Thank you. Good morning, everyone, and welcome to the Q3 FY26 Earnings Conference Call of VRL Logistics.

I would like to thank the management for providing us the opportunity to host this call. From the management, we have Mr.

Sunil Nalavadi, CFO of the company. Without further ado, I will hand over the call to Mr.

Nalavadi for the opening remarks, followed by the Q&A session. Thank you, and over to you, sir.

Thank you, madam, and good morning to everyone. I warmly welcome all of you to the earning conference call of VRL Logistics to discuss the financial and operational performance for the third quarter and nine months ended FY26.

I hope everyone has had the opportunity to review our investor presentation, which has been uploaded along with our financial results. The Indian logistics sector continues to benefit from resilient consumption, sustained public infrastructure spending, and structural reforms such as GST 2 and other poli- policy initiatives aimed at improving efficiency and lowering overall logistics costs.

These factors support a positive long-term outlook for the sector. Coming to our op- performance for quarter three of FY26, for the quarter ended December 2025, total income stood at ₹831 crore, broadly flat year-on-year basis, and grew 3% sequentially, driven by improved realizations, new client additions, and the return of some previously lost accounts.

Tonnage saw a quarter-on-quarter improvement, supported by new account additions, growth in tonnage from the existing customers, and return of volumes following contract restructuring undertaken last year. The day- our daily tonnage has crossed 10,900-plus tons during the quarter, reflecting improving demand trends.

On a year-on-year basis, tonnage declined by 9%, primarily due to the exit of low margins and non-strategic contracts. We expect a gradual uptick in volumes going forward.

During the quarter, we placed an order of 500 commercial vehicles, new HCVs, to meet the demand and improve fleet efficiency through replacement of older vehicles. Out of this 500 vehicles, around 100 vehicles have been al- already delivered in the month of January.

The realization per ton stood at around ₹8,117, and it is in- increased by approximately 10% year-on-year basis, reflecting price hikes taken in the last year. We were able to maintain realizations with marginal sequential improvements.

Yield improvement remained a key profitability driver and reinforces our focus on sustainable margin-led growth rather than volum- volume-led expansion. Our profitability EBITDA margin stood at around 20.9%, up by around 20 basis points year-on-year and 12- 130 basis points quarter-on-quarter, supported by improved realizations, discontinuation of low-margin business, strict cost-control measures, and better asset utilizations of the company.

The fuel costs remained well controlled. Fuel cost as a percentage of total income declined to 24.8% from 26.4%, aided by increased bulk procurement from refinery, which accounted for about 40% of fuel sourcing during the quarter.

Our captive fuel pumps increased from seven to eight and further improving cost efficiency. Despite higher toll rates and additional toll plazas, bridge and toll expenses as a percentage of revenue remained under control.

The employee cost as a percentage of total income increased from 16.6% in Q3 FY25 to 18.1% in Q3 FY26 on account of ann- annual increments. The vehicle running expenses increased from 4.9% in Q3 FY25 to 5.7% in Q3 FY26 on account of higher driver incentives.

We continue to view these increases as investment in our people, particularly given the industry-wide shortage of skilled drivers, where VRL's on-roll driver model remains a key competitive advantage. The profit after tax for the quarter stood at ₹65 crores, registering a 9% year-on-year growth, and on sequential basis, PAT is increased by almost 30%, largely driven by lower interest cost following debt repayment.

The capex during the quarter stood at around ₹74 crores, compared to ₹29 crores in quarter two of FY26. Out of this ₹74 crores, ₹50 crores was deployed towards purchase of land and buildings at strategic locations in some selected locations.

For the nine months FY26, our total income stood at around ₹2,386 crores. EBITDA margin stood at around 20.5%, expanded by nearly around 330 basis points year-on-year basis, supported by 13% improvement in realization and sustained cost efficiencies.

The PAT for the same period stood at around ₹165 crores, which is improved by around 52% on year-on-year basis. Our balance sheet remains strong.

Net debt stood at around ₹272 crores as of December 2025, down from ₹304 crores in September 2025, reflecting healthy cash generation. The receivable days remained at around 11 to 12 days, among the lowest in the industry, underlining the strength of our collection mechanism and diversified customer base of over 9 lakh GST-registered customers.

Considering this improvement in cash profile, the Board of Directors have approved the interim dividend of ₹5 per share to reward to the shareholders. In terms of operational, operationally, our network continues to scale.

