Ladies and gentlemen, good day and welcome to Q2 FY 2026 earnings conference call of R R Kabel Ltd. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero, on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Darshni Desai from MUFG Intime, investor relations. Thank you, and over to you, Ms. Darshni. Thank you. Good afternoon, everyone, and I extend a very warm welcome to all participants on Q2 and H1 FY 2026 earnings conference call of R R Kabel Ltd. Today on this call, we have Mr. Mahendrakumar Kabra, Managing Director, and Mr. Rajesh Jain, Chief Operating Officer. Before we begin this call, I would like to give a short disclaimer. This call may contain some forward-looking statements, which are completely based upon our beliefs, opinions, and expectations as of today. These statements are not guarantees of our future performance and involve unforeseen risks and uncertainties. With this, I hand over the call to Mahendrakumar Kabra. Over to you, sir. Thank you. Good afternoon, everyone, and a warm welcome to all of you. Joining us for our Quarter 2 FY 2026 financial results discussion call. I am pleased to be joined today by our COO, Mr. Rajesh Jain. I hope you had a happy and a safe Diwali. Before I start, it is an honor to announce the leadership transition of Shri Rajesh Jain to Chief Operating Officer following an expiring tenure as our Chief Financial Officer. And Jigar Mehta, previously Vice President Finance, as our Chief Financial Officer. I extend my warmest congratulations to them as they step into their new roles. The second quarter has been particularly encouraging for our Kabel. As we delivered robust growth both in revenue and profitability. This strong performance was primarily driven by the resilience and expansion of our core Wires and Cable business. Which remains the backbone of our company's growth strategy. The Wires and Cable industry continued to perform well, supported by several economical drivers. Robust construction activity. Infrastructure expansion. Renewable Energy expansion. Government focus on electrification, and healthy demand from both institutional and retail markets. R R Kabel has leveraged these trends to deliver another quarter of consistent growth driven by strong traction across product categories and sustained operational discipline, enabling margin expansion. Our focus on high-quality, safety standards, value-added offerings, and compliance with global quality benchmarks has further strengthened our market position. Which helped us maintain healthy momentum across regions and end markets. In the FMEG segment. Market conditions remained challenging. Particularly in fans and appliances, while switches and lighting products have performed better. Despite softer demand and seasonal headwinds, we have maintained steady performance, reflecting operational discipline and the strength of our diversified portfolio. Our continued efforts in product optimization, c ost efficiency, and network expansion have yielded visible results. Overall, Quarter 2 FY 2026 marked a quarter of solid progress for our Kabel, year-on-year as well as sequentially. We are confident that we will be able to continue to deliver sequential growth in all parameters in the second half of the year as well. With this, I'd like to hand over the call to Mr. Rajesh Jain to take this call further. Thank you, everyone. Thanks, Mahendra. At the onset, I'm grateful to the board and our leadership for their trust and support over the years. In my new role as COO, I will continue to work to sustain R R Kabel's strong growth trajectory and deliver value to all our stakeholders. India's growth story remains strong. The second quarter saw stable GDP momentum supported by government infrastructure spending, healthy private CapEx, and gradually improving consumer sentiment. While inflation moderated and rural demand is showing early signs of recovery, the broader industrial ecosystem remained cautious due to input cost fluctuation and uneven weather conditions. Nonetheless, the electrical and construction sectors continued to benefit from ongoing infrastructure investments, housing growth, and urban electrification projects, all of which form the foundation of R R Kabel's long-term opportunity. The Indian Wire and Cable industry is also witnessing a shift towards organized and branded players, driven by highlighted consumer awareness around safety, efficiency, and compliance. R R Kabel, with its deep distribution network and premium product positioning, is well aligned to capture this transition. Furthermore, export demand remains healthy, supported by rising global preference for Indian manufactured cables that adhere to international standards and certifications. In this favorable environment, R R Kabel has delivered another quarter of consistent growth and operational excellence. Our continuous focus on value-added, energy-efficient, and safety-compliant products continues to differentiate R R Kabel in a competitive landscape. Our revenue from operations for the quarter stood at INR 2,163.8 crores, representing a solid 19.5% year-on-year growth compared to INR 1,810.1 crores in Q2 FY 