Elin Electronics Limited — Q3 FY26

Elin Electronics Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=M74ZYU_Ipho Published: 3 months ago

0:02 2 seconds Good evening ladies and gentlemen. I'm Akash, moderator for the conference call. Welcome to Elen Electronics 0:08 8 seconds Committed Q3 FY26 investors call. As a reminder, all participants will be in listen only mode and there'll be an 0:15 15 seconds opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an 0:24 24 seconds operator by pressing star then zero on a touchstone telephone. Please note this conference is recorded. I would now like 0:31 31 seconds to hand over the floor to Mr. Gulchin Singh. Thank you and over to you sir. 0:36 36 seconds Yeah, thank you sir. Uh good afternoon and very warm welcome to everyone on a behalf of Sunundi Securities. I welcome 0:43 43 seconds you all to Len Electronics Limited Q3 FI26 earning conference call. Today we have with us our uh management uh 0:51 51 seconds represented by Mr. Kamill Satya managing director Mr. Senu Satya our director Mr. 0:57 57 seconds Akas Satya head of strategy and Mr. 1:00 1 minute Praid Tendan our CEO we thank electronics limited for giving us the opportunity to host the call I would now 1:08 1 minute, 8 seconds like to hand over the floor to the man for their opening remark post which we will open the floor for a Q&A thank you 1:14 1 minute, 14 seconds and over to you Sanju sir thank you very much Mr. 1:19 1 minute, 19 seconds Good evening ladies and gentlemen. This is Sanjiv Satya, director at electronics and we also have on call today our managing director Mr. Kamill Seta, our 1:28 1 minute, 28 seconds strategy head Mr. Akashya and our CEO Mr. Pravin Tundan. Thank you for joining our call for the third quarter and 9 month of fiscal year March 2026. 1:39 1 minute, 39 seconds Coming to our overall performance for the quarter, operating revenues for the quarter was rupees 294 kores against 1:46 1 minute, 46 seconds rupees 266 kores in the same period last year, up 10% on a year-on-year basis. 1:53 1 minute, 53 seconds Our revenue growth was driven primarily because of strong growth in our appliances and sand business. This can be attributed to new product launches 2:02 2 minutes, 2 seconds and customer acquisitions. Consolidated epitita for the quarter was rupees 11.9 crores against rupees 7.6 crores the 2:11 2 minutes, 11 seconds same period last year representing a strong growth of 57%. 2:16 2 minutes, 16 seconds While margins improved we saw we saw sharp surge in raw material cost due to increase in key raw material prices like 2:23 2 minutes, 23 seconds copper, steel, aluminum. This impacted gross margins for the quarter. 2:28 2 minutes, 28 seconds Consolidated patch for the quarter was rupees 3.8 crores against rupees 1.4 4 crores in the same period last year. Our 2:36 2 minutes, 36 seconds liquidity position remains strong with net cash of 59 crores as at December 25. 2:42 2 minutes, 42 seconds Our working capital position is at net 68 days due to higher than normal inventory levels. We expect this to 2:49 2 minutes, 49 seconds normalize within this quarter. Our capex uh capex spend in 9 months since fiscal year 26 was at rupees 24.5 crores. As 2:59 2 minutes, 59 seconds stated in our earlier calls, the aspiration is to be one-stop shop for all high volume home appliance and durable needs of OEMs and our customers. 3:08 3 minutes, 8 seconds This includes our existing business, lighting, fans, small appliances, and our planned new business, medium appliances such as air coolers, 3:17 3 minutes, 17 seconds chimneys, ovens, etc. We will continue to look for such products to add in our portfolio over the next several quarters. 3:26 3 minutes, 26 seconds Now I would like to share with you the performance and the strategy in each of our business verticals. In lightning fan 3:33 3 minutes, 33 seconds and switch segment the revenue for the quarter was rupees 62.3 kores against rupees 67.6 kores in the same quarter 3:41 3 minutes, 41 seconds last year. This was primarily driven by strong increase in revenues from fan which was partially offset by a marginal decrease in revenue from lighting. 3:52 3 minutes, 52 seconds LED lighting excluding flashlights declined from rupees 51.2 kores in last quarter to rupees 38.6 kores in the 4:00 4 minutes current quarter. As mentioned earlier on our call this was largely led by volume dec decline from signify which was 4:08 4 minutes, 8 seconds largely offset by gains from new customers added. The revenue run rate on a quarteron quarter basis is on an 4:15 4 minutes, 15 seconds improving trajectory. As on date, we are serving five new customers in lighting. 4:20 4 minutes, 20 seconds In addition to signify, as on date, on an incremental basis, our new customers are contributing to 50% of our revenues 4:28 4 minutes, 28 seconds on a monthly basis. We have hired a new business head with strong exposure in the lighting business. With his 4:35 4 minutes, 35 seconds experience and customer connections, we we reiterate that we expect double-digit growth in our lighting business in FY2627. 4:44 4 minutes, 44 seconds Moving on to our fan business, we have seen strong growth of 100% in our fans business on a year-on-year basis. This 4:52 4 minutes, 52 seconds has primary primarily been given by our BLC ceiling fan business. We are also working on diversifying our customer 4:59 4 minutes, 59 seconds base and adding new customers. We expect this strong growth momentum to continue in Q4 as well. Our TPW business is 5:08 5 minutes, 8 seconds showing robust demand. Overall, we expect fans to grow by another 50% in fiscal year 26-27. 5:17 5 minutes, 17 seconds Moving on to the home appliance segment, revenue growth was robust and increased from rupees 52.3 kores last quarter to rupees 102.8 crores this quarter. 5:28 5 minutes, 28 seconds Kitchen and home care revenues increased by 330% year-on-year basis. This was largely on the back of OFR. Our existing 5:36 5 minutes, 36 seconds business businesses of irons, mixer, grinder, etc. has seen good volume growth as well. Personal segment was 5:44 5 minutes, 44 seconds down 10% year-on-year demand due to weak demand in hair straighteners and trimmers. Future growth is going to be 5:51 5 minutes, 51 seconds driven by this segment and our strong focus on also growing ODM share of the business. While still nent, we expect 5:59 5 minutes, 59 seconds ODM to grow strongly over the next several quarters. A quick update about the medium appliance category. While 6:07 6 minutes, 7 seconds these will be built out of Diwari unit which will start from next fiscal. We have already initiated discussions with 6:15 6 minutes, 15 seconds customers for this. We have a strong outlook for our OFR business for next fiscal as well as happy to share that we 6:22 6 minutes, 22 seconds have tied up with two customers for the to be launched chimney business. We had shared our optimism in our last call 6:30 6 minutes, 30 seconds about our relatively nent export business. We remain in explan exploratory talks with a few OEMs to supply from India and export to the USA. 6:40 6 minutes, 40 seconds Discussions will now commence given the easing of the