Ladies and gentlemen, good day. Welcome to Hitachi Energy India Limited Q4 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Priyanka Bhagat, IR Team, Hitachi Energy India Limited. Thank you. Over to you. Good afternoon, everyone. A warm welcome to all participants joining us today's call. We are delighted to have you with us for the Quarter Four Financial Year 2026 earnings conference call of Hitachi Energy India Limited. Before we proceed, I would like to remind everyone that certain statements made during this discussion may be forward-looking in nature. Actual results could differ materially due to various external factors. With that, I now invite Managing Director and CEO of Hitachi Energy India Limited, Mr. Venu, to take us through his insights on the results. Over to you, sir. Thank you, Priyanka. Good morning, ladies and gentlemen. First of all, it's a pleasure to be here. Let me also once again introduce my colleague who recently joined, Priyanka, as the Head of Investor Relations. Please get in touch with her at any time if you need any more information or anything else on our company. We are happy to do that to support you on that. Once again, good afternoon, and thank you for joining us for the analyst conference call. I hope you're all doing well and taking care of yourselves. As you have seen from our press release, we have announced our Quarter Four and full year FY 2026 results yesterday. Over the next 20 to 25 minutes, I will walk you through our performance for the period ending March 31st, 2026. As always, you may follow the presentation through the webcasts or download it. We just upload it into the BSE and stock exchanges website. I'll continue to refer the slide numbers for ease of reference if you are on the move, so that you can understand that. Today, in addition to Priyanka, I also joined in the room by our CFO, Ajay Singh, and our General Counsel and Company Secretary, Poovanna Ammatanda. As you know as well, at the start of this FY 2026, our priority was clear, sustain the strong growth momentum from FY 2025 while driving higher operational efficiency. Despite the volatile geopolitical environment is still continuing, we remained disciplined in execution and focused on managing supply chain and cost pressures effectively. I'm pleased to report that we have delivered another quarter and another year of strong performance, closing FY 2026 well ahead of our previous year in all the KPIs. Our growth has been supported by consistent execution, a resilient business model, and a strong go-to-market and sustained demand across segments. A key highlight is our record order backlog of INR 29,555 crore as of March 31st, 2026, which provides a strong revenue visibility for several quarters going forward. This reflects the continued customer confidence and our ability to win and execute large and complex projects. The successful commissioning of India's first city interstate project in Mumbai further demonstrates our execution capabilities and reinforces our position as a trusted partner in critical grid infrastructure. Together with all our board members, we just visited the Mumbai city interstate project site this morning. I'm just coming straight from that. This is one of the most engineering marvel to deliver, I see that the project is pumping the power. While India remains exposed to global energy price volatility, this also strengthens the structural investment case for transmission and grid infrastructure. Our performance in the last quarter reflects this dynamic. We have navigated a temporary industry slowdown while continuing to invest in long-term growth opportunities and margin resilience. Looking ahead, the demand outlook remains robust, supported by energy transition, grid expansion, and increasing electrification. At the same time, geopolitical development continue to highlight the urgency around energy security, energy transition, and also domestic capability building. Hitachi Energy, in our view, is well-positioned to capture these opportunities given our strong order book, strong order backlog, our technology leadership and proven execution track record, and our customer intimacy. Starting with our presentation, I move to slide number three. As you all know, safety remains integral part to our operations, and we call it a license to operate. We are committed to embedding best-in-class safety practices across our factories and project sites and offices. We are proud to report zero fatalities during the financial year just concluded, reflecting the effectiveness of our proactive safety culture and risk management measures. Further reinforcing this commitment, we conducted several life-saving rules, more than 1,700 life-saving rule inspections, ensuring continued vigilance and adherence to safety protocols. At Hitachi Energy, our employees, our subcontractors' well-being is deeply ingrained in our culture. Annual health checkups, ongoing safety awareness sessions form core part of our approach, underscoring our belief that safety and health are non-negotiable priorities. Our consistent efforts have been recognized and appreciated by leading third-party agencies and customers, reaffirming our position as a trusted and responsible organization. As you can see from the slide, during the quarter, we have won several awards from our customers and partners in enhancing the safety culture at their project sites. If I move to the slide number four, sustainability remains central to our strategy with a strong focus on decarbonizing our operations. We are proud to have achieved 100% renewable energy in our operations, so rooftop solar and various other means like engaging the long-term power purchase agreement with the solar developers and et cetera. During the year, we surpassed our water reduction targets, achieving a 11% reduction from the baseline of 2019 through recycling initiatives and the deployment of efficient fixtures. Notably, our Halol facility in Gujarat earned a Water Positive Index certificate, underscoring our commitment to responsible water