Thank you, team Equirus, for arranging this call for the updates on the first half of current fiscal. A warm good afternoon to you all.

On behalf of management of Rolex Rings, I welcome you all. We acknowledge your participation.

Before taking you through the numbers, I would like to apprise the overall business outlook, management perception for the proximate future. As you all are aware that during the second quarter of the current fiscal, or even we may say, from the April '25 onwards, because of this tariff structure, the ambiguity, the fluctuations, all these things, it was a bit tough, the second quarter of this current fiscal.

Would like to tell you that say, for July '25, in July '25, from India, any export consignments which has been boarded from July '25 onwards in the second week of July '25 onwards and reached at port of USA in the August '25, first and until the second week of August '25, were charged almost 28% of the import duty on the Indian imports. Thereafter, export consignments which were boarded from India from the first or second week of August onwards and reached at any port of USA in the second week of September, that is from 14th September onwards, those were charged at almost 53% import duties.

Even for the month of October '25, these duty prolongs, and US import duties were 53% on the imports from India. During the second quarter, most of importers, maybe not only of Rolex Rings or even overall the industry, the importers took a view or rather took a stand to just kept on hold their imports.

That is even to the major extent they have holded their imports, and that is because of the uncertainty of the import duty because they were not sure what is the duty when the actual consignment will be available for the clearance at US Customs duty. Because of their various statements or the notification issued by the US government and the respective authority.

Hence, the quantum of exports from India to US, it has started showing degrowth from July or rather even from the May '25 onwards when the 10% duty was imposed. From thereon words, it has started showing degrowth, but it has significantly dipped from the July or August '25 onwards, and still till the end of October '25, the importers were having such ambiguity and exporters are having very depressed dispatches.

Would like to update that in the mid of October '25, US government came out with certain relaxation or a partial waiver of US Customs duty on the import of specified goods. We are pleased that major portion of our revenue to US, as per this proclamation and notification, import duties were reduced to 28%, rather from 53% to 28%, from any imports would be available for clearance at US port from 1st November '25 onwards.

Further, recently, as you all are aware, that Mr. President has also stated that now they are lowering the high tariffs levied to India and indicate amid talks on closure of the trade deal fairly.

On the other front, would like to update that domestic market and European markets had with positive curve and expect to be continued in the coming days also. Would like to update that almost 6% to 7% growth in our European contribution to our revenue, compared to Q1 in Q2.

Further, we believe, and it is our expectation, that now onwards there is some clarity on the import from India at US and given much clarity to our buyers also that what would be in totality the import duties. We expect that from December '25 onwards, as the festival seasons are also approaching at Western part of the globe, post that, I think India will be regained or rather we will be getting a quite positive response in terms of regain the US export market.

We at Rolex are very much inclined and very much positive to regain the US business temporarily which has reduced because of this duty portion and all these things. When we get this proclamation in the month of October '25, it gave a quite good big relief to our this thing, and we are expecting that we would be on a track from December '25 onwards, and the last quarter of this current fiscal would be again having the numbers what we have expected or rather what we have anticipated.

Now taking you to the numbers for the quarter ended September '26 as well as the first half of fiscal '26. The company has recorded revenue from operations was 272 crore, which was 292 crore in the first quarter of FY26.

The corresponding quarter of the previous fiscal, the company has recorded 300 crore revenue. Here, Q2 revenue is down by almost 7% compared to the quarter one.

That is again mainly because of this US pressure and the supplies were on hold, and now we expect that would be relieved over there. In terms of margin, in spite of our reduction, the company has always maintained their margin in terms of EBITDA as well as the operating PBT and even PAT.

For the second quarter of this current fiscal, company has recorded almost ₹69 crore as an EBITDA, which was ₹77 crore in the first quarter and ₹75 crore in the corresponding quarter of previous fiscal. Here, we have compared this EBITDA with our revenue from the operations.

Operating profit before tax, it has 59 crore what we have recorded for the second quarter, which was 68 crore in the previous quarter and 65 crore in the corresponding quarter of the previous fiscal. We had a dip over of almost 9.5% in this quarter compared to previous quarter, but that is again mainly because of operating revenue reduced by somewhere about 6% to 7%, and there are some overseas import custom duties which are yet to be realized from the customers.

