Hello, all. Good afternoon and good evening to wherever you are in part of the world. We have Amit, the Joint Managing Director, and Mr. Shashikanth Suryanarayanan on the call today. Amit will be leading the call today, and Mr. Shashikanth Suryanarayanan will come in during the Q&A session. Over to you, Amit. Yeah, thanks, Don. Can you confirm that you can see my slides? Yes, Amit. Okay. Good evening, everybody. I joined through the app. I joined through the Teams app. Maybe and we never tried. Okay, so I'll start with the slides. First, the usual disclaimer. There will be forward-looking statements. There may be forward-looking statements in the call, which are based on our belief today, and the actual results might be different. For those who are new to the company, we design and supply critical control-intensive electronic control units, that is ECUs. Our main products are ECUs. Many of the ECUs that we sell have some unique technologies, novel technologies that we have built in-house. The entire product development, technology development, as well as manufacturing is all done in-house. We don't have any technical collaboration. Our customers are OEMs of vehicles or industrial equipment in India, U.S., and Europe. In the chart, you see the number of control-intensive ECUs that we have sold over the past 12 months, trailing 12 months, ending at Q2 FY 2027, and for the three previous such periods. We publish this information of the number of control-intensive ECUs sold every quarter. Okay, so at the start of the next quarter, towards the early start of next quarter, we publish this information. Since today, pretty much all our revenue comes from the sale of ECUs. This number has a fairly strong correlation with our revenue. Those who have followed us for some time would be aware of this. If you look at the numbers for TTM Q2 FY 2027, we have sold nearly 4.6 million of this control-intensive ECUs. Of course, apart from this, we also sell other types of ECUs as well. This 4.6 million number is a 44% growth on a year-on-year basis. With respect to this 3.2 million, it is a fairly strong growth. Coming to the Q2 and H1 numbers, from FY 2025 to FY 2026, we had a very strong growth, about 60% revenue growth, and the growth has continued in FY 2027 as well on the back of already what was a very strong growth. Both Q2 and H1 have been the highest ever for us. In both cases, 40% plus revenue growth is seen. In terms of percentage EBITDA, there has been a bit of a dip, and the main reason for this is the raw material cost increase. As we would all know, we are in the middle of a sort of a high inflation of pretty much all commodities. For some commodities, it is effectively a hyperinflation sort of a stage. That is the primary reason for the dip in the EBITDA percentage. In fact, because of the strong revenue growth, we have had operating leverage kick in, which has offset some part of the raw material increase. On the PAT, there is some unevenness, mainly because this financial year, we have moved to the new tax regime compared to the old tax regime that we had in the previous financial year. Coming to the TTM numbers for the last four years, this gives a sort of a filtered view, which takes out the sort of seasonal fluctuations and also gives a sort of a longer term view. Our three-year strong revenue growth CAGR has continued, so about 38% three-year CAGR and about 48% year on year. You can see this 48% correlates with the 44% rise in the number of control-intensive ECUs. We have a very strong CAGR on the revenue growth, three-year CAGR, and even higher in the profitability metrics, obviously on account of the operating leverage. On the ROCE, there is a bit of a dip, and it is mainly happening because we are investing aggressively for the last few quarters on increasing our manufacturing infrastructure. We are investing in two new plants, and those plants are yet to become operational. Naturally, there is a dip in ROCE, but still it is quite a healthy number. Today, we continue to have a very strong combination of high revenue growth, a very healthy profitability, and a very strong capital efficiency. Coming to business updates for our current markets. On the mobility side, these are the updates from H1 FY 2027. On the mobility side, our ISG ECU for export ICE three-wheelers has fully ramped up. This was launched in the last financial year. Now it has fully ramped up, so now there is widespread penetration of our ISG ECU in both domestic as well as export ICE three-wheelers. Our electric two-wheeler MCU, which was also launched in FY 2026, has also fully ramped up. As we will see later in the slides, the percentage revenue from EV is in keeping with the E2/3W penetration for us. Our ISG plus EFI ECUs are also seeing a solid ramp-up. Within two years of the first introduction, we have shipped more than one million quantity. This is going to be a key product for us going ahead since it creates the case for ISG adoption a lot more compelling. We had mentioned at the start of the year that we are expecting introduction of our ISG on three top 10 motorcycle models. Two of them have already happened and are also fully ramped up. One of these two models is expected to shift to ISG plus EFI in the coming financial year, in FY 2028. This is another example of value proposition of ISG plus EFI, where we are able to get more business, in this case, the EFI portion of it, on account of having a strong product and a strong competitive position. We have also had a business win for the ISG ECU and the electric motor, that is the magneto kit, from a European two, three-wheeler OEM. The start of production is likely to happen in H1 of FY 2028. Now coming to the industrial side, there was a weaker 2025 Atlantic hurricane season activity in North America, which has a sort of correlation with the home standby generators that get bought in North America. Because of this, there has been a reduced demand for EFI ECUs, for H1 that is, but we have already started seeing signs of some demand recovery. Going ahead, we expect this to recover. On the markets under development, on the commercial vehicle side, both engine powered as well as electric, we expect a set of products to get into production. We had mentioned this in the last call as well, and things are on track. Our aftertreatment controllers, EFI ECUs, and MCUs should get into production in the coming few quarters. On the power tool side, the electric power tool side, our motor