As of December 2025, we operate with around 1,250 branches and 50 transshipment hubs across 24 states and five union territories. Fleet ra- rationalization continues, with older vehicles being scrapped and utilization of owned new asset improving.

Around 80% of our fleet is debt-free as of now, and 15% is fully depreciated, providing strong operating leverage. Our strategic priorities remain unchanged: profitable volume growth, disciplined cost management, and tight working capital control.

Looking ahead, while near-term macro uncertainties persist, we remain optimistic. Improving demand conditions, stronger marketing initiatives, fleet rationalizations, and expansion in under-penetrated under-penetrated geographies position as well position us well to drive gradual volume recovery while sustaining profitability.

With this, I conclude my opening remarks. We now open the floor for questions and look forward to an engaging interaction with all of you.

Thank you.

Good morning, and thank you for the opportunity. My first question would be on the volume growth side.

Right now, we see that the base has caught up, and the volume decline what we have seen in this quarter should most likely be the last of it. Just wanted to get your sense around what is your expectation on volume growth going ahead, and what are the steps which you will be taking towards achieving that volume growth?

On volume growth, see, one thing is we are expecting at least around, sequential basis, at least around 3% to 4% growth in tonnage even in last Q4. Basically, out of this, around 3,45,000 tons have been already delivered in the month of January.

Based on that, we are expecting at least around 4% tonnage growth we are expecting in Q4. With that, even on a sequential basis, 2% growth in the next year quarter-on-quarter basis, that will lead to almost around 10% growth in tonnage in the next financial year.

That's what we are expecting. Got it.

Basically what we are doing, we are opening some of the branches also, and we are aggressively doing marketing activities. Apart from that, we are identifying some of the lost customers and approaching them to, or customers themselves are approaching us to again revamp the business.

That is giving a lot of support for us to having this kind of a growth.

Got it. Any targets with respect to branch addition in the next year?

Are you looking at it primarily from higher volumes from existing branches? What would be your strategy over here?

For example, in the North and Northeast, you had expanded branches, and that was contributing to a significant portion of volumes in '23, '24. Just wanted to get a sense around what would be the strategy this time around?

Yeah. The additional activity what we are doing is, apart from opening the new branches, that's a company-owned branches, actually, we are considering to appoint the franchises or agents in some of the newer geography or even in the existing market.

See, basically what it is supporting is we are identifying some of the franchises who are expert in the business, either it may be local or with other competitor or something like that, and we are offering them to the agents. For their business perspective, they are having certain limitations.

They are local people, and they are unable to book the consignment across the country. We are appointing them as exclusive agents to the company, and definitely that will give support to us.

Right now, for this quarter, we have already appointed in the month of January also around 15 to 20 agents have been appointed, and we are having a good number of additions. We are having a plan to add a very good number of agents going forward.

Okay. Lastly, you also mentioned about fleet addition, I think about 500-odd CVs to meet incremental demand and replacement of old fleet.

Just given that 20% of your fleet is already depreciated, that translates to about 1,200, is it fair to assume that the new fleet would be adequate to meet your growth expectation of 10% or you would be taking more lorry hire for meeting incremental demand?

Out of 500 vehicles, 100 vehicles have been already delivered in the month of January. Here what our guidance is around 10% increase in the volume, and even 500 vehicle addition will lead to increase of 10% addition in the capacity.

Overall, it will match whatever we are expecting on the tonnage, the addition in the capacity will match to that extent.

That will be the overall addition. Any plans on FY27 on capex, sir?

What would be fleet addition plans next year?

Now, see, most of the rectifications in terms of the business contracts and rates have been already done, and now the complete focus is on the volume growth. This trend will continue even for the FY27 also.

We are having at least internal around plans and something like that at least quarter-on-quarter we have to grow. Sequentially, even if you assume 2% to 3% growth, then it will lead to at least around 10% to 12% volume growth even in FY27.

Whatever capex required to that additional volume, definitely we will incur additional capex to that extent.

Understood. Thank you.

I'll get back in the queue.

Thank you.

Good morning, sir. My question is regarding the realization.

What I understand is that we had taken price hikes from end of second quarter FY25, a lot of those price hikes might have been factored in the base period. Despite that, we have had a 10% realization gain.

Just wanted to understand that how should we see it going forward?

Now, on the rate rationalization, there are two things, ma'am. See, whatever the freight rate increase actually we did in quarter two of the last year, and in the quarter four of the last year, what we did, we identified all the low-margin businesses, and we just discontinued those contracts.