tar tariff situation. We are very hopeful of restarting a fan export to USA. Further the government 6:49 6 minutes, 49 seconds push for making India and decentizing uh imports via BIS and QCO makes us further optimistic on our business going 6:57 6 minutes, 57 seconds forward. Moving on to the FHP motor segments, re revenue declined from rupees 55.8 kores in last quarter this 7:06 7 minutes, 6 seconds year to rupees 45.6 cr this year. Please note this segment reflects only third party sales. Therefore, while segment 7:14 7 minutes, 14 seconds sales appear declining, underlying growth is strong given that there is captive consumption of motor for the appliance business. In terms of pipeline 7:22 7 minutes, 22 seconds of new products to be launched, we'll be launching the cooler motor and the BLC chimney motor by the next uh year for 7:29 7 minutes, 29 seconds both third party sales and captive consumption towards manufacturing the finished product. I would like to share a guidance of 9 to 10% for revenues from 7:38 7 minutes, 38 seconds 25 to 26 FY 25 to 26. I our guidance included revenues from export to USA 7:45 7 minutes, 45 seconds which has been nil since August 2025 due to the tariff situation. We are optimistic that the situation is 7:52 7 minutes, 52 seconds expected to be resolved soon. We are hopeful of adding a few more export projects over the course of next four to 7:59 7 minutes, 59 seconds six quarters. EITA forecast for the year is forecast at 5.3 to 5.8% margin. 8:06 8 minutes, 6 seconds Please note that the margin on export is higher than domestic sales. Therefore, EITA margins has been impacted. 8:13 8 minutes, 13 seconds Apex for the year will be 100 to 110 crores split as 60 to 65 crores for phase one of the new plant at biari and 8:22 8 minutes, 22 seconds rupees 35 to 40 kores for growth of the existing businesses and factories. Once the new facility is stabilized in two 8:29 8 minutes, 29 seconds years from starting. This will also help us drive up our roast since cash sitting idle on our balance sheet has been a drag on the return on capital employed. 8:39 8 minutes, 39 seconds A quick update on the Biari factory. 8:42 8 minutes, 42 seconds Total project cost is estimated at rupees 100 kores. Construction has commenced in July 2025 and is 8:50 8 minutes, 50 seconds progressing well. Given the current progress, we expect the plant to be ready and operational by May 2026. 8:57 8 minutes, 57 seconds There's a slight delay due to the pollution control restrictions imposed imposed by the government. We expect 9:04 9 minutes, 4 seconds revenue of 140 kores in FI27 and rupes 250 kores in FI28. 9:12 9 minutes, 12 seconds Reiterating that as per current estimates revenue potential of the plant is rupees 550 to 600 crores. Further we 9:19 9 minutes, 19 seconds expect a steady state EITA of 7 to 7.5% for this plant. At these levels return on capital employed for the plant will 9:28 9 minutes, 28 seconds be at 20%. With this we conclude our opening remarks. We can now open the floor for question and answers. Thank you very much. 9:37 9 minutes, 37 seconds Thank you sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone 9:45 9 minutes, 45 seconds keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. 9:55 9 minutes, 55 seconds Ladies and gentlemen, if you have any questions, please press star and one. 10:01 10 minutes, 1 second Let us wait a while until the question queue assembles. 10:10 10 minutes, 10 seconds The first question comes from Mr. Rahil Dasani from MAPL. Please go ahead with the question sir. Yeah, I'm audible. 10:18 10 minutes, 18 seconds Yes sir. Yes sir. 10:20 10 minutes, 20 seconds Yeah, good afternoon and thank you for the opportunity for congrats on the set of numbers. I am rather new to the company. So some more simpler questions 10:29 10 minutes, 29 seconds for these new products that we are getting into or even the new customers that we are entering. You yourself has said in the previous corn calls that 10:38 10 minutes, 38 seconds competition is high. So on what basis or USP or value addition are we able to enter the new customers whose supply 10:47 10 minutes, 47 seconds chains are already fixed and established? 10:51 10 minutes, 51 seconds Yeah sure happy to answer this. So if you see in terms of the new products which we are renting to a of course the oil filled radiators which we already 10:58 10 minutes, 58 seconds started last year and this is our second then we are getting into chimneys and uh uh air coolers. These are the three 11:07 11 minutes, 7 seconds products which are targeted you know where we which are absolutely new for us. basically in terms of competence and you know the kind of backward 11:16 11 minutes, 16 seconds integration which we have in all these three three product categories is is you know advantage to us as over 11:23 11 minutes, 23 seconds competition. So for example in oil fil radiator eater heat he heaters we are the only company in India who is doing the complete fin assembly locally the 11:31 11 minutes, 31 seconds rest is being either imported in kit form and this assembly is being done so you know there's a distinct advantage and now after two years under our belt 11:40 11 minutes, 40 seconds we are further scaling up our local manufacturing facility so we become naturally competitive with shorter lead 11:47 11 minutes, 47 seconds times so I think uh in this as you know we want to capitalize on our first move 11:54 11 minutes, 54 seconds capacities to a level that generally you know it's a limited market so other customers will or other competitors will not easily look at localizing the fin 12:03 12 minutes, 3 seconds assembly here. So that's there's one advantage is the kind of backward integration which we have. The same holds true for chimneys also. If you 12:11 12 minutes, 11 seconds look at chimneys basically the major uh categories in chimneys uh in terms of first is motors. 12:19 12 minutes, 19 seconds We are currently the largest manufacturers of chimney motors in the country. So we already have a very strong base and a customer base for 12:27 12 minutes, 27 seconds motors. Then the sheet metal fabrication and electronics that is completely inhouse. So again here the backward 12:34 12 minutes, 34 seconds integration which uh we can offer to our customers is far greater than let's say the existing chimney manufacturers because I believe none of them are 12:42 12 minutes, 42 seconds making motors in house and it accounts for and probably even the electronics is not in house. So it accounts for a fairly large percentage of the bomb which we are going to be doing inhouse. 12:53 12 minutes, 53 seconds In terms of air coolers you know it's a combination of the cooler motor the submersible pump and the swing motor 13:00 13 minutes which is totally being done inhouse. uh uh including the plastic molding. So that's in inherent advantage which we 13:08 13 minutes, 8 seconds have in terms of our backward integration as compared to competition. 