controller, along with the sensorless control technology, of which we are a pioneer, is expected to get into production in H1 of the next financial year. This particular opportunity is not a very high volume one, but it is an entry into a massive market. The number of power tools that get made which require this sort of a motor controller is in hundreds of millions. If we end up having some sort of success in this market, then it can be pretty big for us. Now coming to the plants, like I mentioned, we have been investing into increasing our manufacturing footprint. Our MF3 plant, which we have been working on for the last few quarters, has now come up well and in fact has started pilot production. Its area, its built-up area is about three times our existing plant. Today, our main plant is MF1, and in fact, whatever manufacturing we have done so far has only been from these two plants. This MF3 plant has just started pilot production. It has not yet transitioned to having a full production, which will happen over the next few quarters. We also have bought land in Shoolagiri, Tamil Nadu, and a plant will come up there over maybe next one or two years, and we are calling that MF5. It will be a substantially bigger plant even compared to MF3. This slide gives a snapshot of the historic investments that we have done in CapEx as well as working capital. As a refresher, the bar charts are the categories where investments have happened. The dark green is the cumulative tangible investment. All numbers that you see are cumulative since inception. The dark green is cumulative tangible investments, which would cover the plant investments that I just mentioned. Then there is light blue, which is the working capital, and then there is orange, which is the cumulative product development investment. These are the investments made towards getting a product into production, on the production-intended programs. The bar charts are where investments have been made, and the area charts are the sources of funds for the investments. We have the dark blue, which is the debt, then the light blue, which is the internal cash accruals, and then this magenta, which is the external equity capital that has been raised. As you can see, the light green is the biggest portion, that is, the internal cash accruals has been the biggest portion. We also have the revenue mentioned here in the yellow line, and the last point is the annualized version of H1 FY 2027. You can see that over FY 2026 and the first six months of this financial year, there has been substantial investment in plant CapEx. It has gone from INR 227 to INR 450. There is also a steep increase seen in working capital, INR 135 to INR 258. This is mainly because of the steep increase in revenue, but also because we have had to make some also because of the situation on the raw material side, because of the global uncertainty, overall uncertain environment, there are some advance purchase sort of options that we have had to resort to make sure that the supplies are secured, which has led to some increase in the working capital. But still, if you look at the final number, this INR 258, as divided by the annualized revenue for Q4, which is INR 1,600 crore, then it comes to about 15%-16%, which fits the overall guidance that we have given of 13%-15% of the working capital, is what we have seen overall. And you can also see that we are comfortably able to fund CapEx and working capital increase through internal accruals and debt, without having to need equity, even when the growth has been so strong, and even when we are investing for future growth in the CapEx. Now, coming to some commentary on key risks. You may recall that in May this year, we had run a survey of what is seen by investor community as the key risks, and we are providing commentary on the top three risks that had come out of that survey. The first was about customer concentration. Because of the new launches that have happened in this year, and the ramp-up of the launches that had happened earlier, this has had a positive impact on the customer concentration metric. The metric shown here is the revenue from the biggest customer minus the sum of revenue of the next four customers, all percentage terms. There has been a favorable impact. We believe that as going ahead, as there is more adoption of our products at different customers, and also as we enter newer markets, we already mentioned about commercial vehicle and power tool. As we enter different markets, there will be further reduction of this customer concentration risk. On the two-three wheeler EV relevance, this was another risk that had come up, whether the strong competitive position that we have on ICE, whether it will translate to electric vehicles or not. The metric here is the percentage of revenue from EV products within our two-three wheeler revenue. As you can see, it has grown in H1 to about 11.4%, which is broadly in keeping with the penetration of electric vehicles in the two-three wheeler market. We believe that we are sort of agnostic to the electrification. Electrification is also good for us because it increases the per-unit revenue. The third risk we had mentioned was about our R&D efforts not able to continually yield significant future propositions. This is a risk that is faced by all innovative companies in the world, and there is nothing fundamentally that can be done. So far, our track record has been pretty good. Finally, coming to the slide on FY 2027 outlook that we had shared in May 26, and our present comments, that is the November comments. We had mentioned that this year, we are likely to face some EBITDA pressure on account of RM cost increase, and that is what has transpired. Like I mentioned, the increase in RM cost has been partly offset by the operating leverage on account of high revenue growth. Going ahead, we expect even more pressure also to come on account of cost increase on PCBs. You might be aware that there is currently a significant increase in the PCB costs, especially over the last two or three months. We do see that will come into picture, but there are also some positive factors that we have, both in terms of price corrections as well as introduction of our newer generation ISG controller. Both of these, we believe, will also have some positive impact. Overall, we expect our EBITDA to hold for H2, as compared to H1 FY 2027. On the key growth drivers, the revenue growth drivers, the launches that we had mentioned, and also