Yeah. Thank you, Nirav.

Good evening, everyone. On behalf of Anand Rathi Shares and Stock Brokers, I would like to welcome the management team of Minda Corporation and thank them for this opportunity.

Today we have with us Mr. Aakash Minda, Executive Director; Mr.

Ajay Agarwal, Group CFO and President of Finance and Strategy; and Mr. Nitesh Jain, Lead Investor Relations.

I shall now hand over the call to the management team for their opening remarks, post which we'll open the floor for the Q&A. Over to you, sir.

Thank you, Mumuksh and Anand Rathi, for hosting this call. Good afternoon, everybody, and welcome to the quarter one FY27 earnings conference call of Minda Corporation Limited.

I hope all of you are doing well. It is a pleasure to connect with you today to discuss the company's performance for the quarter ended June 20-- June 30, 2026, and share the key developments across our businesses.

The global economy continues to navigate an evolving environment marked by geopolitical developments, changing trade dynamics, and persistent uncertainty across several regions. Despite these challenges, India remains one of the fastest-growing major economies, supported by strong domestic demand, improving infrastructure activity, and continued policy support for manufacturing.

Turning to the automotive industry, the sector delivered a strong performance for the quarter, recording its highest ever first-quarter production volumes. Overall industry production grew by around 22% on year-on-year basis, driven by positive demand conditions, improving exports, and resilient consumption across both rural and urban markets.

The two-wheeler segment grew by approximately 23%, driven by strong scooter demand and exports momentum. Electric two-wheeler adoption also continued to accelerate, with registrations crossing 5 lakh units for the first time in a single quarter.

Passenger vehicles grew by approximately 17%, led by strong demand for utility vehicles and premiumization and exports. Key industry trends, such as electrification, premiumization, and increasing preference for SUVs, continue to gain momentum.

Three-wheelers recorded growth of approximately 39%, and commercial vehicles and tractors grew by approximately 15% each during the quarter. Overall, the demand conditions remained positive across major vehicle segments.

On electric vehicle penetration in the two-wheeler segment, it reached to about 10.6%, and the passenger vehicle penetration reached to about 7.5%. While vehicle demand remained very good, the quarter remained challenging from input costs perspective.

Higher prices of key raw materials, supply chain and logistic-related disruptions, manpower-related disruptions, and wage increase impacted the automotive component industry and put pressures on margins. Now coming to Minda Corporation.

During the quarter one FY27, the company surpassed consensus estimates, delivering its highest ever quarterly revenue of ₹1,846 crores, a growth of 33.2% on year-on-year basis. The company reported EBITDA of ₹212 crores, with a growth of 35.4% on year-on-year basis.

EBITDA margin stood at 11.5%. PAT reached to ₹206 crores, with a growth of 216% on year-on-year basis.

On the associate company, Flash Electronics, Flash Electronics has continued to deliver strong performance during the quarter, with revenues reaching ₹533 crores in quarter one, with an EBITDA of ₹82 crores and EBITDA margin of 15.4%. During the quarter, the company further strengthened its growth initiatives through an investment of ₹63 crores in its group companies, including Spark Minda Green Mobility Solutions, Spark Minda HCMF for sunroofs, and Spark Minda Toyo Denso joint venture for switches, to support its future growth and expansion.

These new businesses and investments are on track as per their plan. On the EV penetration, at Minda Corporation, EV percentage as revenue is close to 10%, which has grown by 40% on year-on-year basis.

At Flash Electronics, the EV revenue constitutes to about 30%, with a year-on-year growth of about 90%. At Minda Corporation group level, it is close to about 14%.

The company also started consolidation of Minda VAST into Minda Corporation from this year onwards, which will further strengthen its presence in the passenger vehicle segment. Minda VAST joint venture brings an extensive portfolio of vehicle access solutions and includes products like inside and outside door handles, lock sets, steering column locks, latches, immobilizers, passive entry solutions, power access solutions, etc.

The integration will combine the company's established presence in India with our joint venture partner, VAST, with their global technology to further enhance Minda Corporation's vehicle access systems portfolio. The company's performance continues to be guided by the following key pillars of growth, which are: growth in organic business by increase in share of business with existing customers; second, by adding new customers; third, exports; fourth, premiumization of existing products; fifth, new product launches by way of joint ventures and technical agreements; last but not the least, but most important, investment into R&D and technology of our Spark Minda Technical Centre.

