Jupiter Wagons Ltd — Q3 FY26

Jupiter Wagons Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=FSuVksAi6LE Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Q3 and 9month FY26 earnings conference call of Jupiter 0:09 9 seconds Wagons Limited hosted by Systematics Institutional Equities. As a reminder, all participant lines will be in the 0:16 16 seconds listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:23 23 seconds Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchstone phone. Please note that this conference is being recorded. 0:35 35 seconds I now hand the conference over to Mr. 0:38 38 seconds Pratamesh Kamat of Systematics Institutional Equities. Thank you and over to you sir. 0:45 45 seconds Thank you and uh good evening everyone. 0:47 47 seconds Thanks for joining us today for Q3 and 9 months FI26 earnings call of Jupiter Wagance Limited. On behalf of systematics, I would like to thank the 0:56 56 seconds management for giving us the opportunity to host this call. Today we have with us Mr. Vive Loya, managing director and Mr. 1:03 1 minute, 3 seconds Vinodkumar Agarwal CFO. Now I will hand over the call to the management for their opening remarks followed up by the 1:10 1 minute, 10 seconds Q&A session. Thank you and over to you Vivik sir. 1:15 1 minute, 15 seconds Thank you Pratamesh. Good evening everyone and thank you for taking the time to join our earnings call. It is my 1:22 1 minute, 22 seconds pleasure to walk you through Jupiter Wagon's performance for the quarter and 9 months end date December 31st 2025. I 1:31 1 minute, 31 seconds trust you have had the opportunity to review our financial results and the investor presentation shared earlier. 1:39 1 minute, 39 seconds During the third quarter, we continued with improvement in performance, overcoming the severe supply side 1:46 1 minute, 46 seconds constraints faced during the start of the year and delivered a clear sequential improvement in performance. 1:55 1 minute, 55 seconds Total consolidated income for the quarter stood at rupees 900 crores reflecting a healthy 13% quarteronquarter growth. 2:06 2 minutes, 6 seconds Aida for the quarter was rupees 116 crores up 12% from Q2 with AIA margin 2:15 2 minutes, 15 seconds sustained at a healthy 13% profit after tax came in at rupees 62 crores 2:22 2 minutes, 22 seconds registering a strong 36% quarteronquarter growth while patt margin expanded to 7%. This performance 2:31 2 minutes, 31 seconds underscores the resilience of our operation, disciplined execution and the inherent strength of our diversified 2:39 2 minutes, 39 seconds business model. Our order book remains robust providing strong visibility for the quarters ahead. As of 31st December 2:47 2 minutes, 47 seconds 2025, the consolidated order book stood at rupees 5,041 crores, covering diversified products across wagons, 2:56 2 minutes, 56 seconds wheel sets, baking systems and containers, reinforcing sustained customer confidence and demand strengths 3:06 3 minutes, 6 seconds across both public and private sector clients. 3:10 3 minutes, 10 seconds For from an operational standpoint, we said supplies constraints have eased compared to the 3:18 3 minutes, 18 seconds acute shortages experienced earlier in the year. However, supplies are yet to return to the optimum required levels 3:26 3 minutes, 26 seconds and therefore continue to impact bag production across the broader industry. 3:31 3 minutes, 31 seconds To structurally address this challenge and secure long-term supply chain resilience, uh, OSA green field project 3:39 3 minutes, 39 seconds for the fully integrated wheel sets manufacturing is progressing as planned. 3:45 3 minutes, 45 seconds Orders for all critical equipments have been placed and construction activities are advancing at full pace. The facility 3:52 3 minutes, 52 seconds is expected to commence production by year end which will materially enhance wheel set availability and support 4:00 4 minutes higher throughput across our wagon and component businesses. Our existing wheel sets and axle business has gained 4:07 4 minutes, 7 seconds further momentum supported by a healthy order book across multiple enduser applications including freight wagons, 4:16 4 minutes, 16 seconds LHB coaches, metro systems and vandihara trains. We have also secured orders for 4:23 4 minutes, 23 seconds the machining and assembly of LGB wheel sets, censoring our position within the railway components ecosystem and 4:31 4 minutes, 31 seconds expanding our participation in higher value segments. Jupiter electric mobility made significant progress 4:38 4 minutes, 38 seconds during the period. The successful implementation of auxiliary battery systems for bhada trains underscores our 4:47 4 minutes, 47 seconds growing capability in advanced energy storage solutions for railway sector. In 4:54 4 minutes, 54 seconds parallel, we secured orders from marquee customers across the material handling and specialized equipment segments 5:01 5 minutes, 1 second validating both our product performance and market acceptance. 