Ladies and gentlemen, good day, and welcome to the Ramkrishna Forgings Q2 FY 2025 and H1 FY 2025 conference call, hosted by Nuvama Wealth Management. As a reminder, all participants' 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. I now hand the conference over to Mr. Raghun andhan from Nuvama Wealth Management. Thank you, and over to you, sir. Thank you. Good afternoon, everyone. On behalf of Nuvama Wealth Management, I would like to welcome you all to this earnings call of Ramkrishna Forgings. I would like to thank the management for giving us this opportunity. From the management team we have with us today, Mr. Naresh Jalan, Managing Director, Mr. Chaitanya Jalan, Executive Director, Mr. Lalit Khetan, Whole-Time Director and CFO, Mr. Milesh Gandhi, Executive Director, and Mr. Rajesh Mundhra, VP, Finance and Company Secretary. Before we begin, may I remind you of the safe harbor. The management may be making some forward-looking statements that have to be understood in conjunction with the uncertainty and the risk the company faces. I shall now hand over the call to Mr. Lalit Kumar Khetan for opening remarks. Over to you, Lalit, sir. Thank you, Raghu. Welcome, all of my investor friends on Q2 FY 2025 and H1 FY 2025 earnings call of the Ramkrishna Forgings Limited. In the midst of rising geopolitical tension and ongoing global economic uncertainty, we have continued to make steady progress in our strategic efforts. While maintaining a strong financial performance, we are undertaking multiple initiatives to further strengthen our business model and equip ourselves with levers to ensure sustained growth in the quarters ahead. As you are aware, during last year, we acquired Multitech Auto, JMT Auto, now renamed Ramkrishna Castings, and followed by acquisition of ACIL earlier this year. We are focused on integrating these acquisitions and have established a plan to streamline our corporate structure. In Q2, we divested 100% stake in our travel company, Globe All India Services Limited, to Yatra Online, for a cash consideration of INR 128 crore. These funds unlocked from non-purposes are being invested as growth capital. The board of directors has also approved an investment of INR 57.5 crore to establish an aluminum forging capability around 3,000 metric tons per annum at Jamshedpur, primarily to serve the EV segment. This will significantly enhance our presence in EV market. This is in addition to our previously announced plans to enhance capacity by our forging capability of 40,000 tons and cold forging capability by 25,000 tons. Additionally, the company in Mexico, which we acquired in Q2, has been renamed as Ramkrishna Forgings Mexico. This will serve as an operational hub for some of our international business in North America and bring us the additional business in the entire North America continent. Apart from above, we have done significant CapEx in upsetters, cold forging 8,000-ton capacity press during H1. Further, we have also invested in ramp-up of production of our subsidiary, that is Ramkrishna Castings and ACIL. We have also built up stock for new developed products for the order wins in the recent past and for the assembly verticals. This stock built up, coupled with the ramping up of production in subsidiaries, has also led to little bit increase in inventory during H1 FY 2025. Further, little bit inventory has also gone up due to buildup of stock in transit and at warehouses due to the Red Sea issues. All the above events combined has led to increase in consolidated debt by INR 282 crores in H1 FY 2025. But same is likely to normalize in upcoming periods, as we anticipate seeing the benefits from the above initiatives in the coming quarters, with more substantial momentum expected from FY 2026 onwards. For investors, the key takeaway is that our growth will become increasingly multidimensional with an expanded range of end user industries. RKFL now has multiple growth avenues, which are also seeing exciting potential in non-automotive segment, mainly railway and farm equipment and assemblies. Additionally, we are positioning ourselves to scale up in the electric vehicle industry also. The ongoing integration and growth initiatives are expected to gradually improve our EBITDA and margin profile. In the above backdrop, let us go over to our financial performance for the second quarter of financial year 2024-2025. During the quarter, raw material prices has decreased by 4%, which has also resulted in lower realization per ton and also impacted top line to that extent. Still, we have been able to achieve highest ever top line for the company in a quarter. We report revenue of INR 1,053.60 crore on a consolidated basis, representing 17.2% year-on-year growth. EBITDA at INR 232.75 crore represent an increase of 16.2% year-on-year basis. The consolidated EBITDA margin for Q2 FY 2025 stood at 22.09%, and the same has been moderated by 20 basis points year-on-year. We believe that we will be able to improve upon the EBITDA margin in the near future. Profit after tax, including exceptional item, is INR 189.77 crore in Q2 FY 2025, compared to INR 82.2 crore in Q2 FY 2024, which is a rise of 130% year-on-year. That's all from the financial from my side. Now, I will request Milesh Gandhi to update the investors on the order win during the quarter. After that, we can have the floor open for the Q&A. Milesh, over to you. Good afternoon, very good afternoon. Milesh Gandhi here. Would like to convey that we have secured orders during the quarter, worth INR 1,522 crores to be executed over a period of four years. Against the INR 1,522 crore orders we have received from North America, orders worth INR 1,475 crores, in which we have secured INR 1,312 crores from the auto segment, and from the non-auto segment, we have fetched orders worth INR 163 crores. From India, we secured INR 47 crores orders, in which non-auto represents INR 39 crores and railway represents eight crores order winning. This is from my side. