Thank you and good evening, everyone. Thanks for joining us today for Q3 and nine-month FY26 earnings call of Jupiter Wagons Limited.

On behalf of Systematix, I would like to thank the management for giving us the opportunity to host this call. Today, we have with us Mr.

Vivek Lohia, Managing Director, and Mr. Vinod Kumar Agarwal, CFO.

Now, I will hand over the call to the management for their opening remarks, followed by the Q&A session. Thank you and over to you, Vivek sir.

Thank you, Prathamesh. Good evening, everyone, and thank you for taking the time to join our earnings call.

It is our pleasure to walk you through Jupiter Wagons' performance for the quarter and nine months ended December 31st, 2025. I trust you have had the opportunity to review our financial results and the investor presentation shared earlier.

During the third quarter, we continued with improvement in performance, overcoming the severe supply-side constraints faced during the start of the year, and delivered a clear sequential improvement in performance. Total consolidated income for the quarter stood at rupees 900 crore, reflecting a healthy 13% quarter-on-quarter growth.

EBITDA for the quarter was rupees 116 crore, up 12% from Q2, with EBITDA margin sustained at a healthy 13%. Profit after tax came in at rupees 62 crore, registering a strong 36% quarter-on-quarter growth, while PAT margin expanded to 7%.

This performance underscores the resilience of our operations, disciplined execution, and the inherent strength of our diversified business model. Our order book remains robust, providing strong visibility for the quarters ahead.

As of December 31st, 2025, the consolidated order book stood at rupees 5,041 crore, covering diversified products across wagons, wheel sets, braking systems, and containers, reinforcing sustained customer confidence and demand strength across both public and private sector clients. From an operational standpoint, wheel set supplies constraints have eased compared to the acute shortages experienced earlier in the year.

However, supplies are yet to return to the optimum required levels and therefore continue to impact wagon production across the broader industry. To structurally address this challenge and secure long-term supply chain resilience, our Odisha greenfield project for the fully integrated wheel sets manufacturing is progressing as planned.

Orders for all critical equipment have been placed and construction activities are advancing at full pace. The facility is expected to commence production by year end, which will materially enhance wheel set availability and support higher throughput across our wagon and component businesses.

Our existing wheel sets and axle business has gained further momentum, supported by a healthy order book across multiple end-user applications, including freight wagons, LHB coaches, metro systems, and Vande Bharat trains. We have also secured orders for the machining and assembly of LHB wheel sets, furthering our position within the railway components ecosystem and expanding our participation in higher-value segments.

Jupiter Electric Mobility made significant progress during the period. The successful implementation of auxiliary battery systems for Vande Bharat trains underscores our growing capability in advanced energy storage solutions for the railway sector.

In parallel, we secured orders from marquee customers across the material handling and specialized equipment segments, validating both our product performance and market acceptance. Our operational capabilities were further strengthened with the commissioning of a cell-to-battery manufacturing line in Indore, enhancing both capacity and vertical integration.

Additionally, our modular battery energy storage systems, developed in containerized formats, are gaining traction across high-value applications such as diesel generator replacement, mobile energy storage, and renewable energy integration. Collectively, these developments position Jupiter strongly within the rapidly evolving energy transition landscape.

Our commercial vehicle and container business recorded healthy growth during the year, supported by recent policy initiatives, including production-linked incentives, and increased budgetary allocations. This segment is well positioned for accelerated expansion as one of India's leading container manufacturers, Jupiter Wagons stands to benefit meaningfully from these structural growth drivers.

The broader policy and industry environment remains supportive. The announcement of a new freight corridor further expands the addressable opportunity size in the domestic market.

In addition, the railway ministry has maintained procurement estimates at approximately 32,000 wagons, reinforcing long-term demand visibility for rolling stock and associated components. Beyond freight wagons, we continue to see steady growth across products such as brake discs, CMS crossings, braking systems, and other engineered solutions.

