Hello, good morning, everybody. On the call today, I'm joined by Mr.

Daljit Singh, our MD; Mr. Sudhir Goyal, Group CFO; and Mr.

Sanjay Arora, Whole-Time Director of IL JIN Electronics. We have uploaded our quarterly presentation on the exchanges, and I hope everyone had an opportunity to go through the same.

We extend our appreciation to the honorable Finance Minister for the enhanced outlay of ₹40,000 crores towards the ECMS scheme. This scheme will serve as a catalyst for accelerating the growth of a robust electronics ecosystem in our country and creating significant employment opportunities.

Further, we extend our sincere gratitude to Ministry of Electronics, MeitY, for granting approval under the ECMS scheme for Ascent K Circuits HDI PCB application and Shogini Technocrafts multi-layer PCB application. These approvals are in addition to the earlier clearance received for Ascent's multi-layer PCB application.

The expansion reinforces our long-term commitment to strengthening India's atmanirbharta in electronics manufacturing ecosystem. We are pleased to share that land allotment of 16 acres have been secured in Jewar near new Noida airport for Ascent K Circuit to establish state-of-the-art manufacturing facilities for HDI PCBs, and we look forward to shortly do groundbreaking to commence construction.

Additionally, Amber Enterprises has been allotted 100 acres of land in Jewar airport near new Noida airport, enabling the company's future expansion plans. We extend our gratitude to the Government of Uttar Pradesh for fast cabinet approvals of both projects and timely allotment of land parcels.

Let me now take you through the quarterly performance. Consolidated revenue for the quarter stood at ₹2,943 crores, reflecting a growth of 38% over previous year.

Despite weak underlying room AC industry, our operating EBITDA for the quarter stood at ₹247 crores, growth of 53%. PAT before exceptional one-time impairment of Shivalik grew by 128% to ₹84 crores.

Let me now take you through the divisional performances. Firstly, on the consumer durable division.

The consumer durable division recorded revenue growth of 27% in Q3 FY26 and EBITDA growth of 22%. The growth is driven by the diversified product offering, adding wallet share within existing customers, expanding product portfolio.

The room AC industry has transitioned to the revised, higher efficiency BEE star rating norms, effective 1st January 2026, marking a key shift toward enhanced energy performance and sustainable cooling solutions. The quarter witnessed channel filling ahead of BEE rating upgrade.

We continue to deepen and strengthen our customer base, both in room AC and commercial AC during this quarter. We are cautious about sharp surge in commodity costs and currency depreciation.

While we are navigating these challenges, the pass-through will happen with a quarterly lag, as we have seen earlier. On the outlook, we believe industry will be flattish this year, while we continue to remain optimistic that this division should grow in the range of 13% to 15% for the full year basis.

Coming to the electronics division. IL JIN purchased 80% stake in Shogini Technoarts, a Pune-based printed circuit boards manufacturer, with capabilities across single-sided, multi-layer, and flex PCBs.

Shogini brings a sizeable 4.5 lakh square meter capacity boost and broadens division reach to diverse customer base spanning across automotive, medical, industrial, power, and other segments. Coupled with Ascent expansion, JV with Korea Circuit, and Shogini lays a strong foundation to emerge as India's most comprehensive printed circuit board manufacturer, offering solutions from single-layer PCBs to advanced HDI products across the value chain.

Further, strengthening its position in high-value industrial automation segment, IL JIN has increased its holding in Unitronics Israel, taking its current stake to 45.5% now. Moving to the performance, the electronics division continued its growth momentum with revenue of ₹845 crore, reflecting growth of 79%, driven by printed circuit board assembly vertical, PCBA, bare PCB board, PCB, and new additions in power electronics and automation electronics.

The division recorded EBITDA of ₹88 crores, recorded growth of 157%, despite the margin pressure in the bare PCB vertical. The PCB vertical continues to face headwinds of CCL and gold price spike, and as a Tier 2 B2B supplier, our ability to pass on comes with an inherent lag of almost 1 to 1.5 quarters, and we are confident to pass on these to our customers.

Looking ahead, driven by strong growth momentum and portfolio of high-value, margin-accretive products, we expect FY27 full year EBITDA margins to be in double-digits numbers. The electronics division, which began to address the shift of fixed speed AC to inverter AC in 2018, is now evolving into a full stack EMS company.

