Ndr Auto Components Ltd — Q4 FY26

Ndr Auto Components Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=kkETKQJUqQo Published: 1 day ago

0:01 1 second Ladies and gentlemen, good day and welcome to the NTR Auto Q4 FI26 earnings conference call. As a reminder, all 0:10 10 seconds participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:19 19 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. 0:29 29 seconds I now hand the conference over to Mr. 0:31 31 seconds Gavin Desa from CDR India. Thank you and over to you sir. 0:36 36 seconds Thank you. Good day everyone and welcome to all of you participating on this Q4 and FY26 earnings call for India auto components. We have with us today Mr. 0:46 46 seconds Prana the whole time director Mr. Vikram Krishna Rati CFO and vice president Mr. 0:51 51 seconds Rakkesh Rustagi GM Finance and accounts and Mr. Raj Bandari executive director and company secretary. Before we begin, I would like to mention that some 0:59 59 seconds statements made in today's discussions may be forward-looking in nature and are subject to risks and uncertainties. A statement in this regard is available in 1:07 1 minute, 7 seconds the presentation on the exchanges and shared with you earlier. We will start the call with opening remarks from the management following which we will have 1:14 1 minute, 14 seconds an interactive Q&A session. I now invite sava to share some perspectives with you with regard to the operations and the outlook for the business. Over to you. 1:23 1 minute, 23 seconds Good day everyone and a warm welcome to our Q4 FI26 earnings conference call. 1:30 1 minute, 30 seconds Thank you for joining us today. We are encouraged by our progress in the quarter and year under review. I will quickly take you through a snapshot for 1:39 1 minute, 39 seconds Q4 FI26 our total income stood at rupees 229.89 89 crores a growth of 19% while 1:47 1 minute, 47 seconds on aa for the quarter was 27.36 crores a growth of 25% yearonear with IITA margins at 11.90%. 1:57 1 minute, 57 seconds These I must add are the highest ever IITA margins for NBR auto pack stood at rupees 18.45 crores for the full year 2:07 2 minutes, 7 seconds total income stood at rupees 825.45 45 crores with growth of 15%. A beta was 2:14 2 minutes, 14 seconds rupees 93.5,000 crores with margins of 11.34%. 2:19 2 minutes, 19 seconds PAT improved 16% to 61.94 crores for the full year. Our ROC 2:28 2 minutes, 28 seconds uh our ROC employed continues to be strong standing at 36.22% 22% as on 2:35 2 minutes, 35 seconds March 31st 2026 not considering the RO surplus cash planned in third Koda and Uangabad which we will utilize towards the expansion of our operations. 2:47 2 minutes, 47 seconds Sales volume to all our partner OM continues to improve reflective of both recognization of our capabilities and a good demand environment. 2:58 2 minutes, 58 seconds As you are aware, there are also a large number of new models being planned and we are optimistic of having the opportunity to cater to many of these 3:07 3 minutes, 7 seconds launches. Our order book as on 31st March 2026 that will be 650 3:14 3 minutes, 14 seconds which also is the highest in the history of NR auto components. It provides a strong medium-term revenue visibility 3:22 3 minutes, 22 seconds and underlines the confidence OEMs continue to place in our capabilities. I am happy to inform you of our progress 3:29 3 minutes, 29 seconds in our non-seating space with the building of college and ambient lighting and believe this is a precursor to much 3:36 3 minutes, 36 seconds more. Our packet plan to towards the establishment of backend infrastructure 3:43 3 minutes, 43 seconds for a new product offerings namely seat insert ambient lighting chip flashes and seat belt to mind systems remains on 3:50 3 minutes, 50 seconds track. We continue to focus on expanding the contents of the vehicle we offer and bringing to the market disruptive and 3:57 3 minutes, 57 seconds value added product offerings. The demand environment remains stable. On our part, we are well prepared to 4:04 4 minutes, 4 seconds leverage the significant opportunities we foresee. We have adequate land available for expansion 26 acres at 4:11 4 minutes, 11 seconds Orangabad and 9 acres in Kura which would help reduce our cost towards setting up expandment capacities. We 4:18 4 minutes, 18 seconds will now be happy to take your questions. 