That portion definitely in the coming quarters would give a positive adding back to my revenue. Profit after tax, it was 44 crore, which was 49 crore in the first quarter, and again the same kind of number we had in the corresponding quarter of the previous fiscal.

Our revenue bifurcation in terms of product categorization, we had almost 58% bearing rings contributed in this quarter, and the remaining 42% is being contributed by the auto component business. Here, as I was mentioning, because of some kind of incremental revenue in domestic as well as in Europe market, again in particularly in the bearing ring segment—I'm talking about the absolute numbers, not in terms of percentage—but that has given a positive upward to the bearing ring business.

In terms of exports, it has came down to 43%, and domestic revenue is 57%, as I was mentioning that domestic market is having some kind of turnaround in industrial as well as the automotive business. We are witnessing our improvement in domestic revenue, specially in the bearing ring segment, as well as Europe market relatively improving, whereas the US market has bit slowed down and that has taken us to a bit downward revenue in the first half of this fiscal.

We expect that this trade deal would be on the verge of closure favorably, as indicated by Mr. President.

We expect that this would be in a win-win situation even for the exports and imports at USA. Majoritily or in the major portion of our US exports that may take duty burden of 25%, which we are in dialogues with our customer, where we do not anticipate any kind of hurdle to pass on, and it would be passed on to the customers.

Company, as indicated earlier, because of certain technical glitches and the documentation formalities at the regulators and nodal agencies, the solar project got bit deferred. Now, we expect that 9 MW plant is expected to be operationalized by December '25.

Revenues categorization in terms of end-user application, passenger vehicle segment is bit increasing. It is almost 50%, 51%.

Again, this percentage has gone up only because of the lower exports in the industrial segment, industrial auto components, which we are for the US market and which are used for the CVs and SUVs, which has been reduced in this quarter, with therefore the number has increased over here. In terms of industrial, the market has gone down to 17%.

CV, commercial vehicle, of the revenue, it is coming to 24%. EV remains constant.

We didn't have much of the traction or much of these thing in the EV or hybrid kind of stuff. For the total revenue of the operations in this first half for the current fiscal, company has recorded 563 crore, which was 1,154 crore, 1,154 crore in the previous entire year.

Almost on the same line what we are expecting, but from December '25 onwards, company expect some kind of incremental revenue, which will lead maybe a marginal growth to the annual numbers of the FY26. EBITDA, as I was mentioning, it was 146 crore.

It has touched to 26%, which was 269 crore in the previous fiscal. Here in this EBITDA, the income from the other sources, income from the certain investments and non-operating income, has contributed incremental EBITDA over here.

Operating profit before tax, it is 90 127 crore in the first half, which was 226 crore for the full year operating PBT. Then profit after tax, it has recorded 93.5 crore in the first half of this fiscal, which was 174 crore in the previous year.

We are more or less on the same numbers what we had in the previous year. Company, touchwood, it has operating cash flow is very much positive.

What we had in the first six months, it is somewhere about 87-odd crore is the operating cash flow for the six months, and company has incurred almost 13-odd crore rupees for the various capex for the value-added processes and certain additional small equipments at the company. As you all are aware that companies do not carrying any kind of debt.

Company is having net negative debt or rather having good amount of surplus. Return on equity, obviously, because of revenue loss as well as the bit reduced PBT on the higher net worth, the ROCE is almost 16%, 17% for this first half.

The quarter-on-quarter numbers, comparatively operating numbers, and the annualized number for last five years along with this first half, it has been submitted herewith. I'll not take the numbers in detail.

Now, I would like to request team Equirus to check for the Q&A session, and would be happy to answer all concerns of our investors.

Here I would like to add that custom duty for most of the countries same as we have. There will be no any this competitive advantage.

Okay.

Yeah. Am I audible?

Thanks a lot for taking my questions. Sir, just wanted the absolute numbers, the breakup you gave for export bearing rings, export automotive, domestic, all of that scrap, export for Q2, and then I would want for Q2 FY25 as well.

Okay. Mr.

