Limited. Ladies and gentlemen, good day and welcome to the TCI Express Limited Q2 FY27 earnings conference call hosted by PhillipCapital India Private 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 0 on your touchtone phone. Please note that this conference is being recorded. This conference call may contain certain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Vikram Suryavanshi from PhillipCapital India Private Limited. Thank you, and over to you, sir. Thank you, Sagar. Good afternoon and very warm welcome to everyone. Thank you for being on the call of TCI Express Limited. We are happy to have the management with us here today for question and answer session with the investment community. The management is represented by Mr. Chander Agarwal, Managing Director, Mr. Mukti Lal, Executive Director and Chief Financial Officer, and Mr. Pabitra Panda. Chief Business Officer. Before we start with the question and answer session, we'll have some opening comments from the management. I will hand over the call to Mr. Chander Agarwal for opening comments. Over to you, sir. Thank you very much. Uh, good evening everyone and welcome to the Q2 and H1 financial year '27 earnings conference call of TCI Express Limited. I would like to thank all of you for joining us today. Our earnings presentation has been updated, uh, to the company's website and shared with the stock exchanges, and I trust you've had the opportunity to review it. I will start with an overview of our business performance, uh, strategic priorities for the quarter, uh, and first half of financial year '27. Following this, our Executive Director and CFO, Mr. Mukti Lal, will take you through the financials in detail. I'm proud of what our team has delivered this quarter. We delivered another quarter of profitable growth with EBITDA up 10.8% year on year and margin expanding to 12.7%. Our best in 5 quarters. Our strategy is to build scale in our higher growth businesses while strengthening our core and This quarter shows that strategy at work. E-commerce Express grew 51.6% year on year, and both our domestic and international air express businesses delivered strong double-digit growth. At the same time, Surface Express, our largest business, continued to deliver healthy growth and remains a strong foundation on which everything else is built. The market backdrop supports this direction. India's manufacturing activity continues to grow and demand for organized logistics services is expanding. With a multimodal network spanning surface, air, rail, and e-commerce, TCI Express is well positioned to serve that demand. We are also becoming a more connected and more digital business, looking into new platforms and channels and investing in technology to make it easier for customers to work with us. Underpinning all of this is continued investment in our network infrastructure. technology so that we can grow our capacity while maintaining the service quality. and customer expectations. Beyond the business, through the TCI Express Foundation, our artificial limb initiative supported 489 beneficiaries in the first half of '27. And archery academy in, in Jharkhand provided structured training to 52 young athletes. These programs mean a great deal to all of us at TCI Express. Looking ahead, our priorities are simple. We'll get even closer to our enterprise customers while we keep scaling the businesses. that are growing fastest. We are also reaching out to the SMEs. We keep investing in our network and technology. India's logistics sector is, is moving ahead and changing fast. And I believe TCI Express is well placed to make the most of it. We have the customers, the network, and most importantly, the people to do it. I'm genuinely excited about what lies ahead. With that, I would like to hand over to Mr. Mukti to take you through the financials for the quarter and first half. Thank you. Yeah, thank you, sir, and good evening everyone. Let me now take you through our financial performance for the 2nd quarter and first half of this FY 2027 on a standalone basis. The key themes is margin expansion in both the quarter and the first half. EBITDA grew faster than revenue in this quarter and first half. For the 2nd quarter, income from operation grew around 9% year-on-year to ₹336 crore from ₹309 crore, and the total income increased again 8.8% to ₹339 crore from ₹312 crore. EBITDA grew faster, rising 10 and around 11% to ₹43 crore from ₹39 crore. Which lifted the margin to 12.7% from 12.4%, the highest in the last 5 quarters. This was driven by better operating performance, higher capacity utilization across our network, and continued cost discipline. Below EBITDA, growth was more moderate. EBIT rose around 7.5% to ₹36 crore. Profit before tax increased 6% to ₹35 crore. And PAT grew 6% to ₹27 crore with a PAT margin of 7.9%, uh, precisely. Earnings per share were ₹6.9. Up 6%, and sequentially EBITDA rose 16% and profit after tax 19% over Q1 of current year only. The