Ladies and gentlemen, good day and welcome to the earnings call of Schneider Electric Infrastructure Limited for FY26 earnings 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 star, then zero on your touchstone 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. Yeah, good morning. Thank you, Trisha. Good morning, everyone. On behalf of Elara Securities, we welcome you all for the Q2 FY26 and H1 FY26 conference call of Schneider Electric Infrastructure Limited. I take this opportunity to welcome the management of Schneider Electric Infrastructure, represented by Mr. Udai Singh, Managing Director and CEO, Mr. Omkar Prasad, 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'll now hand over the call to Mr. Singh for his opening remarks. Over to you, sir. Thank you, Asher. Very good morning to all of you, and thank you so much for joining this call. I'm sure each one of you would have got a set of presentations which we had shared with you a couple of days ago. I will actually try to take you through this and then follow up with a brief presentation by the CFO, Mr. Omkar, and thereafter we will take questions and answers as it may be. Taking it to the first slide, I am so happy to announce and share that your company has won the Golden Peacock Award under ESG sector for year 2025. Just to give you a brief about what these Golden Peacock Awards are, they are instituted by the Institute of Directors, started off from 1991. In fact, this is something which tells you as to this really appreciates and distinguishes the company in terms of what the company is. This is for recognition which we have secured against the outstanding behavior and performance which we have done under the Environment, Social, and Governance performance. This really serves as a benchmark for the industry leadership and competitiveness. By the way, this comes with a certificate which displays the Golden Peacock Award winner's seal. This just, as I said, it reinforces our commitment to sustainability and responsible business practices which we undertake. I am also happy to share with you that Schneider in India has been recognized as top 15 companies which are the best employers for year 2025. Now, this is an award which is actually given by TIME and Statista, where just to give you a sense about 16,000 employees are interviewed across 7,000 + companies, and then this selection do happen. This is, again, a testimony of what sort of workplace we create and what sort of things we do for our employees. Now, turning to the next page, I would like to reinforce the vision and mission which your company undertakes. Just reading out the vision, Schneider Electric (India) Infrastructure Limited will lead the new disguised energy world, offering our customers and partners innovative connected products and solutions which are ready for the then power distribution's elevated expectations. Our balanced business model, superior quality and efficient supply chain will keep our growth and profitability resilient and sustainable. With this vision in mind, we also have a mission of being a distinct partner for all our stakeholders for sustainability and efficiency. I would now like to take you to slide number four, and my apologies, this will appear like a busy slide, but just to give you as to what we see as the market in front of us in short and to medium term. If you look at the left side, we have a couple of bars which are showing the GDP and GFCF, how they have been moving, which just establishes that the Indian economy is resilient despite the global challenges which we encounter. If you see, the GDP actually has grown and is forecasted to be at about 6.7, which is about 1.1 points better Yo Y, same quarter. And the Q1 of this year, in fact, was very robust. We saw about the GDP to grow at about 7.8%, which was the key drivers where the domestic demand, the expanding investment, the stable external sectors, the policy support, and a lot of structural reforms which were underway. It was also fueled by the vibrant service sector, which actually kept us going even in Q1, and that same thing will continue. If you notice, these things have been happening also because of the investment which has been coming from both government and private side, and especially in areas of CapEx. Now, if you just see that government has announced about INR 112,000 crore of CapEx investment happening in this year, and it has been moving in right pace. More importantly, the private sector investment actually has the announcement has been close to about INR 26,700 crore, which is up by about 20 + percentage points as compared to what it was last year, which was about INR 22,000 crore. This also has been moving in the right direction, which sort of gives us a sense that the Indian economy is still doing great for our company. Now, same thing I would like to tell you about the GFCF as well. This is nothing but the gross fixed capital formation, which grew by about 7.8% at constant prices in the first quarter, which was April to June 2026, which was up from 6.7% in the same quarter of the previous year. This growth again was led by the strong public and private investment with significant gains in capital spending. Now, this also reflects a robust investment in infrastructure in areas of machinery and buildings. For the full fiscal, GFCF accounted for roughly about 30% of Indian GDPs at current prices, which was slightly down from the previous year, which was 2025, but from 30.4%, but otherwise is doing well because absolute numbers are great. Now, just to tell you the relevant enablers and the segments which we see in this company, and we have picked up four, the one being power and grid, the second being data centers, the third being the renewable space, and fourth being the mobility segment. Now, I'll take one by one. If you