On behalf of IIFL Capital, I Welcome you all to the Q4 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. Mukesh Ahuja, Managing Director. Mr. A. N. Venkatakrishnan, Chief Financial Officer, as well as all the divisional heads. I will now hand over the call to the management for opening remarks, post which we will take Q&A. Good evening. The board of directors of Tube Investments of India met today and approved the financial results of the quarter and year ended 31st March 2026. The board has declared and paid an interim dividend of INR 2 per share in February 2026. The board has now recommended a final dividend of INR 1.50 per share for the financial year 2025-2026. The standalone results for the quarter, the revenue in Q4 was INR 2,279 crore compared to INR 1,957 crore the same period previous year. The revenue for the full year was INR 8,556 crore against INR 7,893 crore of previous year. PBT, before exceptional items and fair value gain on CCPS for the quarter was at INR 361 crore compared to INR 327 crore of the same period of the previous year. PBT, before exceptional items and fair value gain on CCPS for the full year was INR 1,099 crore as against INR 975 crores of previous year. ROIC stood at 44% for the year ended 31st March 2026 compared to 44% reported in the previous year. Free cash flow for the quarter was INR 313 crores. Accumulated free cash flow for the year was INR 826 crores, that is 100% of PAT. Reviewing the businesses. Engineering, the revenue for the quarter was INR 1,499 crore compared to INR 12,299 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 176 crore against INR 142 crore in the corresponding quarter of the previous year. The revenue for the full year was INR 5,612 crore compared with INR 5,029 crore in the previous year. Profit before interest and tax for the full year was INR 689 crore compared to INR 617 crore in the previous year. Metal Formed Products, the revenue for the quarter was INR 421 crore compared with INR 403 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 35 crore against INR 39 crore in the corresponding quarter of the previous year. The revenue for the full year was INR 1,603 crore compared to INR 1,565 crore in the previous year. Profit before interest and tax for the full year was INR 162 crores as against INR 161 crores in the previous year. Mobility business, revenue for the quarter was INR 208 crores compared with INR 181 crores in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 4 crores compared to INR 4 crores in the corresponding quarter of the previous year. Revenue for the full year was INR 783 crores compared with INR 671 crore in the previous year. Profit before interest and tax for the full year was INR 19 crore against INR 5 crore in the previous year. The others, revenue for the quarter was INR 246 crores compared with INR 244 crores in the corresponding quarter of the previous year. Profit before interest and tax for this quarter was INR 16 crore against INR 13 crore in the corresponding quarter of the previous year. Revenue for the full year was INR 923 crore compared with INR 987 crore in the previous year. PBIT was INR 70 crore against INR 48 crore in the previous year. The consolidated results. TII's consolidated revenue for the quarter was INR 6,215 crore against INR 5,150 crore in the corresponding quarter of the previous year. The PBIT, before share of profit of associate joint ventures, exceptional items, loss on fair valuation of CCPS and tax for the quarter was INR 516 crore against INR 479 crore in the corresponding quarter of the previous year. For the year ended 31st March 2026, TII's consolidated revenue for the year was INR 22,847 crore against INR 19,465 crore in the previous year. The profit before share of profit of associate joint ventures, exceptional items, loss on fair valuation of CCPS and tax was INR 1,937 crores against INR 1,801 crore in the previous year. CG Power Industrial Solutions Limited, a subsidiary company in which the company holds 56% stake, registered a consolidated revenue of INR 3,442 crore during the quarter against INR 2,753 crore in the corresponding quarter of the previous year. Profit before exceptional items and tax for the quarter was INR 490 crores against INR 384 crores in the corresponding quarter of the previous year. For the year ended 31st March 2026, CG's consolidated revenue for the year was INR 12,418 crore against INR 9,909 crore in the previous year. The profit before exceptional items and tax was INR 1,662 crore as against INR 1,348 crore in the previous year. Shanthi Gears Limited, a subsidiary company in the gears business in which the company holds 70% stake, registered revenue of INR 135 crore during the quarter against INR 153 crore corresponding quarter of the previous year. Profit before exceptional items and tax for the quarter was INR 25 crore against INR 31 crore in