Welcome, everyone, to the fourth quarter FY25 conference call for Tube Investments of India. From the management, we'll have Mr. Arunachalam, Executive Chairman for the company; Mr. Mukesh Ahuja, Managing Director; Mr. AN Meyyappan, Chief Financial Officer for TI; Mr. Shivdeep Singh Jammu, Division Head for TPI; Mr. Shivak umar, Division Head for the Metal Form Products; Mr. U. Rajagopal, Division Head for the TI Cycles business; and Mr. Jalaj Gupta, CEO for TI Clean Mobility Private Limited. To start off with, I'll hand it over to Mr. Ahuja for the opening comments, and then we'll have the Q&A. Thank you, Inva, and good morning to all. From management side, just a commentary: the Board of Directors of Tube Investments of India met and approved the financial results of quarter and year-ended 31st March 2025. The board has declared an interim dividend of INR 2 per share in February 2025, and the same was paid to the shareholders in March 2025. The board has now recommended a final dividend of INR 1.5 per share for the financial year 2024-2025. Just a snapshot of standalone results for Q4 and the full year: revenue for Q4 was INR 1,957 crore against INR 1,962 crore of the same quarter previous year. Revenue for the full year was INR 7,893 crore against INR 7,611 crore of the previous year. EBITDA before exceptional item for the quarter was INR 896 crore, and the year was INR 1,544 crore. During the quarter, the company has recognized a fair value gain of INR 569 crore in extreme towards investment in CCPS of the TI Clean Mobility Private Limited. EBITDA before exceptional items and the CCPS fair value gain for the quarter was INR 327 crore against INR 318 crore for the same quarter previous year. EBITDA before exceptional items and CCPS fair value gain for the full year was INR 975 crore against INR 970 crore for the previous year. ROIC at 44% for the year ended 31st March 2025 as against 54% in the previous year. Free cash flow for the quarter was INR 225 crore, and the cumulative free cash flow for the year is INR 397 crore, which was 55% of the PAT. This is excluding fair value gain. Coming to the respective businesses, in general, the revenue for the quarter was INR 1,229 crore compared with INR 1,276 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 142 crore against INR 160 crore in the corresponding quarter of the previous year. The revenue for the full year was INR 5,029 crore compared with INR 4,921 crore in the previous year. Profit before interest and tax for the full year was INR 617 crore, which is the same as the last year. Coming to metal form products, the revenue for the quarter was INR 403 crore compared with INR 386 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 39 crore as against INR 42 crore in the corresponding quarter of the previous year. Revenue for the full year was INR 1,565 crore compared with INR 1,519 crore in the previous year. Profit before interest and tax for the full year was INR 164 crore against INR 187 crore in the previous year. Coming to mobility, the revenue for the quarter was INR 181 crore compared with INR 150 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 4 crore against the loss of INR 9 crore in the corresponding quarter of the previous year. The revenue for the full year was INR 670 crore compared with INR 664 crore in the previous year. Profit before interest and tax for the full year was INR 5 crore as against the loss of INR 18 crore in the previous year. The revenue for the quarter was INR 244 crore compared to INR 230 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 13 crore as against INR 17 crore in the corresponding quarter of the previous year. The revenue for the full year was INR 987 crore compared with INR 834 crore in the previous year. Profit before interest and tax for the full year was INR 48 crore against INR 65 crore in the previous year. These standalone consolidated results, TI's consolidated revenue for the quarter was INR 5,150 crore against INR 4,490 crore in the corresponding quarter of the previous year. The profit before share of profit of Associate Joint Ventures for the quarter was INR 342 crore against INR 405 crore in the corresponding quarter of the previous year. With this, I hand over and come back to you and happy to take any questions. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may click on the raise hand icon from the participant tab on your screen. We will wait for a moment while the question queue assembles. Ladies and gentlemen, if you wish to ask a question, you may click on the raise hand icon. We'll take our first question from Rushabh Shah from RBSA Investment Managers. Please go ahead. Mr. Shah, may we request you to unmute your microphone and you may ask a question. Yeah, am I audible? Yes, sir. Okay, yeah, good morning. Yeah, firstly, we have been saying in earlier con calls that the TI has room for one more business division that could be incubated. Any thoughts? Have you finalized anything? What can it be? Also, lately, the government has started a new PLI for electronic components. Are we looking at this? Anything that could be done? That is my first question. Yeah, Rishabh, thanks for the question. As of now, we are still studying for incubating another business line in the TI. Regarding your question to PLI, we have yet to take call. We are also studying that option, but yet to conclude