Hello. Good morning, everybody.

On the call today, I am joined by Mr. Daljit Singh, our Managing Director; Mr.

Sudhir Goyal, Group CFO; Mr. Sanjay Arora, Whole-time Director of Iljin Electronics; and Mr.

Sachin Gupta, Whole-time Director of Amber. We have uploaded our presentation on the exchanges, and I hope everyone had an opportunity to go through the same.

I am pleased to report FY '26 has been a remarkable year for the company, as our consolidated revenue surpassed ₹12,000 crore milestone despite the RAC industry witnessed a challenging year on the account of weather conditions. While Amber Group demonstrated resilience with growth driven by all three of its diversified divisions, and each engine propelling the growth forward.

Let me reflect briefly on the strategic initiatives taken in electronic division during the year. We strengthened the volume and value play by expanding both horizontally and vertically through our partnerships with Power-One, Unitronics, and Shogini.

On the expansion front, we have got more than ₹4,500 crore total investment approvals under ECMS for Ascent Circuits in Noida for HDI PCB along with Ascent Circuits in Hosur and Shogini in Pune for multilayer PCB applications. On the way forward, Ascent Circuits HDI PCB manufacturing facility is set to commence its construction by June of '26 month.

With trial production expected by quarter 3 FY '28, this will be a state-of-the-art facility strategically located near New Noida Airport. The bare PCB business collectively with Ascent, Shogini, and Ascent Circuits is well positioned to emerge as India's largest and most comprehensive PCB manufacturer, offering solutions from single-layer PCBs to advanced HDI products.

This reinforces our long-term commitment to strengthening India's Aatmanirbharta in electronics manufacturing ecosystem. Further, strengthening our foothold in the promising and fast-growing industrial automation space, we have now increased our stake in Unitronics Israel to 50.4%, achieving the majority ownership.

Switching to performance, the consolidated revenue of Amber grew by 22%, reaching ₹12,186 crore for the year, and recorded operating EBITDA of ₹970 crore, with growth of 22%. Adjusted PAT stood at ₹338 crore, recording a growth of 22% over previous year.

Let me now take you through the divisional performances. Firstly, on consumer durable division, owing to weather conditions, room AC industry has remained largely flattish during the year.

In line with our guidance, the division outperformed the industry, recording a growth of 14% over previous year. The performance is driven by a diversified product portfolio, deepening of wallet share, and continued expansion of our product offerings.

Further, considering the robust growth potential in room AC industry, we have augmented our RAC production capacity at Sri City in South India. On inventory front, considering the geopolitical uncertainty, we have proactively built inventory to mitigate for any supply chain risk.

Coming to our electronics division, the division continues its strong growth momentum in FY '26 with revenue of ₹3,268 crore, reflecting a growth of 49% year-on-year basis, driven by strong PCBA business along with bare PCB business and addition of new businesses. The division reported operating EBITDA of ₹287 crore with growth of 89%.

Continuing the strong growth momentum, this division is expected to grow by around 40% in FY '27. Coming to railway division, this division delivered a strong growth of 19% revenue during FY '26 and operating EBITDA grew by 8%, supported by increased offtake driven by metro, railway, and defense solutions.

On the expansion front, Sidwal's greenfield facility of HVAC, pantry, doors, and gangways in Faridabad is now ready, and trial production is underway. Commercial production is expected to begin from current quarter.

Backed by strong order book visibility of ₹2,600 crore plus and product portfolio expansion, we remain optimistic of division's growth of 30% to 35% for both FY '27 and FY '28. As we look ahead, FY '27 holds the promise of strong growth momentum.

However, on the margins front, prevailing high commodity prices, currency depreciation, and minimum wage revision in UP and Haryana poses headwinds in consumer durable and electronic divisions. For bare PCB businesses, there has been increase in input cost of copper-clad laminate.

Prices has increased by more than 60% in last 1 year and still increasing. Gold prices have also increased by approximately 60% in last 1 year, and prices still continue to increase.

On the railway division side, the Indian Railway contracts are fixed-price contracts, whereas the metro project contracts, the pass-on mechanism is there. To sum up, we expect margin pressure of 50 to 100 bps at consolidated level, which is of temporary in nature and expected to normalize as macro environment improves.

Now let me hand over to Sudhir Goyal, our CFO, for financial highlights.