4:24 4 minutes, 24 seconds Thank you very much. We will now begin with the question and answer session. 4:29 4 minutes, 29 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. 4:36 4 minutes, 36 seconds If you wish to remove yourself from the question queue, you may press star and then two. Participants, you are 4:44 4 minutes, 44 seconds requested to use handsets while asking a question. 4:48 4 minutes, 48 seconds Ladies and gentlemen, we will wait for a moment while the question to ascendants. 4:56 4 minutes, 56 seconds A reminder to all you may press star and one to ask a question. 5:08 5 minutes, 8 seconds We will take the first question from the line of Anubhav from Prasign Capital. Please go ahead. Uh hello. Am I audible? 5:17 5 minutes, 17 seconds Yes, your audi opportunity. Uh one of the sequential 5:24 5 minutes, 24 seconds increase in order book from like uh 450 cr at end of year 3 fi 26 to 650 cr now 5:32 5 minutes, 32 seconds uh congrats on that. So uh can you give some color on uh what type of new orders 5:39 5 minutes, 39 seconds have we gone? just like uh like uh for new models of our existing volume or have we added new 5:47 5 minutes, 47 seconds uh some qualitative uh like description will be helpful. 5:52 5 minutes, 52 seconds So we've got new models for that increase. 6:01 6 minutes, 1 second Sorry to interrupt in between sir your voice is not audible. 6:05 6 minutes, 5 seconds So we've got some new models from Maruti Suzuki which has led to an increase in our order book. We've also removed the Evatara from our existing order book because it started production. 6:17 6 minutes, 17 seconds Okay. I mean and this is that we have received from PC for uh the lighting uh 6:25 6 minutes, 25 seconds is this like a product development or like uh some kind of uh like order 6:35 6 minutes, 35 seconds they all new receive bitcoin required business. 6:46 6 minutes, 46 seconds Hello. Hello. Yes, you're audible. 6:53 6 minutes, 53 seconds Yeah. Uh somehow the management line is not very clear. voice is very important. 7:01 7 minutes, 1 second Uh so my next question is like uh uh there's been some slight uh delay 7:08 7 minutes, 8 seconds startup production for the uh new Bangor plant of the Hayashi government. So it seems like a delay of a quarter. So is 7:17 7 minutes, 17 seconds this because of delay or can like what have led to this? Sorry, can you repeat that again? 7:26 7 minutes, 26 seconds uh what is the new band line for the Hayashi GB? Like uh earlier I think it 7:33 7 minutes, 33 seconds was scheduled to start production in April but uh in this quarter's uh presentation it mentioned that it start 7:41 7 minutes, 41 seconds in June. So uh can you like uh give some color on what makes this sort of like is it the cap was made or Yeah. 7:53 7 minutes, 53 seconds So it's basically because of some operational issues that is delayed by two months. 8:01 8 minutes, 1 second Uh thanks I'll get back in. 8:07 8 minutes, 7 seconds Thank you. We will take the next question from the line of Jan Chala from RL Investments. Please go ahead. 8:15 8 minutes, 15 seconds Yeah. Hi uh good afternoon and uh thanks for the opportunity. Uh congratulations on a good result uh delivering 20% 8:22 8 minutes, 22 seconds growth you know despite the fact that one of our key models is uh facing some challenges. Uh my first question is on 8:30 8 minutes, 30 seconds the other expenses there is a big pick up on a quarteronquarter basis from like 8:37 8 minutes, 37 seconds 21 crores to 24 crores. Any one-offs there or this is just all kind of maybe year end that is there. So there's an 8:46 8 minutes, 46 seconds increase in project and marketing expenses including R&D expenses that has led to this increase. 8:53 8 minutes, 53 seconds Got it. And on the gross margin side uh again there is a 100 Qoq improvement. 8:59 8 minutes, 59 seconds Any one of there or that is just normal product mix. 9:04 9 minutes, 4 seconds That's a model product mix. In addition we've also got some uh discounts from our vendors that have led to it. 9:12 9 minutes, 12 seconds Oh sorry discount from vendors. This is for volume discount or because commodities are normally gradually going up. Yeah. 9:23 9 minutes, 23 seconds So do you see this kind of gross margin holding up or given the fact that commodities are now going up uh you know there will be some pressure on gross margins. 9:32 9 minutes, 32 seconds So gross margin should be similar and all our commodities tend to be indexed. 