Thank you, Shravani. On behalf of Titagarh Rail Systems Limited, I extend a very warm welcome to all the participants on Q2 and H1 FY '26 financial results discussion call.

Today on the call, we have Mr. Umesh Chowdhary, Vice Chairman and Managing Director; Mr.

Anil Agarwal, Deputy Managing Director; Mr. Pritish Chowdhary, Deputy Managing Director; and Mr.

Saurav Singhania, Chief Financial Officer, to provide the operational and financial insights. Before we begin the call, I would like to give a short disclaimer: this call may contain some of the forward-looking statements, which are completely based upon our beliefs, expectations, and opinions as of today.

These uncertainties are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, I would like to hand over the call to Mr.

Umesh sir. Over to you, sir.

Thank you.

Thank you, Prachi. A very good evening everybody, and thank you for joining the Q2 earnings call.

As you have already got the numbers, the new addition this time that has been given is the strategic plan of the company, which, for the first time, we have been able to give a very clear picture on the trajectory that the company is going to follow in terms of passenger rail system and the other businesses that the company is in. As regards the current quarter is concerned, as I had mentioned earlier also, the one month of this quarter was impacted by the wheelset availability.

Then the wheelset availability, which was primarily impacting the company for the last two or three quarters, has been resolved. We have started getting normal wheelsets from the month of from the month of August 2025.

Now the wheelset availability is normal, and we are back to a run rate of around 800 wagons a month, and we intend to continue between 800 and 850 wagons per month going forward. We also believe that the wheelset problem should be behind us as the joint venture of ours along with Ramkrishna Forgings to produce wheels in Chennai will get operational by Q1 Q1 of next financial year.

This should be a problem that has perennially perennially been causing trouble to the industry, to the wagon industry. This should be a problem of the past.

As far as the passenger rail business is concerned, we have got some very very interesting new orders. Two orders that we got from Mumbai for Mumbai Line 5 and Line 6 that builds up the pipeline of the metro coach business up to FY '28.

The visibility is there with the order book. We have also given in the presentation a ramp-up plan of the entire of the different SBUs of the passenger rail system, which is the metro SBU, the Vande Bharat and the passenger train SBU, as well as the propulsion SBU.

We are fairly confident of being able to achieve the targets of all these SBUs that we have given. With those few introductory comments, I'd be very happy to take any questions.

Thank you.

Hi. Good evening, sir.

Thanks for taking my question. A couple of questions from my side.

First, I think we have above six different orders in the passenger coach segment across Vande Bharat and the five different metro rail projects that we have. Would be great to hear your views on when can execution start on each of these individual six projects.

Second is on the wagon business. Great to hear that wheelset availability has now become normal and we have ramped up to our usual run rate.

With regards to future, what is our view on wagon tendering, especially from the Indian Railways? Thank you.

Thank you, Parvez. As far as the metro or the passenger train rail segment is concerned, the Pune, as we have already supplied.

Now we've got the option that will be starting in two years' time. We have a delivery period of starting from two years to be ended in two and a half years because that is an aluminium coach, and we have already received the machines for making the aluminium coaches entirely in India.

The earlier contract that we had executed for Pune was executed by bringing in flat packs from Italy, but now we have set up the entire facility. The machines have come.

They are under installation. They will be getting into production sometimes in Q1 of FY '27, and we will be producing the entire car body of aluminium for Pune in our plant in Uttarpara.

As far as the Gujarat metro is concerned, this quarter, that is Q3 of the current financial year, we will deliver the prototype, and then the production will ramp up in the manner that is envisaged in the contract, between two and three trains per month, going up to three trains per month. We have given the overall numbers of coaches, which includes the Gujarat as well as the Bangalore that we intend to be able to deliver this year, which is between 100 to 120 cars, which is almost a eight to 10-fold jump over the number of cars that we delivered last year, which will again almost double next year.

It is a huge ramp-up that we are going to witness. As far as Mumbai is concerned, the first train should go somewhere in Q3 of next financial year, Q3 or Q4 of next financial year, and then it will get ramped up.

For Vande Bharat again, we are intending to deliver the first train, the Vande Bharat sleeper. The first car body is already made, and we are intending to deliver the first train in Q3 of the next financial year.

That's how the ramp-up will happen in all the passenger orders that we have. As far as the freight wagon is concerned, we have an order of about eight 8,500 wagons, 9,000 wagons, I'm sorry.