Hi, good morning, everyone. Let me take you through the consolidated financial highlights.

Starting with the full-year performance, revenue for financial year '26 increased to ₹12,186 crore compared to ₹9,973 crore in the previous year, recording a growth of 22%. Operating EBITDA increased to ₹970 crore against ₹796 crore, reflecting a growth of 22% year-on-year.

For clarification, operating EBITDA is before impact of ESOP expenses and other non-operating income and expenses. Adjusted PAT for the year stood at ₹338 crore against adjusted PAT of ₹277 crore in financial year '25, reflecting a growth of 22%.

Adjusted PAT is prior to the exceptional one-off impairment of investment in Shivalik and share of loss of Shivalik JV amounting to ₹112 crore in financial year '26 and ₹26 crore in financial year '25, whereas it's after considering the one-off provision of ₹9 crore of new labor codes and other JV losses of ₹8 crore. Coming to the quarterly performance, for quarter 4 financial year '26, we clocked a consolidated revenue of ₹4,148 crore, up by 10% over last year.

We recorded quarterly operating EBITDA of ₹362 crore, a growth of 15% year-on-year. Adjusted PAT for the quarter stood at ₹162 crore versus ₹128 crore last year, reflecting a growth of 27%.

While there was no adjustment of loss of JV on account of Shivalik in quarter 4 financial year '26, whereas quarter 4 '25 is adjusted back for loss of ₹9 crore. Further to clarify, in quarter 4, share of loss of Shivalik JV is ₹64 crore from 1st January '26 till 30th March '26, the date of sale of Shivalik shares.

Since we have already impaired investment through exceptional item in quarter 3, accordingly we have reversed the impairment of ₹64 crore as exceptional item and recorded it as a loss from JV of ₹64 crore. Importantly, there is no net impact on the P&L in quarter 4 on account of Shivalik, as the reversal of the exceptional item and the recognition of the JV loss offset each other.

Further going forward, there won't be any impact of Shivalik in our financials. Now let me take you through the full-year divisional performance overview.

Firstly, revenue and operating EBITDA details of the divisional performance are not comparable with the published segmental results. Starting with the consumer durable division, the consumer durable division reported revenue of ₹8,383 crore in financial year '26 compared to ₹7,329 crore in FY '25, reflecting a growth of 14% year-on-year.

Operating EBITDA for the year increased by 6% year-on-year and stood at ₹593 crore compared to ₹562 crore in financial year '25. Coming to electronic division performance, revenue for financial year '26 increased to ₹3,268 crore compared to ₹2,194 crore in financial year '25, reflecting a strong growth of 49% year-on-year, driven by strong PCBA business along with bare PCB and the addition of new businesses.

Please note we acquired Power-One Micro Systems in August, Unitronics in October, and Shogini in December, hence the consolidated financials include performance of these three entities for partial period only. Operating EBITDA for the year recorded growth of 89% year-on-year and stood at ₹287 crore compared to ₹151 crore in financial year '25.

Moving to railway system and defense divisional performance, the revenue for financial year '26 increased to ₹535 crore compared to ₹450 crore in financial year '25, reflecting a growth of 19% year-on-year, and the resulting operating EBITDA stood at ₹90 crore, a growth of 8% year-on-year. The division is expected to deliver 30% to 35% revenue growth in FY '27.

On the balance sheet front, net debt stood at ₹511 crore as of March '26 against ₹780 crore in March '25. Our net working capital days stood at 29 days as of March '26 compared to 9 days in March '25.

Please note that the net working capital days calculation is considering acceptances as part of trade payables. The increase in working capital days was primarily driven by proactive inventory build-up considering the supply chain disruptions from geopolitical uncertainties.

On the incentive front, we have received the PLI amount of ₹49.5 crore in April pertaining to financial year '25. In the current year, we expect to receive ₹78 crore under the PLI scheme for the financial year '26.

Thank you. Now I request the operator to please open the floor for Q&A.

Yeah. Hi, good morning.

Thanks for your time. As always, two questions.

One on the RAC side. Jasbir ji, how do you see the industry volume growth given whatever we've seen, it's been some heat waves, rainfall in the beginning of the season in April, things seem to be getting better as we enter into May?