the corresponding quarter of the previous year. For the year ended 31st March 2026, SGL's revenue was at INR 519 crore as against INR 605 crore in the previous year. The PBIT was INR 107 crore against INR 130 crore in the previous year. With me I have Mr. Mukesh Ahuja, Managing Director; Mayur Finn, CFO of TI. Also have Mr. Dheeraj Gupta, MD of TI Clean Mobility; and Gopal, the CFO of Clean Mobility, along with a few team members. We're ready to take your questions now. Thank you, 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. Any participant who has a question may click on the Raise Hand icon. We'll take a first question from Joseph George of IIFL Capital. Please go ahead. Yeah. Hi. Thank you. I have two, three points to touch upon. One is, can you help us with the underlying volume growth of the business? Because the revenue growth obviously includes the pass-through of the materials, et cetera. Joseph, can you come again, please? Could you help us with the volume? Mr. George, could you just hold the mic a little closer to you and speak and repeat your question, please? Is it better now? Yes, better. Okay. The first question was, if you could share the underlying volume growth in the engineering business. It is almost in because there are no major price movements in the quarter four, so you can consider whatever is the sales growth shown. Okay In the quarter four, it is in line with the volume growth on. Thank you. The second question was, you know, given the challenging macro environment, how are you seeing demand and volume growth, et cetera, in the early part of say, 1Q FY 2027? Because a lot of, you know, OEMs and businesses are hinting at challenges on growth, as well as on the cost side and pressure on margins, et cetera. If you can you know, give some indication of how things are on the ground, both in terms of volume growth as well as in terms of cost pressures. Joseph, as of now, we see volume growth are still on the stronger side. We see the growth is still bullish. Like you said, that there is a challenge on the commodity price increases along with the macro environment. Fuel prices is a challenge in front of us. Like you are aware of, commodity price increase, we get it from our customers because we have a contracts in place which comes with sometimes a one or two quarters lag that will be recovery. The immediate challenge is how to get the inflation on the fuel and this thing which we have taken up with our customers. We are hopeful, through either driving some cost reduction insight and taking up with customer, which may have a little bit lag, we'll be able to cover that. Thank you, sir. The last question that I had was on, if you can give an update on the scale up of the railway business, which is something that you've talked about in the last I think, two, three quarters, but we are yet to see the scale up there. Some update on that? Joseph, on that side, maybe there is no major update as of now. As of now, still we are at a product development stage, which we have completed. Customers where we are supplying, they have to get their product approved with the Government of India on the Vande Bharat coaches. That process is on, and it is a work in progress. Hopefully, we'll be able to see some progress down the line, 2 or 3 quarters from now. All right. Thank you. That's all I have. Thank you. Before we take our next question, we'd like to remind participants, to ask a question you may click on the raise hand icon. We'll take our next question from Rushabh G. Shah of RBSA Investment Managers. Please go ahead. Yeah. Am I audible? Yes, Rushabh, you are audible. Yeah. Thank you for the opportunity. My first question was actually on the EV side. Now that, you know, I believe the current crude price volatility would have better, given a better pitch for the TCO on the EV side. How are we seeing the demand side on the, especially on the HCV? Is financing still an issue? You know, what is stopping us from scaling up in the HCV side? Yeah. Rushabh, thanks. You are absolutely right. We are definitely seeing a upswing in the demand for the electric vehicles, especially in our heavy truck segment and also in the small commercial vehicle segment. In fact, we are sitting on a very good order book for the big trucks. Coming to the challenges, the challenges is primarily on account of deployment. In deployment, there are two parts to it. One is financing, as you rightly said, because the average deployment is for about 50- 100 trucks, which translates into about, you know, a INR 100 crore plus kind of money which is required to be put by the service provider. Second is the challenges to set up the charging infrastructure for a given route. These two are the challenges which we are working towards, and we are hopeful we will untangle that because order book is good and we are hopeful for, you know, to deploy these