9:38 9 minutes, 38 seconds So that should there shouldn't be too much uh difference in our gross margin. 9:43 9 minutes, 43 seconds Got it. So in a way this 11 12% that bida margin that we have this quarter uh you know without including other income and all is something that that is sustainable going forward. 9:54 9 minutes, 54 seconds Yes that is sustainable. 9:57 9 minutes, 57 seconds Got it. Got it. This order book increase from 450 crores to 650 kores the entire 200 kores is from Maruki or is there are 10:05 10 minutes, 5 seconds there orders from uh any other client as well? 10:09 10 minutes, 9 seconds So there's entire 200 K is from Mari super. 10:14 10 minutes, 14 seconds Got it. Got it. With this now we broadly have visibility of revenue going to like 1500 K. Uh but in order to meet the 10:23 10 minutes, 23 seconds 3,000 K uh target and given you know how the auto industry works where you need to kind of get orders like at least 18 10:32 10 minutes, 32 seconds to 24 months in advance we will need another 1,500 K or so of orders in the next two two and a half years. So how is the visibility on that looking and how confident are you all getting there? 10:44 10 minutes, 44 seconds So 500 crores we want to do from our existing customers and our existing products. 1,000 kores is something I 10:51 10 minutes, 51 seconds think you'll have to give us some more time on. We'll get we'll get back to you by the end of the year. We'll try to give you updates slowly. 11:00 11 minutes Got it. That is very useful. Uh uh thanks a lot. I'll I'll come back in the queue. 11:07 11 minutes, 7 seconds Thank you. We will take the next question from the line of Raml from Electrum PMS. Please go ahead. 11:16 11 minutes, 16 seconds Uh yeah, hi uh prana. U congratulations on a good set of numbers. Uh and thanks for the opportunity. Uh so firstly just to 11:24 11 minutes, 24 seconds understand uh you know for the for the new products that we are working on the 150 cr total capeex that we will do in 11:31 11 minutes, 31 seconds the uh various product lines. uh just want to understand in terms of visibility uh what kind of orders uh we 11:38 11 minutes, 38 seconds have already got or what is the visibility on that because orders need to come uh a little earlier than you know when the plant comes. So how is the thought process on that? 11:48 11 minutes, 48 seconds So seat belt reminder system seat latch and the seat insert we already have orders for that we just trans it's 11:56 11 minutes, 56 seconds transferring the business to that uh it starts 2027 January and slowly slowly we'll start ramping that up for the 12:04 12 minutes, 4 seconds hayashi joint venture we transfer to shades business and we've got two ambient lighting orders for that okay hayashi ambient lighting and shades 12:13 12 minutes, 13 seconds orders we have yes so we've got a new we've But this is broken into margin for ambient light. 12:22 12 minutes, 22 seconds Okay. Okay. Uh and uh also then on the on the margin side. So as you mentioned uh to the previous participant that 12:29 12 minutes, 29 seconds broadly the margins will sustain. Uh but you know when the when these new products also come uh and uh and probably the utilization start 12:37 12 minutes, 37 seconds increasing in a year or two. Uh broadly where does this margin kind of if you can give some color on the margin range where we can reach going ahead? 12:46 12 minutes, 46 seconds So let's stick to the current margins for the moment because there'll be some startup cost for the government. 12:54 12 minutes, 54 seconds Okay. Okay. Uh and uh one thing just on the on the balance sheet. So I think we had a negative uh you know operating 13:00 13 minutes cash flow. So any specific uh reason or probably it gets normalized in this year. 13:07 13 minutes, 7 seconds Uh so we paid about 12 crores for our Delhi office. We've also paid 6 kores to support our subsidiaries and then we've 13:15 13 minutes, 15 seconds also had an increase in MSME vendors that has led to a reduce in cash. 13:21 13 minutes, 21 seconds Okay. So going ahead think it will it should normalize. It should normalize. Yes. 13:26 13 minutes, 26 seconds Okay. Okay. And just lastly uh to understand on the uh you know the new uh OEM discussions. So how where are we 13:34 13 minutes, 34 seconds placed and you know what kind of discussions uh are ongoing for new OEMs or new uh uh uh you know customers there 13:43 13 minutes, 43 seconds are we in some advanced discussions there so when something worse I think we'll share that with you I think that's the 13:51 13 minutes, 51 seconds best way to go forward okay okay great uh thanks uh and all the best 14:01 14 minutes, 1 second thank you we will take the next question from the line of Sukrit Deep Part from Isai Pentrate Private Limited. Please go ahead. 