That gives us visibility for the next around four quarters. We are hopeful that considering the overall demand forecast and the traffic targets that the railways have, we are hopeful that the tender should come out by Q1 of the coming financial year.

We'll have enough time to switch over or complete the existing contracts and then get onto the new contracts.

Thank you, sir. I will come back in the queue for more questions.

Thank you.

Hi, sir. Thank you for the opportunity.

I just wanted to ask can you share the number, how many wagons did we send out in the September month, last month of Q2?

I'm sorry, I didn't get your question. Can you repeat your question?

Sir, in Q2, last month, September, how many wagons did we produce, freight wagons?

We do not give monthly figures, Mr. Sharda.

We can only give you the quarterly numbers. We have disclosed the quarterly dispatch of wagons in our presentation, which is 1,872 wagons during Q2 of the FY '26.

Okay. That has normalized now, and we'll do 800 to 850 going forward, right?

On an average, approximately 800 wagons we should consider for the plans of execution, although our capacity is 1,000 wagons, but in order to wait for the new tender to come in and till that time to have an even workload, we are planning to do between 800 and 850 wagons.

Okay. Sir, next question was regarding the Line 5 and Line 6 Mumbai metro order that we received.

Can you bifurcate how much is the AMC value and how much is the value for just the delivery of wagons?

Approximately 15% is the AMC value, and the balance is the supply value.

Okay, 15% is AMC. Sir, one last question was regarding the tax

rate. I think the— Which is approximately 3% per year.

That's the normal trend of metros. In the case of Vande Bharat, it is 4% per year.

Okay. Got it.

Last question was regarding the tax rate for this quarter. I think the tax rate was a little high.

Any reason for that? Or will it get normalized going forward?

I'll request the CFO to answer.

The tax rate was approximately 26 point something percentage, but it's just the effect of certain transactions when it happened during the quarter, but it will normalize over the year. It will come down to almost 25.5, which has been the standard rate for us.

Sure. Thank you so much.

That's it from my side.

Yeah. Thank you.

Hello? Yes, sir.

Please go ahead.

Yes, sir. Sir, you have given the guidance for 1,000 coaches for FY '26, right?

Sir, we are not able to hear. You please pick up the receiver and speak up.

There's some disturbance on the line.

Hello? Hello?

Please go ahead, sir.

Hello. Sir, I think there is some network issue.

Am I audible? Hello?

Yes, please go ahead.

Hello. Sir, question is with regard to that guidance of the 1,000 coaches.

Sir, is it still doable or not? What is the progress?

When we look at this six months, can you throw some light on the first half number out of that 1,000 coaches guidance?

We've not given any guidance for 1,000 coaches, sir. We have given a guidance for between 100 to 120 cars coaches in this financial year, and we are on track to be able to achieve that.

We've released this guidance week, definitely we were not confident of being able to achieve that, it would not have been given.

Sir, when we look at quarter one guidance, na, it shows 1,000 coaches or wagon per month, right? That is the run rate for entire FY '26.

I think you're mixing up between the wagons and the coaches, sir. There are two segments that the company operates in: the freight segment and the passenger segment.

The run rate or the capacity that we have for the freight segment is 1,000 wagons per month, which had been impacted due to the wheelset problem. Now that the wheelset problem has been resolved, we have a capacity to do 1,000 wagons, but to even out till the new tender is published and finalized by the railway, the company wants to do between 800 to 850 wagons in order to even out the workload in anticipation of the new tender.

As far as the metro coaches is concerned, we have given a guidance that this year we will do between 100 to 120 cars, and we are well on track to be able to do that.

Okay. Sir, for this freight wagon, can we say for the second half, it will be 6,000 or 5,000?

I just mentioned it's going to be 800 to 850 wagons per month, sir.

Okay. Understood, sir.

Okay. Thank you.

Thanks for the opportunity. Sir, I have two questions.

One is I wanted to kind of understand in terms of execution risk, while you kind of elaborated on the freight side, but what do you see if there are any execution risks that you foresee on the passenger side or any supply chain issues that one can kind of foresee in the near future?

Pranjal. Thank you.

We have already factored those in. We have been in this business for a while now.

We started making passenger coaches or metro coaches in 2021 in the Uttarpara factory, and the reason why we have, for the first time, put out the [unclear] and standardized our production setup. We are confident of being able to achieve the ramp-up run rate that we have given in our presentation.

