Thank you. Good evening, everyone.

On behalf of IIFL Capital, would like to welcome the team of CG Power and Industrial Solutions for their 1Q FY27 earnings call. From the management team today, we have with us Mr.

Amar Kaul, Managing Director and CEO; Mr. Susheel Todi, Chief Financial Officer; Mr.

Mukul Srivastava, EVP Drives and Automation and Industrial Motors Business; Mr. Gaurav Makhija, Vice President Switchgears and EPD Business; Mr.

Ajay Jain, Vice President Transformer Business; Mr. Dhananjay Bapat, Vice President Railways Business; and Mr.

Jatinder Kaul, EVP Motors Business, India Subcontinent. I now hand the call to Mr.

Amar Kaul for his opening comments. Thereafter, we can open for Q&A.

Thank you, and over to you, sir.

Thanks, Renu and the team. Good afternoon, everyone, and welcome to CG earnings call.

I am happy to share with you all that CG had another strong set of results for the quarter ended 30th June 2026. Revenue and PBT excluding exceptional items crossed new quarter one high as our operating momentum continues, reflecting a good start to this financial year.

Our Q1 financial year 27 sales grew by 16% year-over-year, and PBT grew at 27% year-over-year with 140 bps margin expansion. Further, order flow continued to be strong during the quarter and with the order book rising to 45% year-over-year to Indian rupees 17,333 crores and offering multi-quarter revenue visibility.

Now as I go deeper into the standalone performance, the aggregate sales for the quarter was at 3,061 crores, recording a growth of 16% year-over-year. Profit after tax was at the growth of 27%, 364 crores, which is 11.9% of sales as against 286, which was 10.8% of sales in Q1 FY26.

Return on capital employed annualized for the quarter was at 23%, and the order intake for the quarter was at 4,692 crores, and unexecuted order backlog as of 30th June '26 was 70,000 17,333 crores, which is 45% higher year-over-year. Now if we go deeper into the segments, the industrial segment Q1 performance, the aggregate sales was 1,671 crores, which is 6% higher year-over-year with a strong double-digit growth in motors.

PBIT was at 148 crores as against 172 crores in the previous year same quarter. Margin deviation is largely due to one-off provision of about 20 crores approximately in the railways business.

Other than that, it was comparable to on a shade better than the last year same quarter. The order intake for the quarter was 1,586 crores, and unexecuted order backlog as the end of 30th June '26 was at 2,899 crores.

Double-digit growth year-over-year in order and motor continues the momentum. Now if we move to power systems performance, the sales for the quarter was at 1,402 crores, year-over-year increase of 31%, reflecting strong execution discipline.

PBIT was at 324 crores versus 225 versus the same quarter, which is an increase from 21% of sales the previous quarter to 23% in the current quarter. Strong margin expansion of 203 209 bps, reflecting a disciplined execution and a strong operating leverage.

Order intake for the quarter was 3,106 crores, and unexecuted order backlog as of 30th June was 14,434 crores, which is 59% higher year-over-year. Also gives us the revenue visibility spanning several future quarters.

With that, we conclude deep dive into the standalone performances, and I'll now move to the consolidated performance. For information, consolidated results include the performance of the operating subsidiaries in Sweden, Germany, and Netherlands, which we call Drives and Automation Europe.

It includes also the CG Adhesive Products, the CG Semiconductor Semi Private Limited, G-Gtronics, and also the QpiAI Semiconductor Group. The Q1 '27 performance at consol level, the sales for the quarter was 3,281 crores, which is a growth of 14% year-over-year, and profit after tax was 16%, which is 308 crores versus 267 crores in the previous year same quarter.

Margin gain driven by strong standalone performance was partially offset by the continued investment in our talent pool for semiconductor business, total semiconductor segment impact of about 43 crores, which is 132 bps. Return on capital employed annualized for the quarter was 20%, and order intake for the quarter was 5,211 crores, and unexecuted order backlog as of 30th June '26 was 45% year-over-year at 18,965 crores.

Now moving to some of the key events. CG on 4th of June '26 announced the commissioning of its EHV switchgear manufacturing facility, S3 as we call it, it's the unit two of that in Nashik, Maharashtra.

This is in addition to the S3 unit one manufacturing facility in Ambad in Nashik itself, and which manufactures EHV circuit breakers in the range of 33 kV to 800 kV. The new facility will manufacture EHV circuit breakers from 33 kV to 245 kV range and expands CG's EHV circuit breaker manufacturing capacity by 80%.