first half followed the same pattern. Income from operation grew 8.8% year on year to ₹648 crore from ₹595 crore in last year, and total income increased 8.7% to ₹6 155 crore from 600— 602 crore rupees in last year. First half EBITDA grew 10.8% to 80 crore from 72 crore of last year. With a margin improved to 12.2% from 12%. EBIT increased 7.5%. to ₹66 crore, and profit before tax grew 6% to ₹64.7 crore rupees. Profit after tax for the first half rose to 6% to ₹49 crore from ₹46 crore with a PAT margin of 7.5%. Overall, the— overall, we continue to convert revenue growth into stronger operating margins. Supported by a disciplined approach to costs. Across our service line, surface grew around 9% plus year-on-year basis. Domestic at 29%, internal express 26%, and e-commerce is growing 52%. Turning to the balance sheet, we had a net cash of approximately ₹77 crore as of September 30th, 2026, with liquid assets of ₹93 crore against total debt of ₹15 crore rupees, which is temporary in nature. This is after capital expenditure of approximately ₹80 crore during the first half. We continue to take a prudent approach to liquidity and capital allocation. On working capital, receivable days were 59 and payable days remained stable at 32, giving a net working capital of 27 days as of September 26th, which was also same in the last quarter as well. Efficient collection and cash conversion remain a key priority for us. Cash flow from operation for H1 '27 stood at ₹28 crore. The capital expenditure was directed towards branch network expansion, construction of sorting center, and IT infrastructure in line with our long-term plan to expand network capacity and position the business for its next phase of growth. Looking ahead, our focus remains on maintaining a healthy balance sheet, efficient working capital, and disciplined capital allocation. While continuing to invest in the infrastructure and technology that strengthen our network. With that, I conclude my remarks. We are happy to take your questions now, please. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then 1 on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and then 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register for a question, you may press star and then 1 now. Participants, you may press star and then 1 to ask a question. Your first question comes from the line of Anurag Katta with Equirus Securities. Please go ahead. Hi, thank you for taking my question. Uh, can you please provide us with the capacity along with utilization and the volume numbers for the quarter, please? Yeah, so start with the— our tonnage for this quarter is 2,65,000 tonnes, and it is grown on quarter-on-quarter— sorry, year-on-year basis is 7.5%. on volumes side. Yeah. Thank you. Yes. Thank you. Thank you. A reminder to all the participants, if you wish to register for a question, you may press star and then 1 now. Your next question. Comes from the line of Rohit Suresh with Samatva Investments. Please go ahead. Good evening. Thank you for the opportunity. So my first question would be on the express business. So there are a lot of these aggregators where, you know, you can book through their apps and avail express services. So are you seeing any impact of that on your overall volumes on the express— surface express side? Yeah, so basically, uh, you know, this is app business is majorly for the B2C, and usually B2B customer is like, you know, communicating through our branches or our, you know, network. So that is really not impacting anyhow because B2B— and if you see, B2C is also predominantly depending upon very few customers. And these all new age companies are really very high dependence on these few customers, so which is not in our case. So this is really not related to at all, you know, for demand or anything else. So, so we don't use these aggregators or tie up with these aggregators and sell it as a service, right? So we, uh, we also, you know, register with these aggregators, and it is a part of our e-commerce business, which is, you've seen, as we also growing, but it is very small business. Now we re— again refocusing on that and we only doing the profitable business. So we refocusing on that and we also register with these aggregators. Got it. So then on the e-commerce side, what are we focusing on? Like how to, uh, scale this business? Because, uh, a few quarters back we didn't want to be in business, then we came back into this business. So what are we trying to do different compared to the other players who have significant scale right now? Yeah, very good question. So basically we have 3-4 strategies in our mind very clearly. So one is we focusing on D2C because nowadays everybody want to be sell their own platform or their website and directly deliver to customers. This is the one focus area. Second on you know, various merchants directly sending to an e-commerce platform or their short, you know, their facilities and all. So that business we want