Yes, thanks. Good evening, everybody, and thanks for joining the call.

We have with us Olectra Greentech's management, Mr. Mahesh Babu, the Managing Director, Mr.

B. Sharat Chandra, CFO, and Mr.

Hanuman Prasad, Company Secretary and Legal, with us to address your queries. I will now pass on to the management for their initial opening remarks, and then we can open the floor for question and answers.

Over to you, sir.

Good morning investors, ladies and gentlemen. My name is Mahesh Babu, I'm a Managing Director of Olectra Greentech Limited.

I'll give a small brief about what's happening before Sharat Chandra, our CFO, will come and talk about financials. We are looking at the EV market globally on bus sold about 70,000 units in 2025, which is about 12% year-on-year increase.

While globally we talk about 70,000 units, 60% of the global EV bus sales happens in China. India is the third largest electric bus market.

We have sold about 5,423 units last year, which is about 30% higher than the earlier FY '25, which is reasonably good growth, I would say. EV bus penetration in India overall is about 4.7% in FY '26.

Mainly the EV adoption happens between 9 and 12-meter. The good news is, in the 9 and 12-meter segment, we are running about 9% adoption.

Typically, about 10% to 15% adoption will have a upward stick, we are looking at a bus adoption, which is in a large scale coming in 2 years. This is, by and large, I would say industry's growth, and India is the third largest bus market now, and we are in the bus segment, which is growing at a 30% rate.

Now, if you look at our performance, our deliveries have gone up more than 30%, 32%. We have delivered 1,280 vehicles in the financial year FY '25.

A very good news is that our revenues have gone up 30%, close to 29%. We have reached ₹2,312 crore first time as a revenue.

Not only we have grown in revenue, we have consistently grown in terms of profitability. Our EBITDA is at 15 above 15% with ₹352 crore of EBITDA, and our PBT is at about 10%, which is a very good sign.

This we could able to achieve by last 3 quarters of consistent deliveries above 350 vehicles. We have worked a lot on terms of cost orientation and also internal processes improvement so that we can consistently deliver.

While we all know that the last quarter has been a turbulent times in terms of war and other constraints in terms of geopolitics, in terms of battery, magnet issues, supply chain issues, I think I would give credit to the Olectra team who have worked very, very diligently to ensure that we are producing consistently in the last 3 quarters profitably. Going forward, we are very confident.

We will work on FY '27 to improve further our deliveries, not only being consistent, but quarter-on-quarter increase in deliveries. We have a very good order book in hand, and we are, as we said in the last investor call, investing on two new platforms, one in the bus and another in the truck.

The next-generation buses, which will come, which will meet the PM E-Drive requirements. As we already have 1,000 order 1,085 vehicle order in hand, that platform will be launched in the quarter three, and we are looking at launch of trucks, which have been approved by board in the last board meeting.

The development is going on well, and we are looking at launching our own truck in last quarter of FY '27. That's, by and large, my first briefing.

Now I will request our CFO, Mr. Sharat Chandra, to give a briefing on the financial performance.

Thank you. Good evening, everyone, and thank you for joining us.

We are pleased to report a strong financial and operational performance for financial year 25-26. FY '26 marked an important milestone for the company, with consolidated revenue crossing ₹2,300 crores for the first time, reflecting the successful execution of our growth strategy and continued strength of our underlying businesses.

FY '26 represents highest-ever EBITDA, highest-ever revenue, and highest-ever PAT reported by the company on a consolidated basis. Before I take you through the financial performance, let me briefly highlight a few key developments during the year.

As indicated in our earlier earnings call, we began witnessing strong business momentum from quarter two onwards, followed by significant ramp-up in Q3, and the momentum continued through Q4. The company maintained healthy operating margins across both the business segments, despite changes in product mix and higher operating capacity.

The EV segment vehicle deliveries increased to 1,280 units during financial year '26, as compared to 972 units in financial year '25, representing a growth of 32% year-on-year. This increase in deliveries contributed to approximately 28% growth in segment revenues.

Our focus continued to remain on disciplined execution, operational efficiency, prudent cost management, and strengthening our delivery capabilities to support future growth. In terms of operational and financial highlights, electric vehicle deliveries 1,280 vehicles, compared to 972, representing growth of 32%; revenue stood at ₹2,312.17 crore, reflecting a 28% year-on-year growth; EBITDA increased to ₹352.28 crores, up 27%, compared to previous year; PBT stood at ₹246.14 crores, representing a growth of 31%; PAT stood at ₹179.53 crores, registering a growth of 29%; EPS increased to 21.62 from 16.92 in financial year '25.