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mumuksh Mandlesha from Anand Rathi Institutional Equities. Please go ahead. Yeah, thank you, sir, for the opportunity, and happy best season to the management. So, and congrats on the strong order wins for this quarter, sir. So firstly, this quarter, we've seen a very good growth from the domestic revenues. Can you help us understand, because if you look at underlyings and with CV, which are very muted this quarter, so we've noted the outperformance that market. Just want to understand, which orders have seen the ramp up, and which segments are doing well in domestic markets, sir? I think in this quarter we have seen degrowth in the commercial vehicle sector, but we have grown because of share of business going up in lot of businesses, and also new pipelines of new components, which we have introduced in our business scenarios. That has resulted in the strong order strong revenue from the domestic sectors. So this kind of outperformance, we expect to maintain based on this new orders ramp up, right, sir? We expect to grow from here. I think domestic business will further grow from here. Okay. And sir, this year, first half has been around 7% growth on the revenue side, and we have a target 15% growth. So do you see, this year it will be a little lower than the guidance, but from next year onwards, we should see much better growth, right, sir? No, I think we have, I think we stick to our guidance of 15%-20% growth. And, if you see, realization from raw material, basically has gone down by 4% in this quarter. That also has resulted in the lower revenue, but overall, we expect 15% volume growth for the full year. Got it, sir. And just, so on the overall medium- to long-term, sir, you talked about multiple segments expected to do well for Ramkrishna. So, just want to understand, do you see the pace of growth of 15%-20% further increasing over medium- to long-term, sir? I think we are right now well positioned for 15%-20% growth, and with new sectors coming in, like two-wheelers and passenger vehicles in the coming year, months and coming quarters, we will see further growth coming from the automotive sector, which we were not present. So all these levers will help us to maintain the growth trajectory with the capacity additions which we are having. This will so surely help us in getting into the trajectory and on a continuous growth basis. The earlier target also would be there, sir. 15%-20% is what we are looking at, sir, in terms of growth rate. Yes, we are confident of 15%-20% year-on-year growth also. Got it. Just lastly, sir, on the other expenses, last quarter, we had this one-off item of electoral bond, and the fee costs were higher. This quarter also, we saw other expenses on the rise only, so any reasons for the higher other expenses, sir? So other expenses, the only reason this quarter is due to that re-export expenses, the carriage cost has increased on the Red Sea. So that's why it looks flat quarter on quarter. That increase of one-time expenses item offset by the increase in export carriage costs. Okay? Thank you so much for the opportunity, sir. . Thank you. The next question is from the line of Shaleen Kumar from UBS. Please go ahead. Yeah. Hi, sir, thank you so much for the opportunity. So this is more of a near to medium term question, right? It's like we are facing challenges in the CV market, and it's like both domestic as well as global. That's what we've been hearing, right? So understanding that, how do you see us delivering the growth which you're talking about, right? If let's say this continues for in this year as well as the next year. And that's one of the big concerns which I feel, we've been hearing from investor community. So how do you see that? No, I think, in CV sector, it remains flat or where it is today. Also, we are sure to grow by 15%-20%. I think with the introduction of new components as well as new assemblies, we have been able to get better share of businesses. And this better share of business is resulting in a strong momentum in the domestic order book growth for us and revenue growth for us. So we are very confident with the addition of capacities and the new, more automated lines and more value engineered lines. We will be able to still further grow in terms of our value add with our existing customers, and continue to add onto our order book. Shaleen, I would like to add little bit