It features PCB assemblies serving diverse customer segments, and comprehensive bare printed circuit board solutions, and box-build solutions for hearable, wearable, power electronics, and industrial automation products. Now coming to the third division, Railway Subsystem and Defence.

The record capex allocation in railway budget and announcement of seven high-speed rail corridors positions India firmly on the path towards faster and future-ready mobility, which augurs well for the sector. On the performance, the division registered a growth of 20%, driven by railways, metro projects, and defence solutions.

On the expansion front, the construction is progressing well for Sidwal's greenfield facility for HVAC products, pantries, doors, and gangways, and the facility is under machine installation phase now, and commercial production is expected to begin in Q4 FY26. With regards to Yujin Machinery joint venture for pantographs, brakes, driving gear couplers, this facility is now ready.

Currently, the product development is underway, and commercial production is expected to commence from second half of FY27, following requisite RDSO approvals. Special cooling products for defence applications are also gaining traction and are expected to contribute meaningfully in coming years.

Backed by a strong order book visibility of ₹2,600 crores plus and product portfolio expansion, we remain optimistic of doubling the division's revenue over next two financial years. During the quarter, one-time exceptional impairment loss has been recognized for our investment in Shivalik, through which we had invested in Titagarh Firema Italy.

The Shivalik investment was done primarily with two objectives: one to have strategic association with leading rolling stock manufacturer, Titagarh. Together, we have been actively contributing to some of the country's most prominent mobility initiatives, including key metro projects and Vande Bharat.

Our collaboration with Titagarh has translated into business visibility worth about ₹700 crore for heating, ventilation, air-conditioning products, as well as new products which were launched, doors and gangways, and which shall continue to grow in future as well. Secondly, the objective was to open export opportunities for Sidwal through Italy venture.

However, Titagarh Firema turnaround did not materialize in the manner we had envisioned, due to the operational and other challenges. To curtail future losses, one-time exceptional impairment loss has been recognized during this quarter.

Now let me hand over to Sudhir Goyal, our CFO for financial highlights. Thank you.

Hi. Good morning, everyone.

Let me first take you through the consolidated financial highlights. For the Q3 FY26, we clocked a consolidated revenue of ₹2,943 crores, up by 38% over last year.

We recorded quarterly operating EBITDA of ₹247 crores, a growth of 53% year-on-year. For clarification, operating EBITDA is before impact of ESOP expenses and other non-operating income and expenses.

Profit for the quarter stood at ₹84 crore before impairment of investment in Shivalik of ₹94 crores, reflecting a growth of 128%. However, PAT is after considering one-off provision of ₹9 crore pertaining to new labor codes.

Let me take you through 9 months FY26 financial performance at the consolidated level. We recorded consolidated revenue of ₹8,039 crores, growth of 29% over last year; operating EBITDA of ₹608 crores, resulting in a growth of 26% year-on-year; and profit before impairment loss of ₹158 crores, reflecting a growth of 19%.

Now let me take you through the divisional performance overview. Firstly, revenue and operating EBITDA details of the divisional performance are not comparable with the published segmental results.

Starting with the consumer durable division. The consumer durable division reported revenue of ₹1,971 crores in Q3 FY26 compared to ₹1,555 crores in Q3 FY25, reflecting a growth of 27% year-on-year.

Operating EBITDA for the quarter increased by 22% year-on-year and stood at ₹141 crores compared to ₹116 crores in Q3 FY25. Coming to the electronic division performance.

The revenue for the quarter increased to ₹845 crores in Q3 FY26 compared to ₹472 crores in the same quarter last year, reflecting a growth of 79% year-on-year, driven by PCBA vertical, bare PCB, and new additions. I would like to emphasize we acquired Shogini on 1st of December, and consolidated P&L includes result for one month only in respect of Shogini.

Operating EBITDA for the quarter recorded growth of 157% year-on-year and stood at ₹88 crore compared to ₹34 crore in Q3 FY25. Moving to railway subsystem and defence divisional performance.

The revenue for the quarter increased to ₹127 crores compared to ₹106 crore in Q3 FY25, reflecting a growth of 20% year-on-year, and the resulting operating EBITDA of ₹18 crore, growth of 49% year-on-year. With a robust order book and expanding product portfolio, we remain confident in doubling the divisional revenue over the next two financial years.

On the balance sheet front, IL JIN Electronics has successfully concluded fundraise with the entire ₹1,750 crores received from marquee investor. As we embark on a growth path in our electronic division, we stand on a strength of robust balance sheet.

