Good morning, everyone, and thank you for joining us to discuss Belrise Industries financial results for the first quarter of FY 2027. On the call today, I have with me my sons, Sumedh and Swastid, along with our CFO, Mr.

Rahul Ganu, our CMO, Mr. Sunil Kulkarni, and SGA, our investor relations advisors.

We entered FY 2027 carrying forward the momentum we built through last year. I'm pleased to say Q1 has been an eventful quarter for us.

We strengthened our balance sheet through a capital raise, added a high-quality business to our commercial vehicle portfolio, made further progress on our energy and aerospace and defense platforms, and continued to win marquee new business across our core segments. On the demand side, our two and three-wheeler business, which remains the largest contributor to revenue, continued to benefit from the industry-wide volume recovery and from new platform launches at our marquee customers.

Our growing engagement with two marquee OEMs where we previously had limited presence continues to build a robust order book for us. Our four-wheeler and commercial vehicle business were the fastest-growing segments of our portfolio in FY 2026.

This momentum has continued into Q1 FY 2027 with revenues growing 18% year-on-year, driven by new business wins across our expanding customer base. Coming to the results, against the backdrop of continued geopolitical uncertainty, we delivered a resilient quarter with a PAT reaching INR 1,217 million.

Total revenue from operations for Q1 FY 2027 stood at INR 25,465 million, up 13% year-on-year, including manufacturing revenue of INR 21,979 million, which grew 20% year-on-year. Our EBITDA stood at INR 2,933 million, with margins at 11.5%.

Let me also touch briefly on the cost environment we're operating in. Input costs, particularly steel and polymer, remained elevated through quarter one FY 2027.

As we have said before, our back-to-back pricing model means these fluctuations are largely passed through our customers with a slight lag, and we do not expect this to have a material impact on our margin profile in this fiscal year. I can say with a great amount of confidence that the worst is behind us in terms of cost pressure.

Coming to our growing footprint in the aerospace and defense segment, this is a strategic pillar for us, and we have made significant progress in building our capabilities there. Last year, we acquired SBN and Chesterhall, further deepening our capabilities in this domain.

Together with these acquisitions, we have significantly strengthened our capabilities in aerospace manufacturing. We are also in advanced discussions to localize a portion of the high-volume aero engine component manufacturing in India, and expect to share further details on the initiative in the coming time.

With this, I hand over the call to Swastid to discuss the key order wins across key customers during this quarter. Thank you, everyone.

Thank you. This was a strong quarter for us for new business, with wins spanning our core two-wheeler and three-wheeler portfolio, our four-wheeler and commercial vehicle portfolio, as well as new adjacencies such as renewable energy and aerospace and defense.

What is particularly encouraging is the increasing breadth of these wins, both in terms of customers and the scope of orders we're being selected to provide. Coming to the order wins: number one, we secured an additional order from one of the fastest-growing two and three-wheeler OEMs for the chassis systems for one of their highest-selling models this quarter.

The program is expected to generate annual revenue in excess of INR 650 million, and will be added to our existing brownfield facility in Bangalore, with start of production expected in Q4 of this fiscal year. This win is over and above the exhaust system and fuel tank order wins we secured from this OEM last quarter, and we're pleased to see our engagement and wallet share with this customer continue to build momentum.

Secondly, we're also embarking on a manufacturing expansion focused on assemblies for the renewable energy sector. We're working with one of the largest solar tracker manufacturers in the United States for a new setup which will manufacture sheet metal assemblies, which will approximately support 2.5 GW of annual supply.

We expect production to commence in quarter four of this fiscal year, with a gradual ramp-up thereafter. At peak volume, the facility is expected to generate annual revenue in excess of INR 1,500 million.

We see this as an important step in diversifying Belrise beyond its core automotive segments and expanding our presence in the renewable energy sector. Thirdly, this quarter, we've continued to build our momentum in our proprietary product portfolio by further expanding our customer base in the suspension segment.

As discussed last quarter, we are currently supplying suspension systems to four marquee two-wheeler and three-wheeler OEMs. We have now secured an order from a fifth OEM, a leading Tier 1 EV two-wheeler manufacturer entering the Indian market.

