Saurabh Gupta

We hope that the this whatever situation we have seen in the past or the war situation it will be a blessing in disguise.

We feel confident that with our backward integration play, we will be able to not only overcome that margins, there will be additional margins which will come on account of backward integration play, but that would largely play out in 2027, 2028.

We think that in 2026-2027, we can expand the margin to almost 120-130 basis points even after taking into account the PLI margin going away.

We feel confident that in the next 24 months to 36 months, our margins in mobile segment, which is the largest play for us, can expand by almost 100 basis points on account of this backward integration.

On the EBITDA margins, you can assume a similar level of some 4%, 4%, because a large part of our growth will come from mobiles, which is inherently a low margin business.