5:05 5 minutes, 5 seconds uh operational capabilities were further strengthened with the commissioning of a cell to battery manufacturing line in Endor enhancing both capacity and 5:15 5 minutes, 15 seconds vertical integration. Additionally, a modular battery energy storage systems developed in 5:24 5 minutes, 24 seconds containerized formats are gaining traction across high value applications such as diesel generator replacement, 5:33 5 minutes, 33 seconds mobile energy storage, and renewable energy integration. Collectively, these developments position Jupiter strongly 5:40 5 minutes, 40 seconds within the rapidly evolving energy transition landscape. 5:45 5 minutes, 45 seconds A commercial vehicle and container business recorded healthy growth during the year supported by recent policy 5:52 5 minutes, 52 seconds initiatives including production linked incentives and increased budgetary allocations. 5:59 5 minutes, 59 seconds This segment is well positioned to well positioned for accelerated expansion. As one of India's leading 6:08 6 minutes, 8 seconds container manufacturers, Jupiter wagon stands to benefit meaningfully from these structural growth drivers. The 6:15 6 minutes, 15 seconds broader policy and industry environment remains supportive. The announcement of a new freight corridor further expands 6:22 6 minutes, 22 seconds the addressable opportunity size in the domestic market. In addition, the railway ministry has maintained procurement estimates at approximately 6:32 6 minutes, 32 seconds 32,000 wagons, reinforcing long-term demand vi visibility for rolling stock and associated components. Beyond 6:40 6 minutes, 40 seconds freight wagons, we continue to see steady growth across products such as brake disc, CMS crossings, braking 6:48 6 minutes, 48 seconds systems, and other engineered solutions. 6:53 6 minutes, 53 seconds At the same time, we are actively pursuing opportunities to enhance our participation in the passenger rolling 7:00 7 minutes stock segment and are currently at an advanced stage of engagement with the leading European partner. This strategic 7:07 7 minutes, 7 seconds initiative aligns with our long-term vision of becoming a comprehensive mobility and railway engineering solution provider and we will share further details at appropriate time. 7:20 7 minutes, 20 seconds In addition to the exciting opportunities in the domestic market, recent positive developments towards 7:28 7 minutes, 28 seconds strengthening trade agreements with the EU and the US are expected to open up sizable export opportunities for Indian 7:36 7 minutes, 36 seconds railway engineering products. This is particularly relevant for high value components such as wheel sets, brake 7:44 7 minutes, 44 seconds discs and allied systems where we are well positioned to access European and other international markets through our 7:51 7 minutes, 51 seconds joint ventures subsidiaries and global partnerships. 7:56 7 minutes, 56 seconds Turning to a couple of corporate developments during the quarter, we continue to center our leadership and governance framework with the 8:04 8 minutes, 4 seconds appointment of of Mr. marks Damian Stevenson as additional director. Mr. 8:13 8 minutes, 13 seconds Stevenson brings over three decades of international rail industry experience spanning freight rail car leasing, 8:21 8 minutes, 21 seconds financial stewardership and large scale operational transformation. His global perspective and industry expertise will 8:29 8 minutes, 29 seconds further enhance Jupiter's strategic capabilities as we expand across domestic and international markets. 8:37 8 minutes, 37 seconds Additionally, on December 19, 2025, Jupiter Wagons Limited allotted 28 lakh 72,340 8:46 8 minutes, 46 seconds equity shares pursuant to the conversion of warrants by Tetra Vagona upon receipt 8:54 8 minutes, 54 seconds of the balance subscription amount of rupees 101.25 cr. This resulted in in an 9:03 9 minutes, 3 seconds increase in promoter shareholding from 68.09 09 to 68.31% 9:10 9 minutes, 10 seconds reflecting continued promoter confidence and long-term commitment to company's growth strategy. Despite near-term 9:18 9 minutes, 18 seconds challenges arising from supply chain constraints, our fundamentals remain strong. A robust order book, diversified 9:25 9 minutes, 25 seconds portfolio, supportive policy environment, and ongoing strategic capacity expansions 9:32 9 minutes, 32 seconds provide confidence in our sustained long-term growth trajectory. We remain committed to operational excellence, 9:40 9 minutes, 40 seconds innovation, and delivering sustainable value for all our stakeholders. Thank you for your 9:48 9 minutes, 48 seconds continued trust and support. I now request the moderator to open the floor for questions. 