Thank you. Now I will hand over the call to Nomura team for the Q&A session.

Hello? Am I audible, sir?

Yes.

Yes. Thank you so much, sir, for this opportunity.

Just a couple of questions, sir. Firstly, on our monthly run rate, last time I think we spoke, you mentioned you were targeting to reach sort of 200 units monthly run rate.

Because of the supply chain issues as you highlighted, we could not do that. How is the position now, sir, as the supply chain started to normalize?

What is our current monthly run rate, sir? See,

the last quarter, as I said, last 3 quarters we have been doing about 350 vehicles. The monthly run rates of the first quarter is likely to be better than that.

Disha, as I said, there is a lot of issues related to supply chain. Our intention is to create higher than that.

I would say this quarter is much, much better than the last run rate, but it's not substantial due to challenges. The war is happening.

We are not getting shipping lines to book some of the material. In fact, suppliers raw materials, which are related to fuel, like plastics, like resins, polymer, are all affected in terms of supply.

I would say that we have challenges in ramping up due to the war, but the team is working very hard to make sure we are not getting affected, and we keep the target what we are planning for the coming year. Sir,

what sort of production are we looking at for FY '27, sir?

See, FY '27 we are looking at around 2,500 vehicles. That's the plan and the budget we are working on.

It's not a easy plan looking at what's happening in the scenario in terms of geopolitics. If there are no external factors, I think the team is capable of delivering 2,500 vehicles.

We will work based on external factors to ensure de-risk it and de-mitigate it to achieve that target. Sir,

this 2,500 vehicle target that you've given, so that would imply a run rate of around 300 600 625 vehicles per quarter. Given that you said Q1 is going to be better, but not substantial enough.

Will the rest of the quarters be enough? See,

Disha, what happens is there will be quarter-on-quarter increase, the average rate will be the one which you are talking about. We will have the first quarter different mix and different numbers while we second quarter.

If you look at the average of all four quarters is the number what I'm talking about.

Okay. Sir, for this quarter as well, you've seen a huge increase in the margins for the energy division, also, and the energy division in general has shown very good growth.

What has led to that, sir, and how should we think about this growth for FY '27? See,

the quarter four we have been always telling on quarter-on-quarter, the profitability is based on product mix and also our insulator division, some of the products which are export and which are local. It's basically product mix.

Having said that, I also have told clearly that we could overall in a full year with so much turbulence, we could still able to maintain the EBITDA percentage and the PBT percentage because of the cost engineering exercise and the process engineering exercise we have taken on the plant and the sourcing team, and that has helped us to mitigate some of the challenges in terms of forex impact, in terms of transportation and raw material impact in the quarter.

Okay. I'll get back in the queue.

That is it, sir. Thank you.

Thank you.

Hi, thanks a lot for taking my question. Am I audible?

Okay. Sir, what is the probability of reaching the 2,500 sales target for FY '27?

I'll give you the background of why questioning your target. Far, for last two two years, we have been

Far, hello? Hello, sir, just wanted to understand what is the probability

Sitting in the first quarter, I can tell you probability is 100%. Otherwise, we will not make a plan.

Reaching 6 300-odd sales?

Pankaj, I want to understand you are asking what is the probability we will achieve 2,500 volume.

Right.

We are at the planning stage in the first quarter. We have fully positive and working towards achieving this 2,500 target.

We have full confidence that we and our team will put enough efforts to make that happen, and you will see that by end of the year.

Okay. Thank you, sir.

Secondly, just wanted to understand, is our delivery dependent highly on the performance of EV Trans?

No, I don't see. While EV Trans is our customer who is deploying vehicle, I think in this year, what I am seeing, I think it is our probability of achieving depends on what's happening in geopolitics, particularly in terms of raw material and shipping availability in India.

That will be the main factor as I see right now. It is too difficult to predict three, four quarters down the line.

At least in the Q1, I don't think it is probably any restraint from the front-end to deploy the vehicles. It is more of material availability based on raw material available due to the war and other scenarios.

Sir, last question, if I may. Though we have missed on our sales target, but our margins have been improving.

