Thank you. Good afternoon and a very warm welcome to everyone on the call.

I hope everybody is doing well. Joining me today, we have Mr.

Mahendra Goyal, our Group CEO; Mr. Mohit Srivastava, our CFO; Mr.

Nilesh Jain, our Company Secretary; and SGA, our Investor Relationship Advisors. We have uploaded our results and presentation for the quarter ended 31st March 2026 on the stock exchanges and on the company's website.

I hope each one of you had a chance to go through the same. Coming to the Indian automotive industry, I think the industry witnessed a strong recovery and healthy demand momentum during the last quarter, which continued even in the month of April also, with most of the vehicle segments reporting record sales.

Coming to two-wheeler, the production grew 21% year-on-year in the quarter four FY26. This growth was 12% overall for the year FY26.

While the overall growth was 12%, the scooter segment saw 17% overall growth. I think the recovery happened as we know post the GST, and also the finance availability infrastructure and other rural cash flow impacts also helped the strong recovery in the two-wheeler segment.

Coming to the passenger vehicle, the production grew 11% year-on-year in the quarter four FY26. If you look at the overall year, it was 9%, with UVs outperforming overall industry, growing 12% year-on-year.

Definitely, the consumer sentiments post the GST-related benefits flowing in and the lower interest rates helped this growth momentum. The commercial vehicle production also grew very healthy 19.5% in the quarter four FY26.

This was 13% year-on-year, with M&HCV year-on-year growth at 16%. This overall growth highlights the resilient domestic demand and improving customer sentiments despite the global uncertainties and fuel prices and commodity-related issues that are going on.

The ongoing West Asia conflict remains a key event under monitoring for the entire sector. With sharp changes in the crude oil prices can impact the affordability negatively.

It can also impact the consumer sentiments if it prolongs for a long period of time. We are already seeing increases in the commodities currently.

Overall, if you look at the long-term outlook for the Indian automotive industry, it remains very positive. It is supported definitely by the policy reforms, infrastructure development that we see all around, a lot of localization initiatives taken across, and then the rising consumer demand.

Before going to the company's performance, and I would like to share a quick update on the restructuring, post which we'll take you through a brief overview of our operations and key highlights. I would like to update you all that the composite scheme involving the amalgamation of Henkel Anand India Private Limited into Asia Investment Private Limited, followed by the demerger of automotive undertaking into Gabriel India, has now received key shareholder and NCLT approvals, with the scheme becoming effective from 22nd May 2026.

Speaking on the performance of the company, I am pleased to announce that the Board of Directors have recommended a final dividend of ₹3.1 per equity share of face value of ₹1 each, subject to shareholders' approval at the coming AGM. Including the interim dividend of ₹1.9 per equity share declared earlier during the year, the total dividend for FY26 stands at ₹5 per equity share compared to ₹4.7 per equity share declared in FY25.

Now, talking about the standalone performance, in quarter four FY26, our standalone operating revenue grew by 19% year-on-year, reaching a revenue of ₹1,111 crore, supported by higher volumes and strong sales performance, including aftermarket in all our segments. For FY26, this stood at ₹4,223 crore, growing 16% year-on-year.

All segments showed healthy double-digit growth, outperforming the underlying industry growth. Quarter four FY26 standalone adjusted EBITDA grew by 16% year-on-year, reaching ₹101 crore, with margin at 9.1%.

For FY26, this stood at ₹383 crore, growth of 18% YoY, with EBITDA margin at 9%. The quarter four FY26 PBT before exceptional items grew 15% YoY to ₹86 crore with a margin of 7.7%.

For FY26, this stood at ₹335 crore, growth of 18% YoY with PBT margin of 7.9%. Coming to the consolidated performance, in quarter four FY26, our consolidated operating revenue grew by 13% year-on-year, reaching to ₹1,210 crore.

For FY26, this stood at ₹4,667 crore, growing 15% YoY. In quarter four FY26, the consolidated adjusted EBITDA grew by 6.5% YoY, reaching ₹117 crore with margin at 9.7%.