Jason, for Q2 of FY26, the domestic bearing ring revenue was 105-odd crore. 105?

105 crores.

Okay.

Auto components in the domestic market, it was somewhere about 37 crore. Bearing ring in overseas and export market, it is almost 40 crore in this second quarter of this fiscal.

Export auto component, it was 68 crore in second quarter of fiscal '26.

Scrap, sir? Scrap?

Scrap revenue, it was 18.5 crore in second quarter.

Export incentives?

Export incentives were 3.4 crores. All put together, it is somewhere about 271 crore revenue from the operations for the second quarter of FY26.

Sure, sure. No windmill income, that's over, sir?

That's right?

No, it's not there. Windmill has already been netted off against power fuel cost.

It's not. Yes, yes.

Sure, sir. Just the corresponding numbers for Q2 FY25, which is our last year YoY?

For the Q2 FY25, my domestic bearing revenue was 88 crores. Domestic auto component, it was almost 49 crores.

Export bearing ring, it was 43 crores. Export auto components, it was 97 crores.

Scrap revenue has touched 20 crores, and export incentives were 4 crore. All put together is somewhere about 300-odd crores.

Thank you so much for that, sir. Now next question, sir, was just related to that 1,000, 1,150 million of orders which was supposed to come in FY26.

Now I know that of course the tariff scenario is such that it's difficult, and you mentioned in the last call also that some clients they have halted programs, they want to see clarity on that tariff front. Just some update on that, sir.

Just wanted to know, I think you mentioned last time that 30% of these orders they are emanating from the US. Just wanted some update on that, how is that going?

Yeah. See, from the new business point of view, whatever the orders which were from the US, definitely those were the new customer, new plant, and the new program what they have been awarded to the company.

It was completely on hold. As I was mentioning, that just recently in the month of mid of October, government came with the proclamation.

That is with effect from November 1st onwards, the certain auto components used for the passenger vehicle as well as medium and heavy duty vehicles and the components or auto parts for those kind of vehicles would be carrying or rather would be attracting 25% duty rather than 50% what it was there. Now I think our customers and we do have much of the clarity on that front.

Still, people are waiting or rather the buyers are expecting some kind of relief once the final trade deal is going to be announced. They expect that it would have again maybe 10% to 20% reduction on this current 25% of duty, which may come to 18%, 20%, or something like that.

On the dialogues what we had, on the conversation what we had with our customers, that again they would like to wait till the final this deal comes out. That's why I was expecting something good numbers in the first quarter of next calendar year, that is January '26 onwards.

We expect that this would be much clear and having some kind of incremental revenue thereafter. Hiren bhai,

recently we already got one nomination of 50 crore annualized business after only that before 10, 15 days. For US.

Yes. For

one of the customer has already awarded that order. Probably from the commercial supply would be started from February '26 onwards, which would be an incremental revenue to the extent of 50-odd crores, ₹50 to ₹60 crore annually from fiscal '27 onwards.

Okay. Sure, sir.

What you're saying is this auto components, as you mentioned in your commentary, 53% there was this import duty. Then it got lowered to— 28%.

28%, which is a reduction of 25%. That's what you're saying.

Now this is expected to reduce to 18% to 20% after this trade deal and all get finalized probably to 18%—

That is the expectation from the importer's side,

yeah. Expectation is 18% to 20% on the auto components, right, sir?

Probably, if it materializes. Okay.

Then we're expecting more clarity on that.

Okay. Sir, just before this tariff and everything, before the Trump era started, there wasn't any duty or how was it?

Just wanted to know pre—

It was hardly 2.97%.

It was only 2.9% in the pre-Trump era. Okay.

Yes, yes.

That was negligible. Okay.

It was 2.9%. Okay.

It was 2.97%, and today it is 52.97%. Post reduction of this, it would be 27.97%.

Yeah. It is around 28% as things currently stand.

Right. Sure, sure.

Okay. Sir, also in light of this, now I know it's all related to the US tariff thing, but you had given a guidance of probably mid-teen growth for '26 and high-teen growth in '27 in terms of revenue guidance.

Would you still want to maintain that or any changes in terms of the US thing?