Can we, going forward, you have guided us that we should assume around 10% EBITDA margin, but given the performance so far, we have reached 10% at PBT levels. Is it possible for us to reach 10% of PAT level as we ramp up our, not production?

See,

auto industry is running on a 10% to 12% of EBITDA margin. We are very lucky to run it at 14%, I would say that we should aspire to be in the current scenario of about, let's say, 15% in EBITDA.

The reality is when we have to take market share and when our order books come down, I think realistically you'll have to look between 12% and 15%.

Okay. Sir.

I'll get back in the queue.

Hello?

Yeah. Today I have seen Mahesh interview in the ET Now that in order to maintain high EBITDA margin, one of the reason is deliver the volumes to specific selective orders.

If it is so, what percentage of selective orders which has maintaining high margin on the total order book?

You are absolutely right. That's what exactly I am saying, that the product mix decides the margin.

Some order you will have higher margin, some order you will have lower margin. The average is the company's average what you are seeing here.

Every order will not be exactly same margin. It's in the business, you know it.

That's what I said in the ET Now that the quarter four had specific product mix which the order margins were good enough, along with the insulator sales what we did, which were some of the export and domestic mix. It is the product mix which decide.

I think you'll have to look at more on a average year what we are achieving rather than every month, because product mix will give different, different margins. That's how the business everybody is.

I am pretty happy on the margins what we have achieved. I thought you will appreciate us that we are the only auto industry and EV industry which are making profit, and that too at this rate.

Correct. Can we maintain the same EBITDA margin in entire year or something on that so is

I have just answered the same question to the earlier. I think you will have to expect between 12% margin.

If we are getting 15%, it maybe due to some specific orders, we should be happy. I think anything between them is the one we should look at.

I don't think anything beyond it will happen. Of course, the team will continue to try to improve margins, that is the intent of the team, but looking at the market, I think expecting more than this would be a very high stretch.

Thank you. Thank you.

That's

I'm audible?

Good evening, team. Congratulations for the Q4 numbers.

My question is with respect to the EV platforms that we are developing in bus and truck segment. There are two key trends which are emerging.

One is the 3.5 megawatt charging, which will say enable an electric SUV to charge in 15 to 20 minutes for a good 500 km of range, and other trend that we are seeing is the battery swap technology. Sir, my question is, are we building vehicle platforms which are supportive of both these trends, that is megawatt charging and swap technology as well?

Sir, my second question is, are these platforms agnostic of the battery chemistry? I'm asking because the battery dynamics are rapidly changing with some new trends like sodium batteries and solid-state batteries expected to hit the market next year.

These are my two questions, to Mahesh sir, especially.

Thank you for your question, and thanks for the first investor to wish us congratulations for what we have achieved. Thank you for that.

See, both the platforms what we are developing, bus and truck, has the capacity and capability to do both battery swapping and megawatt charging capability. Now, whether we will launch it, that we will decide based on commercials and the customer preference.

Now, we will develop technologies in the R&D laboratory, and we will evaluate them at the market, and based on suitability of commercials and the customer preference, we will deliver these products. The answer to your question is, yes, the platforms will have capability to do megawatt charging as well as swapping.

The second question you asked is on the agnostic. Yes, the battery pack and the vehicle control unit software, what we are developing, is agnostic.

It's like a modular architecture where you can change powertrain, change battery pack, and change other electrical aggregate components without affecting the vehicle through a programming in the vehicle control unit. It is agnostic of chemistries, and hence these platforms are sustainable and reliable over a period of next life cycle.

Great to hear from a EV veteran like you. Sir, my second question, if I may, is with respect to the BEST order book.

Has the delivery block, which was basically existing in Q3 been lifted? Are we going to deliver the 2,100 and the 2,400 order, respectively, for the BEST in this financial year, or are we still under negotiation with the STU?

See,

the BEST, we have two orders. One is the first 2,100 and 2,400.

The second 2,400, we will deliver. The first one, we are engaging with BEST in terms of subsidy and other challenges in the market, and once that is resolved, we will be able to deliver that.

Okay.

My last question. Sir, in December 2025, Olectra was L1 in the CESL tender with 1,785 buses, of which we had received order of 1,085 from TGSRTC.

Sir, just wanted to know, what is the status of the balance 700 buses, and which STU is it from?

See, 700 CESL order, we were L3 in Karnataka. It is for Bangalore.

