Thank you, Huda. Good morning, everyone.

On behalf of Emkay Global Financial Services, I would like to welcome you all to the 3Q FY26 earnings conference call of Sandhar Technologies Limited. Today, we have with us from the management team Mr.

Jayant Davar, Executive Chairman, Director and CEO; Mr. Neel Jai Davar, Director; Mr.

Gurvinder Jit Singh, Whole-Time Director and Head of Corporate Strategy; and Mr. Yashpal Jain, Chief Financial Officer and Company Secretary.

We will begin the call with opening comments from the management team, followed by Q&A session. Over to you, Mr.

Davar.

Thank you, Chirag. Let me begin with my gratitude to Emkay, as well as to Chorus for organizing this call.

Good morning to everyone. It seems we are in good times.

From what I understand and if I reflect on what Mr. Chandra, president of SIAM, said that 2025 has been a landmark year for the Indian auto industry.

The year began a little subdued in the first half, but has picked up in the third quarter. To give you the good news, the passenger vehicle segment posted its highest-ever sales of quarter three at 12.76 lakhs.

In two-wheelers, quarter three again, two-wheelers posted their highest-ever quarter three sales of 5.7 million. If I look at three-wheelers, again, quarter three has posted their highest-ever quarter three numbers of 2.15 lakhs.

Commercial vehicles again recorded its highest-ever sales of quarter three of 2.90 lakhs. As we sit here today, of course, these are the final numbers of the OEMs in quarter three, which meant that the auto component industry was most active in quarter two because there is a lag.

What I see going forward is that the outlook for this particular quarter for the auto component industry and even the first quarter of the next financial year for the auto segment itself seems to be very, very bullish as we sit and talk here today. We, as a company, have very clearly given our investor presentation.

I'm sure all of you have a copy. To give you some highlights of this particular presentation, we've largely divided it into three different parts.

One is the India operations, which is the existing business. One is the India operations, which are new businesses that the company has added or have taken in terms of the acquisitions.

Then there is the overseas business, which, again, is the third element of this particular presentation. Add to this, there are elements of the EV business, the subsidiaries, and the joint ventures.

To give you a broadside, let me just give you some numbers. I know you have those numbers, but if I look at quarter three numbers, our revenue from operations grew by 24%, on a nine-month basis we grew by 26%.

Overseas business, the revenue of operations was down by 0.6, but EBITDA was up by 68%. If I look at nine-month period, the revenue from operations grew by 2%.

On a consolidated business growth, quarter three numbers, we've grown by 22%, on a nine-month basis we've grown by 24%. In terms of joint ventures, all the five joint ventures have performed satisfactorily, registering revenue of ₹61.69 crores, and total EBITDA at ₹7.40 crores for quarter three and ₹21 crores for nine months of the current financial year.

Overseas subsidiaries and business, I've already mentioned. There has been a slight decline, but despite the slight decline in revenue, the losses have been cut down to ₹8 crores versus almost ₹11 crores in quarter three '25.

The company, you'd be happy to know, has taken many steps to reduce the cost, increase operational efficiency, and extend the customer and product base. We are very, very hopeful that this particular quarter, we should be able to break even, as I had mentioned even in the previous call.

The European markets continue to witness uncertainty, but with the steps that we have taken as a company, I'm sure that we will move ahead in a positive direction from now on. In terms of EVs, we've started doing commercial invoicing of battery chargers and motor controllers.

We are getting a positive response from the market. Far, we've generated a revenue of 12.18%, which is multiple times of what we had done in the previous year.

Now that it's fully operational, we expect that the next full year will dramatically improve over the performance so far. Those are my opening comments.

In the call today, there is me, there is Mr. GJ Singh, Whole-Time Director, there is Mr.

Neel Davar, and there is Mr. Yashpal Jain, who is the CFO of the company, who should be able to answer all your questions regarding any kind of numbers.

What has happened, what is likely to happen are things that he would be able to take on very comfortably. With that, I open the conference once again with a big thank you.

We're happy to take your questions from now on. Thank you.

Hi, team Sandhar. Congrats on a great set of performance.

My first question was on the margins, if you can just give any outlook on that. Number two, in the EU or in any other geographies abroad, are you looking at any more acquisitions?

Thank you.

Aditya, thank you for that question. Just to give you a broadside so that everybody also understands, like I said, we've divided the presentation into three distinct parts.

On the existing business, the revenue has grown by 14.5%, the EBITDA margin has gone up from 10.5% to 11.9%. The EBIT again has increased.