here, Shaleen, that we have a lot of new product development being done for the past order wins. So which will also help us improving this graph growth, and plus the capacity we are putting on the cold forging and aluminum forging. Also, that will give us that kind of growth. Okay. Right, sir. So then, about these recent acquisitions which you have done, like ACIL and JMT, are we getting exposure to the new segments or new clients as well? Yes, we are getting exposure to new segments, new clients across the globe right now. I think Milesh, in his opening statement, has announced that around INR 1,500 crores of new order book, which we have won for this quarter, almost INR 1,300 crores is from the North American industry. So they are all from new clients and new businesses. Possible to share what are the new segments or the clients? Anything which, not sure if you can share something here. Shaleen, can you repeat the question? I could not hear you. Sir, I said, possible to share, the names of the segments or the clients, anything, if possible from your side? It is basically automotive segment there, Shaleen. Okay. Clients, any new clients that you have added? I don't know if you can share that or not. No, we actually cannot name the clients. Okay. Okay. So, just switching on now, hundred to aluminum. So can you talk about, like, you know, economics of this segment? And second, hundred is, I think, it's a starting point, right? If that's my understanding, you can correct me. So do you think that, you know, it's just a starting point and more of a, you know, just testing the product, going to the market, we should be able to do more, much more bigger CapEx here, and the opportunity is much bigger, no? Shaleen, we are just, I think at the starting point, 3,000 tons of capacity addition in aluminum, and with only around INR 60 crores of CapEx, this is just we are testing waters. And while our customer for whom we are building this capacity is wanting much more bigger capacity, but we would want to test waters because in, we have never, ever, ventured in non-ferrous ever before. So we want to enter into non-ferrous in a very cautious mode because of the volatility in the pricing and other things. We would want to test waters with a small capacity of 3,000 tons and then, put a larger sum of money. But the opportunity is, I think, almost 30X of the capacity which we are putting in right now. So it is just the tip of the iceberg, and I think gradually we will see much more bigger CapEx coming into it and much bigger, non-ferrous activity starting post this, done. Sir, in terms of the profitability returns, is it comparable, better or unclear compared to the prior? In terms of EBITDA margins, it is lesser because the commodity pricing is much higher than current. But in terms of realization or in terms of return ratios, it is much faster than what we are doing for our customers currently. Got it. Got it. That's it from my side, sir. Thank you so much. I will be back in the queue. Thank you. Thank you. The next question is from the line of Mitul Shah from DAM Capital. Please go ahead. Sir, thank you for the opportunity, and congratulations on a very strong performance. So first question, again, clarification on this 15%+ volume growth. Based on first half number, then it implies that second half growth would be like a 20%-25%. So do we have that type of order in hand starting from October itself, or it will be backended in Q4, and we have concrete visibility on this second half, this type of growth of about 25%? Mitul, we are very confident on what we are commenting, and more than that, I think we would not like to substantiate, but we would only say that whatever we are saying, we have a concrete plan for that, and we will be able to meet what we are saying to for 15%+ growth. Okay, sir. Second question on, sir, casting business, where we have now increased our focus, including CapEx and all. So, majority of this are new clients or existing clients we are trying to cross sell? How much clientele base would be overlap and how much would be incremental clients, where we can also cross sell our forging products also? I think by next year, FY 2023, we will be having almost 80,000 tons of casting capacities, and we are going to sell casting both domestic and international. Right now, we have no international business as such. We have just started getting orders from international businesses. We are focusing both on our existing clienteles as well as new clienteles. It is a very, very exciting opportunity for us, and our overall aim is to double our capacity in next two years. We have confirmed visibility from our existing clients also, and we have extremely strong RFQ pipeline from new customers. Great, sir. So but would there be more new clients, or is majority of would be existing and maybe about 20%, 30% only new clients? I think, Mitul, whoever gives me business, whether it is existing or new, it does not make a difference for me. As far as I am concerned, I am ready to set up a capacity of 80,000 tons. We are on path. By next year, we should be having this capacity, and we are confident, our marketing team is confident of selling the entire capacity. Yes, sir, that's