take the power and grid, you are aware about the RDSS scheme, where a spending of about INR 3 0,000 crore was committed by government. This scheme was primarily to reduce the AT&C losses to roughly about in a band of about 12%-15%, and also to eliminate the ACS-ARR gap. This would have happened, number one, by strengthening the prevailing infrastructure, two, by putting up a newer infrastructure, and three, by bringing in a lot of discom collaboration which will happen and which will be needed to make this distribution run more transparently and more efficiently. Now, this is one such area where perhaps our company has direct engagement with, and we can do work in both these areas as we speak. Now, I come to data centers. Data center is, if I have to be very candid, data centers, there was slight lull for the last two quarters. Now we have come to a situation level where we see very promising growth in times to come. This is primarily being fired. The demand is being fired by lots and lots of dis collaboration which is happening in the country. Just to give you some sense of a country which is about INR 140 + crores of population, we already have about INR 110 crores + people using mobiles. I think you will not be surprised to note that out of this, 95 crores are on broadband. Last month, in fact, the consumption per month, which is a defined metric, rose to the highest, one of the highest in the globe, which is about 27 GB per month. It is something which is there, which means that we are really seeing a huge potential for data centers in the country. Be mindful that we have not started using as extensively as GenAI will perhaps bring us, which means more and more of GenAI, more and more of data, and more and more of data centers. We see good growth for us in this segment as well. The big names have already announced their plans of actually doing it in India, which includes Amazon, Microsoft, and likes of Google. The third one is renewable. I am again happy that India has actually reached the total installed capacity of 500 GW, in which about one-fourth, roughly about 125 of solar has been commissioned, which is perhaps we are moving at least, if not less, at least about nine months ahead of the program which India has rolled out of actually becoming energy efficient and energy independent. Now, one important thing which has happened here is in this recent budget, there has been a cut on the tax, which means that the GST 2.0 actually also makes the equipment attract only 5% than earlier 12%. This will be a booster for developers which are going to develop, and this, I think we see the solar escalation will pick up now. Because just to give you a sense, we are talking about a saving of about INR 100 crore for a 500 MW solar park just because of this reduction. Net net, we are moving right in terms of renewables in the country ahead of the program. Last, I would like to speak about mobility, and I speak about a program which was UDAN, which was nothing but Ude Desh ka Aam Naagrik, where we actually want to establish regional connectivity to about 120 new destinations. We are planning to make the country is planning to make about 4 crore passengers over the next decade. Now, this actually says for a lot of avenues and potential for us, right from equipment, associated software, and other stuff which the company brings in here in this area as well. Metros, I am sure we all enjoy and use metros. We already have about 800 km of metro lines, and we expect another 800 km-1,000 km of metro line across close to 30 cities come up in the next, say, maybe four to five years' time. Now, this again gives a lot of bullishness for us because we work and we operate in these segments quite well. Not besides that, the Indian Railway is also talking about a blueprint they already have come out with under the National Rail Plan 2030, where they really want to make the Indian rail future ready. This would also translate to roughly about 40,000 coaches getting renovated, modified, and things like this. Overall, the massive transport, railways, airports, and metros are all seeing a bullish future as we speak. I would like to also take you through some wins which we have done, and I want you to go to page five, where I'm happy to share some strategic wins across segments. We are talking about the three basic key segments which we work on, power and grid, where we have actually taken one of the large orders for a substation modernization, which is where a lot of many things around the substation is being done. Multiple bids are being done by us. This is one of the large orders which we already secured. I come to cloud and service provider, which you see the block at the middle, where we are supplying to one of the largest data center orders in the country. The equipment which is being supplied is for power distribution and power receiving, which is the transformers as well as the 11kV and 33 kV equipment. Last but not the least, we are talking about the local breakers. Now, as I have been telling you since the past, and you may recall, we have an elephant share in the local business in the country. The Vande Bharat trains are run by the VCBs which are made by your company. We have secured this order as well for the locomotives. I would like to take you to turn the page and go to the next one, where we are saying that what is that which we are trying to do with the futuristic solutions which we have. Now here, again, three blocks, if you may read. One is the renewable space, where we have actually secured one of the premium orders for cybersecurity. Because cybersecurity in India is extremely critical and important, which everyone realizes. We do have a solution which is actually being showcased by securing this order, where we have done not only cybersecurity solution and platforms, but also