Looking ahead, the company remains committed to executing its strategic priorities, with focus on enhancing EV system solutions offering, strengthening customer relationships, and investing in new technologies. The company's key priorities remain on disciplined capital allocation, expanding its presence in high-growth segments, and advancing its R&D capabilities that will drive the long-term value creation for all its stakeholders.

With that, I would now like to invite Mr. Ajay Agarwal, Group CFO and President of Finance and Strategy, to take you through our detailed financial performance and key highlights for the quarter.

Over to you, Ajay. Thank you.

Thank you, Aakash. Very good afternoon to all of you.

I'm on slide number two. Slide number two gives you a reference with respect to our history of Minda Corporation Limited.

In financial year '26, our revenue stood at about 9,000-odd crore, and our accounting consolidated revenue stood at 6,185 crore. Our manufacturing footprint includes 42 plants with over 23,000 employees across our various plants and offices across the globe.

Minda Corporation's focus on R&D and innovation remains very strong. With that being focus, we have filed so far 335 patents, out of which 150 patents have already been granted.

Moving to slide number three, slide number three talks about the overall automotive industry. The Indian automotive industry, as we all know, entered quarter one with extremely strong momentum, delivering one of its best quarterly performance in the recent years.

The production volume reached tad lower than 10 million units, registering a growth of 22% year-on-year. This strong performance was supported by healthy domestic demand, improving exports, and resilient consumption across both rural and urban markets.

The two-wheeler segment delivered a strongest performance, with production reaching close to about 7.25 million units, marking a 23% year-on-year growth. Scooter led this momentum, growing with 32%, and motorcycles recorded a healthy 18% growth.

We are equally encouraged to see acceleration in electric mobility. EV two-wheeler registration crossed 5 lakh mark for the first time in a single quarter, signaling that mass adoption of EVs in the two-wheeler segment is steadily moving from aspiration to reality.

Quarter-on-quarter, industry, while saw growth, flattish, about 0.3%. Speaking about Minda Corporation's performance in quarter one, I'm on slide number four.

We registered our highest ever quarterly revenue of 1,846 crores, reflecting 33.2% year-on-year growth. We also registered highest ever quarterly EBITDA, and for the first time we crossed 200-plus crore EBITDA in a single quarter, with a margin of 11.5%, registering a 19 bps improvement year-on-year basis.

Also, we added lifetime order book of approximately 2,500 crore during the quarter. Like I said, in this quarter we filed seven patents, taking our total filing to 335-plus.

Moving to slide number five, we recorded the revenue of 1,846 crores, increased from 1,386 crores in quarter one last year, representing a growth of 33% year-on-year, and on a sequential basis, 8% growth over the previous quarter. Delivered highest ever EBITDA of 212 crore, reflecting a growth of 35% year-on-year, with a margin of 11.5%, with an improvement of 20 basis points.

This strong performance in EBITDA as well as in revenue clearly reflects our disciplined cost management and continued improvement in operational efficiency. We also noticed that the margin was partially impacted due to higher commodity prices, rise in labor costs, as well as increase in freight expenses.

Importantly, a large portion of these headwinds thankfully was offset by operational efficiency and our operating leverages. Most of you know we unveiled our Vision 2030 in September of 2025.

We remain firmly committed to our vision and are confident of achieving our targeted revenue and EBITDA margin as we continue to execute on our strategy and discipline consistently. From a PAT perspective, we reported a PAT increase of 206% year-on-year, from 65 crore to 206 crores in this quarter.

I would like to highlight that increase in PAT includes an exceptional gain of 106 crores due to consolidation of Minda VAST with Minda Corporation Limited. Moving to slide number six, speaking about business vertical performance, Mechatronics and Aftermarket, the segment delivered the strongest year-on-year growth of 33%, supported by robust domestic demand in two-wheelers and as well as passenger vehicle segments.

The growth was further aided by the premiumization of our existing product portfolio, enabling us to strengthen both revenue as well as value contribution in our businesses. Information and Connected Systems, this segment delivered an impressive 34% year-on-year growth, led by strong performance in wiring harness and instrument cluster business.

All in all, the growth was driven by increased share of business with our existing customers, along with expansion of our customer base through new customer acquisition, premiumization, as well as exports. Moving to slide number seven, the product-wise, revenue-wise mix is led by Wiring Harness division, contributing to 32%, vehicle access contributed 25%, die casting 15%, and cluster business contributed 16%, and rest of the other contributed about 12%.

