Ladies and gentlemen, we welcome you all to the Q3 FY26 earnings conference call of TVS Supply Chain Solutions Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and may involve risk and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing * then 0 on your touch-tone phone. Please note that this conference is being recorded. Now I hand over the conference to Mr. Prabhu Hariharan, Head Investor Relations from TVS Supply Chain Solutions Limited. Thank you, and over to you, sir. Thank you, Operator. Good morning and welcome all to TVS Supply Chain Solutions' earnings call for Q3 FY26. I hope everyone had a chance to look at the financial results which were posted on the company's website, also on the stock exchange. We have with us today Mr. Ravi Viswanathan, our Managing Director, and Mr. R. Vaidhyanathan, our Global CFO. We commence the call now with opening remarks from our management, along with a business performance update. It will be followed by an open forum for Q&A. Before we begin, a customary remark: I would like to point out that some of the statements made during this call may be forward-looking in nature and must be reviewed in conjunction with the risks that the company faces. A disclaimer to this effect has been included in the investor presentation. Now I request and hand it over to Ravi to make the opening remarks. Over to you, Ravi. Thank you, Prabhu. Good morning to all of you. First, let me welcome all of you once again to our earnings call to discuss the performance for the third quarter, ended December 31st, 2025. I will share with you the highlights of our performance, and my colleague Vaidhyanathan, our Global CFO, will take you through the analysis of our numbers. We look forward to interacting with you as part of the Q&A session. For the benefit of those participants who might be joining the call for the first time, please note that TVS Supply Chain Solutions is a tech-led and asset-led supply chain solutions provider. We have two main business segments, namely the Integrated Supply Chain Solutions, or ISCS, and the Global Forwarding Solutions, or GFS. We operate across four continents: Asia, Europe, North America, and Oceania, where we offer bespoke and tailor-made solutions in the 3PL space and also offer 4PL services in select markets. For more details about the company, you may please refer to our website at www.tvsscs.com. Let me start with the key highlights for Q3. Q3 was a strong quarter for us, marked by double-digit growth. Our consolidated revenue grew 11.1% year-on-year and adjusted EBITDA saw a step change as it grew by 31.2%. The adjusted EBITDA margins on a year-on-year basis expanded by 110 basis points to 7.3% and by 60 basis points sequentially. As a result of this operating performance, the profit before tax grew from a loss of INR 15 crore in Q3 last year to a profit of INR 25 crore in Q3 FY26, with margins improving from -0.6% to +0.9%. On a nine-month basis, our revenue grew by 6.3%, and adjusted EBITDA grew by 7.2%. From a segment perspective, the quarter was led by strong growth in India, supported by new business wins and improved profitability. This points to a healthy demand environment and strong execution on the ground in both segments, ISCS and GFS, in India. Our India geography grew by 11.8% on a year-over-year basis and by 5.5% sequentially. In ISCS Europe, we saw a clear profitability inflection. We delivered a strong margin expansion supported by disciplined cost actions and better business mix. Robust new business wins further supported our outlook for this region. You may recall from the past that Q3 is normally a soft quarter given the holiday season in Europe. In North America, we launched one of our large engagements, which went live in Q3, and we expect the volumes to start ramping up in the coming quarters. You may recall last earnings call, I had mentioned about inaugurating a new build-to-suit facility in the beginning of Q3 to serve key clients on manufacturing support services, and this is the facility which has gone live in Q3. Overall, our ISCS segment revenue for Q3 FY26 grew by 8.3% year-on-year, and nine-month FY26 grew by 6.9%, with Adjusted EBITDA growing at 23.4% year-on-year in Q3 FY26 and at 11.3% on a nine-month FY26 basis. The margins improved from 8.1% in Q3 FY25 to 9.2% in Q3 FY26, and on a nine-month basis, we saw that improve from 8.4% to 8.7%. With respect to GFS, the revenue grew by 19.3% year-on-year and 10% sequentially, and this came on the back of some very sharp rebound in India volumes. Global freights, however, remain under pressure, but our cost initiatives and volume rebound helped expand our Adjusted EBITDA margins from 1.9% last year and 2.2% in Q2 FY 2026 to 2.3% in Q3 FY 2026. Let me now briefly talk about our other key initiatives. The Project One program in the U.K. and Europe continues to progress well. As we outlined earlier, we are seeing the benefits of this program reflect in the margin recovery in ISCS Europe and the overall improvement in profitability. Vaidhy, our CFO, will elaborate more on this. Alongside