Ladies and gentlemen, good day and welcome to the Tega Industries Limited Q1 FY 2026 Earnings Conference Call Organized by MUFG India. 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 and then 0 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bhavya Shah. Thank you, and over to you, sir. Thank you, Nidhi. Good evening and welcome to Q1 FY 2026 earnings conference call of Tega Industries Limited. Today on the call, we have with us Mr. Mehul Mohanka, Managing Director and Group CEO; Mr. Sharad Kumar Khaitan, Chief Financial Officer; and Mr. Pratik Roy, President, Product Group and Global Sales. Before we proceed with this call, I would like to give a small disclaimer that this call may contain forward-looking statements which are based on management's opinion and expectation of the company as of today. I hope everyone had a chance to go through these results. Now, I would like to hand over the call to Mr. Mehul Mohanka for his opening remarks. Over to you, sir. Thank you, Bhavya. Good evening and a warm welcome to all the participants on the call. I am joined this evening by Mr. Sourav Sen, the CEO of Tega McNally, Mr. Pratik Basu Roy, President, Product Group and Global Sales, and Mr. Sharad Kumar Khaitan, our Chief Financial Officer. Thank you for joining us today. It's a pleasure to connect with our valued investors, analysts, and stakeholders. We are pleased to share our performance for the quarter ended 30 June 2025. Despite a volatile global environment, Tega Industries has continued to demonstrate resilience, innovation, and strategic agility. Our consolidated operating revenue for Q1 stood at INR 3,716 million, marking a 6% year-on-year growth. We reported an operating EBITDA of INR 725 million, with EBITDA margins of 20%, reflecting our focus on operational efficiency. Our equipment business delivered strong performance with a revenue of INR 643 million, up 78% year-on-year compared to INR 361 million in the same period last year. We remain on track to achieve our FY 2026 earnings guidance. As of 30 June, our order book stands at approximately INR 10,053 million, with INR 6,103 million executable within the next 12 months. This provides strong visibility and confidence in our growth trajectory. We remain cautiously optimistic about the road ahead. While macroeconomic uncertainties persist, our diversified portfolio, strong balance sheet, and customer-centric approach position us well to navigate challenges and seize emerging opportunities across global markets. When it comes to the overall projection around global copper demand, we see it grow steadily, reaching 28.3 million tons by 2030, up from 24.6 million tons in 2026, reflecting a CAGR of 4%. This growth is driven by electrification, EVs, and infrastructure expansion. Copper is increasingly viewed as a strategic resource essential to the energy transition. Gold demand is expected to remain resilient, with global production forecasts to rise from 3,582 metric tons in 2026 to 4,245 metric tons by 2030, reflecting a CAGR of 4% as well. This is supported by investment demand, central bank accumulation, and industrial use. This surge is prompting mining companies to ramp up exploration and production, especially in copper-rich regions such as Latin America, North America, and Africa. We continue to strengthen our global footprint, particularly in Latin America and Africa, where demand for our products remains robust. Our Chile operations are scaling well, and we are actively investing in capacity and talent to support long-term growth. The global mining sector is being reshaped by rising demand for critical and rare minerals driven by the energy transition and electrification. ESG compliance, digitalization, and supply chain realignments are becoming central to investment decisions. Additionally, recent U.S. tariff adjustments shall have a similar impact on competition. Hence, Tega shall remain and maintain its competitive edge in the US. Innovation remains at the heart of our strategy. We have enhanced our product offerings that shall increase mine productivity while reducing environmental impact. Sustainability is embedded across our operations, from energy-efficient manufacturing to product design, ensuring long-term value creation for our stakeholders and the planet. I want to thank our employees for their unwavering commitment, our customers for their trust, and you, our investors, for your continued support. We are committed to delivering sustainable value and transparent communication. Now, I would like to hand over to Sharad, who will take you through the financial performance of the company. Thank you. Thank you, Mehul. A very warm welcome to everyone, and thank you for joining the earnings call for Q1 of FY 2026 performance and results. The total group revenues for Q1 FY 2026 stood at INR 3,716 million, with an EBITDA of INR 725 million. That is EBITDA margins of approximately 20%. The group revenues for the same period last year, that is Q1 of FY 2025, was at INR 3,516 million, with an EBITDA of INR 771 