Incrementally 7,200 units will be there versus existing 9,000 units annually, which was already there. Equipped with advanced manufacturing and testing infrastructure, including 500 kV and 350 kV high voltage testing laboratory, the facility has been designed to meet the growing demand for the reliable power transmission equipment across domestic and international markets.

CG Semi, which is a subsidiary of CG Power and Industrial Solutions, announced the commencement of commercial production at its G1 OSAT facility in Sanand. The launch was held in the august presence of Honorable Prime Minister of India Shri Narendra Modi, Honorable Chief Minister of Gujarat Shri Bhupendrabhai Patel, Honorable Minister for Railways, Information and Broadcasting and Electronics and Information Technology Shri Ashwini Vaishnaw, and other dignitaries.

Number three, the S.R. Batliboi & Associates are the statutory auditors of Tube Investments of India Limited, TII, which is a holding company as of date.

They will demit office as auditors after completion of 10 years period in terms of the provisions related to the rotation of auditors with respect to Section 133 of the Companies Act 2013, upon conclusion of the ensuing AGM of TII proposed to be held on August 14, 2026. Consequent to the above, CG proposes to align its statutory auditors with those affiliated with the same network as appointed by its holding company, TII.

Consistent with the practices adopted by various groups to enable better coordination with the holding company's auditors and bring efficiency and synergy to the audit process, given the relative material size of the CG together with its subsidiaries more than 50% to the holding company's consolidated financial statements. In view of the foregoing, S.R.

Batliboi & Associates LLP intend to resign as CG's statutory auditor with effect from close to business hours on 14th of August 2026. With this, I'll conclude my opening remarks.

Unaudited financial statements with detailed notes are available as part of the stock exchange filing and on all our company website. Thank you for listening in, and over to you, Renu, for Q&A.

Thank you very much for the opportunity. Sir, my first question is on the power systems.

Could you give an update on the pricing environment currently given that all major companies have expanded capacities over here and are expanding further as well? Have we seen pricing kind of stabilizing or maybe moving a bit downwards?

Hello, am I audible?

Thanks, Harshit. Can you hear me?

Yes, sir. I can hear you.

Yeah.

Fair question. As you rightly said, everybody is trying to expand the capacities because environment the demand in is going pretty high, and everybody is trying to take their share out of it.

Now is that capacity enough for the whole world? The answer is no, and that's why we don't see any such stresses that you are talking about.

I think the business continues to go. We keep seeing the pipeline is increasing as ever.

That's where we would be.

Understood, sir. Sir, secondly, my question is on the motors business.

I think during January 2026 you had mentioned that you had taken about 17% price hike nine months period. What has been the situation in the past five to six months?

What more price hikes we have taken? Are these sufficient to cover for the raw material inflation, or we will do more price hikes as well going ahead?

No, it's a continuous journey. Even after I talked last time 17.5%, after that, we have again increased about 5%.

The market is absorbing it pretty well. Is that sufficient?

No, because commodities are so inflationary. We have to keep an eye on it and make sure that we have the as much as possible realization of those price increases in the market.

It's a constant journey that we are in.

Understood, sir. Thank you very much for answering my questions.

I'll come back in the queue.

Thank you, Harshit.

Yes, sir. Thanks a lot.

Sir, my first question is on industrial segment margin. You did mention that there was a 20 crore rupees one-off in the standalone numbers.

Was there any additional one-off in consol segmental industrial business because the margins in seven handles have been quite weak at consol level?

Can you repeat your question?

Sir, my question is on the industrial segment margin at the consol level. Right.

The consol industrial margins have been quite weak, 7.6% in this quarter versus 10.2% in the year-ago quarter. There's quite a bit of a dip in the consol numbers for the industrial segment margins.

What is the reason? Yeah.

No, that's fine. I think see consolidated, of course, I think that overshadows a lot of realities of that.

As I touched a brief on in the beginning itself is so like GGT, for example, G-Gtronics, which I think in consolidated gets rolled up under the same umbrella, which has not even started the operations of Kavach, which should happen very soon now, hoping in next few weeks we should be able to we are almost there. That is a big dent into that when you see the big delta there.

The moment it starts, all that will be taken care of. Number two is as I mentioned, there was a one-timer of about 20 crores for railways.