on that. Okay. My second question is on medical devices. We were expecting certain certifications from the export market. Have you received it? What is the status? I believe we know we are not growing as per the potential of the division so far. Rushabh, we agree with your remark on we have already invested in CE certifications for Europe, which was a work in progress. There is a bit of delay in getting those certifications, and we are expecting to be over in next coming quarter, which is current quarter. After that, maybe the business will also start. Like fixed cost is already invested in, but revenue is to still keep on in a large way for the export market, which we are confident going forward will take place. There is a bit of delay. We agree on that. My third question is on the EV segment. We have seen lately there has been high competitive intensity, especially in the three-wheeler. I just want to understand what more are we doing to improve the battery range after sales and reduce cost, given the competitive intensity that has happened? Also, one of the competitors is saying that they are already doing motor in-house, and they are also getting eligible for the PLI in this segment. Where are we on both of these? Okay, so Rushabh, Jalaj Gupta here, I'll take this call. You are absolutely right. The intensity of competition in the three-wheeler electric business is increasing. That's because we are seeing a very high degree of electric conversion of the ICE and other fuel vehicle into three-wheeler. As far as we are concerned, we have our product plans. In fact, as of today, we offer one of the highest range that's offered on any particular battery offered in three-wheeler. We are working on introducing variants of offering other battery packs as well. That's one. The second part of your question was doing our in-house motor. There are various microcontrollers that go into electric vehicles, be it three-wheeler or other components. We are well on our way to indigenize the majority of the microcontrollers within ourselves that is in the business. We'll be among the very few ones in the country to have their own microcontrollers for the business itself. Mr. Shah, may we request you to return to the queue, sir, as there are participants waiting for the turn? We'll take the next question from Vipul Kumar Shah of SUMANGAL INVESTMENTS. Please go ahead. Hi sir, thanks for the opportunity. Can you give the volume figures for all the three electric products? What is the quarter-to-quarter change? Okay, so I'll take this. Quarter four was perhaps our best-ever quarter since the inception of TI Clean Mobility from the top-down perspective. As far as the full year is concerned, the overall revenue grew by almost 160% over end of 2024. As regards to specific volumes, the total volume for the year for the four businesses that we operate was 7,540 numbers. There are two, three more things I just wish to highlight over here. IPL Tech, which is the flagship business for the TI Clean Mobility, their quarter four again was the best quarter. We could deploy 65 trucks in the quarter four. Just to give you the and give everybody the perspective of what IPL Tech is doing, in the entire last financial year, all over the country, for heavy electric trucks, 206 trucks were deployed in the country, in the entire industry. Out of 206 trucks, 172 trucks were deployed by IPL Tech. That's the kind of impact or that's the kind of lead that IPL Tech has taken in the heavy electric commercial vehicles. Now I'll talk about two businesses which saw them moving from project stage to the full-fledged business scale, which is our e-SCV EVIATOR brand, small commercial vehicle, and the electric tractor business. Quarter four saw both of the businesses seed volumes, about 14 in one case and 17 in another case, into the market for quarter four, which was the plan. The plan was to ensure that in quarter four, all the four businesses are fully operational, which we have achieved. Now we have the entire full financial year where all the four businesses will be fully operational. Also, can you give three-wheeler numbers also? Three-wheeler numbers for the quarter were 1,662 and for the year were 7,324. What was the same figure for third quarter, sir? Third quarter figure was, yeah, third quarter figure was 1,800. 1,800. So we have this room. We maintained our, for the full financial year, we maintained our market share. In fact, for the full financial year, if I may just tell you, the three-wheeler L5M category of business, this particular TIV, it grew by 91%. Just give me a minute. The TIV grew by 91%, and we grew by 116%, the three-wheeler passenger business in which we operate for FY 2025 over FY 2024. On any of these two, this truck or three-wheeler business, do we expect to break even at EBITDA level in the near future, sir? Sir, the plan is that yes, the attempt is that for both these businesses, the attempt would be that at least for a quarter or maybe even more, the attempt would be within this financial year, which is the current financial year, to achieve an operational break even. Okay, and sir, my last question relates to engineering division. There the world, it has stagnated. Are we losing any market share? Can you comment qualitatively? Tonnages are less or how should we read it? Because that was our main growth engine in previous years. Growth