million. During the current quarter under reporting, the consumable business segment and the equipment business segment contributed 82% and 18% of the group's revenue from operations, respectively. The revenue from operations of the consumable business reported revenues of INR 2,940 million in Q1 of FY 2026 versus INR 3,046 million in the same period last year. While we have witnessed some disruptions due to global economic and political developments, Ukraine war, logistics, supply chain disruptions, sanctions, tariffs, etc., overall business is unaffected, and the sales funnel remains robust for us. The revenue from operations of the equipment business witnessed a significant increase of ₹283 million, or 78%, with Q1 FY 2026 revenues at ₹643 million, as against ₹360 million reported in the same period last year. We have maintained healthy gross margins of 59% at the group level, in line with the same period last year, in spite of raw material volatility, global uncertainties, and a higher share of the equipment segment. The order book for both the business segments, that is consumable business segment and the equipment business segment, remains strong. We have an order book of ₹10,053 million as of 30 June 2025, out of which executable orders within one year is approximately ₹6,103 million. Please note that for us, each sequential quarter in a financial year is better than its preceding quarter. Hence, we shouldn't compare Q4 of last year, that is FY 2025, with the current quarter under reporting, that is Q1 of FY 2026. The supply chain is affected by the volatile geopolitical situation in the recent past, and we have proactively taken actions to ensure RM security by advanced placement of orders to counter the increase in the supply chain timelines. We have also ensured dispatch readiness in time to reduce manufacturing throughput time to offset the increased transit time, and are tracking all the shipments on a real-time basis. The Chile CAPEX project is on track with the project in full action, and we are trying to have the same ready for commercial production around the same time next year. It may be noted that no sales shall be impacted in such interim period, as we have put up alternate plans at Chile, which will address any capacity limitations to meet the revenue growth. Thank you very much for your time, and the forum is now open to any questions you may have. Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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'll wait for a moment while the question queue assembles. The first question is from the line of Devanshi Shah from SDA Finance. Please go ahead. Hi. Thank you for taking my question. So my first question was, with geographies-led growth this quarter across key segments, was it demand-led or price-led? Which new geographical markets is the DynaPrime segment expected to expand into in the future? This is Pratik. I'll take your question. So our demand has been overall robust across the regions. However, Latin America is driving that growth among all the regions going forward. DynaPrime has also seen a significant increase and is also leading product in our product portfolio. So among all the products that we have in the consumables business, DynaPrime has seen the maximum growth. Got it, sir. And my second question was regarding the order book. Can you break down the mix of order book, domestic versus international, mining versus industrial sectors, and update visibility for FY 2026 if possible? Are Chinese competitors impacting pricing or market share in this segment? See, Chinese players have always said they are part of the competition, and they're not really impacting. It's a part of the competition, so it's nothing new to us. And in terms of what was the other question, ma'am? Can you break down the mix of order book, domestic versus international, and mining versus industrial sectors? In the consumables, approximately 90% is outside India, and domestic, we have around 10%. Yeah, more or less, yeah. Got it, sir. Thank you. Thank you. The next question is from the line of Hitesh Agarwal from PL Capital. Please go ahead. Sir, thank you for the opportunity. I have a couple of questions. So with the global energy transition driving the higher demand for minerals like copper, lithium, and rare earths, how is Tega positioning itself to benefit from the increased mining activity and investment in mineral tool machine infrastructure? Yeah, so as we said, that part of the copper improvement in production is led by consumption in the energy sector and the EV and other allied sectors. For us, as you know, copper and gold together constitute more than 76% of our total revenue. And in terms of mineral processing, we will always see higher volume consumption in both copper and gold. The question is in relation to copper; we are seeing very strong demand from customers in the copper segment as well to cater to the higher production. Okay, sir. Got it. And sir, my last question is, are you exploring any inorganic growth opportunities such