Thank you. Now I request the operator to please open the floor for the Q&A.

Thank you and good morning, team. Congratulations on a very good set of numbers.

My first question is on RAC. Given that there was a push in the third quarter on account of BEE and then there was low cost inventory, how should we see fourth quarter from a very near-term perspective, and then calendar '26, given that there is high amount of inflation and the entire GST benefit probably is written off and the cost could be even higher than that.

How should we read calendar '25, '26 from an RAC point of view?

Good morning, Natasha. See, this is how we look at room AC sector in the country and as a industry.

We feel that if you see Q1 was -5%, 10%, then Q2 was -35%. We saw a little growth in the industry in Q3 with the primary sales moving ahead in lieu of the energy rating.

We feel that the industry should be flattish this year. Whereas we have again and again maintained our guidance, and we are hopeful to deliver about 14% to 15% kind of a growth.

Let me give you a little background on air conditioning industry, Natasha, that in last 25 years, we have seen seven bad seasons in this industry, and two COVID waves hit us, both in March. Nine bad years for the industry in last 25 years.

25 years back, market size was 1/2 a million number, just 5 lakh numbers, and now we are at 15 14 to 15 million number, 1.4 to 1.5 crore number. I expect that in future also these kind of issues will keep on coming on the currency and commodity issues, BEE table revisions.

Looking into the households, looking into the per capita income growth, looking into the adequacy of power, and the desire of comfort living, I believe that this industry should grow in the range of 12% to 15% at least for next four, five years. Thereon, once we cross 4,000 per capita income, this will further grow at 20% to 25% range.

This has been historic in all the countries. We believe that on the calendar year '26 basis, industry should be in the range of at least 12% to 15% growth path.

Sir, this would be a value growth that you're talking about or just RAC volume?

No, I am talking about volume growth. Value may be little higher because of higher increase in the cost.

Understood. Sir, and my second question is very recently, Mitsubishi Electric had announced that they are doing a ₹2,100 crore capex and backward integrating into RAC and compressors.

Now, given that all Japanese and Korean brands are our prime customers, just want to understand how should we read this from Amber's point of view, because I believe Mitsubishi is one of our biggest clients, and does it entail any risk for us?

No, there is no risk, Natasha. Since you have all seen that 2021 when PLI got announced, all six major brands announced, which are all our customers, their own factories.

Markets did assume that Amber will not do well, and our stock price was hit unnecessarily. We could see that Amber moved into a different category.

We started offering our products in the component shape, and we kept on growing more than the industry space. This Mitsubishi Electric, yes, it's our client.

This was told by them 2 years back, and we have already gone into supplying the components for the factory which was inaugurated. We are very much part of this, and our association continues from here on with Mitsubishi Electric Group.

Got it. Great to hear that, sir.

Thank you and all the very best.

Thank you, Natasha.

Thank you so much for the opportunity and congratulations, team, for a very good set of numbers. My first question is an extension of what you said, right?

You mentioned that the industry should grow at 12% to 15% CAGR going forward. With the PLI now getting over, and over the last four or five years we've seen that the brands' share of overall manufacturing in India has gone up, should we now think that their share moves up, given that the PLI is getting over, and growth for you guys should be AC plus industry because EMS gains share?

Dhruv, as Amber's B2B capability on components and on the finished goods capability side, we have seen this kind of shift in-house, outsourcing three times now in last 25 years. Whenever this kind of shift has happened, we've moved in tandem to the industries or our brands or our customers' policy change.

We have established 24 factories now in vicinity to customers. Any customer who would like to manufacture on their own, we are very happy to supply them the components.

I'll just give you a example of automobile in a true reference. If Toyota puts up a factory, they will do engines on their own, car chassis on their own, car bodies on their own, and assembly line on their own.

Will Toyota ever produce tires for their own? Audiovisual systems, glasses, seats, bumpers?

Similarly, in our category also, whenever a brand puts up a factory, they do some kind of a backward integration plus assembly and plus labs, but other components are required to be supplied just in time by suppliers like us. We have a very comprehensive solution for the customers.

If they want to buy full boxes, we can give full boxes. If they want to buy only components, we are happy to supply components only.

That's what we have done in last 25 years. Moving forward, this trend will continue.

We don't control the change of policy of a customer, whether they want to insource or outsource. We are there as a backbone of them, as a supply chain solution provider.