I think that was a bigger dent. The good news is the largest portion of it, which is the motors, as I said, is consistently going up and up on the double-digit margins and consistently improving on that.

Sir. Sir, on the power system margins, obviously margins at 23% have been doing very well over past two quarters.

Should these levels be sustained over next few quarters, and is there some possibility of increase beyond these levels?

See, one, we don't give any forward-looking statements. I always keep saying future is always bright.

We'll keep doing our hard work and the way we are looking at it. As I mentioned, we don't see the depletion of the pipeline.

We don't see any depletion of the, of course, competition is good always in the market. That'll continue to be there with more and more players coming in.

Yes, we are continuing with our operating rhythm and the discipline with which we are executing things.

Okay. Sir, finally, sir, on your transformer capacity expansion, where we are right now?

How much is the operational capacity right now, and what will be the break-up of high voltage transformers in that?

The power transformer is already about 75,000 MVA, and distribution is about close to 10,000. With the new plant starting up in next few months, I think we will add about 45,000 MVA more into that.

Okay. Thank you.

Thank you, sir.

Thank you.

Good evening, sir. Thanks for the opportunity.

My first question is on industrial systems. In FY26 and first quarter of this fiscal, you have mentioned that motors has logged double-digit growth, but the overall outcome is still a single-digit growth in the segment.

How is the railway segment within industrials performing? What is the status of approvals for the Kavach from RDSO?

If you could give us some color around the balance business beyond motors and margins have also been depressed there. What is the road ahead for this particular piece?

Yeah.

Thanks, Sumit. Good question.

As you know you have to break it down into as a you know motors, of course, as I said, I'm pretty comfortable with all the work done. It's not only last two quarters.

It has consistently been moving up for the last four quarters now after the initial lull that is there. Which means something is consistently working there.

Coming back to railways, as you would have you would remember in last few quarters two last quarter only I mentioned that I would look at railways because there's a lot of work which we are doing to clean up the ground work, build on the technology, innovation piece of it. For railways, I would be either flat or a little bit of growth in that area.

Okay? To my surprise, by the way, you know even though we don't give the numbers for each of the business lines, but railways did much better than what was anticipated.

The only downside watch was this 20 crore provision that we had to take for you know one of the developments that was happening for last couple of years. Because the the innovation keeps changing very very fast.

Again, we might be still be able to use that material. We don't know that at this point of time.

As per the good accounting practices, we are still provided for it. The last question of yours on G-Gtronics, as I mentioned in the beginning, we have completed all the trials.

In fact, the 60 trial, I personally attended, spent three, four hours in the locomotive on the sector that we are in, in Hyderabad. I think everything has been cleaned up, cleared by the railways.

Our accuracy percentage is much higher than anybody else in the competition today. Now there's only ISA audit has already happened, we're waiting for that approval and then RDSO approval, which hopefully should happen in I would say four to six weeks from now approximately.

The moment it happens, and in the in parallel, we are gearing up for our manufacturing setup so that every day we are producing in the sets as required by the railways and start commissioning it.

Okay. While we can't complain on power systems and it's going quite well, but the momentum of top-line growth that we had been seeing for some time sort of moderated in this quarter.

Is there anything to read into the quarterly numbers given the order inflows, order backlog is up quite nicely?

No, I don't think that's really an issue. There can be a lull here and there in a quarter here and there.

I think because the size of business that if you see, even if you look at transformers, each of the shipments are 100 crore, 150 crores. Again, as I said, in terms of good accounting practices, even if it is ex works or it is FOB Incoterms, we have to make sure that what happens to the number.

I think to start with a quarter of 16% growth, I think it's good to start with. Of course, the momentum it's going to catch, and that's the way typically first, second, third, and fourth quarter happens.

It keeps inching upwards.

Got it. The cadence of losses on CG Semi, we've seen this go up and this is to be expected, but could you give us some sense of how we should be sort of modeling in losses in the ramp-up phase for CG Semi, QpiAI for this fiscal?

That's my last question. Thank you.

See it's the same thing what I have been saying. Semiconductor business, our entry has been for a long-term.

We never expect to us it's an investment. As I mentioned in my pitch as well, it's a lot of it is employee costs.

Of course, capital is started now, the production is started there. We'll continue to invest into this area.

It won't slow down. The good news is that, of course, QpiAI is already revenue generating.