momentum and the share of business continues to be strong in the engineering division. We maybe, let's say, we have rather improved our market share in the domestic market. Coming to the margins, what you are able to see at the stagnant level, that is because a new facility in CRSS at Nashik has kicked off. We are in the process of taking customer approvals, which is expected to be over in the next three to four months' time. Capacity utilization, which has just started now, is going to improve. We see the revenue growth as well as the margin improvement is going to happen in the future. Should we expect better numbers in the second half of this year for engineering division, sir? Yes. Okay, sir. Thank you very much. I'll rejoin the queue. Thank you. A reminder to our participants, if you wish to ask a question, you may click on the raise hand icon from the participant tab. We'll take the next question from Anupam Gupta of IIFL. Please go ahead. Yeah, thanks for the opportunity. Sir, basically coming back to the core business, I say engineering and metal form, can you please talk about how did the exports fare in this quarter and possibly break it up between the engineering division as well as for the industrial chains, which we export? Similarly, how was the performance for the large dia tubes for which the new capacity was under construction in the last year? Anupam, morning and thanks for the question. Maybe let's say to answer your question one by one, particularly to the exports business, exports business continued to be 15% of the TI sales on an overall basis. It has continued to be maybe let's say engineering division as well as IC. However, maybe on account of little uncertainty, which all of us are aware of, customer relationship are in let's say in contact. Maybe let's say continue to have a great relationship with the customers. There is a bit amount of uncertainty in the short run, which maybe in our view, it's just a temporary period, and after that, we'll be back. Coming to large diameter plant, yes, you are right. For extended range, the plant is operational now, and we are in the process of getting the customer approvals for which maybe all of the existing customers only. There are hardly new customers. We have to go through the cycle of getting product approved, which we are hoping in next month or two months will get approved. We see that extended range in the large diameter also will start kicking in for the engineering business. Okay, okay, understand. Similarly, in the metal form product business also, sir, although there was marginal growth, but margins there continued to remain weak. What is plaguing the margins for the metal form product business? Like we shared in the previous calls, MFPD business is under pressure because the railway maybe let's say not kicking enough. I'm happy to share with all investors today we have signed a INR 8,000 crore contract for the next seven years' period of time, which is expected to start in Q4 of this year. Railway business, we expect to revive it back starting next year and another Q4 of this financial year, which will help us to improve the margins in the MFPD business, which were stagnant or a little lower from the last two or three quarters. Okay, so will this contract also boost your growth? Because I think over the last six, seven quarters, railway has not contributed much in terms of revenues, right? The growth also should be stronger compared to what it has been in the past? Yes, Anupam, starting Q4 of this financial year, railway will be on the growth trajectory back to the original positions. Okay, fine. Just one last question on the EV business, sir. EV, we had a target of reaching close to 120 or so dealerships for the three-wheeler business. I do not think we have reached there, at least what is visible from the website in terms of dealerships. Where are we at this point of time and what is the target, if you can break it up between three-wheelers, small commercial vehicles, and tractors for this year? Okay, so Anupam, I'll go one by one. Three-wheeler business at this point of time, we are 85 dealers who are fully operational as of today. For small, and when I say 85, I'm just talking of as of 31st of March. For the quarter ended last year, for the quarter, and the plan is to go upwards of 120 dealerships for the year. That is for the three-wheeler business. For the small commercial vehicle, two dealers were fully operational as on March 25, and the plan is to be having 25 dealers across the country. As far as each tractor is concerned, four dealerships were fully operational. When I say fully operational, likewise in small commercial vehicles, there were many LOIs which were issued, which I'm not talking about. I'm talking about the number of dealerships which are fully operational. As far as the tractor business is concerned, there again, four dealerships were fully operational. The plan is to have about 25 numbers there also operational before the end of the current financial year. As you would know, for the truck business, it is a direct selling model that we are deploying at this point of time. Maybe we may explore some service dealers, but that will be just done on a pilot basis. Sure, sir. Okay, I'll come back in the queue, sir. Thank you. Thank you. We take the next question from Prithvi Raj [Erlay] from Unify Capital. Please go ahead. You