I'll start now. So, good afternoon, everyone. On behalf of... [Foreign language] Yeah, good afternoon, everyone. On behalf of Equirus Securities, I welcome you all to the Q1 FY26 post-earnings conference call of Rolex Rings. From the management side, we have Mr. Manesh Madeka, Chairman and Managing Director; Mr. Mihir Madeka, whole-time Director; and Mr. Hiren Doshi, CFO. So, without any further ado, I would like to now hand over the floor for opening remarks. With that, you can open it for the Q&A session. So, Hiren Bhai, over to you. you, Mihir. Ma'am, can you please confirm my audible? Yeah, you are audible. And is my screen visible? [Foreign language] Okay. Very good afternoon to all participants. We welcome you on the updates on the earnings of quarter one of fiscal 26. As you all are very much aware that global economy and the overall export business are just on an edge of certain kind of sword raised by respectable Trump side for, in terms of reciprocal tariff and partial tariff what has been implemented and partial again to be by end of this month, and everybody still uncertain or still not able to, you know, envisage that what would be the overall call and how much in total the import duty would be applied by U.S. for their imports or particularly the exports done by India to U.S. Anyway, let us hope for the best for getting this thing without, and we hope that it will not affect our business significantly. So, we have not much dependency or this kind overall weightage to the US business. Today, as of today, we have almost 25% of our revenue. It is from the USA, 20-odd%, something from Europe, couple of% is from Canada, Mexico, which we are expecting to grow. At the same time, we are expecting to grow in Europe market. Europe market, if few people are aware, that, for the last couple of years, we were in the range of 14%-16% of our overall revenue. But for this four months, we have already touched somewhere about 20% of our revenue contribution from the European side. Again, the new order winning and the new additional supply incremental dispatches, that is majorly to the European countries. Taking you to the first, the numbers of the first quarter, let us. One thing I want to add is that new program, which we have been nominated, are 50% for Europe only. Right, sir. Okay, I will take up the financial numbers, and then we will have a Q&A session, where we would like to address the queries and the concern of our investors. Here with me, Mr. Manesh Madeka, CMD of the company, and Mr. Mihir Madeka, a whole-time director in charge of entire marketing and supply chain. He is there with me. For the first quarter of this current fiscal FY26, we have recorded revenue of almost INR 292 crores, which was INR 284 crores in the previous quarter. That is the last quarter of fiscal 2025. If we compare the corresponding quarter of previous fiscal, which is June 2025, it was somewhere about INR 311 crores. In terms of EBITDA, we have recorded INR 77 crores of EBITDA for this first quarter, which was 22% in the previous quarter, and it was 24.6% corresponding quarter of previous fiscal. Here, we do have a gain in EBITDA margin, overall EBITDA margin. That is because of certain contribution added by the gross margin, and we have recorded certain other income, which has given me a benefit for exchange fluctuation appreciation in Euro that gains accounted over here. In terms of operating margins, profit before tax for this current quarter FY 2026, first quarter of 2026, it has recorded INR 68 crores, which is INR 49 crores of the PAT, which in March 2025, it was the PBT was INR 49 crores, and sorry, PAT was INR 55 crores, and PBT was INR 49 crores. If we compare the number of previous years, the first quarter corresponding quarter, my operating margin before tax, it was INR 67 crores, and the PAT was INR 50 crores. If we see, in spite of having five-odd percentage decline of comparing with June 2024 quarter to June 2025 in top line, but the overall margin remains same or it has gained to marginally also. In terms of revenue bifurcation, we have recorded the bearing rings contributed almost 46% of our revenue, and the auto components as growing, and it has reached to 54% in this first quarter. In terms of overseas market and domestic market bifurcation, export has come down to 47%, and domestic has increased, or rather, it has gone to 53%. Here we would like to tell that as we are getting good opportunity in the domestic market also in the last couple of years, though initially the Europe market got down, and now maybe we are envisaging marginal impact from the US, but the domestic market has significantly grown, and we are expecting the couple of programs orders, which has already been allotted, maybe deferred by a couple of months or something, but we are expecting to have the same kind of numbers in terms of domestic market, and it may increase even. As we have