Will it start suddenly start making 20% EBITDA? The answer is no.

It may make, but we'll keep reinvesting money, that money back into it. My input has been always very clear.

QpiAI is the design company we have. We'll keep investing.

We didn't buy that company or start to stay at 70 $60, $70, $80 million. It's going to go big over the next few years.

We will keep investing into the technology and different segments. We'll not stay with only radio frequency or SATCOM that we are currently doing.

Just stay with us, stay tuned. You will keep hearing more and more on that as we progress.

Sure. Thank you, and wish you all the best.

Thank you.

hi. Thanks.

I just wanted to check on if you have any in-market commentary which markets are doing well for low-voltage motors. Is it the metals and mining or cement or something of that sort?

That would be helpful.

Jatinder, you are there on the call? Would you like to take it?

Sure, Amar. Thank you.

Thank you for the question. I hope you are able to hear me.

We are seeing good traction. The end markets cement is doing very well.

Metal and mining is also doing well. Overall OEM piece of the business is also doing well.

We are seeing these three industrial verticals doing extremely good.

Okay. Thank you.

Just wanted to check on this transformer plant of 45 GVA. That would be operational by the end of this year if I'm not wrong.

Will you

We are not declared that as yet. Just wait for a minute.

I think it should be happening. Although our original plan was 2027 financial 27-28 financial year, but I think we should do it at least one year before.

Just stay tuned with that. We should be declaring that very soon.

That would be with all the capacity like 45 GVA, or it would slowly ramp up over two, three years?

No, no, not two, three years. Those days are gone.

In two, three years, the whole world will change. As I said, this kind of plant typically takes about 24 to 36 months.

I think we should do hopefully in 12 to 14 months. Let's see how quickly we are getting ready and start the commercial production.

We'll keep you informed on that. The ramp-up typically happens the first phase in the first quarter will be at least 10,000 GVA going to 30,000 in second quarter, and third quarter will be peak at 45.

Again, we are not looking at 45 only. Right now Ajay and team are busy working on how do we take it to the next level.

We'll further have plans to expand.

Thanks. That's helpful.

Just a last question if I can squeeze in. Any material exports orders you had this quarter?

Material means as per the statutory requirement, that we had already reported. Yes, the order pipeline has been pretty strong after that also.

Okay. Thank you.

That was all from my side. Thank you.

Thank you.

Thanks for the opportunity. Exports contributed how much in this, and if you can share the year-on-year growth?

Secondly, on transformer pipeline, particularly export side, how big is this pipeline currently that we are discussing? Finally, on semiconductor side, I believe Renesas has off-take agreement with you for 40% if I'm not wrong.

Are there more customers who have signed up if you can help us with those details? Thank you.

See exports, as I mentioned before, the pipeline is very strong. Order inflow is also very strong.

Instead of giving exact numbers, I would say it's practically between last year to this year, we already doubled. It's more than that, and the journey continues.

Our go-to-market strategy is working reasonably well on that. Coming back to your question on capacity with Renesas, yes, it is.

I think not to be exact on 40%, it's close to 50% that they will pick up. Our business development activity with rest of the customers is ongoing, and of course, in this business, typically we don't name the details of the customers that we sign up for, which cannot be shared.

Yes, that work is happening in parallel.

Just exports growth numbers, sir, if you can have that for the quarter, the growth for exports?

We are not declaring clear numbers there, as I mentioned. Orders have gone up into that.

For order intake if you look at our this thing was what, 84% growth, close as I mentioned. It's doubling, it's about 84% growth right here.

Understood. Thank you.

Thanks for taking my question. I had two on semicon.

Can you please talk about how the top line is shaping up for the QpiAI business? It seemed like it's a Q-on-Q decline.

Secondly, on the CD semi business, you only said 50% offtake is being promised by Renesas. That is for the combined G1 and G2 plants?

That'd be my first question.

Thanks, Kartik. The growth QpiAI honestly, I think they're doing fairly well.

It may not show in the P&L because we are reinvesting a lot of money into that. Yes, if you look at the top-line growth, it definitely will have a double-digit growth.

What is more exciting for me is the kind of orders and the size of orders that we are getting. Hoping, if the momentum continues with last two, three orders that I have seen, we should be at almost, going almost double of what we had.

If that continues, then obviously it is an execution issue or how quickly we can execute and fulfill the requirements of the customer.