For this customer, we'll manufacture both suspension and braking systems for upcoming models. While product timelines remain confidential, we're pleased to further expand our customer base and increase our content per vehicle across marquee OEMs.

Fourth, we've also won an order from a marquee legacy three-wheeler OEM for their complete brake assemblies, including wheel cylinders, tandem master cylinders, and backplates. We expect supplies under this program to commence in the quarter four of this fiscal year.

While the initial order size is modest, this is a strategically important win for us, as it gives us entry into one of the fastest-growing three-wheeler OEMs in South of India, and further expands our presence in the proprietary braking systems segment. Fifth, we also secured a significant order from a leading Indian four-wheeler OEM, where we've been selected to manufacture 59 unique assemblies as part of a localization program for one of their highest-selling EV models.

The localization program is progressing rapidly, and we expect to support this program from an expansion at our existing facilities in Maharashtra. In addition to the underlying mass manufacturing order of these components, we've also secured an order to design and develop the tooling, fixtures, and automation required to manufacture these parts.

This is similar to the work we've previously executed for a leading Japanese four-wheeler OEM. This capability is opening up a new revenue stream for us, where we can go beyond component manufacturing and provide bespoke end-to-end manufacturing solutions to OEMs.

This allows customers to work with a single partner across machinery, tooling, fixtures, and component manufacturing, rather than engaging with multiple vendors across the value chain. Sixth, following our acquisition of H-One India in the last fiscal year, we've also now successfully concluded our technology collaboration with H-One Japan during this quarter, thus strengthening our capabilities for high-tensile steel applications up to 1,470 MPa, which is approximately three times the industry standard today in India.

This capability will be a key differentiator as we expand our presence in the passenger vehicle and commercial vehicle segments. Lastly, we've also won an order to commence supplies of a two-wheeler chassis for an existing model of one of the country's largest two-wheeler OEMs for its Sambhajinagar facility.

Supplies are expected to ramp up from the quarter four of this fiscal year, with the program representing an annual revenue potential of approximately INR 500 million. During the quarter, we also navigated several operating headwinds, including disruptions to input availability and logistics from the global oil situation, elevated raw material and energy costs, and higher staff and labor costs following the minimum wage hike.

Despite these challenges, our operations remained uninterrupted, and we continued to meet all customer delivery commitments. While some pressures persisted in this quarter, we don't expect any material impact on our margins in this fiscal year, given our cost structure, pricing arrangements, and operational efficiencies.

We expect EBITDA margins to remain broadly stable as compared to FY 2026 levels. Lastly, with respect to our fundraise of INR 17,000 million, we intend to deploy a significant majority of these net proceeds within this fiscal year, primarily towards high-quality inorganic opportunities, and also towards select organic growth initiatives.

Let me now hand over the call to Sumedh, who will take you through how we're thinking about our inorganic growth, and he'll also talk about our Hyva India tipper business acquisition. Thank you.

Thank you, Swastid. Coming to the QIP, as my father and my brother mentioned, we raised approximately 17,000 million INR during the quarter to support our next phase of growth.

A large part of these proceeds will be deployed towards inorganic growth, particularly in aerospace and the four-wheeler and commercial vehicle segments, which are key strategic focus areas for us. In aerospace, our focus is on acquiring well-run, high-capability businesses in India and globally that possess an inherent competitive moat and long-standing, often single-source relationships with leading global aerospace OEMs and Tier 1 suppliers.

Many of these capabilities have been developed over three to four decades, making them highly specialized, difficult to replicate, and deeply embedded within the customer's supply chains, making them very very sticky. Our objective is to build on these capabilities, expand their existing customers and program presence, and over time, leverage India as a complementary manufacturing base as a best-cost manufacturing location.

We believe India offers the best-cost manufacturing base for this strategy. Beyond its cost competitiveness, India has a strong, growing engineering talent pool, an increasingly sophisticated manufacturing ecosystem, and highly favorable geopolitical relationships with Western markets.

This creates an opportunity to combine the technical capabilities and customer relationships of these businesses with India's best-cost manufacturing advantage, while maintaining the quality and certification standards required by the aerospace industry, which are very stringent. In the four-wheeler and commercial vehicle segments, our acquisition strategy will primarily be focused on India.

