Thanks, Vaishali. Good morning, everyone, and a warm welcome to all the participants.

On the earnings call today, I am joined by my colleague Ankur Modi. We have uploaded our financial results and investor presentation for Q4 FY '26 and FY '26 on the stock exchanges and our company's website.

We hope everybody had an opportunity to go through the same. I will begin with a brief overview of the macroeconomic environment, followed by the current trends in the automotive industry, and then our financial and operational performance for the quarter and full year.

Post that, we will open the floor for Q&A. Talking about the global economy and its landscape, the global economy has shown remarkable resilience until now.

The outlook for 2026 has become increasingly complex. Recent geopolitical escalations in the Middle East have introduced fresh uncertainty, primarily manifesting through commodity price volatility and renewed inflationary pressures.

According to the latest IMF World Economic Outlook in April '26, global growth is projected to moderate to 3.1% in '26, with a slight recovery to 3.2% in '27. This deceleration reflects the shadow of conflict, which has prompted a modest uptick in global headline inflation.

We are seeing a distinct divergence in growth dynamics. Advanced economies growth remains subdued at approximately 1.8%, as these regions navigate high public debt levels and tighter financial conditions.

Emerging markets remain the primary growth engines, though they are increasingly sensitive to the 16% surge in commodity prices forecasted by the World Bank for this year, particularly in energy and fertilizers. Amidst this global cooling, India's narrative remains one of the exceptional performance.

For FY '26, India is estimated to have grown at over 7%, cementing its position as the world's fastest-growing major economy. This performance has been underpinned by strong domestic consumption, government's sustained infrastructure push, and a decisive shift towards Make in India for advanced manufacturing.

Looking ahead to FY '27, while the World Bank and ADB project a moderation in GDP growth to approximately 6.6% to 6.9%, largely due to higher energy import costs and global trade headwinds, India's structural fundamentals remain intact. With capacity utilization improving and private capex starting to kick in, we believe the domestic macroeconomic environment provides a stable floor for our growth ambitions.

Moving on to the automotive industry overview, the Indian industry has exited FY '26 on an exceptionally strong footing. Following a relatively cautious first half, we witnessed a decisive and pronounced rebound in second half, characterized by a synchronized recovery across most of the segments.

Production volumes in the quarter four FY '26 grew by 19% year-on-year, reaching approximately 9.3 million units. The Indian automobile industry has exited FY '26 on strong footing, with Q4 reflecting a clear acceleration.

For the full year, the total production reached an all-time high of approximately 34.7 million units, representing a robust 12% year-on-year growth. It is important to note that this growth is not just quantitative.

We are seeing a structural shift towards higher-value vehicles, particularly in the SUV and premium two-wheeler segments, which aligns perfectly with Uno Minda's product portfolio. The industry's expansion is underpinned by a convergence of fiscal and monetary tailwinds.

Personal income tax rationalization and GST rate cuts significantly enhanced customer affordability and disposable income. Furthermore, the RBI's strategic repo cuts lowered financing barriers, while the government's aggressive infrastructure push catalyzed demand across segments.

The PV segment delivered a formidable performance in Q4 FY '26, with production volumes reaching approximately 1.6 million units, a robust 11% year-on-year increase. This quarterly momentum translated into a historic year, as the segment recorded its highest-ever annual production of 5.5 million units, growing 9% over FY '25.

India's manufacturing competitiveness is increasingly recognized on the global stage. Passenger vehicle exports reached a historic high of 0.91 million units in FY '26, a 17.5% year-on-year expansion.

Strong traction in the Middle East, Africa, and Latin America is positioning India as a critical global hub for small to mid-sized SUVs. Electric PV registrations surged by over 80% this year, with retail sales touching approximately 200,000 units.

Consequently, EV penetration in the PV segment has climbed to 4.2% in FY '26, up significantly from 2.6% in the previous year. Moving towards two-wheeler segment, the segment witnessed a powerful acceleration in Q4, with production volumes hitting approximately 7.1 million units, a robust 20% year-on-year growth.

This performance served as a catalyst for a record-breaking fiscal year. For FY '26, the total two-wheeler production reached an all-time high of approximately 26.6 million units, growing 12% and surpassing the previous peak achieved in FY '19.