See, definitely not for this fiscal '26. Okay.

Even 10% growth would be difficult because it has almost spoiled, or you can say it is turbulized nine months of this fiscal. As I told you, almost 70-odd crore of my business, new business, what we were supposed to initiate it, it is still there on the hold.

Right, right, right. Right.

That's why we are not expecting much of the growth in this fiscal '26. Anything now as the festival seasons are also approaching at Western countries, generally the dispatches in the month of November, which reaches at December in US port, they generally avoid and they just ask to just maybe dispatches from the December onwards only.

Okay. Yeah.

Any growth probably will come in '27, and that's also based on the trade deal, right?

No, definitely '27 we are very much bullish and we are very much expected that it would be a high-teen growth because the things which are on hold, it would start with the bulk way and maybe with the better pace what it is out of our total program.

Sure, sure, sir. Then, customers like Allison, Magna, probably you'll get all the growth back, at least a decent chunk in '27.

Yeah.

Yes, few more customers apart from those, they also put on their hold. Some customers are dependent or rather sourcing certain things from the Indian plants who are our customers.

We are supplying to domestic and then domestic plant is onward sending to the overseas market. Those were also on the hold.

I'll be getting some kind of incremental domestic revenue also, which will in turn lead to the overseas.

Okay. Just lastly, sir, wanted to ask this, any further update on the ROR thing, the right of recompense?

Unfortunately not. We are just trying to get the appointment of ED and CMD of the lead bank, but unfortunately we didn't have any feedback on this thing.

Probably I think now in the month of November or December, we would be rushing to the lenders, and we expect something to be clear by December or in the January '25, '26.

Okay. Sure, sir.

Thanks. I'll get back in the queue.

Yes, exactly. That's what I was mentioning.

That certain customers sourcing auto components in domestic market and then in turn they are selling those thing to their principals or their tier-1 or this in OEMs. Obviously that dispatches or that export from their side also it is on hold.

That's why my domestic market didn't have the rise in auto component business also.

slowdown? Oh, that is definitely on track, or rather as I was mentioning that in Europe, if we compare in FY25, my revenue contribution from the Europe was 17.5-odd percent, which has increased to 20.5% in this current fiscal till now.

Same way in domestic, definitely when I say this percentage, it is not because of the decrease of US revenue, but in absolute terms also it has increased. If I'll tell you exactly, Europe was somewhere about 190 crore in the previous fiscal, whereas in this six months, the Europe is already 118 crore.

That has significant growth also. We expect further because this majority of this Europe portion is started in the second quarter.

Again in domestic, it was 47% of my overall revenue of previous fiscal, and in this first half, it has reached to 52.5% or odd. Whereas if you compare my overall revenue, last year it was say 1,086 crore component revenue, and this year for the first half it is 527 crore.

Almost on the same line.

Mid of August and not end to the September. Any consignment which is reached even in the October till 31st of October, it was levied at 50% 53%.

Right, but then during— Yes, two two months almost it was there. In between, the 25% portion was for a very less period.

No. See, definitely we were supplying.

My 100% supply is not on hold. Definitely we dispatched in the month of July as well as in August because customer has already asked for that and it has been planned in such a way that we cannot hold this supply.

On one fine day when partially we got dispatch and partially which is on the way, they simply told any consignment reaches at US port in the second week of September onwards, it would be levied as 50%. Whatever the consignments which is there from post-July, second, third week onwards, it's obviously on the way.

See, couple of customers which we got the order in the previous year and in turn they are going to be used for the EV vehicles over in India and even for the exports of certain EV and hybrid vehicles which in turn they are going to export. Again, that portion of overseas business is on hold.

In the domestic market, because of certain changes in the final the automobile model, and that deferred certain things maybe almost by four to five months. We expect that it would be regained from December onwards.

We have started getting some new bearing orders from the existing customers, like Hiren bhai, three, four item added by one of our customer recently.

Yeah. Am I audible now?

Yeah. Sir, first question was more on the industry side.

I think before, bearing rings was made by the OEMs themselves. Kush, somehow you can— Yeah.