stewardship. In addition, both our Halol and Mysore facilities have been certified platinum for zero waste to landfill, reflecting our continued progress in circular resource management and waste minimization. Beyond environmental stewardship, we have made a meaningful stride in governance and social impact. We increased gender diversity substantially, reinforcing our commitment to building an inclusive workplace. At the same time, we continue to uphold an uncompromising commitment to integrity with a zero instance recorded during the year. Our efforts continue to be recognized externally. We are pleased to report that our CRISIL sustainability ESG rating improved to 61, which is basically called a strong in FY 2026, while our NSE ESG rating increased to 62, which is adequate, reflecting sustained progress across key ESG dimensions. I move to the slide number five, and some of this information you already know that. Let me put our performance in the context of broader dynamics. The current geopolitical situation in the Middle East has triggered pressure on the supply chains. However, we have put several mitigation measures to address the temporary challenges, which not only we are facing it, but whole industry is facing. Along with that, we are witnessing is a clear structural transformation in the energy landscape in India, driven by energy security priority, policy support, localization, and accelerating electrification across multiple sectors. India's electricity demand is poised for a strong, sustained growth over the coming decade, supported by industrial expansion, renewable integration, EV adoption, and the rapid scale of the new age load centers such as data centers. At the same time, the grid is becoming more complex with a higher load density, increasing reliability requirements, and new demand drivers such as AI-led workloads. This is leading to significant investments across the transmission, distribution, and grid infrastructure. Across segments, the opportunity is compelling. Strong momentum in renewable transmission investments to integrate non-fossil capacity, a visible industrial CapEx cycle, rising data center investments, and early stage, but accelerating EV penetration. In parallel, improving discom health and fundamentals enabling higher spending in distribution. Overall, these trends reinforce our confidence in a multi-year growth opportunity, and we believe we are well-positioned to capture this throughout our strong market presence, execution capabilities, and continue to focus on technology, capacity expansion, and pacing. I move to slide number six. Our operating momentum remained strong and firmly on track throughout the quarter ending March 31, 2026. During the quarter, we recorded orders of INR 2,422.5 crore and revenue of INR 2,751 crore, and which has a growth on a year-over-year basis, orders of 10.6% and revenue of 46.2% growth on year-over-year basis. Similarly, when it comes to the profit before tax is around INR 443.4 crore, and profit after tax is INR 330.5 crore, reflecting a solid operational performance in that. This quarter ending is also our full year ending. For the full year period, as you can see here, we reported a strong orders as a second year in row with at a high base, we had a growth of 1.6% at INR 18,456.5 crore. The revenue on a complete year, INR 8,147.7 crore, growth of 27.6%. PBT is INR 1,375.2 crore, a growth of 166.3%. PAT is INR 987.8 crore, a growth of 157.3%. EBITDA on an annualized basis is 15.4%. Look at our strong operating cash in this year is INR 1,746 crore and strong order backlog of INR 29,553 crore of increase on a year-over-year basis, 53.6%. If I go to the next slide, during this year, we have commissioned very important project, as I talked about Mumbai City interstate project of 1,000 MW on a VSC-based technology in that. This includes entire design, engineering, supply, erection, and commissioning of HVDC converter station at Aarey and Kudus and supporting 1,000 MW of power into the Mumbai grid. Similarly, we have also commissioned several other projects in this year. For example, the renewable substation at Varma and renewable substation at Bomer, and also transformer supply to leading utilities, and then AI substations in Rajasthan and several other things. These projects underscore our strong execution capabilities across diverse segments and geographies. Our comprehensive scope of work spans the entire value chain, including design, engineering, manufacturing, supply, erection, testing, and end-to-end commissioning, enabling us to deliver integrated high-quality solutions to our customers. I move to the next slide, that is slide number eight. At Hitachi Energy, we are committed to leading with a purpose and creating a positive impact on industry and society. We firmly believe in translating our strategies into meaningful action. In line with this commitment, we actively participated in India Energy Week 2026, engaging with key stakeholders and fostering global partnerships that are shaping the next era of energy transition and progress. Artificial intelligence has become the new normal across industries, and energy sector is at the forefront of this transformation. It is imperative for us to adapt to this evolving landscape. Engaging at such industry forums and summits brings not only fresh perspective to our businesses, but we also leading actively in the dialogues. As part of the India AI Impact Summit, we hosted a pre-event to explore the changing role of energy in the age of AI and industry leaders. Across Ministry of Power and Ministry of Electronics and Information Technology have joined us at the platform. We showcased our portfolio of products and solutions at the Bharat Electricity Summit, one of the largest transmission energy events in the country. Our booth at the event was honored by the Honorable Ministers, Minister of Power, Minister of the Renewable, and critical members of the power industries to listen to us and to see our state-of-the-art technology products which are on display. I