Exports of two-wheelers reached a record 5.2 million units in FY '26, a massive 23.4% year-on-year jump. E-two-wheeler registration crossed 1.4 million mark in FY '26, growing 21% year-on-year.

In Q4 alone, e-two-wheeler volumes reached 4.25 lakh units, clocking 39% year-on-year growth. Overall, e-two-wheeler penetration has climbed to 6.5%, up from 5.4% in the previous year.

Moving on to the three-wheeler segment, the segment delivered a strong performance in quarter four, with production volumes growing by 32% year-on-year to approximately 0.34 million units, reflecting robust demand across both domestic and export markets. Three-wheeler exports for FY '26 reached approximately 0.46 million units, a massive 50% year-on-year increase.

Exports now contribute roughly 35% of our overall three-wheel production. This resurgence was led by significant rebound in demand from key international markets, most notably Sri Lanka and across the African continent.

The segment also benefited from structural tailwinds, including the continued expansion of electric three-wheelers, where EV penetration crossed 60% in FY '26. Moving to the CV segment, the industry also delivered a strong performance in Q4, with total production growing by 19% year-on-year to approximately 0.36 million units.

On a full-year basis, the segment recorded its highest-ever production of approximately 1.17 million unit, registering a 13% growth over previous year. Overall, FY '26 has marked a year of broad-based recovery for the automotive sector, with strong momentum visible across all segments, supported by improving demand conditions, policy tailwinds, and a steady revival in both domestic and export markets.

The second-half-led recovery, coupled with structural shift, such as increasing electrification and evolving mobility patterns, highlights the strengthening fundamentals of the industry. While external uncertainties, particularly in the geopolitical and commodity front, continue to warrant close monitoring, the underlying demand environment and long-term growth drivers remain firmly intact.

Against this backdrop, I will now move on to discuss our company's performance for the quarter and the key developments during the period. You can refer to slide number 7 and 8.

We reported strong quarter, where we have continued to scale new heights, once again surpassing our previous peaks to achieve our highest-ever quarterly revenues and profitability. Our consolidated revenues from operations for the quarter stood at ₹5,336 crores, representing a robust 18% year-on-year growth.

This growth was broad-based, driven by volume expansion across most of our core product offerings. On profitability front, EBITDA grew by 14% year-on-year to ₹603 crores, with healthy EBITDA margins of 11.3%.

We have managed to maintain these margins despite a volatile input cost environment, reflecting our disciplined focus on operational efficiencies. Depreciation increased by ₹27 crores to ₹192 crore, following the capitalization of strategic facilities, including our new four-wheeler lighting plants in Khed City and Indonesia, and two-wheeler alloy wheel expansion at Supa, four-wheeler alloy Phase 1 commissioning of our Kharpada facility, and capacity expansion at Bawal.

Finance cost rose to ₹45 crores, a planned increase representing the higher borrowings required to fuel capex program and manage the incremental working capital for our growth. The share of profit from associates and joint ventures for the quarter rose to ₹64 crores, compared to ₹55 crore in the prior year.

We would like to specifically highlight TG Uno Minda, which recorded a 26% revenue surge following the capacity expansion of our side and curtain airbag business, aligning with India's intensifying focus on the vehicle safety. As a result of this strong operational performance and disciplined execution, profit after tax attributable to shareholders grew by 22% to ₹326 crores, compared to ₹266 crores in Q4 FY '25.

Moving on to full-year financials for FY '26, excluding prior-period income in Q1, the revenue from operations for the financial year ending March '26 stood at ₹19,589 crores, translating into a robust year-on-year growth of 17%. This performance reflects sustained demand across our core product portfolio, continued scale-up of new businesses, and healthy execution across platforms.

Normalized EBITDA for the period grew by 16% to ₹2,182 crores, underscoring the operating strength of the business even as we continue to invest in new capacities and future-ready technologies. Normalized EBITDA margins for the period remained stable at 11.1%.

Profit after tax attributable to shareholders for FY '26 stood at ₹1,197 crore. On normalized basis, excluding both prior-period income and exceptional items, PAT is ₹1,166 crore, representing a strong year-on-year growth of 24% over ₹943 crore in FY '25.

Moving on to the business-segment-wise performance, you can refer to slide number 11, please. Starting with switches, the switch system business, the largest division within the Uno Minda portfolio, continues to be one of our fastest-growing verticals.