In terms of supply chain problems in our industry, supply chain problems is almost goes hand-in-hand with existence, we will continue to have that problem somewhere or the other, and the bottleneck keeps on shifting. That's exactly where we have been prepared for, and we have geared ourselves up for to be able to address all these issues as they come along.

Having said that, I'd also like to state that one thing that we have now taken up and to a great extent, I would say, implemented and balance will be implemented within this financial year is a lot of backward integration in terms of making of these coaches. All the supply chain that we were dependent on for making car body within this financial year, by March this year, we will have almost entirely, 100% will be in-house with us.

That will take or address a great deal of supply chain. Technologically and facility-wise, process-wise, approval-wise, order-wise, we are all geared up.

Sure, sir. Secondly, if you could kind of elaborate a bit more on the shipbuilding and what are the prospects and what kind of addressable market did you see?

These will be my questions. Thank you.

I'm sorry, I just lost your question. You said on the shipbuilding, what is the question?

On shipbuilding, if you can elaborate what kind of segments are we targeting, what is the addressable market, which are the key capabilities that we are kind of targeting towards?

As far as the shipbuilding is concerned, over the last few years, we've delivered more than 35 vessels to the Indian Navy, to the Coast Guard, to the National Institute of Ocean Technology, to GRSE. We've also exported a vessel to Guyana.

We have developed a great deal of capability over the last five, seven years that we have been in this business. Now, in line with the government's policy where the government of India has decided that India must be Atmanirbhar also on the shipbuilding side, the industry is being given a great deal of impetus.

We have kind of been able to leverage upon all these expertise, the qualifications that we had in the past to be able to grow this business. We will concentrate only on the specialized shipyard, apart from some very few bulk ships, which we can consider from time to time, but primarily, our focus is going to be on specialized vessels.

We will focus on vessels which are between 100 to 150 meters or 160 meters in length. The yard that we are building in the south of Bengal in Falta where we've already gotten a jetty as well, a concrete jetty, and we had acquired this land by way of acquiring a company or land from a company called Precision Shipyard.

With this, we will be able to have a capacity of doing around 16 to 18 vessels per year. We are already a naval-approved shipyard, we are also working on enhancing the type of vessels that we can deliver to the Indian Navy.

In our presentation also, we have given some of the vessels that we have manufactured in the past.

Sure, sir. Thank you.

That's it from my side.

Good evening, sir. Thank you so much for the opportunities.

Sir, you have mentioned the 120 cars by end of the year on that passenger coaches side, and whether you are completely ready in terms of supply chain for specialized components, labor skilling and everything is ready for the execution side, I just want to understand. It need also higher working capital side.

How you are going to manage those?

We are ab—

Hello?

Hello?

Thank you.

There was a network problem, and we lost the connection. I was mentioning about the ramp-up, that we are fully confident, and that's the reason we have given a complete roadmap of the ramp-up that we will have not only for the current year, but for the coming few years and also how we are backed up with confirmed order books for the metro coach up to FY '28 and for the Vande Bharat up to FY '31.

As far as the working capital is concerned, the company has sufficient working capital limits, which is unutilized, and we are very comfortable in terms of the working capital management.

Sir. Sir, Firema currently facing challenges, and what is the revised international strategy?

Are there plans to bid for international metro or train contracts using the Indian manufacturing base? Now we have in-house design capabilities also.

What we are going to do in Firema, whether we are going to exit or is there any final solutions is maybe in short period of time?

As far as Firema is concerned, there were multiple objectives for the investment into Firema. The primary one of them was to be able to set up the facility in India with the transfer of technology, know-how, and credentials.

Titagarh has already been able to do that. Now we are a leading manufacturer of coaches, perhaps with the largest order book for passenger coaches in India.

Today, our order book, including both metro and Vande Bharat, is larger than what other even foreign companies or Indian companies in India have. That has been possible because of the initial support that we had got from Firema.

Now that strategy is fully achieved and accomplished, and we had mentioned that the operational requirement and the capital requirement of Firema that is required, it is a joint venture between us and the government of Italy. The government of Italy owns a little above 30% in that.

We are in discussion with them to dilute ourselves substantially and let one of the arms of the government take control of that company. As regards the international strategy is concerned, the international strategy of Titagarh would continue to export, not to manufacture in Europe or other countries, and we will continue to pursue our endeavor to export products from India either to Firema or to other customers.