9:55 9 minutes, 55 seconds Thank you very much. We will now begin with the question and answer session. 10:00 10 minutes Anyone who wishes to ask a question may press star and then one on their touchstone phone. 10:06 10 minutes, 6 seconds If you wish to remove yourself from the question queue, you may press star and two. 10:13 10 minutes, 13 seconds Participants are requested to use handsets while asking a question. 10:18 10 minutes, 18 seconds Ladies and gentlemen, we will wait for a moment while the question queue assembles. 10:23 10 minutes, 23 seconds Again, to register for a question, please press star and then one. 10:38 10 minutes, 38 seconds Our first question comes from the line of Pala Subramanyan from Ahan capital. Please go ahead. 10:45 10 minutes, 45 seconds Good evening sir. Uh thank you so much for the opportunity sir. My first question on the wheel set side industry 10:51 10 minutes, 51 seconds is facing nearly uh 30 to 35% kind of shortage by next year uh da taker and uh ris for 11:01 11 minutes, 1 second jings or jv also coming up for wheel sets and he also coming out with bodhisa 11:08 11 minutes, 8 seconds project especially for uh wheel sets. So I'm trying to understand uh by next financial year uh how the wheel set 11:16 11 minutes, 16 seconds supplies will improve and uh like uh whether we have to take any special approval uh uh to supply uh uh to Indian 11:26 11 minutes, 26 seconds railways uh like if we are making wheel sets we can directly supply to Indian railways or we can directly uh use in uh broader 11:36 11 minutes, 36 seconds mode and if you could mention uh we also targeting uh some exports are there export side so which are the geographies 11:45 11 minutes, 45 seconds uh uh like uh the demand is there and uh so I'm trying to understand whether uh if your wheel sets prices are any 2.5 to 11:53 11 minutes, 53 seconds three lakh or flat range is it really viable on the exports uh wheel sets 12:00 12 minutes okay thank you for your uh questions first on the wheel sets as you rightly 12:06 12 minutes, 6 seconds said capacities are coming online uh by end of this year or by next year. So I 12:14 12 minutes, 14 seconds think once uh this private capacities come online I don't think mention 12:22 12 minutes, 22 seconds should be any challenges uh on the availability of wheel sets. 12:27 12 minutes, 27 seconds uh as you have already mentioned uh and we have also uh given notifications from time to time that we already supplying 12:35 12 minutes, 35 seconds to Indian railways for LHV and and and other applications. So in terms of 12:42 12 minutes, 42 seconds approvals from Indian railways uh we don't see any challenge uh so the the the facility has been designed uh with 12:51 12 minutes, 51 seconds the approval standards of Indian railways in mind. So we don't see perceive any kind of challenges uh with 12:58 12 minutes, 58 seconds regard to uh getting the approvals and definitely once the facility is approved uh the wheel sets uh because they are 13:06 13 minutes, 6 seconds completely uh fall under make in India policy uh we can use those wheel sets for our uh own production. So we don't 13:15 13 minutes, 15 seconds see a challenge in that regard. Also with regard to the export market as you are aware that uh Tatra Wagona is a very 13:25 13 minutes, 25 seconds active particip participant in in this project and uh they themselves have a 13:32 13 minutes, 32 seconds sizable demand for wheel sets. They buy close to about 50,000 wheel sets annually. 13:39 13 minutes, 39 seconds So uh and uh so for us they would uh form our biggest uh buyer category and 13:48 13 minutes, 48 seconds since it's captive so we don't see uh that to be a challenge. In terms of pricing we have already uh reviewed the 13:57 13 minutes, 57 seconds pricing and uh we are very confident that uh we will be able to meet the 14:04 14 minutes, 4 seconds pricing targets uh which Tatra has given us. Thank you. 14:13 14 minutes, 13 seconds Yes. So my second question uh on that uh private vegan side uh like if you could quantify what is that uh market size of 14:21 14 minutes, 21 seconds private veans market and uh uh uh where we are getting repetitive orders uh from 14:28 14 minutes, 28 seconds same players or we got uh mentioned some of the industries uh where we are getting regular orders for private vehicans and which are the uh which type 14:38 14 minutes, 38 seconds of veance uh uh uh we are uh uh getting inquiries case order. 14:46 14 minutes, 46 seconds So see the demand in the private segment continues to be very robust. It is across all segments. I think steel and 14:55 14 minutes, 55 seconds uh uh your container and uh and the auto segment. I think these four segments form the bulk of the demand. 