At the same time, we are actively pursuing opportunities to enhance our participation in the passenger rolling stock segment and are currently at an advanced stage of engagement with a leading European partner. This strategic initiative aligns with our long-term vision of becoming a comprehensive mobility and railway engineering solution provider, and we will share further details at an appropriate time.

In addition to the exciting opportunities in the domestic market, recent positive developments towards strengthening trade agreements with the EU and the U.S. are expected to open up sizable export opportunities for Indian railway engineering products.

This is particularly relevant for high-value components such as wheel sets, brake discs, and alloy systems, where we are well positioned to access European and other international markets through joint ventures, subsidiaries, and global partnerships. Turning to a couple of corporate developments during the quarter, we continue to strengthen our leadership and governance framework with the appointment of Mr.

Mark Damian Stevenson as additional director. Mr.

Stevenson brings over three decades of international rail industry experience, spanning freight railcar leasing, financial stewardship, and large-scale operational transformation. His global perspective and industry expertise will further enhance Jupiter's strategic capabilities as we expand across domestic and international markets.

Additionally, on December 19, 2025, Jupiter Wagons Limited allotted 28,72,340 equity shares pursuant to the conversion of warrants by Tatravagónka, upon receipt of the balance subscription amount of rupees 101.25 crore. This resulted in an increase in promoter shareholding from 68.09% to 68.31%, reflecting continued promoter confidence and long-term commitment to the company's growth strategy.

Despite near-term challenges arising from supply chain constraints, our fundamentals remain strong. A robust order book, diversified portfolio, supportive policy environment and ongoing strategic capacity expansion provides confidence in our sustained long-term growth trajectory.

We remain committed to operational excellence, innovation and delivering sustainable value for all our stakeholders. Thank you for your continued trust and support.

I now request the moderator to open the floor for questions.

Good evening, sir. Thank you so much for the opportunity.

Sir, my first question, on the wheelset side, industry is facing nearly 32-35% kind of shortage. By next year, Titagarh and RK Forgings JV also coming out for wheelsets, and T is also coming out with Odisha project, especially for wheelsets.

I'm trying to understand by next financial year how the wheelset supply will improve, and whether we have to take any special approval to supply to Indian Railways? If we are making wheelsets, we can directly supply to Indian Railways, or we can directly use in our order book?

If you could mention, we are also targeting some export side. Which other geographies the demand is there?

Sir, try to understand whether if your wheelsets prices are anywhere 2.52-3 lakh range. Is it really viable on the export wheelsets?

Thank you for your question. First, on the wheelset, as you rightly said, capacities are coming online by end of this year or by next year.

I think once these private capacities come online, I don't think there should be any challenges on the availability of wheelsets. As we have already mentioned, and we have also given notifications from time to time that we are already supplying to Indian Railways for LHB and other applications.

In terms of approvals from Indian Railways, we don't see any challenge. The facility has been designed with the approval standards of Indian Railways in mind.

We don't perceive any kind of challenges with regard to getting the approvals. Definitely once the facility is approved, the wheelsets, because they fall under Make in India policy, we can use those wheelsets for our own production.

We don't see a challenge in that regard also. With regard to the export market, as you are aware that Tatra Wagons is a very active participant in this project, and they themselves have a sizable demand for wheelsets.

They buy close to about 50,000 wheelsets annually. For us, they would form our biggest buyer category, and since it's captive, we don't see that to be a challenge.

In terms of pricing, we have already reviewed the pricing, and we are very confident that we will be able to meet the pricing targets which Tata has given us. Thank you.

Yes. My second question on the private wagon side, if you could quantify what is the market size of private wagons market, and where we are getting repetitive orders from same players?

If you could mention some of the industry, where we are getting regular orders for private wagons, and which type of wagons we are getting inquiries in our order book?

See, the demand in the private segment continues to be very robust. It is across all segments, I think steel, your container, and the auto segment.