move to slide number nine to give a little more additional context on our order intake for the full year FY 2026. Order intake for FY 2026 has demonstrated growth across the sectors, industry, data centers, railway, and renewables. You're seeing a small dip in the transmission is basically due to the large orders in mismatch of the large orders, but also some of the products has been delayed in that. On the right-hand side, the order mix is illustrated on the right. The chart highlights that the product segment has taken the lead and while utilities and direct end customers emerge as a clear winners across their respective sectors and channels. I move to the next slide, which is very important and strategic slide for us, and let me also take the moment to highlight an important of this development. During our Quarter four FY 2026 board meeting, the board approved an incremental additional investment of INR 2,000 crores. This includes, among other initiatives, the establishment of state-of-the-art greenfield large type transformer facility in Karjan, Vadodara in Gujarat. This is an accelerated execution program, and we would like to complete this state-of-the-art greenfield transformer factory to produce our large power transformers and also HVDC converter transformer by last quarter of 2028 calendar year. This investment is over and above the CapEx program we had previously announced in October 2024. With this, our total cumulative CapEx commitment now stands close to INR 4,000 crores. We believe that this investment will significantly strengthen our manufacturing capabilities in India and position us well to capture the strong demand outlook in the sector, not only from the renewable transmission, but also new age sectors such as data centers. With that background, I'll now hand over to our CFO, Ajay Singh, who will walk you through our financial performance in the next two slides. Over to you, Ajay Singh. Thank you, Venu. Very good afternoon, everyone. Hope you are doing well. Let me run through the financial performance for this quarter as well as the year-end. Venu has already touched upon a few parameters, but I will go a little bit deep into that. Orders, if you see, we have clicked INR 2,422 crore in this particular quarter, which is 10.6% growth YoY. Revenues from operations were very good in this quarter. We had INR 2,754 crore, which was a 46% growth compared to the YoY. Profit before exceptional item is INR 443 crore, that is 16.1% compared to earlier YoY, 13.1%. PAT, if you see, PAT grew by roughly 80%, INR 330.5 crore. The margin, we closed at 12% PAT margin. Operational EBITDA for this particular quarter was INR 452 crore, which is 16.4%. Overall, I will say in my view, this quarter was good for us. Again, if you compare from the sequential quarter also, if you see revenues grew by 32% and PBT also grew by 10%. PBT after exceptional items grew by 27%, PAT grew by 26%, and also operational EBITDA grew by 33.7%. The margin in this particular quarter was majorly contributed from the very good revenues that we got and also through the operating discipline that we could get translated in this particular quarter. If I see year-on-year, we had order booking of INR 18,456 crores, which is, we are able to maintain this good order book at 1.6% compared to the last year. Revenues, we crossed INR 8,000 crores. INR 8,147 crores, which is roughly 27.6% growth compared to the previous year. PBT before exceptional items, 16.9%. PBT after exceptional items is 16.2% compared to 8% in the last year. PAT grew basically more than 150%. PAT is, we clicked INR 987 crore, that is 12.1%, vis-a-vis 6% in the last year. Operational EBITDA, if you see, we took the INR 1,252 crore, that is 15.4% compared to 9.3% what we achieved in the last year. If I dwell a little bit more in details, if you come to the next slide where I'll talk about more in details. If you see the particular quarter, little bit on the cost structure, if you see, basically the personal expenses for this particular quarter were 6.3%. Other expenses, we were able to pull down 14.3%. This particular quarter, we had exchange loss of INR 31.5 crore. This is an unrealized loss, notional loss for us. Depreciation, 1%, finance cost negligible. With this, we are able to close this particular quarter with 16.1% PBT, and profit after tax was 12%. Similarly, if I see for the year-end overall, year-end also, as I discussed, we clicked a revenue of INR 8,147 crore. If you see, we were able to improve on the gross margins compared to the last year by a minimum 2%. Personal expenses, we closed by 7.9%. Other expenses, again, last year it was 20%, this year we closed at 16.9%. All other expenses are under control. That is how, if you see, we are able to close this particular year with profit before tax of 16.2% compared to the last year, 8.1%. Also profit after tax, basically reached to 12.1% compared to 6%. Overall, a very good development on the profitability vis-a-vis when I compare with the last year. With this, I hand over to Venu. Okay. Thank you, Ajay Singh. I come to the last slide. As you all know, this is a famous slide for me. As we close the financial year, we are pleased with the progress we have delivered, especially against the backdrop of an evolving geopolitical environment. Our focus continues to be on two clear priorities, sustaining our growth momentum and improving efficiency across all areas of our operations. We remain proud of our leadership in core segments such as utilities, HVDC, industries, data centers, et cetera, while actively expanding into high growth areas, energy storage, where we see strong and sustainable demand trends. At the same time, we are sharpening our strategy to capture opportunities across services, exports, and digital innovation. Centering the service business in India remains a key pillar for us, as it plays a critical role in ensuring continuity and resilience of energy systems. We are also driving productivity and operational excellence with a strong emphasis on quality and scalability. In parallel, we are focused on executing our strong order backlog efficiently to support revenue growth and optimize capital deployment. We kickstarted AI acceleration with AI Nexus program, harnessing data analytics and AI to drive smarter decision and foster and better outcome. On the function standpoint, safety continues to be our non-negotiable and our license to operate be deeply embedded in our culture, and we remain committed to maintaining a robust safety first environment across all our locations. Looking ahead, we will continue to invest in our capabilities, so people, technology and capacity expansions to support sustainable growth. We are confident of creating long-term value while contributing to a more resilient and sustainable energy future. Ladies and gentlemen, with that, now the floor is open for the questions. Thank you very much. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Participants are requested to use handsets while asking a question and to restrict to two questions at a time. We will wait for a moment while the question queue assembles. We'll take the first question from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah. Hi, Venu. Congratulations on a great quarter, sir. My first question is on exports. We have seen very robust order inflow from exports. If I do the numbers for some adjustments for HVDC, about INR 3,000 crore plus for this year. Just wanted to understand, I mean, without any related party major orders in this year. How are we able to get these orders? How do you generate inquiries there? Do we compete with the parent entities in these geographies? How does the allocation come? How do you get the inquiry? It's widespread across U.S., Europe, and APAC. Just wanted some more color on this. Yeah. Thank you, Parikshit Kandpal. First of all, thank you for your question. That is very interesting. We have been consistently saying that our export strategy is a 3-pronged strategy. The number 1 is we have certain allocated markets, and in the allocated markets, we develop the allocated markets on a long-term basis together with the local sales and marketing organizations, and they start selling the products in that. At no point in time, no two Hitachi Energy companies will compete in any markets. It's always markets. We develop the market in a long-term basis. That's the first strategy. The second one is we do manufacture certain products only in India, in the Hitachi Energy ecosystem. That's what we call the global feeder factory. If I give an example of the 66 kV hybrid circuit breakers, our COMBIFLEX relays, just give you a couple of examples on that. Those relays, those components, products we manufacture here, we sell it across the world, some directly to customers, some directly sometimes to our Hitachi Energy offices. That will become a related party. Third one is we manufacture as part of that is a component which is required for the full products, what we call the feeder factories. These feeder factory manufactured components, we sell it to other Hitachi Energy factories around the world. It could be U.S., it could be Germany, it could be Sweden, and Switzerland, et cetera like that. These are the components and where we sell it to our things. Combination of these three things will add to our exports thing, Parikshit. Okay. My second question is on the HVDC mix. We have seen some softness in the margins this year as a whole. We are somewhere around 14%-15% EBITDA, but our peers are now in the range of 25% plus. Our G&A is also low and other expenses are high because of royalty, which is like we have high royalty there. Just wanted to understand was HVDC a significant portion of this year's revenue? If you can quantify across all the three HVDCs. You had Marinus Link, you had Adani, you had Power Grid, and the Mumbai entry. Was DE a significant part of your order book? Given that now two-third of our order book is HVDC, is there any scope for the margins to improve from here on? No. I think as I said, the HVDC is in our view is only a margin accretive, and it was not very substantial in this quarter, in this year, I mean. If you take the whole of this year, our HVDC revenues out of INR 8,000 crore is around INR 1,100 or something like that, Ajay Singh? Yeah. Roughly you can say 15%. Yeah. That's INR 1,100 crore-INR 1,200 crore of that. As I said, our focus has been our base business, our service business, our export business in addition to other things. HVDC is one of our levers, and that's what we are doing it. Okay. Just the last question, sir. On this order breakup for this quarter, we see that exports has been very high. Just wanted to check the services which has also been very high in this quarter. Is the service order from India HVDC upgrade or it was a global order and is it a part of the export order book? No. The service upgrade is from India. It is for our customer in MSETCL, the Chandrapur upgrade of control and protection. Adjusted for that, the base orders look very weak for this year as a whole. We have not really seen if I remove services and the export, the base partly looks to be very weak for FY 2026. In fact, there could be maybe a decline YoY. After looking on the base orders. Yeah. We have seen our base orders also had a stronger growth in the base orders for the whole of financial year. Okay. Sure. Thank you very much. Thank you. Thank you. Next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Good afternoon, and thanks for the opportunity, and congratulations on a very excellent quarter and a very, very good year. My first question is, sir, on the domestic order inflow ex HVDC. Let's say domestic order inflow plus exports ex HVDC. It seems that we are at INR 90 billion last year, INR 90 billion this year, right? How do you see this developing for FY 2027? How is the inquiry pipeline ex HVDC in domestic market especially, yesterday? I think, thank you very much. As you know that we don't give any forward-looking numbers going forward, but let me give a little bit of color to that so that you understand