Good afternoon, everyone. So, on behalf of Equirus Securities, I welcome you all to the Q2 FY 2026 Post Earnings Conference Call of Rolex Rings. From the management side, we have Mr. Manesh Madeka, Chairman and Managing Director, and Mr. Hiren Doshi, CFO. So, without further ado, I would like to hand over the call for opening remarks post which we can have a Q&A session. Over to you, Hirenbhai. Thank you, Team Equirus, for arranging this call for the updates on the first half of current fiscal. A warm good afternoon to you all. On behalf of management of Rolex Rings, I welcome you all. We acknowledge your participation. Before taking you through the numbers, I would like to appraise the overall business outlook management perception for the proximate future. As you all are aware, that during the second quarter of the current fiscal, or even from the, we may say from April 2025 onwards, because of this tariff structure, the ambiguity, the fluctuations, all these things, it was a bit tough the second quarter of this current fiscal. I would like to tell you that, say, for July 2025, in July 2025, from India, any export consignments which have been boarded from July 2025 onwards, in the second week of July 2025 onwards, and reached at port of USA in the August 2025, first until the second week of August 2025, we are charged almost 28% of the import duty on the Indian imports. Thereafter, export consignments which were boarded from India from the first or second week of August onwards and reached at any port of USA in the second week of September, that is, from 14 September onwards, those were charged at almost 53% import duties. Even for the month of October 2025, these duty prolongs, and U.S. import duties were 53% on the imports from India. During the Q2, most of importers, maybe not only of Rolex Rings or even overall industry, took a view or rather took a stand to just keep on hold their imports. To a major extent, they have held their imports. That is because of the uncertainty of the import duty, because they were not sure what the duty would be when the actual consignment would be available for clearance at U.S. customs duty, because of the various statements or notifications issued by the U.S. government and the respective authority. Hence, the quantum of exports from India to the U.S. has started showing degrowth from July, or rather even from May 2025 onwards, when the 10% duty was imposed. From there onwards, it has started showing degrowth, but it has significantly dipped from July or August 2025 onwards. And still, till the end of October 2025, the importers were having such ambiguity, and exporters are having very depressed dispatches. I would like to update that in the mid of October 2025, the U.S. government came out with certain relaxation or a partial waiver of U.S. customs duty on the import of specified goods. We are pleased that a major portion of our revenue to U.S., as per this proclamation and notification, import duties were reduced to 28%, rather from 53% to 28% from any imports would be available for clearance at U.S. port from 1st November 2025 onwards. Further, recently, as you all are aware, that Mr. President has also stated that now they are lowering the high tariffs levied to India and indicate a mid talks on closure of the trade deal fairly. On the other front, we would like to update that domestic market and European markets had this positive curve and expect to be continued in the coming days also. I would like to update that almost 6% to 7% growth in our European contribution to our revenue compared to Q1 in Q2. Further, we believe, and it is our expectation that now onwards, there is some clarity on the import from India to the U.S., and given much clarity to our buyers also that what would be the in totality the import duties, we expect that from December 2025 onwards, as the festival seasons are also approaching at the western part of the globe. Suppose that I think India will be regained, or rather we will be getting a quite positive response in terms of regaining the U.S. export market. We at Rolex are very much inclined and very much positive to regain the U.S. business temporarily, which has reduced because of this duty portion and all these things. But when we get this proclamation in the month of October 2025, it gave a quite good big relief to our this thing, and we are expecting that we would be on a track from December 2025 onwards, and the last quarter of this current fiscal would be again having the numbers what we have expected, or rather what we have anticipated. Now, taking you to the numbers for the quarter ended September 2026, as well as the first half of Fiscal 2026. The company has recorded revenue from operations was INR 272 crores, which was INR 292 crores in the first quarter of FY 2026. And the corresponding quarter of the previous fiscal, the company has recorded INR 300 crores revenue. Here, Q2 revenue is down by almost 7% compared to the quarter one. That is again mainly because of this U.S. pressure, and the supplies were on hold, and now we expect that would be relieved over there. In terms of margin, in spite of our reduction, the company has always maintained their margin in terms of EBITDA, as well as the operating PBT, and even PAT. For the second quarter of this current fiscal, the company has recorded almost INR 69 crores as an EBITDA, which was INR 77 crores in the first quarter and INR 75 crores in the corresponding quarter of previous fiscal. Here, we have compared this EBITDA with the total EBITDA with our revenue from the operations. Operating profit before tax, it has INR 59 crores, what we have recorded for the second quarter, which was INR 68 crores in the