made a point of this new plant in the engineering segment. What will be the incremental capacity growth because of this new segment? It is going to add incremental capacity of overall engineering division about 7%-8%. In terms of volume, if we say that it is going to be about 4,000 tons per month. On the EV side, could you quantify what are the losses for this financial year? Yeah. Yeah, this is Meyyappan here. See, for this quarter, the loss is INR 107 crore. That's what we have reported is INR 244 in this year to eliminate the CCPS fair value loss what we have accounted for in the consolidated statement. That is INR 137 crore is there. If you remove it, this INR 107 crore is the PBIT loss for this quarter. And for the year, it is INR 412 crore. We expect this to reach break even by the end of Q4 of this financial year, right, by FY 2026? No, no. I think Mr. Jalaj has already explained to you that we are working towards a bit of positive for break even for two of the businesses. Okay. Yeah. The railways order, which you mentioned, is a IRS 1,000 crore order, right, over seven years? That's right. Okay. Thanks. That's all from us. Thank you. Thank you. Our next question is from Vijayaraghavan Swaminathan from Avendus. Please go ahead. Hi, team. Thank you for the opportunity. The first one is on the EV business again. I remember sometime back, Mr. Vellayan used to call that we need to do about INR 1,000 crore in each individual set of these businesses to break even. We are calling for operational break even in the next year. How does the number work? I'm not able to add it up. Sorry. Sir, the target is that TICM, all the four businesses put together, the first immediate target is how do we reach a $1 billion mark, let's say next three to four years. That's the first objective. Having said that, the second most immediate objective is, as you know, also said, how do we reach operational break even at least for the two businesses this particular year, right? The third target that we are working towards is that how do we become among the top three players in each of the four businesses that we are operating in. I think these are the three big milestones that we are working towards. Perfect, sir. Thank you. Should we have a number in mind to say when you're looking to break even in eHCV and the passenger auto segment, is there a top-line number that we should be aware of to be revised from the INR 1,000 crore number? It'll be difficult and not appropriate for me to comment on that at this particular point of time when we have just started our journey. Right, sir. Perfect. We can still expect operational break even on FY 2026, is your commentary right now? For the two businesses, not for full TICMPL, but at least two out of the four businesses, that's the plan. Right. And TICMPL, what would be the cash kit that we have currently, sir, out of the INR 3,000 crore? 9%. Almost around INR 900 crore we are having it in cash. INR 940 crore to be precise here. Right. Thank you. Sir, another one is that can you just explain between two businesses which were written off this quarter, MoShine and the waste-to-energy business, what is the rationality behind it? MoShine, which we started for a feature stone market around one and a half years back, we find maybe, let's say, whatever margin expectations are there, that is not getting fulfilled in that business. That is why it is a small business around INR 15 crore. We have taken an impairment in this current quarter. What you are mentioning about the Aerostrovilos, that was done in the Q1 of this financial year, which was basically an investment in the startup for the R&D project. When we see that maybe it was not progressing well, we have taken a call that, I think, Meyyappan, it was around three point. INR 3.5 crore. INR 3.5 crore was the investment in the startup. Right, sir. Fair enough, sir. One more management-related question here with Mr. Vellayan not being on the call today. Should we read like this is a move because he moved to a non-executive role or this time he's not present for one-off reason? Mr. Vellayan is traveling this time, and that's why he could not join for this call. Thanks for the clarity. Thank you, sir. That's it from my side. Thank you. We'll take the next question from Salil Desai of Marcellus Investments. Please go ahead. Mr. Salil Desai, may we request you to please unmute your microphone, and you may then ask your question. Thank you. My first question is for Meyyappan. If you can explain the CCPS impairment provisioning that has been done, what is the reason behind this and how should that change, say, in the next couple of years? Yeah, I can explain you. It is regarding the, with respect to CCPS, what we have invested in TI Clean Mobility. TI Clean Mobility has raised INR 2,070 crore of CCPS, out of which INR 500 crore has been invested by Tube Investments as a promoter, and remaining INR 250 crore has been invested by private equity firms. Correct. Okay. As per these CCPS terms, it's a variable conversion. Okay, it is not a fixed-to-fixed conversion. That is, it will not straightaway fixed number of equity it will not get into. It depends upon the performance of the company. At that point in time of the conversion, it changes. The number of shares what they get is changes. That means as per the Ind AS, we have to treat it as a current, that is, we