That has led to further improvement in the realizations. When we took a increase in the freight rates, actually, our realizations have been improved by around 10%, 11% or so.

Because of this withdrawal of the low-margin contracts and other things, that were led to almost around 5% to 6% increase in the realization.

All right. Going forward for the fourth quarter and sequential quarters, we can assume the margin, since we had let go of the low-margin business, around 4% to 5% year-on-year realization gain, can we assume it for the coming two, three quarters?

No, yeah, around 1% or 2% you can assume, not beyond that.

All right. Understood, sir.

Thank you. Yeah.

Hi, sir. Good morning.

Good morning. Good morning.

a couple of queries. Sir, abhi or now in fourth quarter, how we should look at it abhi because the the base is now revised or, the it's rebased now with what you had the quarter low-base quarter for after the change in the policy of or strategy where you let go of low-margin business.

Now, going forward, what could be the realization be, say, for fourth quarter, and how should we also look at the volumes? Because volumes have the reductions have kept on coming down, and now in the third quarter, we did minus 9%.

How we should look at fourth quarter and next year?

Fourth quarter, we are expecting a tonnage growth of around 3% to 4% on a sequential basis, because for the month of January, we have already delivered around 3,45,000 tons. Considering this volume, definitely in February and March, again we are expecting good volumes, which will lead to around 4% growth in the tonnage.

The realizations will be maintained at the current level. Next quarter, on a sequential basis, even if we assume around 2% growth based on the Q4 tonnage, so that will lead to at least around 10% to 11% growth in the tonnage.

Next year 10% to 11% tonnage growth?

Yeah.

Okay. No realization improvement?

Realization will be maintained at the current level.

Assuming the quarter four exit level.

Yes.

Right. Okay.

Next year, we are looking at 11% kind of a revenue growth, or it would be

Yeah, 11% revenue growth, that will lead to the revenue of around ₹3,600 crores in the financial year '27. Okay.

With a EBITDA of around 20.5%, then EBITDA will be in the range of around ₹730, ₹740 crores.

Okay. So 20.5% we expect to maintain in the next year also.

Around 20% definitely.

Okay. Sir, we had given out this 2%, 3% wage correction, which the margins were to get impacted.

That impact is already in this 20% or something has happened because the margins did not really come down after that. It's still at 20.

Basically what happened, the fuel cost has supported us further. The fuel cost as a percentage is almost reduced by around 1.6% to 1.7%.

Okay. That has compensated with increase in the employee cost.

Okay. Now the new normal margin you are saying is instead of 17, 18, new normal will be 20,

21? Around 20% you can say.

20%, right. Capex for next year, I missed that number, if you can repeat capex for this year or next year?

There are two capex. One is the addition of this 500 commercial vehicles, that will fetch almost around ₹160, ₹170 crores investment.

Apart from that, we identified some of the locations where actually we want to buy some land and buildings, that will be in the range of another around ₹160, ₹170 crores. Total next year Next year.

Next year, total capex we are expecting next year is around ₹350 crores.

Okay. Just last question.

Any sharp improvement in the CV buying which you are saying, the outlook improved quite materially that the CV volumes are also coming very good? Because from our side, we are just largely doing it as per the tonnage growth.

Just your thoughts on that?

In outside market, most of the cases, see, nobody is owning the vehicle, the leading logistics service

providers. Correct, correct.

In other segment, there is an improvement, say, like infrastructure and all the commercial vehicle, there is an improvement.

Logistics you are saying it's not something that it's kind of the usual 8% to 10% volume growth?

It is spread actually. It is spread, and most of the vehicle owners, again, these are all small small fleet owners.

Right, right.

Yeah.

Got it. Sir, if I just sum it up, there is no more improvement in realization which we are expecting ahead, that is number one.

Whatever the incremental revenue growth will come, which will be largely from the volume growth, which is expected to be around 9% to 10% ahead.

10% to 11% in next year.

10% to 11% for next year, and maybe after that more like 8% to 9% on the higher base, right?

Yes,

yeah. No price change we're expecting further anytime soon.

No, right now, no, and unless there'll be substantial change in the cost structure.

Okay. Got it, sir.

Got it. Okay.

Thank you so much, sir. That's all from my side.

Thank you.

Hi. Thank you for the opportunity.