we have done a series of discollaboration in the substation, which has happened in one of the renewable companies where we did this. Coming to the middle block is something which is for defense and also for aerospace. I'm so happy to say that we are bringing the Indian nation's infrastructure up and running and future-ready with our state-of-the-art solutions and offers which we have, where we have done a couple of jobs for both for defense as well as for aerospace down south. Last is the Semicon. As you are aware, this is the future India, Semicon. If you recall, last year, we did a company by the name Micron, where we were the only guys who did end-to-end for them. This is another one I am sure you are aware about, which in Gujarat is where we are trying to secure orders. This is one order which we have picked up, which is the entire play which we have, which is the power distribution again and power receiving equipment again. Now, I would like to turn to my last slide, after which I will ask and request my CFO, Mr. Omkar, to take through your financial, which is something where we are super proud to say as to what we have done in terms of showing our agility and making something those programs which are India for India programs and India for India offers. Now, this is something which, again, I have got three blocks, the power and grid, where we have done GIS Panels, which we all made end-to-end in India, which we are supplying to state utilities here. Then we have another one, which is another family, which is the AIS family, where we have been doing consistently now for various discoms. Last year, we did for a North discom. Now, this year, this is the one which we are talking about, an Eastern discom being done and being supplied by the offers and solutions which are made fully here using Schneider Global Bricks. The last, again, is under renewables, where we are doing it for some modified and operated and more efficient offer which we have developed in India itself. This just showcases and reinforces that your company can really work fast, can develop on programs which are very India-specific to serve Indian customer needs and requirements, and the speed and the time of the project execution can be very well taken care of by the company. This brings it to one of the last slides which I had to talk about. Now I request my colleague Omkar to take you through H1 and Q2 performance. Over to you, Omkar. Thank you, Udai. Thank you very much. And good morning, everyone. I'm your company CFO. This is my first earning call with all of you, and I'm really privileged and excited to give you the insights on the financials for Q2 and H1. I am starting with page number 9, where we are just giving very highlights on H1 and Q2 performance. If you look at it in the right side, we have in H1 our order. Why I'm talking about the order is very important in terms of your company has certain projects which get executed in one quarter to another quarter. It's long lead projects. In H1, order grew at 28%. If you look at in Q2, we have grew at 15.6%. On coming to the sales in H1, we have grown at 6.6%, but quarter two, we started accelerating on the revenue on the quarter two, which is now we are 8.4%. Earning is in H1, we have 11.6%, and the Q2 is 12.5%. If you look at this mix, H1 versus H2 in the historically, you will find that the company is, well, in terms of delivering the orders and EBITDA, is in the same pattern. Nothing unusual, I will say, in H1 in this year compared to the previous year. If I go into the slide number 10, which will give you the growth on order and sales H1 versus last year to this year, the order grew 28% and sales 6.6%, and Q2. Why Q2 is important in slide number 11 is to give you that momentum has picked up on the sales comparing to the Q2. Q2 grew 8.4% compared with the Q1. It means the sales have started getting it up from Q2 onward. If I move to the slide number 12, the P&L statement, I give you a little bit of insight in terms of the number. If you look at sales, we talk about the 6.6% growth and your material margin, which is if you remove the other income, your gross margin is almost flat. What it indicates is that our synergy on the raw materials supply there, in terms of bringing productivity on the customer, the price what we offer, we are improving. This also gives you a little bit better insight that as far as your company strategy, we are focusing more on transactional and services. This is giving also the leverage in that direction that we have grew in transactional and services mix in the H1. Coming to the employee cost and other expense, while you see the growth at 11.5% and 10% in other expense, this is as expected because generally the inflation increase and other increase, we see always the range of 10%-10.5%. Just because H1 was only the sales point of view, we were at just 6.6%. If you look at that, that's what the percentage is reduced by 1.3 percentage points. In future, what we expect is that this is not something that is going to be completely out of the previous years in trend. The depreciation as per the regular trend, what we have at close to 1%. Finance cost, happy to tell you that this company, you must have seen historical finance cost trend. Now we can see the negative trend because of two reasons. One also, we have a positive cash, which is giving you interest income on the whatever cash we hold. Also with the borrowing interest rate reduction because of the MCLR and RBI treasury bills reductions in the current H1. No exceptional item, good to tell you. Then coming to the tax expense, tax expense is as per the in current H1, we have a normal ETR, including depot tax. In previous year, we had a little bit change because of the change in the last year's fiscal budget. Current year, tax rate is same. We have no permanent