the ramp-up, all of them has fructified. Overall, on revenue growth as well as revenue growth prospects, H1 has in fact been better than what we had imagined at the start of the year. Okay, that completes my set of slides. Over to Q&A. I'll take some questions for about 10 minutes, and then Amit can also take questions, or we'll fluidly comment on the questions. Happy to take questions now. Yep. Yeah, go ahead, Nikhil. Hey, thanks. Thanks for taking my question. Just had one question on the EBITDA margin side of things, more from the RM cost pass-through. We typically understand in other auto ancs, it is kind of indexed, but it's largely metal-based, so that it kind of gets indexed. Just wanted to understand on the electronic side, and especially with your product, how does the pass-through typically work? Are there kind of, I mean, is it inbuilt as part of the contract, or is it more kind of a negotiated pass-through that happens? First of all, there is no pass-through. It is negotiated broadly. Secondly, our pricing is quite different from typical auto ancs, where it's cost plus. In our case, it is not the case with most customers. So, it is a negotiated number that one arrives at. But we are also insulated for forex-related stuff through usual formulae that adjust for it. So, it's a combination of the formula plus if there is a significant increase in costs or a significant decrease in costs, where there is a negotiation. So, in the current environment, there is an ongoing negotiation on increase in prices. Understood. Secondly, I think probably given kind of the supply side issues that we are seeing, I think working capital has also kind of increased. So, I mean, what is the situation like? Are you seeing that kind of supply chain issues still persisting, and/or do you expect that working capital will kind of reverse over the second half? Can you go to that slide, Amit? Yeah. First of all, working capital has not substantially increased on a percentage terms to revenue. I think you need to recognize that. The revenue for Q2 was INR 400 crore, approximately. So, on a run rate basis, it is about INR 1,600 crore per annum. And 250 divided by 1,600 is not very different from 135 divided by 287 into 4, which was what was there at the end of the financial year. There is some pressure, but working capital increases primarily because of revenue increase. So, it is not because of external pressures that the working capital increases has been so steep. It is because the revenue increase has been steep in Q2. Okay? So, that is the first comment. So, we do not see this situation substantially changing. Understood. Okay. That is it from my side. Thank you. Yes, Sahil Jain. I hope I am audible. Yes, you are. What is the R&D pipeline like? What sort of products are we more or less getting into or more or less innovating into? Like, for example, ZF is working on a similar sort of a product that which involves electronics as well, but in a brake, like as an EBS system. Are we also going into those kind of things where? Sahil Jain, I think you are interacting with us for the first time. expertise are more or less matching. This question seems to indicate that you are interacting with us for the first time. We will not tell you anything about what other products we are building, et cetera, beyond what we have already shared. This has been our position, because we need to be aware that our presentations are also seen by potential competition. We will only share what we have shared right now. We will not tell you what else we are building, et cetera, for the future. Understood, sir. Clearly understood. Just wanted to ask, sir, on the utilization part. Can you just indicate what sort of utilization are we in our capacity plants? Have you been through our RHP? Have you gone through our RHP? Yes, sir. Earlier I did. Okay. In the RHP, we have indicated that our MF1, the current primary plant, has a 90% or excess utilization. The primary motivation for building new plants is to free up some space and also the chaos that comes with very high utilization. We are building a plant right now, which is 3x the size of our current plant. We have already commenced initial production there. Over the next couple of quarters, if we fully populated it and maintain the same revenue that we are at this point in time, then we will be at about 65%-70% utilization. Understood, sir. Thank you so much, sir. This was all from my side. Thank you, sir. Okay. Any other questions? How do I know who's- Rishi, I think Krupa NJ is next. Okay. So, why don't you, Don, tell me whose call I should take? Okay. Krupa NJ, go ahead, please. Yeah. Good evening, and thank you for the opportunity. This is Krupa NJ from Avendus. First question was on the current percentage of ISG plus EFI ECU. What would it be as a percentage of your total ISG ECUs sold, and how could we just move with the new models coming in, sir? Yeah. Have you looked at our update on ISG plus EFI 1 million milestone? Yes, sir, I did. What do you gather from that? Right. But I just wanted to see on incrementally, with the new models coming in- Incrementally, we will not tell you anything. The ISG plus EFI milestone, if you have not carefully looked at it, I will repeat it for you. We have told you that in the last 8 months, we have shipped close to 500K. Okay? Right. That will give you a good idea of what our current run rate is from a 6-8 month perspective. This month, how much is happening, next month, how much will happen, et cetera, we will not tell you any of that. You also know a good idea of our control-intensive ECUs in general, and some idea of what percentage of our entire control-intensive ECUs come from ISG. That is also there in the RHP. Based on this, you have to make your guesstimate. We will not tell you exact numbers. Got it. The second question was on the business which was announced in the initial comments towards the ISG ECU and magneto kit from a European 2-wheeler and 3-wheeler OEM. I just wanted to get a sense around any potential to supply this in the Indian market. Something on- No, I think you got it the other way around. We are supplying very large numbers in the Indian market. What are you asking, the magneto? Yeah, there was an ISG ECU and the electric motor, the magneto kit, which we have one business from a European 2-wheeler and 3-wheeler OEM, which was mentioned in the initial comments. Yeah, we have one business with Indian OEMs before that. So you have not seen that