previous quarter and INR 65 crores in the corresponding quarter of the previous fiscal. We had a dip over of almost 9.5% in this quarter compared to previous quarter, but that is again mainly because of operating revenue reduced by somewhere about 6% to 7%, and there are some overseas customs import customs duties which are yet to be realized from the customers. So that portion definitely in the coming quarters would give a positive adding back to my revenue. Profit after tax, it was INR 44 crores, which was INR 49 crores in the first quarter, and again the same kind of number we had in the corresponding quarter of the previous fiscal. Our revenue bifurcation in terms of product categorization, we had almost 58% bearing rings contributed in this quarter, and the remaining 42% is being contributed by the auto component business. Here, as I was mentioning, because of some kind of incremental revenue in domestic as well as in Europe market, again, in particular in the bearing rings segment, I'm talking about the absolute numbers, not in terms of percentage, but that has given a positive upward to the bearing rings business. In terms of exports, it has come down to 43%, and domestic revenue is 57%. As I was mentioning, that domestic market is having some kind of turnaround in industrial as well as the automotive business. We are witnessing our improvement in domestic revenue, especially in the bearing ring segment, as well as Europe market, relatively improving, whereas the U.S. market has been slowed down, and that has taken us to a bit downward revenue in the first half of this fiscal. But we expect that this trade deal would be on the verge of closure favorably, as indicated by Mr. President, and we expect that this would be in a win-win situation for even for the exports and imports at U.S.A. Majority or in the major portion of our U.S. exports, that may take a duty burden of 25%, which we are in dialogues with our customer, where we do not anticipate any kind of hurdle to pass on, and it would be passed on to the customers. Company, as indicated earlier, because of certain technical glitches and the documentation formalities at the regulators and nodal agencies, the solar project got a bit deferred, and now we expect that 9,000 plants is expected to be operationalized by December 2025. Revenues categorization in terms of end user application, passenger vehicle segment is but increasing. It is almost 50%, 51%. Again, this percentage has gone down, sorry, gone up only because of the lower exports in the industrial segment, industrial auto components, which we are for the U.S. market and which are used for the CVs and HCVs, which has been reduced in this quarter. Therefore, the number has increased over here. In terms of industrial, the market has gone down to 17%. CV, commercial vehicle of the revenue, it is coming to 24%. EV remains constant. We didn't have much of the traction or much of these things in the EV or hybrid kind of segment. For the total revenue of the operations in this first half for the current fiscal, the company has recorded INR 563 crores, which was INR 1154 crores in the previous entire year. So almost on the same line what we are expecting, but from December 2025 onwards, the company expects some kind of incremental revenue, which will lead maybe a marginal growth to the annual numbers of the FY 2026. EBITDA, as I was mentioning, it was INR 146 crores. It has touched to 26%, which was to INR 69 crores in the previous fiscal. Here, in this EBITDA, the income from the other sources, income from the certain investments and non-operating income has contributed incremental EBITDA over here. Operating profit before tax, it is INR 127 crores in the first half, which was INR 226 crores for the full year operating PBT. And then profit after tax, it has recorded INR 3.5 crores in the first half of this fiscal, which was INR 174 crores in the previous year. So we are more or less on the same numbers what we had in the previous year. Company, touch wood, it has operating cash flow is very much positive. What we had in the first six months, it is somewhere about INR 87 odd crores is the operating cash flow for the six months, and company has incurred almost INR 13 odd crores for the various CapEx for the value-added processes and certain additional small equipments at the company. As you all are aware, that companies do not carry any kind of debt. Companies having net negative debt or rather carrying good amount of surplus. Return on equity, obviously because of revenue loss as well as the bit reduced PBT on the higher net worth, the ROCE is almost 16%, 17% for this first half. The quarter-on-quarter numbers, comparatively operating numbers, and the annualized number for last five years along with this first half, it has been submitted herewith. I'll not take the numbers in detail. Now, I would like to request Equirus team to take charge for the Q&A session and would be happy to answer any concerns of our investors. Thank you, sir. Here, I would like to add that customs duty for most of the countries is the same as we have. So there will be no any competitive advantage. Yes, yes. Okay. All right. Thank you, sir. Thank you for the opening remarks. We will 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 seconds for the question queue to assemble, and then we may start. First question is from the line of Jason Soans. Jason, your line has been unmuted. You can go ahead. Yeah. Am I audible? Yes, you are. Yes, sure. Sure. Yes, you are. Yes, sure. Sure. Yes, you are. Yes, sure. Sure. So thanks a lot for taking my questions. So first, we just wanted to know, I mean, first just for the numbers, just wanted the absolute numbers, you know, the breakup you gave for export bearing rings, export automotive, domestic, all of that scrap export for Q2, and then I would want for Q2 FY 2025. Okay. Mr. Jason, for Q2 of FY 2026, the domestic bearing ring revenue was INR 105 odd crores. 