Ladies and gentlemen, good year and welcome to the Schneider Electric Infrastructure Ltd. Q1 FY 2026 Earnings Conference Call hosted by Elara Securities. 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 * then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harshit Kapadia. Thank you and over to you, sir. Thank you, Sujit. Good morning, everyone. On behalf of Elara Securities, we welcome you all for the Q1 FY 2026 conference call of Schneider Electric Infrastructure Ltd. I take this opportunity to welcome the management of Schneider Electric Infrastructure Ltd., who are presented by Mr. Udai Singh, Managing Director and CEO, Mrs. Suparna Bhattacharyya, Chief Financial Officer, and Mr. Mohit Agarwal, Head of Investor Relations. We will begin the call with a brief overview by management, followed by a Q&A session. I now hand over the call to Mr. Singh for his opening remark. Over to you, sir. I'm sure you have gone through the presentation, which we had shared a couple of days ago, and I want to take you along that and then follow that by whatever questions you might have. Now, I would like to reiterate, and which is what I am very proud of, of the setting up the mission and vision statement for the company. SEIL has a very clear vision of leading the new digitalized energy world, as we say, offering our customers and partners the most innovative connected products and solutions, which would be ready for the then power distribution's illicit expectations. We do this with our balanced business models to create quality and efficient supply chains, which will keep our growth and profitability intact and resilient. We are very keen [in this Q1] to be a distant partner for sustainability and efficiency, and we really believe that the light is on, and we are everywhere for everyone and at every moment. I'll start my presentation with a slide on the market outlook, and what we have tried to share with you here is, you know, how is India evolving and where does the future look for this company? What we have tried to do here is try to summarize this primarily into four pillars, and these four pillars are the trends which we see them evolve, which are greatly impacting the company which we currently run, which is Schneider Electric Infrastructure. Now, the first one is, of course, the green energy, which, as you know, it is moving in a very agile way, I would say. India has attained 50% of power demand about four, four and a half, or five years ahead of the CPE. 3/4 of what we added in this Q1 is actually coming out of renewables, which just reinforces the fact that we are on the right track as a country. Now, what is important and which I want to really point out is something which has been happening under hydrogen demand and what is lying in front of us in regards to the clean hydrogen. The analysts have said that we expect the hydrogen demand to be roughly about close to 9 MMTP by [2032]. Now, what it also means is there are a lot of things with the stats happening. I'm sure you must have noticed the activities which are underlying this green hydrogen thing. There are people who are making electrolyzers. There are developers and investors who actually are and owners, of course, who are trying to make these facilities. This is something which, as finance picks up, it really will have a very positive impact for the company. What is also important is about the integration of the solar produced power into the national grid. This also impacts us a lot because we have plentiful smart grid solutions, which can be enacted upon as and when these demands pick up. In fact, if you notice and you read about INR 14,000 crore of GHG is being put just to pick up 9 GW of solar being thereby produced into the national [grid]. As I said, this will open up some business avenues for us in terms of provisioning and installing the grid solutions, which can make this flow, which is a multidirectional flow, seamless. Another important element which you will recall, our Honorable Finance Minister said, is our interest in small modular reactors. Typically, if you perhaps have noticed, nuclear power in India today, we are roughly at about 7 GW. To put up a nuclear plant by Nuclear Power Corporation of India usually takes anywhere between five to seven or eight years because these plants are large. There is a good capacity for a huge requirement of land, which is being fought. There are things around environmental clearances, etc., which have to happen. That is the reason why the decision period of these periods are longer. This team, one of the fewer fuels, is being taught, and which is being very rightfully taught, is can we get into those reactors, which have modern insights? Therefore, if you bring up a few things, one is if you accelerate our ambition of becoming 100 GW of renewable by 2047, which is the time which we are going to become 100 years of independence. This will bring up an accelerated, as I said, accelerated mechanism of actually putting up nuclear power plants. Additionally, it will also facilitate the country to put up these nuclear power plants where the lands available are smaller, in far-flung areas where perhaps today we have not been even thinking of putting up a nuclear plant. When I mention this, as and when these plants come up, this eventually opens up avenues for us, for