Thank you, and good evening and warm welcome to everyone joining us today for our Q2 calendar year 2026 earnings call. I would like to start by apologizing for the delay taken for the call, and this is due to a Board of Director which has been longer than expected.

I am joined today by our Managing Director, Mr. Fred Martin; our CFO, Mr.

Deepak Shindarkar; Company Secretary, Mrs. Nidhi Salunke; and SGA, our investor relations partner.

We have uploaded, as you may have seen, our financial results and investor presentation on the stock exchanges and on our company website. I hope you have had an opportunity to go through them.

Let me begin with a brief overview of the steel industry and the current market environment. The global steel market remains mixed across regions, with different markets facing different opportunities and challenges.

Let's start with Europe. Europe continues to face a challenging environment.

High energy costs and weak industrial sentiments are affecting investment decisions. In July 2026, the European Union introduced a new tariff quota regime covering 18.3 million tonnes across 26 steel product categories.

Imports beyond the quota are now subjected to a 15% duty, while the new melt and pour requirements call for proof of the steel's true origin. Slabs remain exempt from the quota and duty.

This is an important information because these changes are the driving forces and increase the interest for investors in implementing hot-rolling solutions, cold-rolling solutions, and processing lines based on duty-free imported slabs. They are also supporting the localization of steelmaking through electrical arc furnaces.

While in China, the country remains the world's largest steel producer, but the market is changing. The country is moving towards what can be described as a green steel pivot.

In April 2026, finished steel exports declined by 9.2%, while sector value-added increased by 1.8%. This points to a gradual shift towards higher-value and more specialized steel products.

Chinese producers are increasingly looking for downstream lines such as galvanizing, annealing, and finishing to support these products. At the same time, there is a significant investment in electric arc furnace and hydrogen-based metallurgy to reduce emissions.

Customers are also becoming more selective about capital investments. There is a stronger focus on advanced technologies, productivity, energy efficiency, and decarbonization.

We are responding to these changes by strengthening our presence and capabilities in China. The United States steel industry is seeing a revival.

Capacity utilization reached 82% in July 2026, the highest level since 2018. Producers are expected to invest more than $14 billion this year, including major projects such as Nucor's new sheet mill in Arizona.

We are also seeing strong growth in the localization of spare parts and maintenance services, which is further strengthening the domestic industrial ecosystem. India continues to be one of the strongest growth markets for steel.

Steel production is expected to reach this year 161.7 million tonnes, with the unchanged target of 300 million tonnes by 2030. Major infrastructure programs and production-linked incentives for specialty steel are supporting more than $25 billion in investments.

At the same time, per capita consumption in India is around 93 kg only, compared with a global average of approximately 230 kg per person. There is a huge gap which needs to be closed in the future.

This highlights the significant potential for further growth. Infrastructure spending remains strong, manufacturing capacity is expanding, automotive demand continues to be healthy.

These factors are creating a favorable environment for further investment in steel. Other emerging markets like Africa and South America are also showing healthy growth, with steel demand expected to grow by around 5.5% in 2026.

Brazil and Argentina remain key markets in South America, while East and North Africa are benefiting from increased infrastructure development. These regions are becoming increasingly important to the future growth of global steel demand.

Beyond regional developments, there are several common trends shaping the steel industry. Steel producers are moving towards higher-value and more advanced products.

This is increasing the need for advanced processing technologies. We are seeing growing demand for galvanizing and cold-rolling lines along with strong interest in electrical steel processing.

At the same time, customers are looking at plant modernization, energy efficiency, and lifecycle services. Decarbonization is also becoming an increasingly important part of investment decisions.

Geopolitical tensions, particularly in the Middle East, continue to affect energy markets, logistics, and global commodity flows. This is creating some volatility across industrial markets and making flexibility and local support increasingly important for our customers.

These industry trends are closely aligned with our capabilities and with the technology portfolio of the John Cockerill Group. Our focus is therefore on strengthening our presence in key markets, supporting customers with advanced technologies, and increasing our ability to provide local support and lifecycle services.

Overall, while the steel market remains challenging in some regions, we see significant opportunities driven by capacity expansion, higher-value products, decarbonization, plant modernization, and the need for greater efficiency. This gives us confidence in the opportunities ahead.

The previous quarter marked the beginning of a new chapter for John Cockerill Industry India. We consolidated our Chinese, German, and Belgian entities under JCIIL, and this is an important step for our strategy.