to be connect with them. So this is also helpful to, you know, align with this platform. We're getting the connect with the various merchants and all, so that is also a very good opportunity. You know, available there, and Third thing, obviously we want to be going to a B2C, which is but not like focusing on all these 2-3 big players. Rather, we've gone into the second line of this platform, like small ecom players which we focusing on. That is highly also profitable one. Fourth, we are not like, uh, you know, doing these business everywhere. Wherever we have the profitable one, then we are doing that. So these are the clear 3-4 strategies we are in our mind, and we're going, uh, with that proportion, and we're creating a separate team, you know, wherever in a city-wise. We are not going a long way in every city. So we're creating team and then we preparing the customers. So for example, like, you know, to you take in a Surat is like textile market where people are like, you know, enterprises directly sending to customer on their order. So we, you know, expanding ourselves there. Bangalore is another one, Ludhiana is another one. So various cities, like majorly we focusing on tier 2 cities where small merchants, or you can say enterprises, directly sending to customers. Yeah. So our strategy is always to keep high with the SME, but yes, in this quarter we also maintained 50-50 where 50% business is coming come from the SME customer and 50% from the like-to-be-built big customers. So that ratio is very important for to, you know, enhance our margin levels. Got it, sir. And lastly, what are we doing in terms of like on ground? अंदर से सर एंड लास्टली ऑन द व्हाट इज़ द स्प्रेड बिटवीन सीएमईज एंड द लार्ज अकाउंट्स What is the feedback from the SME clients, right? Are you seeing growth over there? चंद्र सर यू वांट टू आंसर ऑन दैट? What are they saying in terms of ramping up their volumes? Or what is the general feedback? Uh, the general feedback on— sorry. On, uh, sundry business days, on SMEs. So in, uh, of course, like, you know, there has been a major, uh, uptake on the, uh, the economy as such, and we are seeing that Earlier there were only pockets of the economy growing or not growing. Now there is full momentum. There's like, you know, a big, you know, redevelopment of the economy in terms of SMEs and the large clients, even the consumption, which is, uh, which is kind of like not growing is, is growing with all the war and everything that is happening. And now I think with the US change in government also, or possible change in government, the oil prices have already started coming down. So I think it's, it's, uh, it's a good thing that it's going to happen, uh, and we are seeing good traction coming along. Fair enough. Thank you so much for all your answers. Thank you. Thank you. Thank you. Participants, you may press star and then 1 to ask a question. The next question comes from the line of Ravi Naredi with Naredi Investments. Please go ahead. Chanderji and Mukti ji, we— I am very old shareholder of our company since last 7 years. I am the shareholder, and I participated in so many calls. And I may say a tough situation in company is going on. Company is growing, but growth in our company— country is going, but the growth in our company fully stopped. Can you give any hope for us when company will turn up? In spite, you did well. CapEx, good CapEx you did, and good automation you did, but numbers have not turned up. Yeah, so basically, you know, like you rightly said, on 2-3 years we are not growing, which is visible or transparently. And now we started in last quarter, we've seen the traction where we grown and this quarter has further grown, and we will not disappoint you on that. So in this year, we will be what we committed. We must deliver on that. So we committed like you know, double-digit volume growth and revenue growth. So we certainly will be finished this year with very positive note with the enhancement in the— as I mentioned in my remarks also, where we certainly improve our margins, uh, at least 50 to 100 basis points over last year. So that journey has started. You see, in all the businesses, it started to grow. Like, you know, air domestic, air international, e-commerce, we refocusing on that. And obviously big, biggest chunk of from surface business is also like growing. Around, you know, 9%. That has already been started and we will be keep continue this journey, Ravi ji. Yeah. And secondly, uh, it is very due respect to you. Your name is also came in controversy where company reputation come at very, very much low. Would you like, or you want to escape? No, we want to skip this one. This is— thank you. No problem. Okay. Thank you. We have our next question coming from the line of Ashwin Reddy with Samatva Investments. Please go ahead. Yeah, hi, uh, thank you for the opportunity. Uh, could you comment at an industry level, say, how has been the impact of players like Seaprofit on you? I mean, I