as acquisition, allied technology, or services aligned with the mineral processing? We regularly provide all the information regarding any events, information that have a bearing on the operation or performance of the company. The company does evaluate various strategic opportunities in the ordinary course for growth and expansion of the business. At this stage, there is no material information or event that requires disclosure under the SEBI laws, and the company will make appropriate disclosures in compliance with applicable laws as and when required. Okay, sir. Got it. Thanks, sir. Thank you. Thanks. Thank you. Before we take the next question, I would like to remind the participant, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Kirtan Mehta from Baroda BNP Paribas Mutual Fund. Please go ahead. Thank you, sir, for this opportunity. I had a question regarding our standalone numbers, where our revenue at INR 1,676 crores is down around 29% YOY, and our EBITDA, excluding the other income, at INR 353 crores is down around 47% YOY. What is the reason for sort of YOY decline during this quarter? Sir, when you see the results, you should always see our results on a consolidated basis because there are transactions between the Indian entity and the other overseas entities, for example, U.S. entity and other marketing branches where we have, so it's always prudent to see it on a consolidated basis because there are shipments which happened in the last financial year, but the third-party revenues got crystallized in the current quarter, actually. Right, sir. And in terms of sort of the decline in the consolidated result, where again the EBITDA, excluding the other income, will work out at INR 556 crore and was down 13%, would you be able to sort of give more color around that as well? So generally, if you see, Q1 is the lowest quarter for us, and as we progress during the year, the revenues start coming in, pouring in, and that has got a direct bearing on our EBITDA. We are confident of our growth story. We have been growing at 15% CAGR, and we maintain those estimates even for the current period. Among this, would there be sort of a generally, do we see pickup in QT, or it's more weighted towards the H2? The pickup could come through. The pickup is more weighted towards H2. Right, sir. And one more question about the Tega McNally. We are executing around a 120-crore order from NMDC. What have we completed during the year, and what would be our target for the FY 2026? How much we would be able to sort of complete within this year? Sir, a significant portion of the order we'll be completing in the current financial year, and there may be a very small spillover, about 10% to 15%, which will go beyond the current financial year. How much we have completed till date? I mean, would you be able to share that as well? About 20% to 25% is the project deliveries that we have been able to complete till date. Right, sir. Thank you. I'll get back in the queue. Thank you. The next question is from the line of Chirag Muchhala from Centrum Broking. Please go ahead. Yeah. Thank you, sir. So first question is on the consumables segment's margin. So this quarter, we had relatively lesser margin at 17%. I know there are quarterly variations, but any specific reason in this quarter, and would you—I mean, the 22% to 23% margin outlook that we have, does this still stand? Yeah, Chirag, if you see, the consumable business generally has got gross margins of about 57% to 60%, with equipment giving about 40% to 45%. And on blended, we have about 50% to 55% gross margins. With the sales picking up in the subsequent quarters, that exactly flows into the EBITDA margins, and we shall maintain our growth EBITDA margins of about 22% to 23% in the consumable segment and in the range of 12% to 13% for the equipment, so that at a blended level, we have around 21% to 22% of EBITDA margins. Okay. That's happening too here, sir. Another question is actually on our Europe order. So there are two parts. So firstly, how is that execution moving? And secondly, that Europe order's execution had started in January 2024, so it has been around one and a half years since then. So any large value order that we are scouting for that can come up for ordering and that we can win in near term for FY 2026 or FY2027, are there any such tender possibilities? So again, Pratik here. So we have got inquiries on various tenders, but we do not obviously speculate on those. We'll keep you posted as and when they materialize. Okay. Sure. And lastly, on the equipment segment, so just to clarify, so as we would eventually take this equipment inquiries global to our global customer base, so is there any approval process, etc., involved in this? And if yes, then at what stage we are for getting those approvals? Hi, this is Sourav. So our main focus would be to consolidate ourselves in the domestic market first. And so once we build the foundation, we always like to look forward and leverage Tega's global footprint. And I think we have to cross the bridge