that. As I said, HVDC is only one of our levers, not the only one. We leave HVDC out, but what we see is our pipeline is very strong in the renewable. Our pipeline is very strong in the data center. It's really, really good. That pipeline is also equally strong on our transmission of the projects in that. Of course, industries are, kind of intermittency is there, but it's coming up in that. Overall, if you talk about the entire pipeline, leave HVDC, our pipeline for the transformers for various segments is also very, very strong in that. If you add all of those things, I think pipeline compared to a year ago, compared to the quarter ago, is very good. Understood. My second question is the new transformer capacity, which you announced. Does it mean that you produce HVDC transformers internally? No. What do you mean by internal means? In a sense, in the other packages, the two HVDC packages, we have tied up with the BHEL for supplying the customers. Yeah. Does it mean that as this capacity is up, we will take the entire project there? Whatever the projects we have won and those commitments, that will stay there. There's no change in those particular existing orders. Considering the new capacity is required, considering new demand, and we are setting up that. We have seen a complete 360 view before putting up this capacity, and we believe that we have a very strong business case for this kind of thing. In this new facility, we not only manufacture the large power transformer, we also manufacture the various converter transformer, whether it is for VSC technology, whether it is for LCC technology or things like that. Also some of the large power transformers required for the data centers. Understood. Last question from my side. Thank you. Mohit, I request you to join back the queue, please, as we have participants waiting for their turn. Thank you. Requesting participants to restrict to two questions at a time, please. You may join back the queue for follow-up questions. Next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Good afternoon. Thanks for the opportunity. My sincere compliments on creating an investor relations cell, and welcome to Priyanka in the Hitachi Energy India family. My two questions. The first one is, the gross margins contracted on a sequential quarter-on-quarter basis by a significant amount. What was the mix change or factors that drove this outcome? The second question is that overall your order inflows for the fiscal grew by 1.6%, but excluding HVDC orders from the base for both the years, the non-HVDC order inflow, that is the domestic non-HVDC order inflow was steady in FY 2026 over FY 2025. What led to this outcome, and what is the outlook going forward? Thank you. Yeah. Maybe on the gross margins, I'll ask Ajay, our CFO to talk on that. Thank you for the question. If you see the gross margin, you are talking about sequential quarter, it is only because of the product mix, that is where we see a contraction. If you see overall basis at the end of the year, we have improved on the gross margin by two basis points. If you see around last year, our gross margins were around 38%, but this year we closed the year with the 40%. As we are discussing, we are working on the margin accretion piece, and only because of the product mix is where sometimes in the sequential quarters we see some change. Yeah, sure. Sumit, what was your second question on the orders? Yeah, the non-HVDC order inflow in FY 2026 versus the comparable number for FY 2025. If I exclude exports, there seems to be sort of some weakness in the domestic non-HVDC order inflow. Given the outlook is so strong around multiple growth drivers, what is actually the underlying dynamics here? I think when we looked into that, it is not the case with us, but we need to also understand that some of the capacities which are required for that probably will filled in with the HVDC portfolio, and that's also the reason why some orders which are required at the same time may not be possible for us to do that. Otherwise, even if you remove the non-HVDC order, there has been a growth in the domestic as well for us. Okay. Just one follow-up on this, your INR 20 billion CapEx, what kind of physical capacity for power transformers in GVA terms is this going to imply? Yes, we are going to create almost anywhere between 30 GVA to 40 GVA. Exactly close to our other existing factory. Thank you so much. Wish you all the best. Thank you. Thank you. Next question is from the line of Amit Anwani from PL Capital. Please go ahead. Thanks for the opportunity. Just clarification on the 30, 40 GVA you said after adding the capacity, this will become 30, 40 GVA? This is additional capacity. Additional. 30 GVA, depending upon the products mix can go to 40, but baseline would be in the range of 30 GVA. It's kind of doubling the capacity. Yeah. Sir, a question on the minimum local content. The two projects which we already have, just wanted to understand, there was recent notifications from the government with respect to minimum local content. The status on the two projects, how much is the MLC there? Is your CapEx driven by also the localization drive, probably for the upcoming two, three years, there's a minimum 30%, and then this will go up over the next five to seven years in terms of localization requirements for each project. Second, will this also lead to reduction in royalty because you'll be localizing more? Just wanted to understand on these aspects. Sir, thank you very much. As far as our local content is concerned, we are far ahead of the requirements set out by the thing. Even the recent government circular, by far we are exceeding that. We have been consistently saying that over a period of time, we have increased our local content, and our new capacity is nothing to do with the local requirements of that. The new capacity basically is based on the demand coming in from renewable transmission data centers in a big way in that. Right. Thank you. When it comes to the royalty, your question is that, as I said, we