The interesting thing is that the ROCE annualized for the existing business has gone up from 16.3% to 21.1%. There is a distinct improvement that is happening in every segment.

If I look at the new projects, the new projects are obviously very, very small. In terms of revenue, we have gone up from a revenue of only ₹2.74 crores to ₹305 crores in the nine-month period.

The EBITDA, which was minus, has come into positive territory. Again, we are very bullish on this going forward.

Overseas business, again, while the revenue has gone up only by 2% in this nine-month period, we do believe that this last quarter will be the turning quarter for the company in terms of negating any negative numbers that we were getting so far. Yashpal, in case you could come in and explain this a little more to the satisfaction of Aditya.

Sure, sir. Aditya, if you see the figures, basically the nine months figures if you say, we have a cumulative loss of ₹25.81 crores in the overseas business, which is partly on account of translation losses, partly on account of the operations.

Now the effective measures have been taken. Going forward, starting quarter four of the current financial year and quarter one of the next financial year, this would be turning to positive.

If you consider coming financial year, this negative contribution from the overseas is likely to be eliminated. Similarly, the new projects, which have sustained a loss of close to ₹24.98 crores, again around ₹25 crores, taking together is ₹50 crores for both these overseas as well as the new projects.

New projects are also showing a healthy sign of turnaround, which is apparently visible from the improvement in EBITDA level also. Starting from April '26, these projects will also turn around.

Gradually the margin should go up.

Sir, any color on any acquisitions or any potential targets that you're looking at?

Oh, well, Aditya, this is an ongoing process. If any good opportunity comes up, we keep on evaluating.

If it fits into our parameters, then only we pursue the same. Otherwise, we don't pursue it.

We have set some internal parameters in terms of financial and operational evaluation for the target entities. Unfortunately, for the last 1.5 years, we have been in touch with many of these opportunities, but none of them could fit into our parameters.

We are on a lookout. At the right time, for the right opportunity, we might go for it, depending on many factors.

In simple terms, Aditya, there is nothing on the table today. If there is something that were to arrive which is very, very exciting, we are open to pursuing it is all I'm going to leave you with.

This is helpful, sir. Thank you.

Thank you for the opportunity. Congratulations on the great set of numbers.

My specific question would be regarding to the previous guidance

Hello? Hello?

Yeah. My specific question, first of all, I have two questions.

First one would be regarding the previous guidance which was provided in the earlier calls were about 30-40 basis points improvement in the EBITDA. Was it including other income or excluding other income?

There is a lot of background sound, Chorus. Yashpal-ji, you want to take that question?

Sure, sir. I was just waiting for his second question also, if you can put the second question also.

Second question is regarding currently as India is foraying into multiple trade deals and deals with European countries as well, I wanted to understand what would be the impact on the company's product demand and supply side.

Sure. First question I'll answer.

Earlier guidance that we have given to you was excluding this, I would say, one-time profit on sale of one of the existing land parcels in Bommasandra, Bangalore, from which we got a profit of ₹34 crores. Obviously that is the only extraordinary income you can say, but that plant was a part of our operations and we merged that operation into one of our another plant as a part of to lean the operations wherever we don't require the larger facilities or, I would say, the number of the facilities.

Secondly, in terms of 30 to 40 bps improvement in the margins, yes, we were projecting it. As we have tried to present to the investors that existing business we are up to the mark that we were expecting to go, except there has been a slight fall in the quarter one that we explained to the investor community during quarter one also due to disturbances in the productions from one of the OEs and also the slowdown in the off-highway vehicle segment.

Apart from that, we are very well on the track that we have guided to the market. Quarter four will be a more better quarter because quarter three has a lesser number of working days in terms of there's always a closure in the last week of December at various OEs.

Quarter four will be the better one, and I think we would be able to improve our margins.

Understood. It's just for the final remark, it would be excluding or including other income?

Whenever we count, we count excluding extraordinary other income. There are certain regular incomes which are classified as per the accounting standard other income, but they are part of operations only.

As the classification is based on the accounting standards, the Ind AS, but some of these incomes are in the nature of operating income, but they are not classified as revenue from operations. They are classified as a other operating income, yeah.

Understood, sir.

Yeah. Second portion, sir, you'd like to reply or in terms of this trade deal with Europe?

What was the second question? Come again.

It wasn't very clear. There was a background noise.

Okay. I'll repeat.

It was regarding the demand-supply for products in overseas markets as India is getting into multiple deals with just recently EU and the UK FTA as well. Just wanted to understand the total impact on the products of our company, if I can get a bifurcation, that would be great.