15:06 15 minutes, 6 seconds uh we continue to our customer uh the major c customers I think continue to 15:13 15 minutes, 13 seconds remain the same and uh we uh and they are the biggest buyers and we uh keep on getting repetitive orders from them. uh 15:22 15 minutes, 22 seconds I cannot disclose very specifics of the order books right now but uh we do get 15:29 15 minutes, 29 seconds uh this year most of our orders have been from our existing customers only and they have been repeat orders. 15:36 15 minutes, 36 seconds So uh again uh in we are continuously in the process of developing new uh cars. 15:44 15 minutes, 44 seconds We have recently uh developed the uh double-deck auto car which we'll be rolling out. The first rake uh our first 15:52 15 minutes, 52 seconds rake is is completely ready and it'll be rolled out any time. Uh we have we are very confident on that segment and we 15:59 15 minutes, 59 seconds expect a lot of traction in that segment uh in calendar year uh 26 and 27. Uh 16:07 16 minutes, 7 seconds both years we expect very strong tractions. We have a very strong order book on on the cement wagons. We have 16:14 16 minutes, 14 seconds got uh new inquiries on on those wagons uh where we continue to pursue the lead on the container wagons itself. I think 16:23 16 minutes, 23 seconds the demand is very strong and now uh with the trade agreement which has been signed. I think the demand is going to 16:31 16 minutes, 31 seconds become more robust. Indian railway is also working on a very uh again reviewing the container policy. 16:40 16 minutes, 40 seconds They are making it much more user friendly. there's a lot of uh infrastructure work which is happening. 16:46 16 minutes, 46 seconds We believe that the G&P connection will happen sometime very soon. I think once 16:53 16 minutes, 53 seconds that happens it'll be a huge fill up uh to the segment. So yes, so uh and uh 16:59 16 minutes, 59 seconds steel also now we are seeing uh new demand uh coming in uh and we expect 17:08 17 minutes, 8 seconds that demand to whatever uh understanding which you have had and discussion which you had with the cement industry sorry 17:15 17 minutes, 15 seconds with the steel industry we expect this year the their demand to be quite proper because there's been a lot of expansion 17:22 17 minutes, 22 seconds in capacity which has happened uh so yes so I think uh the private rivate sector we expect the demand momentum to continue. 17:32 17 minutes, 32 seconds If sir follow up on that uh uh is that a right way to understand 8020 mix and the go railway and uh private veans or is 17:41 17 minutes, 41 seconds there any changes can you please repeat your question I uh could not it 17:47 17 minutes, 47 seconds no sag industry railway and uh private wagon uh what is the current mix earlier 17:53 17 minutes, 53 seconds used to be 80 8020 It never used to be 80/20. It used to be 17:59 17 minutes, 59 seconds 6040 or 50/50 and the mix continues to remain the same. Our uh private order books continues to be very very robust. 18:10 18 minutes, 10 seconds So the mix is uh right now I think our our private order book is uh about uh 70%. 18:20 18 minutes, 20 seconds And the balance is uh the IR order book. 18:25 18 minutes, 25 seconds Okay sir. Sir my next question uh we are supplying uh high value components for wandarat and metros. So what are the new 18:33 18 minutes, 33 seconds product lines and uh uh strategies to moving up the value chain especially in the pass passenger coaching side. As we 18:41 18 minutes, 41 seconds have uh announced that uh this year itself in uh in 26 itself 18:49 18 minutes, 49 seconds we will be entering the passenger rolling stock business and uh you will 18:56 18 minutes, 56 seconds get to uh in in in the next few months uh you will get to hear our announcements coming on that our 19:03 19 minutes, 3 seconds partnerships. So uh one is that we are entering that segment as an OEM. On the 19:10 19 minutes, 10 seconds component side uh you know we have very strong joint ventures with Kov Taco in 19:17 19 minutes, 17 seconds Stone India we are expecting our licenses come uh in the in this coming 19:23 19 minutes, 23 seconds quarter. So stone India uh uh I think by the third quarter uh will uh become operationalized. 19:34 19 minutes, 34 seconds So uh across I think uh our we are in the final stages of developing a coupler for the we have the coupler for the LHB 19:43 19 minutes, 43 seconds passenger coaches. We are in the final stages of developing the same for the wand bharat. 