disallowances except the one, the CSR, as per the law, which gets permanently disallowed. We have an overall profitability percentage, 7.4% as against the H1. We had 8.6%. What I see here is largely coming from your expense on H1 lower sale. We see that if you look at historical trade, we are well on track. Moving to the slide number 13, this gives you the result for spot quarter. It is July to September. Here you can see the sales started gearing up, 8.4% of the sales growth. You can look at the gross margin. It is an improvement of 0.9%. This is the indication, whatever referring to the mix of that strategy. We are offering more transactional services. Also, this is something we are able to get some benefits. The rest, employee expense and other expense in the range of the same percentage as we expected for the quarter. Finance cost here also, you can see reductions. Your tax expense in the range of ETR, which is except the CSR, we have all the deductible expense. We have landing and depot for the quarter of July to September, 8.3% for the current quarter compared to last quarter of 92.2%. Now, I let Harshit take the questions if we have anything. Sure, sir. Trisha, please open the line for Q&A. Yes, sir. 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 from the line of Mahesh Bendre from LIC Mutual Funds. Please go ahead. Hi, sir. Thank you so much for the opportunities. Sir, ordering inflow has been robust for us for the first half and the last quarter also. Execution for last two quarters has been slow. I mean, we have grown in single digit now. Before that two quarters, we were growing 20% + for many, many quarters. There is a sudden slackness in the execution for last two quarters. How, I mean, possibly going forward, how do you see the execution improving from here on? Thank you, Mr. Mahesh. I think very apt observation. The business where we are in is essentially a project business, and therefore it is cyclical in nature. And roughly, if you ask me, these percentages, number-wise, they look single digit. But we are hopeful that in times to come, this will pick up, and it will pick up and move into double digit. Because it is, we are, for example, the last quarter is always in India is a heavy quarter because a lot of CapEx and depreciation has to happen. And then there is this slackness at times because either it has got multiple variables which actually come into play, like the readiness of size, the project cycles, the cash availability by the intermediaries and the end user. So all put together, it is like this. But otherwise, your observation is right. We are about single digit, but hopefully this will pick up because we have good backlog, which will churn out, as you see, because orders are high. Sir, execution is slow because of the problem from client side, or is it that the original schedule itself is slow in terms of? No, we do multiple projects. These are not large value, few elephant orders which are making it happen like this. It is a combination of various factors, Mahesh. Okay. Okay. Sure. Sir, last question from my end. Various expansion plans, would you like to update us in terms of the Kolkata facility that was expected to come up and the new CapEx that we have announced for transformer expansion? Thank you for asking this. Happy to share that all those various programs of expansion actually have been moving on track. We will keep on letting you updated as we move on and something tangible is on the ground. Because these are large decision projects, which takes, but the work has initiated on each one of them, which you approved and is working on the right direction. Sure. Thank you so much, sir. Thank you. The next question is from the line of Sanjay Satapathy from Ampersand Capital. Please go ahead. Yes, sir. Thanks. Sir, can you give us a comment about this other expenses, which has gone up quite a lot again in this quarter? Has it got anything to do with your CapEx program and some of the expenses which should be capitalized are not getting capitalized? Mr. Sanjay, this is Omkar. If I take your questions, nothing is like that. No CapEx item is getting expensed off. These are the expenses in regular nature, and there's nothing unusual item you'll find in other expense. It's only what you look at in only quarter two versus holistic picture. You will see completely in the sync with the previous year trade. Okay. While the company is booking new orders and aspiring for new factories, etc., what is the long-term plan in terms of improving profitability? Is there some kind of program which is going on in terms of cost reduction and also being much more consistent in terms of execution of orders? Yeah. You see, this is a constant exercise which we undertake within the company where we try to manage the mix. We constantly try to optimize the correct cost and also the other costs which are part of distribution as well as serving the market. There is a constant thing which we try to keep on evolving ourselves. We keep on working in multiple levers which keeps us profitable go on north side. Okay. Is there any kind of a benchmarking where you benchmark yourself against your peers and see some significant scope of cost reduction, or do you think that you are kind of operating at optimal level? We are at the right level, and I think you are more knowledgeable than us to see the margin which we make in terms of percentages for the businesses like this. We are trying to work on that number as well. You see about close to 40% is what we do. Thank you, sir. Thank you. The next question is from the line of Sagar Gandhi from Invesco Mutual Funds. Please go ahead. Good morning, sir. My question is on the data center opportunity that you alluded to. While you see a great opportunity for yourself, how do you see? I mean, we understand that at the global