because it's not a new thing. So we are going to be in supplies for magnetos with multiple people, not just one OEM. Okay? Okay. Got it. In the RHP, we have already mentioned that we are going to supply magneto kits. Got it. Last question from my side. Given the recent success of Splendor, Super Splendor, and Pulsar launches which have come through, what is the kind of inflection point do you estimate in ISG adoption for motorcycles from here on, sir? I don't think there is any inflection point or anything like that. Currently, somewhere around 9.5 to 10 million vehicles have already adopted ISG in the last 12 months, both from us and from Honda primarily. There is a pretty high number already. There's no inflection point or anything like that. It has been the case that ISG was first adopted on scooters in a significant way, both from, in Honda's case with the Activa and TVS's case with Jupiter, et cetera. But there is nothing fundamentally that prevents our sensorless ISG especially from being adopted on motorcycles. In fact, from 2021 onwards, when Raider first introduced it, that was the first wet magneto motorcycle in the world to get ISG. When you introduce something for the first time, it takes time for people to digest and see if it is relevant for them, et cetera. That period has gone. Then there was Ronin, now there are Pulsars and Super Splendor, et cetera, that have adopted our ISG. I don't think there is some inflection point or anything like that. It's just multiple people are having multiple discussions with us for various things. We do not see as, oh, this one particular thing is going to change something dramatically. Understood. Those are my questions, sir. Thank you. Yeah. Amit, do you want to take the rest of it from now on? Yeah, sure. All right. Manthan Jhaveri, please go ahead. Hey, Manthan Jhaveri? Okay, I will move on to the next. Hey, Vipul. Yeah, hi. Oh, sir, thank you for taking my question. I am good. I am good. Thank you, sir. Thank you for taking my question. I have two, three qualitative questions. My first question is on the ISG versus ISG plus EFI. Whenever you pitch to an OEM, and when OEM opt for an ISG-only ECU, not the ISG plus EFI, what are the key bottlenecks you face over there? Because it makes a lot of financial sense for the OEM to opt for ISG plus EFI, not just for ISG. Sorry, I guess there is some problem here. Can you hear me, guys? Yeah. Yes, Vipul. Yeah. So, that was my question. Okay. Should I repeat? So, yeah, no, I understood your question is, if the ISG plus EFI makes a better financial sense, then why would an OEM choose the standalone ISG ECU? Is that the question? Have I understood it right? Correct. Yeah. The main reason is that EFI ECU is something that is a sort of a mandated requirement. If you are selling a vehicle in India, then pretty much the emission norms are such that you have to have an EFI ECU. An EFI ECU is sort of considered the heart of the system. If you look at who supplies EFI ECU, it has traditionally been all the global tier one, big tier ones that have been doing it, and it is considered to be sort of a tough thing. So if the OEM has to adopt ISG plus EFI, then effectively, apart from ISG, we are also doing the EFI ECU. So, there are thoughts of, is this EFI system going to be proven or is there too much dependence on one company, et cetera? So those are the main thoughts. Now, the first thought on whether it is proven or not, that I think has sort of pretty much gone away. Because, like I mentioned, more than 1 million deployment of the product has already happened. So it is mainly the thoughts are about the relationship that you would be having with the existing EFI supplier or the dependence sort of a consideration. Thank you. That was helpful. My second question is on the, again, ISG implementation. So whenever ISG get implemented, does it have- I think there is somebody on mute. Yeah. Thank you. Yeah, sorry. My second question is on, again, on the ISG, that for an OEM to adopt ISG, does it have to be a complete engine or platform upgrade, or it can be implemented with minor technical upgrades, what happens like every 2 years or 3 years for every model? Or does it have to be at the end of the cycle of an engine like that, it is normally 5 to 7 years at least? Yeah. The answer is that it can happen as a part of regular refresh. Of course, it is a big change. It is not a small change. It is not something that can be done casually, but it can very well be done as a part of the regular refreshes that happen every maybe 2 or 3 years. Especially with our sensorless control technology, because the sensorless control technology means that the motor which is placed inside the crankcase practically does not have to change. So the associated packaging changes, et cetera, are dramatically reduced. So yeah, the answer is that while it is a big change at the technology level for the vehicle, it is not something that has to be tied with the engine lifetime change or the engine generation change. Understood. My last question is on one of the features you have in a couple of your bigger customers, where your ISG gives a boost to the speed of a two-wheeler. Hypothetically assuming, can it be used as a mild hybrid option as well in future? Whenever, let's say, CAFE norms come into picture for two-wheelers, let's say 2-3 down the line. Can this product be used as a mileage booster? Because that will be a very big requirement for any two-wheeler at that point in time. Can it be converted to a hybrid maybe with a small battery inside a two-wheeler? Yeah. The one-liner answer is yes, it can be. Of course, we have several programs running at various stages with these thoughts in mind. ISG is the first step towards hybrid. If there is any sort of hybridization on a vehicle, typically it always has ISG. ISG is the first step. Yes, with appropriate changes in battery as well as maybe the power rating of the motor and the controller, it can potentially be something that can be used as a hybrid. That was- Yes, it does have a direct impact on a lever to address CAFE norms. Exactly. Just my follow-up. For example, if a vehicle has to increase the mileage just by 20%, do we have a maths around, like, for a layman's language, what can be the price increase for an OEM or for you just trying to get some sense over there? Yeah, we do have some maths, but we won't be sharing it. Okay. That's one last house-keeping question on the CapEx front. What can be the CapEx