Ladies and gentlemen, good day, and welcome to the Tube Investments Q3 FY 2026 earnings call, hosted by IIFL Capital Services Limited. All participants are currently in listen-only mode. There will be an opportunity to ask questions following the conclusion of the management's opening remarks. Please note that this call is being recorded. I now hand the conference over to Mr. Joseph George from IIFL Capital. Thank you, and over to you, sir. Thank you, Inba. On behalf of IIFL Capital, I welcome you all to the Q3 FY 2026 results conference call of Tube Investments of India Limited. From the management, we have with us Mr. M.A.M. Arunachalam, Executive Chairman, Mr. Vellayan Subbiah, Vice Chairman, Mr. Mukesh Ahuja, Managing Director, Mr. A.N. Meyyappan, Chief Financial Officer, Mr. Shivdeep Singh Jamwal, Division Head, TPI, Mr. N. Sivakumar, Division Head, MFPD, Mr. U. Rajagopal, Division Head, TI Cycles. We also have with us Mr. Jalaj Gupta, Managing Director, TI Clean Mobility, Mr. S. Gopalakrishnan, CFO, TI Clean Mobility, and Mr. N. Govindarajan, CEO, 3xper Innoventure. I will now hand over the call to the management for opening remarks, post which we will have Q&A. Yeah. Thank you, Joseph. The board of TI met today, and we approved the financial results for the quarter ended December 31, 2025. The board also declared an interim dividend of INR 2 per share for the financial year 2025-2026. Standalone results, revenue for Q3 was at INR 2,152 crore, compared to INR 1,910 crore for the same period previous year. The PBT before exceptional items for the quarter was at INR 268 crore, compared with INR 212 crore for the same period previous year, a growth of 26%. ROIC annualized was at 49%, which is compared with 43% for the same period the previous year. Free cash flow for the business for the quarter was at INR 248 crore. In terms of the individual businesses, for the engineering business, the revenue for the quarter was at INR 1,438 crore, compared to INR 1,212 crore in the corresponding quarter. PBIT for the quarter was at INR 196, as against INR 156 crore in the corresponding quarter the previous years. Metal Form, revenue was at INR 408, compared with INR 400, and PBIT was at INR 46, compared to INR 40 in the corresponding quarter. For our mobility business, revenue was at INR 183, compared with INR 142, and the PBIT for the quarter was at INR 4 crore, as against a loss of INR 0.8 crore in the corresponding quarter the previous year. For other businesses, our revenue was at INR 214 crore, compared to INR 252 crore, and PBIT was at INR 19 crore, as against INR 11 crore in the corresponding quarter the previous year. From a consolidated perspective, our consolidated revenue for the quarter was at INR 5,801 crore as against INR 4,812 crore. The profit before share of profit of associate joint venture, exceptional items and tax, was at INR 502 crore, as against INR 427 crore in the corresponding quarter. CG Power registered a consolidated revenue of INR 3,175 crore for the quarter, as against INR 2,516 crore. Again, the profit for the quarter was at INR 420 crore, as against INR 335 crore. Shanthi Gears registered a revenue of INR 117 crores as against INR 158 crores, and profit was at INR 23 crores as against INR 35 crores in the corresponding quarter. I'll stop with that. Be happy to turn it over to all of you for Q&A. 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. We take the first question from Sujit Jain of Bajaj Life. Please go ahead. Yeah. Hi. So this is a question to Vellayan. From the time you took over from the professional manager and then handed over the baton to another professional manager, after taking the company to new heights and including introducing TI-2 and TI -3 strategies, you've had some phenomenal successes and as well as some things which would have tried and tested us and without much success so far. Wouldn't it not be an opportunity for you now to consider some consolidation? Meaning, as much as attack is a weapon, a retreat also could be a powerful tool to basically consolidate your time and your attention and your management focus on few things, and probably eliminate things which may not be working. So that what then remains, you can double down on and continue with your TI-2 and TI-3. Thanks. Yeah. Okay, Sujit. No, thanks. I think the question's a good one. You know, so actually, if we look at what we have broadly, right, in terms of what's remaining. So I think the really, the question is more on kind of the adjacencies or kind of the new businesses that we've gotten into, right? So, if I were to just kind of break that down, you've got TI Clean Mobility, you've got the medical business, you've got 3xper, and you know, obviously, CG is on the other side. But I, I would say broadly, these are the businesses. Shanthi. Huh? Shanthi. No, yeah. So Shanthi and CG, I think are, are okay, right? I don't think kind of those are kind of fit into your question. I'm assuming, Sujit, that you're asking mainly around these businesses. Is