informed initially also, even in the last few quarters, that we are facing the subdued demand in the bearing ring business, particularly in the industrial application, overall infrastructure application, where the demand is very much lower on the bearing ring side, and that is even particularly more from the European side. As I was mentioning that tariff implications, touch wood, till now, we didn't have any kind of indication from our customers and nothing deferment or holding of the consignment. We are in dialogues with our customer how we are going to take up the things. The first incremental tariff, it has already been adjusted, and the customers have accepted that, and we are going to get the implemented tariff at the end realization at Rolex level. But down the line end of this month, we are eagerly waiting for the final outcome if any changes and any kind of fluctuation or changes may be proposed by the U.S. government. As I mentioned, that domestic business continues to show traction, and we are adding back a couple of more customers, and the good part is that Europe is reviving, and we are getting, as our MD said, just told that majority of the new program, more than 60% of our new program, new business, that would be from the European side, and it has already started marginally in the first quarter revenue. The revenue bifurcation in terms of end user industries, almost 50% majority goes for the passenger vehicle segment, 16.5% that is for industrial. As I mentioned, that industrial is facing some kind of subdued demand and the pressure. Commercial vehicle, heavy commercial vehicle, almost on the same line what we had, two-wheeler, very less, and the electric vehicle and hybrid, we are at the almost same kind of percentage what we had in last quarter. Overall operations, as I was mentioning, we have recorded INR 292 crores, out of that, INR 126 crores revenue that is from the overseas and INR 165 crores revenue that is from the domestic market. If you see the same numbers in the previous fiscal or maybe in FY 2024, the exports is much on a higher side. It was INR 636 crores, which is domestic was INR 586 crores. As we are getting good response from the domestic, we are expecting further to grow in a domestic market, domestic business, and again with the same kind of operating margin. EBITDA margin, if we compare overall with the previous fiscals, this first quarter is INR 77 crores EBITDA, which is somewhere about 26.5% gross EBITDA what we have recorded earlier for last year. It has averaging to 23% for the fiscal 2023, 2024, 2025. We are expecting the sustainability of this EBITDA definitely in the range of 24% to 23% to 25%. Profit before tax, profit after tax for the particular first quarter, this thing, it is INR 68 crores before tax and INR 49 crores if you annualize with the four quarters or with the previous fiscal, it is more or less same or a bit on higher side compared to the previous fiscal numbers. Company has good sound cash flows, averaging almost INR 225 crores of cash flow on year-on-year basis for last three years, where the company did CapEx of somewhere about INR 50 crores in the previous fiscal and in this current quarter, that is the first quarter of fiscal 26, where we have spent somewhere about INR 16-18 crores in terms of CapEx. Net debt, as you are aware, that it is already negative debt. company does not have any kind of debt, and the company is having certain surplus fund, which it has been parked in certain investments. The company has certain fixed deposits and is having a quite good sound cash flow and the liquidity position. Return on equity, it was 16%-17% in the last couple of years. As my top line is more or less on the same for the last couple of years, it is on the same momentum, and we are getting the same kind of, you know, even the margin. That's why our return on equity is being a bit under pressure, but we expect that down the line FY26 and FY27, this go again will go up. These are the detailed numbers what we have already submitted. These are the last five fiscals as well as comparing with the current quarter. The balance sheet numbers for the last five fiscals. With this, I would like to thank you, the investor, for their patient hearing, and now we are opening a session for the Q&A and would like to address your concerns. Thank you for the opening remarks. So we'll now open the floor for Q&A. Anyone who wants to ask a question can please use your raise hand function. Once you are done asking your question, please lower your hand. We'll wait for a couple of minutes for the question queue to assemble, and then we may start. So the first question is from the line of Jason Soans. You have been unmuted. You can go ahead. Yeah, hello. Sir am i, audible? Yes, you are. Yeah, okay. Thanks for that. So first, I just wanted to, you know, the breakup of the bearing, both the segments, export and domestic, you know, for Q1, FY26 and Q1 FY25 as well. Just wanted that split which you give, you know, for bearing rings, automotive components, and scrap export incentives as well. Okay. Domestic bearing ring for this first quarter of FY26, it is INR 90.5 crore, or you can say INR 906 million. INR 906 million for the domestic bearing ring contributed in the current quarter. Export bearing ring, it was INR 355 million. 