2025. This growth was preliminarily driven by robust performance in the Wires and Cables business, where we achieved healthy volume expansion and improved realization. This segment saw a 16% volume increase, reflecting both institutional demand and the continued trust of retail consumers. For the first half of FY 2026, revenue grew at 16.7% year-on-year, marking the highest-ever half-yearly revenue in the company's history. On the profitability front, EBITDA rose sharply to INR 176.1 crores, an increase of 105.8% year-on-year from INR 85.6 crores in Q2 FY 2025. The EBITDA margin expanded to 8.1% from 4.7% in the previous year due to operating leverage, reflecting better cost absorption and sustained efficiency initiatives across the procurement and production chain. Our ability to manage cost pressures while maintaining quality has been a key differentiator in an otherwise competitive market. For the first half of FY 2026, EBITDA reached INR 319.2 crores, up 76.4% year-on-year, with margin expanding to 7.6% compared to 5% in the same period last year. Moving to the bottom line, profit after tax for the quarter stood at INR 116.3 crores, registering a 134.7% year-on-year increase from INR 49.5 crores in Q2 FY 2025. PAT margin expanded by 264 basis points, reaching 5.4% compared to 2.7% last year. On a half-yearly basis, we reported our highest-ever H1 PAT of INR 206 crores, up 80.9% year-on-year, with margins improving by 173 basis points to 4.9%. Overall, Q2 FY 2026 has been a quarter of solid progress, demonstrating the strength of our core business, disciplined execution, and robust demand environment. In terms of segment performance, the Wire and Cable business remained the primary growth engine. The segment reported revenue of INR 1,971.2 crores in Q2 FY 2026, up 22.3% from INR 1,611.8 crores in Q2 FY 2025. For the first half, the segment delivered INR 3,804.7 crores, a growth of 19.3% year-on-year. Segment profit rose sharply to INR 180.4 crores, more than double from INR 81.8 crores in the same quarter last year, supported by a 16% volume increase and stronger realization. Our business benefited from consistent institutional demand and a firm retail base, supported by efficient execution and cost optimization. The FMEG segment, on the other hand, experienced a marginal decline in revenue, recording INR 192.6 crores compared to INR 198.3 crores in Q2 FY 2025. While the broader market environment remained challenging for fans and appliances, a festive-led recovery is underway. Our efforts towards product rationalization, operational efficiency, and cost control helped keep losses largely stable. We remain confident that with the ongoing improvements in channel reach and brand strengthening, the segment will continue its path towards gradual recovery and profitability. Our working capital had remained stable during the period, with later days being in line with previous periods. Inventory levels were increased to increase consumer demand and ensure uninterrupted supply amid rising demand. On the demand front, domestic sales continued to drive growth during the quarter, supported by increased spending in housing and construction, as well as steady industrial and infrastructure activity. Export demand also improved, particularly from key markets, reflecting our efforts to diversify geography and expand our global footprint. Looking ahead, we remain optimistic about the outlook for the second half of FY 2026 and expect the second half to do better than the first half. The underlying demand environment continued to be favorable, supported by government infrastructure initiatives, the ongoing formalization of the electrical sector, and increasing consumer preference for branded energy-efficient products. R R Kabel remains focused on deepening its distribution reach, expanding export footprint, and introducing technologically advanced products that cater to emerging sectors. Our strategic investment in automation, digital sales enablement, and brand building will continue to strengthen our leadership in the industry. With this, I would request to open the floor for questions- and- answers. 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 the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and one. 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 Manoj Gori from Equirus Capital. Please go ahead. Thanks for the opportunity and congratulations for the setup. My question is, if I look at the performance over the last two to three quarters, we have been probably doing well on the margin side. On Wires and Cables, EBIT margins last year exited at close to around 7.4%. And currently, we seem to be on the upward trajectory. How should we look at the margin performance? Q2 H2 should be similar to Q2 levels or H1 levels. Probably the volume growth that we have registered during the Quarter 2, that momentum continues even in October, and probably that should be expected in the second half. How confident we are on that based on the current visibility? Thank you. Thanks, Manoj, for your question. Like last year, we had EBIT margins of 7.4% in our Wire and Cable business. At the same time, we