trucks in quarter 1 and quarter two. On the long haul side, I think we are trying to do better battery swap in that side. What is the plan of action there? Can we see significant scale up in this coming one or two years? Rushabh, the situation has slightly changed, you know, with the introduction of higher capacity batteries and, you know, the fast charging, which is now available as a technology. One of the positives of the swap is that, you know, it takes less than 7- 10 minutes to do a swap. The not so positive for swap is the huge setup cost which our swapping infrastructure requires. The judgment is still not out. When you look at China as a market, there also, at some point of time, it was a swapping technology which was more prevalent. At this point of time, the trend seems to be tilting towards higher battery capacities and fast charging as a solution. As far as we are concerned, we are not giving up on swap as a technology. There would be applications like ports, et cetera, where swapping only will work. We are ready with our swap technology. In fact, we are working on couple of orders in our hand for the same. Going forward, it looks like that higher battery capacity and fast charging could be the way forward for long haul. Okay. Recently there has been a news flow that the world's largest battery maker has commercialized sodium ion technology. Does this in any way change anything for us? Maybe if sodium ion really does become mainstream in the coming future. Does it anywhere reduce help us reduce the TCO? Not immediately, because, you know, the technology getting translated into a cell and then coming onto the validation and the full-fledged implementation on the vehicle is a slightly long drawn process. Maybe in times to come, yes, but immediately, no. Just one last question on the Electric Three-Wheeler side. Where are we on the Electric Three-Wheeler? I think we had some issues and we had solved it, resolved those issues. Where are we on the scale up on the three-wheeler auto side? Yeah. Electric Three-Wheeler in quarter three of this year. In quarter two of last financial year, we had introduced a upgraded version of the Super Auto, which had started gaining a good market traction. For us, one of the challenges of in our scale up was on the supply side was the body in white supplier, which we took a bold call in quarter four, despite it being in quarter four, that we will solve this issue once and for all, which I am glad that we have done. We took a short-term hit. Our quarter four volume took a beating because we could only produce 50% of what we could have produced otherwise, which took a toll on our both billing as well as retails at the dealer end. Now that issue is resolved, and I'm very confident that as we end this particular quarter one, we will be back to our normal production capacity on the supply side. Parallelly on the demand side, the good news is that this new improved version has found a good market acceptance and, we are very confident that you'll be able to see or you will be seeing a good scale up of volumes as we move forward on three-wheeler business. Okay. Just the last question on the medical devices front. Well, last, I think one year we have been saying that we are expecting some certification in export, and I think that issue was also resolved. We are not seeing significant scale up in the business. What is the reason and what is the outlook for that business? If you could please share. Exports, like you rightly said, the regulatory things are already over. We had a little bit headwind on Middle East business, which was also a good market, which we feel is a temporary, but we are able to scale up in Europe particularly and Southeast Asian countries. Little got muted because of this war scenario. What is the outlook for the business for the next year? Is there anything that you can share? Is the worst behind us or it's subject to the macro things? Is there anything that we can do, or identify new products or an acquisition? Anything that we can do to buy growth or? We have given a guidance, maybe even the last investor call, particularly which we are in wound care, which is basically suture business. We are confident to grow the business between the range of 15%-20%. Coming to further acquisition, we just now completed a small transaction, which was an asset purchase for the IV Cannula business. We are going to finish the even the plant approvals, whatever assets we have purchased, which will be done during the quarter, and that will also start adding to the growth of TI Medical. Overall, we are still bullish about this business, and we are hopeful we'll give 20% year-on-year growth in TI Medical going forward. Can you just share the details of that acquisition or it is just under process? No, it is already closed. It is a Medicura Devices Private Limited facility available