14:10 14 minutes, 10 seconds Good afternoon to the team. Uh I have two questions. The first question to Mr. 14:13 14 minutes, 13 seconds uh Railan is how do you see India auto expanding its role in India's auto component industry over the next few 14:21 14 minutes, 21 seconds quarters especially when EV adoption and changing safety standards. What new product lines or partnerships uh uh are 14:30 14 minutes, 30 seconds on the table that will help the company grow beyond the current OEM base? That's the first question. I'll ask my second question after this. Thank you. 14:38 14 minutes, 38 seconds We continuously working on expanding products and customers. When something can work, then we share that with you. 14:47 14 minutes, 47 seconds Okay. My second my second question to Mr. 14:49 14 minutes, 49 seconds Rati is looking ahead. How will you balance investments in capacity expansion and uh technological 14:58 14 minutes, 58 seconds updates with maintaining financial uh discipline? What long-term costsaving 15:05 15 minutes, 5 seconds measures are being built now to protect margins if raw material prices rise further? Thank you. 15:15 15 minutes, 15 seconds Good morning. uh we have we have mapped the cost versus cost versus return for each products and each each component. 15:24 15 minutes, 24 seconds So we monitor uh we monitor the cost increase uh increase with the productivity 15:32 15 minutes, 32 seconds improvement and uh uh and uh the price increase with the customer. 15:40 15 minutes, 40 seconds Thank you. Thank you and best wishes. 15:47 15 minutes, 47 seconds Thank you. We will take the next question from the line of Manish Gupta from Equinox Investment Advisers. Please go ahead. 15:56 15 minutes, 56 seconds Hello. Yeah. Am I audible? Yes sir, you're audible. 16:01 16 minutes, 1 second Uh thank you for the opportunity. uh uh does premiumization uh that's happening in the industry lead to higher content 16:10 16 minutes, 10 seconds for uh uh our uh execution or uh the it remains the same for us. 16:18 16 minutes, 18 seconds So seat is going through premiumization phase uh if you can see the difference there's a lot of artificial level that's coming in power seats are coming in 16:27 16 minutes, 27 seconds ventilated seats are coming in that will lead to a significant premiumization. 16:32 16 minutes, 32 seconds All right. So what would be the let's say a factor of penization 1.5x 2x if you could give some color on that 16:41 16 minutes, 41 seconds see we don't have a number on that it goes model to model but it should increase by about uh maybe 40% 50% in 16:49 16 minutes, 49 seconds the next five years or my second question is since marupi is facing very strong competition from 16:57 16 minutes, 57 seconds others so are we in active discussions with others for you know diversification and uh risk containment procedure. 17:06 17 minutes, 6 seconds So we're continuously looking to diversify our customers. 17:11 17 minutes, 11 seconds All right. And finally sir, a question about uh our industry company Bat Seeds. 17:17 17 minutes, 17 seconds So you had set a 3,000 cr revenue target for financial 30 and uh bat seats has come out with pretty good results in Q4. 17:26 17 minutes, 26 seconds So does that uh guidance remain unchanged or is there any upward division to that? 17:33 17 minutes, 33 seconds So bhi maybe you can take a three and a half thousand guidance 17:39 17 minutes, 39 seconds financial okay and sir bat is also benefiting from premiumization 17:45 17 minutes, 45 seconds move or uh how does that work there so that will benefit from premiumization 17:52 17 minutes, 52 seconds and that will also benefit from a existing new order in green all right thank you very 18:03 18 minutes, 3 seconds Thank you. We will take the next question from the line of Sake Kapoor from Kapoor Company. Please go ahead. 18:14 18 minutes, 14 seconds Namaskar sir, hope I'm audible. Yes, you're audible. 