Good evening, good afternoon, ladies and gentlemen, and thank you for joining our conference call today. As is standard, I will first introduce the people with me, and then our CFO, Kedar Dixit, will take you through the numbers.

I have with me my fellow board member and head of the components business, Subodh Tandale. I have Kedar Dixit, our CFO.

I have Rajgopal, our head of investor relations and M&A, and Chinmay and Sameer. Over to you, Kedar.

Thank you. Good afternoon, everyone.

I'll just take you through key highlights for the quarter and for the year ended 31st March 2026. We'll start with the performance review of consolidated results, given that number of initiatives and investments we have made in new verticals as well as in the Indian manufacturing space.

We ended the year with revenues of 16,812 crores and EBITDA of 2,921 crores, which has a growth of 11% in revenues and about 6% in EBITDA. Consolidated net debt-equity stood at 0.41 as of March 2026.

During the year, the company also secured new businesses worth 4,814 crores across all key businesses, which includes the traditional business of 1,210 crores, defense 2,816 crores, JS Autocast, our casting unit, 292 crores, and K-Drive, which is a recent acquisition, with about 500 crores. Talking about the standalone performance, the standalone business reported a revenue of 8,396 crores, which was lower by about 5% year-over-year.

This was mainly on account of regulatory uncertainties in North America and demand challenges in US CV market, which has impacted the performance, but as we speak, we are looking at good growth in this sector. Standalone EBITDA for FY '26 was at 2,312 crores, translating EBITDA margin of 27.5%.

PBT before exceptional items was 1,826 crores, which was about 8% lower YoY. Talking about the quarterly performance, standalone revenues for the quarter was up by 8.5% quarter-on-quarter at 2,260 crores.

The quarter-on-quarter improvement in performance was driven by all-round recovery in exports and strong performance in domestic automotive segment. Q4 was up at 7.2% sequentially at 610 crores, translating in EBITDA margin of 27%.

This also includes one-time cost, retrospective cost by MSEDCL, which has charges retrospectively cess on the captive power, which is about 11 crores. Without that, the margins would have been closer to 28%.

PBT before exceptional item was about 486 crores. During the quarter, company has absorbed tariff impact of about 12 crores.

Balance sheet continues to remain robust with net debt to equity at 0.18 for the year. Talking about the overseas business, we have initiated the restructuring of our German steel business, which is CDP Bharat Forge.

We expect to complete the process by end of next calendar. For other businesses in Europe, we are simultaneously pursuing various business opportunities to leverage the scaled-down manufacturing footprint.

Performance-wise, EU operations registered revenue of 3,865 crores and EBITDA of 151 crores, resulting in EBITDA margin of around 4%, while US operations recorded a revenue of 1,534 crores, EBITDA of 54 crores, translating into EBITDA margin of 3.5%. Now, I hand over to Amit sir for his remarks.

Good afternoon, ladies and gentlemen. 2026 was a very interesting year.

It had its own set of challenges, yet I think our team rose up to the challenges and really performed exceptionally well. It also was a year with a lot of uncertainty, especially to do with tariffs, which to some extent persist.

Then we ended up towards the end of the year with a full-blown war taking place in the Middle East, which luckily enough seems to have subsided right now, and if everything goes well, it should really settle down and get resolved. I think this has had impacts and uncertainties on markets, imports, transportation, and many factors that affect our business.

Given that background, I think we have weathered the storm well and ended on a stronger note with very good momentum going into the new year. I want to especially commend our sales and marketing, customer-facing teams, our supply chain teams, our operating teams, and all the people in our company for really giving it their all and making this year, let's say, painless for our customers.

Driven by a combination of new business initiatives and M&A over the past 3 years, BFL is now an engineering conglomerate entrenched across processes, customers, and segments. This is an example of how we transform every 5-6 years.

Our balance sheet continues to remain one of our key strengths with a strong net cash position at a standalone level. The aerospace business, which we have been talking about for quite some time, I'm very happy to report is now a meaningful part of our industrial exports and is now almost 26% of the last quarter's exports and is the second largest contributor to our industrial exports now.

This segment has seen multiple new business wins, both across jet engine, structure, landing systems from global OEMs. We were recently selected by an aerospace OEM as their first supplier from India for any critical components.

Our acquisition of K-Drive is making significant progress and has also won a lot of new business from OEMs, which will start panning out from this year. On the defense front, our business has spread well beyond artillery and vehicles into small arms, naval solutions, and a wide variety of unmanned platforms, both sea and air.