To be honest, Aditya, if you look at the entire auto industry and the auto industry that was largely supplying to OEMs, there is hardly any impact because if there were parts that were going to the commercial vehicle segment or otherwise to the US or to the EU, there were exemptions already in place where the punitive tariffs were not being considered at all. It was only in the case of aftermarket that the impact of the tariffs was felt.

To that end, people who are in the aftermarket in terms of exports, they will probably benefit. We, as a company, we are an OEM-directed company largely, wherever our income from overseas is concerned, whether they are from India or from our international operations.

The impact on us in terms of our current operations is not there. We do believe that going forward, this would lead to several other opportunities as Europe and America start looking at India for a larger base for supply.

To answer your questions directly as of now, is there an impact and will we suffer or gain, the answer is no.

Okay. Thank you for the clarity, sir.

I'll join back the queue and wait for my chance once again.

All right.

Hello, sir. Thanks for the opportunity.

Sir, just wanted to understand your thought process on overseas debt, actually. If you look at last one-year trajectory, we are on the elevated curve only.

There is no declining trend, actually, which has not seen. Even if you look at the performances of the overseas, actually, still at the operating level, we continue to do the losses.

What would be the rational or what you think going ahead down the line, two, three years? Is there could be any opportunity to liquidate some of the assets to repay the debt, or you have to burn the cash from India earnings, what we earn here, and we should able to serve the debt there?

I'll let Yashpal answer the question, but a large part of it is just translation in terms of debt that was already there. Yashpal, you want to come in?

Yes, sir. I'll answer.

Like in overseas, yeah, there has been a little pressure on account of the business being slow over there. The increase in debt is because of two factors.

Like one is, if you see, if we compare from March '25, because we have our borrowings there in overseas in USDs and euro, which are serviced in USD and euros and we are earning in the same currencies, directly on a realization basis, we are not incurring any exchange losses. The euro has moved from ₹92.43 to ₹105.49 and similarly dollar has moved from ₹85 to ₹90 in terms of translation.

Partial of that debt increase is on account of the translation losses that we have been putting to convert the same into Indian GAAP, as per the Indian GAAP, because we are our group currency is Indian rupees. There is yes, there is a increase in the debt in clear terms in USDs that is shown in the investor presentation chart also.

This is on account because earlier they were having the bill discounting facilities, which were classified into current liabilities because as per the accounting standard, even in IFRS also, the current liabilities and in Ind AS also, the current this bill discounting is a part of current liabilities. Since it was a costly affair for us because bill discounting was literally about 10% over there, the bill discounting entirely we have switched from to a clean debt in terms of WCDL.

Now it is being added to the overseas debt. These are the major two components.

Some is the routine capex that we have done over there, which is not a bigger amount, it's around ₹18 to ₹20 crores in terms of maintenance and like stuff. In terms of repayment of the debt, we are we have been able to service the debt from there itself.

As of now, we haven't remitted any money from India. The only arrangement with the bankers is that we have extended the comfort letter from India and the standby letter of credit from India.

The borrowings have been secured at overseas level. They have been able to service their debt requirements, although there has not been a cutdown in the debt.

Starting April '26, once the operations are back to the track, they will start us, repaying their debt in a proportion of the cash earnings that they will be generating.

Thank you.

Yeah.

One more question, sir, actually, on the overseas performance. What is your thought process like for next at least for one year, when you are going to see the aggressive ramp-up and improvement in the margins especially?

I hope all the four geographies are aluminum die casting only. Going ahead, there is a lot of pressure on the aluminum prices, which have been elevated since now.

These kind of the losses, you won't be able to take a pass-through agreement to take it to the clients, or how it is, actually? Definitely there could be losses.

Just wanted to understanding that segment.

Sure. Sure.

With the efforts put in place, with the changes put in place, starting April '26, the overseas should not sustain losses. This is the first thing, despite aluminum prices being strong, because we have pass-through fit the customers also.

Operationally, the entire operations have been, I would say, restructured. Many of the things have been put in, new things have been put in place, some old practices have been done away with.

It's not only from the financial restructuring also, but we have done from the operational side also. I don't think there is any reason why we should not see any improvement starting April '26 in the overseas also.

We are hopeful that starting first part of the next financial year, overseas will go back to the old trajectories that they used to be at.

Old trajectory means that is close to high single-digit kind of the operating margins?

Around 9% to 10% of margin starting.

Okay. Thank you, sir.