For FY26, this stood at ₹452 crore, growth of 15% YoY with EBITDA margin at 9.7%. Quarter four FY26 consolidated PBT before exceptional items grew 5.5% YoY to ₹92 crore with a margin of 7.6%.

For FY26, this stood at ₹350 crore, growth of 8% YoY and PBT margin of 7.5%. In coming to the subsidiary performance, in Q4 FY26, Inalfa Gabriel Sunroof Systems Private Limited reported revenue from operations of ₹99 crore and EBITDA of ₹14.5 crore, with a margin at 14.6%.

FY26 revenue stood at ₹434 crore and EBITDA of ₹65.4 crore, with a margin at 15.1%. On that note, I come to the end of my opening remarks.

I now request the moderator to begin the Q&A session. Thank you.

Thank you for the opportunity, and congrats on the result and the NCLT approval. Sir, firstly to Mahendra sir, just on the ANAND Group had earlier shared about the 2030 target of ₹50,000 crore and with Gabriel as a automotive growth engine for the group.

Just want to check, would you like to share an update on the progress on this milestone, and what are the opportunities areas you're seeing on inorganically area, and how Gabriel expected to play role in this target?

Thanks for the question, and I think the way we have been discussing in past over a year, I think the same continues from the Gabriel perspective. I think we discussed very well, which is on course, that the Gabriel is growth engine for the group.

Therefore, all the businesses, the new businesses which we are entering into, those are forming part of Gabriel, and, of course, whatever new initiative which we are taking, those will form part of the Gabriel, basically. That is what our overall objective from the Gabriel role in ₹50,000 crore, and how do we see Gabriel in this growth journey, basically.

That's very clear, and that message has not changed from the past communication. As far as ₹50,000 crore, I think the target is very much remain with us, and we are very hopeful that as we are progressing in this journey, we should be able to achieve this target in 2030.

Of course, it's too early to say anything on this, but we are making good progress in the current year to move ahead in this journey. I think we will update you soon on this, but it's too early to comment anything on this, specifically with any transaction.

Got it, sir. Just so continuing with you, sir, again on the with the NCLT approvals done so now for the four companies, just want to understand how is the progress for the next companies which can be brought to Gabriel, and just want to understand if any challenges are there from the partner side and how should one look at the timelines?

I think the good thing is that NCLT has approved after the shareholders' approval, thanks to all the shareholders for their approval. Now in the process of doing the rest of the formalities, I think which should be taking another 1 month or 3 weeks from now.

We hope that this entire restructuring which we did, we should be able to accomplish by end of June or mid of June or maybe third week of June, actually. That is what first thing we want to conclude now.

As far as with respect to the bringing other businesses into the Gabriel fold, as I said in past, there is a complete intention to bring all those businesses into the Gabriel front. Again, I can't commit any timeline because it's too early to comment on any transaction.

As far as the challenges which someone ask, there is no challenges the way we look at the next part of exercise.

Got it, sir. Great to hear this, sir.

Sir, coming to Atul sir, can you just provide update for new opportunities like with the Ino's JV which is on the fasteners, solar dampers, and lubricant JV, sir?

Yeah. I think all the new opportunities are progressing as per the timelines that we had defined.

I think you can start from the solar dampers. As I said, I think there is a business pipeline that is getting created.

It takes obviously the products are in various stages of either development or testing or validation. There are certain assured businesses, one from Europe, there is a local business, there's a North America business also.

Yes, as they have to all go through the approval process, the validation process there, and the entire development, PPAP, et cetera, cycles have to go through. That is going on well.

Even on the bike side also, as I mentioned last time, I think we have got the first order from a European customer. Just to share with you a news which has just come, I think one of the very innovative product, there's Eurobike going on in Germany.

Yesterday night itself, I have just got a news that Gabriel has got an innovation award for our integrated dropper post that we have created along with a European company, biggest light maker which is called Supernova. We will be getting that recognition on 24th.

We have already patented that product. I think the progress has been good at different stages.

Now, coming to the SK part of it—

SK, I think we are on course. We started the operations in this quarter already, and the company started generating sales.

We should be moving good in this direction. Whatever business plan we made, I think we should be achieving that number in the first year.

That is something on course now, and people are there. We are recruiting the team.