355 million. Domestic auto components, it was 527 million and export auto component, almost 909 million. 909 million. Yeah. Scrap is INR 184 million, and export incentive is rounding to INR 35 million. All put together is INR 2,916 million. Sure. And sir, same corresponding figures for Q1, FY25, the last quarter? Corresponding? For Q1, FY25. Q1, FY25, that is April to June 2025, or you want March 2025 numbers? No, sir, April to June 2025. April to June 2024, I mean. April to June 2024, right? Yes, yes, yes. And then domestic bearing ring, it was INR 857 million. Export bearing ring, INR 450 million. Domestic auto component, INR 460 million. Export auto component, INR 1072 million. Whereas scrap was almost INR 224 million, and export incentives, INR 44 million. Okay. Export incentives, INR 44 million, and scrap, sir, you said INR 224 million, right? Yes, yes. Okay, okay. All put together, it's 3107. Okay. Sure. Thanks for that, sir. Sir, next question just pertains to this. You know, in the Q3 presentation, you had alluded to certain programs which were, you know, which could add up to around 1,750 or 1.75 billion in FY26. And so I just wanted to know the progress on that in FY26. Is that, do you see that revenue coming through? And how will it scale up in FY27? The order and new series or the program what we won and we have disclosed or we have informed, those are live as of now. If you recall, we categorically mentioned that the majority of the order would be starting from the second quarter of this current fiscal, that is July 2025 onwards. Let me tell you partially, a few of the orders have already been started. There are a few programs which are from US. And those customers, because of this tariff uncertainty and all these things, they have just, you know, hold their stand as of now. Unless and until they got clear picture for this thing final, maybe in the month of September 2025, they will be able to tell us. Meanwhile, they have hold these things. I would like to, yeah, Mr. Mihir Madeka would like to add this. Yeah, but they are very much positive that it is just for the time being they've hold. Means like they are doing waiting and watching. So but they are very much positive that within another one or two months, we are going to get the green signal. Means they are not going to divert to any other player in another country. That is for sure. One thing I want to add here, yesterday I had a call from one of our customers that this USMCA, Mexico, Canada, and America. They're 40%-60% of the raw material what they consume, if it is domestic, then that Chapter 232 is applicable. So there is no duty, 40% is only their export, import content. So that also we are going to clarify more. But this is what basic we have information. It is as per US MCA rule. Okay, okay, okay. Suppose we are supplying semi-finished component and it is used in gearbox. So the complete gearbox, if the content of import is only 40%, then this tariff will not be applicable. Okay. So our products do comply with that 40%. Yes, that's me, yes. Okay. So you're saying some projects have been held in terms of the tariff uncertainty, and we will get more clarity going ahead, right? Yes, yes. Within maximum one and a half or max. No customer has stopped the supply. They have not asked us to stop the supply. Yes. Okay, okay. See, this auto component or whatever we are exporting, it takes a long time to start the bulk supply. So there is a very big, means long validation time. So and more than one and a half year. So if they change the supplier, with them also they have to follow the same rule. So we don't think that they will stop supply because it is very tedious activity for them to evaluate the product from other suppliers. And like China, there is 30% duty, Mexico 35%, Canada 35%. So we don't think that. I think this problem will be resolved shortly. Okay. So sir, my next question just pertains to this right of recompense. So just to understand correctly, I mean in a very basic sense, INR 228 crores is the amount which is being contested. INR 50-51 crores we have, you know, provided. So the rest of the thing is still under contention. Is that understanding correct? So the rest would be probably around INR 178 crores only. So that is still under contention and this legal thing is going on and we will finally get a settlement on this. From this INR 178 crores, how much is going to get, you know, basically expensed to the P&L? See, basically the story is like that, you know, bankers, lenders