Till now, the L1 and L2 have not closed the agreement with the Karnataka government, and hence our L3 is getting delayed. See, we have represented to CESL, and they are talking with the respective state government, and once the others are done and we are ready to sign, we will be happy to do that.

We are waiting for the state government to take the next steps.

Thank you so much for answering all the queries, and wish you all the best for the next financial year. Thank you so much.

Thank you so much.

Congratulations for good set of numbers, sir, and thank you for the opportunity as well. My first question would be on the line of the product mix which you mentioned that due to different product mix getting different margin.

If you could elaborate what kind of product we get higher margins and what kind of products we get lower margin, and what would be the differential between these margins? Also, what are the total

order I'll request Sharat Chandra to answer that. Yeah.

I think in the last Q3 earnings call, we have mentioned about the product mix, wherein 9-meter we have sold more numbers. This quarter we were able to deliver more of coach buses, which has actually contributed to the higher margins.

It also, as we have clarified earlier, the product mix depends on the order execution and order production schedules between both our company and the customer.

What would be the differential margin between coach buses and normal EV buses?

We cannot go into the nitty-gritties of margins. We are reporting healthy operating margins at 15.2%.

I think as a investor, you should be happy to see our consistent deliveries of margins. As I mentioned earlier, I would like to again reiterate, we were able to maintain more than 14% margin.

This is going to be the trend in the short term and medium term. Over a long term, it is going to stabilize at 10% to 12% with higher volumes.

Sure, sir. Another question would be on the order book.

What would be our current order book, its executable period, and also if you could bifurcate between this high-margin product and lower-margin products in maybe ballpark numbers of overall order book?

The order book, see, we have major orders from MSRTC, BEST. We have delivery timelines till October 20 27 for MSRTC, and September '27 for BEST 2,400 numbers.

As far as BEST 2,100 number project, first project, we are still discussing with the customer because of the other issues relating to power and other costs. We have timelines to meet these orders.

As far as the mix is concerned, it's a mix of 9 and coach. It is basically 9-meter and 12-meter mix, it's in the ratio of almost 50 55% to 45%.

55% for 9-meter, right?

Yes.

Sir. Sir, one more question on the line of other expense and employee expense.

For the full year, our employee expense has grown around only 7% where we have done a additional plant has came up. What would be the reason for such a lower growth in employee expense?

Are we are we more staffed, or what could be the reason?

It is consistently, I think, if you see the quarter-on-quarter, there is a growth over compared to quarter three. There's a consistent increase in the manpower cost.

As a overall industry number, obviously it is in line with the trend at 3% to 4% of the total turnover. In future, as we are ramping up our production, our own platforms, both in buses and trucks, we are going to strengthen our manpower in terms of the in terms of technical and technical teams.

We we expect the overall manpower cost to be in the same region, same percentage when you compare to the overall turnover.

Got it, sir. On the other expense line, from quarter three, if we compare from quarter four, there is a sudden jump, our other expense has almost doubled in terms of testing expense or any other expense.

What would be the probable reason for that?

Basically, I think, when we talk about the testing and other operating expenses, our bus operation costs are in line with the increase in operations. We have reclassified the warranty expenses from other expenses to other operating expenses.

That is the reason. This is a warranty provision which, as per our internal guidelines, we provide consistently to meeting future warranty obligations, which will happen after 5, 6 years.

This is one of the reasons why you see the testing and other operating expenses going up compared to previous quarter.

Got it, sir. Sir, one last question from my end on insulator business side.

We have done a higher margin in this quarter for the same. If you could just mention what would be our export share for the current quarter and export share for the full year FY '26 in insulator business?

See, overall exports, we are doing about 40% to 50% of our insulator business. We have delivered significant growth in the numbers from ₹54 crores to ₹105 crores.

Obviously, that has resulted in higher margins. We have been consistently delivering higher operating margins in insulator segment by improving on the production efficiencies.

We have introduced new machinery, new designs, and obviously the exports and the higher domestic margins have contributed to higher operating margins. This is, yeah, okay.

This 45%, 50% is for quarter four or full year FY '26? Full year,

full year.

For quarter four, what would be this share, same?

I don't have the breakup for quarter four. Got it.

What kind of revenues can we do in insulator business, peak revenue, based on current capacity? Are we planning any further CapEx in this segment?