may not take a specific name, but What I mean is a large aggregator like that, uh, is it affecting you in only the e-commerce segment or in the D2C, or is it also affecting you in your existing surface transport segment and others? in the older areas where you are strong, like the apparel, the pharma, etc.? In which, in which segment is it having an impact? Where is it not having an impact? Or some thoughts would be helpful. Yeah, well, because these platforms are clearly visible, you know, visible on to be having e-commerce businesses there. And is really not having any significant impact on the B2B businesses because B2B usually making direct contact with us and they obviously don't want to go through these platforms. Ultimately, because they have the access of the each and every company service provider basically. So really nobody want to be go with that. It's kindly of like a small shopkeeper might be go there, which is really not our customer, and obviously e-commerce players. So these are the things where they want to be a cost competitiveness, then they go into that platforms. But B2B customers directly have the access with every company, so they're directly negotiating for that. So it's really, if you see, you know, you know, widely there is no impact of these, uh, you know, platforms on any— anyone on that. And if you see there, if you see— I don't know whether you study on that, whether who is the service provider for that platform. So biggest number will be come for the who is delivering on their behalf is also again, uh, these all new age companies, you know. So that's the case, yeah. Okay, got it. So then in that case, then you, uh, is it also fair to assume that there has been no change in your premium pricing, what you used to charge historically? Has the premium been maintained or is the competition very high in the surface segment for you. So I'm— the reason I'm asking is because on one hand you're saying the economy is booming right now, or the activity is good, momentum is good, but we're not seeing it translate translate that in terms of numbers? So, or is it with a lag, or should we see far better growth in the next 1-2 quarters in terms of the Surface Express business? Yeah, well, so basically, uh, you rightly said, so overall industry is growing and we will be also be ensuring to everyone to be having more good growth in these 2 quarters, remaining 2 quarters in this year, what we committed. Certainly, I think we will be having a growth of 14-15% plus in next 2 quarters with the volume growth of around what we committed, around 12 or 11 to 12%. So we will be keep the number same and we are confident about that. And just inform to you, like, you know, October was great on that path, so we are excited about that. And it will be expansion of margin will also be continue. Which we did in H1 and also sharply in Q2. And again, I would like to, you know, reiterate here, like, you know, pricing in this industry is really not in a, you know, talking, uh, you know, talking point basically, where like people don't want to be reduced these prices. Rather, in, you know, after fuel increase and all, we able to passing on that to our customer. And price hikes, as you know, net-net is we are getting around 1.5% kind of price hikes. And that story will be keep continuing quarter 3 and quarter 4 also because you know, this, uh, high volume, you know, time customer is also allowing to increase the prices. So I think this is the best time or going good time to where we will be taking the price hikes also, as we mentioned in opening remarks. Team is already there, network is ready, and we now have the very robust pipeline for the business growth actually. So numbers are very visible where we will be get the business in all the service line, whether it's air or whether it's a rail or whether it's an e-commerce or obviously surface. So clearly we have the very high visibility for the, like, you know, growth in the next 2 quarters. Yeah. Got it. But, and when you say the percentage of 14 to 15% kind of numbers, uh, this is also for Surface Express also, right? This is also for that segment also you're saying? Yeah, yeah. So put together, yes, it might be like 1 or 2% because again other services share is very low. So it is not affecting much on surface side as you've seen in this half year or quarter numbers. Like we grow in a 9% in surface and 9% overall basis. So this is the case. Got it, got it, got it. Got it. So, and overall on the competitive intensity, is it when, uh, so you're saying that the competitive intensity has not really increased because of the whole thing? I mean, the pricing is intact. That is confirmed. Yeah, yeah. So price is really not at all— nobody is asking for the price cut. This is very much clear actually. It is going on because again I said, because we— this whole express industry is moving higher value cargo and there is enough— what freight we are charging is hardly 1.5% of their