level, either the parent company is well placed to capitalize on this opportunity. From an India perspective and from India-listed and unlisted subsidiaries perspective, how is this opportunity divided between the two? What value capture will come to the listed entity and how large it can become from here on? You can also highlight what percentage of the top line can come from this mega opportunity in times to come. That is my first question. Okay. So answer to your first question, Mr. Sagar. Schneider has got a vast basket of solutions which are interconnected with each other. As you have rightly pointed out, few of them are done and delivered from this company, and there are a few of them which are done which are not part of this company. When we present to a data center developer, whether it's a colo or a hyperscaler, we present the entire basket and really establish the overall merit of the chain which actually is coming for his benefit. Therefore, we see the potential, which is both for this company as well as for the company which is part of Schneider, not here, coming up together. The solutions can be either power distribution. The solution can be very broadly on the HVAC side or the cooling side or the power resiliency side. Everything all put together is something which we do. As and when people start investing, and you are also right that we have good global connects and a lot of global players are going to come and start working here. We see a good site for us as times to come, provided these guys come as planned. Sir, how large can this opportunity be for us in our top line? Can it be materially 15%-20% of our top line over the next, say, two to three years? Hard to say, sir. Because we have been listening, and after something what happened in some other neighboring country, there was a lull in the data center space for the last seven or eight months, I would say. I think people are revisiting their plans, and they are coming back. Now, depending on the pace at which they come, we'll really decide as to what percentage of top line will be contributed by data center people for us in three years down the line. Yes, it will be something which is promising, as I would say. Okay. Thank you. Sir, my subsequent question is on the NIST reforms that we've been seeing from quite some time. We've been hearing that the newer package is likely to be even bigger than the RDSS scheme. Sir, can you highlight the equipment opportunity that will come to industry as a general? How can that open up a new phase of growth for you? You see, there are two, three things I would like to say to a level to which I can see. There are certain offers which are quite futuristic, which Indian discoms need, which are different sort of equipment and different sort of software and different sort of site work, which we are trying to work upon and being prepared not only ourselves, but also trying to drive that preparedness and that thoughts around the discom and the other end users. Now, I am not aware about anything which is RDSS 2. It's still getting done. My sense is this INR 3 lakh crore as we speak, we have already done, and this has been an ultimate year for the scheme. The government has already shelled out about INR 27,000 crore out of 303. That's been moving in the right direction, and it did offer us good opportunities for doing business. Our business was well in these discoms. Now, if you ask me, the statement which I can make for future would be, besides the equipment, there will be a lot of software which will actually make the grid more stable. I think as India is standing at a level where grid modernization, grid upgrade would be critical and important, and more so because you have more and more infusion of solar coming in the overall play, which will entail a bidirectional or multidirectional flow of power and energy, wherein grid modernization and strengthening will be important. That is one area which your company can do. This has not been done in the last four or five years, so much so as what it should have been. Now India sees a very clear need for this going forward, which I am talking about next two to four years' time. Yeah. Actually, sir, my question is, if INR 27,000 crore have been spent, and if you look at the top line of our company, it is only INR 2,600 crore. Will the incremental spends on discoms, and as you highlighted, most spends will be valuated spends, software spends, your capture of opportunity or the market that you can address in the upcoming spends may be larger than what it was in the previous few years? Difficult to comment, but we are progressively bullish on that area. I would not be in a position to tell you any numbers in terms of other than this qualitative statement, sir. Sure. Sir, my last question on the CapEx. While we are, or the listed entities, doing an INR 200 crore CapEx, we see unlisted companies doing even bigger CapEx. What I read recently is Schneider Electric's IT business is doing an INR 1,500 crore CapEx. In total, the group is doing INR 3,200 crore of CapEx. Why this conservatism on CapEx when it comes to the listed company? I think there is no conservatism. It is only we are expanding as to what we can in the areas where we operate. The other companies, like the one which you stated, has got different offerings and different position in terms of what capacity to be had in India. So the programs are entirely different and not interrelated at all. What this company is doing is what this company needs for becoming future-ready and insulated from anything which might go wrong. So the portfolio is clearly demarcated between enterprises, and there is no overlap. Is that understanding correct? Almost, yes. Okay. As a group, the parent is very bullish on the India portfolio as a whole, which is why the CapEx in all the entities. Yes. Your