I think everything is going as per the plan. As far as the JIC is concerned, JIC construction is going on of the building.

We are expecting that to end sometime in September, and then we will start the commercial production by Q3 of Q4 of the calendar year or Q3 of the financial year in the current year. That will also start generating sales in the current year.

That is what update on these two new joint ventures.

Just to only add there, again, some good information. I think while they are small wins starting up, but we have couple of wins already with two of the customers in the case of SK, and we have also one business win in the JIC already.

I think that work has started and as I said, I think as per the timeline.

Got it, sir. Yeah.

Got it. This customer new wins would be on the OEM side for the SK?

They are on the OEM side. Just to share with you, one is with the Mahindra through the American Axle and one is with the Mobis, which is primarily on the EV battery fluid side.

As I said, and JIC, it is obviously with the Korean customer. So.

Got it. Anything to share, sir, in terms of numbers?

How do you see the revenues for the next few years? Oh

yeah, see, we have already shared the business plan with you. It is as I said Mr.

Goyal also mentioned, I think the JIC start of production is expected in quarter three. What we are seeing is we are in the process of creating the timelines and obviously the factory is coming up.

We're too early to put bigger numbers there, but yes, every business win adds up to the number. Right?

Whereas for SK, we're creating a complete distribution network. Some small sales have started happening even in April also.

I think obviously in the coming months, we would be sharing, but yes, you build block by block. So.

Got it, sir. Got it.

Great to hear this, sir.

No worries.

Thanks for the opportunity, and congrats for good set of numbers, sir. Sir, my question is revolving only on the sunroof businesses.

If you can help us understand the reason for YoY decline in the revenues, as well as Q-o-Q also there is some decline we observed. Even your top key customers have reported some volume growth.

Secondly, EBITDA margin for sunroof has improved on a Q-o-Q basis. Wanted to understand the reason and sustainability of the same.

Continuing with the sunroof only, any new order wins apart from the Korean customers? Finally, on the bookkeeping, how many sunroofs total units sold in FY26, and the penetration level we wanted to understand for the two fiscals, FY25 and '26?

Okay. Mohit, you want to take the margin part first, and then I come in?

I think, sir, I'll take a couple of questions in terms of replying. We sold close to 170,000 sunroofs in the year FY25-26.

The quarter-on-quarter drop you see is because of the Kia Syros. The anticipation was that this vehicle will do well, and the last quarter the build-up and ramp-up was happening, which we could not see in this quarter.

Hence, the drop in revenue happens. With respect to the margin, which has improved from the quarter-on-quarter, I think last quarter we announced the additional royalty impact being taken into the P&L along with the measures being taken to mitigate that impact through operational efficiency and our sourcing efficiency.

Some work has happened and which is also reflected in this quarter results, and we expect that momentum to continue going forward. Having said that, we continue to maintain our position that sunroof business margin at EBITDA level remains between 12%

to 14%.

Yeah. Sir, you can come in on the next part of question.

Yeah.

On the new business side, again, I think last call I mentioned three business wins with the Korean customers. We have quoted for one of the local customers, which I said that we were in advanced discussions, some progress has happened.

Yes, the decision is yet to be made there. As soon as it is made, we will be sharing with you.

There are some other RFQs also. We are working with both the current customers also there.

So.

Sir, on the penetration, sunroof penetration level for FY25 and '26, if you can highlight, please?

I think it is the same.

It's somewhere around 24%, 25% is the final number. Variant to variant changes there, but I think anywhere around that number is the penetration.

Right. Sir, secondly, in the passenger vehicle shock absorber, any new program wins, specially in the FSD?

Secondly, within the two-wheeler business, any timelines to start the business with Hero MotoCorp? This is from my side.

That's all. Thank you.

Yeah.

On the passenger car, since you have asked specifically on the FSD, there is one development that is going on currently with Tata Motors on that. That is one.

Then secondly, again, one or two discussions with different customers on offering this technology is going on. Yes, in the development, it is currently one model.

On the Hero side, start of production we are expecting in quarter two of there. That is the first business that we had won, and there are a couple of other businesses which are under discussion and negotiation with them, which we would hopefully be closing soon.