The recent order wins are a testament to the progress made here. With an order book of close to 11,000 crores, the next 3-4 years will see stable revenue accretion in these sectors.

In parallel, we're also focusing on expanding our product portfolio and participating in new programs to build a robust and scalable revenue pipeline over the medium to long term. I particularly see new opportunities in Europe for our defense business.

Castings, despite the challenges in the export market, especially in the wind sector because of the slowdown in wind infrastructure build-up, we have seen JSA continue to grow and increase both revenue and profitability going forward. We're now expanding our customer base to cross-fertilize and to cross-sell these products into our existing customer base in the automotive and commercial vehicle sector.

The recent capital raise from Premji Invest will help us drive capacity expansion and make this business an independent driver for Bharat Forge and the Kalyani Group. This week, we acquired a 30% stake in Fortuna Engineering, which is a company based in Nashik.

This has a strong and experienced management team led by the promoters in machining, and it strategically is a very complementary fit to us because they do machining of connecting rods and some other high-value components, which are all complementary to what Bharat Forge does, and in fact also allows us to supply into them the forged components that they can machine. The company has a strong balance sheet and a net cash position.

In e-mobility, as I mentioned in the television interview earlier, we have decided to take a write-off of those investments where we don't see any immediate revenue and business ramp-up because it doesn't make sense to spend time and effort on those areas which are not going to give us returns immediately. As you are aware, globally, the electric vehicle adoption has taken a different trajectory as compared to what was originally envisaged.

Additionally, our overseas business will also see a restructuring, with our steel forging business undergoing a restructuring as we have explained earlier. We also intend to evaluate additional business opportunities in the automotive sector to leverage our market position, our customers, and our footprint globally.

Looking at 2027 as a whole, I think it's going to be a strong year for our India manufacturing operations, as the growth impetus across sectors and the kind of strategies we have put in place will bring in higher execution and growth. Barring any further geopolitical crises and their impact on demand, we should see a close to 25% plus growth in our India business.

Our ongoing capex programs across forging, casting, and products platform will translate into 800 to 850 crore capex in a 15- to 18-month period. We continue to evaluate potential M&A opportunities in India to address opportunities in high-growth sectors, which may be complementary and a good fit to our existing business.

Thank you. My team and I and Subodh will be happy to take your questions.

Good afternoon, sir. Congratulations on a good performance for the quarter.

Firstly, I had a question on your target growth for FY '27. Could you give some more color and break it down between different segments broadly?

What kind of growth you expect in defense, US exports for CVs, non-auto, and domestic?

I'm not going to break it up into that much detail. Let me just tell you, we will see the highest growth coming from our aerospace business, and then defense business, and the automotive business.

When I say automotive, I mean the components business, which includes both automotive and industrial.

Okay. Sir, what is the outlook for domestic and global CVs?

Outlook is strong for both. US is very strong, and so is India.

Okay. Sir, you also mentioned that you have acquired Fortuna.

Could you give us some color in terms of revenues, where does it stand, and what is the potential here?

Yeah. We have acquired 30% for 130 crores.

The company has a revenue of about 380 crores, and they have a net cash position of about 20-odd crores. They are on a growth path to increase multiple-X by setting up new machining lines, and also we will open doors for them for our customers, because they don't make the very large parts that we make.

Large connecting rods is a big opportunity to supply globally.

Okay. Will it be safe to say that the growth target also includes inorganic opportunities like this?

We don't currently have any other inorganic which is ongoing, but as we have mentioned, we will look at opportunities within India that makes sense for us in the automotive and industrial space. Yeah.

Sorry. Just one last question.

You mentioned that the electrification has taken a different path from what we were originally anticipating. Could you elaborate a little bit?

About 5 years ago, there was a very strong focus on electrification across the board, including commercial vehicles, including heavy commercial vehicles. However, it is definitely not seeing the same kind of, let's say, trajectory as what was anticipated.

Secondly, even the large European OEMs are not as successful in the passenger car sector on electrification, as you have seen, both Porsche, Ford, many companies have had massive hits and write-offs because they've not been able to build a platform that has been as competitive as those that the Chinese offer. There has definitely been a recalibration of everybody's EV strategy globally, except the Chinese, of course.

Okay. Thank you, sir.