when it comes. So rather, we probably would be able to give you more clarity on this, whether approvals are required or not in future date. But that always will remain our ambition once we have done our bit in the domestic sector. Okay. So from domestic market, the last order that we had received, Kalpataru Projects was the consortium leader. So just trying to understand how the process works. So each and every EPC company and the customer that is there, do we have to get ourselves certified, and is there any approval process, or purely from product to product based on commercial terms we can tie up and bid for tenders? And from FY 2026 point of view, any domestic addressable market you can share where our McNally products are already at a stage where we are actively bidding for it? So I can talk generally. And generally speaking, our focus has been in the mining, steel, and power. And as you see, the projects are kind of ongoing in all these three sectors, and we are participating. So there is no kind of general fixed kind of status for all the tenders, but we take it on case-to-case basis. And kind of depending on the merit of the situation, we are positioning ourselves. Okay. And any addressable market you can share, sir, that we are - I mean, where we can - or we have already started bidding only for domestic market? Yeah. So iron ore has been a strong focus for us in this segment. So that will continue to be our focus, and we will participate. And besides iron ore, as you know, the focus for the country is also in power, and we are participating in the coal-based power plants, as you know. So these are the two segments which are constantly monitoring, and we are trying to find out what are our addressable opportunities, and we are participating very aggressively. And there is one addition to that, which is in the aggregate crushing business for construction, and that is one area which we have started looking into. And we are also evaluating our opportunities in that segment because some of the equipment are already there in our segment. Okay. Sir, what I was looking for was in value terms, any ballpark addressable opportunity size that you can share? Chirag, we maintain our revenue guidance of 15% CAGR in a long-term basis. So we hold 15% on an overall basis and 25% for the equipment business. And we will not be able to give any specific equipment-wise or machine-wise details for the sale. Okay. No problem, sir. Thank you. Thank you. The next question is from the line of Jonas Bhutta from Birla Mutual Fund. Please go ahead. Good evening, gentlemen, and thank you for the opportunity. A couple of questions. Firstly, while quarterly aberrations are pretty understandable, but if you could just give a qualitative feel on the consumable side, which has seen a revenue decline on a year-on-year basis, how has the non-mill part of the business sort of performed versus the mill side? And within that also, is DynaPrime on track of growing 20% for the year? That's the first question, and I have follow-ups. Yeah. So I'll take the question in parts. So in terms of revenues, obviously, kind of a timing matter, but we see overall robust order books in all the segments, mill as well as in the bulk material handling. DynaPrime, as I mentioned earlier, has been a growth driver, and it still maintains that. It will still continue, or maybe in some cases, probably also do a tad better because, as you remember, some of the orders we are getting now that were due last year. So the growth momentum in DynaPrime should continue. BMH also, especially outside India, we are seeing good traction on the order front. So does that answer your question, sir? Yeah. So effectively, the consumable side, the DynaPrime business should continue to grow at 15% to 20%, whereas the mill equipment, the non-mill equipment. I would say 15 to 20 is a conservative. I am looking for or pushing for more than 20 for DynaPrime. Got it. And also, we have the Chile plant. So that's my second question was more around the new upcoming plant at Chile, part of which should be commissioned in the current financial year. When can we start seeing a reflection of that in the order book as you prepare for the plant going live? I'm presuming that you will start taking on orders at least a quarter or two beforehand. So when should we start seeing the reflection of that on the order backlog, which has been sort of constant for the last two quarters? Before I hand it over to Sharad to answer on the plant and the timelines, see, these are two independent lines. The order intake has nothing to do with the manufacturing facility that we have. So irrespective of when the—and there's no special order that we'll take for the new plant. The new plant will manufacture the orders that we have existing. So this line of business or order intake has nothing to do with the manufacturing part. So it will be manufactured irrespective of when the order intake is coming up. So Sharad on the timelines. I just want to add one more thing here, Jonas, is that we will