business, for really engaging and supplying power distribution equipment along with the software and solutions which we have, not only for the plant, but also for the people who actually will eventually make these smaller reactors in India. It is being supported by the government through the maximum green hydrogen mission, where about INR 20,000 crore every year are marked for us. I'll jump into the second pillar, which is essentially the artificial intelligence and the digitalization mission being sought. Data centers in India actually will see a different path altogether today, and this will get fueled by the growth in the digital economy. A couple of years ago, we were roughly about 11%. Now, we expect that this economy's digital economy ratio as we turn into 2031 or 2032 will be roughly about 20%. What does it mean? It means that we have to handle large amounts of data, not only a digital economy push, but also the fast-growing 5G needs will also push the data center demand in India to go up. What we expect is that we should be adding another 2.5 GW or about 3 GW of IT load capacity on the existing 1.2 GW load in the coming four to five years. This is very important for us, again, because we supply substantially to data centers, and we have permissions which can be given in that segment to make them very energy efficient and resilient. There are things which the government has been trying to bring up, this AI-based infrastructure in India to fuel the data center growth or to aid the data center growth and other associations which have been happening. Another couple of important topics in digitalization is the semiconductors, which now India has already, there are people who have announced a four-pack facility. There are start-ups who are going in for a large semicon in Gujarat, and that is something which will set both India in a different orbit, I would say, in a few years down the line. There is the Atmanirbhar Bharat or Self-Reliant Bharat in terms of making the entire trip, which will be of different thicknesses in India's self-production, which is very important. This is something which is going to happen, and the company has solutions actually to deliver and support these initiatives from government and developers. RVSS team, as you all know, has been our backbone. Sri Lanka, who was our EMR for this, we have staff who have been working, and we supply the primary and secondary sides of Fuji, along with the solutions which we have, which are in terms of, again, modernization of grids to bring the APNC losses down. This is something which we have been doing and which we will continue. Another important element which I think everyone of you will relate to is the mobility segment. The growth that EVs is expected to witness, you know, where we all know that the government has announced a penetration of about 30%. There is a different matter that we are today at 7.8%. I think you must have read the declarations made by the minister where they are trying to really push this hard in terms of even to an extent of deincentivizing people who are not embracing the EV, especially in the government side. It's something which will propel this. What we are really keen in seeing and supporting is all those developers, whether they are CTOs or DISCOMs, in terms of establishing a fast charging infrastructure, which is the future for tomorrow. Now, when we say 30% penetration and we are going 30, what we are essentially talking about is about 40% of buses will actually get electrified, which will open up immense potential for us as we see and we anticipate going forward. Now, even the charging infrastructure, I'm sure people who are interested in this segment may be aware that we were roughly about 5,000 charging stations or blocks which we had about three, four years ago. We have actually grown to about 26,000, and we are expected to be at maybe picking up another close to 13 large charging stations in the EC, then coming up by criteria. You know, today there is a large headroom to improvise, but then on average, if I'm not wrong, we have one charger for 235 vehicles, which is nowhere near to the advance of developed nations where EVs have been employed much higher, like in Europe or the U.S. There is a reason why I say that this opens up a good avenue for us going forward. Another important element, which actually is another two in the mobility segment, one I would like to tell out is the [Ulaan Project of Bemin], which is nothing, but I'm sure you might have heard, is [Urega Am Nagrik], where we have been talking about, you know, 122 new destinations in Kalinga, Ganji, fetching close to about INR 4 crore of daily commutes happening on the [year]. That's something which will open up many, many things. I'm sure you have seen in larger airports where people are speaking about these airports are sustainable. What they really mean is these are energy-efficient airports, which are aimed to bring the CO2 emission at least. That is where our commissions come into picture. We get into multiple packages, just like power distribution, which we handle very well. We see a lot of upside going forward. While the projects take some time to get implemented, at least there is an ambition. There is a direction which government has in terms of augmenting the air infrastructure. Not only that, we are also