in second half of this year and by 2028 if you have planned so far for that? Yeah, so we won't give the exact number, but what we can say is that it will be, at least for the H2, it will be lower than what it has been for H1, primarily because our MF3, the CapEx for the MF3 will come down. It is nearly ready. The plant is nearly ready. Okay. Thank you, sir. Thanks a lot for the time. Next would be Venkata Sivarama. Please go ahead. Yeah. Thank you, sir. Sure. Are we dependent on single chip supplier? Local manufacturing is also picking up maybe from FY 2027 or 2028. Do we have any relationship from local perspective as well? Yeah. I will answer the first question first. Are we dependent on single chip? The answer is a big no. We have gone through the COVID-related semiconductor supply crunch. Nobody who has gone through it will ever say that they are dependent on one chip. So we have pretty robust strategies in place for making sure that we have robust sort of options available, multiple options available wherever we can, including some non-obvious cases. On the second question on the India sourcing, so far we do not see that in a big way, and there is no existing relationship that we have, though we are keeping in touch with whatever is happening. Okay. My second question is, as China is also a big populous country, could I mean, is there any Have we tried or trying to enter into China or any other country as well? Like, new customers and all from different countries, not only Indian manufacturers and all. Yeah. First of all, we are already selling to outside India. We already sell to customers directly outside India. In fact, I mentioned about the factor on the industrial EFI ECU side, that customer is in North America, like I mentioned. So we already have customers outside India. On the China side, we have tried it in the past. It is a very difficult sell in general, to sell directly. We do not know what will happen in future, but of course, it is a difficult sell. There are already some sales happening indirectly for us to China, not directly, indirectly. But yeah, we will see how it goes going back. Thank you, sir. That is it. The next would be Manthan Jhaveri. All right, that is the last one, Amit and Shashi, unless there are other people. Vipul, you have a follow-up question? No, sorry. Give the people more time, man. Don't jump. If we have a. Like, nobody has just asked. Yeah, I have a few. A question. Yeah. On the RM cost, like, sir, I remember we had one of your call, you told that with your volume increase, your bargaining power, your supplier also improves. So let's assume, for example, right now we are seeing some strong headwinds to your RM cost. I think that's a temporary thing. But eventually, let's say if your volume doubles from here, like next 2-3 years, how does your bargaining power improves and the quality of your chips improves in next, let's say, 3-5 years? Like, maybe a ballpark number or some guidance over there would be really helpful. It's going to be very difficult to give that sort of a guidance. Also, just the 2x change does not dramatically change the equations with suppliers. What do change is the potential of doing even bigger sort of sourcing. If that sort of a visibility we get to, for example, if we are able to get into any sort of a headway into the power tool market, then those sort of levers will open up. How much exactly the benefit can be, et cetera, is very difficult to sort of just throw a number at this stage. Makes sense. Another question would be on the commercial vehicle, like you talked about you'll be making an ECU on the aftertreatment part of the commercial vehicles. Can you help us understand? Again, similar to EFIs, this part is also largely dominated by global tier one suppliers only. Again, it's very important because you cannot miss the norms. How are you placed over there? What let you win that project? That is one. Second thing, how can this thing ramp up in India? Maybe, let's say not now, let's say four year down the line when BS7 comes into picture, what kind of runway we can look at that point in time? Again, correct me if I'm wrong there, the ASP over there currently runs from INR 15,000 to INR 50,000. We are in which category, like light commercial vehicles or heavy commercial vehicles? Are we prepared for everything over there? If you can help us understand some environment around that part. Yeah. First of all, the product that we are referring to, the aftertreatment controller, this is for M&HCV. It is not specifically for LCV, also the EFI ECU that is mentioned here. It is all for M&HCV. I don't think I'll be able to give an answer on the ASP that you mentioned. It's a fairly big range, and the range itself may not be fully accurate. The numbers that you have thrown there, they may not be fully accurate. It's difficult to give that thing. Coming to what has led to the win, one of the factors has been our flexibility. For example, we have a different business model called custom ECU business model, which lets the customer own some part of the application software. That has also helped. So overall, for the business win that you see here, the main driver has been the flexibility. Of course, going down the line, we may have more differentiation or some sort of technical advantages as well. Now, coming to your question on BS7, et cetera, of course, we feel that we would be one of the candidates for getting some sort of a market share there. The main challenge, again, is going to be that the business today is dominated by the global tier one, big global tier ones. So, going from a big global tier one, that is going to be the main challenge for us in terms of creating a compelling enough proposition. Makes sense, sir. I think that was all from my side. Thank you. Thanks a lot, sir. Next is Prasad Hase. Please go ahead. Prasad? Yes. Am I audible, sir? Yes, Prasad. Yes. Please. Yeah. Thank you for the opportunity. My first question was around CV-related products. If you can share some more details around this product. Earlier we were expecting ECUs roughly in second half of 2027, and now it has been pushed to first half of 2028. What kind of things have led to this delay? First of all, this is extremely natural. I mean, this happens all the time. In any OEM supplier relationship, this is very natural for the program timelines to shift. It is not basically a big deal. Prasad, this is the reason why we did not want to share such things with the investor