had targeted to improve by almost 100 basis points. We are very happy to share that we have achieved this target in the first half also. At the same time, we have our plan to improve these margins and maintain the volume growth and even to do and achieve our target of 18% volume growth, what we have defined in our Project RRise. With that, we are quite confident that our H2 will be better than H1, what we have achieved. Glad to hear that. Lastly, if you look at probably the inventory that you just highlighted, is it just a near-term thing and probably should we expect the working capital going back to normal, cash flows turning positive by at the end of the year? Yeah, so if we see only from cash flow point of view, of course, it is like a little bit on the negative side, but at the same time, it will get normalized by this year-end. If we see like inventory or our letters level, it is in line with our expected levels, what we have planned. Like whatever levels we have, like net working capital of 57 days, we'll maintain those levels. Right. Lastly, if you can throw some light on progress on cables, how things are panning out there, probably how the expansion plans are on track. Probably any progress over there, that would be helpful. Our long-term expansion plan of investing INR 1,200 crore, particularly in wire and cable business, in that also like major focus is our investment is in my Cable segment only. Our overall project is in line, what we have planned, and expansion is going in line with our master plan only. Sure, sir. Thank you and wish you all the best. Thank you. The next question is from the line of Praveen Sahay from PL Capital. Please go ahead. Yeah, thank you for the opportunity and congratulations to Rajesh and Jigar for the elevation. My first question, sir, is related to the margin only. Because this quarter, on an overall basis, gross margin improved to 300 basis points. Is there any inventory gain also accounted in this quarter because of LME prices? Thanks, Praveen. See, when you see this margin improvement, we are comparing with last year Q2 FY 2025, which, as I already told, that was not very normal. When you compare with my yearly gross margins of last year also, we have seen a good improvement, and this is sustainable. This we have achieved through my better product mix and, like, whatever efficiency control we are bringing in our operations. These are maintainable and sustainable margins, and we'll keep achieving and improving in this front. There is no impact or larger impact on the copper prices. Okay. Okay. Good to hear, sir. Second question, sir, as you had. The earlier also and even in the media also, you had said 18% of a volume growth for a year. That tells that the second half required 23%-24% of a volume growth. From where and how confident you are to achieving such kind of a good volume growth? In our Project RRise, what we have targeted is 18% volume growth on CAGR basis. As per our plan, we are on track only. On quarterly or half-yearly basis, there may be like 1%-2% here and there, but we need to see this growth in larger business plan and prospectus. Okay. Any color on the export? Because export grew very fast this quarter. Any geographical, specific locations you are getting more of attraction from, where you are getting such kind of a 35%-36% of a growth there? Export, of course, we got some new customers and new geography also. Still, Europe and the Middle East are our biggest market, and we are getting very good growth from there. Overall, if you see, like there may be like 1% or 2% here and there, but our focus is on domestic as well as export market. It is equal focus, but the result or figures may vary by 1% or 2% here and there. Okay. Last question, sir, on the FMEG. When are you expecting a break-even? By Q4 of FY 2026. Okay. So earlier guidance is maintaining that. Okay. Yes. Yes. Thank you, sir, and all the best. Thanks. Thank you. The next question is from the line of Achal Lohade from Nuvama Wealth Management Limited. Please go ahead. Yeah. Good afternoon, sir. Thank you for the opportunity. Congratulations for strong results. Sir, the first question I have, you've said that the exports have grown 20% year-on-year. And particularly, you've made a comment that Europe and the Middle East continue to do well. If you could give us some sense in terms of what is the mix in terms of regions. Where the customer additions, and see if any further certifications or additions on approvals we have seen. How do you see this exports growth? Would that be absolutely in sync with the overall growth, or do you think there could be an opportunity to have a much larger growth? In export, if you remember, earlier we were having some exports of around 8% to the U.S. also. There were like some talk and some disturbance due to tariff challenges also. Still, since we have a very diversified export market, we were able to get or compensated through our existing market and new customers also. Still, like most of our sales in export is coming from Europe and the Middle East, which is almost 75%-80% of revenue coming. At the same time, we are making very