pretty much prevalent in the mass rapid transport system. We have already close to about 1,000 km of rail network, mass rapid, and we intend to add another 1,000 km in the coming years. That is where we actually would be generally very much interested and very much keen in actually engaging with the agencies which put up this infrastructure. We have a quite high and appreciable percentage of power distribution in the entire country for this area, and we would like to take this further up. I'm sure you are aware, we see this for, you know, on the trains, which are one-day pilot trains, about 80%, 75% or 3/4 of trains in India are being powered up by our companies' vehicles. Last but not the least is something which I would like to call out, the energy storage systems. Just to give you a sense about this, these are required essentially to handle the peaking demand so that the discoms can handle and ensure the reliability of availability of power when there is a peak or the surge in the demand. India and the countries, which are essentially the central industry countries, have it spelled out that we, in five years from now, would be having a capacity of 400+ GWh, out of which about 230+ GWh will come out of battery-based energy storage systems. This is something which we see emerging very, very fast. This is very relevant and pertinent to us because we have multiple solutions in this. We have modular solutions in this. This is about three basic parts. We can supply one part, two parts, or three parts altogether to the people who actually are putting up with these capacities and infrastructure in India. Another important thing is, of course, you know, because you have EV picking up, we have battery-based energy storage systems picking up, and therefore, what is also picking up is the battery itself. Now, there are battery manufacturers, or rather, I will put as cell manufacturers, which see, and they are pretty bullish about setting up a localized infrastructure of cell manufacturing and battery manufacturing in India. We engage with them. We supply them the same set of solutions which make them really make their operations, I would say, to be resilient, trouble-free, and consistent. Therefore, the surge in the battery, which we will see, if not now, maybe one or two years later, is something where we will be very much interested, and it will be impacting to us. While we see this, what we are also trying to do is, I would like to take your attention to the bottom of the slide. What is that we are trying to do here? Number one, we are engaging with the policymakers. We are engaging with the other set of stakeholders which are relevant and pertinent. In this area in terms of either, I would say, on advising mode in terms of bringing in best practices of the growth to India, what we should be doing and what we should not be doing, the way we are going to expand these infrastructures in India and how the technologies can contribute. We are one of the respected voices here, and that's the reason why we are engaging with these regulatory bodies or policy motors. We are also trying to see as to how can we be a few years ahead of the rest of the market in terms of really bringing up something which is innovation. When we say innovation, it is not because the entire innovation piece in the company is delegated towards the differentiated values and additives which we bring in for the end user. That's something which is being appreciated, and that's the reason why we are really being heard and respected. Of course, we are also fully conscious of that when these evolutions of new technologies, new markets, new dynamics which are emerging, are we really capable? We are trying to really keep those skills with us, which we keep on refreshing as we move on so that we are really there as a company when we are required to be there. I would like to take you to the next slide, which is just sharing as to what our company has been doing. The first is the core, and I am talking about phase number six, where we have actually put up CPS in the auto, power, and grid and mobility segment, where, as I said, we have won the entire package for one of the large cities in Brest, followed by transformers again in Brest, which are long-duration contracts which we have signed up. Third, of course, is in the water, and this is actually in central India, in Nanki, where we are trying to supply again transformers which are [rigid] and which are fed by the right set of oil. I would take you another further ahead in terms of the successes which we have seen in data centers, again in power and good and manufacturing. I'm talking about page seven, where the success came in because we were seen as a technology provider or a shop which can give not only one set of equipment but a bundled solution where each one of these things speak a bit to each other. Therefore, what the user gets is a more advanced, more informative set of equipment by which he can make the operations run more seamlessly and more efficiently. We have supplied to a steel industry in Brest. We are actually supplying to a very established data center player in [north], where we have supplied the air insulated panels and the secondary distribution panels along with equipment that are fully sensitized, which are coming up with our subscription plan for