Project One, we continue to execute on a broader cost takeout, including right-sizing, right-shoring, and tighter overhead control across regions. We also announced the acquisition of Swamy & Sons 3PL in India. This is a strategically important acquisition that strengthens our capabilities in the FMCG and consumption-led supply chain space in India and deepens our presence in key consumption markets. The transaction is expected to be an EBITDA, PBT, and ROC accretive and is fully funded through internal accruals. Overall, Q3 demonstrates that the building blocks we have been putting in place over the last few quarters are now translating into stronger growth and profitability. India is growing with better margins. Europe continues to strengthen. GFS shows volume-led growth, and our cost and transformation programs are yielding tangible results. With this, I hand over to Vaidhy, our Global CFO, and he will walk you through the financial highlights for the company in detail. Thank you, Ravi. Good morning to all. Thank you for joining us today. Q3 FY26 was a strong financial quarter for TVS Supply Chain Solutions, characterized by healthy top-line growth, significant margin expansion in both Adjusted EBITDA and PBT. Our consolidated revenue for the quarter is INR 2,715.8 crores versus INR 2,444.6 crores in Q3 FY25 and INR 2,662.6 crores in Q2 FY26, reflecting a year-on-year growth of 11.1% and a sequential growth of 2%. From a segment perspective, ISCS segment delivered a strong year-on-year growth of 8.3% with revenue at INR 1,979.5 crores versus INR 1,827.4 crores in Q3 of last year and a flat sequential growth due to expected lower seasonal volumes in Europe and North America. Within the ISCS segment, ISCS India, as Ravi highlighted, had a strong Q3. It grew by 4.2% sequentially, supported by strong revenue from new business wins and improved profitability. This is also translating into a margin improvement in the India ISCS business. ISCS Europe delivered a strong profitability as a result of our project-wide initiatives, along with other cost-control measures and better product mix. Moving on to the GFS segment, our revenue for Q3 FY26 is INR 736.3 crores compared to INR 669.6 crores in Q2 FY26 and INR 617.2 crores in Q3 FY25, marking a 10% sequential growth and 19.3% year-on-year growth, largely led by growth in ocean freight volumes in India. Freight rates continue to be under pressure, as Ravi mentioned earlier. GFS India revenue grew from Q3 FY25 of INR 147.9 crores and Q2 of INR 201.1 crores to INR 219.5 crores in Q3 FY26, with 48.2% growth on a year-on-year basis and 8.8% on quarter-on-quarter basis, largely led by the volume growth in India. With respect to the nine-month FY2026, our consolidated revenues stood at INR 7,970.7 crores, with INR 7,496.6 crores in the previous year at a growth rate of 6.3%. The growth was driven by our ISCS segment, with revenues of INR 5,955.4 crores reflecting a 6.9% improvement compared to INR 5,571.5 crores in the previous year. The GFS segment reported a revenue of INR 2,015.3 crores, grew by 4.7% from INR 1,925.4 crores in the previous year, largely led by volumes in India. However, rates continue to remain under stress, and the macroeconomic uncertainties and tariff volatility continue to impact this segment. On the strategic cost takeout initiatives, the Project One in the U.K. and Europe is tracking as per plan. As previously communicated, we expect an annualized savings of around INR 110-120 crores and in-year savings of about INR 50-60 crores from this program. These benefits are already visible in the overall ISCS margin improvement in Q3 and year to date. We continue to drive the operating leverage through structural cost takeout initiatives across the geographies, including through right-sizing and right-shoring. Now, moving to the cost structure, our movement in freight, clearing, forwarding, and handling expenses on a quarterly basis and nine-month basis is in line with the revenue growth in the GFS segment, offset by decline in ISCS segment due to the change in the business mix. Material-related costs increased from INR 391.4 crores in Q3 FY25 and INR 444.3 crores in Q2 FY26 to INR 475 crores in Q3 FY26 on a year-on-year and sequential basis. On a YTD basis, material costs increased from INR 1,314.5 crores to INR 1,408.7 crores. Other expenses increased from INR 251.6 crores in Q3 FY25 to INR 269.8 crores in Q3 FY26, and on a sequential basis, it declined from INR 298.1 crores to INR 269.8 crores. On a YTD basis, it increased from INR 679.6 crores to INR 824 crores. The movement in the material costs and other expenses are in line with the change of business mix in the ISCS segment. Subcontracting expenses increased from INR 356.2 crores in Q3 FY25 and from INR 369.4 crores in Q2 FY26 to INR 389.5 crores in Q3 FY26. This is in line with the revenue growth from new customers and change in the business mix. Employee costs marginally increased from INR 590.3 crores in Q3 FY25 to INR 598.6 crores in Q3 FY26, mainly due to the cost inflation and in line with the