good efforts for new approvals and new market, and we hope that, again, the U.S. market very soon it will be on a normalized basis and we'll have higher growth from those markets also. Are we seeing like. Was there any disproportionate growth for U.S. exports in this quarter gone by? No, not disproportionate, but like U.S., if it was like 8%, contributing 8%, contribution might have reduced by another 2%. At the same time, whatever growth we achieved, it was from new markets and new customers which are in Europe and the Middle East only. Okay. Okay. The second question I have is, given the significant increase in the aluminum and copper price, particularly copper price, if you could give us some sense, how does it impact us, particularly on the export front? Do you see margin pressure on a optics percentage perspective? If copper prices remain, keep increasing, then there may be some impact. What happens since we are focusing on our change in product mix also. In exports, now we are having more focus where products like cable or special wires, where we have higher margins. It will be covered or rather improved from the export market also. The copper prices are always a part, volatility is always part of our business. At the same time, we are on the right track to improve our margins by changing product mix in a favorable situation. Got it. Any guidance for FY 2027, sir, in terms of the margins? No, it will be in line with our project. Actually, it will be in line with our Project RRise only, where we have given guidance about our growth, expansion plan, and product mix, everything. That remains as is. Okay. Got it. Just for clarification, the volume growth, if you could call out for the first half? It is around 12%. 12%. Got it. All right, sir. I'll fall back in the queue for follow-ups. Thank you so much. Thank you. The next question is from the line of Dhruv Jain from Ambit Capital. Please go ahead. Thank you for the opportunity, sir. Some of the first question is on the utilization level. If you could just spell out what is the utilization level of cables and wires, and incrementally, the capacity addition that you are doing in cables, how much of it would be, in terms of quantum or volume, whatever you want to share, higher than the 66 kV piece in the higher voltage segment? Dhruv, if you see, we are already like almost 70% utilization in my wire business, while 90% in cable business. In line with our growth plan, we have planned our CapEx in such a way that we keep meeting our projections of getting higher growth in cables and wire as well. Our expansion will keep coming in execution in line with our increasing demand and increasing business plan also. If I talk about 66 kV and above, this CapEx plan, what we have planned for INR 1,200 crore, almost 80% is for cable, which includes LV cable also, HV cables also. We plan to achieve production capabilities up to 220 kV. Of course, sir. In that, what would be the share of the HV cables in terms of overall capacity? See, in power cables, the majority of the operations, like wire drawing or extrusion or armoring process, remains the same. There are many things common. To some extent, our product mix is fungible within cable segment. It depends during that time what kind of demand we get. At the same time, we have flexibility to have some product mix change and keep my product utilization to optimum levels. Sure, sir. My second question is on your market share in certain specific states. At the time of the IPO, you had highlighted certain key states in the South and the Eastern markets, where your market share was less than 5%. I just want to get a sense of how's the progress in terms of market share gained. Incrementally, is there enough opportunity in those states for you to continue gaining market share, or are you at a reasonable level in that sense and incrementally growth will be closer to the market growth in those states? Still, our major growth is coming from our strong market, which is West and North only. At the same time, since we have a very good establishment or setup of distributor dealer in South and other East geography also in some states, there we are looking, or we have seen good growth, but still it is overall having very less contribution in my overall market share. You cannot see a very significant growth, but we are in line with our master plan, and we will keep focusing on new states or states where my market share is below than less than 5%. Sure, sir. Sir, on the Cable side, as the new capacity comes through, which is also catering to the higher voltages, is it safe to say that your institutional share of the volume will go up materially, which could have some bearing on your margins, or that's not the case? When we talk about cable business, which is mainly to institutional or B2B side only, there, and since we are a very small player there, and we need to be a sizable player, and our majority of the investment is also coming in that segment only, we will see a good increase of shares from that segment. At the same time, that will improve our margins also. It is not that that will reduce my margins. Okay, sir. Thank you so much, and all the best. Okay. Thank you. Thank you. The next question is from the line of Vidit Trivedi from Asian Market Securities. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity, and congratulations on a great set of numbers. Sir, could you please give the breakup on the volume growth between Wires and Cable segments separately? In this quarter, we had a similar growth of 16% in both wire as well as cable. Almost similar. Got it. Sir, I remember in your last call, you've mentioned that there is some spillover of major cable contracts to this quarter. Have we completed that, and the overall volume grew to 16%? Is it because of this? No, no. It's a very little impact in that quarter also. It is a continuous process. See, since contracts are always continuous and we'll keep supplying to long-term projects also, it is like a regular process, and it is not a very big contribution of spillover of contracts. Got it, sir. One last question. Could you please comment on the margin sustainability in the Wires and Cable segment for the coming quarters, and let's say FY 2027 and 2028? In our long-term planning, we have targeted of having EBIT margins in Wire and Cable in the range of 10.5%-11% kind of margins by 2028. At the same time, if you see, we have targeted an improvement of 100 basis points in this year, and we are in line with our project. Since normally the second half of this industry remains always better looking to the demand and industry behavior, we are quite hopeful to sustain or rather improve these margins in S2. Thanks a lot. All the best. Thank you. The next question is from the line of Sandesh Shetty from HSBC. Please go ahead. Hello, sir. Am I audible? Yes, please. Good afternoon. Good afternoon to the management team, and congratulations for a great set of results. Also, James said congratulations on your elevation and Mr. Jigar for your elevation. Sir, my question to you is on the demand side. We are seeing a lot of inflation in copper. Do you foresee any impact on demand due to it? No. Any other challenge or? No, no. So this price fluctuation, as I already told, this is part of our business. Demand has to be there the way we see the Indian economy is growing, the investment in infrastructure is coming, or our real estate, or maybe data centers. Everywhere, based on the micro level of the Indian economy, we are quite hopeful that this demand will remain stable, or rather it will be very good in coming years. Second question, sir, on exports. For this quarter, the export growth has been in line with domestic. Sir, the growth was driven by cables, or it is similar for export growth also? Yeah. In export also, we have seen similar growth in Wire and Cable regions. See, we have a very equal focus, be it Wire business or Cable business or domestic or export. We are getting results from all the segments and areas. Okay. Sir, in FMEG, you mentioned that you expect to break even by last quarter. On a full-year basis, is it possible that we break even, or will it be spilled over to next year? On a quarterly basis, we'll achieve our break even. Of course, since this year already, you have seen we have done a very good improvement, or our losses have been reduced when I compare H1 versus H1 of this year in FMEG. Overall, there will be a very negligible impact on the negative side. Okay. Sir, lastly, you mentioned certain special category of cables that you are planning to introduce or already launched. Sir, can you elaborate on which are the end markets that these special category cables go in, which are high margins? See, as of now, we are a very big player in B2C category, which is like building wire or projects and everything. As our capacity is coming and our focus is increasing on cable business and special business, we hope that we'll get more presence in utility business or B2B infrastructure business, data center, and OEM business where we have a larger demand for special cables. Okay. That's all from my side. Thank you, sir, and all the best. Thank you. Thank you. The next question is from the line of Pankaj Tribelwal from Ikigai Asset Manager. Please go ahead. Yeah. Good afternoon and congratulations on a good set of results. My question is to Mahendra. So when I look at R R Kabel into two parts, one is pre-IPO and one is post-IPO. Pre-IPO, normally we used to compound at a very high rate. And after IPO, because of various external or internal challenges, there was a period where things did not go our way. Now, for the last two, three quarters, we are seeing that renewed growth and aggression coming back. Pankaj, your voice is very low. Can you repeat pleae? Can you hear me? Yeah. It's better, but yeah, it's better. Please continue. No, what I was saying was that when I look at R R Kabel in two parts, pre-IPO and post-IPO. Pre-IPO, we used to compound at a very strong rate every two, three years. Four years, we used to double. There was a phase post-IPO where we had a struggle for growth. In the last two, three quarters, we are seeing the same growth path coming back again, which R R Kabel was used to. What has happened in the last two, three, four