The objective is to create a more integrated and agile organization, and we are bringing together technology expertise, manufacturing capabilities, and execution strengths. We are also creating better access to the Chinese market.

This integrated platform will help us work more efficiently. It will also help us respond faster to customer.

Most importantly, it will allow us to offer our global technology capabilities through a stronger and more coordinated organization. We believe this will support our growth in the coming years.

Coming to our performance during the quarter, we delivered another quarter of strong year-on-year growth. Standalone revenue grew by 82% year-on-year and reached approximately ₹149 crore in Q2 of the calendar year 2026.

Consolidated revenue stood at approximately ₹299 crore. This represented a growth of 18% year-on-year also.

Revenue was lower on a sequential basis. This was mainly due to the project cycle and the timing of revenue recognition.

In Q1, several of our older projects were close to completion. We were therefore able to recognize the savings and efficiencies achieved on these projects during the quarter.

This supported the margin in Q1, while in Q2, the situation was different. We have started execution of a number of new orders that we secured very recently.

These projects are still in their early stages, and at this stage, we incur several initial project costs. However, revenue and margin contribution build up progressively as the projects move forward.

This has resulted in lower revenue volume and lower margins in Q2 compared with Q1. This is therefore largely a matter of project timing and mix rather than a change in the underlying business momentum.

We continue to see healthy customer inquiries. More importantly, we are seeing a strong pace of order wins.

Our customers are investing not only in additional capacity; they are also investing in better technologies. We are seeing demands for advanced processing technologies and electrical steel, as well as investments in downstream quality improvement and plant modernization.

The reasons are clear: customers want to improve productivity and reduce energy consumption, they want better product quality, and they want to meet their sustainability and decarbonization objectives. These are long-term trends.

They are not limited to one quarter or one market. These trends are closely aligned with the strengths of John Cockerill.

Our order book continues to grow strongly during the quarter. We secured order worth approximately ₹1,200 crore.

With these wins, our total order book as of June 2026 stands at approximately ₹4,500 crore. I have to say this is a strong position for the company.

It gives us a good visibility for the coming years, and our focus now is very clear. We need to convert the strong pipeline into further orders, and at the same time, we need to execute the existing order book well.

Good execution will be critical. As these new projects progress through their execution cycle, we expect the revenue and margin contribution to build progressively.

We believe our strong order pipeline, combined with our technology portfolio and execution capability, gives us a solid foundation for the next phase of growth. Let me now come to the profitability.

Profitability during the quarter was affected by the project mix and the earlier stage of execution of the new order, as I previously mentioned. Several new projects are currently at the beginning of their execution cycle.

This means that some costs are incurred upfront, while the corresponding revenue and margin are recognized progressively as the project advance. We also incurred certain upfront costs to build the organization and capabilities required for the next phase of growth.

In addition, we have some one-time costs related to the consolidation and integration of our operations following the group restructuring. These factors affected our profitability during the quarter.

However, we see these factors largely as transitional. The changes we are making are aimed at building a stronger and more scalable organization.

They will improve coordination, improve execution, and help us serve our customers better. As the new projects progress and the benefits of these organizational changes start to come through, we expect profitability to improve over the medium term.

Our priority is therefore not only growth; it is profitable and sustainable growth. If we look beyond our current order book, we continue to invest in new technologies.

One important area is jet vapor deposition. We are continuing to develop this technology and build market opportunities around it.

We see this as an important part of our long-term technology strategy. More broadly, we believe the next phase of growth in the steel industry will not be driven only by capacity addition; it will also be driven by technology, productivity, energy efficiency, and the need for more advanced products.

This is where we believe John Cockerill has an important role to play. We are also strengthening our capabilities closer to our customer, and recently we inaugurated our advanced coating facility at Taloja in India.

This is an important addition to our value services. It will allow us to support customers with advanced coating solution and further strengthen our position in the services and energy efficiency business.

In China, we have also opened a new office in Shanghai. This is an important step in strengthening our local presence and bringing our technology and expertise closer to customer in the region.

The Shanghai office will also support our broader expansion in China. We are now preparing to open a workshop in China in the third quarter for the assembly of special machines and equipment.

This will give us additional local capabilities and help us respond faster to customer requirements. These investments are part of the same strategy.

We want to be closer to our customer, we want to strengthen our local capabilities, and we want to combine these capabilities with the technology and expertise of the John Cockerill Group. To conclude, I would say that the direction of the business is clear.