19:48 19 minutes, 48 seconds uh are uh we are developing we have got orders from railways to develop the buffer 19:56 19 minutes, 56 seconds systems for mandi bharat and highspeed trains and uh we are in the process of uh doing the trials for the same. So 20:04 20 minutes, 4 seconds there are a lot of components which we are working on and as you have seen that uh you know a non-wagon business 20:12 20 minutes, 12 seconds continues to grow. So over the next two three years you will see a definite uh increase in the non-wagon build business 20:21 20 minutes, 21 seconds and addition of more portfolios in that segment. 20:27 20 minutes, 27 seconds Okay sir on the my last question on the EV side we are targeting 200 cr revenue by FI27 20:34 20 minutes, 34 seconds and what is the current uh month on month volume growth rate uh in ED mobility sites sir month on month I think we are 20:44 20 minutes, 44 seconds uh we are growing at close to about 20 to 30% in that segment and 20:52 20 minutes, 52 seconds for we expect to by May or uh by April or May we expect to uh hit our run rate 21:00 21 minutes of about close to 20 odd crores of revenue per month and uh so uh and and 21:08 21 minutes, 8 seconds that is why we are very bullish on on the target which we have set revenue targets of 200 crores which we have set and that will be mainly led by the the 21:17 21 minutes, 17 seconds battery storage business which is uh growing around uh close to 100% month- on month. uh we are expanding our capa 21:26 21 minutes, 26 seconds capabilities and capacities there. Uh plus uh uh you know on the uh industry 21:34 21 minutes, 34 seconds side also the the uh the battery systems which we supply that business is al also 21:42 21 minutes, 42 seconds continuing to show a lot of momentum. uh on on the truck segment, we are launching uh another truck variant uh in 21:51 21 minutes, 51 seconds the next quarter that will also give a lot of momentum in the market. We have recently invested in a new battery line 21:59 21 minutes, 59 seconds in indoor which will enhance our battery uh capacities and capabilities. 22:04 22 minutes, 4 seconds Indian railway is in the final stages of finalization of their uh their policy 22:11 22 minutes, 11 seconds for buying uh lithium-ion batteries. I think once that policy guidelines are finalized, it will give a very very 22:19 22 minutes, 19 seconds strong momentum and push in terms of adaption of uh these batteries in in Indian railways. I think that itself 22:27 22 minutes, 27 seconds will be uh give a huge boost uh to to this segment. 22:36 22 minutes, 36 seconds Uh thank you so much for detailed uh explanation sir. All the best. Thank you. 22:44 22 minutes, 44 seconds Thank you. Before we take the next question, a reminder to all the participants. If you wish to ask a question, please press star and then one. 22:54 22 minutes, 54 seconds Our next question comes from the line of Sahil Patani from Strokes Capital. Please go ahead. 23:01 23 minutes, 1 second Hi uh thanks for the opportunity. So a couple of uh questions Vive uh I wanted to understand now as a part of the US uh 23:09 23 minutes, 9 seconds trade deal as well as the European uh trade deal uh what kind of opportunities are you seeing and obviously this is 23:18 23 minutes, 18 seconds more long-term but uh what kind of uh products as well as what what would be the product mix as well going forward when we open these export markets. 23:30 23 minutes, 30 seconds So in both markets I think there is a uh big opportunity. Uh in the European 23:37 23 minutes, 37 seconds market definitely a ma major focus is on our wheel sets. I think once a plant is operational we expect a sizable business 23:46 23 minutes, 46 seconds to come from the European and the global market and uh besides Tatra also uh we are 23:55 23 minutes, 55 seconds uh in discussions and uh with other customers but however I at this stage we cannot reveal our our discussions but uh 24:04 24 minutes, 4 seconds during uh in the next one or two quarters uh we will be revealing uh on the other potential opportunities in that segment. 24:15 24 minutes, 15 seconds We have already started working on uh CWAM because uh it we are very serious on the export side. setting in in 24:23 24 minutes, 23 seconds Europe. The biggest challenge Indian industry is going to face is on on the CWAM and uh which uh I think uh unless 24:34 24 minutes, 34 seconds people are are already preparing themselves and gearing themselves up uh it uh uh Europe is going to be a major 24:44 24 minutes, 44 seconds challenge on on on the US market. Uh again uh we do export crossings and that supply had got a little disrupted 24:53 24 minutes, 53 seconds because of the tariffs but uh after this those supplies and both crossing as as 24:59 24 minutes, 59 seconds well as containers we were supplying. I think that business is going to pick up. 25:04 25 minutes, 4 seconds We are uh in in uh in very strong discussions uh with uh American supplier 25:12 25 minutes, 12 seconds to supply complete integrated uh battery solution uh storage systems to the American market. I think that is a huge 25:20 25 minutes, 20 seconds opportunity for us especially given the fact that uh China has a much higher tariff than India. So the price 25:27 25 minutes, 27 seconds differential uh one is that the customers want uh alternative uh supply chain and secondly 25:36 25 minutes, 36 seconds uh because of the of the tariff uh the price uh uh differential is now working in our favor. 