quarters, and how sustainable we are looking at it? If you can just help us understand, it will really help us understand that R R Kabel is back on the growth path. Overall, the economy. Last two, three quarters has been really, really good that we are seeing that aggression again coming back on the growth side. Thanks for this question. See, overall, if you see the industrial scenario and economic survey, total country is growing in a certainly good percentage. We also, R R Kabel, we are following the same thing. We are focusing more on the institutional sales, project sales, and retail sales. This is definitely going to help us to grow further. Yeah. From a business side, Mahendra, what has been the focus? We have seen management changes. If you can just elaborate a bit on that. It's not any management changes. From family, my Rajesh, who's been taking care of the Wire and Cable, Mahesh Kabra, my elder brother's son, he will be taking care of the FMEG business. This is a, you can say, a small succession plan. Otherwise, there is no management changes that you can see. From a focus perspective, what has gone right in the last two, three quarters, which has given us that growth? See, the young team is there. They're more focused now. They work furthermore ahead. I'm more confident with this team. Okay. Anything on the product side on the wires or the cables, which is. Product side, there isn't. Any geography or any geography. If you can just give some granular details, it will help us get that confidence that the growth is now sustainable over the remaining two quarters this year and maybe going forward in the medium term. Any granular detail will help. I'm confident of growth in all the regions. Overall, even in the export market, you can see we have grown very well. Similarly, in the local market also. I am very hopeful. We will follow the last two quarters' trends. That's encouraging. On the margin side, if I hear you right in the previous questions, Rajesh is very confident about margin trajectory improvement. Actually, if the revenue grows in this way. Yes. Your margins are going to be better. Better. Okay. Good. Thank you. Wish you all the best, and wish you all continued success. Thank you. Thank you. Ladies and gentlemen, in order to ensure that management will be able to address questions from all participants in the conference, kindly limit the questions to one per participant. Should you have a follow-up question, please rejoin the queue. The next question is from the line of Balas ubramaniam from Arihant Capital. Please go ahead. Good afternoon, sir. Thank you so much for the opportunity. My first question, whether we have taken any price hike in Q2 or any price hike anticipation over the next one or two quarters? Because due to commodity price rises, one of our competitors have, like, mentioned a 3% price hike in this quarter, especially in Q3. Secondly, within domestic business, which end markets are driving growth, especially residential, real estate, industrial, and infrastructure, or renewable? How we are positioned to capitalize on the government infrastructure push, especially PLI schemes, smart cities, and power distribution reforms? Yeah. So thanks for your question. See, price hike is a regular process of our business, and it is not about a hike or reduction. It is related with our raw material prices, which are copper and aluminum. In practice, what happens if there is any major hike, let's say more than 3%, either positive or negative, then we have to change the prices. In the last quarter, we have seen almost three to four new price listings at the same time. It is like a continuous process, and it had to be connected with the raw material price movement rather than a price hike in separate. Secondly, since we have our major growth plan and focusing on new product categories where right now our major contribution is coming from building wire, but at the same time, we have a very good CapEx plan for cables, and the growth will come from infrastructure development, data center, or export geography where we have seen a very good demand for Indian cable products. Our overall growth will come from India also and in export also. The growth, what we can foresee in infrastructure investment or specialized cable utilization. Okay, sir. Thank you. Thank you. The next question is from the line of Rehan Saiyyed from Trin etra Asset Managers. Please go ahead. Yeah. Good afternoon, and thank you for giving me this opportunity. Like my majority of questions have been answered. Just wanted an update and overview of the market regarding Tier 2 and Tier 3 cities. Sir, how is the retail demand environment trending across Tier 2 and Tier 3 post-excessive season? Are you seeing early signs of restocking in the wires and cable segment? Did you decide? Yes, sir. Okay. Can I complete my question? Yeah, yeah, please. Go ahead. Yeah. Yeah, and continuing with this thing, could you please understand the increasing intensity in the organized cable market, especially from POs, expanding capacities? How are you ensuring pricing discipline while maintaining growth momentum? Yeah, it is my