Mobility-wise split: two-wheeler and three-wheeler contributed 46% of our top line, commercial vehicle contributed 27%, passenger vehicle contributed 19%, and aftermarket contributed 8% during this quarter. While Aakash spoke briefly on Flash, Flash also did quite well from quarter one perspective.

It delivered a revenue of 533 crore, registering a growth of 42% on year-on-year basis. The EBITDA margin stood at 15.4% and PAT margin stood at 6.6%.

You will notice that there was a marginal dip in the EBITDA vis-à-vis last quarter. The margin was primarily impacted by higher commodity prices and higher labor costs.

Suffice to say that the company has a back-to-back pass-through arrangement with its customer, which provides a mechanism to mitigate the impact of these costs pressure over time, plus it has plans to see how they can recover the higher costs both from commodity as well as on the labor side from its customer. Slide number 10 and 11 represents our consolidated profit and loss and historical financial statement, and rest of the slides speak about several of our recognition, what we have received from various bodies, and I'll not go through that.

Looking ahead, as we continue to invest in our growth through new product categories, strategic partnerships, and R&D, our focus remains on expanding our footprint in high-growth areas like electric vehicle, strengthening our customer relationship, and building on our leadership in key technology-driven segments. Thank you, and I'll now hand it over to the operator for Q&A session.

Congratulations to the entire team, and specially to Ajay sir on delivering strong margins in challenging times. Firstly, in clusters and wiring harness, over a period of time, the company has been indicating order wins both in two-wheeler and four-wheeler segments.

Can you indicate how you see the major ramp-up or execution of orders supporting sales performance in FY27 and '28?

Thank you, Raghu. Again, I would be happy to share that our wiring harness division has grown more than 30% on year-on-year basis for the quarter one, as well as our instrument cluster division has grown more than 35% on year-on-year basis in quarter one.

This is the same momentum which is expected to continue over the upcoming quarters, going into FY28 as well. As you know that we have won orders in the past few years across vehicle segments and across product portfolios, as well as across in domestic as well as exports.

Now we are seeing those products coming into the new launches, as well as some of the new order wins from new customers and existing share of business that we have penetrated.

Thank you for that, sir. If you can also highlight the order wins during the current quarter, which categories or segments do they relate to mainly?

They are again split across our divisions and products, all in vehicle access, castings, wiring harnesses, instrument clusters, as well as new energy and electronics segments as well. It's spread all across, and again in ICE and EV, and passenger vehicle, two-wheelers, commercial vehicles, domestic and export.

There's an evenly split all across for a continued equal momentum across the organization.

Good to hear that, sir. Secondly, the share of passenger vehicles has reached almost 20% of revenue, also supported by Minda VAST.

For Minda VAST, can you indicate approximately how much was the revenue and EBITDA in Q1, and how do you see the growth prospects for this segment, both in revenue and margin, going forward?

Yeah. For the financials, I will ask Ajay to share, and on the business side, I will come back.

Minda VAST has also done quite well in the quarter. It has grown by 22% during the quarter.

It's largely a passenger vehicle or four-wheeler company, and with its consolidation, our overall revenue has grown from 15% to 19%. If I look at from a contribution of margin perspective, in quarter one previous year, it had delivered a margin of 6.5%, and this quarter it has delivered a margin of 8.4%.

Overall, I think we are very happy with the performance of Minda VAST, and we are continuously working to see how we can bring it at par with overall Minda Corporation's margin level for Minda VAST too.

Coming to the business front, particularly on the Minda VAST per se, currently we are offering as a kit value band to the tune of about 8,000 to about 12,000, 13,000 in a kit value. However, with the products that are being under development and already being offered to the customers coming from our joint venture partner as well as our internal R&D systems, this could very well go 2x in the upcoming years.

That is where we are working on. Of course, this is not dependent on one single particular customer.

This is again spread across the passenger vehicle segments from all the OEMs in India as well as if we're exporting to Europe as well on various product lines that come into this, particularly in the areas of, as I mentioned earlier, locking systems, latches, door handles, and smart vehicle access.

Noted, sir. Thanks for sharing the kit value details and the 2x jump expected in future.

On Flash, Ajay sir, thanks for highlighting the margin drivers for future and the impact in the quarter. Can you indicate how do you see the growth prospects ahead?

Earlier we were looking at 20% kind of a growth in this business, but given the sharp EV acceptance, do you think growth prospects can be much stronger? Would you look at a 30% growth for full

year? See, we have to build capacity as well.

There is a strong demand, there is a strong momentum as we see in the industry from a EV perspective. I think the company is destined to deliver a strong double-digit growth in the range of 22% to 24%.