have claimed INR 227 crores. Whereas we have asked that, no, it is not applicable as they have, you know, calculated on a compounded basis kind of thing. Looking to our agreements and looking to our documents executed with the lenders, we are in belief that compounding would not be applicable, and even thereafter, the bank has appointed one legal advisor, or taken an opinion from a legal expert, which itself also sees that this compounding would not be applicable and the demand would be restricted to so and so. Now, this matter is lying on the table of the directorate of Union Bank of India, which is our lead bank. We are in touch with them for the last one and a half months. We expect to get some kind of a response maybe before the end of this month from the bank. But as of now, it is as per our understanding, as per the bank, backed by the legal advice also, we have provided the maximum as per our view, which is INR 50.6 crores, and which is mentioned in our CDR approval letter also. That has been provided. Beyond that, any kind of amount, any settlement amount, that would be hit back to my PNL, obviously. Okay, okay. And sir, I just lastly wanted to understand, sir, this, I mean, you are seeing some improvement in the domestic side for the bearing rings business as well as the auto comps business. That's what you have alluded to. And so in a nutshell, domestic seems to be improving and auto components is improving on both domestic as well as overseas markets. Is that understanding correct? Yes, yes, definitely. In, say, let me tell you, overseas market from Europe, major chunk or more than 70%, it is from the auto component business. In domestic, it's a combination of that, certain portions of bearing ring as well as mainly the auto components. So our growth as of now, it is auto driven, auto component driven only. And we expect that bearing ring business, which has been suppressed, but down the line, a couple of quarters, it will gradually improve. Okay, okay. Sure, sir. I'll come back in the Q&A. Yeah, thank you, Jason. So the next question is from the line of Rajesh Gohel. Sir, you have been allowed to talk. You have been unmuted. Please go ahead. Yeah, hi. This is Saumil Shah from Paras Investments. I was using my manager's account, so it's showing Rajesh Gohel. So good afternoon, sir, and thanks for the opportunity. I would like to know what is the current order book position in auto components and in bearing rings? See, as of now, what we can have an order book broadly in the range of INR 110-INR 120 crores on a monthly basis, wherein you can say almost INR 60-INR 65 crores is towards the auto components and INR 45-INR 50 crores is for the bearing rings. Okay, and what would be the capacity utilization for both these segments? See, first of all, we have quite common capacity available for the bearing ring as well as auto component. If I want to increase my auto component business significantly, definitely I can because we have those kind of fungible equipment. Overall, we are at the range of 62%-64% utilization. Hello? Yeah. Yeah, sorry, what did you say? 60 to 65? 62%-64% of overall capacity as of now in terms of forging we are using. Still, we have certain capacity available in the certain kind of products. But there are certain kind of products where our facilities which are occupied more than 85% or something like that, where we are adding those kind of forging lines. Okay, okay. So is there a need for further capacity expansion or for one, two years, we can continue with the same capacity? Yes, definitely. It is a need-based kind of thing. You know, the spare capacity which is available to us is on the bigger size of components and the high volume components which are majority required for the, you know, this industrial applications, windmill applications, marine applications, and so on. But apart from that, the automobile applications, mainly you can say from a two-wheeler to four-wheeler LCVs, there we have capacity utilization is somewhere about 75%-80% or something, and if I want to set up any new facility, I need to give a lead time of almost a year or so, so there would be an addition in anticipation of incremental business of certain kind of products. We are going to add up forging lines. In the last couple of years also, we have added three small forging lines which are almost at the level of 65%, 70% utilization because for those kind of components, the orders have already won and it was started as per the schedule. Okay. And can we have some sort of a guidance on revenue and EBITDA for this financial year and for FY27? I mean, internally, what are we targeting for? For fiscal 26, what we were mentioning that it would be somewhere about mid-10 growth for this FY26 and definitely higher growth in FY27. Just to have an exception or rather the comment over here is to have the impact of this tariff. Maybe to some extent, my