Overall, if you could just help us both for Q1 and also for the full year, what is that the industry growth could be? More importantly, how is Amber kind of seeing growth for this year?

That's number one. Number two, on the margin front, as you said, there could be an impact of 50 to 100 basis, if you could just try and help us understand which segments would see most of these pressures and some guidance there on the margin front across segments if possible.

Good morning, Ankur. I'll ask Sachin to reply to your first question and then I'll answer the second question.

Sachin, over to you.

Yeah. Ankur ji, coming to the volume side, obviously '25-'26, as everyone knows, the quarter 1 and quarter 2 were very, very flattish or they were down by 30%.

Quarter 3 and quarter 4 saw the recovery. The complete year is probably on a flattish side.

The quarter 1 has started at a very positive note for '26-'27. Initial 10 days of April were very sluggish because of the rains and all that.

Since 12th April, you can see that the South, West, and North all have kicked in. The heat is already very high in the North.

The demand is good. Against last year, because the base was very weak, the industry expects to grow by somewhere around 20% in quarter 1.

On the complete year side, we are estimating a growth of somewhere around 12% to 13% on the complete year side.

In volumes, okay. Price hikes would be the other 10%-odd percent?

Is that fair?

Price hike versus last year, there were two incrementals. One was in the month of January because of the star rating change.

One is in the month of April majorly be driven because of the commodity increase. Both together, we can say that the price increase is somewhere around 14% versus last year.

Okay.

Ankur, on the second question on the margin side, as explained in my commentary, there are three, four forces which are in play right now. I would like to little give more brief on those forces basically.

First factor is the minimum wage increase which happened of 35% in Haryana, which led to riots in Noida and UP government also in turn increased minimum wages to about 22%. Then other states are also now looking to increase.

That is one part. Second is commodities like copper-clad laminate, the gold, which we use in PCB business.

What we have seen in the PCB front is, in Amber, we are Tier 1. In Tier 1, we directly deal with the customers and we can increase the pass-on or reduction of commodity and currency risk within a quarter 1 quarter at a quarterly lag basis.

In the PCB business, we are Tier 2. We don't supply directly to Maruti or Hyundai.

We supply to Tier 1 guys, and that's where the inventories has to be taken care at two levels and hence the lag in the PCB business to increase the cost is about two quarters. This has been our learning in last 1 year as far as the PCB is concerned.

On Indian Railway, contracts are fixed-term contract. They don't negotiate because these are tender documents.

Whereas other contracts like defense contracts or telecom contracts or the data center air conditioning contracts which are now getting signed, those are the contracts which have got a pass-on through. That's the reason why we gave a just update to everybody that this is temporary of course.

You would have seen in last 7 years, we have been able to pass on, and we will continue to pass on. Since it is momentary, but we thought that it's our duty to inform everybody that next one or two quarters you should see this hit coming in.

Understood. Thank you.

Thank you so much and all the best.

Thank you.

Thank you for taking the opportunity and good morning, gentlemen. I just had one question.

Recently there was a news article that government has imposed import restrictions on RAC compressors and even other appliance compressors. Sir, could you help us understand the industry dynamics?

What is the manufacturing capacity in India? How much Amber as a company manufactures and do you think this and next year could see some pain in terms of shortage there?

Natasha, basically, room AC category of compressors require 2 ton and below compressors. Whereas commercial air conditioners industry require 2 ton and above compressors.

There are two categories of compressors. Then the third compressor which kicks in is for refrigerators, right?

We at Amber, we are not producing or manufacturing compressors. We buy compressors from outside.

We have a long-term agreement with GMCC, who's supporting us on the compressor. We also buy from other manufacturers like LG and other compressor manufacturers.

We don't see any shortages on the compressor front. Just to give a brief on Quality Control Order, which was in the news, there were Quality Control Orders imposed on the compressor industry.

We have seen because of the Production Linked Incentive Scheme, five investments have kicked in in India in last 3 years, which is basically LG has put up a plant, Daikin has put up a plant, Mitsubishi has put up a plant, GMCC has increased its capacity, and Highly is also thinking of increasing its capacity. These are five manufacturers who are catering to room AC industry at the moment.

Whereas coming to commercial air conditioner division, there are companies like Copeland or Danfoss who are manufacturing compressors for those category of compressors. You don't need only 2 ton, but you need 3 ton, 4 ton, 7.5 ton, 5 ton, 8 ton, 11 ton, 12 ton capacities of compressors.