See,

we are looking at a healthy growth in insulator division, of course we are planning some very minor CapEx. It's just to increase the molding capacity of the insulators in the division.

We are looking at at least more than 50% revenue growth in the energy division, which we call now.

50% growth for FY '27 in insulator business?

Yeah.

Yeah. Thank you, sir.

I'll join back in the queue.

Hi, team. Am I audible?

Okay. Hi, team.

Congratulations on the good set of numbers. Before I ask my question, just want to clarify the numbers for Q4.

Is it 350 that you mentioned in the call? What is the exact number of buses delivered?

It is 359 numbers.

359 for Q4?

Yes.

Is there any trucks also, or only buses?

Only buses.

Okay. You are not getting any tippers order?

You had some partial quantity of tippers pending for delivery?

No, we finished all the deliveries, and we are now developing a new platform. If you have seen my briefing, our new platform bus will come in the Q4 of FY '27, because we need to put energy in developing a product which is going to last for longer time.

Right now, we did a pilot of 100 vehicles. We are now learning a lot, based on which we are configuring our product, and it will come by last quarter of FY '27.

Okay. My first question is just like few OEMs, maybe if I have to name Maruti, are increasing the prices.

Is Olectra also considering to increase the prices of the e-buses?

Right now, in the new tenders, we will consider this increase in prices, and accordingly quote. That's the plan.

Do you guys have the liberty of increasing the prices as per the raw material, or once the contract is fixed, we cannot increase the prices? No,

once the contract is fixed, you cannot increase the prices, because we'll have to look at the contract is for 2 years supply, right? We'll have to look at average material cost and profitability, not just one quarter profitability, because this prices may go up and come down.

I have seen in auto industry for 30 years prices go up, come down, go up, come down. We'll have to look at average 2 years delivery of a contract.

Okay. My next question is with respect to your statement made at the bus expo.

You mentioned that India should lead forward for the EV bus export and all those things, just want to understand, what is the Olectra's stand on the export part? Are we also looking for export?

If yes, I've seen the Facebook post wherein few representative from Africa and all have visited your facility. Is there any plan for export as well?

See,

as I said in the one, India is the third largest electric bus market today, and second largest bus industry in the world. If you have to become from third largest to second largest, I think we need to look at beyond India.

The new-generation platform, which we are developing, both buses and trucks, we are developing in such a way it is scalable to export market. Already there are some engagements which we are doing in terms of business development to countries outside India who are keen in buying our products.

Once we have a firm commitment, we will come back to market.

Sure. Thank you so much.

Definitely intention of expanding, yeah.

Sure,

thank you.

Thank you for the follow-up opportunity. Sir, my first question would be in FY '26, what was the overall industry volumes for EV, and what would be our market share, and are we still market leader, or at what number would we be?

See, the overall bus market volume was 5,400 vehicles approximately, 5,000 [snicker?] 400 vehicles, and we have delivered 1,290 billing we have done.

By and large, we will be upward of 20 20% plus, and there are three or four players around that category, we'll be among the top three, I would say.

Okay. Sir, what would be our current order book?

It is more than 10,000 something. If you could just give me the exact number of what would be our total order book?

Our order book is about 10,000.

About 10,000 only?

Because we delivered something, and we got new orders also, by and large it's the same.

Sure, sir. Thank you, sir.

Thank you.

Hi, am I audible, right?

Yeah. Sir, we mentioned that our order book is approximately 10,000 orders, okay, and that's a mix of 9 meters, 12 meters standard buses, as well as coach buses.

Just to extrapolate the revenue, is it somewhere around ₹20,000 crore out of this 10,000 orders, or it could be lesser than that? Just wanted to know what would be the revenue realization within the next 2 years?

Sir, ₹20,000 crore definitely no, because it is not ₹2 crore a bus. It is lower than that.

That I can tell you. I don't have the exact number in my hand.

Sir. Thank you.

Good evening, sir. Many congratulations for the Q4.

It is quite impressive. My question is regarding the GFRB rebar business.

What are the numbers for the FY '26 on the GFRB rebar business? 1 second, I'll ask Sharat to talk.

See, basically, this GFRB has not picked up, actually. We were anticipating some kind of growth.

There are huge competition globally, and the acceptance levels are very, very low, for the time being, we are holding on this particular product. We will see the opportunities in future.

If there is an opportunity, we will explore.