I think these four segments form the bulk of the demand. Our major customers, I think, continue to remain the same, and they are the biggest buyers, and we keep on getting repetitive orders from them.

I cannot disclose very specifics of the order books right now, but this year most of our orders have been from our existing customers only, and they have been repeat orders. Again, we are continuously in the process of developing new cars.

We have recently developed the double-deck auto car, which will be rolling out. Our first rake is completely ready and it will be rolled out any time.

We are very confident on that segment, and we expect a lot of traction in that segment in calendar year 26 and 27. Both years we expect very strong tractions.

We have a very strong order book on the cement wagons. We have got new inquiries on those wagons where we continue to pursue the lead.

On the container wagons itself, I think the demand is very strong, and now with the trade agreement which has been signed, I think the demand is going to become more robust. Indian Railways is also working on reviewing the container policy.

They are making it much more user-friendly. There is a lot of infrastructure work which is happening.

We believe that the GNPT connection will happen sometime very soon. I think once that happens, it will be a huge fillip to the segment.

Yes, and steel also now we are seeing new demand coming in, and whatever understanding which we have had and discussion which we had with the steel industry, we expect this year the demand to be quite robust because there has been a lot of expansion in capacity which has happened. Yes, I think the private sector, we expect the demand momentum to continue.

Yes, and further follow-up on that, is that right, we told understand 80-20 mix, railway and private wagons, or is there any changes?

Can you please repeat your question? I could not understand.

No, sir, that wagon industry, railway and private wagon, what is the current mix? Earlier it used to be 80-20.

It never used to be 80-20. It used to be 60-40 or 50-50, and the mix used to remain the same.

Our private order books continues to be very, very robust. I think our private order book is about 70%, and the balance is the IR order book.

Sir. For my next question, we are supplying high-value components for Vande Bharat and metros.

What are the new product lines and strategies to moving up the value chain, especially in the passenger coach side?

This year itself, in 26 itself, we will be entering the passenger rolling stock business, and in the next few months, we will get to hear announcements coming on that, our partnerships. One is that we are entering that segment as an OEM.

On the component side, we have very strong joint ventures with Kovis, Tatra. In STONE India, we are expecting our licenses in this coming quarter.

STONE India, I think by the third quarter will become operationalized. We have the coupler for the LHB passenger coaches.

We are in the final stages of developing the same for the Vande Bharat. We have got orders from Railways to develop the buffers for Vande Bharat and high-speed trains, and we are in the process of doing the trials for the same.

There are a lot of components which we are working on, and as you have seen, that our non-wagon business continues to grow. Over the next two, three years, you will see a definite increase in the non-wagon business and addition of more portfolios in that segment.

My last question. On the EV side, we are targeting 200 crore revenue by FY27, and what is the current month-on-month volume growth rate on EV mobility side, sir?

Month-on-month, I think we are growing at close to about 22-30% in that segment, and by April or May, we expect to hit our run rate of about close to 20-odd crores of revenue per month, and that is already very bullish on the target, which we have set, revenue targets of 200 crores, which we have set. That will be mainly led by the battery storage business, which is growing around close to 100% month-on-month.

We are expanding our capabilities and capacities there. Plus, on the industry side also, the battery systems which we supply, that business is also continuing to show a lot of momentum.

On the truck segment, we are launching another truck variant in the next quarter. That will also give a lot of momentum in the market.

We have recently invested in a new battery line in Indore, which will enhance our battery capacities and capabilities. Indian Railways is in the final stages of finalization of their policy for buying lithium-ion batteries.

I think once that policy guidelines are finalized, it will give a very, very strong momentum and push in terms of adoption of these batteries in Indian Railways. I think that itself will give a huge boost to the segment.

Thank you so much for the detailed explanation, sir. All the best.

Thank you.

Hi, thanks for the opportunity. A couple of questions, Vivek.

I wanted to understand now as a part of the U.S. trade deal as well as the European trade deal, what kind of opportunities are you seeing?