revenue growth partially offset by the cost takeout initiatives. On a sequential basis, it declined from INR 644.4 crores in Q2 FY26 to INR 598.6 crores in Q3 FY26, mainly due to an exit of large projects in Europe, as earlier communicated, and also the benefits of cost takeout initiatives and savings from others in Project One. On a YTD basis, the employee costs rose from INR 1,743.3 crores in the previous year to INR 1,861.9 crores in YTD FY26. This increase was primarily driven by the impact of annual inflation, also in line with the growth in the revenue. Depreciation of right-of-use assets and interest on lease liabilities under Ind AS 116 increased year-on-year, with depreciation increasing from INR 99.4 crores to INR 105.9 crores, and the interest cost on Ind AS 116 increasing from INR 21.6 crores to INR 23.2 crores. This increase is due to the launch of a new warehouse and the go-live of a key project in North America in Q3 FY26, as highlighted by Ravi. In terms of profitability, our adjusted EBITDA grew by 31.2% year-on-year, with margins expanding by 110 basis points to 7.3%. This growth was driven by a combination of strong performance by India and Europe and the benefits of the cost takeout programs, including the Project One. Sequentially as well, adjusted EBITDA grew 11.7% and margin expanded by 60 basis points, demonstrating the consistency of the underlying earnings trajectory. Within the segments, ISCS delivered strong performance in Q3 FY26 with adjusted EBITDA of INR 182.9 crore at 9.2% margin, up from INR 148.2 crore at 8.1% in Q3 FY25, and INR 173.8 crore at 8.7% in Q2 FY26. This significant margin improvement in ISCS is mainly on account of recovery of our ISCS Europe business, with ISCS India continuing to deliver consistent growth and profitability. GFS delivered sequentially improved performance in Q3 FY26 with adjusted EBITDA of INR 17.3 crore at 2.3% margin, up from INR 14.6 crore at 2.2% margin in Q2 FY26, and from INR 11.5 crore at 1.9% in Q3 FY25. This segment continues to face macroeconomic headwinds reflected in the subdued rates. On a sequential basis, both the businesses showed improvement: ISCS with continued growth and GFS improving on the back of volume growth in India. At the bottom line, we delivered adjusted PBT of INR 24 crore compared to a loss of INR 16 crore in Q3 last year. Our PBT margin expanded significantly from -0.7% to +0.9%. On a nine-month basis, the adjusted PBT has increased more than four times, which is an important indicator of the continuous uptick in our earnings. Our reported PBT for the quarter stands at INR 16 crore after the exceptional cost of INR 9.1 crore relating to the impact of the new labor codes. To summarize, in Q3, we delivered double-digit top-line growth, strong adjusted EBITDA margin expansion, and continued uptick in the profitability. With regard to our recent announcement of entering into a definitive agreement for the acquisition of Swamy & Sons, I would like to point out that the acquisition is fully funded through internal accruals and is expected to be EBITDA, PBT, and ROC accretive. This will strengthen our presence in the attractive FMCG and consumption-led supply chain space in India. With this, I will hand it back to Ravi. Thank you, Vaidhy, for the detailed analysis. Let me now take a few minutes to walk you through the business update and key customer wins and the demand outlook across our markets. We continue to build solid traction in new business development during the quarter. In Q3, we have generated revenue of over INR 319 crore from new business wins, representing 13% of our Q3 FY25 revenue. For the first nine months of the year, our revenue from new business wins stands at INR 683 crore, which represents 9.1% of our nine-month FY25 revenue, with a healthy and diversified funnel across India, Europe, and North America. Our overall pipeline remains very strong at about INR 6,300 crore, providing clear revenue visibility for the coming quarters. Across both ISCS and GFS, we saw wins from several notable contracts: global renewable energy leader, global automotive and industrial majors, technology service providers, and consumer and mobility clients, reflecting the breadth of trust we hold with global customers. A sample of the mandates that we have secured on the ISCS side: a global renewable energy leader in India, a world-class commercial vehicle pioneer in India, an integrated clean energy specialist in India, a world-class building mobility systems leader in India, a top energy storage manufacturer in India, a leading European passenger vehicle manufacturer in India, a global heavy equipment manufacturing pioneer in India, a Europe-based global IT infrastructure services provider, one of the top global technology services firms in Europe, an urban rapid transit operator in Europe, and an international enterprise technology provider in Europe. These wins reflect the strength of our tech-enabled execution, our domain depth in industrial and mobility verticals, and the trust our customers place in TVS SCS. Particularly, India