Yes, sir. Regarding the financials, sir, so many corporates, when they scale larger, they move from a local auditor to the Big Four.

Regarding the wage code, labor code, because of the wage code, labor code amendments, the gratuity bill and other employee benefits bill will go up. Are you contemplating to set up a gratuity trust to place some money for the crystallized liability for those employees who are 4 years and above?

Any plans on that?

Yes, definitely we are contemplating to create a trust for gratuity.

Yes, sir. By when?

Will you do this financial year, or in the next financial year?

This financial year, we're targeting.

Secondly, sir, are you transitioning to Big Four for audit purpose from a local CA firm?

See, Prime Minister Modi is telling Aatmanirbhar Bharat, and he is telling that we'll have to create similar Big Four in India. We will definitely evaluate Big Four, and we will also promote local audit firms who are doing a reasonably fair job, and we'll continue to explore both of them, and we will give a fair opportunity to all of them.

Yes, sir. Regarding the insulator business, any plans to spin it off as a separate legal entity, because the insulator business is a cash cow?

You can spin off the business, and it will be a tracking company. It'll be much easier to govern the Olectra as a group.

Also, you can sell a part-stake to any big investor for fundraising purposes. Any plans on that?

I believe it's a cash cow, but what is your opinion?

No, thanks for your suggestion. When we take a call, definitely we will come and inform you.

Right now, we have no such plans.

Okay. What are the repercussions

Okay. Thank you very

Hello. Can you hear me?

Thank you for the opportunity. My question was related to the first one being, as we see, significant portion of the company order book has historically come from STUs, could management share its plan for increasing its penetration in the private bus segment, as we see other players getting orders?

Have we done any progress in securing orders from private fleet operators?

Yeah. If you look at the bus industry, the 5,400 vehicles which the industry has sold, 99% is through the state transport undertaking, because that's where the market is.

We are moving ahead in that trend to capture the maximum out of the market. As we also said, it is important that we have to be in private, we are seeing very large inquiries coming.

In this year, we have delivered about eight buses to Microsoft employee transport. We have delivered a few buses to others.

We are also engaging with fleet operators, and we are likely to get orders. Once we get, we'll announce.

We are also engaging in private players as well, and working on to get the orders, which I am hopeful. If you look at Government of India, I think Ministry of Heavy Industries recently had a meeting with all financiers, because private players don't get financed for electric buses and electric trucks.

Ministry of Heavy Industries had a meeting with all the private banks as well as PSU banks. They are working, because EV vehicles need 8 to 8 years 7 years of funding, whereas right now banks are giving only 3 to 5 years of funding for vehicles.

This is being talked about. Once those policy matters are getting debottlenecked, I think large adoption will come from private.

We are preparing ourselves and engaging with the customers. We have few orders, like any other industry, and if that industry grows, we are well prepared.

Okay. Thanks for this.

We are hopeful that maybe in upcoming quarters or years, we might have some more participation from private operators then. Second question was related to the truck launch that you mentioned that we are hoping to do it in the last quarter of FY '27.

We have been hearing about this in last couple of earnings call. Will you be able to elaborate on the reasons for the delay, whether it's related to the product development, or is it regulatory approvals, and is it being indigenously developed by Olectra, or do we have strategic partnership, just like in buses we have it with BYD or any other company?

Can you please elaborate on that?

The first 100 pilot, we had technical collaboration or technical tie-up with one of the partner, and by which we have done the pilot. While we are doing itself, we are very clear we are going to do a pilot and learn from it to develop our own platform.

That's the strategy, and that has happened. Even today, we are learning a lot based on those 100 truck available in the market, and based on which we are configuring the right product, right variant and right pricing to our customers in the product which we are developing.

When we develop our product, it will be our IPR, and there will be many suppliers like any auto industry, suppliers who will supply parts, but the IPR will be owned by us.

Okay. We won't be have to give any commissions or profit share with the other vendor in that case.

Thanks for clarifying that. Right?

That's the understanding.

Correct.

Thanks for the opportunity, and congratulations on the wonderful set of numbers, and wish you best for the upcoming quarters.

Thank you very much.

I have no questions, sir. I have already got answers for my question.

Hello? Am I audible, sir?

Thanks for picking up my question. My question is regarding production.

Do you have any automation in place for increasing production, or we increase manpower or in kind of shifts kind of thing? How we will proceed further?