have to treat it as a financial liability. We cannot treat it as equity in the books of TI Clean Mobility. Hence, for the last two years, we were also showing it on the financial liability only. Our funding also got completed in June 2024, and since nine months got over from that time, we have to do a fair valuation on that and accordingly account for it. It should be a regular feature for every quarter, that is, every reporting period we have to do. Okay. Based on which we have done the fair valuation since the variability is there on this. We have to do a fair valuation. We have engaged the Big 4 for doing a fair valuation and done the fair valuation. It has come to something like INR 706 crore of a number that has been accounted as a fair value loss in TI Clean Mobility. In Tube Investments' standalone business, whatever the investments which we are having, out of which INR 569 crore is the fair value gain for us that we have accounted in TI Standalone Business. In the consolidation, this gets knocked off. This INR 569 crore will get knocked off and only INR 137 crore, that's investor portion's fair valuation, that alone will come as a hit to the P&L in the consolidated TI financial statements. I see. Just to understand, you said the INR 706 crore fair value, which is lower than what was anticipated earlier, right? Should this be read as the fact that as per the shareholders' agreement or the CCPS agreement, the actual performance is probably not tracking what was earlier expected? The fair value has reduced, right? Is that a? No, no, no. Actually, we never said any number earlier on this because the fair valuation, the first time we have done it only on 31st of March. See, earlier in the period, earlier period, we have considered the cost as the fair value. The reason is the funding was not completed. Funding has completed only during this year. In June 2024, the final money has come in and the entire funding got completed. Hence, we have done the fair valuation now and it has been accounted for. We never mentioned any amount earlier on this. Thank you. Okay. At this point, what would be Tube's stake in TICMPL? See, right now we are having 100% only. Okay. Everything will get converted only at a later point in time. Okay. It depends upon the market conditions at that point in time. Understood. Okay. Right. Yeah. Thanks. Yeah. Yeah. Thank you for Jalaj. If you can know the INR -106 odd crore EBIT that we have in this quarter, what would be the major cost items that are kind of leading to this? Last year, I think 2024, we had R&D expense, some corporate support expenses and all that, some of the major ticket items, and just some professional fees also. It would be good to know what are the big ticket items. If we have a path to a Q4 profitability, then which of these items will either reduce or is it going to be just revenue growth, thing that is going to drive the EBITDA break even? Yeah. This is Meyyappan, yes. See, whatever we have reported here is operational PBIT, which we have given you. That is, I mentioned in the earlier thing also, INR 244 crore was the loss which has been shown as in Q4, and out of which, if I remove the INR 137 crore, INR 107 crore is the loss. And then going forward, see, because the EBITDA break even will come in two of the businesses, that's what Mr. Jalaj just said that will come in the future quarters. See, that means we will be able to maintain this because it's only operational loss. There is no specific behind this because once the revenues start kicking in, then this loss will automatically come down. Right. So what I was trying to understand is, are there startup costs that will reduce or is it also going to, I mean, obviously, revenues will go up. Costs will not come down. Revenue will increase and by which you will be able to get more contribution on the product, whatever you are selling, and that will be able to absorb the fixed cost. Understood. Okay. So it's not that there are some startup costs that will reduce. No, no. Got it. No, no. Yeah. Thanks. Lastly, Thanks. Lastly, on the railway INR 1,000 crore orders, if you can just clarify what this order is for, and seven-year kind of seems like a long duration for typical railway orders. Would you understand the nuances behind this? Like we said earlier, maybe it is an order, maybe let's say like you see railways going through the private Asian route, maybe one of the many trains orders got awarded to one private player. In turn, maybe that particular bogie has been given to us. It is starting Q4 of this financial year and will continue for another six years, which is the time period given. Got it. Okay. Thank you. Thank you. Our next question is a follow-up from Rushabh Shah of RBSA Investment Managers. Please go ahead. Yeah. Thank you. Just want to clarify. You mentioned the target of $1 billion revenue in EV segment. So does it include exports or it's only for the domestic market? Total. The entire size of the business, including exports. I think we are supposed to review the feasibility of the cycles business. Have you taken any call or I think you're targeting some export market there. What is the status on this division? Rushabh, like we mentioned in the previous calls, we think cycle business is already into black. This year particularly, our exports have gone up, and we continue to focus on exports and other categories