Plus, what we are doing over and above is we are expanding our product portfolio into the commercial air conditioning space. We have already successfully launched our tower series, cassette series, ductable series from 3 ton to 17.5 ton, and we are also bringing some new products as we go ahead.

That is over and above. Plus to this is our non-room AC components, which we deliver as a solution for refrigerator, washing machine, microwave ovens and etc.

All these three things put together, I think we will continue to outnumber industry. Maybe in a year, 2 years' time, 3 years' time, we may move in tandem to industry, but eventually, we have seen that we have surpassed the industry by the numbers, a good numbers every time.

Fair enough, sir. My second question is on finance cost, right?

Despite the QIP, we have seen the finance cost go up marginally on a Q-o-Q basis. If you could just help us understand the reason for the same.

Hi, Dhruv. This is Sudhir.

Finance cost has increased because of that there was some changes happening in the energy rating, and we have built some inventory at a lower cost in terms of copper as well as compressor, which has increased the finance cost. Plus, we have acquired Shogini on 1st of December, and we have paid around ₹175 ₹575 crores payout to acquire that entity.

Finance cost includes that as well. Also, we increase our stake in Unitronics post our first acquisition on 9th of October when we acquired 40.2%, and now we are at 45.5%.

That has led to a increase in my finance cost. You'll see that it will start coming down in the current quarter.

Got it, sir. Just only

one question, if you could just give the numbers of Ascent, Shogini.

Dhruv, since you know Unitronics is a listed entity in Israel and their results are not still come out, it is difficult for us to give you in the electronic division entity-wise numbers because that will be a insider information, and it's not wise to give you that number. We'll give you once those numbers are out individually.

Sir. Thank you so much, sir.

Thank you.

thank you for the opportunity and congratulations to the team for a great set of numbers. Sir, my first question is, the consumer durable division with a growth of about 26% year-on-year on sales, it's far ahead of most of the peers who have reported, including the branded or the contract manufacturing.

It's a very positive thing, but would you like to help us understand what drove this?

Sonali, couple of things. We've increased our wallet share in some customers, and our non-AC components is actually paying dividends now.

Plus the new product categories which we have launched. All put together is delivering this number.

I think team has worked very diligently on all fronts to increase product portfolio, to increase the wallet share in existing customers, to work on non-AC components, where injection molding has done pretty well. We've started supplying to customers in telecom sector and to energy meter customers, and plus, of course, the refrigerator and washing machine and microwave oven customers are also gaining traction.

Our ductable ranges of commercial ACs are also growing. All put together has led to this kind of a number.

Sir,

great to hear that. Just an extension to this on the AC industry, after the liquidation that we saw in December, what is the current inventory level, and are there any initial trends you fathom of the upcoming summer?

Inventory is varying from customer to customer, I think, but overall at a industry level, if we sum it up, I think industry is reached to almost a normalized inventory level at the moment. If there's a spike in summer, we will see a good, good summers ahead.

Sir, great to hear that. Sir, my second question is regarding the capex outlook for '26 and also '27, if you could help.

How should we look at the journey of Shivalik from here on, now that we have taken the impairment loss?

Yeah. Hi, Sonali.

This is Sudhir. Current year capex we are expecting it should be around ₹800 crores.

For the next year, the expenditure which will be capitalized should be around 1,200 ₹1,100 to ₹1,200 crores. For Shivalik, now we have explained that there will not be any further loss in the Shivalik because you have taken a complete impairment of the investment.

We don't see now anything coming from the Shivalik, and we'll be focusing on our Indian operations and expanding the same. Sir,

great to hear that and all the best to the team and congratulations once again.

Thank you, Sonali.

Hi, thanks for the opportunity. Two questions.

First, when we look at your guidance of 13% to 15%, that implies a mid-single digit kind of growth for RACs in fourth quarter. Would you still think that the industry would actually end up being flattish or negative in the fourth quarter as a result?

I think if you sum it up, Inderjeet, for all the four quarters, Q1 I explained it was -5%, Q3 Q2 was -35%, Q3 has been slightly above zero, it's like 3% and 5% number. Q4 should be flattish at least.

Even if they do well, overall it'll come to be a flattish number. That is our estimate looking into it.

Sure, thank you. And— Sorry, please sir.

I believe that I have always guided that in air conditioners, due to the heat waves, the sales move up 1 month ahead or it gets postponed. I would urge everybody not to look at RAC sector on a quarterly basis, rather than on a complete financial year basis.