13:12 13 minutes, 12 seconds uh and uh and we are of course already leveraging our existing business uh you know with most of these customers 13:20 13 minutes, 20 seconds because uh we have fairly long-term business relations with most of the customers who are in the either chimney 13:27 13 minutes, 27 seconds for example Saber is there we've been supplying motors for a very long time or oil filled radiator heaters and air coolers so I believe uh this gives us a 13:36 13 minutes, 36 seconds distinct advantage of even getting into a competitive market in creating a space uh for ourselves I hope it 13:45 13 minutes, 45 seconds yeah. So, uh just to understand this better having the pins and motors in house that of course gives us a lead uh 13:54 13 minutes, 54 seconds lead time advantage but I believe that would also help us in terms of the cost competitiveness. So if you can share more on that how much more competitive 14:02 14 minutes, 2 seconds are we becoming costwise uh by having these things inhouse compared to other players who do not have it in house? 14:11 14 minutes, 11 seconds Uh so so of course it will depend a little bit from uh product category to category. So for example in terms of OFR 14:18 14 minutes, 18 seconds since there is uh no IV we see that we are easily about 7 6 to 8% more competitive than imports for a totally 14:26 14 minutes, 26 seconds locally made uh OFR heater chimney again uh based on uh based on uh the current 14:34 14 minutes, 34 seconds uh bomb and the current price valuation and the the way we which we have got in I think we are again at least minimum 5% 14:42 14 minutes, 42 seconds cheaper than the competition. Air cooler is a category we are currently working on. I mean we have not started in the sense that the samples are now not out. 14:51 14 minutes, 51 seconds So I don't have a number right now but maybe in a couple of months maybe by the next call we we can give you an update on that also. But uh the chimney 14:59 14 minutes, 59 seconds currently we are in the sample you know giving uh up the final samples for evaluation and then start of production when the body factory goes online. 15:10 15 minutes, 10 seconds Fair enough. 15:10 15 minutes, 10 seconds And sir this you answered me for the new products but if I take the existing set of products for lighting for example where I believe in the in a very short 15:18 15 minutes, 18 seconds span of time we have been able to add six new customers. So if you can explain uh how were we able to enter those 15:26 15 minutes, 26 seconds players what would what did we give them better compared to their existing suppliers. 15:32 15 minutes, 32 seconds Okay. So see in lighting you know uh we have been in the lighting uh space for close to about 22 or 23 years now. So we 15:41 15 minutes, 41 seconds have a very long track record as a lighting company. Of course we were bound by the exclusivity agreement with 15:49 15 minutes, 49 seconds uh signify. So you know over these last so many years there have been a lot of these companies who've been approaching us for lighting but because of our 15:58 15 minutes, 58 seconds agreement we were not able to service them. Now that that agreement no longer there, I mean uh it's it's been uh I not 16:06 16 minutes, 6 seconds say fairly simple but yes we we've worked on it. 16:09 16 minutes, 9 seconds We were always integrated in terms of lighting. So we were competitive but we didn't have the scale uh to match you know the other lighting players. So we we worked on that. 16:19 16 minutes, 19 seconds Uh we uh we enjoy a very good uh reputation in the market as a very premium quality supplier. So at similar 16:28 16 minutes, 28 seconds prices uh you know we have been able to attract some of the customers uh from our competition and uh now like I said 16:37 16 minutes, 37 seconds with the addition of a new resource who has a very proven track record of dealing with multiple customers in in the lighting business it has helped 16:46 16 minutes, 46 seconds further you know attract these customers. So some of them have been existing customers, some are new additions, but with our track record of 16:54 16 minutes, 54 seconds you know supplying uh to Philillips for two decades plus I think it that's made it a little easier to attract these customers as a quality supplier of lighting products. 17:04 17 minutes, 4 seconds Fair enough. And just one last question before I get it back to the queue uh for these new lighting customers that we 17:11 17 minutes, 11 seconds have added I believe we have added maybe four of them and two are to be added by year end. Uh so in FY27 17:19 17 minutes, 19 seconds what sort of turnover can we expect from these six customers uh in 17:26 17 minutes, 26 seconds so uh so currently we have uh already onboarded five customers that means that the billing has already started and we 17:33 17 minutes, 33 seconds expect maybe to add another one or two customers. uh we don't want to spread ourselves too thin also with a very 17:40 17 minutes, 40 seconds large number of customers but we want to focus on you know quality customers whom we can service and gain a fairly large 17:48 17 minutes, 48 seconds uh business share you know in terms of volume that's our overall strategy going forward. Uh in terms of revenues like we 17:55 17 minutes, 55 seconds said we are currently almost on a 50/50 basis in terms of the revenues. uh while 18:03 18 minutes, 3 seconds we expect that the signify lighting re will be at the current state I don't see it going up uh significantly I think the 18:11 18 minutes, 11 seconds existing uh uh new customers so we are looking at about a revenue of in terms 18:19 18 minutes, 19 seconds of lighting uh from the new customers to the tune of around maybe 150 to 170 18:26 18 minutes, 26 seconds kores in the coming fiscal okay so why I was asking this is because in the previous phone call we we shared 18:34 18 minutes, 34 seconds that these six new customers can do at least 20 to 30% premium revenue of what signify used to do monthly for us which 18:41 18 minutes, 41 seconds was 17 to 20 CR. So that number what we our our monthly run rate by 18:51 18 minutes, 51 seconds probably the year end will be on par with what we were doing with signify let's say prior to the lightenium deal and the revenues declining. So we are 19:00 19 minutes almost uh there at those levels. So we are almost at the revenues which we used to do with signify and now with the 19:07 19 minutes, 7 seconds addition and growing of these new uh customers uh next year the revenue uh from from them will continue to grow. 19:19 19 minutes, 19 seconds Got it. Fair enough. That could be all I'll get back in. Thank you. 19:23 19 minutes, 23 seconds Good. Thanks. Thank you sir. The next question comes from the line of Ana Nani from Thinkwise Wealth Managers LLP. 19:30 19 minutes, 30 seconds Please go ahead. Uh am I audible? Yes ma'am. Yes you are. 19:37 19 minutes, 37 seconds Yeah. Uh thanks for the opportunity. So I wanted to inquire about your gross margin. They are about 40 basis points lower this quarter as well. You've 19:45 19 minutes, 45 seconds mentioned because of raw material pricing and some repricing with customers. So can you uh elaborate on that and how do we look at gross margins 19:55 19 minutes, 55 seconds going forward? What would be like the steady state basis like if there's a new normal uh something on that? Yeah, that's my question. 