That's all from my side. Best wishes.

Thanks.

Hi, team. Congratulations on...

Sorry, we can't hear you. Can you speak a little louder, please?

Hi, team. Congratulations on good set of numbers.

My first question is on your restructuring. You highlighted that it'll conclude by end of CY '27.

Could you share your thoughts on that? In the intermittent phase, which is this year and next year, will the losses be at similar level like this year?

You had almost a 300 crore loss or so on the Europe and US operations. Happy to hear your comments on that.

The restructuring of CDP has started. This is a 15- to 18-month process where we have to meet the customer requirements and also do a solvent liquidation of the company.

We anticipate the losses will reduce because the CDP losses are not going to be there. Whatever is there will be part of the restructuring.

Hopefully, for the year that goes by, we will have a better performance from our overseas subsidiaries.

Thanks for that. Just on aerospace, what exactly was the number for FY '26 for you?

It was about 400 crores.

Lastly, just on defense, in the last call, we talked about revenue guidance on defense of 30% to 40%. Just looking at the order book, what are the key sort of milestones to watch out for?

You've talked about opportunity in Europe and all, but any key things that we should expect or milestones to see this year?

The first thing that you should look at is the fact that the ATAGS FAT will happen, and then the ATAGS production will start and ramp up. The second is the CQB carbine also production will happen.

Those are the two big milestones that will move the needle starting this year, and then it'll continue next year and year after next as well.

Anything on the order backlog, any large projects that you are bidding for?

This will start in the second half of this year, please remember.

Yeah. Anything on the order wins, any incremental order book?

We have, as Kedar mentioned in his initial talk, we have won new orders in defense as well in the space of naval and drone systems. We have lots of other new products that we are both developing and fielding that go into a variety of platforms, including Navy, and hopefully, those should all now start, the bids should open, and then we should know where we stand.

Great. Thanks, team.

Yeah. Hi.

Thanks for taking my question. Just a couple of clarifications on this aerospace and defense.

In aerospace, you mentioned 400 crores for full year, and you also mentioned 26% of exports in quarter four, which essentially means exit run rate of almost 300 crores. Is that the number we sort of work to for the next year, that it can be a 1,000, 1,200 crore aerospace business?

No,

what I said is that industrial exports for Q4, aerospace was about 26% of the overall export from industrial.

Okay. Can you Okay.

In any case, if we look at 400 crores as the business we did for the whole year, we will see a strong double-digit growth, higher than the overall growth that we are anticipating as a company, significantly higher.

Got it. Which is similar like what we are saying for defense as well, that 30%, 40% sort of growth.

These businesses should sort of cross that number in that sense.

As I mentioned earlier, the highest growth will be aerospace, then defense, and then the components business. In components, I include all the components that we make.

Okay. Got it.

Fine. Again, the clarification on the CDP piece that you mentioned, the restructuring.

Do the losses from this German subsidiary completely go away from the operating number because restructuring has begun?

Sorry, what will go away? No, it'll go away when it gets wound up.

Which is basically end of next year, next calendar.

Yeah.

Okay. Got it.

Now just moving to the data centers bit, which was mentioned in the media. Is there something that you just want to give us a sense on what are we doing there and where does...

No, I don't want to talk more about it, but suffice to say that data center has a large amount of manufactured input that goes into it, in the auxiliaries, in every element of managing, powering, and supporting a data center. Those are all areas where we supply product into.

Got it. Last question on just the CV business both in Class 8 as well as in India.

I think just generally there is a concern that, as energy prices, particularly we've already seen them move up in US, how confident are we of the growth outlook, both Class 8 as well as the India CV?

Yeah. My colleague Subodh will answer.

Currently, that is a common problem everywhere in the world where energy price is going up. You have to also take into consideration that there is aging fleet in the US, and they have a certain calculation for that in terms of what they have to replace and when.

From that perspective, the demand is expected to remain strong for the rest of the year for sure. There is also an emission change coming in early next year.

As a combination of all this, there is a strong hope that the demand in the US will remain strong. As far as India is concerned, yes, there is a increase, but there is also overall increase of economic activity.

From that perspective, the energy shock is there, but it is going to get absorbed in the system by passing it along the whole value chain. We expect that there should be reasonably stable demand.

Your existing pipeline that you see...

All right. Thank you so much.

Yeah. Hi.

Good afternoon, sir. Thank you for taking my question.