The segment recorded its highest-ever quarterly revenues of ₹1,343 crore, reflecting a robust 17% year-on-year growth and contributing 25% to our group's consolidated turnover. For FY '26, the division reached ₹4,871 crore in revenue, growing 16% from ₹4,204 crore in FY '25.

Growth during the quarter was primarily driven by the two-wheeler switching business, which delivered over 26% year-on-year growth. This performance was supported by sustained domestic volume growth and increase in share of business with some of our customers.

Two-wheeler switch export for the quarter touched ₹86 crore, whereas exports crossed ₹280 crore for the full year. The four-wheeler switching business under Uno Mindarika also continued to outperform industry growth.

This was supported by increasing premiumization and rising adoption of advanced, feature-rich switching systems by OEMs, resulting in higher kit value per vehicle. In addition, we witnessed further increase in share of business with leading Indian passenger vehicle OEMs, further strengthening our leadership position in the domestic market.

On the capacity expansion front, the shifting-cum-expansion of our four-wheeler switching facility at Farrukhnagar is progressing as per plan. We expect to complete the transition of Manesar plant to Farrukhnagar over the next 6 months.

Moving on to the lighting segment, the lighting system business reported revenues of ₹1,154 crore, contributing around 22% to consolidated revenues and recording a healthy year-on-year growth of 13%. On a full-year basis, the business delivered revenues of ₹4,402 crore, registering a strong 14% year-on-year growth, reflecting sustained execution and consistent demand across key segments.

The two-wheeler lighting portfolio continued to anchor growth during the quarter, supported by sustained market share gains achieved over past few years. This momentum was further strengthened by increase in share of business with key customers and rising EV penetration, where Uno Minda remains a leading supplier to multiple e-two-wheeler OEMs.

A key highlight during the quarter was the receipt of a significant new order for unserved models, with an annual peak value of approximately ₹450 crores for the supply of two-wheeler lighting products, with SOP scheduled in second half of FY '28. This order, equivalent to nearly 25% of the current two-wheeler lighting annual revenues, is expected to materially enhance our share of business and further strengthening our overall market position.

In the four-wheeler lighting segment, after witnessing a threefold expansion over the past 5 years, the business is now in the phase of consolidation. With SOP of multiple new programs and the bulk of capacity expansion already in place, the focus is now on stabilizing operations and driving steady and sustainable growth.

Moving to casting business, the casting business revenues for the quarter reached ₹982 crore, reflecting a strong 14% year-on-year growth and contributing approximately 18% to Uno Minda's consolidated revenues. The quarter revenue mix remained well-diversified, led by ₹535 crore from the four-wheeler alloy wheel segment, ₹259 crore from two-wheeler alloy wheels, and ₹188 crore from aluminum die-casting.

For the full year FY '26, the business recorded revenues of ₹3,694 crore, marking a healthy 15% growth over previous year. Within this, the four-wheeler alloy wheel segment contributed ₹1,964 crore, followed by ₹1,058 crore from the two-wheeler alloy wheels, and ₹673 crore from aluminum die-casting.

Growth during the quarter was largely driven by a ramp-up of recently commissioned capacities across key locations, including the four-wheeler alloy wheel facilities at Bawal and Kharpada. Additionally, the reported revenue growth also reflect the impact of higher base aluminum prices during the period.

From a demand standpoint, we are seeing some near-term moderation in alloy wheel penetration in our customers. This was primarily led by shift in our customers' vehicle mix, with stronger growth in entry level of the models, where alloy wheel adoption remains relatively lower, impacting penetration in the four-wheeler space.

In the two-wheeler segment as well, demand softness was observed due to a shift in customer preference in specific programs, where steel wheels were adopted in place of previously planned alloy wheels. That said, the business continued to actively diversify its customer base and has secured new orders in the two-wheeler alloy wheel segment, including programs in the electric two-wheeler space.

Despite these near-term headwinds, the long-term outlook remains positive. The structural growth drivers for alloy wheels remain intact, supported by industry volume expansion and expected gradual but consistent increase in alloy wheel penetration across vehicle segments.

Moving to seating, the seating system business continued its upward trajectory in the quarter, steadily strengthening its contribution to Uno Minda's overall growth. The segment reported revenues of ₹381 crores during the quarter, contributing approximately 7% to the consolidated revenues.