Got it, sir. Just to one last question on the industrial side.

Last call, we were talking about how the competitive intensity is increasing and you were seeing pockets of competitive players coming up. Can you talk more how that has changed in the last quarter or so?

What kinds of new players are coming into the market? Yeah.

Industrial, I think it's a pretty wide area, and that's happening in every area, right? There are a lot of new suppliers coming in.

There are so many opportunities happening in, I think it's a very normal process. As I mentioned in the beginning as well is we have to see how do we put our acts together.

How are we efficient? How are we productive?

How are we getting the solutions that are required by the customer? I think that's what we are honing our skills on.

Got it, sir. Thank you so much.

That will be all.

Thank you.

Hi. Good evening.

Is it any better?

I'm trying. Are you able to hear me any better now?

before.

Thank you so much. Now after two years, we have seen the revenue growing at mid-teens.

Any specific reason that you want to call out over here if there is any delays or deference? That's the first part.

What's your thought on the Chinese players being allowed to participate in the government T&D projects? That's on the power side.

Is your question specific to power business or overall?

Revenue, we've broadly seen mid-teen growth in the revenue, and I can see that there is a specific growth challenge in the industrial business. What is your thought on that?

The second question was on the power and China angle. Yeah.

The first one, I think I already covered in the previous questions. Motors is doing fairly well.

It is high teens. Even though we don't give more details, but then I think that should give you an idea.

Railways, as I told you, I'll be happy with even the similar, flat, or a bit of growth. Railways in Q1 they have performed much better, which is good.

If I look at the consol numbers, G-Gtronics, I think definitely in this quarter, they should commence their production. In a quarter or so, it'll be bouncing back on that.

That adds to the consol number for industrial. I think consumer business is already doing well, but the size is very small, it doesn't show up too much in the front of it.

That's where I would stay with in terms of industrial question that you had. For Chinese players coming in, obviously, as I said, I don't comment on what competitors will be doing.

Important is how do we get ourselves better and be there. Everybody has to go through the approval process, and let's see how much time it takes.

Sure. Now on the railway side, is there any development as far as Vande Bharat is concerned?

Because I remember you all were talking to a lot of tech partners. Any progress on that front?

Now that the Semiconductor Mission 2 is announced, while I understand that you first will do find customers for the existing plant, but at some point in time, would you look at ramping up this semiconductor project?

I think these are two different questions,

or On the first one was on the railway side, on the Vande Bharat side, is there any tech partner that you kind of signed up or are you talking to somebody on the tech side for Vande Bharat project? Because I would imagine that after two years, we can see some traction coming in the Vande Bharat business.

No, see on the Vande Bharat, the project that we have with our customer, so that work is going on right now. That initial development that's happening, and I think we declared that with Kinet as our internal customer.

That work is going on, even that new shed has come up. Testing facilities are under commissioning, so that is a usual work that is already going on.

Second, as I said, I think this first and second year, I would say is more development of in-house versus any collaboration or something that could happen is what we are busy on for the technology development. Okay.

The semiconductor mission, that the one that government announced recently, are you looking at scaling up your capacity?

No, I think the team is evaluating what is in it for us, if it makes sense or not. That work is still going on in parallel, but right now, the existing team is busy with ramping up what we have on the plate.

Get the new plant, the second plant in action, and current plant, we are rapping up to the capacity that we are installed it for.

Okay. Fine.

Thank you very much.

Thank you, Rahul.

Amit, hi. I have two quick questions.

First is on industrial motors, etc. We've seen in last six, eight months pricing is holding up very well and there's a very clear trend of higher-grade motors, IE4 motors or even three and four motors.

Do you think in FY27 for CG Power, which is the largest motor company in the country, a 20% revenue growth or 25% revenue growth is possible because the pricing is shifting very, very drastically, or that's not practical for this year? That's first question.

See, as I kind of hinted towards that, we are going at high teens in the motor space. Market is absorbing what we are passing on with the right logic that is happening.

Third thing, I would have mentioned it last time in terms of the R&D acceleration for the new product development that we have initiated. Those are the things that are actually going to take us to the next level.

It's not only the pricing game that is going to play, but it's also the R&D. In fact, the first range across IE3, IE4, and IE5, all this full range will be complete in next 12 months.

Sure. Sure.