Right now, the manufacturing capacities which have been built in country are below 2 ton. That's why the Quality Control Order says that, but there is still a shortage in terms of the capacity built up versus the growth in the country for the room AC.

That's the reason why government has allowed to import 30% of last year imported volumes to cater to the shortage. Coming on the 2 ton front, that they have extended it for 1 year.

The complete compressors can be imported from outside India because right now, we don't see any big capacity coming up for the commercial air conditioner sector. Then coming to refrigerator compressor model, there are some very specific compressors which are not getting manufactured here just like dispensers and other categories of refrigeration compressors.

On overall basis, there looks to be a adequate capacity. Still some industry players feel that some particular compressors are of shortage.

Hence, the QCO order was released to clarify and extend the imports. I believe that the way things are moving, we will see that further capacity increases will also come from new players also and existing players will also expand.

We don't see any big problem coming out of this place because of compressors. Sir,

just one follow-up here. Can we say at least for this calendar year or rather FY '27, there will still be a shortage of about 40% given industry will grow at 12% to 15% in terms of volume?

No,

we don't think so because if you map each and every manufacturer's capacity versus the requirement in the industry, looking at a CAGR of about 13% to 15% growth, I believe it is adequately placed. The capacities are adequate enough.

Of course, the shortage part has been addressed by the 30% allowance of import of compressors below 2 ton. That bridges the gap.

Understood. Thank you so much, sir, and all the best.

Thank you.

Yes. Thank you very much.

Two questions. First one on the inventory side.

From my understanding, you're talking about inventory that's built up that's basically the components and the parts, not the finished product, because you said the demand was strong. On that front, by frontloading this, what sort of a benefit do you think you've got in terms of if you could quantify how much savings would that be in current component prices, that'd be appreciated.

My second question is, Jasbir, in terms of whenever we've spoken, you always mentioned and we've seen the progression about going towards higher margin businesses. Does that still stand or do you think at this point you'd be open to going towards high volume, low margins, but high ROCE business if you can talk about that?

Thank you. On

coming on the first question on the inventory build-up, yes, we proactively increased our inventory level looking into the supply chain constraints. We are not getting very big advantage on the pricing side, but we are getting advantage on the supply side that we are able to fulfill our contracts on timely basis to each and every customer.

As far as our endeavor on going towards the higher business model goes, I'll just give you a brief of what we have done in electronics. We had acquired Iljin in 2018 when this was a ₹300 crore company with about 3% of EBITDA.

Now this last year, we have crossed about close to about 8.8% of EBITDA in the electronics division, and we have crossed ₹3,200 crore of top line. We expect a 40% growth while getting closer towards a double-digit EBITDA numbers.

Our endeavor on going towards the value side of the businesses because in B2B business, what we are trying to attempt is we're trying to balance the left and right. Left side is the volume side business, which are equally important to bring scale and to have a leverage on the purchase side.

On the value side, they are more sticky businesses. There are entry barriers in those businesses like industrial electronics, industry automation electronics, power electronics, or aerospace and defense going forward, medical electronics.

These are more sticky businesses, more entry barriers, and high-margin businesses. We will continue to balance both volume and value play while attempting to build a very strong, diversified B2B company.

On the railway side also, we are doing the same things. We started with small company, ₹157 crore with about 13% EBITDA.

Now EBITDAs are more about 17%, 18% type, and we are growing in that on more value-oriented products. We've gone into metro side.

We've gone into doors and gangways. We've deep-dived more into the BOM of railways.

Now we are developing data center cooling solutions. We've cracked almost four customers there, and we've already executed three projects, very marquee projects in India on the data center in-rack and in-row cooling side.

Those are all value propositions which we are doing. As a B2B company, there are two pulses which we feel.

The two pulse is basically scale and second is efficiency. The scale team is responsible to balance well volume and value play, while the efficiency teams are the operational teams which have to bring in efficiency on the plant side, on the purchasing side, on the R&D side, and so and so forth.

Got it. Thank you.

Hi. Thanks for the opportunity.

My first question is on capex. In the last quarter you had said that your capex would be about ₹800 crore, but this number has been much higher.