That quarter two, you can assume the start of production.

Sure, sir. Thank you, sir, and I'll come back in the queue.

Thank you.

Go ahead. Thank you, sir.

Thanks for taking my question, and congratulations on a steady state of numbers in a challenging environment. My first question is on the subsidiaries, the pool of subsidiaries that you all have announced from a merger perspective.

While you will progressively disclose the financials, but just an indication of how have they performed in this fiscal? Your standalone revenues grew by 16%.

Broadly, how have they performed as a combination of four entities? Have they outperformed the standalone revenue growth?

Just got some color on how the integration is going on. The second question is on SK Innovation.

Of course, you've started off with one product, but they have a global suite of many products. How are we seeing discussions of further expanding the product portfolio over here and any incremental information or headway that we've made on that side?

Jay, if I may come in, Mohit here, for the first question. With respect to the scheme entities, the annual financial audit is ongoing, and we expect that audit conclusion to happen by the middle of June.

As informed earlier, from quarter one onwards, we will consolidate the numbers. Hence, we will be able to share the better outlook with the numbers for FY 2025-26 and the Q1 numbers as well.

At this point of time, since the audit is going on, we may not be able to share the specifics about these entities.

In general, these companies are performing as per the market, and so

I think we don't see anything which need to be highlighted. I think everything is going as per the plan and as per the market, actually.

That is on this associates and subsidiary companies. As far as SK Group is concerned, our relations is right now for the lubricant business, so that we want to first mature for at least for a year.

Then maybe later, we will see what could be the other opportunity with the group, SK Group, to work on other products.

Okay. The second question is on the MMAS financials.

We had targeted a turnaround or at least PBT breakeven by Q4. Now, how are we in that journey?

Of course, with commodity cost increasing, how the pass-through is happening for that entity as well as the overall business? Okay.

On the MMAS, again, the progress has been good. From where we started and where we ended the year, I think there has been a significant progress.

I would surely say, I think we have crossed the EBITDA-positive mark, almost close to breakeven there. Not through that, but yes, almost there on that part.

Now, we have also been able to stabilize that plant because that had a lot of challenges which I think we have discussed earlier also. We have also now, since the operations have stabilized and obviously the technology piece is taken care of, the basic fundamentals are taken care of, we have now started working on new RFQs also there in that particular plant.

Now, it is not specific to MMAS, on the commodity side, the escalations are there. I think every effort is being put to have a back-to-back recovery for that, which is definitely mandatory.

The escalations are being worked out with all the customers on all the commodities there because they are all steep increases. Principally, I would say, the customers are aligned to pay there, and I think that is the current status.

I have not seen a customer which is indicating that they will not pay. Yes, we continue that recovery because the prices are also changing on a monthly basis, I would say.

Jay, it is not specific to MMAS, it is across the business, across the group.

Understood. Just one last in that light, any updated targets about your margin trajectory closer to 10% going ahead, especially in this current scenario?

That's all from my side. Thank you.

Jay, I think what we have all learned from COVID is that every quarter, every six months, every year brings a new challenge. Okay.

Our targets, whether it is margin improvement or whether it is going to ₹50,000 crore or whether it is continuing the acquisition journey, I think they cannot get derailed, I would say, in the mind also because of certain happenings. I think we have all learned to live with these and we have all learned to overcome these challenges.

Yes, a month here and there can happen, but the fundamental targets don't change. I'm sure the kind of steep increase that is there, I think the moment things streamlined, I think this will come back to normal.

It may take a quarter here and there, but it'll be there. That doesn't change the target that we have taken.

Great. Thanks, and I'll come back in the queue.

Thank you.

Thanks, Jay.

Hello, sir. Thank you for the opportunity.

Sir, my question is with regards to Dana. Sir, the exports from Dana Indian entity to the global company has gone up from about 30% in 2019 to 40% in 2025.

Can you please highlight the growth opportunity in the exports market over and above the respective industry growth in those regions? Are there any geographies which is rethinking strategies with respect to shifting manufacturing to India?

Or if you could talk about any new product introductions or any new business win apart from the Mahindra SUV that you mentioned? Basically, I wanted to understand where do you see the scale of this business in the next two, three years?