25:48 25 minutes, 48 seconds Understood. Okay. Um thanks for that Vic. And my second question is um I think last year we gave like a very conservative revenue guidance of 10 to 25:56 25 minutes, 56 seconds 15% right but obviously it looks seems like we'll be closing below that. Now given the trends and uh you know the 26:03 26 minutes, 3 seconds disruption in wheel sets from Indian railways how do you kind of foresee FY 27 to pan out? 26:11 26 minutes, 11 seconds I think FI27 is going to uh remain muted because I think this disruption is going though 26:19 26 minutes, 19 seconds it's improved significantly but we don't foresee that uh the disruption is going to get resolved. 26:26 26 minutes, 26 seconds So uh it and you know whatever our wheel capacities we had inabad they already fully utilized uh for us the order book 26:36 26 minutes, 36 seconds we have from Indian railways and for our demand on the private side. So though we have expanded capacities there but still 26:44 26 minutes, 44 seconds uh you know with the expanded capacities also we are uh we are working I think that facility is working close to at 26:51 26 minutes, 51 seconds 100% of its capacity. So uh this year definitely on the freight car side we expect uh our numbers to be muted. 27:03 27 minutes, 3 seconds uh also I think we expecting uh tenders from Indian railways also uh in in the 27:13 27 minutes, 13 seconds in either in the next quarter or the quarter after that I think that will also give us uh get give a huge fill up 27:19 27 minutes, 19 seconds to order book but then uh you know with the new tendering from Indian railways and the momentum we are seeing in the 27:26 27 minutes, 26 seconds private side and with our wagon uh capacities h sorry wheel set capacities coming online. We expect uh 2728 to be a 27:36 27 minutes, 36 seconds very very strong year because I think we are completely the uh our base has now 27:44 27 minutes, 44 seconds uh been prepared very nicely and we are completely prepped I think for 2728. 27:52 27 minutes, 52 seconds Got it. Okay. Uh thanks Vik. I think those are the two questions I had. So yeah, good luck for the last quarter and the possible future. 28:00 28 minutes Thank you. 28:02 28 minutes, 2 seconds Thank you. The next question comes from the line of Sep Mukharji from SKP Securities Limited. Please go ahead. 28:11 28 minutes, 11 seconds Thanks for taking my question. So, uh my only question is like uh what are was what is the uh pending number of wagons in uh Q3 FI26? 28:24 28 minutes, 24 seconds It's close to about 8,000 wagons which we have pending right now. 28:29 28 minutes, 29 seconds Okay. Okay. Out of this 70% will be private sir. Yes. Yes. 28:33 28 minutes, 33 seconds Okay. Okay sir. Okay. Thank you. Thank you very much. Thank you. 28:42 28 minutes, 42 seconds Our next question comes from the line of PVE Kazi from Nama Group. Please go ahead. 28:47 28 minutes, 47 seconds Uh hi good evening. Thanks for taking my question. Uh I'm sorry if you've answered this question earlier but just wanted to get your views on any 28:56 28 minutes, 56 seconds potential wagon tender from the Indian railways. What could be timing of such a tender any 29:05 29 minutes, 5 seconds you know honestly very difficult to predict timing if you look at the Indian railways uh the the budget which uh they 29:14 29 minutes, 14 seconds have in that they mentioned about 32,000 wagons uh uh so but we expect it to happen uh 29:23 29 minutes, 23 seconds it is uh anytime this year uh we expect it to Sure. 29:31 29 minutes, 31 seconds Thanks and all the best. Thank you. 29:38 29 minutes, 38 seconds A reminder to all the participants. If you wish to register for a question, please press star and then one. 29:47 29 minutes, 47 seconds Our next question comes from the line of Rajesh Pandari from Nakoda Engineers. Please go ahead. Good evening sir. 29:56 29 minutes, 56 seconds Sir. Hello. Can you hear me? Yes. Yes. Good evening. 30:01 30 minutes, 1 second Uh siring there are many people now into 30:16 30 minutes, 16 seconds effect 30:27 30 minutes, 27 seconds or Value add 30:45 30 minutes, 45 seconds value already 30:59 30 minutes, 59 seconds challenge. I think 31:11 31 minutes, 11 seconds policy guidelines change railways maintenance privatize. 