accelerated resolution and support. We have also supplied in [north], where it is a complete steel house, which has got the gas-based primary distribution. It has got 11 kV primary distribution again. This is something which is coming out of Motivair, [RIRO]. This is important. I would like to just share with you, this is a secret which we have made, which is nothing but, when you are interfacing with the equipment, there are times it is felt to make it more safer and secure. It can be operated, the equipment, in terms of physical movement of the breakers without going and standing in the vicinity of the equipment, which is where people would be looking for something which is motorized remote vacuum and vac out of equipment. This is what we have done. This is really, which is progressive in nature, was in fact the one which came forward and said, "This is what we want," and we delivered them. The feature of this development form. Further continuing, our areas in terms of what we have been talking about for what we have been known for is the area of sustainability. I talk about page two, where one is our smart inverter EV transformers, which we have supplied for a solar farm in, I would say, Rajasthan, where it's relevant. We are also trying to, we also supply to another transformer, which was extremely intelligent in terms of all sets of data. Of course, it came up with a subscription model of support and service in a solar and wind developer. The last, which we are very proud of, is the elements which we were started piloting. There are certain private discounts which are started experimenting with. There is a clear mindset change of a shift in terms of how these new technologies will make their operations more sustainable. There is a first smart windmill unit which we are supplying to a city in March. When I say smart, the smartness is that it can do multi, multi, multi more things, more automatically than a normal windmill unit. I will actually take you to the last slide before I hand over to Suparna, which actually speaks about the financial numbers. I am talking about page nine, where I'm happy to say that we have upgraded our design at 33 kV, wherein we have come out with a braided version of a breaker, which actually can handle up to 3,000 A, 33,000 V. This was something which we were trying to work upon, and this is something which we have done for India, which we have came up with and we were successful in actually also winning one order last quarter. This is very important because it has got many features which usually the market is looking for. It's got a withdrawable breaker. It is stretched with something which we call the internal lock, which is only towards the safety of the operator. It is efficient because it is a roll-on floor design, really compact, fully visualized, which is easy to access. It's closed door to ensure safety of operating personnel, as I said, and fully guided by, like all of our products, with QR code, which gives everything what is there inside. This is getting to, you know, the renewables market and also in the MMM segment. This is a new addition in the market. I'm happy to say that we are also concluding one order, which is large in a few hundreds, which is something being done. I'll pause here and may request Suparna to take to financial performance with all of you. Over to you, Suparna. Thank you, Udai. Good morning, everyone. Is my voice clear? Yes. Okay. We are in slide number 11, page number 11. I'm happy to share the strong momentum in orders that we picked up during this quarter and also the financial results for the quarter. We have a great number in terms of orders for this quarter. We've closed INR 910 crore, which is a 42.1% increase over the corresponding period of last year. Sales have been at INR 622 crore, which is close to a 5% increase. Our gross margins are at INR 241 crore, which is slightly lower by 1.5% over last year. EBIT at INR 67 crore, which is also slightly lower than the corresponding period of last year by 2.5%. At the PAT level, we are at INR 41 crore, 1.5% lower. We have a very strong backlog, which is 25% higher than last year, the corresponding period, and which ensures that whatever lags we have in terms of the sales, we will accelerate sales and catch up in the quarters to come. Overall, a strong order growth, which is very, very encouraging. We're looking at a steady sales growth. As I said, we'll surely catch up in the months and the quarters to come. We had some spillovers and some project delays, which were not fully in our control. That is why it has been spilling through the next quarter. Also important to see that our future readiness in terms of the capacity expansion, for which we took the CapEx approvals a few months back, they are all on track. The future in terms of taking care of the market requirements is being fully protected. The strategic levers, if I talk of, we have accelerated the growth in those segments. Udai has already talked. We have leveraged some emerging segments and, of course, strengthened the resilience segments where we are market leaders from time to time. A lot of focus on services, the modernization, the digital services, and the remote assets monitoring are the key features of the service-related solutions that we offer to our customers. We have the transactional