Just wanted to get a sense that is there some front-ending of capex that you have done and how should we look at FY '27 capex numbers?

Yeah. Hi, Dhruv.

This is Sudhir. Rightly said that there is some front-ending of a capex.

If you see our overall capex, out of the overall capex, capitalized capex is only ₹550 crore. Balance is under CWIP, which is under process, and which will get operation in the current financial year.

The overall capex is around 1,000 ₹1,070 crore.

Okay. How should we think about FY '27 capex then?

FY '27, we are expecting that one is Ascent and one is the other than Ascent. Ascent will be around ₹1,200-odd crore, including the capitalized portion out of this 547.

Apart from that, there will be around 7 to ₹800 capex in all the other entities put together.

See, Dhruv, I will add to what Sudhir has answered. These are all asset-heavy businesses where the capex is going, largely the printed circuit boards.

This is exactly like OSAT and ATMP business where asset turns are about 0.8 to 1 time. What we are looking at as a team is the net capex which we will end up doing after deducting the subsidies from government, both Center and state.

In this case, like Ascent Circuits, we'll be getting about 48% on plant and machinery back through ECMS scheme, and we have negotiated 42% incentives on building, plant, and machinery from UP government. This will come with a lag.

First we have to invest, and then we have to apply, and it'll come in 5 to 6 years. If we have to build a self-reliant, I would say, electronic component ecosystem, these asset-heavy businesses are good to have, good ROCE business on a long-term basis, and we are taking a very cautious call to develop this.

It's a import substitution story for us, and we've already taken leadership in the country in the PCB sector, and we want to continue to maintain that through joint ventures as well as through our collaborative approach what we are doing. We believe that I would request all of you to see the net capex at the end of the year.

Got it, sir. Sir, the second question is on EMS.

This quarter if we strip off the acquisitions, growth seems to be under 10%. What caused this and just in connection to that, the 40% growth guidance that was given, how should we think of organic growth and growth coming through the various other acquisitions that you have done?

Thanks, sir.

Dhruv, there was two customers who shifted from purchasing agreement to job work agreements. That's the reason on the top line side, you would have seen that organic expansion is looking little subdued.

On the margin side, if you have seen, this quarter has delivered 10.8% margin. We are pretty much on line to deliver.

In future also, this kind of shifts can happen. We don't control what customer wishes from us.

We serve them in whatever shape and form they want us to serve in case of subassemblies or components or just job work basis or this keep on changing with the management changes. As given the guidance, we are very hopeful looking into the order book right now for the whole electronic division.

We are positive, very confident to deliver about 40% of growth this year.

Sir, what would be the split of organic and acquisitions in that 40%?

No, now everything is organic because we've already acquired.

Okay. All right.

Thanks a lot and all the best.

Thank you.

Thank you for opportunity. Sir, my first question is a clarification on the CD, consumer durable segment.

In that, you had given 47% of your revenue for FY '26 comes from the RAC SBU. How is the growth because if I look at the 47% of a total revenue, it gives me around 33% of a growth.

How that's a number to look at? Is that the whole, complete built-up unit has grown faster than the component or is the more on the realization front growth is there or how is the volume?

Can you just give us some detail on that?

This keeps on changing because sometimes customer wants us full boxes, sometimes they want semi-knockdown conditions, and sometime only the components. It varies from customer to customer and quarter to quarter.

Very difficult, but if you see the trajectory and the history, we were about 80% banking on finished goods when we got listed in FY '18. Now despite the growth in the top line side on the console basis, the whole FG has come down to as low as maybe 40% or something like that.

47%.

Sachin, you would like to add something?

Yeah. Basically, in '25-'26, as you are saying that there is an impact of the realization.

The contribution has gone up. It's not because of the realization, it is majorly because of the conversion of the gas charging customers to the ODM solutions.

That we had be updating in all our quarterly calls. We onboarded them in '24-'25, but that was in the last quarter.

Now in '25-'26 it has been for the whole year. The gas charging customers converted to the ODM, that is why the finished good contribution has come up.

Okay. All right.

Got it, sir. Second question sir related to the electronic segment where you have now consolidated Unitronics as well.

Now if you can give us some color on because the Shogini and the Accent is also there, how is the mix of a PCB versus the PCBA segment?

PCBA is growing. Out of I think ₹3,268 crore which we have delivered, How much is this?