continues to deliver exceptionally well on business development, with multiple large strategic wins across automotive, renewables, and industrials. These wins will support revenue scale-up in the quarters ahead, especially in the ISCS business, where our positioning continues to strengthen across production, aftermarket, and distribution-led supply chains. On the GFS side, we added several marquee customers, including a global automotive technology pioneer, a global solar solution expert, a world-class engineering and manufacturing solutions leader, a leading material handling technology platform, and one of Europe's top renewable energy specialists. Let me summarize by saying that Q3 has been another strong quarter of customer conversions, with high-quality wins across geographies. The strength of our ISCS proportion and the resilience of our diversified pipeline positions us well for the quarters ahead. We'll now open the forum for Q&A. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Sucrit Patil from Eyesight Fintrade. Please go ahead. Thank you, Martin. I have two questions. My first question to Mr. Ravi is: as TVS Supply Chain builds on this profitability turnaround, what will be the key priorities guiding your growth strategy over the next few quarters? How do you see the balance between strengthening India operations and scaling global businesses evolving? Thank you. Yeah, thank you, Sucrit. We have said that in the past, that for us, all the geographies, all the regions provide us with the opportunities to grow. India, specifically, given its strong economic climate, presents a wonderful opportunity, and this quarter has been a quarter where we've been able to capitalize on a lot of these opportunities and converted those into meaningful revenues and margins. We continue to stay very focused on our India business, and we are very confident that we'll continue on this trajectory of growth. Last quarter, if you remember, I had mentioned that we will get to about 4% sequential growth, and we did that in the ISCS segment itself, an overall 5.5% in the India market. We are confident that this trajectory will continue given the strength of the business wins that we have. On what we remain focused, of course, the focus is staying very close with our customers and ensuring that we continue to execute with the same level of discipline that we have shown over the last few quarters. That's really what has been the key. What is also exciting for us is the M&A that we have announced with Swamy & Sons, which will further strengthen our expertise into the FMCG segment, which, as all of us know, India is a very large consumption-led economy, and that provides TVS SCS with a great opportunity to further expand the pie in India. India is clearly right in the middle of our strategy, and the opportunity to grow India at a differential growth rate compared to the rest of the world simply exists because of the economic activity that we see in India. Sukrit, I hope that it answers your question. Thank you very much. My second question is to Mr. Vaidhyanathan. Again, along the similar lines, what financial signals will shape the company's approach to cost discipline, cash flow management, and capital allocation? How do you see these signals influencing long-term investment choices and margin protection? Just want to understand your plan of action and a point of view on this. Thank you. Sure. Thanks, Sukrit. I think, as we previously communicated, our capital allocation decisions are primarily towards our ISCS business, which is in a strong growth trajectory. I think one of the key things for us is to know the revival of the Europe business from where it was, say, four or five quarters back, the actions that we have taken there. Also the investment we are making in the India business. As Ravi mentioned, the M&A that we are doing, the amount of capital that we are allocating for the India business, all these are some of the things which we have taken in the last few quarters, and we will continue to see that in the next few quarters as well, as we strengthen the ISCS segment. Thank you, and best wishes. Thank you. Thank you. A reminder to all participants: anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Somil Shah from Paras Investments. Please go ahead. Hi. Good morning, and congrats to the team for good numbers. Sir, I wanted to know, I mean, since there are a lot of trade deals happening with E.U. and now again with the U.S., so what's your views on this? How this is going to benefit our company, and are we seeing some benefits already coming through in this quarter? That's a very relevant question, which is occupying our time and mind space too. But we'll wait. Somil, as you know, we are some time away before we get into the implemented stage of many of these FTAs. But it provides us an exciting opportunity. Specifically, we have said in the past, over the last 3-4 quarters, there has been a big, I would say, challenge in the global forwarding business because of the global macro. While our ISCS segment has grown handsomely, the