I think that'll be a relevant way to look at the RAC sector stocks.

Sure, this is helpful. Second, Sudhir ji talked about inventory build-up of copper and compressors ahead of BEE table change.

I just want to understand what does the regulation state? Does it state that post 31st December, you cannot sell to the brands or retailers, or the retailers cannot sell?

Means till when can we manufacture old BEE norm air-cons?

Basically the norm says that the manufacturing cannot happen for the old products post 1st January, whereas the manufacturer can supply the old inventory for 3 months. Coming to the retail part, the retailers are allowed to sell the old inventory for 6 months.

That is how the government's norms are. We cannot manufacture.

First before 31st, we have to stop all the old models.

Sure. The inventory that we have built up will be utilized, means we will see that the inventory drawdown when we see March quarter results.

Is that understanding correct?

That's right, yeah. Especially on the primary sales.

Sure. Thank you, sir.

Sir, thank you for taking my question. Sir, two questions.

First, could you give a rough breakdown of consumer durables between AC, AC components and non-AC components? It's

right now, it varies, Pulkit, from quarter to quarter. This quarter it has been about 60-40.

60% has been finished goods and 40% has been components.

Sir, within components, AC and non-AC?

Now almost we have reached to 50-50 split.

It's 60-20-20 for the quarter. That's useful.

It keeps on varying. Don't make a generic view about that it'll continue.

Every quarter it changes.

Sure. Yeah.

Sir, my second question is, I remember this was maybe 2 or 3 years back where we had seen some commodity price inflation, and while theoretically, obviously this a full pass-through business, but we've seen whenever brands are under pressure, there is some pressure felt by OEMs also. Is it fair to assume that consumer durable, especially air conditioner margins, could be under pressure next year given the magnitude of commodity price increase that we've seen, or you think it's going to be a complete pass-through, though with a lag of one quarter?

I think from a B2B company's perspective, it will happen with a quarter lag. Whereas I think for our customers, because the BEE table has changed, it's an opportunity for them to change maybe from February or March onwards.

You don't think there's going to be any margin impact for you because of the commodity price inflation?

There will be slight margin impact, but not very big impact for us.

Sir. That's useful.

Thank you so much.

Hi, sir. Good morning, and congratulations on a great set of numbers.

Sir, on the electronics piece, right, we've acquired Power One now and even a Unitronics. If you could just spend a couple minutes here on how we're looking to scale these businesses up, because Unitronics currently is not present in India.

What are our plans for scaling these businesses up and to what opportunity can be possibly take it to?

See, Power One and Unitronics both are in the industrial power electronics space. Unitronics, we feel that there is a geography expansion scope, bring those products to India.

Second is the product expansion space. They have not manufactured any PLCs, HMIs used for the heating, ventilation, air-conditioning applications.

After acquisition, we've already sent them samples, and the team has visited India. Now they have started their R&D work.

I think within a 15 to 18 months' time, we are hopeful that we will add new product category on the heating, ventilation, which will be launched worldwide, because Unitronics, almost 55% to 60% sales comes from US markets and remaining comes from the European markets. India will be their expansion on geography.

Second will be product expansion strategy. Third will be, of course, due to the Amber's balance sheet, there will be some purchase leverage which will come.

Fourth is the backward integration. Unitronics, they only assemble the products because they are the designers of the products, they develop the software, and they assemble their products in Israel.

They buy the printed circuit boards from outside, they buy printed circuit board assemblies from outside, even the injection molding required from outside. That is what we are exploring right now, gradually, that the growth of Unitronics can be catered by India by supplying these components as a backward integration.

These are the four things as a synergy which we are looking into the Unitronics. Coming to Power One products, which are UPS, solar inverters, both off-grid, on-grid, and battery energy storage systems, and EV chargers.

It's a both B2B and B2G business. They apply in tenders, they apply directly to OEMs.

What we are doing right now is again, similar case, they were assembling, not manufacturing components. There's a scope of IL JIN and Amber put together supplying the boxes, the sheet metal boxes, injection molding components, and PCB and PCBAs.

That is first thing. Second is purchase leverage.

They're largely South-based. We are now bringing them to North because it's a voluminous products.

We are planning to expand in existing facility as a brownfield expansion, one of their facilities in North, Noida, for catering the clients from Noida. That is what power electronics is.