that fair, Sujit? That's right. So it's about TI -2. Yeah. Yeah, yeah. So that's right. Without doubt. Yeah. Yeah. So we're talking about TI Clean Mobility, you know, TI Clean Mobility, TI Medical, and 3Xper. These are the three areas, right? So, let me kind of visit this, one by one, right? So I mean, Sujit, to your question, you know, broadly, I, like, here, I'll talk through each of the three businesses one by one, right? So obviously, the largest one is TI Clean Mobility, and, there, what I would say is that, you know, I would say that we went through things that are definite learning curve, right? I mean, I, I made some mistakes, kind of, you know, I've not, perhaps performed as well as we could have in certain segments. And perhaps I also underthought a bit as to kind of what it would take to kind of build out, you know, build out the business, right? But broadly, what I would say is that, you know, we're at a stage when capacity has been built out, and we're beginning to see, you know, green shoots in, you know, definitely in kind of, in a lot of the new products that we're basically starting off on. So I would actually say that now is the time to double down on that business. It's not, not the time to kind of back off. And because the fundamental thesis, Sujit, to me, is still intact, right? Which is like all of the, you know, all of the IC components and, IC products in these businesses are going to get replaced over time, right? So I would definitely say that from that perspective, I see it as a business to double down on right now. And obviously, kind of, you know, we still have a very high level of conviction that, you know, we will kind of get there, although it is getting a bit more delayed than we thought it would. And when I say get there, I mean, obviously, the first step is just EBITDA and cash flow break even. And then the next stage will be, you know, obviously getting to a level of profitability in that business. And then, the second is on 3Xper, which is, you know, in the CDMO space. See, the big challenge in 3Xper was actually the building out of the plant, right? Because there are two parts to that business. One is the development side, one is the manufacturing side. The manufacturing side is actually the side that brings in the revenue and scale. Unfortunately, we got caught in getting permissions to build out the facilities. And now we've got, you know, pretty much everything, including kind of, you know, all the consents and approval needed. So, you know, in the next three months, basically, we will start being able to produce, and then still we have, like, the certification cycle, which is fairly long in that business. So the seeding of that business kind of takes a fair amount of time, and I think it got delayed by almost, I would say, more than 18 months because of permissions for that facility in Andhra Pradesh. So that's the challenge with that business. So we have to at least give it that time to perform, right? Then the third, obviously, is TI Medical, and there I would say that, you know, it, it's a business that has opportunity, but obviously kind of, I think the learning curve for us on that business has been that the number of targets to acquire in India have been limited, right? So again, we kind of get posed with a question of how do we scale it up, because the number of targets are limited. So I would say that your question is valid. I understand where you're coming from. Is it time to consolidate, or not? But I still feel like these three are all still valid TI-2 plays. They're just taking longer. Honestly, TI-2 is taking longer than I thought it would take, right? But that doesn't mean... See, a lot of the things, getting into new sectors like this, right? There haven't been that many people who have entered in the auto sector and kind of have scaled, you know, starting de novo. So some of these things just take time, right? And I think that, Sujit, you know, as long as my conviction level stays high, you know, we will continue to kind of invest, especially in these three businesses, and looking to scale them up. Sure. And then coming back to, you know, our attention again, back to our main business, the core business, engineering and metal forming, which because the overall auto industry, post GST cut, has got a fillip. Mm-hmm. Can you speak about some of the levers that we were deploying in terms of like we mentioned, you know, export picking up to a higher percentage, same client, higher revenues, getting more clients, et cetera? So till the time TI-2 plays out, actually TI-1 again, you know, propels the engine. Correct. Yeah, so as you can see, we've had good performance in the engineering business, right? Now, the one thing, Sujit, that's been interesting is that, where we thought exports would kind of drive it, actually, we've seen the opposite. Because, you know, Europe demand has been weak, and U.S., you know, between kind of tariffs and everything else, like on the engineering side, we're still shut out