audience. Yeah. No, no. Now you have yourself explained why we should not share. No, no. I completely respect and understand the fact that there could be delays on the production of the OEM, and there are several external factors involved in it. But just wanted to get the understanding whether it is OEM-led or any approvals that are stuck in between, et cetera, or is it on the R&D front? Yeah, we won't give any details, but yeah, I mean, this is a part of a regular thing, nothing unusual has happened. Okay. Okay. Sure, sir. My second question was regarding CapEx. If you look at the CapEx working capital chart, CapEx numbers have increased from INR 333 crores to INR 450 crores from March end to September end. My question was roughly this INR 120 crore, largely it has been due to MF3 plant expansion, or does it also involve the Shoolagiri land acquisition cost? Yeah, it is both. It is not the Shoolagiri land acquisition cost, but some work on the MF5 plant, what will be the MF5 plant as well. But mainly MF3. Mainly MF3. Okay. Okay. And sir, any timelines when can we get operationalized the MF I mean, I understand that the MF3 plant has been partially started. It was there in the announcement. So the entire plant MF3 will get started by what timeline? Yeah, it is difficult to Or I mean, first of all, there is no big hurry that we have. We already have a fully running MF1 plant. So we will take our time to make sure that the transition is robust. We expect by the end of this financial year, substantially our production we expect to have shifted to MF3. But again, we will be flexible. It is not a hard timeline. Sure. Sir, my next question was around borrowings. In first half, the borrowings have increased substantially, largely to the tune of INR 110 crores, which I can see in cash flows. I believe it is, since these are short-term borrowings, it would be largely working capital related. As you said, the inventory buildup has been partially due to MF3 facility operationalization and partly due to the raw material buildup. If you can give us some sense, maybe in percentage terms, largely it is MF3 driven or due to RM. Maybe by end of this year, can we see these borrowings come down? Yeah, first of all, I think it means- Very good question, Amit. First of all, this picture that we are giving you is actually a very useful picture to answer your own question. Out of the 333 to 450, that is about 117 plus another 135 to 258. That is another 123. About 240, 250 crore. Additionally, we have had to invest. Some of it has come from debt and some of it has come from equity. That is the way to look at it. Equity means internal accruals. Exactly how much are we putting? Money is fungible. You can't say you're putting exactly this part of the debt into this beyond a certain point. You have already seen that short-term loans will be linked, of course, to working capital. You've already made that link. Beyond that, there is not much to say that isko itna gaya hai, usko utna gaya hai, et cetera. Okay. But probably by end of FY 2027, we will see borrowings coming down from- Our borrowings will come down. I do not know what your real question is. Our aim is not to reduce borrowings. Our aim is to make sure that our debt-to-equity ratio is healthy. Okay? Okay. Why are we borrowing in the first place? We are borrowing in the first place to expand our facilities and get ready for future growth. Okay? That is never going to end. In fact, we will be perfectly fine if our revenue grows even more and we borrow more. What is the problem? Okay. The main point is that if your revenues are not growing much, then of course your borrowing should be coming down through repayments that you do from internal accruals. Okay? That also you will see if it happens. We are a disciplined company. You can see how we have managed various phases of our existence, when debt went high, when we compensated with equity infusion, all of that. Reducing borrowings is not the aim of the company. Okay? Nor is increasing borrowings the aim of the company. Oh, sure. My last question was when we look at quarterly volume numbers, earlier it was roughly, when I look at it from a sequential Q-Q basis perspective, in last 2 quarters, the growth has been significant. If you can highlight what other drivers, I mean, I understand that there have been 2 new models on which we have introduced our ECU units. Has the commercialization of those 2 new products contributed significantly or there are some other drivers as well behind the significant sequential volume growth that we are seeing in last couple of quarters? We have already mentioned it on this slide. There were a couple of launches that had happened in FY 2026 which have fully ramped up now. This, along with the new launches, is what has led to revenue growth. Okay. Okay. Sure, sir. Thank you. That answers all my questions. Thank you, sir. Shashi and Amit, we have another 6 people for questions. Can they select one question each or how do you want me to go through them? I think to be fair to everybody, I mean, we have another 10 minutes to the hour. To be fair to everybody, we should keep the questions short. Each of you can ask one question, and if we have more time to the hour, we can take more questions. Sure. Sanket, please go ahead. Yeah, thank you. My question is more on the technical side. In your sensorless control algorithm, I wanted to know whether the rotor position estimation technique that you are using is based on existing techniques such as high-frequency injection or other techniques whose theory is out in the open, and you were just able to fine-tune and master it and then take it to production-level reliability? Or is it a completely new technique that you have invented on your own, and have you patented it? Of course, we have patented it. It's a completely new thing. Of course, we have patented it. See, I mean, we are talking about taking this technology not just with some significantly some tens of millions of units using this technology, but also it potentially opening markets in fairly mature markets such as power tools, which is a Western market. It's not a India-based market. You cannot do that if you are simply doing something about existing available techniques. So definitely what we have is completely new. Okay. Thanks a lot. I am curious, you are using words like high-frequency injection, et cetera. What are you, a motor control engineer? Yes, I myself developed firmware for BLDC and PMSM