have the—we expect the commercial production in the new plant around same time next year. And we have addressed all capacity-related issues for the interim period. And the capacity will not be any restriction or any constraint for my revenue growth in Latin America as well. Sharad, if you can share the breakup of the backlog between consumables and equipment, what would be the broad breakup? Even a percentage would help. No. Can you help me define what do you mean by the? So between the two business line items, equipment and consumable, what's the breakdown of your order backlog of roughly 1,000 crore? How much is it attributable to McNally, and how much is the consumable side? Okay. We don't give that breakup, Jonas. A significant part of the orders what we have is on account of the consumable business segment, and the remaining is on account of the equipment business. What we can assure you at this juncture is that we shall be able to maintain our 15% CAGR growth rate, and that is how we intend to go at a group level, and we will be able to grow McNally by more than about 25% coming in the going future. Understood. Perfect. Great. Thank you, gentlemen, and all the best. Thank you. The next question is from the line of Deepak from Sundaram Mutual Fund. Please go ahead. Yeah. Thanks for the opportunity. Am I audible? Yes, you're audible. Yeah. So sir, again, double-clicking on this equipment side. So this quarter, we have shown a very strong comeback with 78% YoY growth rate in the revenues. And you also highlighted earlier that of that 120 crore NMDC order book, we have almost 75% will get executed in FY 2026 and the balance in FY 2027, right? And we did around 215 crores in FY 2025. Correct. So if I just add the NMDC order book, even if I keep the revenue flat of what we did in the equipment in 25, we are looking at, let's say, 35% to 40% plus kind of growth. So I'm just not able to understand when you say 25% kind of growth in equipment, how we are coming at that number. See, last year, if you see, we had done about 200-plus revenue growth, revenue in the equipment business segment. And we have the orders, and we have that visibility of the orders which are going to come in the near future that is in Q2 predominantly. And basically, those orders for which we have clear visibility, but still, since we don't have the purchase orders in hand, we have not considered them in our order book numbers. Basically, the visibility we have of the negotiations and discussions we are going on with our customers. We are confident of delivering these numbers. Okay. Okay. Thank you, sir. Thank you. The next question is from the line of Sandeep Jain from Baroda BNP Paribas Mutual Fund. Please go ahead. Yeah. Thanks for taking my question. Most of the question has been answered. Just one thing. As we see, the consumable revenue is around 294 crores for this quarter. Is there any kind of shipment which is kind of delayed, or there is some kind of thing which we can see in the coming quarter which we have not booked like it happened in the previous quarters and all? Any number you want to give there? Sandeep, there have been certain shipments which have been pushed in Q2. I will not be able to give you the exact numbers, but there are deferments even in the current quarter. So there was some kind of deferment in, I believe, if I remember it correctly, somewhere around in the Q4 also. So that is what is getting booked here and something which will be kind of booked in Q2. It would be great, Sharad, if you can give some kind of so that we can kind of normalize our earnings and all. See, some of the ones that were deferred in Q4 have come in. There are some which have been deferred into also in Q2, and some also go as long as into Q3 because of the customer request. Some of it has already been executed in July, so what you see there, so it's only a timing issue at best. You don't want to quantify it? I don't want to give a number, Sandeep, because there are so much uncertainties in the next quarter. Again, you will ask me with the. That is the problem I have. Understood. And in terms of the freight cost and all, any kind of light there that how it is increasing, it is impacting our margin, how we should look at it? Because if I look at year-on-year, our consumables liner margin has also been declined kind of thing. It is related to the freight or what? No. Freight costs have been smoothing out over a period of time, and we do pass on the freight costs with a quarter timeline to our customers. Supply chain disruptions are there. Certain challenges are there, but then we are trying to work as closely with our customers and the shipping lines to ensure that we meet on the timelines, both on raw material procurement as well as on our shipments. Okay. So no impact of the freight cost in this quarter's EBIT margin? No. A very small number, but not significant. So if I look at it as declined somewhere around year-on-year 430 basis point, I know it's a seasonal business. Nothing to compare. You should compare on a rolling