Uh, you know, cargo value. So nobody is really interested to cut the prices. Rather, they are focusing into more services and more, you know, proper response and delivery on time and all things. So this is more important than any— so cost price is not challenging on that. Got it. And my final question is on the CapEx part and the, and the modernization CapEx and what you're doing. So where are we on that, on that front? How many cities or how many hubs we have to invest in, and what is the plan for the next 3-4 years? How should you think about the CapEx that you, that you do? And also, what has been your analysis of the past hubs where you already changed? Or maybe we already invested, uh, like CapEx. What has been the results there? Some sort should be helpful. What are the earnings, their results there, and what is the CapEx for the next 3-4 years? Yeah, so, uh, well, so basically we will be again having a kind of ₹100 crore plus kind of CapEx plan for the next 4-5 years. Last CapEx plan we have made in '23 where we taken ₹500 crore and then revised to ₹400 crore for the last 5 years, which will be finished in this, uh, this year end. So we will be finished around ₹400 crore for sure in this year. Already we spent ₹80 crore and remaining ₹40-50 crore, which is remainder part out of this ₹400 crore planning, which will be finished in FY27. And we are on the path of to be ramp up these 3 new centers, one in Lucknow, another one in Ahmedabad, and third one in Kolkata. And our corporate office construction is also going on. So these 4 projects is going on, and I think, uh, except corporate office project, V3 will be finished by this year end. And subsequently we follow with the automation is, uh, in basically in Ahmedabad. And Kolkata Center, which will, I think, finish by next year first quarter or max second quarter. And next year onwards, we will be again having the same strategy where we just want to be converted around, you know, 12 to 15 shorting centers. And we already did 6, 7, and with these 3, I think we will be completing, uh, 9, and then we will be taken further like, uh, 3 major locations, one in Mumbai is also like weighing on our return part because these are the initial investment and it will be building up for the next 20-25 years. So initially, yes, it's weighing on our return, but subsequently increasing with the business, it will be you know, let down a killer— clearly ROI and everything will be certainly improved very soon with the increasing in the business. So yeah. Chennai and Bangalore. These are the 3 locations which we're looking for, for the next 3-4 years. So this is the same strategy, and be aware there is a, you know, our 2 automated centers. And second, we reduce the turnaround time, and resulting of that, we are able to cut at least 40-50 basis point impact in our direct overall direct cost per annum. Will we keep that? Uh, but, but I mean, could you quantify or could you give us qualitative information as to what has changed because of the ones where we've already completed? So what is, uh, So how do you measure that? How do you measure the change that has happened or the positive impact that you have already seen? Yeah, yeah. So this is quantification, is like, you know, is our 3-4 aspect where we reduce the labor component in So that impact is there, and once we will be putting more in automation, then it will happen. But if you see another side, supposing we running our sorting center in, uh, you know, rented one, then is also not an impact on our operation. At least. But we want to be convert from lease to own one because with the clear strategy to be having our own control for the long term, because this is playing very vital role in overall operation. Uh, you know, across India level where we can't be like taking any hit to disrupt anything if we go for this. So that's why we keep want to convert this major center where volume, I think, in half after this completing 15 hours, at least 80-85% revenue gone through with these centers. So then we are in a position where we can command more control and And obviously with the increasing space, we are able to get more business from the customer because customer is also sometimes giving preference to be on their own property and they also visiting. So we showcasing that to customers to getting more business, and that's surely, uh, this is started in from this year onwards, and you will be see the positive result in years to come also. Where we will be take the advantage to cut further our direct cost, or like, you know, you know, getting benefit of that. But which year would we reach and reach the number of 85% of having our own centers? I think after, yeah, around year end of 2030. 5-6 more centers by that end. So we will be— I think that time we will be complete that cycle. 