Obviously this is more long-term, but what kind of products as well as what would be the product mix as well going forward when we open these export markets?

In both markets, I think there is a big opportunity. In the European market, definitely our major focus is on our wheel sets.

I think once the plant is operational, we expect a sizable business to come from the European and the global market. Besides Tatra, also we are in discussions with other customers, but however, at this stage we cannot reveal our discussions.

In the next one or two quarters, we will be revealing on the other potential opportunities in that segment. We have already started working on sea vans, because we are very serious on the export side.

I think in Europe, the biggest challenge Indian industry is going to face is on the sea van, and which I think unless people are already preparing themselves and gearing themselves up, Europe is going to be a major challenge. On the U.S.

market, again, we do export crossings. That supply had got a little disrupted because of the tariffs, but after this, those supplies, and both crossing as well as containers we were supplying.

I think that business is going to pick up. We are in very strong discussions with an American supplier to supply complete integrated battery storage systems to the American market.

I think that is a huge opportunity for us, especially given the fact that China has a much higher tariff than India. One is that the customers want alternative supply chain, and secondly, because of the tariff, the price differential is now working in our favor.

Understood. Okay.

Thanks for that, Vivek. My second question is, I think last year we gave a very conservative revenue guidance of 10 to 15%, right?

Obviously it seems like we'll be closing below that. Now, given the trends and the disruption in wheelset from Indian Railways, how do you kind of foresee FY27 to pan out?

I think FY27 is going to remain muted because I think though it's improved significantly, but we don't foresee that the disruption is going to get dissolved. Whatever our wheel capacities we had in Aurangabad, they are already fully utilized for the order book we have from Indian Railways and for our demand on the private side.

Though we have expanded capacities there, but still, with the expanded capacities also, I think that facility is working close to at 100% of its capacity. This year definitely on the freight car side, we expect our numbers to be muted.

Also, I think we are expecting tenders from Indian Railways also either in the next quarter or the quarter after that. I think that will also give us a huge fill-up to order book.

Then, with the new tendering from Indian Railways and the momentum we are seeing in the private side, and with our wheelset capacities coming online, we expect 27-28 to be a very, very strong year. Because I think our base has now been prepared very nicely, and we are completely prepped, I think, for 27-28.

Got it. Okay.

Thanks, Vivek. I think those are the two questions I had.

Good luck for the last quarter and the possible future.

Thank you.

Thanks for taking my question, sir. My only question is what is the pending number of wagons in Q3 FY26?

It's close to about 8,000 wagons which we have pending right now.

Out of this 70% will be private, sir?

Yes.

Sir. Thank you.

Hi, good evening. Thanks for taking my question.

I'm sorry if you have answered this question earlier, but just wanted to get your views on any potential wagon tender from the Indian Railways. What could be the timing of such a tender, if any?

Honestly, very difficult to predict timing. If you look at the Indian Railways, the budget which they have, in that they have mentioned about 32,000 wagons.

We expect it to happen any time this year. We expect it to happen.

Sure. Thanks and all the best.

Good evening, sir. Hello.

Can you hear me?

Yes, yes, good evening, sir.

Sir, जैसे अभी leasing में है हर कोई आ गया है. There are many people now into leasing, wagon leasing.

तो ये wagon जो लोग खरीदते थे पहले उसकी जगह lease करेंगे, तो उससे क्या business पे effect पड़ेगा? नहीं,

definitely business में कोई effect नहीं पड़ेगा because हमारी already GTIX के साथ बहुत strong partnership है segment में. और ये अभी हमें नहीं लग रहा है कि हम कोई इतना बड़ा value-add दे पाएंगे, जिससे हमें इस business में आज के दिन entry करनी ज़रूरी है.

जब हमें लगेगा कि कुछ value-add ऐसा है, हम entry करना है, तो because जो leasing license है, उसके लिए Jupiter already qualified है. तो leasing license हम कभी भी Indian IR से ले सकते हैं.