U.S. business may phase down or maybe defer to some extent, but not for the short-term kind of thing. But for FY27, if something would be beyond 50% tariff and this thing, again, it would be a call from my customer how they are going to take up that may impact my overall projection. Because one of my main auto customers is based at U.S. So maybe if their contribution would go down because of this, which we are not envisaging at least for this fiscal, then it may go down to some extent. But at the same time, we are expecting, you know, the new orders and the new this one upward rising from the domestic and Europe. So I think we are able to get these numbers. And on the EBITDA side, I think this quarter you did an EBITDA of, if we include other income, the EBITDA is around 27%. So what are we targeting for this financial year? See, the other income is not that, you know, constant. There are certain investments. There are certain, it's a forex gain, foreign currency fluctuation. So if I'm neutralizing that portion, our EBITDA would be in the range of 23%-24%. That is excluding any forex gains or losses? Regarding gain, I am a certain thing realizing I'm considering. This particular quarter, it has, you know, had quite a positive jump, which I'm not expecting in the coming quarters. Okay, okay. Because I think last year your EBITDAs were in the range of 21%-22%? Without this one, other income, yeah. Okay. So without the other income, you are saying 23%-24%? No, no, no. I'm considering gross, 23%-24%. Without other income, it would be in the range of 21%-22%. Okay. In the similar range, what we were doing last year. Yes, yes, yes, yes. Okay, okay, and sir, is there any seasonality in our number? I mean, first half a bit softer and second half to be stronger or it's evenly spread? It is something, you know, the first quarter always starts with the low end and then maybe second quarter bit of incremental top line. But mainly, as you said rightly, in the second half and particularly in last quarter also, we had major this. You can divide, say, 40%-60% kind of thing, first half, second half business. Okay. So second half to be around 55%-60%. Yes, yes. Okay, okay. Because in last three, four years, I think if we are looking at your revenues and the EBITDAs, I think we are at a similar range in last three, four years. Three, four years, we are similar, very true. Even I admit that thing in my earlier conversation also. But we need to see all the geopolitical reasons, all economic crisis and whatever, you know, this thing. Factually, the other industries, other businesses, what they are facing and the same kind of challenges what we are facing. Touch wood, with the grace of God, we are not having dip down and rather not negative kind of impact on our margin. Still, we are able to survive or rather maintain our INR 100-100 crore revenue per month. I think that is a bit positive. But down the line, 26, 27, FY27, it is very much positive what we are looking for. Okay, okay, sir. That's it from my side. Thank you and all the best. Yeah, thank you so much. Next question is from the line of Sonal Gupta. Sonal, sir, you have been unmuted. You can go ahead. Yeah, hi. Good afternoon, sir. Thanks for taking my question. First to this, could you give us the same breakup on a full year basis? Like what was it for FY25, domestic bearings and domestic auto component and exports? For the fiscal FY25, domestic bearing, it was INR 330 crores. Export bearing, it was INR 155 crores. Domestic auto component, INR 178 crores, and export auto component, INR 398 crores. 398. Yeah, within scrap revenue of INR 78 crore and export incentive of 16 crore. All put together, INR 1155 crore. Right, so in this scenario, right, like what we are currently facing now, I mean, how do you see the domestic PVs on the bearing and auto components moving from here? Let me tell you. See, I told you that my first quarter bearing, domestic bearing is somewhere about 90.6 million, 91 crore almost, which was previous year where my top line was higher than this quarter. And I'm talking about the first quarter of FY25 where my domestic bearing ring was 86 crore. So here we have a jump of 5%-6% over here. If you compare straight away with the quarter four of FY25 where my domestic bearing ring business was 83 crore only. So here we have 89% jump in the subsequent quarter. Same way in auto components. Let me tell you this quarter, March 20, sorry, June 26, 2025, we recorded 53 crore of revenue, which was in last June 2024, it was 46 crore. Again, almost a jump of 20% in domestic auto components. In quarter Q4 of 25, we had this domestic auto component business was of INR 44 crore only. So here, as I was consistently mentioning that domestic market, we are getting numbers or rather we are getting better numbers in bearing ring as well as auto component both. The concept is the bearing ring business for