2030. And, and you're saying the CapEx which is needed is roughly ₹100 crores per year from now on? Yeah, yeah, yeah, yeah. So 2030 or max 2031. So we are planning to be have at least Got it, great. And my last one on this, which is, are any of these currently leased from the promoter group and are we converting it, or are these completely all, uh, currently leased from third parties? Sorry, can, can come again? Are the current centers where we want to convert to our own, are any of these leased from the promoters, or are they completely from third-party leases what we have now? No, only one center is promoter. Remaining all are the like third party. We don't have any single from the promoter. Only one center. Got it, got it. Great. Thank you so much for all your answers and wish you all the best. Thank you. Please. Thank you. A reminder to all the participants, you may press star and then 1 to ask a question. Our next question comes from the line of Pravesh Kochar with FourLion Capital. Please go ahead. Thank you for taking our question. Just one clarification, you said the volume this time is 265,000 tons and that was 7.5% growth. Yes, yes, yes, correct. Okay, thank you. Uh, and then Surface Express and broadly the overall business both seem to have grown around 9%, whereas the Air Express and e-com business have grown at very high levels. So was there a decline in railway and C2C side? And if so, what was that? Why, on what basis? So basically, uh, yeah, so C2C is declined because C2C business is basically next segment, and we depending upon the market higher, and you aware there is enough fluctuation, high fluctuation in fuel price. So rate was not conducive and that's why this business has been reduced. C2C. Now the rate has been like normalized. So this quarter, in Q3 onwards, we will be in again back to growth in this C2C also. So overall you will be seeing a higher growth in these new service lines and, uh, in comparison to— obviously that's why I am saying we will be grow around 14 to 15% in in this, uh, these 2 quarters, remaining 2 quarters. Understood. Uh, on the e-commerce side, you said you've partnered on some enterprise platform. Can you give some more color on what exactly is that? No, so I am saying these again platform companies, we also register ourselves with them. I don't want to name it, but yes, like we on DC, we register ourselves omnichannel, and then, you know, so these all platform companies. The Procreate and all, no? Yeah, got it. Understood. You— so like, are we doing the last mile? Like what proportion of our e-com is last mile now? Or is it just, you know, as you said, delivering to the warehouse and between warehouse logistics? Currently it's majorly last mile, but we— that's why I'm saying, suppose in going on these platforms, we have the access of number of merchants which is really SME customers. So that advantage we also have. So we directly, you know, approaching for the other kind of deliveries because they have the business across India. So this is also a one-off avenue where we can generate more revenue from the SME customers. So this is also thing, but currently whatever we're doing on a B2C is last mile, but we again also focusing on B2B specifically related to e-commerce customers. That is also our focus area. Understood. And the last question, uh, so 14-15% on the next 2 quarters on the revenue side, uh, can you also give a sense on the margin? So H1 was 12.2. What would the H2 margins look like? 13 plus for sure. Okay, thank you. Yeah, yeah. Thank you. Participants, to register for a question, you may press star and then 1. Our next question comes from the line of Vikram Suryavanshi. Please go ahead, sir. Uh, yeah, so Air Express, uh, we, uh, what would be our revenue share currently? And, uh, we also talking about increasing our sales force. So in, say, next 2 to 3 years, how is our ambition to increase the share in percentage of revenue for Air Express going forward? Yeah, so because you rightly asked, so we put— we giving the number, you know, overall putting these all other services which is cover Air Express, Air International, Rail, Ecom, and C2C. Put together is right now around 17, 17.5%, which our target to by this year end to touch 18 plus. And in longer term of like by 2030, we want to be cross 22% by again higher growth in these new service line in comparison to our, you know, anchor service is like Surface. So that is our strategy and we created a team because You know, here we, we putting more effort to have a direct network or decouple our network with the surface, uh, you know, network basically, because these 2 services required, you know, separate service level and separate, uh, you know, network for to deliver direct to customer from airport. So which we have, you know, gradually created, but we created almost, I think, 20 cities, which is really having more volumes on these cities. So we already created that segment and that's giving a good traction from the customer and, you know, resulting this good revenues coming. So we will be keep continue for the rail also because rail is also, you know, decoupling