assumption is right, sir. Yeah. Thank you. Thank you so much, sir. That is it from my side. Thank you. The next question is from the line of Naysar Parikh from Native Investment Managers. Please go ahead. Hi. Thanks for the question. Some of them were answered. I just want to understand from an order intake perspective, this quarter was somewhere around 15% growth. If you could give some flavor going forward for the rest of the year, how do you see it? What segments are you seeing more inquiries in? Will we be closer to this quarter's 15% mark or H1's 28% mark? Where do you see H2 going towards? Sir, as I had said, and if you can recall the discussions which I did early on while I was sharing the presentation, Indian landscape is steady and is moving up. Now, how much of that will get translated really depends on the financial closures of projects, the award, and then we subsequently taking those contracts with us. Now, it is difficult to tell you whether size is 15 or 28, but the point which perhaps we are trying to drive down is that we are not really seeing India going down. Either it is stable and a bit moving up. This is what I can say at this point in time because there are not many projects which we undertake and which comes from various segments, which comes from a variety of NUs, government and private, which comes through various channels. Hard to give you a ballpark number, but what I am saying is it will be in line with the expectations which we have. Mr. Naysar, do you have any further questions? Yes. Sorry. Just one more point. Our disclosures have always been less, and quarter after quarter, like earlier, we used to give mix by product service or something revenue mix. Now we do not even give that. Just one request, if you could look at some of the other listed players and the disclosures they are giving, and we can also just improve disclosures a bit, give some more flavor on revenue mix and margins and CapEx and all that. Just very helpful. We do not really give any disclosure except for orders. That is it. Please do look into it. Thank you. Sure. We will make a note of this. Thank you. The next question is from the line of Aditya Deorah from Divisha Investments. Please go ahead. Good morning, Udai sir. Good morning. Sir, my query continues with the queries of the previous participants, which is related to the very tepid revenue growth which we had for the first half of this financial year. Sir, again, in the last few quarters, we had put in the press announcements that we were undergoing, we were supposed to undergo capacity expansions, where we had mentioned that our capacity is around 90%-95%. Is it more because of the capacity side of things that we are unable to supply the kind of order that is there in the market that we have already received, or is there something else related to the tepid revenue growth? Sir, I would say it has nothing to do with the installed capacity. We are good there. Two, as I had responded to one of the earlier questions, our 6% or 7% growth is cyclical, is quarter growth, and this growth actually keeps on changing and is dependent on multiple factors. What I would like to tell you is it is not because of a situation where we are not able to serve the market because of capacity crunch. Okay. Okay. Sir, one slide which is missing, which has been very frequent in all your investor presentations and which we really look forward to, was new product launches. There is absolutely nothing related to new product launches in this particular presentation. Anything related to that you would like to speak about? Yeah. Because I did mention about, because I'm sure, as you said, we used to really talk about the solution and used to speak about it at times in the previous investor calls. This time, we thought that perhaps we have seen it enough, and we wanted to see the success which we have secured because of those. There is a slide just talking about what we could do. It's not only we developed and launched it, but we also secured orders. We thought we'll share that because otherwise, we'll only keep on talking about what great we are doing in terms of. We really look forward to your new product launches. It speaks about the innovativeness and also the youngness of the company. Okay. Point noted, sir. We'll take care of that. Thank you. Thank you for your time, sir. Thank you. Thank you. The next question is from the line of Manish Goyal from Thinqw ise Wealth Managers. Please go ahead. Yeah. Hello. Thank you so much. Sir, a couple of questions. First, probably what we see from the results is that there is a stock adjustment of INR 59 crore. So probably these dispatches held up due to some reason and probably impacting our revenue growth. Okay. I take these questions. Answer is, you can say, yes, we have a certain FG, which we are holding it because of the customer readiness. Customer did not give any clearance at the last moment, and hence it is sitting in the FG. So that is expected to liquidate for sure in Q3. You are right that there was certain FG was consistently being held up because of the customer clearance. Okay. So probably, like it's almost 30-40 days that time has passed from the last quarter. Have there been dispatch or probably very high probability that this quarter we'll see that dispatch? These are the futuristic, but we are depending on the customer clearance, and the customer do not take such time. Do not worry. I think that the team has already worked the customer and find a solution within the same quarter. Sure. Sir, sorry, coming back again on the capital expenditure CapEx plan. Just would like to know that because what I see in the balance sheet again is that the capital working properties number has been increasing, and it now stands at INR 110 crores. We were expecting our vacuum interrupter plant