Okay. PCBA is ₹2,281 crore, almost ₹2,300 crore.

Then total on the other side is about ₹596 crore, which is Power-One, Unitronics, and Shogini, and Ascent crossed ₹402 crore. Almost about ₹1,000 crore is other out of which if you see Shogini plus PCB will be about 500 Around ₹600 crore is PCB.

So ₹2,200 crore is organic PCBA, around 600 is PCB, and remaining is power electronics and industrial automation electronics.

Any indication on the margin front for both the segments, PCB and PCBA?

In PCBA, we are at about 5%. In PCB, we are at about 12%, 13%.

This generally business is about 16%, 17% business, but because of CCL and because of gold prices and currency that the result, but they are taking price increases from the customer. That's underway.

We think that from next two quarters, we should be able to get it. We are getting positive responses.

As far as Power-One is concerned, it's about 15%. As far as Unitronics is concerned, because it's a listed entity, we cannot tell.

I think you can look into Unitronics after 2 weeks once their results is declared. It's a good positive company which we have added.

Thank you, sir, and all the best.

Hi, thanks for the call, sir. I have a couple of questions.

First, if you can throw some light on the pricing of PCBs both globally and India given that the cost inflation would have been felt by everyone across geographies.

Pricing on PCBs is basically, right now 90% is getting import and 10% is India. Whereas you would have seen that there's a anti-dumping duty imposed by government to a tune of 30%.

Despite of this commodity increase of CCL and gold has been a global phenomena. It's not particularly to India.

Even Chinese import or Taiwanese PCB imports have gone expensive. It is from up to six-layer it is protected through the anti-dumping duty.

That's why the demand has not shifted from India to China or other nations. It's very much intact.

No,

my question is, is the price increase that has happened globally and also in India not enough to offset the cost inflation? See,

CCL is continuously increasing. It's touched 60% increase in last 1 year and you cannot go to customer every time.

They have given us increase. We have got increases.

The first increase which we got was two quarters back, which was about 15%. Then again another 18% increase we got.

Still there is a remaining percentage of increase because on the other side, currency is also depreciating. It's a moving part.

We are standing in front of customer now every quarter, whereas we used to meet them very maybe after a year or so. Because of these things, we have started meeting them very often.

We're getting positive responses. Earlier when we started asking for price increase, there was a big backlash.

There was a very strong opposition towards this. Then when they started comparing costs from the global suppliers also, they thought that it is better to give increases, and they have started giving increases.

Sure. My second question is if you can talk a little bit more about the key projects in terms of the delays, although small delays.

For example, Ascent you mentioned there has been some delay in the multilayer PCB, Korea Circuit, and also in Eugene JV in railways. What is the kind of confidence we have in the timelines now?

There is no a large delay. It's about a delay of a quarter in the construction of Ascent in Hosur.

The construction got delayed because there was a issue in the release of consent to establish by pollution department. That was because of ambiguity due to a Supreme Court guidance.

There was some river going off in the diameter of 3.5 km away from this land. Then Tamil Nadu government was very fast in formalizing a committee, deciding it for us, and then giving it.

It took about 1.5, 2 months for clarification, and that's how the construction got delayed in Ascent. I think it's moving perfectly fine after that.

There's no further delay we are anticipating. We expect that the trial productions will start by Q3 and commercial production will start by February, mid of February of next 2027.

As far as Ascent Circuits is concerned, because this was dependent on the ECMS clearance. Post ECMS clearance, we approached UP government and they released land parcel to us.

It has been registered now finally in our name. Possession has been granted, and our team is right now preparing to get the maps approved.

That's why we have mentioned in our commentary that we are thinking of doing a groundbreaking ceremony in the month of June. We expect the construction to finish in 15 to 16 months, which will start the trial production.

We have kept about 3 to 4 months for the trial production. That's how from quarter 3, quarter 4 onwards of FY '28, we will start the mass production of HDI plant.

As far as Yujin is concerned, there is no delay in Yujin. Yujin factory came up as expected.

It's under the RDSO approval. Now approval, as informed earlier in the quarterly calls, it's a process of close to about 12 to 15 months.

That is underway. We have received ₹178 crore order book in Yujin for couplers, and we are now expecting a first order on the pantographs also.