I think previously many of the bearing rings, a particular percentage was made by the OEM, and right now there is this theme of outsourcing where the OEM is more focusing on new product development. I just wanted to know if you could help us with a ballpark number of how much percentage of the requirement is still being made in-house and which can potentially become a TAM for us once they start outsourcing that portion.

Secondly, I just wanted an update on any new products that we're working on on the auto component side, maybe from the transmission side. Are we planning to enter a new segment in the auto industry itself?

On the bearing rings also, because we're seeing many OEMs do capex in India and abroad, are we consistently Because I think that we have around a 30% market share in the industry for bearing rings. For the incremental capacities that are being put up by OEMs, are we still maintaining that or increasing, which will help us grow business going ahead?

These are my questions.

Yeah. Yeah.

Let me tell you the first portion of your question that whether the existing customers or bearing manufacturers are having their in-house facility of the producing bearing rings. Let me tell you, in India or rather even in the overseas market where our customers are based and to whom we are serving, hardly one or two one or two customer having one or two facility in the Europe where they do forge certain kind of rings in-house.

Apart from that, no one is forging or no one is producing forged rings at their own. They all are outsourcing.

The major customers in India as well as in overseas market where we do have a good amount of wallet share, they are not at all producing their rings in-house nowadays. Long back they came out, and only the one customer is having certain couple of facilities where they have certain forging equipments, which also they have already announced that they are winding up or they are just trying to move out of this forging business, ring business.

That is there. As you rightly said that even the Indian bearing manufacturers globally or globally renowned manufacturers who are into expansion mode, and recently one of the company also just claimed that we are going to have this capex of so-and-so.

Definitely we are very much expecting or rather we will be getting some share or some components over there what they are going to produce from their new facility or from the expanded facility because we at Rolex is having quite wide range of product capabilities what we can produce. These customers are very much aware about the capabilities of Rolex and the equipments what we can offer.

Definitely one of the customer who is having a plant in Gujarat also, which was not much operationalized or quite underutilized, now they came up with the industrial bearing ring business production and all these things. They have already awarded three to four components to us, and it would be an industrial application.

Apart from that, we are consistently having the addition of the bearing rings, types of bearing rings to our existing customers also. Even for the auto components, we are adding different ring gears, gear blanks for the different gears which are there in the automated transmissions.

We are getting definitely incremental this bearing ring business from the bearing manufacturers out of their expansion.

Right, sir. Sir, apart from that, in terms of competitive landscape, how big would be our next competitor, next key competitor that we have in India and overseas?

Let me tell you, in India there are couple of players who are having partially or you can say, say for example, today we are having more than 25, 26 kind of different forging lines and versatile range and huge setup of machining shop, whereas my immediate competitor or you can say a next couple of companies who are having hardly two or three forging lines, five forging lines max with a very limited range of the products what they are offering. Though they are offering the same kind of small products to my customers also, which we would not like to address as of now.

They are quite smaller than us. We gradually again, it's a quite big opportunity in overseas market also.

We are also growing, they are also growing, but we are trying to get the things in a big way to untapped the market where we are not there. The auto components, it is our one of the main target in European business as well as in US.

Where the these people or rather the any companies which are based in India may not come in our competition.

Right, sir, I'm assuming that incrementally then whatever new plants of the OEMs will come, then we should see our market share also increase from 30% going towards 50% maybe, because we'll get major of the additional business?

Yes, that would be there. As that 30% the number what you are mentioning, it is for the domestic market share in terms of bearing rings what we are having.

As I told you that couple of our bearing ring customers have already added new products which they are going to produce from the expanded facilities. What happened, even the certain expansion at our customer level has also been deferred because of this uncertainty or might be having some slowdown in the industrial segment.

Right, sir. Sir, because now that we're in a better position to judge the tariff situation, if you could help us, right, I understand FY26 might be flattish to maybe some marginal growth as you mentioned, but considering the confirmed order book that we have and the pipeline, what kind of growth are we expecting '26 onwards, say FY27, FY28, for the so two, three years after we close FY26, what kind of growth can we expect?