105. INR 105 crores. Okay. Auto components in the domestic market, it was somewhere about INR 37 crores. Bearing ring in overseas and export market, it is almost INR 40 crores in this second quarter of this fiscal. And export auto component, it was INR 68 crores in second quarter of Fiscal 2026. Scrap, sir? Scrap. Scrap revenue, it was INR 18.5 crores in second quarter. And export incentives? Export incentives were INR 3.4 crores. So all put together, it is somewhere about INR 271 crores revenue from the operations for the second quarter of FY 2026. Sure, sure. And no misc income, that's over, sir. That's right? No, it's not there. Yeah, it's not. It's already been netted off against our fixed cost. Sure, sir. And just the corresponding numbers for Q2 FY 2025, which is the last year YoY. For the Q2 FY 2025, my domestic bearing revenue was INR 88 crores. Domestic auto component, it was almost INR 49 crores. Export bearing ring, it was INR 43 crores, and export auto components, it was INR 97 crores. Scrap revenue has touched INR 20 crores, and export incentives were INR 4 crores. All put together is somewhere about INR 300 odd crores. Thank you so much for that, sir. Now, next question, sir, was just related to that INR 1,750 million of orders which are supposed to come in FY 2026. Now, I know that, of course, the tariff scenario is such that it's difficult. And you mentioned in the last call also that some clients, they have halted programs. They want to see clarity on the tariff front. So just some update on that, sir. Just wanted to know, I think you mentioned last time that 30% of these orders, they are emanating from the U.S. So just wanted some update on that. How is that going? Yeah. See, from the new business point of view, whatever the orders which were from the U.S., definitely those were the new customer, new plant, and the new program what they had been awarded to the company. It was completely on hold. And as I was mentioning that just recently in the month of mid of October, government came with the proclamation. And that is with effect from November 1st onwards, the certain auto components used for the passenger vehicle as well as medium and heavy-duty vehicles and the components or auto parts for those kind of vehicles would be carrying or rather would be attracting 25% duty rather than 50% what it was there. So now I think our customers and we do have much of the clarity on that front. But still, people are waiting or rather the buyers are expecting some kind of relief once the final trade deal is going to be announced, and they expect that it would have again maybe 10% to 20% reduction on this current 25% of duty, which may come to 18%-20% or something like that. So on the dialogues, what we had on the conversation, what we had with our customers, that again, they would like to wait until the final this deal comes out. And that's why I was expecting something good numbers in the first quarter of next fiscal, rather, sorry, next calendar year, that is January 2026 onwards. We expect that this would be much clearer and having some kind of incremental revenue thereafter. Recently, we already got one nomination of INR 60 crores annualized business only before 10 days -15 days for U.S. One of the customers has already awarded that order, and probably from the commercial supply would be started from February 2026 onwards, which would be an incremental revenue of to the extent of INR 50 odd crores, INR 50 crores to INR 60 crores annually from fiscal 2027 onwards. Okay. Sure, sir. So what you're saying is these auto components, as you mentioned in your commentary, 53%, there was this import duty that got lower to then it got lower to 28%. 28%, which is a reduction of 25%. That's what you're saying. And now this is expected to reduce to 18% to 20%, expected to reduce after this trade deal and all that finalized to probably to 18% to 20%. That was the dialogue that is being discussed on the import side. So expectation is 18% to 20% on the auto components, right, sir? Yes. Probably. If it materializes. Okay. Then we're expecting more clarity on that. Okay. Okay. And sir, just before this tariff and everything, before the Trump era started, there wasn't any duty or how was it? I just wanted to know pre. It was hardly 2.97%. Okay. It was only 2.9% in the pre-Trump era. Okay. Yes. Yes. Okay. So that was negligible. Okay. It was 2.9%. Okay. So it was 2.97%, and today it is 52.97%. And post-reduction of this, it would be 27.97%. Yeah. Yeah. Yeah. So it is around 28% as things currently stand. Right. Sure. Sure.. Okay. And sir, also in light of this, would you want to now I know it's all related to the U.S. tariff thing, but you had given a guidance of probably mid-teen growth for 2026 and high-teen growth in 2027 in terms of revenue guidance. So would you still want to maintain that or any changes in terms of the U.S. thing? See, definitely not for this Fiscal 2026 even, growth would be difficult because it has almost spoiled or you can say it has turbulent nine months of this fiscal. And as I told you, almost INR 70-odd crore of my business, new business, what we were supposed to initiate it, it is still there on the hold. Just for the right. And that's why we are not expecting much of the growth in this Fiscal 2026. And anything now as the festival seasons are also approaching at Western countries. So they ask, generally, the dispatches in the month of November, which reaches at December in U.S. port, they generally avoid and they just ask to just maybe dispatches from the December onwards only. Okay. So yeah. So any growth probably will come in 2027 and that's also based on the trade deal. No, definitely. 