I'll come back in the queue. Thank you.

Sure. Thank you.

Thanks for the opportunity. Am I audible?

Yes, you are.

Yeah. Firstly on Sundaram ADC business, what was the contribution in Q3, and how are the margins trending in that business?

In Q3, as we informed in the earlier quarters also, that this year would be a pressure year for the Sundaram's business because we are operating from a different premises. This year it was at a break-even at the EBITDA level.

On our revenue size, it was ₹82 crores of revenue the business gave us, however the EBITDA was around ₹5 lakhs only, it was more of a break-even at the EBITDA level.

Okay.

Going forward, April '26 or early week of May '26, we will be completing the switchover of the plant from the existing to our own premises. Starting financial year '26-'27, we are expecting to, in the first year, to go back at a margin of 7% to 7.5%.

In the next three years to reach the level of 9.5% that we are getting the other ADC businesses also.

Okay. In terms of revenue run rate for Sundaram, can FY27 exceed ₹500 crores?

This should be around ₹500 crores.

Okay. Second, in terms of if we look at the product mix, what products are housed under the other segment?

I just wanted to understand maybe a seasonality aspect or some other thing, because contribution of others has decreased from 7.5% to 2% in this quarter, if I look at Q-o-Q.

Exactly. Others are very miscellaneous products.

There's a big set of other activities that we are doing like there's a plastics business, there's other businesses also which are not classified into above say seven, eight categories. One of the reasons if you see the fall in the above categories that some of those businesses have matured and, I would say, they have been merged with the other businesses, basis the nature of those businesses.

Largely it remains to be a very residual class. I would say more than 18, 20 type of other businesses are there.

Small type of products which cannot be classified over here.

Okay. Contribution from those products will remain at around 2%-3%?

It will be 2%, 3% only. If that crosses around ₹100 crores or ₹200 crores of the mark, then it would be classified as a separate product base in the list.

Till that time, it will be forming part of others only, yeah.

Understood. Sir, if you look at two things.

First, Sundaram business turning profitable in FY27 and maybe some meaningful improvement in overseas profitability, which you just highlighted. How one should look at FY27 and '28 margins at a consol level?

Sure. I would respond in a manner like ₹25.81 crores we have sustained losses in overseas business, right?

Another ₹25 crores is a loss from these new businesses and the higher side is on the Sundaram Clayton one. Out of this 24.81, if you see our slide number five, right?

At the current level for the P&L account, this ₹50 crores should add to our bottom line that we have shown in this nine months, to be very terrified. We are showing a net profit of 134.84 for the nine months, right, sir, in the slide number eight.

So ₹50 crores eventually should add plus quarter four of profits, it comes 193, 190, 184. Another should be around 225, something, roughly.

Rough estimates. By the starting of first quarter, we'll come back with the new guidance.

This ₹50 crores will eventually add to our margins. We are hopeful that these business will turn around.

Okay. Thank you.

Thank you.

Thank you once again. My question is around the EV side of our business.

Can I get a bifurcation for the Q3 and nine months of this current year? Is that possible?

This is for the EV business?

Yes, sir. EV.

EV business is just starting to ramp up. Yeah.

In terms of revenue-based, it's a ₹12 crores of revenue that we have generated as of data. The larger portion has flown in the third quarter itself.

Around 5.5 crores of revenue has flown in this third quarter. Fourth quarter would be much better as per the estimates, this would be higher.

It's slowly ramping up, but as of now, these figures are not so comparable with other business verticals that we are doing. It's a ₹12 crores of revenue that we have got, yeah.

We can say it is kind of growing, but aluminum die casting and cabin fabrication would be on the greater side of the percentage share?

Aluminum die casting, the casting, machining, tooling, and the sheet metal one. Because sheet metal, we have two types of business: one is the cabins and fabrication, other is the sheet metal other than off-highway vehicles.

The off-highway vehicle will have a growth, but not up to that level with the sheet metal we'll have, because we have done investments more into sheet metal business compared to the cabins business. Cabins is also expecting a growth of 15%, 16% in the coming financial years.

Yeah.

Thank you for timing. Okay.

Yeah. Sir, just a few clarification or let's say questions around the new businesses, let's say smart locks.

We have, let's say, two OEMs as of now in terms of orders. Any progress in terms of how the ramp-up would be and any, let's say, new client addition in that part of the business?

Chirag, from what I understand, we have two main customers. The rest are still to take to commercial production and commercial launch for their products with smart locks in the market.