While we already work with almost all major four-wheeler and commercial vehicle OEMs in the country, we're looking for businesses that bring differentiated capabilities, strong customer relationships, and product technologies that would otherwise take us considerable time to develop organically. Importantly, these acquisitions will enable us to add new product categories and meaningfully increase our content per vehicle.

Across both areas, we will remain disciplined in our approach to capital allocation. Any acquisition we pursue will need to meet our financial return thresholds, with a clear focus on transactions that are EPS and ROCE accretive from day one.

One such example of a transaction we recently completed is with Hyva. On 4th August 2026, we announced the acquisition of the tipper business of Hyva India, marking another important step in our strategy to expand our presence in the commercial vehicle segment and build capabilities in higher-value, heavier fabrication.

Hyva is a globally recognized leader in hydraulics and tipping solutions for the commercial vehicle industry, and is part of Jost Group, a global listed engineering systems company. The business we are acquiring has an established position in the Indian market, supplying tipper bodies to all five the leading commercial vehicle OEMs in the country.

There are several reasons why we find this acquisition particularly compelling. Firstly, it significantly strengthens our commercial vehicle customer portfolio.

The business supplies to a leading European commercial vehicle OEM, with whom Belrise has not worked historically. This gives us an opportunity and immediate entry point into this customer, and importantly, an opportunity to leverage our broader product portfolio and progressively increase our wallet share with this OEM as well.

Second, this is a high-quality and high capital-efficient business. Based on CY 2025 financials, the business generated a high ROCE, and we've agreed to acquire it at a very attractive valuation.

The transaction is currently progressing through the closing process, and we expect to complete it during Q3 of this financial year. Third, the acquisition represents an important step in Belrise's transition from a Tier 1 component manufacturer to a Tier 0.5 system supplier.

Our recent entry into long members for heavy commercial vehicles established our heavy fabrication capabilities, and tipper bodies are a natural extension of this platform. By combining these capabilities, we're moving beyond individual components to delivering larger, integrated systems and assemblies, deepening our involvement in systems development and manufacturing, while also increasing our content per vehicle.

As part of the transaction, we will also acquire three established manufacturing facilities in Pune, in Jamshedpur, and in Bangalore, which gives us an immediate manufacturing footprint close to commercial vehicle customers and clusters, without the gestation period associated with building greenfield capacity. Finally, we believe the underlying market opportunity is very attractive.

Continued investment in infrastructure, construction, and mining should support healthy demand for tippers in India over the medium to long term. At the same time, we see an opportunity to leverage the acquired heavy fabrication capabilities beyond traditional commercial vehicle applications, particularly in defense and armored vehicles.

Belrise already has a strategic partnership with Plasan Sasa, Israeli company under which we intend to assemble armored vehicles for the Indian defense market. We believe the heavy fabrication know-how, manufacturing processes, and capabilities that come with the Hyva business will be highly synergistic with this initiative and further strengthen our ability to address this attractive opportunity.

With this, I hand over the call to our CFO, Mr. Rahul Ganu, who will take you through our financial performance for the quarter.

Thank you so much.

Thank you, Sumedh, and good morning, everyone. Let me take you all through our financial highlights.

Coming to the quarter one FY 2027 consolidated financial highlights: the total revenue stood at INR 25,465 million, up by 13% year-on-year from INR 22,622 million. Manufacturing revenues stood at INR 21,979 million, up 20% year-on-year from INR 18,323 million.

EBITDA stood at INR 2,933 million, up by 5% year-on-year from INR 2,805 million. EBITDA margins stood at 11.5%.

Manufacturing EBITDA stood at INR 2,790 million, up 10% year-on-year from INR 2,536 million. Manufacturing EBITDA margins stood at 12.7%.

PAT stood at INR 1,217 million, up 9% year-on-year from INR 1,117 million. PAT margins stood at 4.8%.

Exports contributed 4.5% to our manufacturing revenue in quarter one FY 2027. Coming to the segmental performance for the manufacturing front: two-wheeler and three-wheeler contributed around 81.4%, passenger vehicles contributed 4.6%, commercial vehicle contributed 8.5%, and others would be around 5.5% in quarter one FY 2027.

With this, we can open the floor for questions. Thank you.