The second and quick question on switchgears and power transformer exports particularly. As you target more customers in US, particularly the utility grid, and we understand that there is a very strict timeline and qualification timeline that is taken, which is slower than the data center customers.

Do you think FY27 is a year where we can see significant utility customers orders from US, or that's too early for us? That's it.

Yeah. We don't target one, it's combination of utility, renewable, data center, oil and gas.

Each of these booming markets, we have the teams dedicated to each of these verticals, so that's where we're working on.

Okay. Sure.

Thanks, Amar.

Hi, sir. Thanks for the opportunity.

Just wanted to start off with one bookkeeping question here. The difference between your consolidated order book and your standalone order book, is that primarily on the industrial side?

Does that reflect basically your Drives and Automation in Europe and your G-Gtronics business, or is there anything else in that?

You are asking at consolidated level, right?

The difference between the standalone and consolidated order book, what is included in that if you could give that breakup between G-Gtronics and yeah.

Majorly this include GGT and the QpiAI.

Would you able to quantify what is that size?

No, I think GGT we know about the 1,000 crore order book is there, rest is all coming out from QpiAI.

Understood, sir. Just secondly, on your industrial systems business, just want to clarify, you mentioned that your motors business, the margins have now improved to double digits.

Is that correct? Is that just for this quarter, or is it you had mentioned the business has been ramping up for the last four quarters, are we seeing consistently double-digit margins?

Is it that the railways business is what's actually dragging down the margin to single digit at a consol level?

I think I gave that commentary already, and your full question was answered before. Double-digit definitely in motors is consistently it's going upwards.

Railways is not really a drag. Of course, I think it's not as good as what motors is, but it's not bad also.

I think the bigger impact was because of that 20 crore provision that we have taken. I think that's kind of a drag on the overall performance.

Right. Because sir, even if we exclude adjusting for that 20 crore provision, you're still seeing the margin dip from 10% in the same quarter last year to Obviously,

as I said, motor is a double-digit. Railways has always been single-digit, delta will always be there.

Would you able to share how much is railways now contributing to No,

we don't give the breakup of that, no. We just give industrial.

I already, I'm not allowed to share so much, but in my enthusiasm, I keep sharing a lot.

No, only thing what you have to consider is that industrial also include consumers. That is actually at a break-even today.

Noted, sir. Thank you.

I'll come back in the queue for any other questions. Thank you so much.

Hi, sir. Thanks for taking my question.

Couple of questions. One is in terms of lead time of delivery for transformers, how is it now vis-a-vis how it was last year?

My second question is for transformers, the bid pipeline, how it would have grown for us, how much we would have bid this year vis-a-vis how much we would have bid last year?

Yeah. I think capacity, the way we have increased it in last what four quarters from 22,000 MVA to almost 75,000, honestly that's not a concern at all today.

I think I'm not saying that the transformers are available off the shelf because that's not the kind of product we make. Each transformer has to be customized.

Yes, it is, I think the lead times are much better than depending on what kV range you are asking for, it is what it should be. No customer will get delayed, and then we are adding the capacities into that as well.

Okay. In terms of the bid pipeline, sir?

Essentially how much we would have bid this year vis-a-vis how it would have grown year-on-year? How much

we are talking about the orders, though. We don't give the detail like bid pipeline and then win rate and lost rate.

That is all company confidential.

Okay. Order inflow had declined this quarter compared to last quarter in the power segment.

Last quarter, there was this PGCIL large order of around 650 crores. Was that one of the only reason why the inflows had declined during this quarter, or was there any deferment that can be booked next quarter in power segment order inflow?

No, no, absolutely. I think you answered it very well, Ravi.

That is a real thing. If you just take it out apple to apple, then there's a fairly good growth.

Understood, sir. Thank you.

Thank you.

Hi. This is Aditya.

I hope I'm audible to you. Yes.

The question that I had was more on the overseas opportunity. As we can see, there are three big markets in US, Europe, and maybe the MENA region.

As you see through your mix of exports over the next three years, what could be the order of relevance of these three geographies? Would eventually US become the biggest as you think through data centers, renewables, everything put together, or would Europe or MENA region be more relevant for you?

No, see, I think we are not doing breakup of that. Yes, we don't put all the eggs in one basket.

Export market, as you mentioned, definitely these are important markets for us. Our GTM is based on that.

Will that become the primary? Answer is no because we will have it spread out fairly evenly to make sure that even if something happens in one market, something is there to survive.