two- to three-quarter basis kind of thing. But any kind of material negative which we can see in this EBIT margin, which you think it will reverse in the coming quarters and all? It's all about operating leverage. The moment I have my revenues picking up in the Q2, we will see those EBITDA margins and the EBIT margins will be down. That's fine. That's fine. Yeah. Thank you. Thank you, Sir. Thank you, team. Thank you. The next question is from the line of Renjith Sivaram from Mahindra Manulife Mutual Fund. Please go ahead. Yeah. Hi sir. I just wanted to understand that globally, when we see we were having hard competition from Metso, now that FLSmidth has done some acquisition and they are also getting aggressive and they have also started to give contract manufacturing for composites for some other Indian companies, sir, by which they are also trying to reduce their cost. So in that scenario, do you see a challenge to our market share or our market share growth? Hi, this is Mehul. No, we don't see any impact in terms of competition. I mean, FLSmidth is a competitor for sure, but they are fairly new in this business. Our business is critical to operate consumables, so people have to have substantial reference and history and legacy to be able to establish themselves in this market. So it's not very easy for someone, whether it be FLSmidth or anyone else tomorrow, to be able to just enter the market and start disruptions in terms of market share. So we are aware. We do watch competition very carefully. There are larger players than FLSmidth in this business as well. We in Tega have been very accustomed to dealing with competition on a year-to-year basis. In our entire 50-year history, we've seen many competitors, and our business still remains very sustainable in spite of competition in the market. Okay. And sir, thanks for that explanation. And Chile, when we come in with our own facility, roughly around $200 million, if I put a number to that market, of that currently, what will be our market share and with our localized facility, is it right to assume that our market share can easily double in that geography? Currently, we already have a facility. It's just that we're running out of capacity, and that's why we're doing another greenfield expansion, as we've explained in the previous earnings calls. Yes, the market is larger, slightly larger than where you put it at. It's close to about $350 million in Latin America. This additional capacity that we will have through the new project will help us add incrementally another 1,000 crores of top-line revenue to our business when it goes fully online at 100% capacity utilization. Okay. Okay, sir. Thanks, and all the best. Pleasure. Thank you. Thank you. The next question is from the line of Abhishek Agarwal from Prithvi Finmart Private Limited. Please go ahead. Hello. Yeah, please go ahead. Thanks for giving me the opportunity. My question is related to there is a news article which is quoting that one of the largest mining companies is looking to buy out the company. So just I want to understand, as a promoter, how much we are focused on the company or we are looking at something in this line to sell out the business? Yeah. So we don't comment on market rumors. These are, I would say, things that people speculate on, but we don't. We remain very focused on our business. And all I can say is there is no interest from the promoter family to divest to anybody in the market. Okay, sir. That's from my end. Thank you. Thank you. Thank you. The next question is from the line of Prabodh DP from Petrichor Investments. Please go ahead. Thank you for taking my question. My first question is on the EBITDA margins being seen in context with the gross margins. As we've seen, the gross margins have held up, and this is despite a larger contribution from the McNally side, which is at a lower level. So when we look at the EBITDA margins, and we've seen it in previous years where there's a build-up, what I just wanted to get an operational sense on what are these expenses that get built up over the years as we execute our orders? See, the gross margins is a direct function of the sales and the raw material cost for that particular period. But when we compute the EBITDA margins, you have got fixed overheads, salary expenses, and all of that comes below the gross margins to derive the EBITDA. Now, the fixed overheads remain constant, even in a Q1 versus a Q2, for example. But since gross margin absolute numbers, they get better off with increased sales, the EBITDA margins in subsequent periods get improved, actually. So it's a function more of the utilization capacity that builds up over the years? Yeah. Because, say, for example, we have those salary costs, for example. Now, the salary cost remains constant even in Q1 versus Q2, subject to new people joining in and increments, all of that. But the revenue minus raw material cost, which is a gross margin, then a higher base helps me absorb more of those costs, actually. So which one of two years basis? Yeah. Yeah. There