Our order book is stronger, as you have seen, and we have a robust pipeline. We have enhanced our execution capabilities and now have a more integrated global operating platform.

We are also investing in technology, local capabilities, and customer proximity. We are sure that India continues to offer significant opportunities for the steel industry.

At the same time, we see important opportunities in China as well, in the US, and other international markets. We believe the medium- and long-term opportunity for JCIIL remains substantial.

There will be always challenges and execution and some quarter-to-quarter volatility. This is part of the business model.

Our focus remained unchanged. We want to grow the business, execute well the projects, and improve profitability and create sustainable value for our customers and shareholders.

We are now happy to take your questions, of course. As a closing remark, I would like to thank you very much for joining us today.

We are very pleased to have that opportunity to speak with you again. We appreciate your questions and your continued interest in the company.

As mentioned, we remain available for further discussions with our investors. The management team will be happy to continue these discussions offline as well.

Thank you once again. Have a good day.

Thank you for the opportunity. My first question is around the mentioned aspiration of ₹8,000 crore of top line which was mentioned in the Q3 CY '25 call, driven by new technologies like JVD, Volteron, and external growth.

I want to understand is the ₹8,000 crore top line target by CY '28, is still the internal target?

Great. Thank you for your question, and we are happy to respond to these questions.

The ₹8,000 crore target, it's not only a target for the complete organization and the management team, but this is the North Star we are following every night to find our way to success. This ₹8,000 crore are going to come from different streams, and we have identified two main and major streams.

One is our organic growth, and as you rightly has underlined, this growth will be largely supported by JVD and we believe also Volteron. The second revenue stream will be based on external acquisitions, and currently the management is investigating several external acquisition as well.

These are the two revenue streams that we want to integrate together to build a very comprehensive and logical group. Now coming back to JVD and Volteron, as we several times mentioned, JVD is already commercializable and we have very advanced discussion to close one project hopefully this year for JVD in Asia.

I cannot mention more precisely where and with which customer, while Volteron is a technology which has been developed by our headquarter in Belgium and the IP is belonging to John Cockerill SA today and not John Cockerill India Limited. Nevertheless, the management team is in discussion with our headquarter so that the full business case integration of Volteron can be done effectively within short.

We are not at the commercialization stage for Volteron since we have some R&D tests to finalize before we can bring that up to the market. Between the IP we have today and the full industrialization of Volteron technology, there will be several milestone steps in order to have pilot plants validation and clear customer demonstration modular projects to show the efficiency and the ROI of the technology.

Hopefully this answers your question.

Thank you for the detailed explanation. My second question was about the guided revenue, pro forma consolidated CY '25 revenue would be closer to around ₹2,000 crore, and Q1 CY '26 filing indicates that the consolidated revenue was ₹960 crore.

Which is a gap of roughly around ₹1,000 crore. My question here is that the US entity is not yet consolidated, but that alone does not bridge the full gap, I believe, because you also mentioned on the call that the US contribution would be relatively small.

Could you please help me reconcile the difference?

Can we ask you to clarify your question, please, on the ₹1,000 crore?

yeah. My question was that the consolidated CY '25 revenue was guided to be close to around ₹2,000 crore, and actually the reported number was around ₹960 crore.

The gap of this ₹1,040 crore, I want to understand, will it be bridged by the US entity alone? Because as per my knowledge, the US contribution would be relatively small.

Can you just help me how this gap will be bridged? That's my question.

I hope I am clear now.

I think the ₹2,000 crore was a kind of a guideline or a target. You are right that US is not a very large contributor to that, though it is not insignificant.

The most of our turnover is related to how we progress our projects. One is when we get the orders and then how we progress on our projects.

I think you will see a significant improvement in the revenue generation in the second half. I think, okay, we may not be at 2,000, but I think we should not be very far if at all we include the US in that.

Thank you, sir. Also one last thing, I want to understand that John Cockerill SA reduced its holding from 75% to around 70% in Q4 CY '25.

I want to understand what's the reason behind it? Was it motivated by SEBI disclosures or some group-level liquidity needs or something else?

Sorry, we could...

Hello, am I audible now? Hello?

Hello?

Am I audible now?

Can I go ahead with my question? Hello?

Hello? Can I go ahead with my question?

My question was that John Cockerill SA reduced its holding from around 75% to 70.4% in Q4 CY '25, selling around 2 lakh shares. I want to understand what's the reason behind it?

Should we expect further reductions?

Hello?

Sure, sure.

Yes.