On the 25% growth target for the India operations, will it be possible to share how much would be in the standalone business, how much do you expect in the Indian subsidiaries?

I'm not going to break it down into all that. That gives too much information.

Let's just limit to say that it's going to be at a overall India level.

Got it. It will be...

What we manufacture in India.

Great. It will be between the standalone and the Indian subsidiaries.

That understanding is correct.

Sorry?

It will be the combined standalone as well as the Indian subsidiaries. That understanding is correct.

Correct.

Sure, sir. Sir, also on the orders that you alluded to, almost 4,800 crores, including the defense orders of 2,800 crores, what would be the typical gestation period of these new orders won, just from our perspective?

When should we expect the revenue to start accruing? Is there something that you can share?

Yeah. Actually, we talked about this a little while earlier that if you look at the ATAGS order, that will start revenue in the next half of the year, same with the carbines.

Some of the data center orders will also start slowly from the end towards the third quarter, fourth quarter, and then really ramp up next year. Everything will start ramping up from this year.

Product development will start from this year and ramp up next year.

Thank you, sir. Sir, if you could just comment on the commodity costs, anything that you would like to stress upon?

Right now, the biggest issue on cost is energy cost, which has gone up quite substantially, and elements that depend very heavily on energy, those have gone up. We are negotiating with our customers to get compensation.

Correct?

Yeah.

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

Thank you.

Hi. Thanks for taking my question.

Continuing on the previous question in terms of cost, do you see worst is behind or it's still a very volatile environment? Also similarly in terms of supply chain challenges, how are you seeing it?

You got to take it a day at a time, because we're living in a time where what's happening in the world depends on which news channel you watch. It's not really the old rules of the game anymore.

Every hour, every minute, things are changing. We're doing the best we can.

As a country also, and as an organization also. I don't know if I can say the worst is behind us.

Okay. The second one is with regard to the recent acquisition for machining facility.

You already have a machining facility in-house, and this seems to be like your captive facility which you acquired. What's the reason to do it, and how do you see make versus buy in such form decisions?

Is there any worthwhile time-saving you are doing here or capability addition?

Sorry. Say that again.

No, I said you have bought this entity...

Yeah. Go ahead, Subodh.

Pramod, the reason of acquiring this entity is this is very synergistic to what we do today. We also cannot do everything ourselves.

We need the bandwidth to be able to grow in a quantum manner. We will also be addressing many segments that we have not addressed in India so far as a part of this resource that we have, not just in India for that matter, even outside India.

We have actually already started getting a lot of positive interest from our existing customers to be able to do that. The whole idea is growth-related more than anything else.

To

add to one thing Subodh said, it's not just growth, it is fast growth.

Okay. What type of margins does it operate in, EBITDA margins or EBIT margins, that business?

It's mid-teens.

Okay. Sure.

Thanks, and all the best.

Hi, sir. Just on the explosives side on the defense, how are we thinking about this business, because there is lots of demand globally as well?

When do we see this capex happening, and when do you see scale starts becoming bigger for you, just on the direction side?

We don't have an explosives facility right now. As we have mentioned, Mr.

Arora, that we are planning to set up a facility, and the facility we are planning to come up in Andhra Pradesh, and we're going to do the groundbreaking of this month.

FY '27 is where we see or sorry, FY '28 where we see pretty heavy

capex and

how much capex? Yeah.

Let me just caveat that by saying that you need a hell of a lot of approvals before setting up such a facility and after setting up a facility like this before you can start production. Our goal is to break ground this month and start the preparatory work, and then once we get our approvals, start construction by the end of this year, and that should be ready in less than 15 months, and then another 6 to 8 months from then we should be able to start pilot production.

You're talking about roughly 24 months from

today. Got it.

Thank you very much, sir. 24 to 28 months.

Yeah.

Thank you. Thanks a lot.

Hi. Good afternoon, and thanks for taking my question.

Amit, very heartening to see we are aggressively moving and we've done a lot of acquisitions this year in India, with the K-Drive as well as Fortuna. In that context, I just wanted to understand the capital raise, external capital raise in Prem in JSA.

Why are we doing that, right? That's something that we can internally fund.

That is a minor thing, actually, and honestly, we see a large opportunity in JSA, but we wanted to make it an independent business and grow it, because we see that that business could become multi-thousand crore business per year, because if you see, the biggest ingredient in that industry is energy and raw material, and both those factors are not available in required quantity or price in Europe. We see a large opportunity to move that manufacturing into India.