business, which is done mainly by our partners. We are promoting the partner business significantly because it is a quick turnaround as compared to the project business. We are right on track to achieve the sales target for the full year. As we said, we have a good traction in orders with better product mix, and I'm on page number 12 now. The orders, good growth, good backlog, good profitability in terms of the orders that we have picked up. We are in these days selective in terms of the orders. We are picking up very good orders in terms of the margins as well as the payment terms, etc., which is ensuring not only the growth in the business and the margins, but also the hygiene as far as the connections, etc., is concerned. Sales again at 4.8%, which as we are saying is moderate. Now over to page number 13, which is the CNN. As I said, we did sales growth of 4.8%. Overall, the total revenue growth has been 5.1%. Our material margins have been 38.8%, which is 1.5 points lower. The reason for this is the corresponding period of last year had some exceptional credits. Otherwise, we are pretty much in tune with the margins that we are expecting. In as far as employee costs, which have grown by 11.8%, this is well in control. It has the inflation, the salary hikes, as well as the additional expenses with respect to the headcount. We also have the variable salary costs, which is predominantly the labor, etc., used in production. Because of the project or the long path of our business for the project business or the equipment, we need to spend today to have the sales and the inventory ready for the next quarter. That is the employee cost component, which is pretty much in control. It is very important to see that the other expenses have stabilized as compared to last year, where we were building on capabilities and other things within the organization. Almost 4.9% increase in the other expenses. EBITDA at 11.8% lower by 2.4 points. Depreciation slight increase due to the increase in the asset base that we are investing time to time. EBIT at 10.7% less than 2.5 points. Finance costs lowered a little because of the optimization of the interest expenses, which is on the treasury bill. After that, we can come to the profits before tax, which is INR 56 crore, which is at 9% as a percentage of sales, and we are lower from last year by about 2 points. Now, coming to the PAT, we are at 6.6% of sales. Last year's corresponding period, we were at 8.2%, which is again 1.5% lower. However, as we said, we had a moderate growth in sales for this quarter, but we are sure that we should be able to optimize on all of this in the next quarter, with the good orders and the good backlog that we have with us. Thank you very much. Over to Elara. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of [Nikesh Parikh] from Native Investment Managers. Please proceed. Hello, Mr. [Nikesh Parikh]? Hi. Am I audible? Yes, sir. Yeah, hi. Sorry. Thanks for taking my question. What I wanted to understand is that, you know, you spoke about a bunch of segments, you know, in the chat. Can you just be a bit more specific, and, you know, with regard to the kind of, you know, order ways that we've had this quarter, just talk a bit about where exactly, you know, are we seeing traction? Secondly, margin price, you know, you said that we've kind of gone for orders where the margin is better, but this time of this quarter, the margins have been, you know, lower. Our gross margins are, you know, versus the average that we've been seeing, have actually been trending lower. How often do you look at gross margins, especially for the remaining part of the year? I'll start. T hank you, Mr. [Cole], and good morning. You know, the orders, the margin which you see is something which on the sale which has happened. The orders which you see are for the quarter which has been booked but not yet sold. Now, this number which you see is a small drop. It is more of a time impact. It is not that. Whatever guidance we have actually taken internally for the full year, we are confident that we'll be delivering that, margin and profitability for the full year. Now, just to go through your question number two. Question number one is, essentially, you were asking if I'm not wrong about these four segments which I did speak about some time earlier on as to how do we see ourselves getting positioned and what sort of traction will these segments give us. What we are trying to tell you by that is that how is your company getting prepared or what is seen and anticipated by us in India in the coming years and times? The business as usual, which has continued, will continue. It is a step towards getting ourselves future-ready in terms of being there ahead of our peers like the way we are till now in the coming new evolving India as well. That was the only thing, only intent and purpose which we were trying to share with all of you. Right. Understood. My question was if you could give some kind of a split between your order inflow for the quarter, you know, what segments between, you know, data center, transmission, etc., what segments are driving it. If you can give that mix, that would be helpful. That mix can be given later by Suparna. Typically, in a quarter, you really can't figure out on a quarter performance in terms of segments get enhances. Typically, what