motors. Theek hai. Yeah, thanks. Pritesh Chheda, please go ahead. Sir, I am new to the company. Just on the ISG EFI ECU adoption, what is the extent of adoption for this particular product line in two-wheeler? Will it be limitized by a certain type of two-wheeler vehicle or certain pricing-based two-wheeler vehicle? Or do you see a larger adoption of this particular product? That is question number one. On the industrial side, so the industrials as a portion of your revenue. Today, what will be industrial as a portion of your revenue, if it is available? Yeah, it is available in the published results. No problem. answering your first question, I mean, yeah, I think it's a fairly basic question. ISG ECU, there is no limitation in terms of which vehicle models can apply ISG ECU. If you see today, the categories of vehicles are, there is something called scooter, then motorcycle, then you have moped and three-wheeler. Our ISG ECU is used in all of them. All variants are already, have been in series production for quite a long time. My question was on ISG EFI ECU. Yeah. On the ISG EFI, whichever vehicle uses EFI. Today, if you see all domestic vehicles, that is vehicles that are sold in the Indian market, all of them use EFI ECU. The ISG plus EFI ECU is applicable for all of them. There is no restriction. Okay. There is no restriction. There is no constraint in terms of the pricing of product which will restrict its usage. Pricing is only up to the OEM, right? Okay. Thank you. Dinesh Chawla, please go ahead. Yes, sir. Am I audible? Yes. Thanks. Thank you so much for the opportunity. Sir, I will be very honest because I am not a technically strong person, so I will be very honest. My question is from purely business prospects, because I follow Shashi Suryanarayanan sir a lot. I have watched all the interviews. Arey, aaj question poocho, nahi toh yeh toh uda denge hum. Sir, my question is very from the business prospect. Whatever we have done in the past in terms of sales, in terms of PAT, we will be able to replicate the same thing in the future. I mean, if you can give some color on it. Okay, since you mentioned my name, I will respond to this question. Okay, so first of all, EBITDA is primarily a function of long-term competitive advantage. Okay? Right. Different product propositions from your side will have different competitive advantages. It is true for any company, and it is true for us as well. It is not that there is some constant EBITDA for all of them. Okay? The competitive advantage, that is who else is able to offer something that competes with you, that determines the long-term profitability in general. We do not know whether our long-term profitability will increase or whether it will decrease, et cetera, for new products. For existing products, we have a much better idea of what the long-term competitive advantage is because we have seen the history of it. Okay? If existing products do not see a significant erosion of long-term competitive advantage, as you scale, your profitability will only increase. Clear? Yeah. Yeah. Is this clear? We will not say that future mein PAT aisa ho jayega, aisa ho jayega. It all depends on what our product mix at that point of time is. Yeah, sir, I completely understand. But yeah, my question was around that only. That is it from my side. And one more thing from my end, sir. Aap hamesha yeh bolte ho ki that most of the business mein na matlab cheezein logon ne West se copy karke India mein banayi hai. But you have invented some product, and I take pride in it. अबे invest नहीं किया तो पैसा डालो। No, sir. I am just kidding, हाँ। जो करना है करो। You make your own calls. No, sir. I am planning to invest. बस थोड़ा सा मतलब interact करना था just to understand the business more. That is it. Thanks, sir. Please make your own decisions. Do not invest because of me. Okay. नहीं, sir. Definitely. Thank you, sir. Thanks a lot. Thanks. Thank you. Saksham, please go ahead. Yeah, hi. Thanks for the opportunity. Sir, I wanted to understand on sensorless MCU, like how strong do you think our competitive advantage is? Are you seeing similar failure rates on normal MCU like what we were seeing on ISG, and do you think we can have a similar market share? The market, EV two-wheeler and domestic E2W and three-wheeler market is growing very fast. Where are we in terms of discussion stage with OEMs and adoption rate? First of all, have you registered that we are already selling MCUs and our E2 three-wheeler revenue is in keeping with the penetration? Yeah, but- You have registered this, right? Yeah, but that is not sensorless. अरे साक्षात उसको बोलने तो दो यार। Yeah. Okay, we are already selling MCUs. You are right that what we are selling today does not have the sensorless control technology built in. We believe that it's a fairly strong proposition even for electric vehicles because sensor failures do occur in EVs. And of course, the first time when somebody is adopting, the consideration is that it's a new product line. So first go with whatever is the existing technology, and over a period of time, you shift to something new. So that has been the thought process. We do have engagements going on for sensorless introduction in EV MCUs. We think that it will happen at some point of time, and whenever it happens, we will of course share with you. But yes, we do feel that it's a compelling case to have sensorless because sensor failures do occur in EVs. साक्षात, I will add more to this. What you are seeing in ISG ना, is a fait accompli. [Foreign language] if you had looked at whether ISG is going to succeed, you will not think like that. Many of the OEMs said, "ISG [Foreign language], [Foreign language]." Okay? So what you are seeing in 2026 is after the success of a proposition, okay, on ISG. In the case of SLC for EV MCUs, as it stands today versus what it was in 2018 for ISG for sensorless, we are in a much stronger wicket because there is a straight issue that this will get rid of if you implement this. We are in engagement with everybody, okay? We are pretty confident that it will take off at some point in time. But at this moment, it is not that you cannot make vehicles without SLC in MCUs. You can. Okay? You can make vehicles with your regular Hall sensors, which is what is going on currently. In a similar way, you could make vehicles with starter motors in 2018. There was no need for ISG. Okay? So, technology penetrations happen at a pace depending on whether the market is ready for accepting