The first order on the brakes also has been received. Those approvals will happen from Korea and then move to India once the RDSO approval is done.

Thank you so much. If I may squeeze in one more, if you can throw some light on the Sumitronics JV, what is the plan over there and what kind of opportunity size?

There is no Sumitronics JV. There's a alliance which has happened.

It's a cooperation agreement with Sumitronics. They have large customers on the automobile sides, and they want to collaborate with us to participate for the automobile PCBA businesses.

That's the collaboration. There's no joint venture happening with the Sumitronics, but we're excited with this collaboration because it gives us an edge.

We already have a experienced supplier worldwide with us now because earlier we were seeing that there was large entry barriers for Iljin to enter because we did not had a big I would say experienced in the automobile sector. That was keeping our customers little on the side.

They were reluctant to onboard us, but now with Sumitronics that barrier has been broken.

That's all from my side. Thank you so much and all the best.

Good morning, sir. Thank you for the opportunity.

Sir, first, if you could clarify, in terms of the growth, you said 40% revenue growth for the electronics business. This is post the conversion what you talked about and hence the growth, the revenue growth number is weaker.

In that case, could you also clarify the margin for that division? Within that, if you could also clarify, if it would be driven by PCBA or PCB business in terms of the margin?

What conversion are you talking about? Can you

The job work, job work thing what you said.

Considering the job work change, we are expecting a 40% growth on the top line, and the margins what we are expecting right now should be in the range of 9.5% to 10% range.

Understood. Number two, in terms of the RAC business, the consumer durables, how do you see the margins there?

Is it fair to say that the percentage appears lower because of the price inflation or there is impact in actually rupees per unit margin as well?

Percentage, yes, will look dipped because whenever the price increases happens, because now 14%, as Sachin explained, there has been increase of 14% in the finished goods side, whereas we work on the absolute number with our customer. The real basically impact of commodity, currency, we pass on to our customer and that is happening from last so many years.

We have demonstrated it year and year again, which happens on a quarterly lag basis. Whatever changes are happening this month this quarter will be passed on to the customers for the next quarter.

That's how historically our sector has been.

Just to clarify, sir, you mean the rupees per unit margin is intact? Is that fair understanding?

Yes, that's right.

In percentage term, there will be impact because the price increase will increase the finished good price, but whereas we have a fixed price margin per unit. Overall, fixed margin will remain same in terms of value, but in percentage term it will look a little less because of the higher base.

Whenever,

in past also whenever commodities have eased off, the percentages started looking better. We don't take credit for that.

Fair point, sir. Just a quick clarification.

In terms of the non-AC component, how large is that now of the CD business, sir?

Of CD business, it's about 25% right now. It's also maintaining a good growth like just PTS has delivered a good growth on the bottom-line basis.

They are already touched 13% EBITDA now. Our other businesses of refrigerator and washing machine, that's also doing fine.

Got it. And 47% of the CD business is

Just a clarification.

Hi. Good morning, everyone.

Thank you so much for the opportunity. Jasbir, just clarifying whatever we've discussed so far.

I think for the CD business, we're talking about 25% value growth and some bit of percentage margin decline. On electronics, you already mentioned 40% growth after the job work adjustment with 9.5%, 10% range.

For railways, the growth is clear about 30%, 35%. Margins, if you could clarify.

We don't know the order book breakdown between Indian Railways and metro rail. If you could just clarify that.

Second is a question for Sudhir ji. First, on capex, my sense is that given where we are right now and whatever capex is pending on the new project side, you should end up spending ₹1,800 crore to ₹2,000 crore assuming the Korea Circuit JV capex also comes through.

If you could just clarify, and you can ignore the capitalization part to it. From a cash flow perspective, ₹1,800 to ₹2,000 crore for fiscal '27 and about ₹1,200 to ₹1,300 crore for '28 based on the current capex pipeline on the new projects.

Is that number correct? Those were the two questions.

Thank you. Rahul,

let me answer the first question and Sudhir will take up for the second one. On the CD front, we've informed that the markets are expecting to grow in about range of 13% to 14% range, and that's how we are also expecting to move in tandem with the markets.

It's not 24%, 25%, Rahul. On electronics, you are right.

We expect that post our conversion of job work basis, we expect the number to be around 40% range-bound and margins in the range of 9.5% to 10%. In railways, 30% to 35% looks doable if there is no disruption of offtake from Indian Railway and metro.