true. I'm just trying to analyze whether can there is a possibility of cross-selling forging products to these new clients. From that perspective, I was trying to. No, basically, we are always, Mitul, we are always looking for new clientele, so I think this new order wins, which we have announced, right now for, from North America, these are from new clientele. So obviously this forging will. Also, we are pitching castings to also them. So it cross-selling or because RKFL as a one, we have different, bouquet of products to offer to them. It is up to client to choose which one they want to source from RKFL. Great, sir. Lastly, on railway side, we are hearing slowdown and some ramp down by government orders getting delayed, et cetera. Anything on that for our JV business? We are not into wagon building, so we cannot comment on anything on the wagon side of it. But in terms of passenger, I don't think there is any slowdown. While I think entire focus of government CapEx is improving passenger comfort and passenger safety, so their focus and ramp up is continuously there, and we have a very strong pipeline in terms of order book from railways. So we are not at all impacted by any news which is coming in terms of there is going to a slowdown in railways. Thank you, sir. All the best. Thank you. The next question is from the line of Jyoti Singh from Arihant Capital Markets. Please go ahead. Thank you, sir, for the opportunity. Sir, just, like you mentioned, we are having impact from the Red Sea side. So just, wanted to get the idea on the Red Sea side, that, which country, and geography is benefiting with the export, because we are not able to export at this time? No, we are, we have never said that we are not able to export. We, we are obviously able to export. Our sea time or transit time has increased because of the Red Sea issue, because the ships are taking a divergent route. That's the reason. Our transit time has increased, but it is not that we are not able to export. So we are exporting full-fledged? Yes, yes, we are exporting full-fledged, and we are doing extremely well in exports. Okay. So, sir, and doesn't China benefiting as they can export directly? We cannot comment on this. I think it is extremely difficult for us to comment about China. Okay, okay. Thank you so much, sir. Thank you. The next question is from the line of Raghun andhan from Nuvama Wealth Management. Please go ahead. Congratulations, sir, for another set of strong numbers. Sir, firstly, in terms of subsidiary performance, MAPL in Q1 had seen INR 86 crore of revenue with 16% kind of margin. Can you talk about the Q2 performance and whether we are on track for the INR 5 billion target for the full year with a 17%, 18% margin? Raghu, coming to the subsidiary performance, yes, sir. We have just started ramping up of the subsidiaries like JMT and ACIL. If I look at the performance, there is Multitech. Multitech is already established, and we have done a turnover about INR 90 crore in this quarter in the Multitech, and about INR 30 crore in JMT and INR 20 crore in ACIL. There has been some elimination due to the material being shipped from the RKFL to the other entity or the other entity for the value add. So that's why the consolidated number is INR 1,053 crore, but this is going to improve significantly in upcoming quarters. Coming to the INR 5 billion target of top line, I will say we are very much on course, only we have to keep target. We have already disposed of our subsidiary Global. So that will have the commensurate impact on that, and otherwise, if there is a material decrease or no quantity decrease, that can have an impact. Otherwise, we are very much on course on the top line guidance what we have, on the control basis. Good to hear that. Sir, in terms of your product portfolio, you have been continuously expanding and adding new products, and in one of your slide, other categories, you have displayed products relating to the trailer axle assembly and suspension. Just, if you can spend a little time explaining the potential for these products. I mean, trailer axle assembly, we have just launched in this quarter, and we have achieved a sales of almost INR 20+ crores. This is a INR 2000+ crores market and growing at a very rapid pace of 17%-20% every year. And it's that we are expecting to at least, by this year end or first quarter of next year, to get to almost 25% market share in this segment. And we have patented our axles, and this is a proprietary item going directly to the consumer, and we expect very large growth in next two years to come from this portfolio. In coming months, in this quarter or maybe by next quarter, we are launching some more proprietary parts, which is going to be exceptionally good for our growth in terms of our assembled verticals, which we are launching. That's good to hear, sir. And in terms of order book in this space, you would be in a discussion with the customers, and what would be the status kind of orders you would have already received? No, I think this is a B2C segment and directly to the consumer. This is not with the OEM, so I there is no confirmed order book. It is made tailor-made to the requirements. But we