We want to expand that fast, and we want to do it with its own momentum and steam. That was the reason to do it.

I think there are other synergies that could come out of that relationship as well.

You're saying that by doing this external, they can grow faster than what they would have done if we've done internally.

I also want to build a new model where companies that we buy which are like that become more focused on their own growth and become self-sufficient. Yes, we will support them on whatever customer connect, etc.

that we can do, but I think they need to drive their growth more aggressively and not get limited by just what we can provide them.

Okay. Sir, the second question I had was on the ATAGS.

What sort of capacity have we now ramped up to, and when do we see this really... No,

we talked about this, that second half of this year, we will see that FAT getting completed and then hopefully production and supplies to start.

I think earlier you mentioned that initial capacity is 5 guns a month. Is that what we are looking at

or we... That's what we can do.

Yes.

Okay. Great.

Thank you so much.

Hello. Thank you for taking my questions.

Am I audible?

Yes, yes. Please go ahead.

I want to get specific about the 155 artillery shells. What is the current capacity?

I'm not going to discuss that. Let's just say that we have adequate capacity,

and we are

producing a large number of them.

Okay. Can you just say whether you are going to go into explosives or precision guidance or just empty shells?

Again,

I've already answered this just before when Mr. Mehra, I think, asked a question.

Arora, Mr. Arora asked a question.

We are definitely going to get into explosives.

Okay. Thank you.

Good afternoon, and congratulations on a good quarter. My first question is on the aerospace business.

If you could provide some outlook on the business, where do we see it in the next 3 years, and what are the kind of margins we have here? Are they above company average or in line with the company margin?

I would say the margins are above the company average, and if you remember, Mr. Jain, that over the last 3 years, we had said the first goal is to get to 500, 600, 700 crores, and then get to 1,000 crores.

We are on that trajectory, and sooner than later, we should cross that, and then be on a very fast growth path after that. Getting to the first 1,000 crores is hard.

After that, you create lines of business, you create product strategies, and then multiple products can become 400, 500 crores each, maybe even more. We're on that path.

Okay. Safe to assume that we are targeting around 1,000 crores in the next 3 years or so?

Easily. Easily.

Okay. Great.

I would say even more than that.

Okay. Great.

Also, can you provide some color on the kind of revenue opportunity we are targeting in the server manufacturing business for the next 2 years?

No, no, no. We are not looking at that business aggressively.

We were trying to look at that business to understand the data center markets. I think we've understood what we want to do and what we don't want to do.

There are some specialty opportunities where there are certain critical clients who want domestic-made servers made by an Indian company, those we will look at. Those are not very large opportunities at this point in time.

They are more strategic opportunity, and it's an opportunity to get into the whole value chain of the data center. That's what we're looking at it as.

I wouldn't look at it as a getting into electronics in a big way kind of thing.

Okay. That's quite helpful.

Thank you, and congratulations once again.

Thanks.

Yeah. I have a question regarding the Orissa project.

Sorry, which company are you with?

Aditya Equity Investments. Sorry, I forgot to write the full name.

Hello?

Yeah. Go ahead.

Go ahead. Please go ahead.

I had a question regarding the Orissa project. When is the environmental clearance expected for the project, and when do you expect to break ground for the project?

We're waiting still, I don't know, maybe another 2, 3, 4 months.

Okay. Thank you.

Thank you.

Thank you.

Hello, sir. Good afternoon.

Just wanted to understand the gross block trajectory...

Yes, sir. I just want to understand the gross block trajectory and the targets for the next 3-5 years,

particularly in views and... Take this offline.

We're not able to hear you. I think you should call our team separately and talk to them.

We're not able to hear you at all.

All right. Okay.

Hello? Thank you.

Yeah. Hi, sir.

My first question, sir, can you give me the full year defense revenue for FY '26?

1,300 crores. 1,300 and Sorry, full year revenue for defense.

Sorry, 15 1,562 crores.

Right, sir. Right, sir.

Sir, my next question, sir. Recently, army issue one RFI for bulletproof troop carrier.

Are we bidding for this?

We're bidding for lots of new programs with the army.

Okay. Can you highlight on this recently one product is launched in defense, especially Vikram VT-21 with DRDO and TATA.

How's the market size and where we are currently?

Sorry, sorry?