18:19 18 minutes, 19 seconds Hello. Yeah. Yeah. Thank you. Uh Namaskar sir. Thank you for the opportunity sir. Firstly, as we have uh 18:25 18 minutes, 25 seconds closing order book of uh 650 650 K. So sir does this outline two uh programs uh 18:33 18 minutes, 33 seconds that will run for multiple year or is it uh only one time uh order booking that that has been done. 18:42 18 minutes, 42 seconds Sorry can you repeat that again? I don't understand. 18:45 18 minutes, 45 seconds Sir sir in the in the auto space we have been uh of the view that there are programs that we run with OEM for 18:52 18 minutes, 52 seconds several years. So with the type of order booking and especially the additions that we have got from Maruti Suzuki this this order book is pertaining to be 19:00 19 minutes executable as a one time or this is a program for the coming four to five years. Uh how should one look into it? 19:08 19 minutes, 8 seconds So there are multiple programs uh that will get executed over the course of the next three years. 19:16 19 minutes, 16 seconds Okay. So uh then what is the significance of this 650 cr closing order book in what context should we look into it or what uh that was my question. 19:26 19 minutes, 26 seconds So you can add that to our current revenue that is what's going to be our revenue by the end of the decade 19:33 19 minutes, 33 seconds by the end of uh till 2030. 19:39 19 minutes, 39 seconds Um no sir if you could just clarify something more my s what I'm trying to make sense is that whenever an order 19:48 19 minutes, 48 seconds book is being posted there is an executable period for the same and then there are repeat orders that happen on the basis of order given say suppose 19:57 19 minutes, 57 seconds Maroti gave you a component business order after approval for for 50 cr hypothetically that will run for 8 years 20:05 20 minutes, 5 seconds down the line so over a period of time this will be a 400 cr revenue new profile for the company. So that that is what my question is key what should we 20:14 20 minutes, 14 seconds read into this 650 K number in terms of execution and the program running for how many years? 20:20 20 minutes, 20 seconds So our current revenue is about 860 850 crores. This order book will add another 650 crores to our revenue and then those 20:30 20 minutes, 30 seconds programs will last for another 7 to 8 years. 7 to 8 years. Yes. 20:36 20 minutes, 36 seconds Okay. Okay. My my next question is pertaining to the capex that we have envased for uh the current uh financial 20:44 20 minutes, 44 seconds year. Uh that last year I I found that uh in the cash flow we have done uh 20:50 20 minutes, 50 seconds capex closer to 74 cr and the previous year was closer to 48 cr. So what should this year uh translate into? 21:01 21 minutes, 1 second So this year we we're going to do all the project and apart from that we should be doing another 30 to 40 critics 21:09 21 minutes, 9 seconds 30 to 40 cr because in the project expansion update uh in the slide number seven uh under the uh product line seat 21:18 21 minutes, 18 seconds trims and frames and ambient light uh carpet and sunset we are expected or we I think so we have already spent around 21:26 21 minutes, 26 seconds 10 uh2 crores. So this uh this amount is already there in the capital work in progress the the facilities which will be commenced by June and July. 21:37 21 minutes, 37 seconds So the seat uh insert support we've done most of the capex the seat uh frame and trim for India auto south we've also 21:45 21 minutes, 45 seconds done most of the capex also for the seat latch and the seat belt reminder we're still doing some of the capex in addition to that we're going to do 21:53 21 minutes, 53 seconds another 40 to 50 rows to execute the current new order book okay so the project project expansion 22:01 22 minutes, 1 second update which what we have mentioned the slide the we will have another 4050 code that will be get covered out uh even 22:09 22 minutes, 9 seconds separately or it is covered in the 150 K capex that we have mentioned here that's going to be over over and above 22:17 22 minutes, 17 seconds that for our existing order book okay and sir what should be the asset turnover ratio especially for the 22:24 22 minutes, 24 seconds ambient light segment and uh what portion of revenue we will be booking from this uh product line for this 22:33 22 minutes, 33 seconds current year so The ambient lighting asset turnover should be anything between three and four. It's a small order to start with. 22:42 22 minutes, 42 seconds So it should be not too meaningful at the moment. 