with our surface network where again is a, you know, you know, like railway station and airport are different in a city side. So we designing the network directly from these station to like customers. So this is really giving a good margins also, and, uh, and new team we are creating once Gradually, with the creation of more team, more business will be coming to our kitty. Okay, got it. And in railway, we come across the news that even Indian Railway is starting their own booking service for express parcel. So how that will impact us, or we will be acting as an agency for this Indian Railway? Railway. If you can give some sense on that. Yeah, so basically, you know, Indian Railway earlier also have— they also started, but efficiency is not there and there is no, you know, aggression for that. Earlier they also did that, but it is door-to-door, so we have to be connect from— like collect from the customer door. Railway will never collect from the customer door. So this is the basic big difference. And we are also in only on an express cargo things. We are not in a normal, you know, wagon transportation like commodities and other things. We are in express where we sending through the passenger trains. So there's a huge difference where we— and it's very challenging to like, you know, connecting with these, uh, you know, collecting and then also like receiving, unloading at the, you know, last point or like midpoint because there is a very less time available, half an hour or 45 minutes to unload the things and then directly send to customers. So I think railway will not be able to do these all things. It is, uh, you know, service provider like us will be only able to do that. And again And why we are like excluding that business? Because our branch network is very strong. So, and railway network in India is also very strong. And nowadays is also like probability to reaching train is also very high. So that's why our service level in even railway is 99%, you know, delivery, uh, you know, service level. So customer is very happy and it is increasing, uh, you know, so accelerating. So it's a niche segment. So we expanding customer base, we creating a new customer. Now repetitive business is coming from this customer. So these are the things where we focusing on. I hope you— I have clarified on things. Yeah, so basically, uh, we, uh, you know, signed the agreement with the wallet company obviously and is already under process of integration. So I think by this calendar year we will be up this wallet, and purpose is very much clear to focusing on domestic e-commerce and international e-commerce. Uh, dockets basically wherever customer want to be, or D2C player obviously, which is they want to be, you know, take the booking online and then they want to send their like 20 or 50 packet So they first, you know, need to charge this wallet and then we will be transported. So with that purpose, uh, we are doing that and I think we will be hopefully next year onward we will start to booking on this. button. Yes, yes, I think that was helpful. And just last on this e-commerce side, this digital wallet you have been talking, uh, how is the development on that side, or You got it. And in profitability curve for e-commerce last mile, uh, most of these companies what we look at particularly which are in last mile are not making a profit on last mile delivery. So where we are in terms of the profitability curve for last mile, or do we really need to scale up from current level, or even existing volumes we are making profits? So basically, you know, we're focusing on D2C majorly, so they are really not in a, uh, you know, price war. So they're giving what we are asking. So like, take example, Yes Madam is one brand where we're delivering something for them. So these kind of brand, uh, we really targeting to that. So we can be— so they are allowing prices whatever we want to, at least having a EBITDA margin of 15% for us. Otherwise we will be not going to that because for us margin is key factor, you know. Otherwise we will be lost our margin proposition, which we want to be enhanced back to normal one of You know, in a— like after 2-3 years, we want to back to 15-16% kind of margin level. Understood, right? Uh, thank you very much. Yeah, please. Thank you. Ladies and gentlemen, If you wish to register for a question, please press star and then 1. As there are no further questions from the participants, I now hand the conference back to the management for closing comments. I thank everybody for attending the Q2 conference call for TCI Express financial year '27. Uh, we look forward to seeing you again in the next quarter. With that, thank you very much and happy Deepavali to everyone. Yeah, thank you very much. Thank you. Thank you, members of the management. On behalf of PhillipCapital India Private Limited, that concludes this conference. Thank you everyone for joining us, and you may now disconnect your lines. Thank you. Thank you.