2027, we are very much bullish and we are very much expected that it would be a heightened growth because the things which are on hold, it would start with the bulk way and maybe with the better pace what it is out of our total program. Sure. Sure. So then customers like Allison and Magna probably will get all the growth back. I mean, at least a decent chunk in 2027. Yes. And the customers apart from those, they put on hold. And certain customers, some customers are dependent or rather sourcing certain things from the Indian plants who are our customers. We are supplying to domestic and then the domestic plant is onward sending to the overseas market. Those were also on hold. So I'll be getting some kind of incremental domestic revenue also, which will in turn lead to the overseas. Okay. And just lastly, sir, wanted to ask this, any future, any further update on the ROR thing, the right of recompense? Unfortunately, not. We are just trying to get the appointment of ED and CMD of the lead bank. But unfortunately, we didn't have any feedback on this thing. Probably, I think now in the month of November or December, we would be rushing to the lenders and we expect something to be clear by December or in January 2025 and 2026. Okay. Sure. Thanks. I'll get back in the queue. Thank you, Jason. So reminder to the participants. So if you want to ask a question, please use the raise hand function. And sir, a few questions from my side till the time the question queue assembles. So basically, if you see the domestic auto component side of the business also in the quarter, we have seen a steep decline there as well. So is it an element of deemed export from there or? Yes, exactly. That's what I was mentioning that the certain customers sourcing auto components in domestic market and then in turn, they are selling those things to their principals or be their tier one or this OEMs. So obviously that dispatches or that export from their side also it is on hold. That's why my domestic market didn't have the rise in auto component business also. Right. And sir, like U.S. was around 30% of the order book last year, but remaining order book which we had from Europe and India. So is that on track or there also we are seeing some kind of? So that is definitely on track or rather as I was mentioning that in Europe, if we compare the in FY 2025, my revenue contribution from the Europe was 17.5% odd, which has increased to 20.5% in this current fiscal until now. Same way in domestic, definitely the when I say this percentage, it is not because of the decrease of U.S. revenue, but in absolute terms also it has increased. If I'll tell you exactly, Europe was somewhere about INR 190 crores in the previous fiscal, whereas in this six months, the Europe is already INR 118 crores. So that has significant growth also. And we expect further to because this majority of this Europe portion is started in the second quarter. And again, in domestic, it was 47% of my overall revenue of previous fiscal. And in this first half, it has reached to 52.5% or odd. Whereas if you compare my overall revenue, last year it was, say, INR 1,086 crores component revenue. And this year it is for the first half, it is INR 527 crores. So almost on the same line. Right. Right. And sir, like post the tariff, post the 50% tariff being applicable maybe from August end to the September. Yeah, mid of August to end, not end to the September. Any consignment which has reached even in the October, until 31st of October, it was levied at 53%. Right. But then during. Yes. Two months almost it was there. In between, the 25% portion was for a very less period. Right. But during that period, how much did U.S. sales meet? Was it very negligible or we were still supplying few components at a 50%? No, no. See, definitely we were supplying. My 100% supply was not on hold. So, definitely we dispatch in the month of July as well as in August because we have planned. A customer has already asked for that, and it has been planned in such a way that we cannot hold this supply. And on one fine day when we partially got dispatch and partially which is on the way, they simply told any consignment reaches at U.S. port in the second week of September onwards, it would be levied at 50%. So whatever the consignments which is there from post July, second, third week onwards, it's obviously on the way. Right. Yeah. All right. Okay. And sir, lastly, in terms of domestic auto component business, so are we trying to get some new customers, some new products? What are we some more color on the new product strategy there? See, a couple of customers which we got the order in the previous year. And in turn, they are going to be used for the EV vehicles over in India and even for the exports of certain EV and hybrid vehicles which in turn they are going to export. But again, that portion of overseas business is on hold. And in the domestic market, because of certain changes in the final, the automobile model, and that deferred certain things maybe almost by four to five months, but we expect that it would be regained from December onwards. All right. Okay. Yes. Okay, sir. So that. We have started getting some new bearing orders from the existing customers. Like three, four items added by one of our customers recently. All right. Okay. So that's all from my side. I'll take the next question. So next question is from Khushal. Khush, you can now go ahead. Khush, you are not audible. Yeah. I'm audible