question. Yeah. Thanks for your detailed question. There are two parts. One is regarding the demand in the retail market. Of course, we have seen a good momentum in the Indian economy, and after GST 2.0 also, it is expected that people will have more savings. The customer spending will increase. Of course, this will increase our overall product demand also, especially wire and cable, or be it FMEG also. Whenever the economy does better, we'll have better chances to get more demand in the retail market. At the same time, investment in our B2B category also, and a very good growth is coming in infrastructure investment or export market. This seems a sustainable growth over the next three to four years. Okay. Okay. Thank you for the answer. Yeah, this is my—okay, I'll jump again. Thank you. Thank you. The next question is from the line of Naman Parmar from Niveshaay Investments. Please go ahead. Hello. Yeah. Good afternoon, sir. Thank you so much for the opportunity. Can you please give the—what is the order book for the cable division as of now? See, since we are more in the distribution business, we are not having very long-term, like one-year, two-year kind of orders. This is a continuous process where we keep getting orders and executing them. Okay. Understood. So in the current quarter, what was the contribution of Cable and Wire? It's almost in line with our original of 70%, 30% kind of contribution where wire contributes 70% and cable is 30%. It is in line of those ratios only. Okay. Understood. Yeah. Thank you so much. Thank you. The next question is from the line of Sucrit Patil from Eyesight Fintrade Private Limited. Please go ahead. Good afternoon, Prateem. My question to Mr. Kabel is, as competition in the electrical and wiring space keeps rising, what is R R Kabel doing to build a strong edge, not just through distribution or pricing, but through something deeper that makes the brand hard to replace? Yes, sir. Thank you. Hello. See, as a company, we always try to create a UFP in our products. This is in the process of the research and development team. Naturally, we will follow whatever the international trends are there, and accordingly, we are going to act. Okay. I have another question for Mr. Jain. Can I just ask my question clearly? Yes, please. Go ahead. Yeah. Thank you. As input cost and channel dynamics keep on shifting, how are you planning to protect the margins, and what cost levers do you think will remain strong over the next few quarters? I'm just trying to understand. How are you going to balance short-term volatility with long-term margin stability? Yes, sir. Thank you. Since we have a very big plan for our Cable expansion where we are a very small player in the B2B segment. Once we keep enhancing our capacity, leveraging our cost structure, as you know, right now we are a very small player in the cable business. Once I expand my capacity, then my overall efficiency will improve, my price levels will increase, and we'll keep improving margins. In the longer term, right now, our margins are on the lower side, but at the same time, we'll be at par with the industry level and keep improving these margins through operating leverage as well as higher profit-giving products and everything. Okay, sir. Thank you very much. I wish the entire team the best of luck for Q3. Thank you. Thank you. The next question is from the line of [Abhishek Gulati from Gulati LLP]. Please go ahead. Hi. Good evening. Good morning, everyone. My first question is that in the case of Wires and Cables, we saw that the 1 lakh crore market cap company, they are growing either at par with us or sometimes better than us. Now we are able to catch up with them. Why is that the case? Even with a smaller base than them, we are not able to capture the market share. See, our overall strategy is that how we keep ahead of the industry average, and we are on the line of that growth only. Yeah, when you see them short-term or quarter-on-quarter basis, there may be some deviation. Still, when you see our master plan or our CapEx plan, then of course, we will achieve the better growth than industry average. Okay. Almost all the players in the industry guide that they will be growing at 1.5x of the industry. What is the market share currently and what are we targeting in terms of future in Q3 down the line? I hope this industry is expected to grow at 13%-14% because by some rule, double of your GDP, this industry grows. We are also, since we are expecting a volume growth of 18%, it will be better than industry average. This, we are trying to get through better product mix or new CapEx plan by investing in our Cable business. At the same time, wire will remain in focus, which is our core contributor to our Wire and Cable business. Okay. Last question is, what is our ROE target two years, three years down the line at the company level that we're targeting? It will be about more than 20%. Okay. That's good. Wishing you all the best. Thank you. Thank you. The next question is from the line of Karan Kamdar from Choice Institutional Equities. Please go ahead. Hello, sir. Congratulations on a good set of numbers. Sir, I