Hi. Can you hear me?

Hello?

Hi. I have a few questions for some clarification on the commentary.

Firstly, you talked about the chassis system for two-wheeler OEM with annual revenue of around 650 million. Just wanted to understand, and also announced two more chassis or parts orders earlier from South India.

Is this order on top of those earlier order wins or it's a new order win in two-wheeler segment?

Yes, Vipul. Thank you for the question.

This order win is over and above what we had announced in the last quarter. Last quarter we had announced a win in exhaust systems and fuel tanks.

This is a chassis systems win, which is on top of that. The growth with this fast-growing two-wheeler and three-wheeler OEM is going quite well.

The OEM itself is continuing to gain momentum in the market. We expect this relationship to grow at an extremely fast pace for us going forward.

Okay.

Is that fair to understand the total order win in last one year on two-wheeler is somewhere around 1,100, 1,200 million of annual run rate? Is that a fair understanding?

No, I think last quarter we had announced I don't have the exact number in front of me, but as per my understanding it was around 900 million order win in the last quarter and there's 650 million on top of that. It's a 1,550 million INR cumulative

order

book, when I say annual revenue run rate. This is only with one OEM in the two-wheeler and three-wheeler space.

Oh,

thank you. Thanks for the clarification.

My second question is on the renewable energy sector. Is it a recurring revenue of around 100 1,500 million?

What's the timeline of revenue? If you can elaborate on that part.

I didn't get the first part of the question. Did you mention—

Sorry, on the renewable energy sector, sheet metal assemblies, is it a recurring revenue, or it will be a one-time revenue for you over a certain timeline?

It's a recurring revenue. This is the first order win that we have won from this North American solar tracker manufacturer.

We are putting up a facility. We are expanding our current facility to enable manufacturing for this order.

As I mentioned earlier, it will be recurring in nature, and we expect this to be a scalable order book. We've started with 2.5 GW, which is as per the OEM an initial entry.

We can expect this order book to expand going forward, given that this particular OEM that we're working with is a market leader in the segment. We'll be working with them both on export as well as domestic opportunities.

As I mentioned earlier, this is starting in Q4 of this fiscal year, and then we'll progress naturally from there.

Just one question is on your—

Hi, good morning, and thanks for taking my question. Firstly, can you talk a bit more about how do you see the margin trajectory from here?

You say full year you still expect flattish margins, but can you talk about how much of the commodity cost pressures have already come through or have been passed on to customers? There have been jump in staff cost over the last couple of quarters, how does that tarry in?

Is there some of these cost pressures that are left to come through in the next quarters?

Thank you, Nitij, for the question. I think based on my father's commentary and what we all see mentioned, we believe that the worst is behind us in terms of cost pressures.

We do believe that the commodity cost pressure that was there in quarter one, we will get the pass-through of that in the coming quarters, which means that the commodity cost cycle for us has largely played out. Secondly, in terms of staff costs, there was of course an annual increment cycle that happened in this quarter for the upcoming fiscal year.

Apart from that, we've also been hiring a lot because, as we speak, there's four new facilities coming up, including brownfield facilities for us. When we are ramping up these facilities, we have to hire in advance.

A lot of times these fixed costs show up on our P&L much before the revenues show up. Again, I think those are largely peaked out.

In terms of energy and transportation costs, again there's been a sense of normalcy that's come in into those as well. Across all three, which is commodity, staff, and energy and transportation, we believe that we're largely through the cost pressure or cost pain that we felt in the first quarter, and we can expect our margins to go up in the coming quarters so that we're able to maintain our EBITDA margins as compared to FY 2026.

Thanks for that. Secondly, you have been talking about this one of the two-wheeler players where you historically had a smaller presence, you've gotten a couple of orders already.

How do you see the potential ramp-up of this business further and versus the content that you supply to your top OEM versus this fast-growing two-wheeler company? What is the potential for ramp-up now over what timeline?

In terms of this fast-growing two-wheeler and three-wheeler OEM, I think what's most exciting for us when it comes to this OEM is the fact that our content per vehicle with this OEM has risen up very fast. We're doing fuel tanks for them, we're doing exhaust systems, we're doing chassis systems, we're doing suspension systems, as well as braking systems.