expect, yeah, month or year, quarter on quarter, at least 40%-50% growth till we achieve a 25%-30% market share. And for us, the current market today in India is close to around INR 2,000 crores for this. Got it, sir. Wishing you all the best there. And sir, in terms of the railway business, and we had the Vande Bharat related orders of two hundred and seventy crore, so would it be right to understand that these orders would be executed over 2026, 2027? Yes, it is right. It is going to be executed over 2026, 2027. One clarification on the aluminum forgings. The capacity we are putting up would be backed by the orders, sir? It is already backed by an order. The entire capacity of 3,000 ton is completely backed by a firm order for five years. Got it, sir. In terms of our growth, the share of North America has been consistently going up, and we have been doing very well, both in terms of order wins and growth in that particular market. Your thoughts on how the demand is there, how you expect the outperformance to continue? Recently, there was a comment by Volvo that two thousand and twenty-five, North America's PV market should see a positive growth. So in terms of what you are hearing from the clients how the share of business is increasing. Raghu, right now the market is, that is, we are growing and we are doing exceptionally well because of our marketing is being able to penetrate new segments and new customers in North America, and that's the reason we are growing. With setting up of facility in Mexico, we expect this to further consolidate and grow. We are extremely bullish on our North America segment with setting up of this facility, which is going to be up and running from this quarter onwards. Next quarter onwards, we are going to see revenue coming in from that sector. The current pipeline and the current visibility which we have is extreme, gives us extreme confidence that in North America, we will continue to grow and continue to consolidate in coming quarters and coming years. Got it, sir. And in terms of the PV space, how do you see your share in the PV space to increase, and which segments will contribute to that? PV space, I think, Raghu, we have just entered. It is very, very minuscule right now. But I think the biggest PV chunk is going to come by FY 2026, both from North America and both from India. Got it, sir. Wishing you all the best, sir. Thank you so much. Thank you. The next question is from the line of Dhaval Shah from Girik Capital. Please go ahead. Yeah, hi. Hi, Girik Capital. My question is for Mr. Gandhi. So I read somewhere that in 2027, the North American heavy commercial truck market is having some emission norm change. So could you share your thoughts on it? With respect to that norm change, how would the customer buying be, how does it happen? How does it work there? I heard your question. See, whenever any norm change comes in, there is always a pre-buy that is always expected. But obviously, when the norm change comes in 2027, 2026 is going to be a very strong year, and North America has already been spelling so. But because of many of the infrastructure demands and the way America is trying to rebuild itself, the demand is going to be very strong for the next two years, and we foresee even if the change is going to happen, but the demand will still change when the emission norms get changed. I hope I answered you. Yeah. So, and this is for Class 8 specifically, or it is for other classes of trucks also? The Class 8 makes the maximum effect because the long haul comes under the Class 8. So that is going to be the primary market, and vocational trucks along with dirt trucks also come into the same frame. So it is going to be a effect across. Okay. So you feel that due to pre-buying, but the growth could be better in calendar year 2026? I did not hear your last point. I'm saying because of the pre-buying, the growth could be better in calendar year 2026. America has been stating very clearly that demand is going to be good over a period of time in the forthcoming years, so even I, I find, I think the demand will continue to remain so, and I think the pre-buy can always give better numbers, but with the amount of demand on account of the construction and with regard to infrastructure, that should continue in the same pace. Okay. Okay, great. Thank you. Thank you. The next question is from the line of Rakesh Roy from Boring AMC. Please go ahead. Yeah. Hi, sir, the first question regarding, sir, you are setting up an aluminum plant in December 2023, sir. So mostly we are focusing on EV segment or other also? On EV segment, what we are going to make? I think we are focusing on EV segment. What we are going to make, I think we would not like to name the product or basically it is the transmission components which we are going to make, but exactly the component we cannot name. Okay. It is primarily the entire capacity is for EV segment. Right, sir. And can you highlight the North America truck market, specifically the Class 8 truck market, how is doing well for next, twelve month? What is your outlook? I think we will not be able to comment on Class 8 in particular, but overall, as far as RKFL is concerned, we are doing extremely well in the North America market, and we foresee going forward also, we will do our operations and our volumes from North America is going to continue to remain strong. Okay. Right, sir. Right, sir. Thank you, sir. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Pratik Bhandari, from Artha Ventures. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. I just wanted a breakup of order wins during the quarter, if you can just repeat the same. Milesh, can you repeat it, please? I will, I will repeat what I stated. Against the INR 1,522-crore orders that is to be executed over a period of four years for North America, we won INR 1,475-crore orders, in which auto constitutes to INR 1,312 crore, and non-auto constitutes to INR 163 crore. Further, from India, we secured order of INR 47 crore in this quarter, in which non-auto is around INR 39 crore, and railways specifically is INR 8 crore. All right. Thanks a lot, sir. Thank you. The next question is from the line of Khush Nahar, from Electrum P MS. Please go ahead. Hello. Thank you for the opportunity, sir. Sir, one question, is there any update on the Ramkrishna Titagarh JV? What is, you know, the expected timeline of our first product? I think we are doing extremely well in terms of our Titagarh JV is concerned, and project is moving as per timelines. If I'm not wrong, that would be by FY 2026, I think. For last quarter of FY 2026, we will start producing wheels and delivering to railways. Okay, sir. Thank you. Thank you. A reminder to all the participants, please press star and one to ask a question. The next question is from the line of Mr. Raghu from Nuvama Wealth Management Limited. Please go ahead. Thank you. Raghu here again. So, sir, on the CapEx and investment side, first half this year, we have done INR 400 crore+ of CapEx, and investment has been INR 100 crore+. How do you see the CapEx for the full year? And also, in terms of the debt, if you can talk about how you see the debt reducing as working capital normalizes and you know, your efforts on improving the cash flows. So, Raghu, on the investment side, I think we are largely done on the investment with subsidiary. There will be a small amount on the subsidiary side, and what we have given the guidance of about INR 500 crore of CapEx in Italy. It may be increased by another INR 50 crore during the year. And on the sustainability side, it remains same. On the investor side also, we only need to invest on the daily with the Ramkrishna Forgings, and, for that also we have given a guidance of INR 104 for the full year. We have already given INR 53.4 in the first half, another INR 37.4 or INR 40.4 will move to that team. Got it, sir. And in terms of the EV space, how would you look at the aspiration you would have to improve your presence on the EV, given that you are putting in more efforts. It helps both on the diversification side and also is opening up new opportunities for you. Over the medium term, how would you look at EV contribution to your overall business? So, Raghu, on the EV side, I've already explained that actually we have just started, and the aluminum forging is for the EV. We are also doing currently on the EV, but specifically, the aluminum forging will go a long way on the EV side. Let us first stabilize, then we will comment on the how we are moving ahead on the EV side. Just wait for some time now. But I think, Raghu, just to update on what, Lalit said, our vision, internal vision, in next two years by FY 2027, our 15%-20% revenue should be coming from EV or hybrid vehicles. That's the vision we are working with, and I think we are on track to achieve our vision. Wonderful, sir. And would Tsuyo also form part of that vision? Hello? You had one investment in Tsuyo. No, no. Tsuyo investment, I think last call also, we have said we are not expecting anything from that. We have withdrawn from that investment, and INR 10 crore, which we had paid, we have already got that refund. Understood, sir. Got it, sir. Thank you so much. Thank you. The next question is from the line of Vidrum Mehta from ASK Investment Managers. Please go ahead. Yeah, thank you, sir, for the opportunity. Firstly, season's greeting to you and the entire team of Ramkrishna Forgings. So my question was more related to the standalone business revenue growth of 10%, which we reported, as against MHCV, you know, industry volume, which reported a high single digit or a double digit decline. So if you could share broadly, you know, what could be the growth in terms of if you can break the growth with respect to the new products, the increase in share of business and pure organic volume growth. I think, it is extremely difficult for us to break it down in terms of product, but we can only say that overall, in terms of our ambitions and our hard work for last few years, in terms of getting into more, value-added products and assemblies, have resulted in higher share of business across the vehicles, and that has resulted in extremely strong domestic market for us and getting into strong volumes with even the drop in, overall MHCV demand, and I think going forward also, we foresee the same pattern to continue, with the kind of work we have done and our continued