because of Section 232, so we basically still have a 50% effective duty going into, into the U.S., right? So till some of those things structurally change, you know, export growth has not been to the level we want it, but we're definitely seeing, you know, domestic growth be offering us kind of enough growth opportunities in these businesses, right? So that's... So export as a level has not kind of played out, but domestic growth levels, and we're continuing with plant expansions there, will continue to kind of allow us to grow more. So on the engineering side, you can see fairly strong results for the tubes business, and I do think that, you know, we will see that performance continue for the foreseeable future. So, that provides us with kind of, with, you know, with good impetus. So I would definitely say that we're seeing significant growth opportunities. So we've seen kind of, if you take that organic growth business, organic business in TI -1, where we thought it would be like more like 6%-9%, we've seen double-digit growth in those businesses, right? So that's what's giving... I mean, so, Sujit, obviously, that is helping from a performance perspective as well. One last question: in metal forming, one of your clients got listed, a Korean company, so if they kind of do well, will we have more opportunities with them to actually grow with them and do better there? Yeah, Sujit, your question is very right. If one of the Korean customer does, obviously will do- No, he's saying it well. Yeah, okay. I got you. Yeah. So, surely we'll do well, and at the same time, we are spending time on building capabilities for some other customers as well as some new product lines in the connectivity. Obviously, it'll take about a year's time, so that maybe even if one customer is not doing well, how we can do well as a company. So those efforts are on, and I'm hopeful by next year, we, it should give some result. Sure. Thank you. All the best to you. Can I have one more question, or should I get back in the queue? Sir, you may proceed. No, I- You may, you may proceed, sir. It's fine. Yeah. Yeah. So, and this question is, since we are a parent to CG Power, which is extremely doing well, but just, you know, push the envelope further there. You've hired a CEO. In his previous avatar, in the company that he worked with, services was a significant portion of that entity. Right. close to 30% when we last met him, and he's cognizant of the fact, services of CG Power should be like a 1%-2% business. Yeah. Could we kind of double down there as well as a lever? Yeah. So, Sujit, definitely services is a big lever there. So, and, we're actually, we're now, in the process of recruiting, one or two key people to basically drive the growth of that business. My sense is that, that should be, yeah, there, so yes, so we are looking at kind of growing that business. First the team will come on board, and then we'll start driving that growth, which should start happening. So at least the team should be on board in the first quarter of 2027, FY 2027. Thank you. Yeah. Thanks, Sujit. Thank you. A quick reminder to our participants: if you wish to ask a question, you may click on the raise hand icon. We'll take the next question from Joseph George of IIFL. Please go ahead. Thank you, Inba. So I have two, three questions. One is on the railway business. You know, the last call, you had mentioned that the business commencement has been, had been pushed out from fourth quarter FY 2026 to maybe early, you know, FY 2027. Just want to check whether that is on track in terms of timing? So, Joseph, thanks for the question. Your observation is right. That project is little bit running delayed, and prototype samples are getting submitted between March and April, maybe quarter one, and in March it will get submitted. And based on the prototype samples, and that company is also developing the product first time, so we are hopeful that FY 2027 should be better. Sure, thanks. The next question that I had was, you know, typically every quarter you give out the volume growth in the engineering segment, so if you can just help us with that number, it will be great. So on YTD basis, it's double digits. That's what we share and which is going to be reflecting in the results also, but the segmental results we give it. Sure. The last question that I had was, in the Q2 call, you know, you talked about a potential acquisition, the indicative number given was about INR 200-INR 300 crore. I just wanted to check if there's an update on that and what space are you looking at, et cetera. So Joseph, like what we shared last time, so this is a continuous work we do it, so there is no definitive timeline, what we can give it to acquisition as a possibility. So we are looking into the market, and whenever we find there is some suitable possibility, we'll surely share with all of you. Great, thanks. That's all. Thank you. Any participant who wishes to ask a question may click on the raise hand icon. We have the next question