manufacture locally, but we continue to get technology from our principals, right? I've been saying that we need to pay royalty because we will come out of new technologies, new products, et cetera, in that. Some of you are maybe attending our today's evening investors meet. We would like to explain to you what are the new products technology we are launching for some of the new segments, growth drivers. For example, data centers, energy storage, and those technologies we are able to source from our parent company. We need that royalty to ensure that the technology is available at the same time it is available around the world. I'll like to top up what Venu was telling. Locally, if you see, we are not spending anything on the R&D. Our R&D spend is all managed centrally. That is how we will need the technology for our products. Thank you. Thank you, sir. Thank you. Next question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, thank you so much. I think we look forward to your evening presentation. Primarily, can you talk about any big gaps that you currently have in your portfolio that you would want to address with these INR 2,000 crore of CapEx? No, INR 2,000 crores is not about the gaps. For example, the major of INR 2,000 crores is going into our existing product. One is that we're going to set up a new greenfield large power transformer. We're already manufacturing those things in another facility in Baroda, Manager. This is additional capacity because we need to produce more number of transformers at the same time, and that's what is the thing. Similarly, we are also setting up two additional lines in our Bangalore factory for power quality. Up to six lines we have, we are now adding a seventh and eighth line because we see a lot of demand coming in for the power quality products. It's not any of the product gaps. It is more of doing what we are doing it. Understood. That's helpful. How should one think about phasing of this capacity over the next two, three years? Our view, that's what I said, we will talk about more in the evening. What we are talking about is that the demand required for the electrification, right? More and more sectors are getting electrification. Electrification means you need more transmission, you need more generation, and for that you need more transformers. We are looking into quite a longer period, and we believe that it's not one or two year, three years story we're talking about. We're talking about a multi-year growth story. Structurally, we need to have. It's not any more spikes that it is coming up and down, but we need structurally for a couple of long years, the growth of this demand for these products and solutions is going to be there in our view. That's why we are investing it. Understood. No, I meant your capacity. The INR 4,000 crore, when should we expect different phases of capitalization? As I speak, out of the INR 4,000 crore, out of that INR 2,000 crore we announced in October 2024, and many of those projects are, as we speak, they are on the ground. They are taking anywhere between three to four years to complete that. This additional INR 2,000 crore, which we announced, and we are doing the groundbreaking ceremony on 12th of June, and this is the accelerated manufacturing thing. As I said, we're going to manufacture the transformer out of this new facility by end of last quarter of the calendar year of 2028. 2028. That's very clear. Thank you so much and all the best. Thank you. Next question is from the line of Shubhabrata Mitra from Nomura. Please go ahead. Good afternoon, sir, and thank you for the opportunity. As you've mentioned on this call as well that the focus areas and the growth triggers seem to be coming more from the renewables and the data center side over and above, let's say, HVDC and exports. Just wanted to get an understanding of, let's say, how much of the renewables and the data center piece would be, let's say, part of current revenues and order book. How do you see the growth trajectory going ahead? I think all of them are part of our order book. By far, the transmission is highest in our order book, followed by the renewable and then industry service exports. Data center is coming up in India. As you know, India, you have just less than two gigawatts of data center in India, and this is going to be multifold going forward. In the next four, five years, we are talking about in that. Even though it's a small base, but the rate of growth or growth rate% is much higher in those things. The next one is the energy storage, the battery energy storage especially. You're talking about almost 80 gigawatts of battery storage for the next five, six years of that, as you can see from the CEA report. That needs a lot of technologies and we're going to also look at those segments with that. Thank you. Understood. Just as a follow-up, would most of these products that go into, let's say, the data center and the battery energy piece, are these products that you're already manufacturing in India, these solutions already exist within the Indian subsidiary, or these will be products that need to be imported from the parent and then supplied here? Some of the products already we are manufacturing, and we're going to expand our product basket. Some of the products are already available in our parent company. We're going to bring the technology and localize those things. As you know, it's very important to meet up the price point required by our customers in India. If we import from there, we will not be able to manage the sustainable growth in that. We need to do that, and that's why we are looking into that. It's a combination of all of that. Understood, sir. Thank you so much. Thank you. Next question is from the line of Jaison Thomas from IDBI Capital. Please go ahead. Sure, sir. Thank you so much for keeping my question in format and explaining set of results. My first question just pertains to. Can you please come close to the mic, please? It's very feeble. Yeah. Can you hear me now, sir? Can you use your handset