GFS segment is really based on volumes, and the rates continue to be under pressure. We expect, with the macro hopefully turning in the right direction, the global freight business, both air and ocean, will significantly pick up with rates stabilizing. And that will mean that opportunities to be a partner to our customers from India on the forwarding business, both to Europe and to the U.S., will expand. I will wait and watch. I think it's too early for us to say whether that's going to have an impact. Definitely, we're not factoring that in our Q4, but we are very bullish about what it could present for us in the next fiscal year. With the U.S. trade deal hopefully getting commenced in phases from March and the European FTA, I think the opportunity for us to see the global forwarding business stabilize in the next fiscal is something which we are looking forward to. But I would still say, for the GFS segment, we continue to be cautiously optimistic while we remain fairly strongly motivated in the ISCS segment, both in India and outside of India. Okay. But not only on the GFS, but even on the ISCS side, I mean, once the trade deal happens, we should see some benefits because there would be, I mean, a lot of, I mean, shift from Europe to India and a lot of transfer of services. So are we going to benefit in that also? No, there will definitely be an upside. Like I said, the ISCS segment, typically, Somil, as we have said before, the pipeline takes anywhere between 6-18 months to conclude based on the kind of solution that we provide. GFS is far more transient. So we could submit a proposal today and close the deal 3 weeks from now. So the immediate impact can be seen in the GFS side, but you're absolutely right. There will be an uptick in the ISCS business too. Overall, it augurs very well for the supply chain business. Okay. Okay. And if we see our first nine months, I mean, we have done a growth of 6% YOY. So going forward for next quarter also, how shall we look at our growth? Because I think we are guided for a double-digit growth. So to grow at double-digit, I think the Q4 has to be bumper one. So just wanted your views on that. We continue to push very hard for double-digit growth. To my entire leadership team, we push the messaging that we need to be focused on this double-digit. However, given the product mix that we have, which has got a fair amount of GFS, we'll have to wait for the GFS business also to start firing before we can say that we are firing in all cylinders. In spite of all of that, I will call out GFS for a stellar quarter three simply on the back of some incredible volumes. We have seen pricing pressure in GFS. Prices have constantly come down in the last nine months, and the volumes have been phenomenal, and we've been able to expand absolute EBITDA. And that's really something which we'll continue to be focused on. But again, the freight business is very simple math, right? So volume times price. We have to push volume multiple times to manage the decline in price, and that decline in price is really a factor of the global macro. So for us to get double-digit growth, we got to get both the product sets or both the segments to be firing extremely well in terms of revenue growth. We have seen early signs in GFS, but I won't call it we need to at least have 3 points before we can say it's a trend, but we'll wait for that. But when I look forward, given all the headwinds at least subsiding, we think FY27 would provide us with a clear opportunity for us to double down on GFS while we continue to build on the ISCS momentum. So I think we are very well placed as an organization. We continue to wait for some tailwinds on the GFS side, and that should be, in our view, possible with all the FTAs that could come and play over the next couple of quarters at least. Okay. Okay. And so what is the reason? I mean, our employee cost last quarter was around INR 644 crore, and currently, it is INR 598. So I mean, are we reducing our employees? What is the reason for such a drop in employee costs? Somil has explained, there was one large project in Europe where the customer had desired to insource it, which we had exited in Q2. So that is where you will see a reduction in the employee cost. Plus, also, the other Project One savings and other things will be getting reflected in the reduction in the employee cost. Okay. Okay. That's it from my side. Thank you and all the best. Sure. Thank you, Somil. Thank you, Somil. Thank you. The next question is from the line of Disha Giriya from Ashika Group. Please go ahead. Good morning. My first question is regarding the GFS business. Can you help with a volume uptick or a volume growth number for the GFS business for this particular quarter on your basis? Disha, normally, we don't give a quarter-wise volume, but I can tell you in terms of percentage how we have grown. In terms of ocean freight, right, compared to the last Q3, we have grown by about 29.6%. In terms of air freight, I think we have grown by about 18.7%. On a consolidated basis, can you just help me with