from Anupam Gupta. Please go ahead. Yeah, hi. Hello, am I audible? Yes, sir. Yeah. Yes. Yeah, well, on your first reply, where you talked about TI2 and maybe doubling down on the EV business, given that the losses are continuing and earlier we had said that we will stay at that INR 750 crore investment, which you had done initially. So incrementally, let's say over the next couple of years, let's say if the break-even is pushed out, let's say 1-1.5 years down the line, what sort of incremental investments are you okay doing from the parent balance sheet, incrementally in the EV business? Yeah, so Anupam, I would say that, you know, it'll definitely be at least INR 500 crore, and it could be, you know... So my sense is the range is INR 500 crore-INR 750 crore. Okay. From the parent balance sheet. Understood. Anupam, you're right, which is I did read it wrong. I mean, I definitely read it wrong, right? So that's why I said it. I mean, it's taking longer than we expected, but you're right. So, but INR 500 crore-INR 750 crore is the range. Yeah. Understand. And just to maybe get slightly more color on this, so let's say in the last couple of years, when we came to the market and all the products which we launched, we were almost, let's say, the early entrants in three-wheelers as well as in trucks. Now, when we are trying to rectify whatever mistakes we did, now we see that the incumbents are much more aggressive in terms of launches, in terms of the features which they're offering. So, what incrementally different do you plan to do to maybe get back on track in the EV business? So, Anupam, obviously, the strategy is gonna be different for different products, right? So, where we made mistakes and where the incumbents have now taken the lead has been in the three-wheeler side, right? Mm. So that's, in that business, basically, the objective is to kind of bring down, you know, our cost structure, so that we will soon back up the product. You know, if we kind of, again, we'll get into a lot of specifics, but basically, you have, like, three sets of segments in there, right? In the L5M category, and one's 9 kWh, one's 10.6, and one's 12 or 12 plus. And right now, predominantly, Mahindra and Piaggio are in the 10.6 category. Mm. So obviously, what we need to do is make our product more competitive in that category and then look at products in the other categories, right? So kind of, without kind of going through like, you know, huge amounts on CapEx, which is the way we're looking at it. So those are the two focus areas there. The good thing is that all the product issues are behind us, right? So it's basically now it's just focused on, you know, again, kind of developing stronger relationships with the channel and beginning to push out on sales. Now, if you take the small commercial vehicle, there's been very good reception to the product, and we're still early in the sense that there are right now three players in that segment. Mm. -which is basically Ashok Leyland, Volvo, and us. And then, and then, so I think it... Sorry, Anupam, did you say something or? No, no. Please go ahead. Yeah. Yeah, so I think that, so there there's still an opportunity to, because it's early days, and the early adoption is getting started, but the products are solid product. It's very good and beginning to scale well. And then on M&HCV, there, I would say that, you know, still, you know, we've got kind of over... We're over 40% of the products sold in the market today. And there, what's happening is we're beginning to develop use cases. That's how it's happened, right? We actually kind of, like, really worked to develop the use cases for the cement segment. Now, cement is picking up. So we have to do this one... I mean, so basically, to create adoption here, we have to kind of go one segment by, how many of our segments adopt at a time is gonna determine kind of how quickly the product scales, right? So I think in each one, the strategy is slightly different, Anupam. Sure. Understood. And just one last question: so, so given that you have to have so much focus on reviving the three new segments, will it be right to assume that you will not incrementally be wanting to take anything new under TI, or you are still open to adding new stuff on TI2 or TI3? Yeah. So I think that, I would say that right now, definitely, you know, Sujit's point is also valid, which is it's unlikely we'll do anything significant in TI2 anymore, right? Mm. So I think TI-3 is just TI-3, if something were there, it's, we're still be open to, but I would say definitely there's no thinking of doing so much significant in TI-2 anymore. Okay. That's all from my side. Thank you. Thank you. That question was from Mr. Anupam Gupta from HDFC Mutual Fund. We now move to our next question. That's from Salil Desai of Marcellus Investment Managers. Please go ahead. Thank you. Yeah, first question, you know, if you could share the volumes in each of these electric vehicle categories for the quarter? The- Yeah, and registrations. There