20:04 20 minutes, 4 seconds Sure. So like uh you know we pointed out uh in our opening remarks that uh you know our key raw materials uh especially 20:12 20 minutes, 12 seconds on the metal side uh so steel, copper and aluminium have seen a fairly sharp uh increase. If you follow the metal 20:20 20 minutes, 20 seconds pricing market uh most of these are almost trading at all-time high levels. 20:26 20 minutes, 26 seconds uh so you know the impact of uh this increase uh which will be repriced subsequently in the next quarter has 20:35 20 minutes, 35 seconds been uh you know boned by us uh in the current quarter. Uh so depending on our contracts some some of them are on a monthly basis some of them are on a 20:43 20 minutes, 43 seconds quarterly basis. So wherever it was monthly it has been repriced already wherever it was quarterly will be done in uh Q4 uh or in the current quarter of 20:52 20 minutes, 52 seconds the year where we are. uh so I mean as a temporary uh uh you know uh time period there has been a an impact on account of 21:00 21 minutes these increase in RM prices. So therefore therefore our gross margins have been slightly impacted like you pointed out to uh I think to the extent of 40 40 basis points. 21:14 21 minutes, 14 seconds Uh so in Q4 as well we'll see a compressed margin sort of situation. 21:20 21 minutes, 20 seconds It's very difficult to uh to kind of uh you know predict how RM prices behave. I'm sure you will appreciate that. 21:27 21 minutes, 27 seconds Probably no one in the world can tell you where the where the metal prices will settle. Uh but assuming they stay steady then there should not be an 21:35 21 minutes, 35 seconds impact because uh then the repricing uh will uh will will nullify any of that. 21:41 21 minutes, 41 seconds But assuming they continue to keep on surging, there could be a further impact because uh last what happens is last quarter or last month average is used in 21:50 21 minutes, 50 seconds this quarter or this month. Uh and I mean just to also give you all three sides of the coin uh if there is a decline from these levels then there 21:58 21 minutes, 58 seconds could be an added advantage. So uh very difficult to predict where uh you know the metal prices will go but I've 22:06 22 minutes, 6 seconds explained uh to you broadly in terms of uh you know direction whichever way they go uh what the what the impact will be. 22:16 22 minutes, 16 seconds Got it. Got it sir. Thank you so much. Thank you ma'am. 22:21 22 minutes, 21 seconds Ladies and gentlemen, if you have any questions please press star and one on your telephone keypad. 22:28 22 minutes, 28 seconds I repeat if you have any questions please press star and one on the telephone keypad. 22:33 22 minutes, 33 seconds The next question is from the line of Mr. Kunal Ma from Sunidi Securities. Please go ahead sir. 22:41 22 minutes, 41 seconds Yeah. Hi uh very good evening uh sir. Uh my first question will be the uh I think 22:48 22 minutes, 48 seconds last year we saw that uh there was heavy price erosion in the lighting segment. 22:53 22 minutes, 53 seconds Uh so what is the current scenario there now that we have about five six customers onboarded so are we able to get a competitive price or a better 23:01 23 minutes, 1 second price or it's still the scenario has been same so so in terms of lighting I mean just 23:08 23 minutes, 8 seconds like now Akash was explaining commodity prices has been at all-time high dollar you know is pretty strong and in terms 23:17 23 minutes, 17 seconds of electronics again you know the chip availability is becoming a little bit of a problem basically driven by a lot of 23:24 23 minutes, 24 seconds the chip volumes are being now diverted to AI related chips uh EV related chips. 23:30 23 minutes, 30 seconds So lighting is coming at the little bottom of the line in terms of the uh you know the how the the capacity is 23:37 23 minutes, 37 seconds allotted allocated by the chip manufacturer. So lighting is lighting and general across all consumer electronic products are seeing the price 23:46 23 minutes, 46 seconds increase. I think uh price erosion in lighting business is going to stop. uh the prices are going to head north for 23:53 23 minutes, 53 seconds sure. It's already started happening from this month. If not this month maximum I think next month I expect at least a four to 5% kind of price 24:01 24 minutes, 1 second increase in across the board in lighting products. Some might be a little more but uh bottom line I think we will be seeing now prices going north uh in 24:10 24 minutes, 10 seconds lighting and other consumer electronic businesses. 24:15 24 minutes, 15 seconds Okay. And uh sir uh I mean every quarter like since almost Q1 so we have been you 24:23 24 minutes, 23 seconds know constantly uh downgrading our gross margin guidance for the year from about 6 to 6.5 to 5 and a half to six now 24:31 24 minutes, 31 seconds about 5.3 to 5.8. So is it only because of the raw material or there are anything other than that also that is 24:39 24 minutes, 39 seconds coming up. Is it capacitization? Is it something else that is affecting the gross margins? 24:46 24 minutes, 46 seconds Oh look it's uh so uh just uh one quick clarification. It's not gross margin. I think you're referring to uh ITA margins. Uh I'm sorry. I'm sorry. ITA margin. Sorry. 24:55 24 minutes, 55 seconds Yeah. 24:56 24 minutes, 56 seconds Quick clarification. Uh look it's it's probably like you pointed out you pointed out a whole host of factors. is probably a combination of that. It's 25:04 25 minutes, 4 seconds never really one single uh factor that uh that plays out. So on the lighting side like we pointed out uh 25:11 25 minutes, 11 seconds you know uh the prices of electronics and uh weak rupee is is impacting us because there are certain uh you know 25:18 25 minutes, 18 seconds imported uh content in a uh in our lighting business in uh on the appliances side and the motor side. it 25:25 25 minutes, 25 seconds is the price of uh you know metals uh you know that is uh very very difficult to to predict. So our uh like I said our 25:34 25 minutes, 34 seconds job we feel is you know uh to give you a realistic picture of uh the business as we see it. Uh and in that very spirit uh 25:43 25 minutes, 43 seconds you know we are sharing uh the situation as is uh we agree that there is a you know slight uh you know compression that 25:51 25 minutes, 51 seconds we have seen and that we do expect in uh in our either uh from what we had forecasted. uh our job is to you know 26:00 26 minutes lay it out to you as we as we see it clearly. 