of the cycle business, which we feel it is going to grow income in the future. Just a clarification on the consolidated P&L. I can see the total profit allowance is around INR 158.19 crore in Q4. The breakup between the owners of the company and non-controlling interest, the ratio has come to 30/70 from 70/30 last quarter. Is it due to CCPS only or what is the ratio that you may expect going forward? I think you see this INR 46 crore is predominantly because of the CCPS, INR 136 crore you have to add and then see. Okay. That will be the impact. If you add that and then see, then it will be INR 183 crore will be the number for the total number TI. Okay. As against INR 46 crore, okay, that will be actually INR 183 crore if you remove the CCPS thing. Okay. Understood. Just last, if you just share something on the CDMO piece, what is the progress and what is the roadmap, two to three-year roadmap on that? Like earlier mentioned, our construction for the plant has already started, and we expect that to be over by coming year, let's say quarter three and quarter four, maybe in the middle of that, the construction will be over. Then we'll be able to go to the mass production level in the CDMO business. That lab, what we mentioned, the customer acquisition is continuing and which is encouraging. Maybe after this commercial production happening for the large scale, we will do ramp up even for the CDMO business starting next year. Thank you, sir. Wish you all the best. Thank you. Thank you. Before we take the next question, we'd like to request participants to click the raise hand icon to ask a question. The next question is from Vipul Kumar Shah of SUMANGAL INVESTMENTS. Please go ahead. Hi sir. Thanks for the opportunity again. My question is regarding TI Clean Mobility. We have cash of INR 900 crore. Considering current losses, will we be forced to raise capital at TI Clean Mobility level in the near future? No, this is Meyyappan here. We do not have any plans of raising any further investments. No. No. No. Since we are already fully covered. Yeah. So how are we going to fund the losses? We have only INR 900 crore left, you yourself have said. If losses, when volumes will increase initially, losses will also mount, no? Vipul, as of now, we see that maybe we are covered for more than one and a half to two years cash available. Also, maybe like we earlier mentioned in the calls, we are very prudent on increasing our fixed expenses and all those things. We are very careful being a part of T I and Murugappa Group. We feel as of now, we are covered up to one and a half to two years too. Yeah. Sir, my second question relates to engineering division, your Nashik plant. When it will become fully operational in 2026-2027, what type of revenue contribution we can pencil in for the entire year? We expect this plant to be fully operational by Q3 of this financial year itself rather than 2026-2027 because one thing good working when the steel scenario because of the safeguard duty introduced, we see there will be uptick in demand for the CRSS business. As earlier mentioned during the call, this plant, we have done a capacity of around 4,000 ton, which we see should be fully utilized by Q3 and Q4 of last year. Then based on the progress, we have a plan to further expand depending on how we are progressing. Once it reaches its optimum utilization, what type of annual revenue run rate can we expect from that plant, sir? Likely, maybe let's say rather than giving plant-wise revenue targets, we maybe to give a guidance on the engineering division overall, we expect double-digit growth, what we mentioned in the previous call, to continue for the engineering business going forward. Okay, sir. Thank you. Thank you. Our next question is a follow-up from Vijayaraghavan Swaminathan from Avendus. Please go ahead. Thank you for the follow-up, sir. One question is that we've also given a board resolution saying about an INR 300 crore fundraise. What is the plan for this particular debt raise that we've called out for? Yeah. Meyyappan, sir. This is a generic resolution. That is, we're enabling resolution which we use to get every year. See, as per the regulations right now, we have to get this on a year-on-year basis. That's why we are in the first board meeting. We always get it for this year. Only if there is a need we'll take, but we don't have any plan to raise at this point in time. Right. Perfect. With regards to incremental cash that is being generated this year, how should we look at capital allocation as a policy? Like we mentioned, as of now, maybe five articles are already there and TI, TI CMPL, like we discussed, they are fully covered for the next two years' time. The capital outflow will be happening for particularly TI Medical, CDMO business, and for the core business, what we are going to do with. As we said earlier, maybe we are also exploring newer opportunities. Depending on the attractiveness of the opportunity, fund will get allocated to that opportunity also. Right. One last one is that TI Medical had a loss this time. What is the reasoning and what is the turnaround period here? As I earlier mentioned, we have invested a lot for the exports business, which is going a bit slow. We agree on that particular piece. Starting maybe next one or two quarters, we are expecting whatever lag was there for one or two quarters should get