aren't any kind of costs like negative, for example, like a little front-loaded as the year goes on, it wears off? No. No, nothing negative like that or front-loading or anything like that. Understand. Yeah. Thanks. Thanks a lot. Yeah. Thank you. The next question is from the line of Samyak from Marcellus Investment Managers. Please go ahead. Good evening, sir. Sir, my first question is on the equipment margin. So over the past three quarters, our equipment margins have been constantly increasing from 10% to 16% till Q4 of 2025. So just I wanted to know what is the reason for the decline in margins in current quarter? Is it a function of some product mix or customer mix that you would like to highlight? I think one thing what we have kind of put our fingers on is the gross margin is slightly down because of change in sales mix. We have roughly the combination of spares and equipment is about 45 to 55. In the last quarter, the spares part has been about 30 to 35 grand. However, this is just a quarter effect, but going forward in the full-year basis, we continue to be very optimistic about the guidance what we have already given. Got it, sir. And sir, lastly, so while I understand that it would be better to look at the consolidated number instead of standalone, but would it be fair to say that the decline in the standalone revenues could be a reason of we are increasing our sales to international geographies basically through the manufacturing facilities that we have in those geographies rather than exporting it from India? So directionally, would this be a fair assumption to me? No, it will not be prudent to consider it like this. It's only a matter of time. If on a full-year basis, you will see recovery in the standalone numbers as well. Why I recommended to see the results on a consolidated basis? Because that gives a complete picture of the group. Because there are a lot of things which are manufactured in India, and we have marketing branches, entities across the globe where they are shipped, and then third-party invoicing is done from those locations. The revenue which is recognized on a consolidated basis is basically third-party revenue which is being billed and invoiced to them. So it is about revenue getting declined in the Indian standalone accounts and manufacturing getting accelerated in other locations, actually. Got it, sir. That's it from my side. Thank you. Thank you. The next question is from the line of Varun Jain from Dolat Capital. Please go ahead. Yeah. Hi, good evening, sir. My first question was your FY 2026 CapEx guidance and its breakup. See, we have got the Chile CAPEX plan which is there. We have got certain CAPEX proposals for Dahej plant which we had updated last time as well. We have incremental CAPEX for McNally as well. So on an overall basis, if you see, the Chile CAPEX will be close to about $30 million. Dahej CAPEX is about 30 CR in INR terms. And another 20 to 25 CR is what we have committed for McNally as and when those CAPEX requirements are there. And these CAPEX spend shall be over a period of two years, that is in FY 2026 and FY 2027. Apart from these, we have maintenance CAPEX of about 50 CR on an annualized basis at a group level. So of the three CAPEX you mentioned of Chile, Dahej, and McNally, we can say roughly half will be this year because it's over two years? Yeah, a little more than half shall be in the current year itself. Okay. And my second question was, what percentage of your revenue is from the US? Because earlier, the company has always taken this line that if U.S. imposes tariffs, all the suppliers will be hit equally. But that is not the case, right? Because our competitors don't have their manufacturing in India. Now, Trump is threatening that the tariffs on India could be substantially higher than some of the other places. So what is our exposure to that? So we are also keeping a closer watch on what's happening there because now it's August 8th. We will find out more about it. However, having said that, we have manufacturing locations across the globe, also in Chile, where it's not so much impacted. Nonetheless, our exports to mainland USA from India is around less than 2%. So the impact will not be substantial on other group level, even if that happens. We have also the option of manufacturing it from other locations as well. So the impact is really negligible as of now. So less than 2% of total revenue is to the US? From India. Yes. Okay. From India. And the overall revenue of the company, how much is to the US? 4% to 5%. Okay. Got it, sir. Okay. Thank you and all the best. Thank you. Thanks. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you once again for taking out your time and coming to our investor call. We will keep you posted of any subsequent developments. Happy to interact and take any subsequent questions you have. You can reach out to our investor department, and we will be happy to address the same. Thank you so much. Thank you. On behalf of Tega Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.