Currently, the overall market and the order pipeline in India is very robust, we are focusing primarily on the Indian market and developing additional capabilities and competencies like the aluminium coach line because in most of these developed countries, Europe, etc., the coaches that they buy is of aluminium and not of stainless steel. Over a period of time, we will reenter in a significant manner the international market and start exporting coaches.

For the time being, we are not looking at manufacturing presence outside India.

Sir. Sir, on that vessel business, we have a 14 to 16 vessels per annum on the capacity side.

What is the average realization per vessels? What are that upcoming deliveries are there?

What kind of order book we have right now? What kind of inquiry pipelines we are witnessing?

Are we talking about the passenger rail side of Indian or vessel?

Vessel, sir, vessel. Ship.

Shipbuilding. I'm sorry.

Okay. Shipbuilding, we have already declared we have about a 500-odd-crore order book, and we have a very healthy pipeline of inquiries.

We have been seeing a lot of announcements from various ministries about their requirement of vessels that will be, in the coming years, be met from Indian shipyards. We are seeing a very healthy pipeline.

We cannot disclose any of these till they have matured because, for both competitive reasons and for proprietary reasons, we do not want to be announcing any one of them in haste, but as they develop and they become mature, we will definitely come back and announce that.

Sir. Thank you.

Thank you so much, sir, for taking my question. I had one question on the service side.

I think I missed that in the early part of the call. How much portion of the Mumbai Metro both Lines 5 and 6 are service contracts?

Yes, sir, it's 15%. 15% is the service, and 85% is the supply.

85%

is the supply part. When is this service scheduled to be started after the first delivery for the— Two years

there is a two-year warranty unlike Vande Bharat where the service contract starts immediately after delivery. In the case of metro, after the warranty period, there is a two-year warranty, and then there is a AMC contract that comes in.

Okay. Got it, sir.

Got it. Sir, just wanted to ask you what is the scope that you see in these service contracts, and any guidance on how much margins we make on these contracts?

Service is traditionally Service is traditionally a high-margin business, and the overall trend of the market is to go for comprehensive contracts, which means supply plus services. We've seen that in Vande Bharat where the contract was placed with a supply with 35-year AMC.

We've seen this in Mumbai where it is supply plus five-year, and we we believe that it may be also extended beyond five years. We are seeing that in other tenders that are coming out now.

We believe that this is something which is going to be the order of the day. Obviously, globally, the service business always is a much better margin business, and depending on the type of the product and the year of the the age of the product, this can be anything between 20% to 30% EBITDA levels.

Got it, sir. Got it.

Okay. My next question was on the propulsion system side of the business.

I think earlier, we had mentioned that we were focused on completely backward integrating our traction motors considering we had a partnership with ABB around that. How has that been ventured out on that

part? We've given that also in our strategic plan.

If you see the strategic plan and outlook speaks specifically of the propulsion system as a separate SBU, and there we have also explained how this propulsion system is going to be an SBU that is going to take care of our internal requirement, but also going to be selling components to the Indian Railways and to others. Traction motors, we are already selling substantial traction motors to the Indian Railway.

We have been doing that. This quarter, we will start our first propulsion system supplies also for EMU/MEMU.

The TCMS is something that we have taken a complete transfer of technology from ABB, with whom we have a TOT agreement. In this manner, the component part, the cabinet cubicle, now we are completely 100% doing it already for our existing metro.

All the items that we are doing as far as the propulsion system, electricals and components, over a period of the next couple of years, we are intending to do including our own propulsion. Maybe it'll take two to three years because there's an eligibility that one has to go through.

Between two to three years' time, we will be able to do our own propulsion for our metro coaches also.

Got it, sir. Thank you so much.

That was it from my side. Thank you.

Thank you.

Hello. Thank you for the opportunity.

Yes. Sir,

my question is on freight order book. What proportion of your current freight order book is linked to replacement versus new demand, and how do you see this mix evolving over the next years?

One is that, as I mentioned, that we have an order book which is giving us a visibility for the next four quarters or so. As far as the new wagon order is concerned, today, Indian Railway is moving about 1.6 billion tonnes of traffic, and the stated target of the railways is to move 3 billion tonnes by 2030.

Considering that the wagons get replaced in between 25 to 30 years depending on the time when the wagons were added, because the older wagons had a shorter life than the newer ones, we believe that the wagon demand should continue to remain healthy. Therefore, that gives us the optimism that the new tender should come out somewhere in the beginning of the next financial year.