is a, Yeah, time will be. Wow! Next question. ... Okay, have we shared volume Q1? Yeah, for primary volumes we have. Okay. Yeah. Okay, so, the volume for quarter three for the big trucks, M&HCV, 56 numbers. For three-wheeler business, 1,816 numbers. For small commercial vehicles, 301 number, and for E-tractor, 29 number. Thank you. Yeah, and I see, we had, well, and you were saying that the small commercial vehicles reception has been very solid. Great. Yeah. My second question is, you know, on the engineering segment, right now, there is a clear improvement there. Yeah. but in MFP, I mean, I'm assuming that there's a fair bit of overlap in, you know, end user industries, maybe even some customers. So why is there a divergence in the growth rates between the two? So, Sunil, your observation is right. Actually, in MFPD, we are having, today, two challenges. What we are facing is, one is railway business. Second, particularly, whatever exports we do in MFPD for the European market. So European markets are going little bit weaker. That's why there is a little bit divergence. But from domestic market size, other than railway, it's going well. All right. Great. Our new plants, any progress on them? Have they started commercial operations? I'm assuming that you would have had something in this quarter, right? You're talking about engineering division? Yeah, the plant in the west of, So that is also little bit deferred. We are maybe, hoping, I think it'll get delayed by 6-9 months' time. Any particular reasons why that is happening? Maybe let's say it's because machine suppliers are facing some challenges, and that's why we are getting little bit delayed. I see. All right. Great. My, my next question I had, you know, this was on Shanthi Gears, if one of you could help us understand, is that, you know, revenues have been declining, you know, sequentially for at least about 4-6 quarters now. So what is really happening there? And if you can share, you know, how the business would shape up, let's say, in the next couple of years. So, Sunil, maybe on a long-term basis, sure, we are always bullish about Shanthi Gears business, but in the short run, order book is a challenge, and there, you know, the group philosophy is always to always keep eye on the margins, and which we don't want to dilute. Mm-hmm. We see little bit a slowdown in the order book, and also we feel it's temporary in nature, maybe another 1 or 2 quarters, and we'll revive with that. Just to make sure I understand, you're saying the market is now more competitive, and orders are fewer, so you are not kind of compromising on margins and letting revenues go. Is that how- Yes, that's right. Okay. That's right. All right. Okay, great. Thank you. I'll come back in the queue. Thank you. Our next question is from Ajox Frederick, from Sundaram Mutual Fund. Please go ahead. Hello? Yes, sir. Hello. Please go ahead. Yeah. So just one question. On engineering, we slowed for a bit of time, and now we are turning things around. Is it, does it have to do with, let's say, new customers, new products? What's kind of happening there? So, like we shared in the past, it's a combination of two, three factors. One is obviously the, after GST cut, domestic market, is, absolutely bullish, so we have participated that. And also, you are aware of, we have done a lot of regional balancing as a part of our strategy exercise. So a plant for CRS is putting in Nashik, and, a plant for another two plant for we have put in Phaltan. So both, maybe let's say, the capacities are getting utilized, and we are hopeful by quarter two of next year, they will get fully booked. So... And we are participating whatever unique conversions are happening, with the high strength material, and maybe wherever our customers are, China plus one strategies are there. So combination of all, is helping engineering business to grow. But at the same time, exports is right now a challenge. Hopefully this trade barrier and all these things improve, so that last further add to current growth plans. That's great, sir. So the margins can still get better as our capacities improve? Internally, we are driving. Good. All right, sir. Thanks. That's it for me. Thank you. Our next question is from Jinesh Gandhi of Oaklane Capital. Please go ahead. Mr. Gandhi, could you please unmute your microphone and ask your question? Yeah. Am I audible now? Yes, sir. Yeah, hi. Mr. Vellayan, my question pertains to your comment on exports, which you talked about on the tariff side. So now with the recent change on the U.S. tariff, would we expect our duties to come down to 18% or under Section 232 to be still at 25%? So there's been no indication right now that Section 232, the duty of 50%, is going to come down. So the current stand is still that, that sticks. So obviously there's still been, and there has been active lobbying by India to try to bring it down, but there does not seem to be any indication of that yet. Yeah, so obviously, kind of this is outside of that 50 to 18 regime. Right. 