Vikram.

We launched our wheeled platform, and we also had our tracked platform there.

Right. How is the market...

I didn't understand the question.

My question is, sir, how is the market size for this product, especially for army

and... They are replacing BMPs.

Replacing the old BMPs that the Indian Army has huge numbers of.

Okay. Any idea how much number for domestic market and for export market for your point of view?

Globally, the market is in tens of thousands.

Oh, great, sir. Great, sir.

Thank you, sir. Thank you.

Hi, sir. Thank you so much for the opportunity.

Sir, what kind of capital expenditure are looking for next 3 years?

I'm telling you right now what we have ongoing between last year, this year, and between last year and this year will be about 800 crores.

Sure. Sir, since the defense business is becoming bigger and with various dimensions, any plans of hiving off this business, maybe creating a new entity

or bringing any... We have not thought about it.

As we've already spun it off into KSSL.

Right, right. In terms of creating value for investors, are there any plan?

I hope we're creating value.

In terms of listing this...

That we will look at separately.

Sure.

Thank you.

Thank you so much. Thank you.

Thank you for the follow-up opportunity. My question is, given the importance of drones in modern warfare, like we have seen in Operation Sindoor and other operations, what kind of presence do we have in drone manufacturing?

We are already making drones for land, sea, and air. I would say that under-sea and the sea part, we're very strong in.

The air part, we are getting stronger. The land, we need to do more work.

We have already won orders in both the land air and the sea domain.

Right. Would it be possible to provide any percentage in terms of our defense business?

No, not right now.

Okay. Thank you.

Thank you, sir.

I think if there are any last questions, one or two, let's finish them and then we can close. I just saw that there are two names.

Let's just do these last two.

Hi, Amit sir. Good afternoon.

Sir, my question pertains to jet engines.

Sorry, Akshay, can't hear you.

Am I audible now?

Go ahead.

Sir, my question pertains to manufacturing of jet engines. With the private companies coming into foray for this, how long do you think would we be ready to create our own localized jet engine in the near term?

Are you talking about an engine for a manned or unmanned platform?

Manned platform, sir.

Manned platform will take quite some time. I would say not less than 5 to 10 years, but unmanned can happen very, very fast.

Already, we are supplying small jet engines for a number of drones, and we're now going to be making bigger ones also for unmanned systems. These are completely made in India, in-house.

They're designed, engineered, and manufactured. Range of 40 kg to 150 kg.

Understood, sir. My question pertains to around the recent AMCA engines.

Regarding that, as you said 5 to 10 years, what are the companies you think would be able to get this order stood up?

For AMCA, look, the whole program is going to be down-selection first of the consortium and then first prototype in '32. Okay?

It's still a long ways away. Initially, AMCA will be powered by imported engines.

Understood, sir. Thank you, sir.

That's all from my side, and wish you all the best, sir.

Thanks.

Hi, sir. Thank you for the opportunity.

Sir, my question was on K-Mobility business. Can you give us some insights on how the growth will be driven in this business beyond the normal CV industry growth?

Will it be exports, and or gaining new customers, or will it be from hybrids and EVs?

It's a good question, Radha. We're looking at the specialty axles business and the LCV and SUV axle business, including EV for those, both ICE and EV.

That is what's going to drive the growth there.

Can this take the business 2 to 3x in the medium term? Is there this kind of scalability opportunity?

Yes, there is. 2x in next 3 to 4 years is definitely possible.

If we are a little more lucky and we get into some super specialty axles, it could be even better.

What is the peak margins that can be made, sir, in this business?

I think it's too early to say, but our goal is a good teen, mid-teens margin in this business.

All right, sir. Second and last question is how is the demand scenario in North America and Europe passenger car segment, and what is driving the demand here, if there

is?

Subodh is going to answer.

Demand in the US is stable. When I say stable, last year's the market size was about 16 million, 15 to 16.1.

It's more or less going to be the same forecast for this year. Demand is reasonably okay.

They don't expect any changes. In Europe, we have to see because Europe will obviously face a little more challenges given how long the war is protracted.

We have to watch what happens in Europe. By and large, it is stable as compared to last year.

That's the outlook.

All right, sir. Thanks, and all the best to you.

Thank you.

thank you very much for your time and interest and your support to our company. Really appreciate it, and we will remain in touch, and our teams are available if you need any further inputs.

Thank you, and have a nice day.