I believe I am audible. My question was that the John Cockerill SA reduced its holding from 75% to 70.4% in Q4 CY '25, selling around 2 lakh shares.

I want to understand what's the reason behind it? Can you just please elaborate and should we expect any further reductions?

John Cockerill has 75% had 75% shares. I think it's a large holding.

Obviously, being a global player, they have their priorities, they have their projects. Once from time to time, they may want to do certain operations on their holdings and on their investments.

They remain a very large shareholder at a surplus 70%. As you are aware, we will be now issuing the preference shares to them which are convertible, and to that extent, they will again go back to 72+%age.

They are the most interested shareholder of this company, and they remain interested in the development of this company. I think a reduction like this should not be a cause for concern.

Yeah.

Thank you so much, sir. Just one last question was around the Taloja rolls coating facility.

Can you just give me a revised date for the first revenue we should expect from this facility, and what's causing the repeated delays?

It has been put in operation in June. The facility is now operational.

We are doing some of the testing and we have some trial orders. We will start exploiting that facility as we go forward,

yeah.

We are initiating production now.

Yeah.

Production, right.

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

Thank you

very much. You're welcome.

Hi. Greetings.

Thank you for the opportunity. I hope I am audible.

Yes.

Thank you. My first question is on JVD.

Sir, given this process bring real economic benefits as per our assessment on zinc coating, what has been the customer's biggest apprehension and feedback they are sharing with you when you are presenting it as a technology for implementation? If you can share few nuggets, any anecdotal example which customers have shared with you.

All right. Basically we have different discussions ongoing, and we had also different discussion last year for JVD.

Just as a reminder, the technology JVD is different from the classical hot-dip galvanizing process where basically you deep-dive the steel into a bath of zinc to have anti-corrosion coating. That's the way we do zinc coating since more than decades.

Jet vapor deposition, or JVD, is a process where you are projecting vapor of zinc on the strip instead of hot-dipping it. This bring a lot of additional advantage.

The first one is that you can run high speed with that. At the same time, you can really have a coating which is more precise, and with the same thickness having enhanced capabilities of fighting against corrosion.

There is a lot of advantage. There is an industrial lines running in Belgium which is proving its efficiency.

The process of concluding the first contract is longer than expected due to internal validation process at customer site. We are not talking about technical validation, but investment process validation.

Be reassured that we have besides this case we are following very closely and we should start soon other cases under discussion.

Got it, sir. No, this is helpful.

Sir, just a follow-up on this. If you can help us understand the cost differential between HDG and JVD.

For example, if someone has to put a certain metric ton of HDG and he replaces it with JVD, what is the initial investment difference between the two processes? How in opex the two processes are different?

Per ton basis, if we do zinc coating via HDG or JVD, what is the cost differential on running basis?

I cannot give very precise figures because it's really depending on the product mix that the customer is using. Let's say that the harder the material is, the higher the benefit.

The first benefit is because you are running on higher speed than a CGL, you are doing a lot of savings because you can process much more material with the same line. The second advantage is that you have zinc saving, because you are more precise in using your zinc than on the hot dip, and there is a savings based on that.

I would say the largest savings comes when you are applying to automotive steel and advanced high-strength steels, because in this case, you can shortcut the whole production process by avoiding batch annealing process, which is extremely costly. I would say in terms of savings for the customer, we are talking about cases where it is at least ₹1,000 saving, and it can go up to 20 times this figure based on the case.

It's a significant impact. No,

this is really helpful. Just one tiny follow-up again.

The order which we are supposed to get this year which probably you mentioned in your opening remark, what can be the typical size of that order, sir, if you don't mind sharing?

The order that we got are two types. One was for cold-rolling mill...

JVD order

that you will get in... Oh, JVD order?

No, he says orders...

Hopefully you will get

this year. Oh, hopefully we'll get,

huh.

The order that we are looking at is in the range of €50 to €100 million.

€50 to €100 million. No, well, this is again helpful.

Just one last question on the cost side. This quarter, if we try to understand the cost structure, probably we are at ₹68 crore employee cost and ₹70 crore other expenses.

Should we take this cost base as a quarterly run rate going forward, or do you see there can be some escalation in these two costs going ahead?

No, I think the employee cost may go up a bit because we have to expand a lot in terms of our capacity to execution. To that extent, yes, we'll have to add manpower on the execution side, and that will have some impact on the employee cost.

On the other expense side, I think we could be less than what it is, slightly less than what it is. It won't be more than that, yeah.