to start in quarter one. This was a project announced two years back. Sir, would like to know what is the status on that, and when do we expect it to start and start ramping up, sir? Sir, as I said before, it is almost on track. There were a few instances which will happen which has led it to differ by a quarter or two. The new furnace, as you say, the first one as per the schedule, has already started commercially producing interrupters. It is perhaps one of the most advanced state-of-the-art plants which we are trying to build up in Kolkata. Overall, it is almost on track because, if you remember, and you are right, the capital which was sanctioned for this plant was anyway going up to close of 2026 and early 2027, which is going to happen where we are going to bring up the last unit which we are planning to do. At interim stage, we are almost there. Just to tell you, what we are trying to do is we are trying to plan in such a way that there is no disruption in the normal operation and business. There is a reason why perhaps there is a, in terms of advancement of the program, there may be slight deviation, but just to ensure that we do not miss out on any committed commitments which we have made to our customers and the numbers, therefore. Okay. Okay. And the other two CapEx plan, Vadodara for Switchgear and Kolkata for Maker, that are also expected to start next year, sir, the expansion? Yes, sir. It is as per the schedule because we are rolling out multiple lines at all the three locations which we hold, two in Vadodara, one in Kolkata, and it's all moving. All those programs have been initiated, and they have been moving as per the project charter. Okay. Okay. Thank you so much, sir. Sir, would it be possible to share the revenue breakup, sir, between systems and equipments and transactional product services? It will help us to see how we are progressing on the more profitable transactional products and services business. Also, if you can give perspective on how exports have been doing for us, sir. I can give you here. For H1, our system mix is 65%. Transactional is 20%. Services is 15%. IG is, I think it is all together, right? So IG is 23%. Correct. IG is 20%. It means IG includes, we call, mostly exports. These are the mix. Again, I'm talking about this mix. This is what we were talking about in the P&L. That mix of transactional and services has increased compared to the previous H1, where last year my system was in H1 was 69%. Now we are at 65%. Transactional was 19%. Now we are 20%. Services was 12%. Now we are 15%. Export was 21%. Now we are 23%. This is what we have, a number. Okay. So within IG, exports out of—sorry, I missed the number. 20%? 20% of transactional. Yes. Okay. No, I thought you mentioned about IG 20%. What you shared was largely exports. So a bit confusion about it. No, no. So I tell you, system 65%, transactional 20%, and services 15%. Within the system, we have an export. Okay. Right. If you look at within the, if you look at the 100%, then it will become 23% of 65. So 12% is export. Oh, okay. Yeah. Oh, okay. Yeah. This is there in the system. Okay. And Udai sir, if you can also give us a perspective as to you shared that our four major areas, power grid, data center, renewables, mobility, are one of the major growth drivers. If you can share how is the revenue breakup and how has it been growing, it really helps to give us a better perspective on the company growth trajectory. Yeah. I can give you, but because typically in any quarter, either the orders which are secured from these segments or the revenues which we rely from these segments, they vary. On a larger level, maybe perhaps under control of Omkar, today as we speak, the renewables and mobility are good double digit. Data center, almost double digit. Power and grid is our main core. We do heavy from the power and grid segment side. Historically, it's been around 50%. Has that share reduced because others are growing like renewables, mobility? It was not 50. It was a shade less than 50. Yeah, because the mix keeps on changing because we also keep on choosing as to with whom we will actually do business. Given the ambition of profitability, we also keep on choosing. It is always like. Okay. Thank you, sir. Thank you so much. I'll come back later. Thank you so much Thank you. Thank you. A request to all the participants. Please restrict yourself to two questions only. Should you have a follow-up question, please rejoin the queue. The next question is from the line of Abhijeet Singh from Systematix Shares and Stock. Please go ahead. Thank you for the opportunity. My first question is on. Sir, sorry to interrupt, but can you please be a little louder? Sure. The first question is on the data center opportunity for us. Sir, what are the products that we manufacture for data centers? What is the scope of the overall scope of our products in the overall CapEx for data centers? What are the markets that, of course, we will focus on the domestic market, but is there scope to also ramp up exports in this particular segment? That is my first question. Abhijeet sir, if I heard you right, because you are very feeble, whatever your company does, everything gets sold in data center. If you ask me, I mean, in very layman terms, we receive power. We have a transformer. We distribute power at the primary site. We have equipment. We distribute power in the secondary site. We have equipment. So everything what the company does has got a leeway into data centers. What we can additionally do is the relays which we manufacture and the associated program, the software which actually makes this operation very seamless and efficient is also done by us. So whatever we do under the sky in this company has all got something to do with data centers. This was first answer. I mean, this was the question. Yes, sir. This