In general, the basket of products that we've been able to penetrate with this particular OEM, which apart from say our largest OEM, we've not enjoyed this type of content per vehicle across any other OEM. This is especially exciting because this particular OEM is amongst the fastest-growing OEMs today in the country.

Sumedh, do you want to add something to that?

Yeah. If I can add something.

See, fundamentally, gaining entry into an OEM for a new product is the difficult part. Once you're already in giving supplies for a product for any of the models, it's far easier to replicate and horizontally expand that portfolio across different models, because there is a certain commonization, a certain horizontal utilization that OEM's go to follow.

We believe this is a very exciting opportunity for us where we've already gained entry, and we can replicate this to other models and add normally with the same level of content per vehicle across multiple models. There's a significant opportunity for growth in that.

Just on the numbers bit, we of course mentioned that we've already won around 1,550 million INR of orders in the fuel tank, exhaust system, and chassis system. The suspension and braking wins are over and above these wins.

One can say that we are already at a 2,000 million or a 2 billion INR run rate with this particular OEM, and the further conversations are ongoing, which will continue to build on top of this. We're quite excited with the growth and content per vehicle that we have as of now with them, and we hope to continue building on that as we go forward.

[unclear] Thank you, Nitin. The valuations are actually very—

Hello, sir. Thank you for giving the opportunity.

First question was around our major new two expansions, one is Bangalore brownfield and Haridwar facility. Can you give their current utilization and when the production will be ramped up?

How meaningful contribution will be there from the revenue?

We are unable to comment on specific facilities. I think we've given our guidance on overall numbers, and I think that's what we stick to.

Okay. Next question was around after making the multiple acquisitions in aerospace segment and we are doing more by using the QIP fund, what is management looking at in the aerospace segment?

How much meaningfully revenue contribution over next few years?

We've already mentioned in the last earnings call that we want aerospace and defense to get to 10% of our manufacturing revenue in a short to medium term. As we speak, and based on my brother's thoughts, we are looking at acquisitions across Europe, North America, as well as India.

A lot of these acquisitions that we're looking at are high-quality players, which means they've been around for four to five decades, have inherently higher ROCEs and EBITDA margins than our current business, and of course, have a moat in terms of capabilities that we've built out. If I just take an example of what was with Chesterhall, Chesterhall is a global leader in titanium machined components for engines.

Now, as engine components are amongst the toughest to manufacture in the aviation market, with tolerances as low as 1 to 2 microns. Acquiring that type of capability is very important for us, and the discussions that are currently ongoing with major aerospace OEMs is to move a part of these high-volume aero engine components into India.

You'd ask, "Why India?" We feel India is the best-cost manufacturing place in terms of low arbitrage in terms of labor costs, in terms of a very well-settled engineering ecosystem, as well as very good geopolitical relationship with the West.

We see good progress over there, and you'll hear more about these acquisitions as we go forward. Maybe Sumedh wants to add more to that.

Again, taking a step back, fundamentally we're focusing on the sector because a large opportunity underlying this. If I were to take a step back and look at the overall industry, over the past many months, leading OEMs and Tier 1s, including engine makers, their leadership has spent time in India not only meeting with our country's leadership, but also visiting various locations.

There are already manufacturing facilities that have started in the likes of Gujarat with an Indian partner as well. What is clear fundamentally is they're looking at India very seriously in terms of their ecosystem.

There is obviously not a China plus one, I'd say. I'd say it's China decent strategy, where there's far more trust in the Indian ecosystem with respect to IP, know-how, capability, governance, which doesn't exist in a China from that standpoint.

That gives us an opportunity where they're looking at India very seriously and we are looking to capitalize on that. It's a trend that is panning out, which we believe we'll play a significant role in

it. Sir.

Thank you.

Thank you.

hi. Thanks for the opportunity.

I just wanted one clarification. Your revenue from two-wheeler and three-wheeler segment have grown by about 18 odd percent on a YoY basis.

Now if I look at the industry production growth for two-wheelers and three-wheelers, it has been somewhere about upward about 20 25%. Given that we have been gaining market share and there would have been some benefit of RM pass-through as well, can you please help us understand the reason for slightly lower growth versus industry?