Seeing on other expenses, it can be lower than the current quarter's number in the next two quarters?

Marginally. Marginally, marginally, not a huge

shift,

yeah. Right, right,

right. No, this is very helpful.

I'll join the queue back. Thanks a lot, and a good set of numbers in challenging environment, sir.

Thanks a lot.

Thank you.

Thank you for the opportunity. Good evening, sir.

Hello, am I audible?

Yes, absolutely. Good evening.

Sir. Sir, regarding this, what is the order book for FY If you have given that I have not seen that.

Can you please give the order for the standalone and also the consolidated entity?

Order backlog So the consolidated is around ₹4,500 crore, and the standalone is half of it.

Yeah, 2,000 2,200, yes.

Okay. Sir, what is the service revenue we have booked in this quarter, and what was in the previous quarter in the standalone and consolidated entity?

Just 1 second, we are looking for the figure. Yeah.

You can ask the next question till I look for the number, if you have any.

Okay. Regarding the top customer in the particularly on standalone entity I'm referring, what is the contribution from the top customer from India?

That is one. The other one is out of the ₹140 crore of subsidiary revenue, what is the contribution of different regions if you can specify that?

Okay. You can ask your third question while we are looking for the third one.

These

are the questions, sir. Those are the questions.

One is the service contribution. The other one is you have given the order book.

Service contribution, the other one is your top customer contribution, particularly from India, what is the contribution for top customer, and region-specific sales if you can provide it, that would be helpful, particularly for China and Europe and in

The service one, I think this quarter was significantly lower than the last time. We are talking about maybe around almost 1/3 of the 1/3 of the first quarter.

Even in terms of the ratio to the total sales, the value services was lower. This is not because of the lack of orders, but this is because the progress on those projects was less.

I think our order backlog in this area also looks very good, and our margin remains very strong as far as the value services are concerned, yeah. Top, I think the top will be almost in On the standalone, the top contributors are Tata, Tata Steel, and JSW.

On the consolidated, will be adding ArcelorMittal to the top contributors.

Yeah. That will come to overall, it will be 80 80% total.

Around 80%.

Top five, 80%.

The top five,

yeah.

Yeah. Okay.

Sir, if you can give the region-specific And another question I want to ask about this among the four competitors in India, who, according to you, is giving the tough coming to when you go to ask for the orders, who is the main competitor which comes with you in terms of competition in the order booking from your Indian customers particularly?

We focus on our products and our service capabilities rather than focusing on the

competition.

No, I am asking about the competitor's point of view, who you considered the most rightly competitor from the Indian market?

All the tier-1 competitors in this industry as we all know them as OEM. Mainly the biggest one that we are dealing with and are well known.

Mainly SMS...

Danieli, Primetals,

yeah. Danieli, Primetals,

yes.

Typical.

Okay. Your contribution from the downstream steel is concerned, is with perhaps with Primetals or with SMS, sir?

Same.

All of these competitors has a downstream technology portfolio as well.

Same.

Okay. Okay.

Okay. Sir, region-specific sales of the ₹140 crore

No problem. Thank you.

Sir, we recently won an order from JSW, which was a order where a standalone as well as our parent company also won as a group. We won the ₹1,200 or ₹1,300-odd crore order.

Can you share some qualitative details with respect to what kind of discussions happened and what kind of impact it had post the merger of the Belgium as well as other companies? What changed versus say what discussion would have been if the merger or the things would not have been there?

Any qualitative highlights if you can share regarding that.

Definitely there is an advantage, of course, as being now a complete global organization. Our teams in India, our technology teams in India, our sales team get largely supported by our Belgium experts and senior managers, and they were instrumental in the acquisition of this JSW projects.

One part, by the way, of the project will be executed outside India in Europe.

It will be executed by our subsidiary and not the parent company.

Yes. The parent company is now John Cockerill India Limited.

Right, right. Yeah.

Sir, the execution timeline for the current order book would be?

Currently, at end of June, the order book of the consolidated group is ₹4,500 crore.

Yes. Execution timeline for that, sir?

The timeline is up to 3 years, basically.

3 years. Okay.

What kind of, sir, ramp-up can we see in H2 with the new orders execution commencing?

Currently, the hydrogen demand is still very, very weak, and we are really at the beginning of adoption in the steel industry of hydrogen as a reduction factor for iron ore. Currently, most of the customers are not considering green hydrogen, that means hydrogen coming from an electrolyzer, but they're rather pointing hydrogen based on cracking natural gas or by reusing coke oven gas coming from blast furnace or coke oven.