232 has been a separate track. ... 232, it doesn't look like has been touched for pretty much all of the products that were in, still remain in. Okay, so it's not even 25- Yeah, you're, you're right. So, Dinesh, you're right, that 50% sticks for us. Got it. Secondly, with this FTA, talking about bringing duties down to zero from exports from India, do you see Europe as a relatively bigger opportunity, which was not fully tapped so far, and with this change in duties, as in when it happens in the course of the next 12-15 months, we can see substantial growth and ramp-up in the European markets? Yes, your observation is right. Europe is a big market, and like you rightly said, that it'll have a lag of around 12-15 months. And also there is one more challenge, maybe there are known trade barrier also are there in terms of CBAM and other things, which adds further challenge, and hopefully maybe our government is negotiating that. If that happens, yes, it's a big market. Got it. Europe's definitely been a huge opportunity for us, but they've also had all kinds of barriers, both on the volume side and on, on an NTB. Right, right. No, that's fair point. And last question is on the three-wheeler side. So now, we have had a sizable presence in some of the key markets, on the e-three-wheeler side. So some of the older markets in South India, which we entered the first, how has been our ramp-up there, and what has been our market share in those markets on e-three-wheeler space? And second part question to e-three-wheeler is, what percentage of the addressable market we are now present in? Okay. So, I'll take the second question first. So, today, we cater to about. So we have about 117 dealerships in e-three-wheeler, and we cater to, in the L5M category, about 65%-70% of their TIV, is what this particular 117 dealers they cater to. Within these dealerships also, we are trying to, you know, have a focused dealer approach to ramp up our volumes, which is to say about 52-55 percent of these dealers, is what we are primarily focusing more on, which can give us, about, let's say, 75% of the volumes that we do. To the first part of your question, yes, in South, our relative presence is better as compared to in terms of market share, vis-a-vis North, East and West. But, in South, the electric industry transition from ICE has not been, you know, as much as it has been in the other parts of the country. So we still continue to be relatively strong in South, vis-a-vis other markets. And, that places us well, as and when the transition happens, it will augur well for us. I've got it, got it. Great! Thanks, and all the best. Thank you. We take the next question from Vipul Shah of Sumangal Investments. Please go ahead. Hi, sir. Am I audible? You're audible, sir. Yes. Please go ahead. Yeah. So of the- Mr. Shah, I am sorry, you're on mute. Yeah. Am I audible? Yes. Yes, you are, sir. So, of all the four electric vehicle products, which one you have the highest confidence that it will turn around in next 12-18 months? So I'd definitely say that the two which will, that we are pushing towards, you know, breakeven in the next 12-18, will be, in the heavy vehicles and in the, the three-wheeler, because those have had the longest track records. And then, that will be followed by SCV and then tractor. Okay. And sir, you said that you will be infusing INR 500 crore-INR 700 crore in electrical business, so that will be at the TI Clean Mobility level overall? Yes. So, our contribution will be less, it should be proportionate to our equity, right? So we will basically... I mean, that's a discussion we'll have in terms of the exact structure, but we look at it in both models, right? Like whether we put in and increase our stake, or whether we get, you know, kind of proportional contributions. What is our current capacity utilization in engineering division? So why I'm asking is, are we planning any CapEx over the next 12 months in that division, since that division is started performing? Like we shared in the earlier calls, we are covered for FY 2027 fully, and we always assess this, capacity utilization and the future demand on regular basis. So if anything is required for FY 2028, we'll put up the CapEx. Thank you, and all the best for the future. Thank you. Thank you. Welcome. Thank you. Our next question is from Prithvi Raj from Unifi Capital. Please go ahead. Hi. I just have a couple of questions on EVs. If you look at three-wheelers, you have already increased the distribution reach, you have corrected your products. What else you think you can do to drive volumes? Because I'm assuming, you know, you have been doing whatever you can. Is there anything else you can do to push the volumes? ... So, Prithvi, basically, yes, there is. There are two sets of things we can do. The one is that we are actively focused on kind of the BOM cost reduction side to make... Because basically, to make the product more competitive from a pricing perspective, that is one thing that we're definitely