The way I see it, the volumes that were projected about three years ago seem to be slowing down in terms of adoption because of high prices. The ones that have been launched, while the movement and the adoption is slow, it is definitely there.

We do expect that going forward, there will be more adoption. The levels of adoption and the speed and pace of adoptions will not be as was expected three to four years ago.

In this particular year, which is '26-'27, the coming year, we do expect that the numbers for this would still be less than 2% to 3% of the overall market.

Understood. Any update on the Hyundai business for the electronic mirrors in terms of SOP?

Yes. We've got to go ahead now.

We start supplies on the 1st of April. It was supposed to be end of February, but now we've got to go ahead for mass supplies from the 1st of April.

Understood. Just lastly, in terms of overseas business, I think we had mentioned about few new client wins.

Any update or progress on that?

Yes, we have new client wins. We also have seen that the market in Europe and America is sustainable.

It's not growing as we had expected, but luckily for us, the new wins that we had in terms of substitution from other suppliers is now becoming active. Therefore, what Yashpal said will take shape starting from next quarter.

Understood. Thank you so much.

We'll go back to the question queue. Huda?

Hi, sir. Thank you for the opportunity.

Sir, you mentioned in your opening remarks that the commercial vehicle sales has been all-time high in this quarter. If we compare the cabin and fabrication performance as compared to the industry sales volume, it appears to be muted.

Is there any market share loss in this cabin and fabrication department, or how is the way to look at this data, sir?

Radha, Yashpal Jain this side.

Yes, sir. Sure, sir.

You can answer.

Radha, I'm sorry, I was on mute and I was speaking. The commercial vehicles have had their highest-ever quarter three sales of almost 2.9 lakhs in quarter three.

The cabin and fabrication doesn't fall into the commercial vehicle category. We call it the construction and off-highway equipment.

There we believe that, because of the change in the engine norms that happened last year, the initial year, the first half and even quarter three, there wasn't much movement. We do see the increase in volumes and increase in orders starting from this particular quarter.

You would see that that will also ramp up the way we look at how things are going to be in the quarter that we are running in and for the next full calendar and financial year.

Sir, if we compare the four-wheeler including CV, that performance with the industry CV sales volume. I'm not taking the cabin and fabrication, but I'm just taking two-wheeler, four-wheeler, that numbers.

That also remains muted. This can be compared with the CV industry sales phase, sir?

Which one? Come again.

The four-wheeler sales, sir.

No, are you talking about our India operations?

Overall, sir. In the presentation, we gave a bifurcation: two-wheeler, four-wheeler, off-highway.

I'm looking at the four-wheeler sales.

Let me look at that particular number. Okay.

Yeah. I'll just answer, sir.

The breakup you are referring, it comprises of overseas business as well as the India passenger car vehicles. That's what, na?

You are referring to the passenger vehicle, four-wheelers, in the presentation.

Yes, sir. Four-wheeler including CVs.

Yeah. If you go with the vehicles, PVs, CV commercial vehicles, we don't have a much larger share in the commercial vehicles.

It has been merged in others, while passenger vehicles is showing separately. This is how it is 11.2% for quarter three and on nine months it is 12.8%.

The fall is primarily in India we have Honda Cars as the customer. The volumes of Honda Cars are down, and as well as overseas business it will go back to the old levels.

Once this happens, the volumes will again go back to around 15%, 16% as we used to have earlier.

What gives us confidence of turnaround in overseas business in the next quarter?

The turnaround, there have been a many factors, as I mentioned to the earlier participant also, at the operations side also and in terms of the financial restructuring also in terms of their payables, receivables, debt. We have done a complete restructuring.

The effect will start flowing from next month onwards, because it normally takes two to three months to get the documents endorsed from the counterparty in overseas. Similarly, in operation side also, because overseas have some, I would say, strict norms compared to India in terms of the labor, also in terms of other operational aspects.

Now we have been able to do the same. That's the reason we are hoping and expecting that starting April '26, there should be a turnaround in the overseas business also.

Radha, let me also add that some of the new projects, which were in the pipeline, now go into manufacturing with us. With that happening, obviously the revenue will also rise.

As Yashpal said, in terms of restructuring our operations, both from financial standpoint as well as from an operational standpoint, we've plugged in a lot of gaps that we felt we could with how we anticipated things to be. Those have been done.

Keeping all these measures in mind, we are very, very hopeful and bullish on these operations now going back to track as to how they used to be.

Sir. Volume growth you are expecting 15%, 16% in the overseas business.

Is that right, sir?