progress in new product development and getting into higher value add. We'll continuously work on the same momentum to get us higher share of businesses and strong domestic market. Sir, in that case, you know, how much should we outperform the overall industry? Could you give some sense on that? No, I think we don't have a definite number to it, but I think we are working towards our overall objective of 15%-20% continuous year-on-year growth for near foreseeable future. So with this kind of thought process, we are on track to continuously keep on adding new products and as well as keep on working on the existing products to offer better solutions to our customers, by which gain market shares. Okay, okay. So secondly, I understood the point on the volume growth that, you know, we are building in 15%-20%. We are, we expect 15%-20% growth. But obviously it is because, you know, the lower RM cost is resulting into lower realization. And so if I look at for H1, you know, our realization is down roughly 3 odd%, you know, despite volume higher in H1 of FY 2025. So, how you look at realization or probably the RM basket moving in H2 of FY 2025? I think it is extremely difficult. I think raw material prices is something which we cannot comment on. We would love to have stable raw material, but I think it is next to impossible for us to comment on whether raw material prices are going to fall from here or are going to correct further from here or not. So we have to live with that. We can only say that we would continuously keep watch on it, and we will, on our side, we will be able to only keep on maintaining our conversion margin and keep on adding value to the products, by which we are going to try and see whatever best we can achieve in terms of our top line. Sir, in terms of procurement, would it be a quarter lag, or how should one look at it? Like, you know- No, it is a quarter lag. Quarter lag. It's a quarter lag, right? Yes, yes. Okay, okay. And sir, one more question from my end. So you gave a breakup of, you know, revenue from the subsidiaries, which works out to be, you know, north of INR 140 odd crores. But the reported number states that it is, you know, 100 odd crores, if I just subtract consolidated minus standalone. So you said there is some related party, you know, transfer or? Basically, no, basically, the goods are like, lot of forgings are going from the parent company to the subsidiaries, but ultimately, they have not been sold to the customer yet, so that sales have been knocked off. How much% should we assume in this knocking off? So that I already told about 44 has been knocked off, and that number itself is. So, broadly, that should continue in coming quarters as well, right? No. So it depends upon the, for the, ramping up and how much, the material is produced and sold. The number will certainly change, percentage will change. It will drop somewhat because a lot of samples and other things have been developed in this quarter, so that has slowed down, but that will get further ramped up in this quarter, wherever sample approvals and other things have come in. So all those inventories will get liquidated, and it will come into regular cycle. That's the reason we have mentioned in our pre, presentation also, the working capital is going to moderate, which is seen at an elevated level right now. It's going to moderate in coming quarters with all these samples getting converted into bulk supplies. Okay. So, sir, then, five billion target of top line from subsidiaries is including that or excluding that? We have never said INR 5 billion revenue from subsidiaries, I think. That is, Lalit, can you clarify? So you are talking about INR 5 billion consol, that guidance is given, that I earlier said it was including my travel subsidiary that has already gone. And suddenly you have to look at the consol number, and suddenly I said you have to adjust it for the raw material impact. So considering 50%, 20% growth, we are there almost on time for that kind of number. But suddenly now it may be not a INR 5 billion, it can be somewhere between INR 4,500-INR 4,600 or kind of thing right now, on the consol basis for the point with that, considering the adjustment on the EBITDA of the subsidiary. Okay. Okay. Okay, sir. Okay. Thank you, sir. All the best. Thank you. The next question is from the line of Karan Gupta from Invest Savvy Portfolio Management. Please go ahead. Yeah. Hi. Hi, good afternoon. Am I audible? Yes, you're audible. Yeah. So first, my question is on the revenue receivable side compared to H1 of last year, H1 of this year is increased significantly. So can you comment on that? And the second one on the capital breakup across the facilities you are starting or increasing capacity. So that's the second one. Looking at the receivable, if you look at on the consolidated basis, it has gone up by INR 119 crore, and that's mainly due to a little bit of delay in the receipts received from the overseas customers, which is likely to moderate and improve in the upcoming quarter. I will say it's a marginal impact in terms of days, because there is an increase in sales also, consolidated revenue. It's about 80-94 increase, which is likely to