See, we are very much hopeful, or rather we are very much bullish as I told you, for the fiscal '27, it would be a high-teen kind of growth. Even that would be continued for the fiscal '28 because the orders what we are talking for, which we have already awarded, but yet not started because of certain this obstacles, definitely it would be started in the last quarter of this fiscal or maybe by the first quarter of next fiscal.

That would be at a ramp up in a big way in the FY27 and FY28. I'm very much bullish on that and we would be having high-teen growth in both this year.

Okay. All right, sir.

Thank you. Yeah.

Thank you.

Yes. Thank you, sir.

Can you hear me?

Yes, you are audible.

Hiren sir, my first question is on in the global supply chain in this auto component, how is it changed after the tariff thing has largely stabilized, particularly for on the bearings and bearing ring side? What changes you are foreseeing next six months if we talk about particularly on US as well as other markets?

See, we do not expect any kind of downfall or any kind of degrowth as far as the US market for our business is concerned because the components what we have developed, those are quite critical components for my customers also. To develop such kind of components, it will take minimum

[unclear].

Hello? I think there are some disturbances.

Hello,

there's some background noise, Mayank. You can— What I was mentioning, that the components what we are supplying to our customers, it took more than 15 to 18 months to develop these things.

To get a new supplier or from the new territory, it would be very difficult for our customer to be approach over there. As now whatever the new duty structure would be, we either we are on the same or maybe India would be on a lower side compared to the other continents like maybe China, Europe, or so, we do not expect much of the pressure over there.

Rather we are expecting incremental this thing post this duty once the things are stabilized. We do not have much of the issue over there.

The high-teens growth for the next two years you're talking about, largely the growth would be in the auto components or— As of now, the order book or rather the orders what we have already received, a program received, there are a mixed bag of auto component and bearing rings, but on the higher side as far as auto component business is concerned.

Also, have we seen some slowdown in the EVs or the customers from the EVs globally are procuring less because of shortage? Yes.

EV,

yes, definitely EV market has not executed as what it has been expected on the rather we are having reduced number. If you must have seen the numbers for the month of October also what SIAM has produced, the significant number of vehicles in EV has been reduced rather than incremental numbers in there in the hybrid and petrol/diesel driven vehicles.

We do not have much of the any even good amount of new inquiries are not from EVs, majority are from hybrid and the current fuel,

no? Just to understand, how big is EV in our current revenue?

It is with a single digit, it ranges from 7% to 10% max.

If you are foreseeing good growth in auto components, how it can be next three years?

Partially, definitely there would be some kind of gradual improvement over there also, but may not be at the same pace what we are having in the normal ICE or hybrid kind of vehicles.

Last question, sir. We are foreseeing very good growth by one of your competitor in the Gujarat market from Gujarat only.

Would you like to comment anything on the competitive intensity in the bearing ring space particularly in the Indian market?

Which company? I don't know for which this thing, but would like to tell overall the in that way, that I'm much inclined to utilize my production capacity in a better way rather to book it at with a lower-margin product or a smaller kind of components.

Certain things what we are not able to take up and what we are requesting our customer that we are not able to supply, definitely their requirement would be catered by some other players, and obviously they would be having that incremental revenue which may be giving a growth. I strongly suggest you to check the margin and the life of the program and the margin of this thing.

That's only what I would talk about, not beyond that.

Sure, sure. Thank you very much, sir.

Hello. Am I audible?

Yeah. Thanks for the opportunity.

Sir, I just want to understand the order book. On the last call, you had mentioned that we have a monthly order book of around 110, 120-odd crores.

Of course, we are seeing some degrowth in this current fiscal. Now for the next fiscal, we'll have a pent up that 175 crores of new projects.

Further as sir mentioned, that another 50, 60 crores of orders which we have recently bagged 10, 15 days back. Now if we, I just want to understand how much of this 1,050 and 1,100 crores of revenue which we are doing as of now is sticky and repetitive in nature, because if we add that 175 and 50, 60 for the next fiscal, the growth is north of 20%, in fact 22% to 23%.

Which of these programs are we exiting in the current fiscal which are not going to be there in FY27?

See, as of now there are no program which would be expiring in this fiscal or maybe in the next fiscal. This a kind of revenue what we are executing as of now, it would be a sticking and it would be on an incremental side.