the. Export. Yes, yes. But that I think has now become anyway a much smaller business, right? Like last year, 155 crores, which is like 15% or even smaller, right? Like almost 12%-13% of our revenues. Yeah, no further than that. In that also, we are increasing. We are having a very good hope because we are discussing with a few of our customers in Mexico, USA, and Europe. So the Mexico and USA, due to this tariff, at present, it is stopped. So it may differ by maybe one or two months, means like we will get some positive results by maybe September or so. So we are hoping that in very near future, our bearing exports are also going to increase. Right. No, sir, I completely appreciate. Last year of discussions. I appreciate you are sort of getting new orders and that is why we've till now been largely able to maintain our top line, although last year was a mild small decline over the last two, three years despite the challenges on the export side, but I'm just trying to, I mean, like because the export environment continues to remain volatile and now this year we've seen this US tariff issue as well, so I'm just wondering if, and given that we have capacity, are we going more aggressively for domestic business and is that also partly the reason why our margins have come down a little bit? I'm just trying to understand. See, definitely we will be a bit of aggressive as far as domestic market is concerned. But at the same time, any new business in domestic market, say for example, for the electric vehicles or hybrid kind of vehicles, whether it is auto component or even the bearing ring, we are at almost same kind of margin and we are doing the same kind of margin on such EBITDA numbers on such new business. As far as my existing business, which is under pressure, maybe to revive to some extent to get a better scale of economy if marginally, if we would like to, you know, favor our customers, definitely it would be a business call. If they are giving me good numbers or rather they are expecting this thing, we may go for a bit of lower margin into this thing, which will overall, it will not impact or rather it will give a positive impact on top line as well as bottom line both. Yeah, yeah. That's what I was asking, that incrementally, even though it might be slightly lower margin, but at least our EBITDA will grow. See, my fixed cost will remain same, and at the same time, what we need to consider is, you know, a facility which is able to generate a better kind of margin, whether it would be advisable to keep either for some time or we need to book those facilities with a smaller margin kind of thing on a long-term basis, so that is something, you know, business call we need to take up at the respective time. But I mean, like given that we've had this stagnancy for the last two, three years now, is that, I mean, what is your call on that? Sir, that is our stagnancy. It is not my this thing. You must have checked the industry numbers. You must have had the other numbers in domestic business, domestic passenger car segment, two-wheeler segment, EV market, where all, you know, have good kind of this one for negative fluctuation over there. But in spite of that, we are able to manage and most particularly in the overseas market. This kind of turbulence is what is there in Europe. Earlier in Europe, I was more than 23-24% of business and I went down to 15% of business over there in fiscal 24. So those things, but in spite of all this plus minuses, we were able to maintain this momentum. Though it is not growth, but we are trying best for, you know, getting this thing. Got it. And just to ask you, what are the key picks for this year? This year in totality for fiscal 26, if I'll tell you, it will be in the range of 30-35 crores. Thanks for taking my question. Yeah. Yeah. So just a reminder, if you want to ask a question, please use the raise hand function. Our next question is from the line of Vishal Chandiramani. You have been allowed to talk. Please go ahead. Yeah, thanks. Good afternoon. Thank you for taking my question. So I have two questions mainly. One is that, you know, initially we had guided, we were looking at 15% top line growth for FY26. Now, given how the first quarter has evolved and how there are geopolitical challenges and the macro challenges, we would have to grow at a significant rate of, I think, 23% for the remaining nine months to end the year at 15% growth. So do you think that that is realistic given the market scenario? And the second question is, I believe our end market applications are mainly towards auto, right? So how is it that the auto components segment is showing growth, whereas the bearing rings is struggling, even though they, as far as I understand, it mainly goes into the auto end markets? So yeah, those are my two questions. Taking to your first question, that is overall estimates or the top line of the current fiscal year. See, if