तो license challenge नहीं है. I think जो हम जिस पर काम कर रहे हैं कि जो maintenance अभी सारी maintenance जो है Indian Railways खुद करती है.

But अभी policy guidelines change हो रहे हैं और Indian Railways maintenance को privatize कर रहे हैं कुछ हद तक. We are more interested in that.

I think that is going to be more critical than

the leasing. Leasing is not going to be a challenge at all.

That maintenance probably will be more paying also.

Yes, and that is what is our core and we can give better value to our customers. I think maintenance is something which we are very focused on.

Sir, आपने कहा कि अभी आपके पास 8,000 wagon के order हैं already, most of which is from private, और 32,000 के government के order निकलेंगे और inquiry निकलेगी. अब 32,000 होगा या कम होगा, वो कहना मुश्किल है मैंने तो.

हाँ,

32 का

30 हो सकता है, 35 हो सकता है, 40 हो सकता है. Sir, अभी wagon बनाने वाली इतनी parties हैं, तो order भी मिलेगा तो किसी को भी आठ, सात- आठ, दस हजार का wagon का मिलेगा.

Honestly, ये कहना बहुत मुश्किल है कि order मिलेगा किसको क्या मिलेगा, order जो आपने जो आगे जो execution किया है और जो आपका capacity है और जो performance है, उस पर भी order quantities dependent है. कोई नया entrant

after order book ले जा सकता है. Because जितने भी tenders होते हैं, उसमें आपके

performance criterias बहुत

strong रहते हैं. To capacity कितनी है, sir?

आज हम कम से

1,000 wagon बना सकते हैं अगर wheel का constraint नहीं रहे, order book strong रहे, तो हम 1,000

wagon तक बना सकते हैं. Last time का meeting हुआ, उसमें I remember आपने बताया था कि wheel की problem करीब-करीब solve हो गई है.

But इस बार भी sir अपना turnover and the ultimate PAT काफ़ी नीचे रहा है. ये कब improve हो सकता है, sir?

कब expect करें कि improve होगा? जो मैंने कहा, वो सही कहा कि

last quarter से अगर compare करें तो इस quarter हमारा performance काफ़ी better रहा है. I think करीब revenue में 20-25% का...

नहीं नहीं

last quarter, I agree sir last quarter से better रहा. लेकिन अगर आप last nine months लें और ये nine months लें तो बहुत फर्क है sir.

देखिए

last nine months, जैसे मैंने कहा कि last year wheel supplies were not a challenge और मेरा जो anticipation है कि ये disruption जो improve काफ़ी किया है but ये disruption रहेगा. और हमारी जो अपनी capacities हैं, वो this year end या beginning of next year ही हमारी capacities आएगी incremental.

I think जब हमारी नई capacities आ जाएगी then and by the time I think IR से भी हमें new order books भी मिल जाएंगे. We expect the next 27 and 28 to be very, very strong years.

मतलब

FY26-27 थोड़ा ढीला जाएगा?

Yes, yes, definitely.

Because, जो सबसे positive चीज मैंने जुपिटर में देखी है, सर, वो ये है कि आपका जो level of profit है, मतलब जो 300-350-400 करोड़ का profit, बाकी दूसरों पे उसमें जो रहता है, it is 100 crore, 120 crore, 150 crore, like that. तो ये अपना सबसे बड़ा plus point था, जो अभी थोड़ा नीचे आ रहा है, सर.

सर, देखिए अभी भी अगर आप देखें तो हमारा

EBITDA margin अगर if you compare to industry peers, हमारा EBITDA margin काफ़ी strong है. और अगर आप देखें तो EBITDA margin में जो decline है, वो minimal है.

Last year I think हमारा करीब 14% के करीब था. इस साल we are maintaining close to about 13%.