It could be on the overall platform and on the basis, yes, we do believe that the volume and the revenue growth could be of that order, yes.

Understood, sir. That's great.

The last question is on the Sundaram plant. Sir, Sundaram revenue used to be ₹100 crores per quarter and EBITDA at ₹3-4 crores.

On a Q-o-Q basis, you mentioned to the previous participant the numbers, it seems that both the revenue and EBITDA has come down. While the plant was at the same premises in the previous quarters as well, then what has led to this and by when do you expect ₹500 crores revenue, and at ₹500 crores, what margins are you expecting?

Quarter three, the revenue and margins are down because for a week the operations were running at a very low capacity and last five, six days they were shut down because TVS was also under maintenance. We could supply them before that part period.

That's the reason the revenues has been 82.5 crores against ₹100 crores that we were getting in the earlier two quarters. Similarly, the reasons for fall in profit is also attributable to the low volumes because fixed cost remains the same.

As I mentioned to the earlier participants, starting April '26, for '26-'27, I think this plant should be at around 7% to 7.5% of EBITDA margin in the first year. In next two to three years, it should go to 9% to 9.5% that we are getting from other businesses in aluminum die casting, because our shifting will be completed by the end of April or the first week of May, yeah.

Then we will have our full ramp-up capacity in the new plant. Please.

Radha, there is no shortage of orders. It is the constraints that we have operating from the existing facility, which is transitory.

For your information, the new plant is almost complete now. We are now fixing it up with utilities, and we are quite confident that we should be able to run trials in the beginning of April.

Within April itself, we should be able to move the entire facility to the new plant.

That's great, sir. Thanks, and all the best to the team.

Hello. Am I audible?

Hi. Good morning.

Just a few questions. Firstly on the targets for revenues for the existing business on the India side, we grew more than 14% with now 11.9% margins.

Do you see such growth being sustainable for the next fiscal year, or are we targeting even more?

Maitri, quick answer to this is we've grown at the number that we had projected, and I see no reason why the next year and the year after that should not continue with the same rate of growth. We have the infrastructure in place, we have the orders in place.

Of course, unless something unduly happens in the world, which obviously is something which we cannot control, we do believe that our highway is now quite clear and is allowing us that particular kind of growth for the foreseeable future.

That's great. We do maintain the 12% EBITDA margins going forward as well on the existing side?

We are looking, since this is a combination of margins, it depends on the average route of both our proprietary business, our aluminum business, our sheet metal business. Suffice to say that each one of these areas is looking to improve their margins.

I would not be able to give you an exact number, but I can definitely say that the overall margins will improve from here on even further.

That is great to hear. On the new businesses, we've seen a massive growth this year.

What sort of margins do you expect going forward from next year, and any growth targets you have for this business on the India new business side?

The India new business side? The India new business is largely businesses which are new plants.

We have two new facilities that have become active in Pune. There is a new facility in Chennai, and there is, of course, the Sundaram Clayton business.

These are things that we've defined as our new projects, which have been in initial stages. Again, there would be a hybrid of several things.

Like I said, there would be a dramatic difference and improvement in these businesses in terms of margins and a dramatic growth. You've already seen revenue go from nine-month '25 from 2.74 to 305.

You would see a dramatic improvement in the revenues and you would see an even much more dramatic improvement in terms of margins.

Any quantification on the margin side? See,

like I said, it is a hybrid. For example, Mr.

Yashpal just said that in terms of casting businesses, we do imagine that the new businesses would take us from a break-even EBITDA to about 7%, 7.5% in the coming year. In the sheet metal business, again, there have been improvements, and we will continue to see those improvements happening as we go forward.

There are some elements of the EV business which are in losses, and we do imagine that in the next year, we should be close to break even there as well. If you were to combine, it leads up to several hybrid numbers, for which I cannot give you a single number today.

Correct, yeah. That is it from my side.

Thank you so much, and all the very best.

All right. With that, I think we come to the end of our question-answer.

I hope we've been able to satisfy. We tried to, to the best of our ability.

Let me once again use this platform to invite you all to visit some of our plants for you to get a closer look at what we do, how we do, how we operate. We'd be very happy to answer your questions in person as well.

For today, I want to thank Chorus, I want to thank Emkay and Chirag for putting this call together. I will leave you all on a happy note, which says that the immediate quarter looks extremely exciting, and the next year also looks very, very exciting with our plans, roads all ready for takeoff.

With that, thank you all once again on behalf of me and my entire team here at Sandhar. Thank you.