See,

right now we have manual line. We are planning to semi-automatize it when we do our products of buses and trucks.

The automation, we have to understand, has to be with a very large production volume. Now, if you look at it, car industry, which produces almost 5,000 a month, is completely semi-automated or fully automated because of the volume.

I think when our volume goes up, our intention is to bring in more automations and keep a check on the manpower where it is minimum and necessary, and that will be in stages while going forward.

Thank you, sir. One more question is how many bus tenders may expect this financial year from Government of India, anything on it, please, sir?

Sorry, I missed you. How many?

Tenders.

See, right now,

right now, there is a PM-eBus Sewa tender of about 4,000 I remember. There are state tenders to the tune of another 2,000 at various state level being there.

I strongly believe this numbers will keep coming because state transport undertakings have clearly understood the economics of EVs, and at least city buses buying a diesel and running is not anymore viable, and it's and it's viability gap funding is higher when compared to EV for state governments. Given a choice, anybody would go to EV, provided the supply the power supply, depot readiness, all of them are there.

I strongly believe that at least another 10,000 vehicle tenders will come in next 12 months' time.

My last question is, is there any issues with the new tenders, because we are already having 10 10,000 buses in hand, right? We need to complete it in 2, 3 years.

Will it affects our performance if we take new tenders? See,

the new tenders are for to be supplied in next 2 years. We will keep supplying, and typically these tenders agreement signing, depot availability, power availability gets delayed.

Practically, whatever we are winning today will be delivered after 18 months to 24 months from then. Hence, we will keep working on tenders, and we will be selective.

As you see our financials, we will be selective and look at profitable tenders and locations where we can make value and profit, and that's where we'll participate and win.

Okay. Thank you very much, sir, and congrats for the team for the good set of numbers.

Thank you.

Thanks for the opportunity, sir. Out of the 359 buses we have delivered, how many of them are adopted with blade battery technology?

In the new bus platform we are developing, right, in that is the blade battery technology incorporated, or will it be an other technology?

Out of the 359, I think 40% to 50% is the already blade battery in this what we have delivered. At least 40% I can say.

Exact number whether it is 39 or 45, I don't have. Around approximately, I'm saying.

Blade battery technology productionizing has already started, and a significant portion of in the future will also be with blade battery.

Okay. One more question.

What is the delivery cadence for HRTC? Because in one blog, I could see ₹8 crore fine has been charged to Olectra for delaying in the delivery of e-buses.

Is it true?

See, there are a lot of paper news coming. We have not got any penalties, because this newspapers give lot of news by themselves, I have no comments on it.

We have not got any penalty. Already we have delivered 150 buses as per our timeline to HRTC, and they are on the way.

Some of them have reached, and some of them are on the way. We are engaging with HRTC officials, and they are pretty happy with our bus.

Sir. Thank you.

Thank you very much.

Thank you.

Yes, thank you so much for follow-up question. Just on CapEx outlook, if you could give some idea on what kind of CapEx we have done in FY '26, and what kind of CapEx we are planning for FY '27 and FY '28?

I'm asking the CFO to give you the details. See,

basically, as you're aware, we have completed the first phase, wherein about 2,500 number capacity has been built with approximate CapEx of spent about ₹400 crores. As we are now planning to introduce our own products, platforms, both in the truck and bus segment, we are estimating about ₹400 crores to be spent in the next 2 years for our expansion.

On the line of subsidy side, what kind of subsidy do we exactly get from the government on current deliveries? Are we getting anything?

Basically,

the subsidies whatever is will go to the owner of the bus, which is operating the buses. As far as the Olectra is concerned, we manufacture and sell the bus at a gross cost.

The subsidy element will goes to the operating owning company which owns the bus.

Thank you. That's it from my side.

Dear investors, thank you very much for your kind cooperation and also support to the Olectra. We will continue to strive to what we have to achieve.

With the stellar performance of delivery and this, we have also rewarded investors 50% higher dividend, if you would have seen. It's not more about the money, but it's the gesture of where we are growing and where we are heading towards.

I'm pretty happy with transition what has happened in the last 3 quarters in the industry, as well as in Olectra by itself. We will continue to excel in the areas where we are in, and take Olectra to the best automotive EV company in the world.

That's the intention we will work towards, and we appreciate your thanks for your patience and support to the management and staff of Olectra. Thank you very much, and wish you all a very best.

Thank you.