Okay. Thank you, sir.

Hello.

Am I audible, sir?

Yes, ma'am, you are.

Yeah. Firstly, thanks a lot for the opportunity.

Sir, my question was on the PRS segment side. Initially, we had mentioned the EBITDA margins will be around 8% to 9%, and then as volume start kicking in, we'll be able to reach the 11% to 12% margin level.

What's the sort of monthly run rate of coaches that we have to achieve in order to reach this 11% to 12% margin level?

Yes, ma'am. The breakeven point or the cutoff point to be able to get to this operating leverage is approximately 150 to 200 coaches a year, where we should be able to reach the run rate from Q4 this year.

That we expect him to reach from this quarter four, right? Yeah.

The Q4, we will be able to reach the run rate of 150 to 200 cars per year.

All right. Understood.

The second question is on the shipbuilding side. I understand that it is at a very nascent stage.

It'll take some time to ramp up. Say three, four years down the line, what's the sort of revenue potential we see from this side, and also how's the margin profile?

Ma'am, the shipbuilding, as we have given in our presentation, the capacity that we are planning is for 15 to 18 vessels per year. Each vessel, depending on the intricacy of the vessel and the nature of the vessel, sells anything between 100 to 250 crores per vessel.

That's the kind of addressable market that we are targeting. We believe that the kind of market size is very large considering the focus of the government of discouraging import and making India self-reliant and self-sufficient in the shipbuilding.

Normally, since we are going to be in the specialized shipbuilding sector, this industry gives about 15% to 17% EBITDA margin.

15% to 17% EBITDA margins.

That's right. As you very correctly said yourself, it's a very nascent stage of the ramp-up of this business and things are still developing, but we are hopeful and we are confident of being able to get to these numbers.

All right. That's great to know.

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

Thank you.

Yeah. Hi.

Good evening, sir. Sir, I just wanted to check it out on this passenger side of the business.

We have given the production target of 200 and then scaling up to 300 for the metros. Then Vande Bharat production is also scaling up from 32 to 192 in FY '28.

In the PRS segment, we already mentioned that we are looking out 12% kind of margin by Q4. If you can also give a broader sense once this Vande Bharat also comes into the picture when the production for this is up, what kind of blended margin we would be looking it out?

As I mentioned earlier also in the earlier calls that metro, when we do our own propulsion, then we are looking at an increase of EBITDA margin by at least 4% to 5%. Till that time, we are looking at both Vande Bharat and metro at a margin profile of around 11% to 12%, and the propulsion is a slightly higher margin business where we can target anything between 15% to 20% of margin, and the service is another business which is a higher margin business where we can look at an EBITDA of between 20% to 25%.

If you look at the overall passenger rail segment, it is divided into these four SBUs as we have given out or laid it down in our strategic plan also, and each one of the SBU has its own margin profile, and we have tried to explain how each one of the SBU is likely to ramp up in period to come.

Okay. Then, sir, either on the SBU side, what would be the kind of margin we are looking out for the Vande Bharat or what is a blended margin we are looking it out for all the SBU together?

I just gave you the number, sir: 11%

to 12%. Okay.

Yeah. Thank you, and wish you all the best, sir.

Thank you so much.

Thanks for the opportunity. Sir, wanted to maybe dwell a little bit more on

Sir, your voice is very feeble.

Just one sec, sir. Better now?

Much better.

Yeah. Sir, just wanted to dwell a bit more on the shipbuilding side.

What type of vessels are we talking about when we're saying 15 to 18 vessels a year, what would be these vessels? Also the other related subject also is that what will it take for us to be able to really be able to manufacture this?

Is there going to be a substantial amount of capex or a capability buildup or a technology tie-up? If you can just maybe dwell a little bit on that, sir.

Sure, absolutely. As we have explained that we are looking at doing this in a separate vehicle with strategic/financial partner, and this company, we'd like to grow and develop on its own.

The parent company, which is Titagarh Rail Systems, does not want to keep this as a part of Titagarh Rail Systems because of the opportunity size being so high, as we have expressed in the strategic plan and outlook. The existing order book between the different businesses is close to 30,000 crore, 28,000, 29,000 crore today, and the new tenders that are there in the market or likely to be there in the market is also very, very large.