you ask me this same question before a month back or maybe in last quarter, we were mentioning that it would be in the range of 14%-16% of top line growth in this current fiscal. But the way this tariff has, you know, came out, it will impact to some extent on my existing business. If the things would have stabled, not it has been the way it has projected, if it has been settled down a bit lesser, then I think we'll be able to manage our top line. But if not, then my top line may be having marginal impact and we would be what you say, early teen growth kind of thing in this fiscal 26. But this is the only factor what it is, you know, questionable as of now. If it is not there, definitely we would be having these numbers what we have already projected and the new business of somewhere about 170 crore something what we have projected, those is in the pipeline or rather those will be executed. But because of this thing, a couple of months, the industries are struggling. Industries are thinking, as Mr. Mihir was mentioning, that a couple of customers from the US for the bearing ring business, they have held these things for last two months from the month of, you know, April onwards, just to see the tariff irregularity because it is definitely going to impact on their overall strategy. But if this thing settled down positively, we do not foresee any kind of problem as far as to getting these numbers. But if not, then marginally we would be on the lower side compared to our overall expectation of 15%-16% growth. And the second portion, second question what you have asked is as far as the auto business and this thing, auto market. Definitely my major end usage or rather the components what we are producing, whether it is bearing ring or auto component that goes to auto. But here in auto, we have versatile, you know, the range of the products. Only the challenge is what we are facing as of now in the bearing ring, mainly from the infrastructure, industrial applications, and those kind of bigger rings. As far as the bearing rings, which are used in passenger cars, LCVs, we do not have much of the issue over there. And even the EV hybrid, we are able to produce it. So we don't foresee. As we are in dialogue with a couple of U.S. customers, one is from Mexico, another one is from Canada also, that they are into requirement of bearing rings, which at least 50% we are expecting, then also my bearing ring business will get some substantiation. Great. Thank you. So last question is, if you can just tell me of that INR 175 crore new orders, how much of that is coming from the U.S., which is kind of on hold or stalled because of the tariff uncertainty? Almost 25, 25%-30% is from the U.S. side and remaining from Europe and domestic one. You can say 30% of that is from U.S. Definitely that and that 30% will not go away. But we may have some impact, and again, we need to wait till the end of this month. Great. Thank you so much. All the best. Yeah. Thank you. Yeah. Thank you, Vishal. So two questions from my side. One is the follow-up on the CDR issue. So basically, when do we expect that to be closed now since, you know, there has been a lot of to and fro in that? So when is on that? See, for the last couple of months, we are, you know, rigorously taking follow-up to the Lead Bank, Union Bank of India. And as I was mentioning, we got some legal backup also in the month of, you know, end of, yeah, May 2025, which we have submitted or rather the legal expert has submitted to the bank. And it is on the table of, you know, directorate at Lead Bank, wherein we are just trying to check these things with the regional offices and this. And every time they are telling, oh, it is under process and maybe in this week, that week we are going to get. But maybe by end of this month, definitely we would be having some kind of indication, some kind of next step what they are looking for. If it is not, then we are going to rush to them or to meet the higher-ups of the Union Bank of India, and we intend to close it even before end of the second quarter. Sure, sure, sir. Sir, and in terms of, we have mentioned in the PPT about improvement into Europe business. So, like, is it more onto the bearing side part or we are also there into auto components where we are seeing some improvement in Europe? No, that major portion is for the auto components in the Europe side. Bearing ring, marginally it would be. But in the bearing ring, we have a few customers from the US, Canada, Mexico. In Europe, majority it is auto driven. Sir, so basically, you know, previously we had also mentioned that, you know, there are a few customers, bearing customers are putting up a facility in Poland where, you know, we would get some traction. So are we on that? Yeah, yeah, it is already started and the numbers are there in the first quarter and it will be gradually ramp up in this coming quarters. It has already