Yeah. Thank you.

Inherently the reason for that is that, of course, a couple of OEMs who we don't work closely with right now have been gaining higher market share and have been growing faster as compared to a couple of OEMs that we work with today. There is a bit of mix that potentially brought our growth rate down.

The good thing is that the two OEMs who have been growing faster, we've now penetrated them in a very meaningful way, which means that not only will our existing OEMs continue to grow, but these new OEMs will add numbers on top of this. You'll see a lot of these figures come into our profit and loss in the quarter three and quarter four of this fiscal year.

I would say, at the moment, it is due to a lack of the right customer mix, but we have all the elements in place to make sure that going forward, we'll have all of the OEMs in the base to make sure that we continue growing faster than the industry.

Fundamentally, there's a lag in terms of new order wins and then going to production. I think that is how it's panning out.

Okay. Will it be possible for you to quantify the benefit that we got from RM pass-through in our revenues portion?

We're unable to do that right now. We're happy to answer this question offline, but not at the moment.

Okay.

Hi. Thanks.

Thanks for the opportunity, and congratulations on the good set of numbers in this macro-challenging environment. First question relates to your trading business.

We've seen a 19% decline on a YoY basis in this business. Could you please explain or help us understand what has happened out there?

Secondly, on the margin in Q1, would it be possible for you to quantify the raw material impact and the employee cost impact? I'm assuming lower contribution from trading business would also have helped our margins.

Would it be possible for you to quantify these?

Thank you, Nitin, for the question. I think on the trading business, of course, due to the ongoing crisis in the Middle East, there's a lot of pressure in terms of a business scenario in the Middle East over this quarter.

Since most of our business in this trading business comes from outside India, and largely from the African, Asian, and Middle Eastern regions, it was fairly muted due to everything that was ongoing from April to June. We don't expect this to be a concern going forward, and we expect this business to grow, albeit not as fast as the manufacturing business.

Sorry, what was your second question?

It was related to the margin. Is it possible for you to quantify the impact of raw material, employee cost, and the partly offset impact that you would have gotten from the lower contribution from the trading business?

Would it be possible?

We are happy to quantify this offline, Nitin, I think. Right now, at the moment, all we can say is that the raw material pain that we have had in the first quarter is behind us.

A lot of this heightened raw material cost will pass back to us in the next couple of quarters as different OEMs do the price exercise. We don't expect there to be a material impact due to this.

Yeah.

Yeah. All right.

Thank you, and that's it from my side.

Hi. Hi.

Thank you for taking my questions. Just a couple of follow-up questions.

First is you talked about H-One as well, it's high-tensile, almost three times of what others have in India. What are parts benefits from this, and what is the TAM here, and how is it expanding?

We understand India is going for light-weighting, which should help a lot over there. How's the TAM and if you can understand what is the revenue trajectory you're looking at from this technology?

I think I can answer the first part of the question, and then our CMO, Sunil Kulkarni, can add on top of that. I think literally all of the sheet metal parts that we manufacture today in a four-wheeler can be manufactured with high-tensile steel.

It's a concept of which parts the OEMs want to focus on to enable light-weighting and a better crash safety. In fact, the order win that we announced this quarter of around 59 assemblies that we'll be manufacturing for a large Indian EV OEM, all of these assemblies will be made within our H-One plant, or a large majority of these will be made within our H-One plant.

The fact that we have a high-tensile capability has also allowed for the localization of these components, which was initially being done outside India. The capability and the guidance that we were able to give to the OEM in terms of localizing these parts was only possible due to what we got from H-One.

I think the second part of what we want from this OEM is also the tooling and the automation that we are designing for them end-to-end. Again, when it comes to high-tensile steel, what is difficult is the component manufacturing, but what is more difficult is manufacturing the tools and automation required to enable the high-tensile manufacturing.

There's a concept called springback that is extremely important in the high-tensile technology. To reduce springback requires a very unique technology which H-One produces globally, and we have now inherited this through our partnership with them.

I think there's something that we're seeing increased focus on from the EV makers as well as from the Japanese OEMs, and we expect this market to continue growing for us. Maybe Sunil sir wants to add more to this.