As I was mentioning in earlier calls also that certain new programs which were supposed to be started at the level of 10,000 component a month, but because of slower and this thing, restricted demand, it has went down to 4,000 or it has started with 4,000, 5,000 components in a month. That momentum would be there in the next fiscal.

Apart from that, the new programs partially what has been started out of that 175 crore, definitely those would be having incremental numbers in the new next fiscal. The new program what recently we have won before almost a month back only what we have received, so that would also be added over there.

Broadly the current revenue, it would be a sticky kind of thing, definitely it would be there. Even in the current business we are going to have some expecting some kind of incremental revenue along with the new order book or rather the new programs which would be started with full load.

Definitely we are expecting, as I was mentioning, that high-teen growth compared to this FY26 in the next couple of years, that is FY27 and FY28.

Sir, in that case we can actually, are we being very conservative when we are saying that high-teens Earlier you were saying mid-teens growth and now on this call, because of this spillover to the next fiscal, you're saying high-teens growth. Is it possible that we can actually see 22%, 24% kind of growth because this 235 crores though new projects which are getting into SOP next year, and also we'll be getting some more?

No,

partially it has started. Even in my existing structure, partial new business has already been started.

It's not that entire 175 would be added. There has already been addition in the current fiscal also.

Because of my existing revenue or existing program which were on a lower offtake, but the new programs have already been started to some extent. That would be come back or rather that would be on the full pace in the next fiscal.

The existing business what I have lost in the current year and even in the previous fiscal, that would be again regained. All put together, that is conservatively what I'm telling you, that it would be a high-teen kind of growth.

On the numbers what we had, if you say in last fiscal we had an component revenue of somewhere about 11-odd 1,100 crores, and then definitely on this numbers we would be having high-teen growth.

Okay. Sir, my next question is on another our biggest client, one of the biggest clients, which probably you were talking about in another response, in the previous response.

This was about the recent news article a couple of days back. There was some news article about SKF which commissioned their new facility in Ahmedabad worth 900 crore of capex, and they are looking at dedicated bearing rings bearing business above 150.

In the article it is mentioned that it is completely a localization exercise. When we say that we bagged some three, four components, are we talking about the same facility or we can expect more from this one?

This is not we are currently catering to.

No, definitely we are expecting more numbers from this facility because this facility is already there rather installed before few years back, which was quite underutilized. Now they came out with the overall idea that what kind of rings they are going to produce here.

They are going to freeze or rather finalize the exact specifications of the bearings what they are going to produce. Definitely we are the most preferred or rather one of the potential supplier for them.

Recently last week only their senior people they have already visited our factory and the things are going on. We would be getting definitely more kind of new components from that customer for the particular plant.

Okay. Sir, last question from my side.

Based on inquiry pipeline and the bids which we would have taken and recent capex done by SKF, and Timken has done a big, big capex which is underutilized as of now, Schaeffler. What kind of addition on a conservative basis can we see over the next one year to this 235 crores of new projects which we have already announced?

You mean to say the existing business or rather the bearing companies who have announced their expansion, and from there how much we are going to get, am I—

Yes. Yes, sir.

Yes, sir.

See, first of all, you better know that whatever the numbers have been given for the expansion, first of all whether that expansion has already been completed or not, that is a question. We have seen certain facilities which are hardly 50%, 60% of expansion might have completed.

Yet the customers or rather they are not freezing their demand or their production schedule or the kind of products what they are going to produce. I'll not say much on that subject because those were my respected customers, but definitely only all these customers to whom we are dealing, we are supplying for more than two decades with them, and we have a very good, cordial association with them.

Fortunately, we didn't lose any kind of the business what we were doing with this customer and we are still there with as of now, and it would be definitely on an increasing way.

Okay. Sir, just a quick follow-up if I can squeeze in.

Saurabh,

Just one quick follow-up. I won't take much time.

Okay. Sir, just if these customers are supposed doing a capex of 100 crores, what kind of asset turnover is usual in the industry?