just wanted to understand how are we separating ourselves from the competition in the FMEG segment, especially so that we can get good growth in this segment. It's a very competitive segment as far as I understand. Are our products different, or is our pricing different? What is our edge in the FMEG segment specifically? Thank you. Yeah. There are two, three points. If you see, even in the last two years, we have grown much ahead of the industry average, and that was due to a separate focus on our FMEG business where we have a separate CEO and we have a separate distribution line. What we understand is that FMEG business is quite different from Wire and Cable business where you need to have a different kind of product. At the same time, we are making a big investment in our R&D team, keep introducing new products. In the last two years, apart from economy category also, now we have introduced a good number of products in premium and mid-premium category. In that way, we are ahead of the industry and getting this good growth and improvement in our margins as well. Okay. Thank you. Just a follow-up on this. Since we've already had some good growth, as you say, are you confident that competition will not be intensifying over the next medium- term? Because consumption is increasing, and there's capacity additions in all major players, especially in FMEG. Any further color on how do we sort of separate ourselves in the mind of the consumer? Why would I go for an R R Kabel fan or some other fan? That we will achieve through better products in terms of quality, having good prices so that consumers can get attracted to R R Kabel FMEG products. Still, if you see, by having the right product mix, investing in R&D, we'll keep growing better than industry, and our products will be different from the market and get good improvement in sales. One last question, if I can squeeze in. What are the primary geographies for FMEG segment? FMEG, we are very good in the North and West part and a few states of even East also. It is still a very big market in the South and other states. Okay. Thank you so much, sir. Thank you for the opportunity. Thank you. The next question is from the line of Rahul Agarwal from Ikigai Asset. Please go ahead. Hi, sir. Good afternoon. Thank you for the opportunity. Just two questions. One is referring to the Cable and Wire segment. Fiscal 2026 looks like coming back to normalcy on growth and margins on both sides. From the top line, as you have explained, I think it is pretty clear that the growth is sustainable both on Cable and Wire going forward. Just on margins on a consolidation basis for Cable and Wire, what could be the levers for further expansion from a fiscal 2026 base? That is the first question. Rahul, if you see, what we have planned in our project, right, that we want to achieve a double-digit 10.5% kind of EBIT margins in wire and cable by FY 2028. Towards that only, we expect to achieve through better utilization of capacity or increasing product expansion. We are quite confident, and already in the first half, we have seen that whatever we have targeted, we are there in our line with our master plan. We are hopeful that even in this S2 or incoming years, we'll keep improving as per our guidelines, what projections we have given. Understand, sir. Just a clarification. I believe the FAQ report on segment results includes the treasury income, right? So this 10.5%, I should include the treasury income margin as well. Is that correct? Yeah. First of all, this treasury income is not pure treasury. It is part of, since we are the biggest exporter, so when we follow these accounting terms, then the exchange rate goes into treasury income. But this is my real operational income only. Yeah. Absolutely. I appreciate that. I understand that. I was just saying that the guidance of 10.5% is inclusive of that, right? Yes, yes. Go ahead. Just last question on export margins. How are the trends on a year-on-year basis for the first half? I believe the cable mix is expected to improve. If you could just comment on that, please. Thank you. Yeah. Already, cable is having more contribution in my overall export market also. That is why margins are also improving, and it will keep improving in the coming time also. Could you give some more details on what is the export margin right now and how have they improved first half? Just historically. No, not separately. We do not give this type of take-up. It is in line with our overall master plan of business plan and overall business performance also. All right, sir. No problem. Thank you so much and wish you all the luck. Thank you. In the interest of time, that was the last question. I would now like to hand the conference over to the management for closing comments. Thank you and over to you, sir. Okay. Thank you, everyone, for taking some time out to participate in this call. In case of any queries, reach out to us or our Investor Relations agency, MUFG Investor Relations. We wish you all the best and hope to interact with you soon. Thank you so much. On behalf of R R Kabel Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.