तो वो बहुत बड़ा differential नहीं है, given the disruption which we have faced. EBITDA margin will improve, और सबसे जो plus है कि जो हमारे other businesses हैं, especially wheel business और जो commercial vehicle business है और जो container business, those businesses are doing very well, और उनके अगर हम numbers देखें compared to last year, those numbers have improved significantly, and we expect this momentum to become stronger and stronger.

Overall 26-27 इसका अपना जो turnover और profitability रहेगा, that will be better than 25-26? Look,

definitely not, because next जो 27 और 28 वाला definitely, जैसे हमने जो हमारा anticipation है, I think that will be one of the best years for Jupiter. मैं सर एक

clarification चाहता हूँ, आपने बोला 27 और 28, मतलब FY26-27 and FY27-28? FY27-28.

अच्छा, मतलब 26-27 नहीं,

27-28? 26-27 तो अभी currently we are in...

अभी तो

25-26 में है. इस साल जैसा हमने कहा कि हमारी जो wheel की जो नई capacity है, वो 26

end या 27 beginning में आएगी. तो जब तक वो capacity नहीं आते हैं, तब तक ये disruption रहेगा.

अभी next दो या तीन quarters we expect that the disruption will continue,

but post that we are very, very confident that we will have a very strong growth momentum. Not only wagon, हमारे जो businesses हैं, उनमें काफ़ी जो आप देख रहे हैं कि काफ़ी ज़्यादा growth, and that growth is going to increase.

Plus हम passenger business maybe we are now foraying into. So काफ़ी नए opportunities उभर के आएंगे.

Government approval हो गया, सर, अपना passenger coach and metro and Vande Bharat? इसमें कोई

government approval नहीं होता है. हम जो एक global player हैं जिनके पास already सारे certifications available हैं.

जी हाँ, जी हाँ, जी हाँ. उनके साथ हम partnership में आ रहे हैं.

So उनके पास already सारे qualifications available हैं. क्योंकि अभी तो metros वगैरह तो बहुत जबरदस्त आएगी, सर,

Vande Bharat इतनी सारी है. नहीं,

government का भी बहुत बड़ा policy push है उस तरफ. That's why we also...

level पर we are very strong in that

sector. और आपने बताया सर EU के साथ में कुछ

trade का problem है? नहीं, नहीं, EU के साथ trade का कोई problem नहीं है.

हमारा तो अभी EU के साथ trade agreement हुआ, I think EU के साथ trade बहुत robust होने वाला है. जो मैंने कहा कि C-Ban जो है, basically जो mechanism European Union ने introduce कर दिया है, पहले उसमें छूट मिली हुई थी, अब introduce हो गया है, जिसमें you need to be compliant for that, जिसमें हम already काम कर रहे हैं.

Because वो एक trade barrier, जो company उसमें compliance के लिए तैयार नहीं रहेगी, उनके लिए वो एक trade barrier हो सकता है. क्या चीज है सर, वो?

I didn't get it. तो

European Union ने अभी

introduce किया है कि जो भी आप European

Union में जो भी supply करेंगे, आपको declare करना पड़ेगा कि कितना carbon content है. अच्छा-अच्छा

carbon policy?

Yes, carbon

policy, हम उसको refer कर रहे हैं. क्योंकि उस पर

tariff, अगर आप declare नहीं करेंगे, तो... अच्छा सर, मैं इस चीज को थोड़ा

detail में पूछना चाहूँगा. Carbon

policy मतलब आप जहाँ से steel ले रहे हैं, अगर उसका carbon कम है तो आपको भी उसका benefit मिलेगा? हाँ, definitely मिलेगा.

Steel is just one part of it. आपके जो main more than steel also, जो हमारे जो processes हम क्या follow कर रहे हैं, हम कितना green initiatives ले रहे हैं, उस पर भी...

Oh, अच्छा- अच्छा- अच्छा. जी हाँ, जी हाँ, जी हाँ.

तो that will help?