These both, the TAM of both the products, power electronics, the audience of Power One products and Unitronics product, is almost about current level is $6.5 billion. I'll just give you a heads-up on what we are doing in electronics: PCBA we are doing, we are doing printed circuit boards, we are doing power electronics, and industry automation.

If you sum it up, the TAM of all the four today, out of $155 billion electronics getting consumed in the country at the moment, the TAM of these four things are about $16 to $17 billion. Now, where is this $155 billion going ahead in next 5 years?

As a business-as-usual, the growth is expected to be about $350-odd billion, whereas Government of India has taken a very good target of touching $500 billion. You can imagine, if we concentrate on India as a operation, it's a good place to be in, and these are all value-added capabilities which we have added.

In value-added, PCBA is volume-based things; PCB and power electronics and Unitronics are all value-based things. As a B2B supplier, you have to balance volume and value.

Volume will give you purchase leverage and scale, and value-based proposition will give you bottom line and also stickiness and entry barriers. That is what we are trying to do in the electronics division.

Absolutely, sir. Thank you for that explanation.

My second question is, Sudhir sir mentioned that we do around 1,100

Thank you for opportunity. My first question is related to the electronics segment.

Out of a 79% of a growth, if you can give some color on how much is the organic and how much is the inorganic growth in that?

In 9 months financial, about 12% is the inorganic growth contribution. Out of 2,100-odd number, almost about ₹240 crore is the inorganic and rest is organic.

Okay. Second question related to the Sidwal, out of this time 20% of a growth, and also you had said all the three segment railway, metro, and defence contribution, how is the defence contribution in the growth, as well as if you can give the order book bifurcation of a ₹2,600 crore, how much is the defence?

Defence, we started our endeavor in defence vertical about 4 years back, and we are seeing some green shoots right now. Earlier, we were doing about ₹4 to ₹7 crores in Sidwal for defence applications, but this year, we expect that we will do about ₹50-odd crore in the defence order book.

As far as the ₹2,600 crore is concerned, I think almost about railway contribution will be about 46%, metro is about 35%, and defence will be about 10% at the moment. What we are doing is we have been visited by very marquee defence customers, and that continues.

We hope that in next two financial year, defence vertical will start contributing at least 20% in the Sidwal's books.

Thank you, sir, and all the best.

Thank you.

thank you for the opportunity. Sir, as you have highlighted 9 months inorganic growth, possibly can you highlight the same for the Q3?

Lastly, just want to understand what is the impact of the inorganic on the margin front? What would be possibly the organic and inorganic, because your inorganic is a high-margin business, and in electronics, we have seen hitting double-digit margin, which we were supposed to hit FY27 slightly ahead of the target.

What is the EBITDA margin guidance for FY27 for electronics division?

We've guided earlier also, and we'll reiterate that we should be hitting a double-digit number in FY27 for electronics division. This is the first quarter ever where we have seen about 10.5% EBITDA for our electronics division.

Both volume and value play could be exhibited here. As our CFO told you that because of Unitronics is a listed entity, we will not be able to give you a breakup of this.

Once they declare the result, definitely, we can give you the numbers on all the subsidiaries.

Understood. Got it.

Thank you. One last question from my side.

As you have highlighted, normally, copper and PCB prices hit is there, can you please quantify what would be the impact of margin because of this in this quarter, and when will it get normalized?

In consumer durable division, we think that it'll be maybe 0.25% kind of a 0.25% to 0.5%, but which will be definitely, we will change the costing. As we have done in past, that that happens at a quarterly lag that we come back.

On the CCL front, only in the PCB sector, not in PCBA, not in the power electronics and other places, but only in the PCBA, right now, there's a impact of about 5% on the on the pricing. The customers have started giving the revised approvals, and we are hopeful that this will be completely passed on by next quarter, after next quarter.

Got it. That is helpful.

Thank you.

Hi, sir. Good morning.

Thanks for the opportunity.

Good morning, Rahul.

Sir, given the constraints on asking questions, I'll just summarize everything what I wanted to know in one question. We have different projects going on into electronics.

We've not discussed KCC in detail on this call apart from the Ascent capex and stuff like that. If you just summarize for us across three segments the project status in terms of execution, how do you think you will spend money over the next 2 years, what are the timelines for these projects, and for all three segments if you just summarize the growth outlook for fiscal '27, '28, just ballpark numbers on margins, that will really help to basically get a full understanding on the entire company.

That's the only question I have. Thank you.

