welcome to Corus Call. Please hold for an operator. Welcome to Corus. Please hold for an operator. Good evening. This is the operator, please. Good evening, Mr. Anderson. The company name is Anderson Family Office. Which call shall I get you connected? Sure, Hitachi Energy. Stay connected, sir. Thank you. The conference is now being recorded. Thank you. Next question is from the line of Sagar Gandhi from Invesco Mutual Fund. Please go ahead. Yeah, sir. My question pertains to execution. While we have done excellently in terms of order and flow and now in margins also, H1 execution has been, I mean, 15% growth. Can you qualitatively give us a [crosstalk] execution ramp-up from here on? [crosstalk] ramp-up, yeah. As I said, we have a 29,000+ worth of order backlog, right? Those things we need to execute. On top of that, we are adding more CapEx. You know that, the asset-to-turn ratio of those previous things, even if you take a low asset-to-turn ratio, we will add into the revenues. Sure. I mean, qualitatively, it looks substantially better from here. Is that understanding correct? As you know very well that we do not give you any forward-looking statements, y ou can make your own assessment. All we can say is that we are sitting in a strong order backlog. That' s number one. We are [clearing up] our factories, and then we are all looking at our exports and the service. Got you. Thank you so much, sir. Thank you. Next question is from the line of [Moore and The Visual Investor]. Please go ahead. Yeah. Thanks for taking my question, sir. We recently had a global investor meet in London, and there was a table put out which stated that Hitachi Energy, from a $16 billion revenue in 2024, hopes to be a $33 billion revenue company by 2030. More importantly, the margins which were 11% in 2024, were expected to be in the range closer to 20%, is what has been put there. Now, presumably, this is something which we can go with, because our current margins are higher than the global average margins for this quarter as well. Would it be a fair range to go with? No. Thank you, Mr. [Mohan]. Again, I'm coming back to the same thing. We do not give guidance on the longer-term basis in that. Again, let me give a qualitative basis. We have been saying consistently, and then we are executing what we are saying, what we do, o kay? That's what you need to [crosstalk]. What we are saying is that, we have taken a lot of actions much ahead of the curve, expanding our factories, localizing our equipment, bringing the technology, and localizing it, so that we[are able to offer to] our customers at the price point that is required. That's the number one thing in that, right? That will add both [crosstalk], as well as various things with that. We are going consistently much, much ahead in the market and we have demonstrated for several quarters now, and we continue to do so in the future, o kay? W e are sitting right now with a huge order backlog, and that order backlog will give a huge visibility. In addition to that order backlog, we are growing ahead in the market, and our exports will play a major role and our service play a major role. If you add all these things, then you can make your own assessment. Yeah. Sure, sir. The next question was, as regards to the late HVDC order, there has obviously been a delay or cancellation. If you can share what really happened and why we did bid in the initial instance, it will be interesting for us to know. No, it is not about why we did not bid. In fact, our customer has given us a [free order] paid order. We have done our thing and then submitted our report. On that report, only then certain particular type of technology going in there, and that's what we have submitted to our customer and then it's customer to take a decision. Even if they are going, again, quite many phases will happen. Even for example, if they have to go for immediate reasons to evacuate, if you have to go to AC, but it is not a one-technology player there. It is a combination of, technologies have to play to manage the evacuation at a large scale in a renewable there [crosstalk]. Okay, f air enough. Thanks a lot, sir. Thank you. you. Maybe one last question. Operator, maybe one last question. Sure, sir. Next question of Anupam Goswami from SUD Life Insurance. Please go ahead. Hi sir. My first question is on, what's your plan on the export [crosstalk]? What is the current order book or your [crosstalk]? Where do you want to scale up? I think we were very consistent in what we have been saying. Our exports right now are around 25% if you take large project HVDCs [except] in that, o kay? We have a large export project also there. Basically, if you see both sides of it, 25-30% is the place s ome quarter, quarter 30. This quarter was 30%. We would like to remain in the 25-30% quarter, because we have, as I said, huge tailwinds arising out of the energy transition in India, both from the renewable transmission industries and also rail in that. That' s where we would like to focus. It is not that we do not want to increase from 25%-30% to a higher number, but that increase is not at the cost of the domestic market. That's the reason we would like to give the priority to the domestic market, because we have created the factories and things to address the domestic market. At the same time, we would like to leverage factories also to the rest of the world. That's what we have been doing. 1/4 of what we produce, we export it. Maybe over time, it might increase slightly on this. Also, sir, with the new capacities coming, what sort of incremental capacity are we having? Let's say 50%, 40% of what sort of [crosstalk]. [crosstalk] when we complete the capacity, we'll inform you. At this point in time, it is varying depending upon the products, what we have taken. It's somewhere going for an increase, somewhere going 50% increase, somewhere even close to what we have. It is varying, but we will inform you as and when the capacity comes up. Just a last one. With the current margin that is going up and higher than the parent margin, do we use some margin to sustain and royalty percentage? We do not want to compare higher than the parent or lower than the parent. What we compare is our portfolio, what we have, and our cost structure, what we have in there. That is what we are saying. I am going back to a couple of years. We said we are building a company in a fairly medium-term, long-term basis. We are not taking short things going up and down in there. We said that we will reach 10% of our operationally bid by FY 2025, and then we have reached much ahead of that curve. We said we will spend those margins. Again, we are working towards that. While sustaining it, depending upon the market condition, depending upon various other geopolitical, etc., we will always try and see how to improve on that. Otherwise, our thing is to double-digit EBITDA. Thank you. Thank you, sir. [crosstalk]. Maybe my last comments. Once again, very much, ladies and gentlemen, thank you for your time and listening to us and engaging with us. We are in such an energy supercycle, very exciting for us. The future is going to be electrified, everything and anything. That is what we are seeing, gigawatt scale of data centers, and many industries are looking forward. We are really very happy and want to further increase our engagement. If you need any further information, please do not hesitate to reach out to us, reach out to any of us, and we will be happy to do that. Any unanswered questions, if we are not answering to you, also reach out to us. We will be happy to engage with you. Thank you very much. Thank you very much. On behalf of Hitachi Energy India Limited, that concludes this conference. Thank you for joining, and you may now disconnect your lines. Thank you.