started. Yeah. All right. All right. Okay. So that's all from my side. Next question is from Jason. Jason, you have been unmuted. You can go ahead. Yeah. Thanks, sir. So just one question first is that I just want to understand, sir. I mean, you know, when you go back, when we started out, bearing rings domestically was a strong story. You know, now we have seen some weakness there as well in terms of domestic economy. So sir, I just wanted to know how you are seeing client feedback, you know, from the likes of the Big Three and, you know, going on ahead for medium term, how do you see that commentary on the ground? See, we do not have any kind of negative indication, negative comment from our top bearing customers in domestic market. As you know, that rather all three of them or rather majority of them have initiated certain CapEx and they are increasing their capacity. But only the question in their mind is also that how the export would be affected for the U.S. because they all are also, you know, export bearings to the U.S. and other markets. But they are looking for a strong demand as far as domestic business is concerned. And they are expecting not to have much of the negative impact because of this tariff. And maybe the pace of growth might have gone, rather might be slow, but definitely it would be on a positive way. Okay. Okay. And sir, just another question. I mean, in auto components, you know, we have customers like Allison, GM, Magna. So, you know, I just wanted to know if you could provide some color on what is our USP in terms of delivering like products like the, you know, shafts, spindles for these customers. So that is one part. And the second part is just wanted to understand, of course, that is an export-driven business. So what measures are we taking to increase our share domestically in that business? See, the first part, as you said, what are the USPs or why such big global giants are there with us? The reasons behind that, you know, it is definitely the facility, the equipment what we have installed under one roof. And it's a, you know, a big versatile range of the product what we are able to produce. And the different kind of auto components what we are producing for the last seven to eight years where we have a bit of expertise and my equipment are able to give me a 100% okay or a zero defect kind of production. Another USP is that good supply chain and I'm able to manage the quantum requirement of my customer, whether it is a big batch, whether it is a small batch. So we have those kind of facilities set up over here. Apart from that, we have a consistent, you know, good association with all these players for the last couple of decades. And wherein generally these customers do not change once the things are being stabilized or rather the things are going properly. Only the worry or rather the concern for my customers if they are getting something, you know, at a marginal reduced price, they will definitely not going to approach anyone else because the facility, the supply chain, the quality, the management interactions, the association of the business, that matters. And we are able to offer products to them at a, you know, best yield, if we say, which is quite competitive in their part. Because of my equipments, because of my USP of tool development, tool design, we are able to produce the component with the least of the, you know, input raw material required. Okay. Okay. Sure, sir. And yeah, similar strategies for domestic market also, same thing? Yeah, same thing. So yeah, our products are, you know, using for a premium segment and this thing. Apart from the traditional bearing rings, you know, whatever the new bearings or critical operating bearings what we are producing, there also we have the same kind of strategy and we are able to maintain the, you know, the most preferred requirement of our customer. That is quality and supply chain. Okay. Okay. Sure, sir. And sir, just lastly, one question. How are we seeing EV momentum on the ground, sir? I mean, the transition hybrid EV, how is it on the ground? We do not see for the last three, four quarters, we do not see much of the traction as far as this transition is concerned, and you better know, you know the industry numbers and you are getting, you must have gone through the SIAM numbers, the way it has, you know, the, and even my overseas customer, they are developing new kind of transmission for the hybrid vehicles or for the routine IC vehicles, so we do not expect much of the, you know, traction in the EV market. Okay. Sure, sir. That's all from me, sir. Thank you once again. So since there are no further questions, I'll now hand over to Hiren sir for closing remarks. Thank you. Thank you very much for all the participants. We hope that we have tried our level best to, you know, address your concerns and your queries. Thank you very much for your time. Yeah. And yeah.