22:46 22 minutes, 46 seconds Sir, your voice is muffled. Sir, come again. Please, please speak closer to the mic. 22:51 22 minutes, 51 seconds The two ambient lighting orders that we've got are relatively small orders. 22:56 22 minutes, 56 seconds The offline should be anything between 10 and 20 for both. 23:01 23 minutes, 1 second Okay. And this will scale up post our further uh product impendment with the OEM and we we'll we'll see further 23:08 23 minutes, 8 seconds revenue profile going ahead that you will share later once we start acquiring. Yes. 23:18 23 minutes, 18 seconds Right sir. And so lastly uh in in terms in the context of the the current wies 23:25 23 minutes, 25 seconds of the geopolitical issues the the oil prices then the issues with the uh with 23:31 23 minutes, 31 seconds the roots navigation uh how is auto industry currently poised with the with the supply side situations in the 23:39 23 minutes, 39 seconds component industry uh the the the trends which have been that there is some issues with the with the spares and all. 23:47 23 minutes, 47 seconds How is uh uh uh our company poised uh to face this challenge and if you could just give us some setup of how are we 23:54 23 minutes, 54 seconds insulated from the current wies uh of the business environment because the demand seems to be intact at 24:03 24 minutes, 3 seconds the moment but in terms of supply issues our company is not facing any issues. 24:10 24 minutes, 10 seconds Okay sir I joined the queue. Uh thank you and all the best to the team sir. Thank you. 24:18 24 minutes, 18 seconds Thank you. We will take the next question from the line of Ankush Nahar from Electro PMS. Please go ahead. 24:27 24 minutes, 27 seconds Yeah. Uh thank you for the opportunity sir. So couple of questions. Uh first a bookkeeping question. I think our employee expense is up 33% for the 24:35 24 minutes, 35 seconds financial year. So any one-offs over there or is it a new run rate considering the cape that we're doing? 24:42 24 minutes, 42 seconds Secondly, uh since we have transferred the Sunshare business to the JV, so how much was the revenue as of now that we 24:49 24 minutes, 49 seconds were generating from Sunshade and also what is the percentage stake in the GV that we have with Hayashi? 24:56 24 minutes, 56 seconds And last on the Yeah, please go ahead. Yeah. 25:01 25 minutes, 1 second So the employees expenses have increased because we tend to grow our business. 25:06 25 minutes, 6 seconds That's some manpower that we have to hire. The shade business that is transferred to the J is about 20 K and 25:13 25 minutes, 13 seconds the shareholding of the joint venture is 350. 25:18 25 minutes, 18 seconds Okay. And so on the Toyota expansion article I think today they have released a commentary of expanding in Orangabad. 25:27 25 minutes, 27 seconds So you know are we directly benefiting from this and you know what is our plan in order to be a part of the growth of the OEM. 25:36 25 minutes, 36 seconds So we've currently acquired land in Orangyabad for the Toyota expansion. 25:40 25 minutes, 40 seconds We've also did a joint venture with Hayashi for the Toyota expansion and we also want to replicate our seat business over there. That all is under current bidding process right now. 25:53 25 minutes, 53 seconds All right. So once I think the bidding is through then we plan for a capeex in terms of plants etc. Yes. 26:01 26 minutes, 1 second All right. And then lastly uh on the GV side so I think we have spent I think the highest amount in terms of absolute 26:09 26 minutes, 9 seconds figure 80 crores on the GV and today we are sitting on a comparatively smaller order book of 10 to 20 crores and maybe sunshade adding that will be 40 crores. 26:19 26 minutes, 19 seconds So in terms of utilization of such a big cex are we facing any issues in getting new orders or is the time which has been 26:27 26 minutes, 27 seconds taken a bit longer because of any reason. 26:30 26 minutes, 30 seconds So 80 crores is the total project cost that we approved. We've currently spent invested about 10 15 crores each which 26:38 26 minutes, 38 seconds is about 50 crores in it. So we'll just keep on investing as soon as we get more business. 