My first question is on the volume growth. Can we break it down between let's say what was the growth from the current network, what was the attrition that we are looking from the current network, and what was the growth from the new client quarter-on-quarter?

Basically, if you see in quarter three, almost 10% of our tonnage has contributed from the new customers. Right.

Out of this, again, we lost a tonnage. Year-on-year basis, around 8% of the tonnage we lost because the customers have discontinued business with us, or we discontinued their business contract.

There is a 1% growth in tonnage from the existing customers who have continued the business, and their tonnage has improved by around 1%. To sum up this, the quarter-on-quarter, we grown by around 3%.

Sir, you mentioned Y-o-Y loss of 8%, that is Q-o-Q, right? Q2 on Q3

Q-o-Q. Okay.

Yeah. For year-on-year basis, there is decline of the customers who have left, that accounted almost around 18%, and the tonnage which came from the new customer is around 15%.

Because of this, we lost around 3% tonnage. The decline from the existing customer is around 6%.

Both put together, the decline in the tonnage is around 9%.

Right. Sir, my next question would be that let's say in a normal business circumstance, we took a price hike, and therefore there was a lot of loss of volume over the last one and a half years, but if we had to say in a normal business operations, what is the general Q-o-Q volume attrition that we are looking at, on a steady-state basis?

Yeah.

Look, definitely, see, we are going to see how we did in quarter three, for example, 3% we grown. This lost-in-customer actually, it will continue.

Since on a sequential basis, around 5%, 6% at least it will be there, but the new customer addition what we did, 10% growth on quarter-on-quarter basis, that number will further improve. Even from the existing customer, what we are looking, the 1% growth from the existing customer, even that number is going to be improved further.

That's the reason, on a sequential basis, at least for quarter four, definitely it will be in the range of around 4% growth in the tonnage.

Right. Sir, on the CV front, if we just look at the CV, I think CV are now again going into upcycle, there is a lot of demand.

I think, for us, we are buying the vehicles according to our requirement, but overall do you see any kind of a positive trend in the economy and especially in the logistics sector, which can maybe push the growth towards let's say a bit higher than what we're expecting? So 10% is what we're expecting now, but let's say can there be an upside risk to this, given the possible higher economic activity in the country?

No,

definitely. This is actually very conservative number actually what I'm indicating, based on our internal plans and all.

With the additional improvements, say, for example, now change in GST, that has supported some volume growth. Tomorrow again if there is a good monsoon period and good agricultural activities, again it will support to further addition in the volumes.

Even on FMCG side and all, if any improvement. Say, for example, textile actually, which is major contribution in our tonnage, almost around 16% to 17% tonnage we are carrying textile materials, there also we are identifying some of the corporate clients, and if addition of even some four, five big textile manufacturers in India, then definitely that will lead to further improvement in the volumes.

Right, sir. On the realization, again across the industry, the commentary or the thinking now has been that let's say people want to focus more on profitability also and not just on the volume front.

I think, given we are already very profitable, but do you see any possible scope where let's say due to better demand, we might consider a price hike, especially if the other players are also doing the same?

No, right now, see, we are at a good margin side. Our focus is only on the volume growth.

We'll maintain whatever current realization plus margins.

Okay. Sir.

Just one final question. Given that majority of our clients are smaller companies, corporate is a very small chunk, incrementally, are we looking at more traction from the corporate clients or is the SME piece of our business also expected to do well going ahead?

How do we see the mix shifting over the next two to three years? No,

our focus will remain the entire market. See, for example, whenever we go, we go with the commodities.

Whether it may be corporate, it may be retail, we go and approach each and every customer related to that particular product. Always our marketing activity is based on the product.

See, for example, if we are entering into Northeast, which are the major product in those areas, say, one is incoming, then the next one is outgoing material, accordingly we go and we identify customer. We go even mass marketing to even some of the mandis and all, even we do that.

The focus is based on the commodity rather than the kind of a customer. Hello?

Hello? Hello.

Yes, please.

Hi, sir.

Hello.

Hi. This ₹500 crores vehicle addition is over what period of time that you are expecting?

No, 500 number of vehicles.

Yeah.

It is for the current calendar year of FY26 calendar year of 2026. Till December 2026 what we planned.

This year itself. This would lead to capacity expansion of 10%, but how much will it add to your revenue and EBITDA?

Incremental revenue and profitability coming from incremental capacity addition would be how much?