That's what we are targeting insofar as Flash is concerned. We are not only happy with the performance insofar as growth is concerned, but we are equally tracking how we maintain a profitable growth business.

You would have noticed that the margin delivery for Flash this quarter has dipped a little bit, and in my statement, I did mention that it is largely on account of high labor cost as well as inflationary trend of commodity. We are very confident that on a longer-term basis, the company should maintain a margin anywhere between 16% to 17% on a longer-term basis.

Got it, sir. Thank you so much.

Very useful. I'll fall back to the queue.

Thank you, sir, for the opportunity. Sir, two question from my side.

One is on the capex in FY26 was the highest ever. What's for '27 capex guidance, and also if you can drive on the detailed side allocation to EV specific capacity versus core business?

Another on the Turntide motor controller, what kind of SOPs and the Pune die casting plant that is coming, and what is the expected capacity utilization trajectory we are seeing from this business? Third question from earlier participant side that you mentioned very well that we have seen dip in margin in Flash because of the high commodity cost and labor cost.

Some of the peer is going to list in the coming weeks, and they are maintaining EBITDA margin well above because of lower employee cost, and they're keeping on a contract basis. Can't we keep this kind of clause and hire employee on a contract basis to help to gain margin?

Ma'am, I think we'll go one by one. First, starting from the bottom when it comes to Flash.

See, we understand the business on how the customers and how the suppliers and the entire ecosystem is working. We are doing across our divisions, verticals, plants, taking all the measures for bringing in more variability and bringing in more cost competitiveness, as well as the best efficiencies in our operations, whether you call automation, whether you call localization, or whether you call managing the commodity inflation.

These are all a time lag effects which in the next quarter, as we mentioned, we are going to come back when the indexation continues to be aligned with our customers. Second, you asked us about the Turntide.

On the Turntide, we have already won businesses, and the SOPs are expected to happen from the month of October and November. That is already in line, the production is already set up, the facilities are there in place, now the lines are being all tested.

On the capacity utilization across the group, it is depending on casting or wiring harness, etc., we continue to increase capacities, while the next few quarters look to be very very good, as well as our long-term basis. On an average, you can say, typically, our group is capacities at about 77% to about 80%, depending on a particular plant or depending on a particular product line.

On the capex front, I'll ask Mr. Ajay to share with you some numbers.

Yes. We have given a guidance that during this fiscal year, we intend to spend about 400-odd crore in capex across various businesses.

We have not allocated money specifically towards EV or ICE, but it is fairly spread across our business verticals as well as divisions.

Thank you, sir. Just missing one point here on the employee cost side.

If we see consolidated basis also, our employee cost is higher. Just if you can comment on that front.

I think, if you look at each and every line item, you would find a very divergent view across each of these parameters. From a margin delivery point of view, which can actually consolidate your employee cost, your raw material cost, your many other costs leading to EBITDA delivery, I think we are falling in quartile one of our industry.

I think from a margin perspective, we have already given a longer-term target to deliver 12.5% margin by 2030. Last year we delivered about 11.7%, this quarter we are trending at 11.5%, and we are seeing that during the rest of the year if we can maintain a margin anywhere between 11.5% to 12%, we'll be good.

Great, sir. Thank you.

Hello. Congratulations for the great set of numbers, sir.

My question was regarding the fierce ambitions which company has already discussed in the September concall. The company was targeting 3x revenue by FY30, supported by assuming 8% industry growth, premiumization, new product launches, and export initiatives.

However, based on our calculation, this lever still leave a revenue shortfall of around 3,000 to 3,500 crore by FY30. What is the additional growth lever or initiative do you see to contributing this gap and achieve the revenue target by FY30?

Vipul, I'm not sure where your numbers are coming from. However, what we have shared is that we are going to reach our 17,500 crore on the five or six pillars, which is on account of the growth of existing businesses in terms of the current volume that the industry is growing.

Number two is on the premiumization of the products. Number three is exports.

Fourth is new product launches and other opportunities to the tune of about 4,600 crores. We are well in line where we're working organically on how we are growing by the tune of about 30%, right, and then continues to be inorganic opportunities that we work on in the industry as and when the opportunity comes.

We've set ourselves a target, and I think we're very well aligned by the order book, by the new partnerships that we are putting in place which are coming into start of production, and continue to work for the inorganic opportunities.

Thank you so much.