26:45 26 minutes, 45 seconds Okay. So it will be more of a phase wise expansion rather than one stop. Yes. 26:52 26 minutes, 52 seconds Okay. All right. So thank you. 26:57 26 minutes, 57 seconds Thank you. We will take the next question from the line of Ashok Sha from Aklavia Invesco family office. Please go ahead. 27:06 27 minutes, 6 seconds Thanks for taking my question sir. Uh you have just talked about the heat uh seat industry being premiumized. So what 27:15 27 minutes, 15 seconds percentage of the business will go to bar seat and what will be the ND business? 27:22 27 minutes, 22 seconds So we've divided the processes very clearly. Seats does the seat assembly and the seat foam and NDR does the seat cover and the seat frame. 27:32 27 minutes, 32 seconds So this business over the 2030 what will be size of the total four-wheeler industry? 27:40 27 minutes, 40 seconds Uh I don't have that number off hand but I can share that with you. 27:45 27 minutes, 45 seconds Okay. And secondly sir do as as a company uh Suzuki has got around 70% in the group holding and you have around 27:54 27 minutes, 54 seconds 41%. So do you plan to increase the holding and take it to 75%. 28:01 28 minutes, 1 second Sorry this is regarding Bit the shareholder. Yeah Bit I'm talking about. 28:08 28 minutes, 8 seconds So NDR order is 28% our family has 17% subji has another 15%. And that's the 28:15 28 minutes, 15 seconds rest of the public. There's no change in shareholding. 28:18 28 minutes, 18 seconds No, I'm talking about the NDR increasing the holding by 3 4% because clipping acquisition is available to India. 28:27 28 minutes, 27 seconds So I don't think we can cross the 74% threshold than that. It's a 75% is allowed 75% as a promoter. 28:36 28 minutes, 36 seconds Not more than Yeah, we've got 73 at the moment or 74. 28:42 28 minutes, 42 seconds 74. And sir for all the expansion what will be tax required for both the companies? 28:51 28 minutes, 51 seconds I don't have the bias number at the moment but NPR also we've given the project update and in addition to that we'll be worth another 50 to 40. 29:01 29 minutes, 1 second Okay sir. Thank you sir sir and sir. 29:03 29 minutes, 3 seconds Lastly sir if possible sir you organized one call for also batit also. It will be much beneficial to all the investor. 29:10 29 minutes, 10 seconds Thank you sir. Thank you. 29:15 29 minutes, 15 seconds Thank you. We will take the next question from the line of Anab from Prissan Capage. Please go ahead. 29:23 29 minutes, 23 seconds Uh thank for the followup opportunity. 29:26 29 minutes, 26 seconds Uh kind of we were supplying I think uh some body parts to Jimny. So uh are we 29:34 29 minutes, 34 seconds looking to like uh increase like sheet metal parts and BW parts uh for other models? what is your focus on that? 29:43 29 minutes, 43 seconds So, we're working towards increasing our BW content. In addition, we're also working towards increasing our ambient lighting and shade. 29:53 29 minutes, 53 seconds Okay. And uh uh this 200 order book um you mentioned that it's entirely from incremental. 30:03 30 minutes, 3 seconds So, uh is it that like we are gaining market share within Ma some other trenders? Could you give some color on 30:10 30 minutes, 10 seconds that and what is help driving that? 30:16 30 minutes, 16 seconds Yes. So we have increased with the new order book we are likely to increase market share in 30:24 30 minutes, 24 seconds uh and what is driving that? Is it like some specific vendor is using share and we are gaining from that or is it more 30:33 30 minutes, 33 seconds driven by our capability our performance cost quality and delivery been good and yes there is 30:41 30 minutes, 41 seconds someone else who's been using some share thanks 30:51 30 minutes, 51 seconds thank you we will take the next question from the line of Dia from Sappire Capital please go ahead that no hi. Am I audible? 31:03 31 minutes, 3 seconds Yes, you're audible. Please proceed. 31:07 31 minutes, 7 seconds So uh any revenue guidance and every margin for FI27? 31:14 31 minutes, 14 seconds So we don't give annual guidance. We've given a five a four year five year long-term plan guidance. 31:22 31 minutes, 22 seconds Okay, no problem. So can you provide the revenue mix for uh F26? 31:29 31 minutes, 29 seconds Yeah, sure. I don't have that off hand but I can share that with you. 31:35 31 minutes, 35 seconds Okay sir. Thank you. 31:41 31 minutes, 41 seconds Thank you. We will take the next question from the line of Sakit Kapoor from Kapoor Co. Please go ahead. 