mode, please? Yeah, sure. Jaison? Hello? Yeah. It is clear. Okay. That's clear, yeah. Sure. My first question just pertains to, just wanted the entire year number FY 2026, the exports order intake, and as well as the exports revenue entire year, if possible. I think, Ajay, you like to. Yeah, export revenue, if you see year-end, is around 25%, you can take. Orders also will be basically in the similar line. Currently, it will look little bit lower because we have booked the large domestic orders, but our average export is around 25%-30%. Whenever we are talking about the percentage, please remember, we'll always take out the large lump like HVDC orders. When we're talking about that, it is excluding of that. Sure, sir. Would it be possible to give an exact number, sir, for this? No, we're not able to share exact numbers in that. We've been saying as a ballpark percentage. Okay. Sure. Sir, my next question just pertains to the near-term HVDC pipeline for the next two years. Just wanted some color on the pipeline. How is it more of LCC projects or VSC projects coming on stream? Also, one linked question. Since you've already won two mega 60 gigawatt projects already, do we have the capacity to take on more for the next couple of years? No, thank you very much. The pipeline is in our view is very robust. One has already come up for bidding for the TBCB customers, we are working on that, similarly, there are many other projects what I understand is also is in the pipeline. At least in the next two years, we're talking about anywhere between three projects, if not four. Our capacity be consistent. This is a combination of both LCC and VSC. For us, it doesn't matter, LCC, VSC is absolutely is fine because we are by far the leadership position in both LCC and VSC technology globally in that. We just commissioned Adani Mumbai 1,000 MW is a VSC technology. your next question was on whether do we have a capacity or not exactly. We're also consistently saying that we have been building the capacity. We don't have any limitation as of now to take more HVDC projects now and the next year or year after. We are creating the capacities. As you see, we have been saying this from 2022, where there was no pipeline was there. We started our HVDC and control production factory in Chennai. We also set up additional now transformer factory where we are going to manufacture the converter transformer in anticipation of the demand, not only HVDC but also including HVDC. Sure. Thanks for that, sir. Just one question I wanted to- Can I request you to join back the queue, please, as we have participants waiting for their turn. Thank you. Sure. Okay. Next question is from the line of Shirom Kapur from Jefferies. Please go ahead. Hi, sir. Thanks for the opportunity. Just had a question on your exports. I understand your three-pronged strategy. Just wonder maybe if you could give some qualitative commentary on what kind of markets where you're getting this export demand, and is it largely third party or is it more driven by orders from the parent? Specifically which segments is it, data centers, are you catering to the data center market in U.S. or other parts globally? If you could just give some color on that. Thank you. As I said, some of the allocated markets where we have one of our export strategy, there we develop those markets in a long-term sustainable basis. It could be Indian subcontinent, Bangladesh, Sri Lanka, Nepal, Bhutan. It's also some of the Southeast Asian countries, and so on and so forth. In there, we sell our products directly to the third-party customers. For example, our GIS, et cetera, we sell not only in the Southeast Asian countries, but also some of the European customers of that. In some cases, we said, we have a global feeder factories there. Again, we have a combination of that. We sell sometimes directly to customers, sometimes to our organizations of that. That comes from our, not our parent, but our Hitachi Energy offices around the world. The third one is where we have the feeder factory, where we make the components in India. It's like a more of a kind of contract manufacturing for our Hitachi Energy factories around the world. That will be to our parent organizations of that. That's how we do that. Understood, sir. Secondly, if you could comment a little bit on, you mentioned that there was a temporary industry slowdown in the fourth quarter that you navigated, and during your commentary, you also highlighted some maybe delays in some transmission projects, and that's why in FY 2026 we saw a small dip in the growth in transmission orders. If you could comment a little bit on what are these delays? How long do you anticipate them to go on for? When would it get resolved, or is it already behind us now? I think in my view, it's behind us, the transmission projects is behind us. It's now coming up the pipeline. Maybe the industrial CapEx, when I said, it's not consistent with all the things. There is a good momentum on the CapEx on some of the steel and other industries, but across the thing. If you really look at where the investments are coming in, huge in the transmission, renewable for sure, and also some of the fossil power plants are also coming up. The data center is, and semiconductor industry, battery storage industry, they're all really firing on that. We also see some expansions in the automobile industry, some of those things. Got it, sir. Thank you so much. Thank you. Yeah. Next question is from the line of Rahul Gajare from Macquarie Capital. Please go ahead. Yeah. Hi, Venu. Just continuing on the export bit, I mean, you did say that you are catering to the SAARC region and Southeast Asia. All of this is necessarily with y'all only, is that how one can interpret this? Sorry, all of this is necessarily? Necessarily catered by Hitachi India itself. Yeah. You will be. Some of the allocated market, it will be catered by Hitachi Energy India only. That is SAARC is totally allocated market, and you will compete with other Hitachi entities for Southeast Asia? Yeah. Look, I