the same? Yeah, yeah. Consolidated basis, correct. Which is what Ravi was also mentioning about the significant uptick in the volumes in the current quarter. Yes. All right. My second question is regarding our FY27 performance. The last, we are guided to be able to reach a 4% PBT margin. So are we still on track for the same, and if you could guide some revenue growth number as well. Disha, we continue to remain focused on the 4%. It's an aspirational number that we will keep pushing at. Like I said to the previous question from, I think, Somil, we hope to get some tailwinds from the GFS business, and that should help us from that perspective. Are we on track? I think we have got all the building blocks in place. I think the foundations are well established, and we continue to go on a positive trajectory. We'll hopefully get a better view of things as we exit Q4 and get into the new fiscal. But we remain steadfastly focused on the 4% PBT. It is something which the entire leadership team is aligned towards. As we start the planning process for the next fiscal year, as we hope to conclude that in the next few weeks, that's the singular focus of all of the regions and the segments. At this point, I guess that's the place we are in, and we'll be happy to share that as we go forward. All right. My last question is regarding the recent acquisition of Swamy & Sons. So just wanted to understand what was our position in the Indian FMCG supply chain network before this acquisition, and what was the need for this acquisition, and what incremental margin or incremental revenue growth are you seeing from this acquisition in the next financial year? Okay. From a strategic perspective, excuse me, FMCG was important because India is a very strong consumption-led economy. We had a strong play in the FMCD segment, but FMCG is an area where, I would say, we have relatively we needed to strengthen our base. And that's the reason why we looked at a strategic opportunity in Swamy & Sons. So for us, that's a very strategic play. FMCG in India, in a consumption-led economy, with the economy numbers being what it is, it is a great opportunity for us to participate, and it is not a white space that sits well in our overall strategy map. And that drove our decision on the Swamy & Sons acquisition. On the specific financials, I'll let Vaidhyanathan walk you through. Disha, Swamy & Sons, on a historical basis, their revenue is about INR 200 crore, and their margins are slightly higher than our current business. So these transactions would be from a margin standpoint, it would be accretive on both EBITDA and PBT basis. In terms of what is the outlook for FY27, the transaction is still not closed. I think we are probably expecting to close this in Q4. As we take control over the company, I think we'll be able to come to a better conclusion what are the opportunities and how best we can expand this business after we take control over them. All right. Thank you, That's all from me. Thank you, Disha. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Vikram Suryavanshi from Philip Capital. Please go ahead. Hi. Good morning, sir. In terms of if you look at profitability impact, we have a good amount of new business winning, and also we have some customer churn. So is there any impact on margin also that new businesses are at better margin and customer churn mix is also impacting the profitability going forward, or that was not much in terms of margin improvement? Sir, Vikram, could you please repeat the question, Vikram? I hope I'm audible now. Yeah. A little bit. If you could repeat the question. Yeah, sure. Yeah. So I was just trying to understand the impact on margin because of the new business as well as the customer churn. Have we seen that new businesses are at better margin compared to what customer churn we had seen in the quarter? No. I would say that from a margin point of view, we will not dilute the margin. I think as of now, the focus is on taking out the cost and keeping the margin profile as is, right? So all the new business wins, we will continue to hold on to our margins that we are currently generating. And the customer churn that you see here is for the one I was explaining to the previous participant, Somil, where the customer had to insource their activity, and that is the customer churn that you will see there. But from a margin point of view, the new business continued to come at a healthy margin, and we will continue to maintain that. Okay. But sir, just as a curiosity, customer insourcing probably I think our whole model is that really giving customers better service at better price. So what was the particular case where customers find value in insourcing? If you can just highlight as a curiosity. Sure, sure. It's a good question. It's a relevant question. This particular customer in Europe decided to insource because of what I would call challenges internally. It was a very large outsourcing engagement, and I think the organization wasn't quite ready from a change management perspective to roll out that. And within a year