now? Yeah. Yeah. So my first question was more on the industry side. So I think before bearing rings was made by the OEMs themselves. Yeah. You can. Yeah. So I think previously, many of the bearing rings, a particular percentage was made by the OEM. And right now, there is this theme of outsourcing where the OEM is more focusing on new product development. So I just wanted to know if you could help us with a ballpark number of how much percentage of the requirement is still being made in-house and which can potentially become a time for us once they start outsourcing that portion. Secondly, I just wanted an update on any new products that we are working on, on the auto component side, maybe from the transmission side. Are we planning to enter a new segment in the auto industry itself? And on the bearing rings also, because we are seeing many OEMs do CapEx in India and abroad. So are we consistently, because I think that we have around a 30% market share in the industry for bearing rings. So for the incremental capacities that are being put up by OEMs, are we still maintaining that or increasing, which will help us grow business going ahead? These are my questions. Yeah. Yeah. Let me tell you the first portion of your question that whether the existing customers or bearing manufacturers are having their in-house facility of the producing bearings. Let me tell you, in India or rather even in the overseas market where our customers are based and to whom we are serving, hardly one or two customers having one or two facility in Europe where they do forge certain kind of rings in-house. But apart from that, no one is forging or no one is producing forged rings at their own. They all are outsourcing. The major customers in India as well as in overseas market where we do have a good amount of wallet share, they are not at all producing their rings in-house nowadays. Long back, they came out and only the one customer is having certain couple of facilities where they have certain forging equipments, which also they have already announced that they are winding off or they are just trying to move out of this forging business, ring business. So that is there. And as you rightly say that even the Indian bearing manufacturers, globally renowned manufacturers who are into expansion mode, and recently one of the company also just came that they are going to have this CapEx of so and so. Definitely, we are very much expecting or rather we will be getting some share or some components over there what they are going to produce from their new facility or from the expanded facility because we at Rolex is having quite wide range of product capabilities what we can produce. And these customers are very much aware about the capabilities of the Rolex and the equipments what we can offer. So definitely, one of the customers who is having a plant in Gujarat also, which was not much operationalized or quite underutilized, now they came up with the industrial bearing ring production and all these things. So they have already awarded three to four components to us, and it would be an industrial application. Apart from that, we are consistently having the addition of the bearing rings, types of bearing rings to our existing customers also. And even for the auto components, we are adding different ring gears, gear blanks for the different gears which are there in the automotive transmissions. So we are getting definitely incremental this bearing ring business from the bearing manufacturers out of their expansion. Right. So apart from that, in terms of competitive landscape, how big would be our next competitor, next capable competitor that we have in India and overseas? Let me tell you, in India, there are a couple of players who are having partially or you can say, say for example, today we are having more than 25, 26 kind of different forging lines and versatile range and huge setup of machining shop. Whereas my immediate competitor or you can say a next couple of companies who are having hardly two or three forging lines, five forging lines, max, max within very limited range of the products what they are offering, though they are offering the same kind of small products to my customers also, which we would not like to address as of now. But they are quite smaller than us. And we gradually again, it's a quite big opportunity in overseas market also. So we are also growing, they are also growing, but we are trying to get the things in a big way to untap the market where we are not there. The auto components, it is one of the main target in European business as well as in U.S. So where these people or rather the any companies which are based in India may not in our competition. Right. So I'm assuming that incrementally then whatever new plants of the OEMs will come, then we should see our market share also increase from 30% going towards 50% maybe because we'll get measure of the additional business. Yes, yes. That 30%, the number what you are mentioning, it is for the domestic market share in terms of bearing rings what we are having. As I told you that a couple of our bearing ring customers have already added new products which they are going to produce from the expanded facilities. What happened, even the certain expansion at our customer level has also been deferred because of this uncertainty or might be having some slowdown in the industrial segment. Right. Because now that we're in a better position to judge the tariff situation, if you could help us, guys, I understand that FY 2026 might be flattish to maybe some marginal growth like you mentioned. But considering the confirmed order book that we have in the pipeline, what kind of growth are we expecting 2026 onwards, FY 