at Ambala, where we've done the business purchase, asset purchase, and then we have to go through the approvals of getting the plant approval, which is a work in progress. We are hiring our own team also, which all those activities will get completed by quarter one. Quarter two, we are expecting it to start the commercial production for that. Any tentative revenue can you share of that company or? It is maybe, let's say, it was, maybe we got at an attractive price. The company was not in operation. We are going to put it in operation. Okay. Okay. Thank you, sir. Wish you all the best. Thank you. Thank you. Anyone who wishes to ask a question may click on the raise hand icon from the participant tab on your screen. We now move to our next question, that is from Joseph George from IIFL. Please go ahead. Thank you. I had a couple of follow-up questions. One is, if you can give an update on the CDMO business and the manufacturing plant approvals, and when can we expect the revenue commencement? That was one. Second is, when we think about FY 2027 as a whole, how much do you expect CapEx in the standalone business to be, and how much investments would go into the, you know, the new ventures from standalone? Thank you. Like we shared, particularly CDMO business, our plant is under, in final commissioning and we are going to do the commercial production from our Naidupet facility starting next quarter. That's part number 1. Part number two, CapEx in the core business will be around INR 300 crore-INR 350 crore range. Coming to the subsidiaries, based on the requirement, like we shared in the last investor meeting, some money will be required for depending on how operations are scaling up for the TIC MPL, which is our EV business, and TI Medical Private Limited also, we are going to invest money going forward. All put together, we have a rough-cut estimate of around INR 300 crore going into the subsidiaries also. Thank you. Thank you. Our next question is from Salil Desai of Marcellus Investment Managers. Please go ahead. Thank you. Thank you. My first question is, if you could share the volumes for the quarter in the electric vehicle businesses for each of the products. Yeah. Yeah. Quarter four, the volumes were the big trucks. Big trucks was the M&HCV business was INR 87 numbers. INR 687? No, no, 87. 87. INR 87. Okay. Okay. Yeah. INR 87, the small commercial vehicle business was INR 241. The three-wheeler business was INR 1,176. Tractor, there was no billing. All right. Thank you. Second is, you know, you mentioned this challenge on this body in white procurement. If you can just elaborate, what was it and now we have resolved it in the sense that you started manufacturing it in-house or your supply chain has stabilized? Yes. This was, so there was this supplier which was with us from the beginning of the business. We were struggling with this particular supplier and is the reason we tried working out various, you know, various solutions with him over a period of couple of years. Finally, we could very clearly identify that as we want to scale up our volumes to immediately to 1,000 and then to 2,000 plus consistently. This definitely would be one of the bottlenecks. We have taken over that particular facility of the supplier. It is very close to our existing unit of where we make our three-wheeler. We are running the facility and is the reason and whatever we have seen in the month of April and up till now in the month of May, we have been able to ramp up to the levels that we had targeted for. There are still some more teething issues to be resolved. Right. That's the reason we are very confident that by end of this quarter, we will be able to resolve by and large this specific issue of body in white. Understood. Great. Thank you. My next question is on, maybe, you know, Mukesh can answer this, is on the MFP segment. Right now, we have seen that the engineering business last 2 quarters, we have seen volume growth coming back very strongly. MFP, given that, you know, there'll be some overlap in the customer base, this still remains a little sluggish. Any reasons why, and what could be the outlook for next year? Salil, your observation is right. MFP is going a bit slow. The reasons for that is, one is the railways, where maybe we are not get the profitability in the tender business and new product development with the private players is taking a bit of time. From our side, it is over. That's first. Second, one of the major customers in MFPD is Hyundai. Which also had a muted growth. You might have observed Hyundai as a OEM maybe has not done so well in the last financial year. Now they started doing even the production in the western part of the country. Right. Where also we have put up a facility for them. Hopefully, those issues will be behind us, and we'll have a better year for MFPD in coming time. Great. Right. This Western