carried away. We see that it'll be back to profits. With the current set of investments that we've already done into TI Medical, what is the kind of potential upside that we're looking for, ROC of 20%, 25%? What is the number? I'm just asking you, sir, from the current investment that we've done for about INR 260 odd crore and the partner putting about another INR 67- INR 68 odd crore, INR 350 crore investment, up to what revenue levels can it take this company into? When will further investments be required on TI Medical? We are already exploring, maybe like you say that maybe if we do any acquisition, maybe let's say this coming at a higher price point, which is not as per our philosophy of TI. It is going to be a growth vertical for us. Coming to answer your question of the overall TI, we expect always ROC more than 25% on whatever we invest after the business gets stabilized. Right. Thank you and all the best. Thank you. Ladies and gentlemen, if you wish to ask a question, you may click on the raise hand icon. We take the next question from Ms. Anupam Gupta from IIFL Capital. Please go ahead. Yes, sir. So a couple of questions. Firstly, in terms of CapEx, can you please detail what are the planned CapEx and investments in FY 2026 by businesses, if you can give that recap? For the core business, we expect as of now, we'll be investing around INR 300 crore in our core business. Like I mentioned earlier, further investment will be going towards the TI Medical, CDMO, and any other opportunity comes in front of us. That's how the capital will get allocated for the current year. Can you detail the quantum which you have planned for medical, CDMO, and if there is anything planned for EVs as well in this year? Anupam, that depends on the size of the opportunity. Maybe it will be very difficult to mention what kind of CapEx we will be putting in. Like we said, we are studying on the field of TI Medical, either through organic or inorganic route, whatever it comes that. That will depend on the size of the opportunity. Okay. Okay. Understand. One question for Mr. Jalaj. In your remarks, you said we are looking at more battery options for three-wheeler. I understand your current pricing is a bit higher than what competition is offering and also because of the type of battery which you're offering. Can you talk a bit more about what changes we are looking at and what will it do to your pricing versus competition? As of today, what we offer in the market is a higher capacity battery. In fact, we and one of the competition, other two ones which offer a higher capacity battery, our battery capacity is 10.2 kW-hour. The recent we have seen in the market introduction of products with lower battery capacity as well. We will be offering them also as one of the variants, which will give us some advantage on the pricing that we can do. Not only that, when we introduced our product, there were certain very unique features which were the best-in-the-class features in the category, which of course, the competition has caught up upon. Very soon, we would be launching a refresh version of our three-wheeler passenger variant, which we feel that will again give us the competitive edge as far as the product is concerned. One thing which remains unchanged in the market is the premium positioning that we have positioned our product with, which is something customer also acknowledges, and customer is therefore willing to pay a slight price premium also on our product vis-à-vis the competition. Okay. Okay. Understand. One more question for you, Mr. Jalaj. On the trucks, obviously, we were the only offering to a large extent in the last year. Now we have seen that Larsen & T oubro has launched almost a similar product as what we have from IPL Tech. Have you seen any impact from there, or how are you preparing for that sort of competition and possibly more launches in that segment? Competition will come. I mean, we are all embracing towards competition, not only from one. We will see competition from many. There will be many more entrants into this particular field. However, what is important is how many trucks have been put on the road in terms of the actual usage. I gave the figure earlier that out of 206 trucks deployed in the country, 172 were deployed by us. What is important in case of the big truck business is the successful establishment of the end use cases, which we have been able to do across six to seven segments. Competition will come, but I guess we believe that we have a very good head start vis-à-vis the competition because anybody, be it competition, be it us, it took us about a year or more than a year, about two years, to establish the successful end use case. There will be a learning curve which the competition will also follow. Yes, the learning curve may be slightly smaller, but everybody will have to go through that learning curve. Sure. One last question on Moshine. You have taken the right of given the sort of margins which you have seen. Let's say, in that business, are you still open to take that electronics PLI which is there? Can it be housed under Moshine, or is that a very tough place to put incremental investments in given the sort of experience which you have had over the last year or so? Like we said earlier, maybe electronics is a field we are not averse to. As of now, whether we have decided anything to do in the