31:17 31 minutes, 17 seconds So we are more interested in that. I think that is going to be more critical uh than the leasing. Leasing is not going to be a challenge at all. 31:25 31 minutes, 25 seconds Yeah. Yeah. Yeah. that maintenance probably will be more paying also. 31:30 31 minutes, 30 seconds Yes. And and that is what is our core and we have we can give better value to our customers. 31:38 31 minutes, 38 seconds So I think maintenance is is something which we are very focused on 31:47 31 minutes, 47 seconds already most of which is from private inquiry. 32:17 32 minutes, 17 seconds Honestly, performance. 32:31 32 minutes, 31 seconds Order quantities dependent order 32:41 32 minutes, 41 seconds because performance criteria strong 33:09 33 minutes, 9 seconds remember but it might be sir 33:15 33 minutes, 15 seconds turnover and the ultimate pers 33:37 33 minutes, 37 seconds I agree last months months 33:45 33 minutes, 45 seconds Last month, last year supplies were not a challenge. 34:02 34 minutes, 2 seconds capacities year end of next year 34:08 34 minutes, 8 seconds incremental I think and by the time I think order books so 34:17 34 minutes, 17 seconds we expect the next uh 27 and 28 to be very very 34:24 34 minutes, 24 seconds strong years by 26 27 yes yes definitely 34:46 34 minutes, 46 seconds It is 100 like that. 34:59 34 minutes, 59 seconds If you compare strong or 35:08 35 minutes, 8 seconds marginal 35:19 35 minutes, 19 seconds we are maintaining close to about 13% differential 35:25 35 minutes, 25 seconds Given the disruption which we have faced will improve or 35:33 35 minutes, 33 seconds other businesses especially business or your commercial vehicle business or your container business those very wells 35:44 35 minutes, 44 seconds compared to last year those numbers have improved significantly and we expect this momentum to become stronger and 35:50 35 minutes, 50 seconds stronger. So overall that will be better than 36:01 36 minutes, 1 second no definitely not because nextely 36:12 36 minutes, 12 seconds I think that will be one of the best years for Jupiter clarific ification. 36:20 36 minutes, 20 seconds FI 26 27 and FI 2728 FI 2728 36:51 36 minutes, 51 seconds disruption. 36:53 36 minutes, 53 seconds Next is DYA theme quarter. We expect that the disruption will continue but post that we are very very confident 37:02 37 minutes, 2 seconds that uh you know there we will have a very strong growth momentum not only wagon 37:11 37 minutes, 11 seconds businesses growth and that uh growth is going to 37:19 37 minutes, 19 seconds increase plus some passenger business maybe we are now foraying into. So 37:27 37 minutes, 27 seconds opportunities but government approval passenger coach and metro and 37:35 37 minutes, 35 seconds approval you need global player certific ifications. 37:59 37 minutes, 59 seconds So that's why we also we are very strong in that segment. 38:09 38 minutes, 9 seconds trade problem. UK trade agreement. 38:34 38 minutes, 34 seconds You need to uh to be uh to be compliant for that already 38:43 38 minutes, 43 seconds because I didn't get it. 38:57 38 minutes, 57 seconds European Union carbon content. 39:12 39 minutes, 12 seconds Oh, carbon policy. Yes. Carbon policy. 39:22 39 minutes, 22 seconds Yeah. Yeah. Correct. Correct. Correct. 39:37 39 minutes, 37 seconds Definitely. Steel is just one part of it. 39:43 39 minutes, 43 seconds main more than steel also 39:52 39 minutes, 52 seconds green initiatives that will help 40:00 40 minutes definitely definitely that will be of great help take sir thank you 40:08 40 minutes, 8 seconds okay sir thank you sir all the best all the best sir Thank you. Your next follow-up question 40:15 40 minutes, 15 seconds comes from the line of Sahil Parani from Strokes Capital. Please go ahead. 40:20 40 minutes, 20 seconds Hi uh Vive. So I think as you mentioned right I think FY28 is going to be pretty good for the company and previously 40:28 40 minutes, 28 seconds we've also given a guidance of about 8 to 10,000 K in FY28. So given this financial year which is 27 will be like 40:36 40 minutes, 36 seconds more or less flat for us. Are we are we uh saying that you know by FI28 over the next couple of years we'll more than 40:43 40 minutes, 43 seconds double our revenues definitely and that is uh and that is what uh we are targeting and that is how 40:52 40 minutes, 52 seconds we have built our product portfolio also. So if you look at all our other segments uh they are uh say if you look 40:59 40 minutes, 59 seconds at the battery segment or the battery container storage these are segments where India has just started uh 41:07 41 minutes, 7 seconds localizing. So as you saw saw in case of solar uh the initial uh uh you know momentum 41:15 41 minutes, 15 seconds was uh very small and then the government as the industrial base uh was 41:23 41 minutes, 23 seconds established in India the government put a lot