Yes, India will continue to be our primary growth market because that's where we originate from, but we'll keep expanding into Americas and Europe and MENA, as you mentioned.

Sure. That clarifies.

The second question that I had was on the semiconductor part of it. Obviously, this is more on the design aspect of things.

Part A of the question, does ISM 2.0 make a difference to your growth strategy, whether you will be using that as a platform? Part B, just intrigued to kind of see good order inflows coming in.

Maybe a sizeable backlog is already there. Could you give us some more color of what is actually happening on ground and how do you go beyond the RF space here?

As I mentioned, I think there was a similar question before. When we started off with radio frequency, SATCOM area, we're also venturing into the adjacencies around that, power, because that's our own business.

We're looking at power electronics as a business from QpiAI point of view, what can we do there. These are some of the areas.

As I said, just stay tuned with us as we get closer to our footprint into those areas and additions to QpiAI. We'll keep you informed on that.

Great. All the very best to you.

Thank you. Those were my questions.

Thank you, Aditya.

Hi. Thank you for the opportunity.

My question was on the power systems. Sir, you mentioned that the prospect pipeline or the bid pipeline has doubled year-over-year.

Just wanted to understand what are the key end industries that is apart from the T&D space? We know how T&D is doing, right?

Maybe some commentary on how the data centers are doing for you, any traction on that front?

The bid pipeline, we didn't mention that. The order pipeline that we talked about, orders have gone up by 84%.

As I mentioned in the previous question also or the other question, we don't give too many details on how the order pipeline is going and who is in it or who is losing. That's company confidential.

Yes, the pipeline is pretty strong. Yeah.

Sir, have you seen any contribution from data center?

Of course.

Okay. How would you put it in terms of growth driver in next two to two to three years compared to maybe T&D and industrial business?

No, we're not breaking it down because everybody has to win the bread to survive. As I said, because AI will keep booming.

Of course, they can be used in the industry differently. Data center will continue to be important, renewables is important, green energy is important, oil and gas is important, even the grid modernization, that's a vertical.

As I said, we'll not get too skewed towards one side only. It'll be a fairly even distribution, of course, depending on the size of opportunity.

Something may be big, and something may be small. We'll not forecast that we'll go all about one particular segment.

All right. Sir, my second question was on semiconductors.

You mentioned that for QpiAI you're currently looking at the RF first and some of the power equipment. With ISM 2.0, I understand that the fine print is still awaited, but ISM 2.0, would it be possible for you to get some subsidy for RF equipment and power equipment in ISM 2.0?

Prathmesh, I answered that a few minutes before. There was a similar question.

I said the team is evaluating what is in it for us and should we do something. That is a separate work happening in parallel.

We have no clue right now whether we'll use or not. Whatever I talked about on the QpiAI side is purely what will continue.

With government, without government, the work will continue in different segments.

All right. Thank you so much.

Thank you.

Hi. Thanks.

I just wanted to get back to the Vande Bharat order which you had taken I think in Q4 '25. That is still under execution if I'm not wrong.

Any problems with the execution because of that the margins are not doing well, or are there any other issues? What is the timeline for this execution of this order?

Do you expect any further orders from Kinet this year? Thank you.

No, Sameer, I think I answered that a few minutes before is this Kinet order, that initial order that we have. In fact, I was there on Monday, Tuesday, Wednesday.

I was in Bhopal. I saw the facility is already set up.

The building has come up, test lab is getting set up, and the order is under execution. That's where it is.

Based on that performance, then of course we are bidding for more and more on that. That's the current status of it.

Okay. Currently there are no deliveries happening at the moment, right?

It is yet to happen. Yet to start.

Yeah. The work is already going as per the project.

The project team is working. There are weekly meetings.

Dhananjay, who is our business leader for this business, he himself is on top of these weekly meetings to ensure that it is delivered on time with the right quality.

All right. Thank you.

That was all.

Thank you.

Sure. Thank you, everyone, for your time and participating in the call.

I would now request the management to give any closing comments and also thank the management on behalf of IIFL Capital for giving us the opportunity to host this call. Amar, any closing comments from your side, please?

No, thanks. Thanks, Renu.

Thanks, everybody, for joining and all the questions. Pretty excited to see how we can go forward in the future.

Stay invested, keep investing more and more, and we'll grow together. Thank you so much.

Have a good rest of the day.

Thank you.