2027, FY 2028 for the so two, three years after we close FY 2026, what kind of growth can we expect? See, we are very much hopeful or rather we are very much cautious. I told you for the Fiscal 2027, it would be a heightened kind of growth. And even that would be continued for the Fiscal 2028 because the orders what we are talking for which we have already awarded, but yet not started because of certain obstacles. Definitely, it would be started in the last quarter of this fiscal or maybe by the first quarter of next fiscal. And that would be at a ramp up in a big way in the FY 2027 and FY 2028. So I'm very much bullish on that. And we would be having heightened growth in both this year. Okay. All right. Thank you. Yeah. Thank you. So next question is from Mayank. Mayank, you have been allowed. You may go ahead. Yes. Thank you, sir. Can you hear me? Yes. You are audible. Hiren, sir, my first question is on the global supply chain in this auto component. I mean, how is it changed after the tariff thing has largely stabilized, particularly on the bearings and bearing rings side? I mean, what changes you are foreseeing next six months if we talk about particularly on U.S. as well as other markets? See, we do not expect any kind of downfall or any kind of degrowth as far as the U.S. market for our business is concerned because the components what we have developed, those are quite critical components for my customers also. And to develop such kind of components, it will take minimum. Strategic initiatives, right? Hello. Hello. Thanks. There are some disturbances. Hello. There's some background noise in there. Yeah. Yeah. So, what I was mentioning that the components what we are supplying to our customers, it took more than 15 months to 18 months to develop these things. And to get a new supplier or get a new from the new trade, it would be very difficult for our customer to be approached over there. And as now whatever the new duty structure would be, either we are on the same or maybe India would be on a lower side compared to the other continents like maybe China, Europe, or so. We do not expect much of the friction over there. Rather, we are expecting incremental this thing. Post this duty once the things are stabilized, we do not have much of the issue over there. So the heightened growth for the next two years you are talking about, largely the growth would be in the auto components? As of now, the order book or rather the orders what we have already received or programs received, there are a mixed bag of auto component and bearing rings, but on the higher side as far as auto component business is concerned. And also, I mean, have we seen some slowdown in the EVs? The customers from the EVs globally are procuring less because of shortage. Yes, definitely. EV market has not executed as what it has been expected on the other. We are having a reduced number. If you must have seen the numbers for the month of October also, what SIAM has produced, the significant number of vehicles in EV has been reduced rather than incremental numbers in there in the hybrid and petrol diesel-driven vehicles. So we do not have much of the even good amount of new inquiries are not from EVs. Majority are from hybrid and the current fuel. So just to understand, how big is EV in all current revenue? It is with a single digit. It ranges from 7% to 10% max. And if you are forecasting good growth in auto components, how it can be next three years? Partially, definitely. There would be some kind of gradual improvement over there also, but may not be at the same pace what we are having in the normal IC or hybrid kind of vehicles. And last question, sir, we are forecasting very good growth by one of your competitors in the Gujarat market, I mean, from Gujarat only. So would you like to comment anything on the competitive intensity in the bearing ring space, particularly in the Indian market? If you are talking, I don't know for which this thing, but I would like to tell overall in that way that I'm much inclined to utilize my production capacity in a better way rather to book it with a lower margin product or a smaller kind of components. So certain things what we are not able to take up and what we are requesting our customers that we are not able to supply. Definitely, their requirement would be catered by some other players. And obviously, they would be having that incremental revenue, which may be giving growth. But I strongly suggest you to check the margin and the life of the program and the margin of this thing. That's only what I want to comment or beyond that. Sure, sure. Thank you. Thank Thank you very much, sir. Thank you. So the next question is from the line of Saurabh Jain. Saurabh, you may go ahead. Hello. Am I audible? Yes. Yeah. Thanks for the opportunity. Sir, I just want to understand the order book on the last call. You had mentioned that we have a monthly order book of around INR 110 crores, INR 120 odd crores. And of course, we are seeing some degrowth in this current fiscal. But now for the next fiscal, we'll have pent up that INR 175 crores of new projects. Further, as Sir mentioned, that another INR 50 crores, INR 60 crores of orders, which we have recently bagged 10 days, 15 days back. So now I just want to understand how much of this INR 1,050 crores and INR 1,100 crores of revenue, which we are doing as of now, is sticky and repetitive in nature? Because if we add that INR 175 crores and INR 50 crores, INR 60 crores for the next fiscal, the growth is north of 20%, in fact, 22%-23%, so how much of these are which of these programs are we exiting in the current fiscal, which are not going to be there in FY 2027? See, as of now, there