No, basically, whatever volume growth we are expecting, the 10% volume growth in next financial year, to cater to this demand, actually, we are adding these vehicles. We are adding the capacity.

There will be growth in the existing business also, right? Ex of this addition.

I'm just trying to see how much the

No, basically, see, the ownership of the vehicle and growth in tonnage both these two are totally independent. Whenever we get a tonnage growth, then how to carry those goods we decide, whether it is through outside vehicle or own vehicle.

Now in FY26, we are expecting the 10% volume growth. To serve this additional demand, actually, we are adding 500 vehicles.

Got it. These will be all

on Since almost around, say, now 96%, 97% of the service we are providing through own vehicles, and the further demand will also be through own vehicles, then definitely it will maintain our profitability margin of around 20%.

Got it. These will be all on higher-tonnage trucks?

Higher-tonnage trucks. These are all around 20-tonner capacity vehicles.

20-plus tons?

20-tonners.

Okay. Got it.

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

Yeah.

Hi. Good morning.

I hope I'm audible, sir.

Good morning. Please tell.

Sir, first question is on this agent-owned or franchisee branch network. In our existing branch network, what would be the contribution of such branches?

See, currently, we are having say around 120, 130 agencies, which is contributing almost around say 9% to 10% to the tonnage currently. Going forward, actually, we wish to focus more on appointing the new agencies.

Sure. Is there any difference in the realizations in the agent or the franchisee branches versus our own branches?

No. There will not be any change in the realization, because ultimately they have to follow our rate cards only.

All bookings are happening through system. Whatever rate cards will appear in the system, accordingly they have to book.

It is common for both company-owned branches and franchises.

Okay. I'm trying to understand how do we incentivize these agents, because from what I understand, please correct me if I'm wrong, in an open market, these agents tie up with multiple logistics operators, and wherever they can sort of get cheaper realizations, they focus on sending those material or that tonnage through those LSPs.

How do we sort of incentivize these agents to sort of ensure that their customer tonnage comes through our network?

See, one is, actually, some of the markets, even customer need the support of the market also. Considering our efficient service and some of the customers actually will approach to us, and even agent can market our service level to the customers and add the new tonnage.

Even our network, actually, they can go and market and expand the tonnage. Third thing is actually we are incentivizing good commission to them based on the tonnage basis.

That will also lead if somebody is earning lower realization tonnage, then definitely he cannot offer good commission to the agent. Since we are earning good realization from the tonnage, then definitely we can offer them better commission to the agents.

Even that will also attracting some of the new agents who are already into this business.

Got it. Second question is on our guidance of 20% EBITDA margins.

Are we expecting gross margins to expand further in '27 and '28? Because from what I see, our employee expenses have grown at about, say, 14%, 15% CAGR over the last two to three years.

So 10% increase in revenue may not be able to sustain the same margin. Are we expecting higher procurement from fuel or more efficiencies, because our driver incentives are also going up, toll prices are also going up?

Just trying to understand how do we maintain this 20% EBITDA margin run rate on the expectation of a 10% to 11% revenue growth.

See, basically, out of the total expenditure, almost around 35% to 40% of our expenses are fixed in nature. One is the employee cost, which is almost around 18% of the revenue, it is fixed in nature.

Whenever the revenue improves, then again the percentage of the employee cost will come down. The second thing, all rental expenses, which is almost around 8% to 9% of the revenue, including that Ind AS accounting, even that is fixed in nature.

All insurance costs related to vehicles and even the taxes what we are paying to the vehicles, those are all fixed in nature. Considering these things, definitely these fixed expenses ratio to the revenue will come down as and when the tonnage or revenue will improve.

Got it. Are we expecting gross margins

Apart from that, on the fuel side also we are adding the own pumps. In the last quarter also, we added another captive pump.

Going forward, we are having a plan to add another at least around three to four pumps in the next financial year. We are identifying the location where actually our consumption is on a higher side.

There also we wish to establish our own pumps. That will lead to further savings in the fuel cost.

Got it. That's it from my end.

All the very best, sir.

Thank you.

Thanks for the follow-up, sir. Just a couple of questions.

First one is on employee cost. You did mention in the last call that there is going to be about a ₹6 crore of monthly increase in employee cost due to the escalation.

If you look at the number, I don't think it has increased to that level. Any one-offs to call out here?

No, nothing. Some based on some of the number of days and other things.

On a gross level, actually, the monthly increment is around ₹5 to ₹6 crores. Okay.