Currently, it's going smooth, and we don't anticipate at the moment. In case there is some changes, we'll let you know.

The margins in the railway side, we expect in the range of 16% to 17%. That's how the whole part of it.

Now over to Sudhir. Yeah.

Hi, Rahul. On the capex, yes, we'll be doing around ₹1,800 to ₹2,000 crore of a overall capex, including Ascent new project, some part of Ascent Circuits, and the other divisions.

From the cash flow perspective, since we have negotiated long-term terms from the many suppliers of Ascent Circuit for PCB, we are expecting that the cash outflow will be much lesser than 18 to ₹2,000 crore, ₹1,800 to ₹2,000 crore. It should be around 11 to ₹1,200 you can expect from the cash flow perspective.

Okay. On fiscal '28, if you have a budget from a cash flow perspective?

It will be same because in '28, our new Ascent Circuits larger capex will happen, where also we'll have much larger credit terms from the capex suppliers. You can expect that similar or little higher, around 14, ₹1,500 kind of a cash outflow for the capex in terms of cash.

Perfect. Thank you so much and wish you all the best, Jasbir ji and Sudhir ji.

Thank you.

Thank you.

Hi, sir. Good morning.

Thanks for the opportunity. I have a question on net debt position.

How should we think about our overall gross debt and net debt relative to full-year levels, considering the capex spending and maybe the working capital associated with the project ramp-up? What would be the impact of that on interest cost and other income in FY '27?

That's my first question.

FY '20 FY '26, we have reported a net debt of ₹511 crore. Looking into the capex what we are doing and the cash flow, I'm expecting slight increase in the net debt position by year-end.

It could be more by 200 to ₹300 crore, because we'll be generating a cash flow and then we'll be spending out of that. Cash generation might be little less than what we are generating from the overall business.

You can expect around 7 to ₹800 crore of a net debt by year-end.

Thank you very much. My second question is on the consumer durable division.

Sorry if this is a repetition. Your earlier commentary suggested in a 20 percentage growth in first quarter and 12% to 13 percentage growth in FY '27.

Just to clarify, is this for the broader industry or are we talking specifically about for the consumer durable division?

No, we were mentioning about the broader industry trend, because post 12th of April, we have seen a positive offtake of goods because of the heat wave in South and West and North.

Last year base

was also very less. Quarter 2 and quarter 3 are generally a lean quarters for the industry.

That's why we expect that the industry will be in the range of 12% to 13% growth phase this year.

For the overall revenue growth for consumer durable business in FY '27, what would be the

We should move in tandem with our industry.

All right. Thank you very much, sir.

Hi, sir. Good morning.

Sir, my first question is on the non-controlling interest. Just wanted to check as per the schedule, it's written that ₹17.50 crore fund raise that we took in Iljin has been accounted in the balance sheet.

If you can help us understand that how much percentage stake dilution is being considered already in this NCI and based on the CCPS conversion, how much potential further dilution upon the conversion?

Nothing is being considered as a dilution on CCPS. No dilution has till now happened due to CCPS.

It will happen in future based on the future multiple and valuation. Currently, on a conservative side, the auditor has considered the diluted percentage and calculate the NCI.

This is a maximum amount what they have considered looking into the agreements. This is on a maximum side.

It will be much lesser than when the actual conversion will happen in the equity.

Sir, can we get that what's that maximum percentage dilution that the auditor has considered?

I think they have considered around 30-odd percent. Okay.

Sir, secondly, just wanted a clarification on the capex side. Do we expect to receive any capital subsidy also for the next year or do we expect it to get it in FY '28 once we commission the Ascent plant?

Capital subsidy we have already got in terms of land, because land subsidy already taken into consideration and we got a value at a lesser price at around 25%. Balance capex subsidy of building and other capex will come over the period of 5 to 6 years once we start the commercial production.

You can expect the subsidy will start flowing in from next year onwards, like financial year '28 onwards for Ascent.

Thank you, everyone, for joining on the call. For any further information, kindly get in touch with our head of IR, Mr.

Ravi Kharbanda, and or SGA investors, our investor relations advisors. Thank you very much, and have a good day ahead.

In case you have further queries, you can reach out to both the gentlemen. Thank you.