are no programs which would be expiring in this fiscal or maybe in the next fiscal, so this kind of revenue what we are executing as of now, it would be a sticky, and it would be on an incremental side. As I was mentioning in earlier calls also that certain new programs which were supposed to be started at the level of 10,000 components in a month, but because of slower and this thing restricted demand, it has went down to 4,000 components or it has started with 4,000, 5,000 components in a month. So that momentum would be there in the next fiscal. Apart from that, the new programs partially what has been started out of that INR 175 crores, definitely that would be those would be having incremental numbers in the next fiscal. And the new program what recently we have won before almost a month back only what we have visited. So that would also be added over there. So broadly, the current revenue, it would be a sticky kind of thing. Definitely, it would be there. And even in the current business, we are going to have some expecting some kind of incremental revenue along with the new order book or rather new programs which would be started with full load. So definitely, we are expecting, as I was mentioning, that heightened growth compared to this FY 2026 in the next couple of years, that is FY 2027 and FY 2028. So, sir, in that case, we can actually are we being very conservative when we are saying that high teens? Earlier you were saying mid-teens growth, and now on this call because of this spillover to the next fiscal, you are saying high- teens growth. So is it possible that we can actually see 22% or 24% kind of growth because this INR 235 crores, the new projects which are getting into SOP next year and also will be getting some more? Partially, it has started. Even in my existing structure, partial new business has already been started. So it's not that entire INR 175 crores would be added. There has already been addition in the current fiscal also because of my existing revenue or existing program which were on a lower offtake. But the new programs have already been started to some extent. That would come back or rather that would be on the full pace in the next fiscal, and the existing business what I have lost in the current year and even in the previous fiscal, that would be again regained. So all put together, that is conservatively what I'm telling you that it would be a heightened kind of growth. On the numbers what we had, if you say in last fiscal, we had a component revenue of somewhere about INR 1,100 crores. And then definitely on these numbers, we would be having heightened growth. Okay. Sir, my next question is on another biggest client, one of the biggest clients, which probably you were talking about in another response in the previous response. And this was about the recent news article a couple of days back. There was some news article about SKF, which commissioned their new facility in Ahmedabad worth INR 900 crore of CapEx, and they are looking at bearing. This is dedicated bearing rings bearing business above 150 mm, and this is in the article. It is mentioned that it is completely a localization exercise, so when we say that we bagged some three, four components, are we talking about the same facility or we can expect more from this one? This is not w e are currently catering to. No, definitely, it is from the. We are expecting more numbers from this facility because this facility is already there or rather installed before a few years back, which was quite underutilized. Now they came out with the overall idea that what kind of rings they are going to produce here, they are going to freeze or rather finalize the exact specifications of the bearings what they are going to produce. Definitely, we are the most preferred or rather one of the potential suppliers for them. And recently, last week only, their senior people, they have already visited our factory and the things are going on. We would be getting definitely more kind of new components for that customer for the particular plant. Okay. Sir, last question from my side. So based on inquiry pipeline and the bids which we would have taken and recent CapEx done by SKF and Timken has done a big, big CapEx, which is underutilized as of now, Schaeffler. So what kind of addition on a conservative basis can we see over the next one year to this INR 235 crores of new projects which we have already announced? You mean to say the existing business or rather the bearing companies who have announced their expansion and from there how much we are going to get? Am I right? Yes. Yes, sir. Yes, sir. See, first of all, would like to or rather you better know that whatever the numbers have been given for the expansion, first of all, whether that expansion has already been completed or not, that is a question. We have seen certain facilities which are yet to be not on a hardly 50%-60% of expansion might have completed. And yet the customers or rather they are not freezing their demand or their production schedule or the kind of products what they are going to produce. I'll not say much on that subject because those are my respected customers. But definitely, only all these customers to whom we are dealing, we are supplying for more than two decades with them, and we have a very good cordial association with them. And fortunately, we didn't lose any kind of the business what we were doing with this customer, and we are still there as of now. And it would be definitely on an increasing way. Okay, sir. Just a quick follow-up if I can squeeze in. There's a participant waiting, so can you please? Just one quick follow-up. I won't take much time. Okay. So, sir, just if these customers