Definitely, definitely that will be of great

help. हाँ, नहीं- नहीं, ठीक है- ठीक है, सर.

Sir. Thank you, sir.

All the best. All the best, sir.

Hi Vivek, I think as you mentioned, right, I think FY28 is going to be pretty good for the company. Previously we've also given a guidance of about 8 to 10,000 crores in FY28.

Given this financial year, which is 27, will be more or less flat for us, are we saying that by FY28 over the next couple of years we more than double our revenues?

Definitely, and that is what we are targeting, and that is how we have built our product portfolio also. If you look at all our other segments, they are, say, if you look at the battery segment or the battery container storage, these are segments where India has just started localizing.

As you saw in case of solar, the initial momentum was very small, and then the government, as the industrial base was established in India, the government put a lot of tariff barriers. Then you saw huge momentum in that segment.

I think similarly, the battery segment is now ripe for that kind of growth to happen, because the industrial application as well as the solar application are very, very robust. Besides that, government is introducing a PLI scheme on the container side.

As you are aware that we are one of the biggest producers of containers in the country, and that PLI will go a long way in India being competitive in the global landscape, especially with regard to China. As China today produces 90% of the global containers.

Again there is a big opportunity in that segment itself. We sets have already talked about at full production that the revenue potential is close to about anything between 2,000 to 2,500 crores annually in that business for us.

That will be a huge incremental revenue for us. Even all our other segments, the commercial vehicle segment, those are also month on month showing good growth rates.

Definitely I think our expectations are very, very high going forward.

Understood. Got it.

When you kind of thought of that number, 8 to 10,000 crores, last year, there were a couple of unknowns. We didn't know if the European deal would go through, we didn't know about the U.S.-India trade deal, or those things were a bit unknown, which you have clarity on.

Does that kind of give you a bit of enhanced confidence to do better, or even surpass that kind of a number?

No, definitely it gives us a lot of confidence and clarity because all the ambiguity has now been removed in terms of the business landscape, or I would say regulatory landscape. The picture is very clear.

The government is very keen to push exports out of India, and we have the right partnerships to enable that. Definitely we are very, very positive.

Again, in terms of numbers, I would not like to comment right now. I think as and when we start delivering, and that is when we are going to talk about the numbers.

Got it. Okay.

Thank you for that, Vivek. That's all I had.

question मेरा और है कि आपने बताया कि जैसे wheel set जो है, आपके जब चालू हो जाएंगे बनने, आपके खुद के, तो उस समय वैगन delivery के position सुधरेगी. लेकिन सर वैगन के लिए जो wheel मिलता है, वो तो government दे रही है Indian Railway.

और जो बताया गया था Indian Railway एक certain price में हमें देती है अगर हम Make in India से wheel अगर उस price में substitute कर पाए, तो हम अपने

wagon

wheels use कर सकते हैं। अच्छा, मतलब आपके खुद के अपन ले सकते हैं, जरूरी नहीं है, compulsory नहीं है कि आपको IR से ही लो.

हाँ, अगर वो

under Make in India policy आपका wheel approved है तो. हाँ-हाँ-हाँ-हाँ.

ओके-ओके-ओके. मेरे को ये था कि

government से ही मतलब IR ही देगा आपको wheel. Got it, sir.

Got it, sir. Yes, got it, got it, sir.

Thank you. Thank you, sir.

Thank you.

Thank you for the same. As we move forward, we remain encouraged by the strong momentum across our businesses and the continued strength of our execution.

With wheel set supplies improving, our freight wagon business has meaningfully regained operational momentum, while the excellent visibility across our other business lines positions us well for sustained and profitable growth. We are excited by the abundant opportunities set across both domestic and export markets.

Our focus remains firmly on execution excellence, disciplined capital deployment, and the continued strengthening of our manufacturing and integration capabilities as we work towards delivering long-term sustainable value for our stakeholders. Thank you for your continued trust and support.

We look forward to updating you on our progress in the next quarter.