26:04 26 minutes, 4 seconds Okay. And so uh the impact of BIS when do we see it to take effect you know I mean is this September of this year or 26:13 26 minutes, 13 seconds is it actual effect will come in the March of next year. 26:18 26 minutes, 18 seconds Um yes in a lot of product categories is already implemented. So you are uh seeing the impact you know if you if you 26:26 26 minutes, 26 seconds let's say for example if I take the chimney business uh there's a lot of local manufacturing going on uh chimney 26:34 26 minutes, 34 seconds motor manufact chimney manufacturing motor manufacturing business has done extremely well last year so these are 26:41 26 minutes, 41 seconds already happening uh in terms of OFR also I mean most of the appliances are now covered by BIS for us the next big 26:49 26 minutes, 49 seconds uh growth boom could which could happen for because of BIS would be our FHP fractional horsepower motor business 26:55 26 minutes, 55 seconds that is still not uh you know uh 100% under BIS. So I think with those motors uh coming under BI there would be growth 27:04 27 minutes, 4 seconds opening up of you know local manufacturing let's say washing machine motors I think would be a big category where the current local manufacturing 27:12 27 minutes, 12 seconds I'd assume is maybe at between 5 to 8 maybe max 10%. 27:16 27 minutes, 16 seconds uh air conditioning odu motors like the BLC motors fail right now I think more than 80 90% of the motors are imported 27:25 27 minutes, 25 seconds so I think that category will uh see a big impact uh if BIS comes in I think it's slated to come in for August or 27:32 27 minutes, 32 seconds September of 2026 uh in terms of you know lighting it's already controlled by the number most of 27:39 27 minutes, 39 seconds appliances are under BIS and as far as the Chinese companies getting BIS it's still a little difficult uh you know 27:46 27 minutes, 46 seconds although a little bit uh getting visas and things have become a little easier but still there are certain constraints there. So for us uh the next big mover 27:55 27 minutes, 55 seconds is going to be uh you know the motor business once it comes completely under the sir uh yeah just on the FHP motors I 28:04 28 minutes, 4 seconds think this year we in this quarter we saw about an 18% decline uh by and uh most of which was due to you know mixer 28:13 28 minutes, 13 seconds grinder volume declining and even the synchronous AC motors. So do you do you see this that because of BIS a lot of 28:21 28 minutes, 21 seconds you know uh uh companies uh you know might have some kind of a captive uh FHP motor plant. How how is 28:30 28 minutes, 30 seconds our market share turning up because of this? Uh yeah of course our our third party sales of motors has gone down 28:39 28 minutes, 39 seconds whereas there has been intercomp business mixer grinders that's kind of those numbers have gone up but of course we reported as a final mixer grinder 28:48 28 minutes, 48 seconds sale but in general uh you know small appliances I think this Diwali was a little tippid and the couple of months 28:56 28 minutes, 56 seconds post Diwali the demand of mixer grinder motors chimney motors was fairly low. uh it's now picking up uh I think uh a lot 29:05 29 minutes, 5 seconds of uh you know the bigger appliances in the automotive industry did extreme ex exceedingly well during Diwali. Uh so uh 29:14 29 minutes, 14 seconds small appliances in general and chimneys uh had a fairly tepid Diwali. Uh again 29:21 29 minutes, 21 seconds now looking up and I think again the motor number should go up. uh like I said for example we also got into the 29:28 29 minutes, 28 seconds cooler motors but last year coolers was coolers and air conditioners both you know in terms of the season was fairly 29:35 29 minutes, 35 seconds bad because of unusually long uh rainy season so there was a lot of inventory carryover so actual manufacturing of air 29:43 29 minutes, 43 seconds conditioners and coolers has now you know now just taken off normally it starts in October but this time I think it's got delayed by a couple of months 29:51 29 minutes, 51 seconds so those categories of motors which we're expecting to pick up uh during you know the October, November, December period really did not happen. So that's 29:58 29 minutes, 58 seconds another reason why FHP Motors was a little down. Captive has gone up in terms of mixer grinders uh for us and 30:06 30 minutes, 6 seconds some a little bit in the TPW segment also. Now uh we've consolidated our uh motor man TPW manufacturing the complete 30:14 30 minutes, 14 seconds fan manufacturing in Gardy plant and uh those numbers are doing well but it's being reflected in the overall fan business for us you know as a complete product. 30:25 30 minutes, 25 seconds Okay. So now uh can we see the bi plant start in uh from April or will there be 30:32 30 minutes, 32 seconds some kind of a lag uh you know where you'll be shifting the chimney production from Gazyabad to Badi and you know new facility comes up. So will 30:41 30 minutes, 41 seconds there be some kind of a you know uh shifting lag where you'll be you know shifting some operations or will it be a smooth transition? 30:52 30 minutes, 52 seconds We will be shifting our OFR business uh to Biwari from yeah no chimney is also happening in 30:59 30 minutes, 59 seconds Biari but it'll probably be the commercial production will commence there. 31:03 31 minutes, 3 seconds Our uh date of commercial uh billing is we've given as May 26. Uh prior to that you know there are a lot of regulations 31:12 31 minutes, 12 seconds which have to be completed you know in terms of the BIS approval of the plant you know the manufacturing line has to be BIS approved. So we need to do the 31:21 31 minutes, 21 seconds preliminary sample build over there then submit it for approval then get the line approved. So this takes about two 2 31:27 31 minutes, 27 seconds months uh time you know. So we expect our internal trials to start somewhere in March of 26 and commercial production will go online Mayu uh 26. 31:43 31 minutes, 43 seconds Okay. And so one last question how are we on the working capital end? How is the progress there? Uh are we lagging 31:51 31 minutes, 51 seconds from our uh uh because networking capital days are has increased to 6 31:57 31 minutes, 57 seconds almost 68 days you know from 59. So uh are we maybe is there going to be a little delay in execution of you know 32:05 32 minutes, 5 seconds improving on the inventory and the payable days or are we on track? 32:11 32 minutes, 11 seconds We are okay in terms of payable days. I think we're doing quite quite well. Like we pointed out again in our opening remarks that uh you know there was 32:18 32 minutes, 18 seconds certain uh you know abnormal uh inventory buildup that we have seen uh you know during during the quarter 32:25 32 minutes, 25 seconds towards the end of the quarter. Uh we expect that to normalize within this uh quarter itself. Uh so hopefully uh as at 32:33 32 minutes, 33 seconds the end of March we should be around the 50-day target that uh that we have uh set out on a net basis of course. 32:42 32 minutes, 42 seconds Okay. I'll fall back in the queue. Thank you so much. Bye. 32:46 32 minutes, 46 seconds Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. 32:53 32 minutes, 53 seconds I repeat, if you have any questions, please press star and one on a telephone keypad. We have a follow-up question from Mr. Rahil Dasani from MAPL. Please go ahead, sir. 33:04 33 minutes, 4 seconds Yeah. Uh sir this 165 170 K target that we have from the new lighting customers for next year is this dependent on 33:12 33 minutes, 12 seconds prices improving last year like we said in the previous answer or based on the prices as they are today. 