I think export business has been priority in Dana, and it's the export going back to the partner, basically the global locations. I think from that point of view, we continue to grow this business the way it has been growing in past.

We don't see any hurdle, anything on this. I can't comment on any number specifically or any geography.

The strategy is to shift the global operations as it is appropriate time for them also to India. That continue.

I think we are doing good and continue to do good, actually, basically.

Sir. Thanks.

Secondly, sir, if you look at the historical financials of Dana India and the asset turns, it seems like there is still a lot of scope to ramp up the production with the current gross block, and hence there could be a scope for further operating leverage. Your current margins in that business is already higher than all the other peers in India as well as global.

Is it a fair understanding that there is a potential for further margin expansion in the Dana business or do you think this is the peak?

No, we, as I said, that it's going on well, it's continue. All challenges.

Very difficult to comment on margin. Sometimes exchange going up, going down.

There are commodity impacted. There is a volume changes many times.

I think at least whatever visibility we have today, based on that, we don't see any challenge. Things are going fine, and they continue to good like that.

Again,

I would only add to that, I think till the time the fundamentals of the company are strong, okay, a little challenge here and there on some impact that comes should not worry us, correct? Commodities, et cetera, are all taken care back-to-back there, and I think Dana has a fantastic proven record of continual improvement in operations, in profitability, and there's no reason why it should not continue.

Yes, sir. Sir, last question is on Henkel.

The margins in the Henkel business has been quite volatile. If you can highlight what is the major base raw material that Henkel uses, and where do you think the sustainable margins are for this company?

See,

it's basically, sometime commodity fluctuation is happening very strongly, specially in the current quarter. I don't know really for which number you are talking from the Henkel perspective, which year you are talking.

I have no idea because as Mohit said that our audit is going on for the current year numbers, the results will be out. Our numbers are only available for 2024-25.

After that, we have not declared any number on this. Yes, I think the margins are continue the way it is.

Of course, some challenges with respect to the commodity on the quarter-to-quarter could be there because there is a recovery lag many times. Yes, otherwise there's no specific reasons of change in the margins because I really don't know which quarter you are comparing or which year you are comparing.

Sir, I was talking about the last 10 years, sir.

Last 10 years, yes, there have been a lot of changes also in the business. Sometime the product mix is changing, new technology is coming.

Of course, manufacturing facilities were shifted in between where we have a cumulative production going in Pune. Of course, in those years when we had a large investment, probably had impact on the margins.

Yes, last couple of years, the company has been doing good, and that's why we look at it.

All right, sir. Thanks, and all the best.

Thank you for the opportunity. My question is regarding standalone results.

The gross margin were lower by 90 bps Q-on-Q. What would be the reason?

Is it mainly due to higher input cost or mix of higher four-wheeler or lower exports? Any one-offs to call in standalone and sunroof margins in any other line item as well?

Yeah. Thanks for the question.

Yes, quarter four compared to quarter three saw a drop in the gross margin, mainly due to material cost impact. Of course, the material cost impact due to strain supply chain, we have to prioritize, and the mix also took an impact where aftermarket and export volume took a back seat, and focus was to cater the OEM lines.

War impact also saw a couple of inflation seen by suppliers, which we had to incorporate to cater the lines. We have logged the claim to the customers, but due to the timing difference, we had to take that impact into our P&L.

I think that has been the main reason for this increase in the material cost, which is leading the drop in margins.

Okay. What would be the inflation range in terms of mid-single or high-single digit moving forward?

It is impossible to decide, because everyday the commodity prices are changing, because just to share with you, even the settlements also, which used to happen quarterly, six-monthly, I think on certain commodities, the settlements are also happening now on a monthly basis, and customers are also releasing the purchase orders. It is part to part, there is a huge difference.

Like if you take aluminum, and then you take plastics, and then you take steel, there is a huge difference in terms of health inflation. Very difficult to say where it will go and how it will change, because the March rates were completely different than April, the April rates were completely different than May.

The war stops tomorrow, June may be much better. Escalates, June may again see an increase.

That continues. Putting a number is difficult.

I think most important is to ensure recovery.