Currently, the market is initiating the new process, hydrogen-based, but we are not at the stage where it will come from green electricity and electrolyzers.

Sir, my question was what kind of execution ramp-up can we see in H2, second half of the year, as first half has been quite slow? What kind of execution ramp-up can we see for Q3 and Q4 with new orders execution commencing?

The hydrogen business of John Cockerill is not consolidated in John Cockerill India Limited. This is a separate entity driven out of Europe with several worldwide subsidiaries.

I will make no comment on the hydrogen figures of business since they are not part of our scope of activity.

No, no. Sir, I am asking execution.

Can we ramp up our execution in Q3 and Q4?

Of the new project? Yeah.

Yes. Absolutely.

Of course. This is planned.

This is planned. Engineering is already in progress, we will see the ramp-up based on the development and the engineering and the procurement actions that will be done before the end of the year.

That will have an impact on H2.

Okay. Thank you.

Hello, yeah. Congratulations for the good set of numbers.

You have given a very optimistic guidance amidst a very challenging environment. Lots of questions which was going to ask has been asked by previous questioners and you have answered satisfactorily.

There is no question from my side. Wish you all the best.

Thank you.

Can you please repeat your question?

My question has already been asked by previous participants. No question from my side.

Correct.

Happy to have answered

this. Yeah.

You answered pretty satisfactorily. Thank you very much, sir.

Thank you.

Hi, good evening, sir, and thank you for the opportunity. Hope I am audible.

Yes, you are.

Sir, my question was mainly on the geography side, right? If you can just help us understand on the outlook of new orders, what is your sense in terms of India and international after the current order backlog what you all mentioned?

Are there more kind of some more order wins that we can expect? What is your sense on that?

Yes, the pipeline for new orders is still very interesting, and we have possibility for new orders in different regions that we are active on. That means that we are still very positive on the Asian regions, we are also positive on the European region, and we still see quite interesting development also in the USA.

They are still orders to be booked before the end of the year.

Sure. On the India side, sir?

Also on the Indian side, yes.

Got it. Sir, my second question was to Deepak, sir.

Sir, I think as you all mentioned in the opening statement, there were some one-off costs due to consolidation which got impacted or which got reported. If you can just mention what was the quantum of those costs and which may not come going ahead?

There are both one-off as well as certain ongoing costs, because now that we are the parent company for this business, there are certain costs basically because of the being parent company, you will have to take care of it in terms of the, for example, R&D, the technical development, etc. These costs now we have to share it equally along with others.

I think that is one important thing to remember as we go forward. I think the basic costs were in terms of the one is the transaction costs and you would have seen the impact about the impact on the forex, impact on the notional interest that came because of the transaction itself.

Fortunately, the parent company has agreed to go for a share-based payment instead of cash payment. To that extent, many of these costs will actually stop incurring.

We will stop incurring from the second half of the year. That will be a significant saving.

Obviously, we had to do the legal side of the deal, the audit, the compliances, the due diligences, etc. Those were the costs that were part of this.

These were the costs not only here, but we had to do that in each of those countries, in Belgium, in Germany, and in China. Being a listed company, obviously, there are more compliances for these companies there which are outside of India.

Previously, those were not part of their costs, and now we had to do those costs there, yeah.

What would be the quantum of those costs which was recorded in the Q2, if you can help me understand that?

That will be a little difficult to do it, but we can come back to you on that, yeah. We make a note of that, yeah.

Got that. Sir, one last question was, as the execution ramps up, right, I think earlier we were mentioning that the order execution timeline generally previously used to be 2 years.

I think sir mentioned this time it's closer to 3 years. Just wanted to understand on that.

As the execution ramps up in terms of margin, sir, if you can help us understand how that will shape up going ahead?

Execution time varies different depending on the contracts,

and

the developments over the time is normally on every contract is 2 to 3 years. The general answer is that from what we see now, 3 years seems to be the proper assumptions.

Got that. Yeah.

You will have some

basically the service projects, value-added projects, yes, they will be shorter duration, but they also will be small value. It is more frequently coming, but they are of short value.

I think the margins, we have been doing quite well on the margin and margins are quite consistent, or I would say slightly improving. In the quarters where we will have a large contribution of value services, obviously we'll get a much better product mix and hence the higher margins going yeah.

I think we expect

H2 should kind of reflect that. Yeah.

Yeah.

Got it, sir. Thank you.