Adding to what Swastid said, that during the process of the technical agreements that we were doing, we've been engaging with our OEMs also to understand what the requirements are, and which specific parts that go into a passenger vehicle as far as safety norms are concerned would be considered. Right now, it is under discussions.

We are evaluating on both sides. Yes, the announcement of the technical agreements is a welcome scenario in the industry in India today.

That much I can tell.

That was really helpful. Thank you so much.

My second question is on the Plasan Sasa. You talked about that with Hyva, you can always work about on heavy fabrication capabilities.

Can you quantify the potential revenue over there, like if you have any order book or something, or maybe any parts which you are already supplying to any OEM, or directly to our defense, or any other entity? Can you just quantify a bit on that?

It took really interesting that, obviously, we are getting a lot of localization in Indian on the defense side of the business. If you can give some idea around it.

Vipul, we're already supplying parts to Plasan, re-exporting them to the Israel market. Of course, Israel as a market has been undergoing significant challenges on their own as we speak, multiple geopolitical challenges that are ongoing as we speak.

The progress over there is happening, but it's happening at a gradual pace. I think the acquisition of Hyva is of course a welcome step, and is something that we intend to, of course, utilize further.

I think the main thing would be a lot of these geopolitical situations to calm down globally, which will allow us to really work with them on a more strategic basis on using their technology.

A couple more points there. Fundamentally, Plasan Sasa is a global leader in antiballistic, high safety armors and production of that sort.

With that, with obviously what is happening in the world from an defense perspective, and self-armoring, a lot of orders are being placed. Given the scenario in the Middle East, Plasan has been as they've identified that there needs to be the right partner where, despite these geopolitical challenges, they can continue producing and manufacturing and meet the supplies.

That's actually India benefits significantly, and that's what we're seeing. We're seeing greater engagement from them.

We're seeing an opportunity to localize further and support them on a longer-term basis. That's an additional factor that we see panning out over time.

Just one last question, bookkeeping question: how should we look at your other revenue, maybe? Because it also includes your defense and aerospace revenue.

It has been a bit volatile in terms of absolute numbers. How should we look at that number?

Given that it was a small base, Vipul, I think it will be the fastest-growing segment across all of our two-wheeler, four-wheeler, and other segments. It will be the fastest-growing.

I think we will gain a lot of benefit in the sector as we double down and move fast on the renewable opportunity, on the aerospace opportunity, and the defense opportunity. All three segments or sub-segments have had meaningful traction over the past couple of quarters.

You'll see a lot of this revenue flowing through in these segments going forward as well. We maintain our guidance of reaching at least 10% of our consolidated revenues being aerospace and defense in the medium term.

Thank you. Just one suggestion: if you can help us, if you can carve out defense and aerospace from this revenue, if possible, if it is material, it will be really helpful for us to understand the growth over there.

That's all from my side.

Thank you. Sure, Vipul.

Thank you.

Hi. Thank you for taking my question, and congratulations on a good set of numbers.

I wanted to understand the growth profile within the trading business, because that business has posted about 19% decline this quarter on a YoY basis. Going forward, if you could share the outlook on that, and how this business is expected to grow in next couple of years?

My second question is, just if you could share the numbers of H-One and Maxspares for this quarter. Thank you.

On the trading business, I think the worst is behind us in terms of the Middle Eastern crisis that was ongoing. I think that has largely calmed down, which means that trading volumes globally have begun to get back to some sense of normalcy.

We're unable to give specific guidance for this business. What we're guiding for is the business as a whole, which is for Belrise as a whole, which is 18% revenue growth, stable EBITDA margins.

On H-One and Maxspares, H-One has been growing quite fast for us, and Maxspares also has been able to regain some of the market share from a large Japanese four-wheeler OEM. We're unable to comment on specific numbers for here on that, because for us, it's one whole family.

We continue to grow the complete business as a whole and not look at business segment-wise.

Sir. Thank you so much.

Thank you all for taking out the time for this call today. We remain committed to creating sustainable long-term value for all our stakeholders through disciplined execution, prudent capital allocation, and continued investment in capabilities.

Hope we've been able to answer most of your queries on this call. For any further queries, please reach out to us or to SGA, our investor relations advisors.

Thank you so much for joining us today for this call. Thank you so much.