Okay. My next question would be regarding sunroof.

When should we see the next model ramp-up for sunroof? Any are there any wins in the last quarter, order wins in the last quarter?

The previous quarter I shared that three wins were there. This quarter, while the RFQs have been addressed, there's no decision that has happened.

In terms of the new models coming to production, I think I have already given the dates earlier. One of the EV models of Syros variant, because Syros almost became zero, they have started producing in last few months.

Now EV for domestic and export is starting now. That is going to be there.

All the new models that are under development, they are five of them actually, they start coming in from the different stages of this year and then next year.

Okay. Thank you, sir.

I have already shared the dates in the past, exact months when it is starting, I think. Quarter three, if I remember correctly, but I can check and again share also, reshare that.

Sir. Thank you, sir.

Got it.

Yes.

Hi. Congratulations on a great set of numbers.

Could you tell how much capex are you planning in FY27?

Yeah. Mohit?

Capex this year we did about ₹190-odd crore, and the range which we take is about ₹160 to ₹180 crore of capex, and the endeavor is to keep the asset turn in line with what we have done in past. About ₹150 to ₹180 crore of capex to cater the growth which we are targeting going ahead.

Understood. The question was on the semi-active product that we talked about last quarter.

Have you onboarded any customer for the commercialization of the semi-active product?

Two parts to this question. One is on the two-wheeler side, one on the car side.

On the two-wheeler side, two developments with two customers have started. The LOIs are there, and the development has started.

They will start coming in as per the timelines, as per the development timelines. On the passenger car side, while some collaborative work is happening with a customer, but there is no formal LOI as of now.

Yes, a POC has been done with one of the customers, and a POC is being planned with another customer, but as of now there's no formal LOI which is available.

Okay. What would be the margins here as in?

You want me to tell the margin so that the OEs start asking the discount from here on? Anyway, the margin will be better than the current products.

Okay.

I can't put a number on this.

Fair enough. Thank you.

Sir, anything to read in the aftermarket side, because the growth has tapered down in the Q4 despite we've added some new touchpoints? Also, anything on the exports as well, sir?

I think Mohit touched on this point. It is aftermarket, I think, the opportunity is there, the growth was there.

Yes, I think especially in the month of March, there were certain challenges that were there primarily on the supply chain side, owing to there was acute shortage of aluminum and gas in the month of March. I think, the priority was to run the OEM lines there because there were some commitments there.

I think that was the reason why you see a little dip in the numbers. Otherwise, I think the aftermarket continues to grow.

It has been growing for last so many years, and we see good opportunity. In terms of export also, I think last year we had overall better numbers than the previous year.

That journey would continue. One or two new platforms are being discussed.

Yes, they take their own time to sort of realize, but yes, we're very, very focused on that. On the aftermarket, there's nothing to worry there.

It is more on the supply chain side also.

This export Q4 drop was temporary due to shipping challenges and all? No, again,

there were certain delays there, as I said, I think because March, a huge pressure from the OEMs, everybody was closing the year, everybody wanted to have new record. How the commercial vehicle performed in the last quarter.

Because of the acute gas shortages, the Tier 2s had major impacts to run their plants. It was a calculated, conscious decision to prioritize certain products on the OE side.

Understood. Sir, second question to Mohit sir.

Sir, if you can help us the total capex outlook considering all the new entities as well, and if you can give some bifurcation between the standalone, sunroof, and the new entities, please?

For standalone, I just clarified that for this year we did approximately ₹190 crore of capex. Next year outlook is looking between ₹160 to ₹190-odd crore for standalone business.

For consolidated entity level, as I mentioned, that currently we have still under the last leg of scheme conclusion, and Mr. Goyal informed that by middle of June we will conclude everything.

From Q1 onwards, I think I will be in a better position to give the outlook of the entities coming through Project Rise. Just wait for one more quarter to get the consolidated outlook of capex.

Sure, sir. Sir, if I can squeeze one last question, can you help us the broad numbers of these four entities, the revenue, EBITDA, PAT number for the full year?

I think, as our Group CEO mentioned, that the entities have done in line with what market has done. You've seen the number of Gabriel, and you have the FY 2024-25 numbers of all these entities, we do not expect any significant delta.