33:21 33 minutes, 21 seconds See the the value which I've given to you is based on existing prices. But in terms 33:28 33 minutes, 28 seconds of uh the price increase which uh which I believe I mean which I said that I expect around around let's say a 5% 33:36 33 minutes, 36 seconds increase I think this will be a quote uh and I say this because I see some of it has already happened uh in this month 33:44 33 minutes, 44 seconds and uh Max you know China is going for the Chinese new year so we will be getting new prizes from China also once 33:52 33 minutes, 52 seconds they come back to work to work and that will also determine how the light business moves. But in general uh I 33:59 33 minutes, 59 seconds expect a price increase across lighting categories and my correct number which I told you about 150 to let's say 170 kind of range that is on the existing prices. 34:11 34 minutes, 11 seconds Perfect. Got it. And sir, it could go. Yeah. Yeah. Sorry. 34:18 34 minutes, 18 seconds No, no, that's what I'm saying is that that those the numbers which I gave you are on the current existing prices. That means what was operative, what was uh 34:26 34 minutes, 26 seconds prevailing in the month of January and uh like I said the the price increase which which I expect minimum around 5% 34:33 34 minutes, 33 seconds that would further push those numbers up. 34:37 34 minutes, 37 seconds Perfect. Got it. And so just a broader question to understand the customer stickiness in this industry. Why did we 34:45 34 minutes, 45 seconds lose signify after such a long-term relationship back to an exclusive relationship? 34:52 34 minutes, 52 seconds Why did we lose? So I could give you my so a let me uh answer that question. A we have not lost signify as a customer. 35:00 35 minutes They lost. 35:02 35 minutes, 2 seconds Yeah. So, so, so you know, so we they continue to buy lighting uh business 35:09 35 minutes, 9 seconds lights uh light fittings from us and uh they we are still partnering with them for the the fan business and you know uh 35:17 35 minutes, 17 seconds that's what that business is doing extremely well for both of us. So we are still a strategic supplier for them and 35:24 35 minutes, 24 seconds uh they are approaching us for a lot of the new categories which they are looking at to grow their business. Now as far as uh you know the lightenium uh 35:33 35 minutes, 33 seconds part of the business is concerned where signify has formed a you know collaborative venture with D 35:41 35 minutes, 41 seconds the lighting business I mean uh I wouldn't attempt to answer the logic behind that I mean that's how they seen the lighting business and probably some 35:49 35 minutes, 49 seconds consolidation which they wanted to do of their plants in boda uh where you know the conventional lighting has gone down 35:56 35 minutes, 56 seconds but uh so you know that's uh something best left to them. But uh what I can assure you is that we are still a 36:03 36 minutes, 3 seconds strategic supplier for them, a priority supplier. And uh if I if I add the fan business, our business with signify is 36:11 36 minutes, 11 seconds combined business with signify is growing. So whatever we've lost in uh lighting, we've gained in the fan category. So our business with signify 36:19 36 minutes, 19 seconds still remains strong and on a good growth trajectory. 36:24 36 minutes, 24 seconds Got it. And just to get my numbers clear, I believe we shared that uh signify used to be at least 1920 K in 36:32 36 minutes, 32 seconds totality for us. Uh and from that monthly uh they used to generate 1920 36:39 36 minutes, 39 seconds kores for us and from that annually maybe 40 50 K is the business that we launched. Right. 36:46 36 minutes, 46 seconds Correct. Uh so we used to be let's say at the 240 250 range. So that's about 240 for the for the lighting business. 36:54 36 minutes, 54 seconds uh and currently we are at about maybe the 100 120 uh kind of range in the lighting business 37:02 37 minutes, 2 seconds with signif it could be a little plus up and down it depends so so what signify has moved from us is the consumer part of the 37:10 37 minutes, 10 seconds business part of it not entirely we still work with them the professional business remains in so if the professional business does 37:18 37 minutes, 18 seconds well you know uh then that number could further go up uh But given the current scenario that's what the business was 37:26 37 minutes, 26 seconds around 240 250 kores in the last couple of years and now currently it's about uh looking at a run rate of about 120 to 140 kores with them. 37:35 37 minutes, 35 seconds Perfect. Got it. So now coming to the chimney aans and the OFR heaters I believe the approval for that is going 37:43 37 minutes, 43 seconds on at the Gaza plant and the product will be shifted to Badi once the plant is ready. So have the planned number or 37:53 37 minutes, 53 seconds expected number of customers approved us to achieve our 140 160 Kos of target in FI27 from the plan. 38:03 38 minutes, 3 seconds So uh two things or one OFR is going to be a shifting of the business because it's already operational in Gazyabad for 38:11 38 minutes, 11 seconds last two years and based based on so we've already planned the entire shifting in terms of the assets where 38:18 38 minutes, 18 seconds and of course there's an approval process so that's that's been planned uh based on what we did this year and the 38:26 38 minutes, 26 seconds forecast for the current year where we are again increasing our capacities like I'd mentioned that we are further increasing our capacity 38:33 38 minutes, 33 seconds so that you know we kind of uh be the dominant player and not let too many people in. I I believe we should be able 38:42 38 minutes, 42 seconds to hit the numbers between OFRs and chimneys. 38:46 38 minutes, 46 seconds uh the oven uh is not a very big uh business right now because in terms of oven there there's a there are slight 38:54 38 minutes, 54 seconds shifts in the uh consumption pattern and by that I mean you know in terms of aan now you are seeing the air fryer is becoming very popular and there's a new 39:02 39 minutes, 2 seconds product in the market is a combination of the air fryer and the oven which is again catching steam. So what we are 39:10 39 minutes, 10 seconds looking in this cooking category is to start with the oven and then maybe a couple of quarters down we could look at adding the air fryer business in our 39:19 39 minutes, 19 seconds which which will further increase those numbers. So we are in active discussions with couple of key customers uh for the 39:27 39 minutes, 27 seconds air fryer business as well. So with these two put togethers I new product yeah the new products for birvari. So with this two but I think between OFR 39:36 39 minutes, 36 seconds and chimney we should be able to hit the guidance which you've given in terms of the turnover for biardi in 2627. 