are supposed doing a CapEx of INR 100 crores, so what kind of asset turnover is usual in the industry and how much of that can actually come to vendors like us? Not specifically Rolex or any customer, but it's difficult to compare. If my customer is going to set up facility for INR 100 crores and how much business I'm going to get because that INR 100 crores, we don't know what kind of quantum or what kind of this thing products they are going to produce. So I cannot say that if they are going to spend INR 100 crores, I'm going to get X amount or something. But generally, my product contributes somewhere about 15% to 25%, ranging from 15% to 25% of their end product or rather from bearings. So even the expansion of INR 100 crores in what way, which line, beyond the range what I'm able to produce, many factors are dependent. Cool. Thanks and wish you all the best, sir. Thank you. Thank you. Thank you. So we'll take the next question from Jason. [crosstalk] Hello. Just the question pertains to sir. If you could give the revenue breakup. I think you mention it but just as a recap. I want the revenue breakup between U.S., India and Europe for FY 2025 and now H1 FY 2026 also I told you for FY 2025 my U.S. was somewhere about 31.5%. Europe it was 17.5%. Other countries like Mexico, Canada, and other all put together is somewhere about 3.5%. And remaining 47%-48% was there from the domestic market. In the the same kind of numbers for the current fiscal for the first half. It's say 25% from the U.S. Europe is somewhere about touching 20.5%. Other markets are a couple of percentage. And 52%-53% from the domestic one. Okay thanks sir. Okay sir. Just one follow up one question I had is sir. You know just in terms of competitive landscape you know. See I don't want to name the competitors but just I mean you have a lot of competitors based out of Gujarat itself. You have some prominent competitors who compete with you based out of Jaipur as well. So just want to know from a competitor landscape how do you differentiate yourself from these competitors in the same space you know catering to the same big set of clients. So just some color on that sir. What how do you you know how do you kind of take the strategy towards towards improving getting more complex products or getting more business from these clients when you have this this competition from Jaipur Gujarat. Just your some take on it.. [crosstalk] O n a competition track you know w hat. Then listen. Hirenbhai. Yeah, yes sir. See I don't want to highlight any negative or any kind of you know none capabilities of the competitors or not. Only my intention is to give us as I some USPs or some kind of benefits or what Rolex is carrying. First of all Rolex is there into the industry this industry for more than three decade. And majority of the customers you know what ever we have as of now having association of more than two decade. So they are very much aware about the capabilities and the facilities. And for you know Rolex it is not what we are going to market our products or we are going to take for these things. Only my equipments my facility the range of the product the versatilities of the product the criticality of the components. And with the highest level of you know precision level what we are producing. One of the U.S. giants global giants have given me a Zero PPM award for two years consistently two years for certain kind of forged components. And that is the reason the range of the product. And as I was mentioning value added process capabilities what we are adding back. We are able to give the volume as what my customer desire for the particular range of the products. Even if you ask me we do have facilities where the product carrying maybe product weighting of 50 kg or even more than that. If you ask me 10,000 numbers in a month we are able to produce. Smaller size of components we are able to produce lots of components in a month. And already we are dispatching. So we do have good association. And when particularly you know existing customer always trying to switch somewhere else when they are not able to meet the quality criteria or we are not able to meet their supply chain. And maybe if they are getting quite huge amount of discount on the pricing which is generally not possible in our kind of business. But definitely the market is huge. Obviously the business everybody is going to give their whole hearted efforts. And but we would be having quite USP as far as the technicalities on not technical front only we are getting better marks. That is what I would like to say. Sure sure. Technical front what we have we can produce auto parts bearing ring or other competitor have only facility to produce bearing rings only. So that is also difference. Yes. Okay okay. Sure sure. Thank you so much. Thank you so much. So thank you everyone for joining the call. We take that as a last question due to time constraint. And thank you Hirenbhai. Over to you for the closing remarks. So thank you very much for your active participation. And on behalf of Rolex would like to assure our investors that company would be very much concentrated on their efforts. And because of this all kind of turbulences now we expect that things are being streamlined do before a year back there was some different geopolitical reasons which I think it has been covered off or rather we are getting positive response from that segment. And again in this fiscal what ever we had that has also been almost close down by this quarter. So we would be having quite good numbers in the coming quarters. And we will definitely revert to our investors with best of our efforts. Thank you. Thank you very much for attending the call.