All these entities are undergoing financial audit for FY26, which we expect to close by middle of June. Once we complete that audit, along with the Q1 results, we will come up with the number for FY 2025-26 as well.

Sure, sir. All the best, sir.

Thank you so much. Thank you.

Thank you. Thanks.

Hi, thanks for the opportunity. Am I audible?

Yes, yes. Audible.

Yes, please go ahead. Yeah.

On the two-wheeler side, we have multiple SOPs in Q4 as we have mentioned into PPT: Suzuki, Chetak, or Greaves. In addition to that, we have SOP of Hero in Q2.

Considering that, how we look at the volume growth for this year, FY27? The second part is on our major revenue comes from two-wheelers.

How we are seeing the trends, maybe it on the schedule side, even this month we have seen that Vahan data indicates our major customer TVS is still doing well. Going forward, how are the trends we are looking at the two-wheeler industry and anything to read into the next schedules that indicate that there could be a slow down into the demand, if you can throw some light on that, that would be helpful.

Yes, there are two parts of your question. One is on the new product.

Generally, in the two-wheeler side, the new launches start coming in around the festival season. This is how all the two-wheeler new models or refresh or this thing happen.

This is how the industry works in the two-wheeler. We continue to develop, and then starting from the Ganesh festival till Diwali, I think you'll see multiple launches coming in.

I don't see anything specifically changing. Yes, in the last quarter, we started the ABS versions of certain models, like Suzuki we started ABS, et cetera.

Major new models should start flowing in, as always, in these particular months. Second, coming to the volumes, if we go with the projections, the projections are really, really strong from all the customers.

Mentioned the name of one customer, but I can tell you that the projections are strong from all the customers. Currently, it is all about streamlining the supplies to maximize the output, but the OEMs are all quite bullish on the numbers.

We will have to wait and watch. Even the numbers for May have been good, June, July projections are good, and then obviously you get into the festival season.

If the war continues for a very long time, then we will have to wait and watch. Otherwise, as we stand today, the projections are good.

Okay. Same is on the CV side as well?

CV also, yes, they're doing well. Everybody is doing well.

I think we had Maruti conference, they are quite positive about the numbers. We had Mahindra conference, they're very positive about the numbers, yeah.

Understood. Thank you so much.

Just a bookkeeping question on the other costs, there seems to be some increase into it if you can give details why it has gone up on that part, that would be helpful.

No, sorry. I could not get your question.

Which cost?

Other costs that have gone up.

You're referring for quarter-on-quarter or last—

Quarter-on-quarter, yes.

Quarter-on-quarter, I think we discussed on the gross margin part. I don't think that the other cost—

Gross margin you have already clarified. I'll take it offline, no problem.

Mohit, anyway you check, because I don't think that the other cost has gone up, but anyway you can check and then revert on this. We have noted this, we'll come back.

Hi, sir. Thank you again.

Sir, Dana global entity earlier had a 49% stake in a company called Axles India, which was sold to TVS Group in 2025. Just wanted to understand, are there any product overlap or any other relations of Dana India with this entity?

Nothing has changed to our position. The way our joint venture is with Dana, that continues without any impact, actually.

Sir, any product overlap, sir?

As I said, no change basically. Nothing is changing from our perspective.

Yes, sir. Since they make axle housing, I wanted to understand whether the product is same between these two entities.

No, they were making earlier also axle housing, they continue to do that. This company is making complete axle, not axle housing, for the LV category, we continue to do that.

For us, nothing has changed. I can't comment on rest of the Dana if anything changed for them, but for us, nothing has changed.

We are making entire axle, and this company is only making axle housing. Is that the right understanding?

Axle is

complete axle we are making, and axle housing is bought, actually.

This is what Mr. Goyal said.

We make the full product,

yes. Sir.

Sir, okay, yeah. Thanks, and all the best.

Thank you.

Thank you. Thanks for all the questions.

I take this opportunity to thank everyone for joining the call. I hope we have been able to address all the queries.

For any further information, please get in touch with anyone of us or SGA, our Investor Relation Advisors. Thank you so much again for joining the call.

Thank you.