We believe that there are three business segments in the company which the company has nurtured, the company has developed. The primary business is the railway system business that would continue to be in the Titagarh Rail Systems umbrella.

The other one is the marine or the shipbuilding side, which is being spun off to Titagarh Naval Systems, wherein we will induce about 50 crores of capital from the company, and this company can then raise its own capital, debt, etc., to build up the capability and the capacity. The third, for which the board has constituted a committee to evaluate, is the defence and bridge segment where the order book today is very, very small.

It is almost insignificant, less than 40 crores. There does lie a very large opportunity in this segment because, again, here, the company has, in the past, done a number of marquee projects for the Indian defence forces, including some strategic equipments like nuclear, biological, and chemical warfare shelters, launching systems, etc., etc.

This is something that is being evaluated. The idea would be then again to see how all the three businesses can be grown, but grown independently without dependence or interdependence on one another.

As regards the kind of vessels that we are looking at doing in the shipbuilding, it is primarily, as I said, naval vessels or research vessels and specialized vessels for the general maritime systems. We have done fast patrol vessels.

We have done diving support craft, which is the first time diving support craft has been manufactured, designed and manufactured in India. Vessels like these that is being targeted by us to be done in our shipyard.

Right, sir. Sir, in the Mumbai Metro project, you said that by 3Q or 4Q of '27 is when the first delivery starts, the first train will get delivered.

This is for both the packages or only the Line 5 that we were talking about?

I'm sorry, I lost your voice. Can you repeat your question?

No,

I'm saying, sir, that we have two new orders from Mumbai Metro, the Line 5 and Line 6. Now the 3Q or 4Q '27 timeline that you gave for the commencement of the delivery, that is for both the lines or that is for maybe one of the lines?

Sure. The delivery schedule for Line 6 is before Line 5, but the vehicles are going to be quite similar to each other.

We will adjust the delivery of the lines based on the customer requirement as such because there's not much of a difference between the metro coaches for both the lines. Since we had got the contract of the Line 6 before Line 5, there is a headway or a earlier delivery for Line 6 by about four to six weeks, something like that, maybe eight weeks.

Right. It starts, let's say, by 3Q or 4Q of '27.

Over what period the entire delivery has to be done?

I'm speaking from just memory here, barring some errors, it'll be completed in about a year and a half or so from the date it starts. Between year and a half or two years, 18 to 24 months.

Right, sir. All right, sir.

That's all. Thank you.

Thank you. I'm done, moderator.

Yeah.

Yes, sir. Thanks for taking my question.

Sir, can you throw some color on what adjacencies we are looking forward in the wagon leasing business?

I'm sorry. Can you repeat your question, please?

Yes, sir. Sir, what adjacencies we are looking forward in the wagon leasing business, sir?

We have applied for the license for the wagon leasing.

I didn't get your question. What agencies, in the sense?

I'm sorry, I didn't understand.

Sir, we have applied for wagon leasing license. Leasing, wagon leasing.

That's right. Yeah.

What adjacencies we should look forward in this business, sir?

Okay. I'll answer it what I've understood.

Basically, the private sector wagon demand, which has been there, has been primarily or, I would say, to a great extent, many of the customers are looking at wagons on long-term lease model. In order to be able to offer or capture that part of the market or have more effective private sector demand, we have taken a wagon leasing license.

We also believe that there have been newspaper reports that maintenance of wagon is going to be permitted to the leasing companies of wagons or the wagons that are given on lease can be maintained by the owner of the wagon, which are the leasing companies. We believe that's a very interesting business to be in.

In order to be able to, A, enhance the market share in the private sector business and also keep the options for maintenance of wagons open with us, we had the experience or we met the qualification criteria to get the wagon leasing license thanks to leasing transaction that the company had done in the past for wagons to the Indian Railways. We have applied, and we are hopeful of getting this license soon.

Okay. Thank you, sir.

Thank you, Prachi. Thank you everybody for a very interesting set of questions and the engagement.

I would only like to close by once again drawing attention to the strategic plan and the outlook document that the company has presented, which gives a complete roadmap of how the company is likely to develop and the trajectory of how the company is going to make a tectonic shift from being predominantly a freight wagon manufacturing company to a passenger train and metro coach and a high value-added commodity manufacturing company, and how the strategic joint ventures that the company has is likely to benefit both strategically and financially the overall size and the balance sheet of the company in the years to come. Thank you once again for all the support, and thank you for joining this call today.