I'll give you detailed analysis on the ongoing projects in the electronics sector. First expansion we are doing in Hosur in Tamil Nadu, where the groundbreaking ceremony happened, and it was blessed by the Chief Minister of Tamil Nadu for the groundbreaking.

Construction is moving perfectly on time, as guided. We should be starting our trial production in September of this 2026, and by January 2027, we should be coming in the mass production scale.

That is on the Hosur side. There is a investment coming up for total investment, land we already acquired last year.

Major building part will come now, and I think on the complete capex, about close to about ₹700, ₹800 crore will come this year on the machine building, building plus the plant and machinery. Now coming to Korea Circuits, the KCC, we have been allotted the land.

We have deposited 10% of the land, and they have yet to give us the possession, the allotment has been done. I think coming week, we should be able to get the possession.

Then that's when by March, we expect that we should be able to do the groundbreaking, March or April, as our maps get approved. Total 15 months' time for the construction.

First phase of investment is ₹1,200 crores, and it's a 70-30 JV. We are expecting about 60-40 or 70-30 kind of a ratio for equity and debt, and that's where our partners are also going to infuse funds.

After 15 months, there will be trial production period of 3 months. You can imagine that after 18 months, we will start the commercial production of that.

Offtake agreement has already been signed. The first 2 years, complete capacity offtake will be done by KCC themselves, we are not bothered about the top line as soon as we start the project.

After that, of course, there will be customers, and the ecosystem of complete semiconductor and OSAT businesses are getting established in the country, there will be both domestic and export. Then there is another expansion going on in the Pune for organic expansion.

We bought adjoining land in Pune, and that's a construction going on. I believe the construction will be over in the March or April, and May will be when it'll start.

That is on the electronics side. These are three ongoing projects on electronics.

Fourth investment which we are doing is in Sidwal, which is almost the building is ready, machine installation is happening in the greenfield facility for doors, gangways, and pantries, and heating, ventilation, air-conditioning. I expect that by March, the trial production will start, and April or May will be the commercial production start for that plant.

For Yujin, the factory is already done. Now we have applied to RDSO for requisite approvals.

Because these are all safety products, it will take time for approvals. We expect that in H2 of next financial year, we should be able to do the trial production, and in Q4, I think the commercial production will also start.

These are the status of all the projects going on.

Would you like to summarize the guidance on growth and margins? Just medium term?

I think all the divisions are doing pretty good. I believe, as we've already guided, that in consumer durable, we expect to do about 15% kind of a growth, despite markets being flattish.

Electronics is doing pretty good, all the divisions are doing very good. We expect that it'll be a good growth story for next year also, because of all the projects adding up.

In Sidwal, we are on a good growth path. I believe we should see somewhere about 40% growth kind of a story in Sidwal next year itself.

We've guided and we maintain our guidance that we will reach a number of doubling the revenue of Sidwal in next two financial years.

Thank you. Thank you so much, Jasbir, and best wishes for the rest of the year.

Thank you.

Yes, thank you. Jasbir, as you were thanking the Finance Minister, I was hoping to hear about the 20-year moratorium on taxes for the data center industry and that you'd have your products ready.

In the context of the defence sector took you let's say 4 years to get up to ₹50 crores, can you kind of give a sense of where the data center products, how could that progress, and is that also going to take 4 to 5 years to get there or it could be much faster?

I think that's a great announcement, and in this budget, which it was surprise for all of us. We were very excited to hear that.

I think it'll take about 3 to 4 years for companies to shift their data centers here and take a leverage of this incentive scheme which Government of India has given for 20 years. It is positive for a companies like us, because we've already developed our products of in-row and in-rack cooling products.

Liquid cooling and immersive cooling is under development at the moment. Which we feel that it will be developed by next 12 months' time period, and that's where we'll do the kind of trial productions.

In the in-row and in-rack, we have cracked two good customers, and they gave us a very small share of business for the first year, which was about 5% to 7% of their requirement. Now next year, we expect to grow a little bit bigger.

To summarize your question, I think somewhere about third year, we should see a good traction on the data center in Sidwal coming up.

Got it. Okay.

The second question is, obviously, the story of commodity prices going up and down has a big impact. When do you think that ecosystem develops in India, if it's CCL and other products, which will kind of give you that visibility and probably pricing integrity as you plan your business?

How long will that take?

See, India government has done a great job, as a rule of physics, first you bring the assembly business. 7 years back, we were not even assembling our phones here.