[unclear]

Hi. If you can just share the split of Flash revenue into domestic and exports or international, this 42% revenue split and then how both have grown, domestic and international both?

About 10% of their revenue comes from their international business, which is the footprint that they have in Europe. Again, 90% of this is from the manufacturing footprints in India.

However, the exports from India is continuing to grow on quarter-on-quarter and year-on-year basis with the businesses that they are booking, particularly in the areas of forging business or metallics business.

This exports would be how much, international would be 10% from the Germany and Hungary plant, and exports would be how much?

The exports would be somewhere about 12% to 15%.

Understood. The overall, or at a company level, how our exports order book has shaped up?

It's about 8%

to 10%. 8% to 10% of total order book?

Yes.

Okay. That's it from my side.

Thank you.

Yes, sir. Sir, can you just tell me how much incremental revenue growth you had because of the merger of Minda VAST?

About 125 crores.

125 crores?

Yes.

It had a positive impact on top line, but overall margin went down a bit because of this merger. Is that correct, as understanding?

Yes. The other way to look at is last year first quarter, it delivered a margin of 6.5%, but in this quarter, it delivered a margin of 8.5%.

Therefore, in my opening statement, also I made a mention that improvement in EBITDA is one of our key priorities to see if we can bring Minda VAST performance at par with overall Minda Corporation's performance from EBITDA delivery standpoint.

Is it possible for you to share this same margin number for quarter four FY26 for Minda VAST?

Quarter four, it would also be in the range of same 6.5%, 7%.

Understood. Thank you, sir.

If you can just help us lastly that is the cost inflation related issue more or less kind of handled, and with your customers and your agreement etc., and going forward, it will be more of operating leverage, and all those benefits will trickle down to margin?

Yes, like I said, most of our indexed commodity has a back-to-back arrangement with our customer. It could have some bit of lag for a quarter or two, but we do have arrangements with the customer.

There will be pressure, but given that these are all exceptional times, we have to support customers, customer will also support us.

Understood, sir. Thank you so much, sir.

Hi, sir. Thanks for taking my question, and congratulations on a very strong set of numbers.

Largely, I had a couple of questions. Firstly, on the share of profit from associates and JV that we report, last quarter we reported around 31 crores, and this quarter we have reported around 18 crores.

If I adjust for the Flash share in this, roughly last quarter we booked around 7.5 crores of PAT, and this quarter it has fallen down to 70-odd lakhs. I believe some element of this would be because of VAST consolidation, but what other reasons would be driving this PAT margin compression?

It's largely because of excess depreciation in case of Flash. Last year, in quarter four, Flash's contribution in PAT was about 25-odd crore, and in this quarter, the contribution is about 18, 19-odd crore.

Plus-- That's right. Correct.

That's right. I am excluding that.

So 25 crore and 18 crores if I exclude, then last quarter, share of profit or loss from JVs apart from Flash would have been around 7.5 crores, and this quarter that has come only 70 lakhs. The difference is significant.

What is the reason for this?

The other difference is Furukawa as well. Last year, sorry, in quarter four, Furukawa had contributed 5 crore to our PAT line item, whereas in this quarter, it had contributed only 80 lakh.

All in all, that's why you would see a dip on an overall basis. From 31.5 crore, it gone down to 18 crores.

Sir, this is a temporary one-quarter blip, or the Furukawa business should now continue clocking 80 lakhs a quarter?

It's a temporary, again, because of commodity, because of labor cost and several other escalations. I think largely we need to see the two important companies, one being Flash, the other being Furukawa.

In Furukawa, we hold only 17.5%, whereas the business size is also quite small. Flash, we hold 49%.

We believe that Flash will be back on track in the next one or two quarters.

Got it, sir. Sir, secondly, we were supposed to have SOP of the sunroof business starting in Q2, if I'm not wrong.

Is that on track?

Yeah. The product customer trials have already been done.

They have been approved in the first go itself. Yes, that is completely on track.

Got it, sir. Thank you.

That's all from my side.

Hello, sir. Congratulations on a great set of numbers.

Sir, last quarter you had said that for passenger vehicles EV side, Flash had already developed a motor and was in active discussion. What are the updates there, and how do you see this specific segment panning out, and how can you shed some light on the industry as well?

Okay. On the industry per se, passenger vehicle, we believe there's going to be a coexistence of all power trains, whether it is ICE, CNG, gasoline, EV, hybrid, etc., plug-in hybrid.