it. And this much I can tell you is that the SLC for EV MCUs, it is far sharper proposition than SLC for ICE vehicles back in 2018, 2019 when we first introduced it. Okay? [Foreign language] is our confidence. Got it. Thank you so much, sir, for your answer. Sahil Jain, please go ahead. Hi, sir. One last question, sir. Just wanted to ask, according to our forecast and the material buildup, raw material buildup that we have done, how many quarters is that covering, sir? In terms of raw material buildup. Yeah. अब inventory का एक entry है ना balance sheet में। You can just look at it, yeah. Like a Yeah, it is some 60 days of sales or something like that. Got it, sir. Ayush Jhunjhunwala, please go ahead. Hi, sir. Thank you for taking my question. I just had a question on patents. Basically, when you initially filed a patent, you filed it for SLC technology. As you go on developing the products over a period of time, the products keep improving, you developing new iterations of your code, right? Do you have to file new patents, or is that initial patent valid for the next whatever remaining period is left for us? The patents don't talk about any product. You also mentioned the patents also don't talk about any market. The patent is a way of doing something, and whatever is the product, whatever is the market, if somebody is using that way of doing something, then there is a potential infringement on the patent. Okay? We do keep filing newer patents as we build more technology. But yeah, it is mainly about patenting the technology. It's not specific to a market. For example, a market. The way it may get linked to a market is that a market, addressing the market may require you to address some different aspect of technology which we may build, and then we may patent this new aspect. Which basically has come from the market, but it's not that we are doing it for that market. The same technology could be deployed for some other market where as well it will be applicable. Right, sir. Our main patent technology, the main principle holds, and we keep filing newer patents for different products where we have to keep building on that, right? I mean, that is not the way I would- First of all, don't compartmentalize us ki ek hi technology hai. We have done several things, and you look at our patent portfolio, there are several patents which have nothing to do with motor control, okay? Correct. The point is patenting is about establishing a case for you to potentially operate in certain markets, okay? That is a never-ending thing. It will keep happening. If you keep coming up with new stuff, wherever you think it is relevant and at the right time, you will patent, okay? It is not that it is only about motor control and usko improvement karte jaoge, et cetera. Wherever there are new ideas, we will keep patenting if it is relevant. All right, sir. Fine. Thank you. Shashi and Amit, one last question. Yeah. Okay. Somebody who has not already spoken, we should give them some time. Sure. Vijay Bhatia, please go ahead. Hi, sir. I am a proud shareholder from day one, and thank you very much for the great results and the great confidence that you show. Just wanted to ask in a broader, not a very analytical way, just what is our sense on the power tools market and how are we seeing in the next two, three years, sir, your vision from the top? Just give us confidence that, when you spoke in the conferences that we met with, it was really nice to hear. Just since we are meeting after a long time again, so just your sense on that, sir. Shashi sir, thank you so much, sir. Okay. Yeah. First of all, we are in very early stages of engagement with the power tool market, but with lots of juice, okay? In the sense that we are getting attention from the right people, the biggest of them. And we know that sensorless commutation is a meaningful thing for that marketplace, okay? So this we know for sure, and we are getting good attention from several people. We have also shared that there may be a tool that goes into production with our motor control unit with SLC. We have also shared that, and that project is also going forward. Beyond that, you can think of how we were in 2017 on ISG when we were introducing it. It had not yet reached the marketplace. In 2018, it reached the marketplace. You can think that we are in that sort of a situation. There is some juice, people are excited by it, there is some wow feeling to it, but nobody knows if we will succeed, okay? But we are now more mature businessmen. We have seen success in some markets. We are also in a better position to gauge whether we will succeed in newer markets, et cetera, essentially because the company has become more mature. So we do think that we have a very good shot at doing something significant in power tools. We do not know what will happen, okay? We also do not know if we will succeed also. There will be various considerations for that market. There are existing players who are already supplying motor control units versus them, how do we compete, versus their own plans for what they want to introduce at what point in time. Lots of things will come in, so OEM plans typically will come in. We do not know if we are going to succeed at all, first of all. And secondly, if we are going to succeed, to what extent we are going to succeed. But that is the charm of entering a new market with a new proposition, okay? If everything was laid out and things, I mean, it is no fun also. We do not really know what will happen in power tools, but we are finding enough and more juices as we progress to engage with that market. If for some reason we don't make progress, we'll let you know of that as well. But right now, it looks pretty good that we will have some sort of a run there. Really heartening to know this, sir. Thank you so much, sir. All the best. Yeah. I think there's still Manthan and Sahil. Just want to see if you guys want to ask your questions, Manthan and Sahil. I think Manthan we can take. Sahil we've already spoken to. Yeah. I think that's about it, Shashi and Amit. Any other questions, please? Okay, if no more questions, thanks once again. Hopefully, it was an informative and educative call for you to decide on your buy-hold positions or whatever you want to do about your company buy, hold, sell. If there are no more questions, thank you very much. Bye-bye. Thank you all. There will be a recording that will be uploaded on our website. Thank you all. Thank you. Thank you, everyone.