was the question. One more thing related was, what is the scope? If we take all this together, our entire product portfolio, what will be the scope as a percentage of overall CapEx for data centers? I really did not get it, but I think what you are asking is if someone, a data center developer, is spending X units, how much is our share? Is that the question? Absolutely. It actually depends. Again, it does not have a straight answer because it depends. There are three basic things which actually make up the CapEx of a data center. One is, of course, the land, then electricity, and third is the water. Now, depending on really the land, because which part of the country someone is trying to put up a data center, it really becomes a huge component of CapEx which a data center developer has. It may be widely different. Someone is putting in Mumbai, it will be pretty expensive, and somebody is putting in outskirts of Pune, just for an example. Otherwise, in the electrical spend, typically any spend, whatever is happening, is anywhere between 2% to 10%. It all depends on configuration and the location and whether it's an interim project or it's a really because if you're building up a brownfield expansion, then certain utilities are already in place. The scope goes down. If you're bringing up a greenfield, scope goes up. If you're making a, say, greenfield in NCR, it's further up. Making a greenfield in BISEC is lower. Something like that. It doesn't have a straight answer, sir. And. Sorry to interrupt, sir, but I request you to rejoin the queue for follow-up questions. Thank you. The next question is from the line of Viraj Mithani from Jupiter Financials. Please go ahead. Yeah. Thank you for the opportunity, sir. Most of the questions are answered. Only one question is, other expenses keep on going up every quarter to quarter. When do you stop rising, sir? Sorry, sir, I didn't get it, Mr. Viraj. What did you say? Since I've been your supervisor. E very quarter, other expenses keep on going. Whether we grow or we do not grow. My question is that when will this stop happening? At what level of the sales will this stop happening? If I take a question, other expense, it's generally there's a fixed cost where we have a fixed cost coming from the vendors and the employee linked in inflations things. That has grown only at 10%. It's not growing. I think generally it will grow in the range of 9%-10%. What we always see in the yearly, if you look at last year, it was always lesser than the sales. This is what we see. In H1, you can always see that sales is 6.6%. Our other expense is 10%. This is the range what we see, 9%-10%. My point is other companies in the team, if you are having operating leverage, when are we going to get this kind of because whether Schneider has grown or grown, other expenses always grown up. So it's just wondering. Operating leverage will come when we grow more than the other expense for sure. You will see when we look at full year results. You will find this leverage even the overall results. Sir, my last question is, can you quantify this grid opportunity which government is planning to spend the money? What kind of addressable markets does Schneider have? It depends on what government intends to roll out the schemes at. There are so many state-run discoms. There are so many privately held discoms. There is a national grid. There is a state grid. Now, there are a few of the grids which are a bit more progressive who have plans to really modernize it. And there are a few which are still in the planning stage. This essentially means, again, it does not have one solution for all. It depends on what sort of upliftment or modernization a user is looking for. How old is the grid? Whether you really have those sensors and other things which will help the grid get industrialized or even the scope will have that as well. It is more complex. For example, there are certain states which are going in for West Bengal or Bihar or maybe AP or maybe Himachal. There are states which are going up. It is something which happens along with the funding which is done either by the state or by REC or PFC. It does take time. My answer to your question is that it is difficult to predict. What we see is there is a need. As I was mentioning to you, there is a need that we need to modernize. Otherwise, it will be very difficult to have 125 GW of solar integrated into the national grid. A few of the prosumers, which will be those people who are putting up rooftops in their premises, whether it is home or industry, will have an integrated grid system. How they become a producer will decide, as and when they get a producer, will decide the point at which the grid needs to get modernized. Okay. The recent guideline says this grid planning is going to be every six months. This is beneficial to us, right? Yeah. It gives us clarity and way ahead for another six months till time they reassemble again. Okay. Thank you and all the best. Thank you. Thank you. Ladies and gentlemen, due to time constraints, this was the last question. I would now like to hand the conference over to Mr. Harshit Kapadia for closing comments. 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 investors and analysts for joining for this call. Any closing remarks, Udai sir, you want to share with investors? Sir, thank you, Harshit. First, thank you for deposing faith and interest in us, number one. Number two is apologies because a few of the questions, perhaps in the time accorded, we were not able to answer. Please feel free to write it to us, and we can get back to you. Three, wishing you all the best, sir, for the festive seasons which is ahead of us. Do stay connected and do well, stay safe. Thank you so much. On behalf of Elara Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you. Thank you.