How much of that can actually come to client vendors like us, not specifically Rolex or any customer,

but if I— It is very difficult to compare if my customer is going to set up facility for 100 crore and how much business I'm going to get, because that 100 crore, we don't know what kind of quantum or what kind of products they are going to produce. I cannot say that if they are going to spend 100 crore, I'm going to get X amount or something.

Generally, my product contributes somewhere about 15% to 25%, ranging from 15% to 25% of their end product, or rather for bearings. Even the expansion of 100 crore in what way, which line beyond the range what I am able to produce, many factors are depend.

Cool. Thanks, and wish you all the best, sir.

Thank you.

Thank you. Thank you.

Sir, yeah, yeah. Am I audible?

Yes. Yes.

Sir, thanks for taking my question again. Hello?

Hello? Yes, sir.

Sir, if you could give the revenue breakup, I think you mentioned it, but just as a recap, I would want the revenue breakup between US, India, and Europe for FY25 and now H1 FY26 also. See,

I told you, for FY25, my US was somewhere about 31.5%. Europe, it was 17.5%.

Other countries like Mexico, Canada, and other all put together is somewhere about 3.5-odd percent, and remaining 47%, 48% was there from the domestic market. The same kind of numbers for the current fiscal for the first half, it's say 25% from the US.

Europe is somewhere about touching 20.5%. Other markets are couple of percentage, and 52%, 53% from the domestic one.

Okay. Thanks a lot.

Okay. Sir, just one follow-up question I had is, sir, just in terms of competitive landscape, see, I don't want to name the competitors, but just you have a lot of competitors based out of Gujarat itself, you have some prominent competitors who compete with you based out of Jaipur as well.

Sir, just wanted to know from a competitor landscape, how do you differentiate yourself from these competitors in the same space, catering to the same big set of clients? Just some color on that, sir, how do you kind of take the strategy towards improving, getting more complex products or getting more business from these clients when you have this competition from Jaipur, Gujarat?

Just your some take on it.

One of the, what—

Dimension tree, Hiren bhai. Yeah.

Yes, sir. See, I don't want to highlight any negative or any kind of, non-capabilities of the competitors or not this thing.

Only my intention is to give us our some USPs or some kind of benefits or what Rolex is carrying. Rolex is there into the industry this industry for more than three decade, and majority of the customers, whatever we have as of now having association of more than two decades.

They are very much aware about the capabilities and the facilities. For, Rolex, it is not what we are going to market our products or we are going to market this things.

Only my equipments, my facility, the range of the product, the versatilities of the product, that criticality of the components, and with the highest level of, precision level what we are producing. One of the US giants, global giants, have given me a zero PPM award for two years, consistently two years for certain kind of auto components.

That is the reason the range of the product, and as I was mentioning, value-added processes, capabilities what we are adding back. We are able to give the volume as what my customer desired for the particular range of the products.

Even if you ask me, we do have facilities where the products carrying maybe a product weighting of 50 kg or even more than that. If you ask me 10,000 numbers in a month, we are able to produce.

Smaller size of components, we are able to produce lakhs of components in a month, and and already we are dispatching. We do have good association.

When particularly, existing customer always trying to switch somewhere else when they are not able to meet the quality criteria or we are not able to meet their supply chain and maybe if they are getting quite huge amount of discount on the pricing, which is generally not possible in our kind of business. Definitely the market is huge.

Obviously, the business, everybody is going to give their wholehearted efforts. We would be having quite USPs as far as the technicalities on the technical front only we are getting better marks.

That is what I would like to say. Equipment what we have, we can produce auto parts as well as bearing ring.

Other competitor have only facility to produce bearing rings only. That is also a difference.

Yes. Okay.

Okay. Sure.

Sure. Thank you so much.

Thanks, sir.

Thank you very much for your active participation. On behalf of Rolex Rings, would like to assure our investors that company would be very much concentrated on their efforts.

Because of this all kind of turbulences, now we expect that things are being streamlined. Though before a year back, there was some different geopolitical reasons which I think it has been covered off or rather we are getting positive response from that segment.

Again, in this fiscal whatever we had, that has also been almost closed down by this quarter. We would be having quite good numbers in the coming quarters, and we will definitely revert to our investors with a best of our efforts.

Thank you.