don't know how you define. As I said, Indian subcontinent is what we define. That is Bangladesh, Sri Lanka, Nepal, Bhutan, and Southeast Asian countries. In Southeast Asian countries, Indian subcontinent is entire portfolio. In Southeast Asian countries, it's part of the portfolio. Got it. Second thing is, you did talk about how India is catering to being a feeder factory for some of the products, and certain products are completely only manufactured locally. On an average, every year, how much of these products are there? How much of these things make up your revenue, these feeder factory and certain products which are manufactured only in India? This is going to be a continuous, whether export happen or not, this is something which will continue. Yeah. I think, since this is what it looks like a more of a contracting to our companies. Everything is a pass-through to our company. It's like a low risk and stable margins kind of thing in that. It is growing. Right now, if you take our whole of exports, it's in the range of 30% or something like that. Okay. That's interesting. The last question that I have is, with respect to the timeline of supply of transformers. For the export market, what is the kind of timeline that you are able to supply a transformer, and whether it is different for a 765 or 400 kV? As I said, our whole of transformer is because we have so much of demand from a domestic thing. Our focus is continue to maintain our domestic thing in there. Our pipeline is quite robust, quite big in that. One of the reasons why we are increasing our capacity by adding a new factory is also not only to cater to the domestic demand, but also cater to the new segments arising out of this thing, like in data centers, et cetera, and that. You are able to deliver a transformer in what, 15 months, 10 months? It depends. It's not a ballpark timeline. This is evolving, and it's highly dynamic, and that's why we always tell our customers to look at and ordering as early as they can so that we can plan better in that. Some we can deliver in 15 months, some we could do it in 12 months. That's not the issue. Issue is what kind of capacities customers are looking at it, so that now we can block those capacities. Okay, fine. Thank you very much. Thank you. We go last question. We'll take our next question from the line of Randy Lau from Goldman Sachs. Please go ahead. Randy, please go ahead with your question. Sorry, am I audible? Can you use your handset mode, please? Audio is not clear. Sure. Am I audible now? Yes, please go ahead. For my first question, how should we think about this data center opportunity attributable to Hitachi Energy, particularly with respect to domestic and global competitors over the next five years? Sorry, it was not very clear. How big is the opportunity in data center? Next five years. Yeah. Next five years. How should we think about the data center opportunity for Hitachi over the next five years? Look at the data center market in India, that's where we are primarily catering to. In India, is a less than two gigawatt of data center capacity existing. The projections is anywhere between 13-18 gigawatt, depending upon which data you will take. What we're talking about, anywhere between six to nine times of the capacity is in that. Every hyperscaler data center, every data center, 15% of data center CapEx is Hitachi Energy addressable market. If you look at the addressable market, is expanding by anywhere six to eight times, depending upon the data from the various officials, et cetera, and that. It's quite substantial. Sorry, just to follow up, you mentioned 13-18 gigawatts, and you mentioned a certain CapEx. For Hitachi, what percentage of this total CapEx is attributable? No, we don't take that because for us, every data center is a 15% addressable data center, addressable market for us. Okay. I have a second question. In the current inflationary commodity price environment, how effective has the price escalation process been impacting the margins of your HVDC and transformer contracts? Yeah. Thank you very much. I think it's a very interesting question. I was expecting this question. I think you all know that the geopolitical challenges being faced across India and also many other geographies, and which is also having elevated inflation, elevated metal prices, et cetera. On top of that, elevated transport charges because of the Strait of Hormuz getting affected, et cetera, and that. We are navigating it. It's not easy. It's challenging. I would say most of our portfolio, we have our commodity prices as a pass-through. We have price variation clauses built in the contracts, and very openly and transparently we do that. Some other things where we cannot pass on, so those things like inflated freight, et cetera, we are just looking at how to manage it. We have several initiatives to ensure that we mitigate many of those risks in that. We are very looking actively on that. Thank you. Ladies and gentlemen, we'll take that as the last question for today. I now hand over the call to the MD and CEO, Mr. N. Venu, for closing comments. Over to you, sir. Thank you very much. Thank you very much, ladies and gentlemen, for listening to us. I know that some of you still have a question, so please reach out to Priyanka, and we're happy to connect with you offline or online and to provide all the necessary things in that. Thank you for showing interest in our thing. We are looking at very exciting times for Hitachi Energy. The electrification era has arrived, and everything is getting electrified, whether it is transport sector, industry sector, data centers, energy storage, and also the industrial and the domestic. We are super excited about our role and supporting our customers, our industries, and also working very closely with all of you. Thank you very much, and looking forward to it. Thank you. Have a nice day. Thank you, sir. On behalf of Hitachi Energy India Limited, I would like to conclude this conference. Thank you for joining us. You may now disconnect your lines.