Since we are talking about the employee cost, just I wish to highlight about the new labor code what the government has introduced, see, we are happy to say that there will not be any incremental liability on the company to comply this new labor code. Whatever existing salary structures and the contribution from the company, these are all already in line with the new labor codes.

There will not be any further burden on the company on account of compliance for the new labor codes.

Understood, sir. Understood.

Also adding on to the point that while employee cost is fixed in nature, when is the next increase expected? Is it likely inflationary increase in salary will be expected in mid of next year?

Is that something which is expected? Why I'm asking this is because Normally, we

Yeah. No.

No, why I was asking is because the sustenance of the 20% without taking any price hikes would require us to do a lot of cost control measures going ahead in the next year. Just wanted to get some sense around this.

No, basically, employee cost we gave increment in the month of August. Now till August, anyway, it will not be there.

Normally if you take the past incremental process of the company, normally we do after 1 and 1/2 year or 1 and 1/2 year, two years like that. Based on that, till March 2027, I don't think so there'll be further incremental process.

Understood. Understood.

The last one on capex. Sir, while I was looking at your fleet, incrementally, I've seen that you've scrapped more of 20, 25 and greater than 30-tonner trucks, right, over the last six, seven quarters, based on tonnage.

Now you're looking to add close to about 20-tonners only. Are you not seeing any benefits of the larger trucks, the 20 to 25-ton or 25-ton plus, or are you seeing that these trucks were broadly underutilized, due to which you are strategically shifting towards 20-ton?

Something which I wanted a bit of clarity on.

One major thing that I want to highlight, even in the larger capacity vehicles, see, earlier the current 28-tonner vehicles, earlier those were 24-tonner vehicle before the government has announced the weight factor on the vehicles. Now what is happening in 28-tonner capacity, they have not increased the size of the vehicle.

The size of the vehicle remains same at around 32 feet. Because of this, even 20-tonner capacity vehicle also having the size of 32 feet, and 28-tonner also having the 32 feet capacity, it's a 32 feet size.

Because of this reason, what is happening, if you see the payload factor of the vehicle, the 20-tonner vehicles are more efficient than the 28-tonners. Even though the registered tonnage is around 28 ton as of today, if you see the actual weight what we are carrying in those vehicle, because of the restriction in the size, it is in the range of around 25, 26 tons.

Considering these factors and considering the return load factor also, those numbers the 28-tonner vehicle have been wherever the major maintenance or something like that, then we scrap those vehicles.

Got it. If you had to take in a larger vehicle in the next category with a bigger size, then you'll have to go into tractor trailers sort of a system for you to get benefit because volumes are or rather the most of your shipments are volumetric in nature.

Is that understanding correct?

We are already using some of the trailer. Around 120 vehicles, we are already having those vehicles.

We are already using those vehicles in our system, wherever both side enough loads are there, wherever the busiest routes. There, actually, we are using those trailers already.

Understood, sir. Yeah.

With respect to capex, you did mention that you're going to add around ₹160, ₹170 crores towards a new location. These are primarily hubs which you're referring to, or is it about the fuel pumps which you are going to add in the next year?

No, not a fuel pump. These are the critical branches wherever the major branches are also there where actually we are not finding the ideal space where actually we are investing.

How many such pockets are available, sir? Right now, I think you own close to about 12 to 13 such hubs, if I'm not wrong.

No, the owned hubs are around 10 hubs as of today, and the branches are around, say, 40, 45 branches are owned by the company as of today. Means properties are owned by the company.

This whatever ₹57, ₹58 crores we invested, these are invested in the branch of around 8 to 9 branches. Going forward, again some of the branch have been already identified, which are in the range of around 10 to 12 numbers.

Okay. Got it.

Hubs-wise you're not adding anything. It's going to be more of opening of

For the time being, whatever capex we indicated, say around ₹150, ₹160 crores, this is other than the hubs. These are only investment in the branches.

Major branches, not a small branches, the major ones.

Understood. Understood, sir.

Thank you, sir. That's it from my side.

Yes, thank you.

Thank you. Thank you, everyone, for joining the call today.

I'd like to reiterate that we remain confident on delivering around 10% volume growth in the next financial year. With that 10% volume growth, definitely we'll maintain the current EBITDA margins, which are around 20% level.

Definitely that will lead to good growth in the absolute terms of EBITDA as well as profitability in the coming periods. With this, I conclude the call.

Thank you.