All those things are going to be having coexistence. Number two is the EV penetration, as I mentioned, is somewhere in the passenger vehicle is somewhere about 7% to 7.5% to 8%, which is consistently growing quarter-on-quarter and year-on-year.

That's a great sign for the complete industry at large. However, if I look at the global markets, that comes to a plateau after a certain penetration of the passenger vehicles.

In the India market, that is continuously growing and at least expected to grow until FY2030 because we are very very behind compared to the global benchmark of the penetration. On the electric vehicle powertrain per se, there are a couple of initiatives that we have done as Flash Electronics.

We have already developed our motors for across segments, which are magnet-less motors. Some of them are also under testing with customers, as well as now for the passenger vehicle, we are working with one of the customers in order to explore how we can work together, and while the engagements are ongoing for the testing front.

There are two, three other partnerships that also we are looking forward to complete our portfolio for the electric vehicle mobility for the passenger vehicle side. Once those happens, we will, of course, come back to you.

Thank you. Also, we've seen your passenger vehicle share in the revenue has increased much faster than the other end market.

Down the line, two, three years down the line, do we see passenger vehicles at par with two and three-wheelers, or the current split will be the par?

We are working on organically, number one, in order to increase our passenger vehicle penetration into our overall portfolio. Recent order wins that we have done in the past few quarters as well as currently ongoing, and the joint ventures that we are doing are all leading up to the higher segment of passenger vehicle.

Overall at a group level, the products such as high-voltage wiring harnesses, the die casting products in the EV four-wheeler side, exports, as well as now the Minda VAST, the sunroof, the power tailgates, the instrument cluster that have already under development as well for the passenger vehicle side. These are some of the products which are definitely taking shape.

Recently there have been a couple of order books in our electronics such as shark fin antenna and other areas, which are leading up to the increase organically for our passenger vehicle penetration.

Thank you, sir, and all the best.

Thank you.

Thank you, sir, for the opportunity again. On the switches side, considering the order of 1,000 crores, how do you see the ramp-up happening in FY27 and '28?

By when can we see annual revenue of, can't say, 200 crore? Do you think FY28 or FY29 we can reach that kind of an execution?

Raghu, the lifetime order book is higher than 1,000 crore, which is a lifetime order book. The SOPs are underway.

The SOP is expected to happen in quarter four FY26 or quarter one FY27 FY28. The first year, which is FY28, next year we're expected to reach somewhere again about 150 crores.

At the peak of the current orders that we have should be in the next year, which is FY29. These are again all the orders that we have currently with our anchor customer, and we are then going to start working towards further expansion into various other customers and other initiatives that we're looking at in place.

Noted, sir. In terms of cross-selling to Flash, can there be 50, 70 crore of revenue from Minda cross-selling to Flash this year?

If you can also talk about how the ramp-up can happen over the next few years?

Yes, the ramping up is happening. Of course, as you know that these are technical products, they need approval from the end customer.

There are again two, three major product lines. One is again castings, which has already started in fact from this month.

Number two are again the wiring harnesses, which are undergoing some of the testings. Then of course, there are other synergies, particularly from the system solutions offering to our customers.

While there are some of the confidential projects that are ongoing, there is a lot of engagement with the customers jointly that both the companies are coming forward and under development.

Noted, sir. Continuing on Flash, the revenue growth YoY for EV is at 90%, as you indicated in the opening remarks, and this is much higher than the growth seen in the underlying industry.

Can you talk about whether the content has increased or whether new customers have been added, which product on the traction motor side, has there been any new addition which has led to this kind of a growth?

Yes. It's primarily because of the new products that have been launched.

Number two is the other segments that have been entered into. Outside of two-wheelers, now it's three-wheelers as well as now moving into the other segments.

Of course, the kit value is continuously increasing by way of consolidation of the more products, like you see, 2-in-1, 3-in-1, etc. These are some of the factors the reasons why Flash is increasing and further penetration to their existing customers.

Very helpful, sir. Thank you so much.

Thank you very much, and I would like to really thank Anand Rathi for organizing this call and thank everyone for joining today. We remain highly confident of our growth trajectory, industry at large, both in near term and long term, driven by strategic investments and unwavering commitments to advancing our products and technologies.

We are committed to creating value for our shareholders and stakeholders, and we are totally in line to achieving our Vision 2030 by way of localization, backward integration, and investment into technology and into our customers. We're investing deeply in our capabilities, capacities, and competencies across divisions and across platforms.

I hope we've been able to respond to most of the queries today. For further information, we request you to please get in touch with our IR team.

Thank you, and have a great day.