electronics field, the answer is no. We are open to this field because it is going to be a growing field coming in the time. Like you mentioned, even government is giving a PLI, but as of now, we have not taken any call. Okay. Fine. That's all from my side. Inva, if you have any more questions from the participants, you can take that. Otherwise, we can, I think, close the call. I will check again, sir. Ladies and gentlemen, if you wish to ask a question, you may click on the raise hand icon. We have a follow-up question from Vijayaraghavan Swaminathan from Avendus. Please go ahead. Thank you, sir. One last one. Can you just explain the utilization of the current engineering and metal form division, and what is the upside that we have got left there in terms of capacity? In engineering division, our capacity utilization is maybe let's say if I exclude the Nashik plant, which has just started, and there is another plant going to come in the Phaltan for the tube division. If I include this both put together, our capacity utilization will be around 80%. In the MFPD business, maybe because it is a varying business, but overall number will remain again at around 85% capacity utilization in the MFPD also. Do we have incremental capacity to take that particular railways order by the time we'll be adding a new capacity assumption through the INR 300 crore we're investing this year into the base business? Like I maybe let's say mentioned in the tubes and the cold roll strips, we are covered for even at least next one to two years because both the capacity addition, one has just started, another is going to start another down the line one quarter or two quarters. We are covered in the tubes. Like we already, let's say it is already in public domain for the MFPD division, we are also investing in the same place for Phaltan along with the tube capacity, which will also be good to go for next two years' time. Right, sir. Perfect, sir. Thank you. It was a great call, sir. Thanks, Freddy. Thank you. Our next question is from Namit Arora of INDGROWTH CAPITAL. Please go ahead. Thank you very much for the opportunity. Sir, my question was on the EV business. Clearly, you are pioneers, and there may have been some learnings since you started compared to the original business plan. Could you walk us through any of the key learnings so far and any revisits to the business plan that you need to make with a three- to five-year view? I know it is a new market and you are pioneers, but it will be good to get some early color of qualitatively how you are feeling about this and any tweaks or changes you need to make to your approach to this EV business. Thank you. Namit, as I just said, I'll just maybe reiterate those two, three points that our big milestone of reaching $1 billion, that doesn't change, right? That in terms of business plan doesn't change. The end destination remains the same. That is number one. Number two, that we are the pioneers, so therefore we would want to be among the top three players in each of the segments that we play in. That also doesn't change. Yes, there have been few learnings. One or two learnings that I can share with you is that for truck business, for example, we have realized that the time from which we start pursuing an opportunity or start engaging in a sales talk to the deployment of the truck, it's a long lead time item, right? Earlier, it's not so much about selling a truck. It is about a complete project getting institutionalized. That is one learning that we have got because there are multiple stakeholders which are involved, including charging infrastructure, the logistics service provider, the end use case, the financiers, etc. That has been a learning. The second learning has been that in many of the EV businesses since inception, it is the end user, I think, to whom or the end use case business viability that needs to be established, be it in case of tractors, be it in case of small commercial vehicles. The only exception is the three-wheeler business where the business is primarily a B2C business. Since the business has reached almost 26% of the electrification, it could be a usual through-the-channel sale of the three-wheeler business. As far as all the three other businesses are concerned, it would remain primarily to start with a B2B kind of an end use case establishment before the sale can be executed. These are some of the learnings, and there are some more, but these are, I think, the top two, three learnings that we have picked up as we have moved in this journey. Thank you very much, sir, for your very detailed and candid thoughts. This is most helpful. All the best to the entire team and many compliments to the entire group for phenomenal value creation across group companies over the past decade and more. Thank you very much, sir. Thank you. Thank you. Thank you. As there are no further questions, I now hand the conference back to Mr. Mukesh Ahuja for closing remarks. Over to you, sir. We are thankful to all for fantastic questions, and this also helped us to have a learning opportunity. Thank you very much for your support. Thank you. Ladies and gentlemen, on behalf of IIFL Capital Services Limited, that concludes today's conference. Thank you for joining us. You may click on the leave icon to exit the meeting. Thank you for your participation. Thank you again. Thank you. Thank you.