focused on. And then obviously, the second is when you think of the channel and the network, and basically kind of building that out as, because so it's, it's kind of comparative to what are competitors. These are the two areas. But I'm assuming this BOM cost reduction will take a lot of time, right? It's not going to be easy. No, it doesn't have to be, doesn't have to take that long, right? I mean, we've been working on it for a while, right? It's not like we're starting now. Okay. And then obviously, in the first question, you explained in detail about each of the segments, but if I have to ask, where do you take a call that, okay, enough of these investments, and you would like to end it? I mean, after how long- Obviously- After what kind of investments? Yeah, so I don't want to give, like, a deterministic answer to that now, which is like, basically, the way I still have a lot of conviction that that ICE is basically going to move to EV, right? I've always said we don't know the rate at which acceleration is gonna happen. So basically, we are still very convinced that this is a segment that we have to basically invest in, because we see the opportunity in, you know, in these platforms. So we'll continue to invest. So I think that that's the way we're looking at it right now. Okay. That's all from my side. Thanks. Thank you. Thank you very much. As there are no further questions in the queue, that brings us to the end of our Q&A session. I'm sorry, actually, we just got a participant in the queue. That's Mr. Salil Desai from Marcellus Investment Managers. You may go ahead, sir, with your question. Thank you again. Can you share an update on the L3, for I think about six months back, you mentioned that that is a space that you're looking at, and if any progress has been made, any CapEx or volume targets? So, Salil, at this point of time, we have seeded in certain volumes and only in select markets, and we are testing out the product in terms of, you know, product acceptability, price points, et cetera. As you would know, that this market has been dominated, you know, by the typical lead acid players, and there are more than 250 players in the market. Hugely fragmented market. So we want to be very sure what we are getting into. So at this point of time, it is just at a seeding in few markets, and based on the feedback that we get over next quarter or so, we will take a call on the future of the product and what our GTM strategy would be. Understood. Thank you so much. Thank you. We have another follow-up question, sir, from Prithvi Raj of Unifi Capital. Please go ahead. So I just have one bookkeeping question. What are the losses in EV during the quarter? Yeah, certainly. Yeah, see, during the quarter, it is INR 164 crore. Sir, there's that, there is some specificity. INR 164.31 crore. Okay, fine. Thanks. Yeah. Thank you. We have our next question from Anish Rankawat of UTI Mutual Fund. Please go ahead. Yeah, hi, sir, one question. The cycle segment seems to be doing really well this year. While I believe last couple of quarters were cyclical in terms of seasonality, it seems to be maintaining in Q3 as well. What, what is driving this? And, how do you see it going forward? So, like we shared the last year, we are trying to develop new products, which at least takes care to some extent, the cyclicity. So E-bike was one of them. Last year, if you see, our E-bike sales were almost nothing, and this year it has picked up pretty well, and still we have to go a long way in that particular. And second, we focus on the fitness business and the spares business, what we are trying to bring it, that these three initiatives will surely help us to mitigate, to some extent, this cyclicity in the business. E-cycles, what kind of TAM are we looking at, and what kind of penetration does e-cycles have currently in India? So we have just started, and, like, let's say in EV businesses, we are discussing the adoption level is going to pick up, like we see in the EV vehicles. Similarly, we see in the EV bicycles also, the adoption level is going to pick up, like China has done a good job in particular with that. We also see at some point of time, consumers are going to definitely need a segment where they don't want to buy a bicycle, and as well as they can't afford the two-wheeler. So in between segment, there is a segment going to emerge, and, we are trying to participate that. And how much TAM would be there, I think- The TAM is, like, not deterministic right now, right? And so, like, it's like a conversion of a segment, right? So it's like, I think all of these things is not like there's any data or kind of anything that says the TAM is gonna be so. All right. Thank you for that. Thank you very much. Okay. Thank you. Thank you. Ladies and gentlemen, that was the last question. On behalf of IIFL Capital Services Limited, that concludes today's conference. Thank you for joining us. You may now click on the leave icon to exit the meeting. Thank you all for your participation.