39:44 39 minutes, 44 seconds Got it. So just to summarize it a bit only two products OFR and the chimney can do 70 to 75 K each in FI27 and this 39:52 39 minutes, 52 seconds is while we are launching chimneys to FI please read it as combined between OFR 39:59 39 minutes, 59 seconds and chimney we should be able to do 170 kores and uh the air coolers and the oven 40:06 40 minutes, 6 seconds business which we will start uh should I there's always a lag by the time you launch and approve you know you show the 40:13 40 minutes, 13 seconds product when the approval process happens. So we we are fairly confident that these two products alone should give us uh about uh 170 crores uh kind 40:23 40 minutes, 23 seconds of uh business outlook. Got it. No. So why I was asking for the split is because I believe we are to launch 40:30 40 minutes, 30 seconds chimneys only in H2FY 26. So that's only two quarters of numbers to generate a target. That's why I was asking for the split uh that we are planning for. 40:42 40 minutes, 42 seconds Currently not in a position to give you an exact split. Maybe no problem. And sir at 25 to 30% 40:49 40 minutes, 49 seconds utilization in FI27 from Bihari. What sort of AIDA margins can we achieve there? 40:57 40 minutes, 57 seconds Look uh we've mentioned that steady state of course will be say 7% plus but uh obviously initially it will be uh 41:05 41 minutes, 5 seconds much lower than that because of uh you know uh only part utilization of the plant. Uh what we would uh ask is you 41:13 41 minutes, 13 seconds know once the plant is up and ready we'll have a better idea to give you uh you know some sense of uh you know what 41:20 41 minutes, 20 seconds what in totality for the year we can expect. Uh so just just bear with us for another quarter or two. Uh we are fairly 41:27 41 minutes, 27 seconds close to Yeah. got it. And sir, how much additional capacity will this shift from 41:34 41 minutes, 34 seconds Gazyabad to Bhari leave in Kazyabad and will that excess Gazyabad capacity will get utilized immediately or else we will 41:43 41 minutes, 43 seconds also see a drop in margins in that unit because of a lower utilization like we have seen in the past. 41:51 41 minutes, 51 seconds So uh we already have a plan in place. 41:53 41 minutes, 53 seconds Of course this is going to be a fairly large uh revenue which will be moving out of Gazyabad. So we are looking at two product categories to offset and 42:01 42 minutes, 1 second then further grow. Uh one I mentioned that the fan business overall is doing fairly well for us. 42:07 42 minutes, 7 seconds Uh so we are looking to grow that business. uh uh this year I think we'll have 100% growth over last year and uh 42:15 42 minutes, 15 seconds so we are looking at the minimum 50% kind of growth or maybe a little more for the fan business and uh the second 42:22 42 minutes, 22 seconds category is uh in terms of the small appliance business there are certain uh there's especially the mixer grinder category we are looking to start 42:31 42 minutes, 31 seconds operations out of our Dyabad plant also as well uh the logic behind this is that you know in terms of mixer grinder has a 42:39 42 minutes, 39 seconds fairly large uh market share and it's a probably a roundthe-clock kind of business. Uh all our motors are being made in Gazyabad for the mixer grinders. 42:51 42 minutes, 51 seconds We believe making the mixer grinder in Gazyabad will will give us certain logistics and overall increase the 42:58 42 minutes, 58 seconds overall efficiency so we could uh you know offer at a better price point. 43:03 43 minutes, 3 seconds Secondly, of course, you know, badi now does not have any excise benefit as such. And now in the last couple of years, customers are also not very keen 43:11 43 minutes, 11 seconds to buy out of Badi because most of the sales happens in the bigger cities and in the metros. So the market is here. 43:19 43 minutes, 19 seconds So, so we want to uh move part of our uh mixer grinder business from uh Badi and 43:27 43 minutes, 27 seconds we believe uh in Gazyabad we can give a better value proposition and we can further add and grow our mix grinder 43:33 43 minutes, 33 seconds business uh given the fact that uh motor is going to become in-house. So of course it saves on certain logistics and 43:41 43 minutes, 41 seconds packaging costs etc etc. So these are the two categories we are looking at. Uh of course along with certain FHP motors 43:49 43 minutes, 49 seconds like coolers and chimneys uh etc to not only offset the shift in revenue but further grow the business. 43:58 43 minutes, 58 seconds But sir if we shift the mixer and grinder from Bhi to Gaza that will again lead to a lower utilization in Bhi and 44:04 44 minutes, 4 seconds hence we are again uh we will get what we call as a uh reverse operating leverage operating delever. 44:12 44 minutes, 12 seconds So, so uh the complete uh mixer grinder operations uh will not be shifted out bad. It's selected customers uh where 44:21 44 minutes, 21 seconds the market share is not very large that will affect the budhy business. But we believe that once we start mixer grinders in our Gazyapath plant, we will 44:30 44 minutes, 30 seconds be able to attract newer customers, more customers who are currently not buying the complete product from us. They might 44:37 44 minutes, 37 seconds be buying motors from us and they might be you know getting uh some of them uh are making buying from us and offering 44:44 44 minutes, 44 seconds to uh brands. So we believe that we will be able to uh corner a portion of that business also. 44:52 44 minutes, 52 seconds Got it. So I guess my point is that will we be able to continue with our 6 to 6.5% AIDA margin at our existing two 45:00 45 minutes plants if I forget about the biari new unit where of course you will see a dip in margins and profitability on the console level that's what I'm trying to 45:08 45 minutes, 8 seconds understand your point is uh well taken sir uh like I said uh so on the existing business we 45:17 45 minutes, 17 seconds are reasonably confident but uh on the biari business like I said just allow plus uh you know quarter or two till the 45:25 45 minutes, 25 seconds till the plant actually starts to give you an idea of what the EITA for for Biwali will be and therefore what the consolidated the company will be. 45:34 45 minutes, 34 seconds Got it. Got it. And sir, how much is the tremor sir? Sorry to interrupt. 45:39 45 minutes, 39 seconds Sure. S request you to join the queue. 45:43 45 minutes, 43 seconds Thank you. So the next we have a question from Mr. Samar Asho from Janet Mson securities. Please go ahead. 45:51 45 minutes, 51 seconds Uh so my question was on the motor division. Considering we have lot of captive needs and there is a large 45:59 45 minutes, 59 seconds opportunity to supply to the inhouse appliance manufacturing opportunity which is arising. 46:13 46 minutes, 13 seconds Hello. Hello. Please go ahead. Audible. Yes sir, you audible. 46:21 46 minutes, 21 seconds Yeah, I'm sorry there was a disturbance in between. So may I ask you to repeat your question please? 