Now we have seen because of PLI, we are exporting billions dollars of phones outside India. Now second phase, they have come up with the component scheme.

Third phase will be the raw material of CCLs and glass fiber and other raw material required for the components. I believe we've already got announcements of two companies making CCL.

We at Amber are also right now exploring some joint ventures for the CCL, which may take about a year from now. We would like to finally, because we are coming up with a big capacity on the PCB side, we would like to add that going forward, maybe in 2 to 3 years' time.

Overall, if I see, once the component ecosystem, semiconductor ecosystem, assembly ecosystem starts building up in the country, all automatically the raw material supply base will continue. From my point of view, personally, if I see, this is my personal opinion, I believe in 3 to 4 years from now, we can see a good component ecosystem getting developed for raw materials in India.

The issue of commodity prices will still be there. They take care of only on the currency side.

Right now, for air conditioning industry, we have started buying copper tube from India. MetTube has put up facilities, there are other companies who have put up facilities, but the LME fluctuates, that's a international fluctuations.

Got it. Thank you very much.

Hi, sir. Firstly, congratulations on a very good quarter.

Sir, my question is related to the capex announcement. In a recent exchange notification, we have mentioned that for this 100 acres land, we'll be doing the ₹6,800 crores worth of investment for two manufacturing facilities.

Now since we know the details on the Korea Circuit with the ₹3,200 crore capex, maybe know the details of the balance figure around ₹3,600, what are our plans for there? Of course, this would be over a period of 4, 5 years, but any broad trends on where this will go into?

Secondly, also want to check on Shogini, since we have got a ECMS approval and the slide also mentioned about ₹500 crores worth of investment outlay, what's the timelines for this expansion there?

On the YEIDA front, first of all, I would like to tell all the participants that the expansion which we have received, we will be getting two sets of incentives: one from ECMS scheme on the HDI, which is about 48%, and second is from the Government of UP, which is about 42%. Now 42% is minus the land, on building, plant and machinery.

48% is only on the plant and machinery. Net capex which will eventually be happening will be much lesser than what we are putting up in the initial phase.

Please look into the net capex kind of a thing. Initially, yes, we will have to do capex, but these are very good incentive schemes which government, both central as well as the state governments, have given.

Secondly, we will be getting about 30% top-up on the central scheme incentive by UP government, but everything will happen after the fifth year, after we complete the whole ₹3,200 crore expansion. Similar, the scheme is very long, scheme is about 7, 8 years scheme.

You have to do the capex over the period of scheme, and that's how we are distributed. On the Korea Circuit, it'll happen earlier, it'll happen in 3 to 4 years' time in phases, as we explained that first phase will be ₹1,200 crores.

As far as Shogini is concerned, it is ₹500 crore of application, and we have 4 to 5 years to do that number for that the eligibility is 4 to 5 years. At the moment, we are not anticipating any big capex, it's about, I think ₹55 to ₹60-odd crore capex which we'll be doing in coming financial year.

That's all we have planned for Shogini at the moment.

Sure, sir. Sir, and secondly, also want to check on Power One and Unitronics.

These are already very high-margin, accretive businesses, already operating at roughly 28% for Unitronics. With your plans for further backward integration, will be integrating our PCB and PCBA assembly solutions, do you think there is further scope of margin expansion into these businesses?

It varies. I think 28% was in one of the quarters, another quarter there was 22%, depending on which geography is selling what products.

On an average, it is 24%, 25% on a maintainable basis. At the moment, I'm not anticipating, we are going little slow, because this is our first full acquisition outside India.

I believe our team is already there from India for purchase leverage project task force formation, and we believe that it'll take about a year or year and a half for us to demonstrate purchase leverage capabilities coming on the table because of Amber and also because of the backward integration. Answer is yes, there is a possibility of margin expansion, and that's both because of the purchase leverage as well as because of the new product segment.

To demonstrate on the balance sheet, I think it'll require a little patience for at least 1 and 1/2 years from now.

Sure, sir. That's all from my side.

Thank you and all the best.

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I think let's close the call. Thank you, everyone, for joining on the call.

For any further information, kindly get in touch with our head of IR, Ravi Kharbanda, or Rohit Singh, or Strategic Growth Advisor, our investor relations advisors. Thank you very much and have a good day ahead.

Happy to address any queries further, if anyone of you have, please contact Ravi for that. Thank you.

Thanks.