we see in larger duration, which actually rolls up to at least two quarters, is something to get you a sense in terms of whether which segment is accelerating and which segment is actually more sluggish. Just through one split, Suparna, if you have, you can share. Otherwise, you can get interested with them later, maybe fast. I'll just add here, see, power and grid is our bread and butter business, and that contributes to 40% - 45%. Regarding the other segments, it all depends on what kind of investments are coming, and what kind of, you know, which orders we take. It is not a very standard mix all the time. We would refrain from commenting on that. Yes, power and grid is a 40% - 45% contributor to our overall business at almost all times. How much would data center be, last this quarter? See, data centers, the investments come up like one big investment comes up at one point of time, and then it is a little lull for some time. We cannot really comment on that because there is no established trend as such in our numbers or even in the industry for that matter, I would say. I was trying to understand because the order wins, obviously, is seeing strong growth. I was trying to understand from where is I understand the 45% of power and grid. Where is the growth? What is driving that growth and acceleration? Mainly power and grid and related energy sector. Understood. Okay. For just your, in the S2, what is your outlook on growth and margins? No need to give numbers as such per se, but just directionally, do you think S2 is looking better than S1 just where you stand, both from order inflow and maybe, you know, margins as well? We will be completing S1 with the next quarter. I honestly need not say, but the orders itself and the order backlog that we have are strong indicators that we shall have better numbers in the quarters to come. Awesome. Thank you so much. Wishing you all the best. Thank you. The next question is on the line of Mahesh Bendre from LIC. Please proceed. Hi, sir. Thank you so much for the opportunity. Sir, in the presentation, we have mentioned, I mean, for this quarter, I would say growth was muted. We have mentioned the moderate growth on account of spillovers and project delays. Sir, is it possible to elaborate? See, 5% growth is what we have witnessed in this quarter, which is perhaps because of one main reason, that there are certain projects which got shifted into Q2. Really, if you ask me, not a matter of concern because we are talking for a larger period. What gets shifted gets consumed and cannibalized in the subsequent quarter. Overall, as I had said before, we are staying with the guidance which we have taken for the full year. This is also evidenced from the strong 26% growth in other fiscal years, which we have backed. Other than that, nothing to be very particular. The project business quarters doesn't really matter much because we talk about larger durations. Whatever the spillovers and project delays, those will be captured in Q2 and Q3? Yes. Sir, quarterly, I mean, the order inflow is very, very strong. I mean, this is the best in the last eight, nine quarters. Sir, will the momentum be continued going forward, next two, three quarters? If you see the data, and this is not specific to your company, but the data typically indicates a decline. If you see all the data, which typically are the financial indicators, if you really ask me, like the GDP is strong. We actually have, if you remember, last Q4 of last year, we hit, the GDP was upwards of 9%. Where the entire last year, we were at 7.1%. We fell to about 6.5%. The guidance of IMF recently is 6.4%. The industrial IAP is another indicator which we speak of, which is actually sort of, I would say, on a decline. The GFCF, another indicator, is also for this quarter, has not been great. In other words, nothing to greatly worry about. In my opinion, as I look on a personal level, it's something which we are sort of stabilizing. Not to be too much concerned about the recent geopolitical announcements which have been happening. These are a few of the agents which eventually will get settled out, I'm sure. Overall, not as bad. It's not as bleak. We are returning back to the normal set of operations like what we had. In fact, the operation I would call with the COVID era, historic ready, very lull and ready, picked up briefly in 2021, part of 2022, and now post that in 2023, 2024, we are sort of stabilizing it. We will get good life. Just a last question. Given what we heard from the tariff from the U.S. on India, there won't be any direct or indirect impact for us? Major impact? No, not for us, best of our knowledge. Sure. Thank you so much, sir. Thank you. Participants, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is on the line of Abhijit Deshmukh from Systematics. Please proceed. Yeah, thank you for the opportunity. Sir, any guidance that you would like to give for FY 2025 in terms of revenue growth, margin, and order inflow? I would request Suparna to take this if she can. Thank you for your question. As I said, that's why we do not give any guidance on the numbers that we'll be doing for the future. It is important for you to see that the orders which are being picked up will be executed with complete focus in the months to come. We just hope that it should be good in terms of the future