46:26 46 minutes, 26 seconds Yeah sir. Uh it was related to the motor business considering we have a higher captive requirement and uh we sell 46:36 46 minutes, 36 seconds motors to other customers also and because of the BIS regulation we have uh there are new opportunities opening up. 46:44 46 minutes, 44 seconds So are you going to expand your motor capacity further and it is a better margin product also for us? 46:53 46 minutes, 53 seconds So any plans to expand capacity further? 46:56 46 minutes, 56 seconds Yeah, we are looking to expand our motor capacities. I mean like I mentioned we've already set up a line for cooler motors. However, this particular season, 47:05 47 minutes, 5 seconds the cooler industry started a little bit late because of the extra excess inventory built up uh you know in the pipeline because of last year's uh 47:14 47 minutes, 14 seconds fairly dismal uh cooler. So, we are getting into the cooler business and cooler pumps. We are getting into the 47:22 47 minutes, 22 seconds BLC chimney segment and we are looking at two more segments. One is the washing machine segment and the AC ODU IDU BLC 47:31 47 minutes, 31 seconds motors for further expansion. Out of this uh these two segments uh washing machine motors are undergoing trials at 47:41 47 minutes, 41 seconds our end. So we are building up a line and getting our motors approved. We believe that once BIS comes into play in 47:48 47 minutes, 48 seconds washing machine motors a lot of local buying will start. So uh there uh our existing infrastructure is aligned to 47:55 47 minutes, 55 seconds make these motors but however BLC AC ODU and IDU motors we are a little bit of a wait and watch because our existing 48:03 48 minutes, 3 seconds infrastructure is not exactly suited to make this motor is a fairly high large investment required to make this motor 48:10 48 minutes, 10 seconds at the same cost levels let's say of which at which China is operating. So there we are at at a wait and watch but these other three categories we are 48:18 48 minutes, 18 seconds fairly confident. two we are of course uh equipped to start the third one we are getting our motors approved and as and when the BIS kicks in I mean we will 48:28 48 minutes, 28 seconds be in a position to start that as well uh so from uh from the past 48:35 48 minutes, 35 seconds uh from the DRSP we had almost like uh 10 lakh capacity of motors per month how much we'll be expanding to 48:44 48 minutes, 44 seconds so uh so are you are you talking about expansion or utilization In terms of overall FH 48:52 48 minutes, 52 seconds no expansion no I think uh so sir uh the 10 lakh uh 49:00 49 minutes know number that you're probably referring to is number one in overall uh you know kind of number it comprises of multiple uh you know types of uh motors 49:10 49 minutes, 10 seconds you know so we let me let me get back to you offline on that uh because we are not 49:17 49 minutes, 17 seconds seeing expansion on all category of there are huh like like Sanjiv G mentioned there were only three categories of motors 49:24 49 minutes, 24 seconds where you know expansion uh was being uh undertaken or considered uh so uh the number is not going to be very large but 49:32 49 minutes, 32 seconds we we'll just get back to you offline with with that number thank you that's all from myself thank you sir the next question comes 49:40 49 minutes, 40 seconds from uh Mr. Kunal Mata from Suni Segment. It's a follow-up question. Please go ahead with the question, sir. 49:47 49 minutes, 47 seconds Yeah. Hi, I just have one question. Uh it's on this personal care segment. I think in Q1 also we saw a dip in the uh 49:55 49 minutes, 55 seconds volumes and even in Q3 because Q2 was uh uh the festive season. So there was quite a lot of volume but is there some 50:04 50 minutes, 4 seconds kind of a uh lower volume scenario that we are seeing in you know personal care and you know trimmers and hair 50:11 50 minutes, 11 seconds straighteners and uh hair dryers. So I mean is the focus more on you know medium appliances and the kitchen 50:21 50 minutes, 21 seconds uh and home care and personal care is kind of you know uh we not having much focus to expand our customer base there. 50:31 50 minutes, 31 seconds No, no, it's not uh it's not like we don't have focus but uh these are look the way we see it is these are you know vagaries of the market uh consumption 50:40 50 minutes, 40 seconds has been a little bit erratic this is more an urban discretionary uh you know kind of category uh I mean much more 50:49 50 minutes, 49 seconds urban less less rural uh so sometimes you know uh I mean the the way a urban 50:56 50 minutes, 56 seconds customer allocates wallet share uh you Automotive prices have come down, certain wallet share gets allocated there. So you see temporary kind of 51:04 51 minutes, 4 seconds mismatch. It's very difficult for us to give you an exact precise reasoning as to why it's gone down. Uh but uh rest assured it is not due to lack of focus. 51:13 51 minutes, 13 seconds Uh we are working strongly with uh with our customers to kind of uh uh you know drive drive this growth uh this growth as well. 51:22 51 minutes, 22 seconds Have we added any customers in the personal care segment do you think in the last year? 51:28 51 minutes, 28 seconds Uh no we have not been able to add any new customers but uh we have been able to secure three new uh subcategories of 51:37 51 minutes, 37 seconds uh you know projects within within personal care. So we should see some some growth being injected one once 51:43 51 minutes, 43 seconds those uh projects go live in about maybe anywhere between uh you know I mean roughly 6 months time. 51:52 51 minutes, 52 seconds Okay. And so now do we see this uh uh order from the US uh because of the tariff situation you know again reversing do we see that the order from 52:01 52 minutes, 1 second the US is soon coming in in FI27? 52:06 52 minutes, 6 seconds We very for the fans yeah yeah we very hopeful of that uh I mean this is just a very very recent development just about maybe less than a 52:14 52 minutes, 14 seconds week uh week ago. uh so teams are you know on the ground uh uh you know already we we 52:23 52 minutes, 23 seconds all in touch with uh with with our customers but we don't have an exact uh you know answer for you yet. I mean I don't want to jump the gun and tell you 52:32 52 minutes, 32 seconds that it is done uh probably uh I mean we are very hopeful that it's going to be done but till it's done I don't want to give you any uh any you know premature indication. 52:42 52 minutes, 42 seconds Okay. Okay. Okay. Thank you sir. 52:47 52 minutes, 47 seconds Thank you so much sir. There are no further questions sir. Now I hand over the floor to the management for the closing comments. 52:55 52 minutes, 55 seconds Uh hi this is Kamill Seta. Thank you for sparing your time and uh giving given 53:03 53 minutes, 3 seconds giving us an opportunity to address your questions. I hope we have answered them well and looking forward to next call to 53:12 53 minutes, 12 seconds uh to give you more updates on our company's performance. Thank you so much again for your time. 53:19 53 minutes, 19 seconds Thank you sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using those conference call 53:26 53 minutes, 26 seconds services. You may disconnect your lines now. Thank you and have a pleasant evening.