India capacity, I mean, is fully operational now, stabilized and running as normal or there is still kind of some phased expansion that is planned there? Hyundai has just started maybe, last quarter only their western plant. We are already servicing requirements from our facility in the Pune. It'll go through a ramp up phase. All those issues we feel in quarter one ramp up and the issues and some teething issues whenever we start a problem will be getting settled in current quarter. I see. Right. This I'm assuming you're referring to the steel tubes expansion in Pune, right? Your question was on MFPD. Okay. Okay. Okay. Door frames for Hyundai. Right. Right. Right. Understood. How about the capacity for steel tubes? Is that now fully stable? Whatever facility expansion we are doing, maybe let's say I think it was worked everything in our favor. Right. CRSS plant in Nasik is ramping up and hopefully by end of this financial year or middle of next financial year it'll be 100% utilized. We are in the thought process what we should do for further expanding it, but we'll take a call of down the line six months. Our tube facility also in the western region has touched almost about 30% capacity utilization. Hopefully, the same commentary maybe by middle of next financial year we are hopeful it'll get 100% utilized. Okay. Thank you so much. I'll come back in the queue. Thank you. We'll take a next question from Sisir Saha from Saha Securities. Please go ahead. Sisir, could you please unmute your microphone and ask your question? Well, there's no response from this connection. We will move to our next participant. That's a follow-up question from Rushabh G. Shah of RBSA Investment Managers. Please go ahead. Yeah, thank you for the opportunity again. I just had a follow-up on the EV business. I believe in one of the earlier con calls we had mentioned that we are planning a significant cost reduction in across all the EV platforms. I just want to understand where are we in that journey in terms of cost reduction and localization, because I believe that is an important point, you know, for us, you know, to, you know, that enable us to scale up significantly. Yes. Yes, Rushabh. Cost reduction across all our four platforms is a very important initiative, and it's a continuous and an ongoing process. Although some of the recent geopolitical situation has put, you know, are the headwinds that we are facing. I can assure you this is one of the topmost priority across all the four businesses. Various businesses have various levers to play in our journey to BOM cost reduction. When it comes to localization, happy to report that one of the parameters of localization is a PM E-DRIVE scheme, which was introduced by Government of India, which incentivizes on the purchase of an electric truck only after a truck is certified to be containing some percentage of localization and component. Our Montra Electric Rhino was the first electric truck in the country to be certified under the PM E-DRIVE scheme, which happened in quarter four, and we could deliver vehicles under this particular scheme. You know, that answers. Directionally, we are fully committed to increase the localization content across all our platforms. Secondly, on the competitive intensity in the HCV, I believe even despite the market being so small, a lot of players have already entered. How do we, you know, intend to, you know, stand out in the HCV? I believe we are still the market leader there. Alokananda, how do we ensure that we still, you know, grow in that market share? Yes, you are absolutely right. Despite the market being very small, I will say across all the segments. In truck segment, for example, there are already 11 players, and despite 11 players being there, we ended the year being a market leader with about 28% market share. Likewise, in small commercial vehicles also, there are already seven players. Despite that, in Q4 we had a market share of 27%. Intensity will be there. What we are or what is our USP is the end customer value proposition when he purchases the electric truck, which we feel the way we go about doing a solution selling in the market, is what sets us apart from the rest of the competition. Not to talk about I'm not undermining the, you know, the product, reliability, et cetera, which is definitely there. But if I was to pin out, I think I will single that out as our approach or as our USP vis-a-vis the competition. Okay, sir. Thank you. Thank you. A quick reminder to our participants, if you wish to ask a question you may click on the raise hand icon so that I can unmute your connection. That brings us to the end of the Q&A session. Ladies and gentlemen, on behalf of IIFL Capital Services Limited, that concludes today's call. Thank you for joining us, and you may now click on the Leave icon to exit the meeting. Thank you for your participation.