because anyways, we had a muted. My question was, based on the understanding that in Q1, and you can correct me if I'm wrong, we have grew at around 5% in terms of revenue. If I look at some of the peers, in fact, the entire industry, the growth seems to be more than this. One of the reasons that you mentioned is that there were some product delays on the customer level. Apart from that, is there any other challenge that you are facing, in terms of labor, in terms of a market share loss, something like that that you would like to comment on? No. See, a little, moderate growth in sales doesn't really give the indication that there is a loss of orders or there is a loss of market share. It is just that it has been differed from this quarter to that quarter, in our case, specifically. Talking of any other challenges like labor, etc., thankfully, we do not see any such challenges. Our order execution is quite focused and we are optimistic in terms of the order execution in the quarters to come for the orders which we have picked up. No challenge. Out of them, to be audible, what is the mix between, I mean, the private client and the government client, CSU, etc.? Mainly the CNG segment is, I would say, the government or the partnerships. I would say that 40%-45% predominantly pertains to the government. The rest kind of comes from private. Udai, if you would like to add to this. No, I think Suparna, you have actually shared it. I was just trying to tell you the details that, you know, when you really care, it's very hard to find an industry which is exactly the sort of and the scheme of things which we are. Now, I'll try to mix. I'm sure we have a healthy double-digit growth in certain companies which are from the peer side, not exactly the people who have pushed for the quarter, which is lesser than even 5%. I would not want to comment upon the rest. What I'm saying, quarter performance essentially is three months' performance. As I had said before, we are staying confident that the guidance which we have taken internally for the full year of 2026, we would be in a position to deliver it. That is evident from the order backlog which we have now created, which is sitting at about. Right, so. Sorry to interrupt, Mr. Abhijit. May we request you to join the question queue for a follow-up question? Sure, thank you for answering the question. Thank you. The next question is from the line of Naman Parmar from Niveshaay Investment. Please proceed. Good morning, sir. Thank you so much for the opportunity. Firstly, I wanted to understand how the CapEx is progressing and when it will be getting live in which quarter in FY 2027? I can give you one answer, which perhaps will summarize it all. It is all moving. All of the projects, and there are many calls, I would not be in a position to tell you each one of them. Just on a summary note, everything is actually moving as to the plan, and we have actually been taking the right set of actions to deliver the internal execution cycle and execution plan which we have thought of. All is moving on track. Okay. Secondly, on the industry sector, don't you think that a lot of players have increased their capacity? Given that there is a very big demand from the renewables and data centers and all that, don't you think there is a very competitive pressure on the various equipment and that's why the margin has been infested? What's your take on the industry outcome? No, because we follow our strategy. You're right, there are multiple manufacturers who have seen and expanded strategies. We are the ones who actually are niching ourselves out as one of the technology players with whom our customer engages and is happy to connect and transact with us because of the features and the usefulness and the fraction of the total cost of ownership which we bring into them. Therefore, we are not running after volume. We are running after technology, and we are also trying to see as to how we really can create a differentiation, as I had said, in terms of those set of customers. Whatever capacities are needed, we have already started working on it, and maybe INR 200+ crore is what we have planned. This is besides what we started in a couple of years ago, which was another about INR 130 crore. That's something which we are trying to do. We are not keeping anybody who is actually trying to announce and put up manifesting capacities. We are pretty strategic in nature and trying to invest in finance capacities wherever is needed. Okay, yeah. Thank you so much. Thank you. The next question is on the line of [Jayeshi Shah from OHM Portfolio]. Please proceed. Hi, thanks for the opportunity. Sir, you have been saying that you would maintain your guidance flow for the genesis of us. Can you exactly tell us what is the guidance that you have been saying that you would maintain? I am not sure, [Jayeshi]. May not be perhaps possible to share the guidance, but it will be something which, Suparna, you would like to add if there's anything we should get talked about. I guess no. Yeah, certainly. When we say guidance, it is the internal, you know, targets, etc., which we have at us. Of course, because, as an organization, at Schneider Electric in India, we are all poised for growth in terms of the revenues, in terms of the margin, in terms of the, you know, working capital efficiency. I