correct itself in the next quarter. Coming to the next part of the question, that's on the CapEx. The CapEx I have already mentioned, there are CapEx on the 4,000 ton and 8,000 ton press line and upsetter capability, and we have made significant progress on all these capacities. Apart from that, there is CapEx in the ramping up of the GMP, that is Ramkrishna Castings. We've already started the production in Ramkrishna Castings, and we are in the process of adding up the capacity there. Same is with the ACIL of ramping up of the capacity in handling of renovation of capacity in handling of all this together is related to this kind of CapEx. Okay, okay. The last one is, can you just give some economic number of your aluminum capacity? What will be the asset turnover? What will be the kind of margin realization part? So we have already given that the segment, there is a INR 514 crore investment, and as an optimum capacity utilization, it can give me around INR 250 crore of top line. You can understand that this could be around 4.4+ kind of asset ton. And in terms of margin, certainly, EBITDA will be lower, but in terms of realization, it is much higher in terms of EBITDA per ton. And that's why if you look at, it will be a payback of less than two years if we go on the full capacity. Okay. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Harsh Saraff from Yashwi Securities. Please go ahead. Hello. Sir, I have one clarification question. If you could provide an update on the bogies that we were planning to assemble for the Vande Bharat? Working on the bogie frame, basically? Yes. Bogie frame, I think this month we are submitting the prototypes, for Vande Bharat, and I think post the approval of prototypes, this will go into bulk production. Okay. And so just one clarification question on the comment you had made earlier. Had you said that you had divested from the Tsuyo partnership and escrow investment, investment was refunded? Yes, we have divested from the Tsuyo partnership. Okay. That's it from my side. Thank you. Thank you. The next follow-up question is from the line of Pratik Bhandari from Artha Ventures. Please go ahead. Sir, about this, aluminum forging press line, what quantum of CapEx have we done? We are going to do almost INR 600 million of CapEx for setting up this plant. Okay, on that, we are somewhere expecting INR 250 crores of top line? Yes. You stated that the payback period would be two, two and a half years, roughly? Yes. Roughly. Okay. Thank you. Thanks a lot. Thank you. The next question is from the line of Punit Jhaveri, an individual investor. Please go ahead. Thank you for the opportunity. Just one question on your aluminum forging capacity. Now, you said that it's a small capacity right now, 3,000 tons. Just wanted to understand how big is this opportunity within India? Any kind of numbers that you would have for, you know, the domestic aluminum forging capacity in India currently? No, we are not setting up this facility for manufacturing any products for Indian OEMs. It's for overseas OEMs, and the total available opportunity in overseas market is 20X of the capacity which we are setting up for the customer, which we are doing this. So I think this is only a tip of the iceberg which we are setting up, and I think with as we gain experience, we'll add on more capacity. So is there any kind of, at least in the short term, maybe the next 12-18 months, do you see that this will only be once after this customer as well, this will only be used mostly for the overseas facility, and only when the demand comes in the domestic market, is when you will then put up additional capacity? So is there a safe assumption there? I think demand in domestic market is also there, but we are setting up this capacity for overseas. Once we gain experience in non-ferrous, I think, post the development and post some bulk supply for a few months, once we are confident of delivering goods, we will extend our CapEx in this line to cater to the domestic market as well. Opportunity overall, globally is extremely huge. I would not be able to substantiate or comment on exactly what is the total opportunity, but I can only say we are setting up a very small capacity and opportunity for it is extremely big. You will see in coming years, large amount of CapEx being allocated to set up more capacities in aluminum in our case. Just one clarification, sir. Your current capacity, the opportunity is 20X with the current customer, right, which you are setting up the capacity for? Yes, 20 X. Twenty X. Twenty. Understood. Okay, understood. That's all my questions. Thank you so much for your opportunity. Thank you. Ladies and gentlemen, you may press star and one to ask a question. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Thank you. We take this opportunity to thank everyone for joining the call. We hope that we have been able to answer and address all your queries. For any further information, kindly get in touch with the investor relationship advisors. Thank you very much for sparing your time and joining us the call. Thank you, and have a good weekend. Thank you. On behalf of Nuvama Wealth Management, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.