of tariff barriers and then you saw a huge momentum in that 41:31 41 minutes, 31 seconds segment. I think this similarly uh uh the battery segment is uh now uh prop 41:39 41 minutes, 39 seconds for that kind of uh growth to happen because the industrial applications as well as the solar applications are very 41:47 41 minutes, 47 seconds very robust. So besides that government is introducing a PLI uh scheme on the container side as you're aware that we 41:55 41 minutes, 55 seconds are one of the biggest producers of containers in the country and that PLI uh will uh go a long way in India being 42:03 42 minutes, 3 seconds competitive in in the global landscape especially with regard to China. So as China today produces uh 90% of the 42:12 42 minutes, 12 seconds global containers. So again there's a big opportunity uh in in that segment itself. Wheel sets I've already talked 42:21 42 minutes, 21 seconds about uh at uh full production that has the uh the revenue uh potential is close to 42:30 42 minutes, 30 seconds about uh anything between 2,000 to 2,500 crores annually in in that business for us. So that will be a huge incremental 42:39 42 minutes, 39 seconds uh revenue for us and uh even all our other segments the commercial vehicle 42:46 42 minutes, 46 seconds segment those are also month are showing good uh growth rates. So definitely I think uh we expect our expectations are very very high going forward. 42:59 42 minutes, 59 seconds Okay understood. Um got it. And when you kind of you know thought of that number 8 to 10,000 crores till last year there 43:07 43 minutes, 7 seconds were a couple of unknowns. We didn't know if the uh European deal would go through. We didn't know about the US India trade deal or you know those 43:14 43 minutes, 14 seconds things were like a bit unknown which you have clarity on. So does that kind of give you a bit bit of like enhanced confidence to to do better or you know 43:24 43 minutes, 24 seconds even uh surpass that that kind of a number. 43:28 43 minutes, 28 seconds No definitely it gives us a lot of uh confidence and clarity because all the ambiguity has now been uh removed the in 43:38 43 minutes, 38 seconds terms of the uh business and landscape or I would say the regulatory landscape 43:45 43 minutes, 45 seconds the picture is very clear. the government is very keen to push uh exports out of India and uh we have the 43:54 43 minutes, 54 seconds right partnerships uh to enable that. So definitely uh we are very very positive. 44:03 44 minutes, 3 seconds Again in terms of numbers I would not like to comment right now. I think as and when we start delivering and that is when uh we going to talk about the numbers. 44:14 44 minutes, 14 seconds Got it. Uh okay thank you for that Vik uh that's all I had. 44:20 44 minutes, 20 seconds Thank you participants. You may press star and then one to ask a question. 44:27 44 minutes, 27 seconds Our next question comes from the line of Rajesh Pandari from Engineers. Please go ahead. 44:53 44 minutes, 53 seconds Indian railway certain price 45:12 45 minutes, 12 seconds under Make policy. Oh, okay. Okay. Okay. 45:23 45 minutes, 23 seconds Got it, sir. Got it, sir. Got it. Got it, sir. 45:30 45 minutes, 30 seconds Thank you. Thank you, sir. Thank you. Thank you. 45:37 45 minutes, 37 seconds Participants, if you wish to register for a question, please press star and then one. 45:57 45 minutes, 57 seconds As there are no further questions, I would now like to hand the conference back to the management for closing comments. 46:04 46 minutes, 4 seconds Thank you for the same. Uh as we move forward, we remain encouraged by the strong momentum across our businesses 46:12 46 minutes, 12 seconds and the continued strength of our execution. With wheel set supplies improving, our freight wagon business 46:19 46 minutes, 19 seconds has meaningfully regained operational momentum. While the excellent visibility across our other 46:26 46 minutes, 26 seconds businesses, other business lines positions as well for sustained and profitable growth. We 46:34 46 minutes, 34 seconds are excited by the abundant opportunity set across both domestic and export markets. Our 46:43 46 minutes, 43 seconds focus remains firmly on execution excellence, disciplined capital deployment, and the continued strengthening of our manufacturing and 46:52 46 minutes, 52 seconds integration capabilities as we work towards delivering long-term sustainable value for our stakeholders. Thank you 47:00 47 minutes for your continued trust and support. We look forward to updating you on our progress in the next quarter. 47:11 47 minutes, 11 seconds Thank you on behalf of systematics institutional equities. That concludes this 47:18 47 minutes, 18 seconds conference. Thank you for joining us and you may now disconnect your lines. Thank you. Thank you.