can only say that we are chasing those targets internally, and please be rest assured. Okay, just to understand better, and I'm not asking for any numbers. If I look at the first quarter, what is effectively the capacity utilization? What is the peak level of revenue we can achieve based on the current capacity and after the CapEx that is going on without giving the timeframe? I'm just looking at a theoretical capacity sales possible. Companies operating at what capacity utilization right now to have this current turnover of, you know, INR 200 crore? Sorry, INR 600 crore. I can take that question, [Jayeshi]. If I would like to tell you, we are operating at optimal levels. The second question is, if I recall right, was, you know, when as and when the CapEx comes up, we are getting to building up those CapEx and those capacities, which is assumed with which we will be operating at optimum levels. I see. Can you quantify what is the optimum level? Sorry to interrupt, Mr. [Jayeshi]. May we request you to join the queue? No, it's the same question for clarification. All right. Can you quantify, you know, as you said, your optimum or desired level, you know, from where you are? Is it 2x, 3x over, you know, period once the CapEx gets commissioned? You are getting orders. I'm not committing to you or holding you to it, but just want to understand at the theoretical level as to what is the asset term that would really be there and what's the theoretical feature? I would say, [Jayeshi], it's a nice question. We have actually declared this in our telling notification because there are multiple lines which are being expanded. We have actually said as to where we are and how much we can add. I think perhaps if I may request you to have a note, or we can surface this out to you in terms of really telling you as to which areas are we expanding to what times, 1x, 2x, 4x. Oh, I would. Just to add to this, the capacity expansion is in different lines and would come up at different points of time. Currently, we are in the, you know, 85%, 90% capacity utilization. I always say that even if we are at that level of capacity utilization, it's not that we will not be able to accommodate another 10%, 15% of business and we grow full capacity. Because during operations in a plant, it so happens that sometimes with some extra shifts, with some small. Yes, with some de-bottlenecking. We are able to, you know, generate some marginally additional volume also. There's nothing which, you know, right now from our capacity utilization point, there's no bottleneck. In any case, the lines will be ready at different points of time. Right now, difficult to say, and also what will be the asset turnover. That's also difficult to say at the moment. Over three years, can we look at something like doubling or tripling the theoretical level of operations? Sorry, we can't comment on that. Okay. I'll bring some pieces later. Thank you. Okay. Thank you. The next question is from the line of [Anoop] from Hedge Equities. Please proceed. Good morning, sir. Thank you for taking my statement. I would like to know, as you have already said, we have been focusing on two good orders, good margins, good margin, and quality payment. By what time can we expect the improvement with margins? Can I give a project? See, primarily, what we are trying to see, explore, and really work on are those set of parties which we are guaranteed for payment. Of course, there we get an opportunity to showcase some technological advantage which we bring to the market and see if it is strategic in nature to really showcase the technology which is aligned to Indian needs. Now, the margin is always the next, and as you will appreciate, it is which line are you making? What is the product next? How much are services? How much is transactional? How much is equipment? How much are projects? Therefore, it is very difficult to comment because quarter on quarter, at times, these components and these constraints change. On an overall thing, when I said we are chasing the right orders, I meant these qualifying criteria. Two is we are always looking for a right product mix so that we are able to sustain and keep definitive growth in the margins which we have been previously delivering on that level. Okay. Thank you. Is there any new cadence on the CapEx going forward? We have announced through SEBI that we've been released, and it is available on the site. We can separately reach out to you if you need. Yeah, okay. I can [prefer it]. Thank you, sir. Thank you, sir, and all the best. Thank you. Thank you. Due to time constraints, that was the last question. I now hand the conference over to Mr. Harsit Kapadia for his closing comments. Over to you, sir. Thanks, Shruti. We would like to thank the management of Schneider Electric Infrastructure for giving us an opportunity to host this call. We also would like to thank all the investors and attendees for joining for this call. Any closing remarks, Udai, that you want to share with investors? No, I just would like to thank all of you in really having faith in us, having us move where we have reached now. I can assure that the management has been taking all efforts to really drive this business. Have a great day. Thank you so much. Thank you. On behalf of Elara Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.