of outsourcing, there was a change in their management, and the new management came and decided that insourcing of a crucial activity like supply chain needed to happen. So that's the reason. It is not normal that you would find large engagements getting reversed, but it's not the first time that's happened. So in an organization's journey, we need to be very close to the customers, be very aligned to what the customer's needs are. We continue to work with the same customer on other engagements, but we respect the sentiments of the customer, and that's really what drove the customer towards it. It was a change of management, their ability to manage the change, which decided to. The program getting brought back in-house. So we had to move out a lot of the people. That's one of the reasons why we spoke about employee costs coming down. A lot of the employees were also transferred back to the customer. So very, I mean, like I said, relationship with the customer drives the SES model, and that's key. Understood. And within ISCS, if you can give a comment on how was the performance of integrated final mile in terms of trajectory? I'll have Vairi answer the question, but again, as you know, we have combined IFM as one entity. So we report ISCS as one entity. But Vairi, if you want to throw any color to. Sure. I mean, Vikram, IFM is now part of the ISCS and had a significant impact in the current year after the merger. One is the initiatives that we have taken in the IFM business in terms of price corrections and other site consolidation, plus also the benefit of the project, which is the merged business in Europe. So both are tracking very well as per plan. And I think I would say from an IFM turnaround point of view, I think all the actions have been or the building blocks of turnaround that business has been completed. And going forward, the focus will be on the growth in that business. Got it. Just one more point on Project One. I guess we were targeting almost close to 120 basis point improvement from the Project One in terms of profitability side. So how much of that is materialized so far, the efforts what we have put, and how much further scope is there, and by when we can almost see that full benefit? Yeah. In the current year, Vikram, in FY26, we expect about INR 50-60 crore savings coming out of it, and you will see the benefits in Q3 as well. The improvement in the ISCS in Q3 is also one of the key factors is the Project One benefit. And as we said, on a full-year basis, annualized basis, next year, we see about INR 110-120 crore of savings. With all these things, the permanent savings, which will flow into the next year as well. Understood. I think that was helpful, sir. Thank you very much. Thanks, Vikram. Thank you. The next question is from the line of Bharat Sheth from Quest Investments. Please go ahead. Hello. Am I audible? Yes, sir. Yes, sir. You're audible. Yeah. See, sir, I have a question. One is this: when we are talking of personalizing some of the business, I mean, low margin or loss-making kind of a business, in the pruning of such a journey, where are we still? How much do you think we will have to prune out to consistently improve the profitability, part one? And second, I mean, sorry, I missed your answer on this: what are the levers that we have further, I mean, to what Project One you said, and is that Project One the only thing, or beyond that, also we are looking for improvement on a sustainable basis over the next two, three years? How do we see in totality? Okay. Bharat, probably I will answer the first question, which is on the projects that we exited. I think we have done this project exit in the India region in the last 18 months or last couple of years. The focus has been on trying to reprice the low margin or loss-making and exit some of the projects. I think that is what we have done. I would say that broadly, the correction has been done. Going forward, we will not see any big exit, and the focus will be on growth going forward, right? In terms of the second question with respect to Project One, I was explaining to Vikram as well. We have seen about INR 50-60 crore of savings in the current year. We will see about INR 50-60 crore of savings in the current financial year, and the annualized savings would be about INR 110-120 crore. So this is one of the key levers for us as we move into FY27 from a profitability point of view. And plus also, the ISCS, which is in a very strong growth trajectory, especially India, Europe, and the North America business, where we're expecting good revenue growth. So all these things are some of the levers for us in the ISCS business. GFS, as Ravi mentioned, it is still going through some kind of macroeconomic. We'll have to wait for the overall industry to revive and turn around. Hopefully, as Ravi mentioned, we expect something to happen in FY27. Okay. Thank you and all the best, sir. Sure. Thanks, sir. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Rajit Aggarwal from Nilgiri Investment Managers. Please go ahead. Good morning, gentlemen. Just a few data points to begin with if you can share those. Can you share the number of customers as of date? As of end of 31st December, number of employees, warehouse space in million sq ft, if you can share some data? I think the warehouse space is part of the investor deck, Rajit. If you can refer it, I think you'll be able to figure it. We were given it for each geography. We would be able to look at. But from a number of. I think it's as of end of FY25, the data which is given in the deck. We publish that on an annual basis, Rajit, actually. Okay. Okay. Fair enough. Yeah. The others, employees, number of customers, that also will be on an annual basis? All these data points are published on an annual basis, Rajit. So if you could please wait for one more quarter, I think we'll be able to publish that. All right. Can you share the gross debt as of date? I mean, as of 30th September, we had about eight. 220, including lease liabilities. Again, okay, that's 30th September. Not the lease liability. I'm only talking about the bank debt borrowings. That will be about INR 850 crore at the end of September. Okay. You did share the order book, but would it be possible to share in terms of number of customers, what's the outlook for whether you maintain a pipeline or for Q4, if you can share a tentative number? I mean, I just want to understand. See, the reason I'm asking is, after all, the logistics business is more a business of volume, and there's only as much we can do on pricing and margin improvement. So if there is anything you can share in terms of number of, I mean, subjective, qualitative, or quantitative? So, Rajit, Ravi here. See, the number of customers, I don't know. We have two segments, right? There's an ISCS segment and the global forwarding segment. The ISCS segment, typically, I would say the number of customers would be in the hundreds, and the global forwarding business, the number of customers will be in the thousands. So because if you take a container or if I take a cargo, I may have one main customer, and then I'll stuff it with a whole bunch of other customers. So there'll be a lot of transient customers in the GFS business. But typically, the number of customers is something which you can take a look at it from our end-of-year statements. But to give you a broad perspective, the ISCS would be in hundreds, and then GFS would be in thousands. Right. No, I actually wondered a bit more on the outlook in terms of onboarding of new customers, but I guess I'll wait for the data points at the year-end. The deck mentions the breakup of our customers into various industries, and it says consumer 13%. So that is inclusive of FMCG, right? Or is it pure FMCG, and there's nothing else? It's predominantly what I would call FMCD. With the acquisition of Swamy & Sons, it will give us an entry into the FMCG space. All right. So that would include e-commerce as well? We don't do B2C business, so I want to qualify that. But yes, it will include e-commerce where we work with e-commerce companies on their fulfillment side. All right. Wonderful. Okay. Just one last question. Any outlook on any large organic CapEx or inorganic spend going forward, if you have any concrete plans? On the CapEx, I think we broadly spend about 1.1% of our revenue, Rajit. I think we'll continue to do that, especially for the new projects, which will continue as per the previous years. In terms of inorganic, we just announced our Swamy & Sons acquisition, right? So that will be one key acquisition. And we keep looking at it. If something materializes, probably we will keep all of the information. All right. Thank you, sir. Thanks a lot. Thank you, Rajit. Thank you. Thank you very much. We will take that as a last question for today. I now hand the conference over to Mr. Ravi Viswanathan, Managing Director, for closing comments. Over to you, sir. Thank you. It was a very interactive Q&A, and hopefully, we were able to provide all of you with the answers. Before we wrap up, I just want to reiterate the key takeaways from this quarter. Let me just close by saying that Q3 has been a quarter of solid performance for TVS Supply Chain Solutions with clear progress on growth, profitability, and execution across our portfolio. We delivered double-digit revenue and Adjusted EBITDA growth, strong margin expansion at Adjusted EBITDA and also at PBT level, supported by disciplined execution and improving business mix. Our focus as a leadership team remains very clear: driving profitable growth, continue the margin expansion through Project One and cost initiatives, improving the cash generation, and build sustained revenue visibility through a strong, diversified pipeline. With the momentum we have built so far this year and with disciplined execution across regions, I'm confident that we are moving steadily towards strengthening our financial profile and delivering on our medium-term objectives. Thank you once again and for your continued trust and support. Thank you. On behalf of TVS Supply Chain Solutions, that concludes this conference. Thank you for joining.