31:48 31 minutes, 48 seconds Uh yes. Yes sir sir. 31:51 31 minutes, 51 seconds in continuation to these previous participant we we did revenue of around 8 830 31:59 31 minutes, 59 seconds uh ps for the uh fiscal year. So uh the uh what should the trajectory likely be uh going there since now we have 32:07 32 minutes, 7 seconds confirmed order book and the and we have the impendment al impendment of the product profile also. So what should we 32:14 32 minutes, 14 seconds look forward uh in terms of the uh uh the trajectory that we need we will be we are likely to uh transcend for the 32:22 32 minutes, 22 seconds current financial year and secondly if if we can be providing the revenue mix between the products that that we cater 32:30 32 minutes, 30 seconds to how much it goes to the sales part what what is the uh other uh that mix if you can provide in the presentation going ahead and if you have the numbers 32:38 32 minutes, 38 seconds now that would suffice. Sure. So we can provide the product mix which will be in the next presentation. I don't have that 32:46 32 minutes, 46 seconds number at the moment but we can share that later with you. And in terms of the revenue guidance our top has got 860 K. 32:54 32 minutes, 54 seconds We've got an order book of another 650 K. So you can add that. That should be our guidance till FI50. 33:02 33 minutes, 2 seconds That's right. FI50. 33:06 33 minutes, 6 seconds Okay. uh uh no sir I was just trying to make sense the uh the the journey that we have done over the last fiscal from a 33:14 33 minutes, 14 seconds revenue of if I exclude the other income from 713 to 822 that growth trajectory 33:21 33 minutes, 21 seconds uh we will gain momentum on it or uh that is what the likelihood should be no there should be the evara should come 33:30 33 minutes, 30 seconds in the full year and then we've got three more projects coming next year so that should increase next 33:37 33 minutes, 37 seconds But I'm I hope I'm not on a good line. I think can you repeat it once again? 33:43 33 minutes, 43 seconds So we've got Evara which will come next full year and then we've got three more projects starting next year. So I think 33:50 33 minutes, 50 seconds we should likely uh have the similar have a similar report. 33:55 33 minutes, 55 seconds Okay, that is for the next year that I was more pertaining to the current current year that the trajectory that we have trans from 25 to trans from 25 to 34:04 34 minutes, 4 seconds 26 that that uh that we gain momentum because of this uh execution of the current order book that is very likelihood for this year also. 34:13 34 minutes, 13 seconds Yeah, there should be some growth next year. We don't have exact numbers for her sharing for this year I'm asking sir not next 34:21 34 minutes, 21 seconds year for 26 27 yeah so for next year we don't want to share a current guidance because simply 34:30 34 minutes, 30 seconds program how rampups happen okay 34:37 34 minutes, 37 seconds okay sir uh we hope that our bat also request is ahead to sir maybe or some bit of uh conversation ation 34:46 34 minutes, 46 seconds between participants and for management can be uh communicated through a platform for Basit also that would suffice lot of questions. Thank you. 34:55 34 minutes, 55 seconds Okay, sure. 34:58 34 minutes, 58 seconds Thank you. We will take the next question from the line of Ankush Nahar from Electum PMS. Please go ahead. 35:06 35 minutes, 6 seconds Yeah, I got the followup opportunity. If you just wanted one clarification the 3,000 target that we have by 2030 that 35:14 35 minutes, 14 seconds is for only for India also right and not including bar seats. Yes that is for India. 35:23 35 minutes, 23 seconds All right. Okay. So thank you. 35:28 35 minutes, 28 seconds Thank you very much. As there are no further questions from the participants. 35:32 35 minutes, 32 seconds I now hand the conference back to the management for closing comments. 35:37 35 minutes, 37 seconds Thank you for your time and participation. We continue to be optimistic about the opportunities before us and look forward to sharing these with you as we move forward. 35:46 35 minutes, 46 seconds Should you need any input or clarification, please write into our invested region partner CDR India. Thank you. 35:54 35 minutes, 54 seconds Thank you members of the management. On behalf of NDR Auto that concludes this conference. Thank you all for joining us and you may now disconnect your lines.