For the full year FY '26, the business delivered revenues of ₹1,416 crore, reflecting a strong growth of 23%. The quarter's performance was driven by combination of increased share of business with both existing and new customers, along with higher domestic demand for suspended seat.

Gingerly, exports gained momentum during the quarter, reaching ₹54 crores, supported by improved offtake from international customers as well as addition of new export accounts, further diversifying the revenue base. Building on this traction, the business secured new export orders with an expected annual peak value of approximately ₹390 crores from three new customers from Europe and North America in the CV segment.

Supplies for these programs are expected to commence in FY '28, providing strong visibility for future growth. Driven by our deep commitment and strategic focus on the future of clean mobility, we are introducing a distinct reporting trade category, which is green mobility.

This dedicated segment consolidates our sustainable technology portfolio, encompassing Uno Minda EV Systems, Uno Minda Auto Innovation, which covers two-wheeler, three-wheeler, four-wheeler businesses for EVs, the EV-specific business of our controller business, and Uno Minda Westport, alternate fuel and CNG systems. This reorganization ensures streamlined visibility and sharper insights into our high-growth EV and alternative fuel business.

Showing immediate momentum, the green mobility segment achieved a robust 25% year-on-year revenue growth in the quarter, reaching ₹423 crore and contributing 8% to the company's total consolidated revenues. Within this segment, alternate fuels led the quarter with ₹186 crore, followed closely by two-wheeler and three-wheeler EV systems at ₹147 crore, reflecting strong adoption trends across electric mobility systems.

Four-wheeler EV business and our EV-specific controller business further strengthened the portfolio, contributing ₹46 crore and ₹44 crore, respectively. For the full year FY '26, the combined green mobility business recorded consolidated revenues of ₹1,405 crore, registering a steady 7% year-on-year growth, as against ₹1,313 crore in FY '25.

For the full year FY '26, the two-wheeler and three-wheeler systems business recorded revenues of ₹501 crore, registering a robust growth of 31%, underlining its emergence as a key growth driver within Uno Minda's future mobility portfolio. Moving on to high-voltage EV powertrain business, the construction of the new greenfield facility for our high-voltage EV powertrain components under our subsidiary, Uno Minda Auto Innovation Private Limited, is progressing on schedule, with Phase 1 commissioning planned for second half of FY '27.

In line with earlier communication and to meet customer demand, we have initiated supplies of electric drive unit, resulting in revenues of around ₹46 crores during the quarter. Further to this, the board has approved the establishment of the state-of-the-art greenfield manufacturing facility under UMAIPL in Chhatrapati Sambhajinagar, Maharashtra, for electric powertrain products for passenger vehicles.

The new plant will assemble and manufacture advanced systems, including EDUs and dedicated hybrid transmission systems. The manufacturing of EDU will be supported by our technology partner Inovance Automotive.

The component and systems for EDU will be progressively localized over a period of time. The DHT will be assembled and manufactured through strategic customer partnership.

The project involves a total estimated investment of ₹550 crore to be funded through a mix of debt and equity. Capital expenditure will be phased over next 2, 3 years, with the facility expected to be commissioned by second quarter of FY '28.

This is the second EV powertrain plant announced by UMAIPL in quick succession, following the ongoing setup of facility in Khed City, Pune, which is slated to begin operations in the second half of the current fiscal year. The alternate fuel business sustained its strong growth momentum, driven by rising CNG penetration in the PV segment.

The CNG penetration in the Indian PV market has increased significantly from 10% in FY '23 to 20% in CY '25 and further to 22% in FY '26. During the quarter, the business reported revenues of ₹186 crore, reflecting a robust growth of 30%.

For the full year FY '26, revenues stood at ₹592 crore, growing 18% year-on-year. Moving to other products, our acoustics business, which was previously reported as a standalone item, has now been clubbed in the others category.

The reconfigured other product portfolio continues to reflect steady operational performance. The vertical reported revenues of ₹1,053 crore, registering a robust 25% year-on-year growth and contributing approximately 20% to the company's consolidated top line.

Contribution during the quarter remained distributed across remaining core and aftermarket verticals within the portfolio. Sensors and ADAS generated ₹205 crores, followed by acoustics at ₹225 crore.

Blow molding products and the non-EV controller business accounted for ₹118 crore and ₹86 crore, respectively. The remaining revenues were driven by aftermarket segment, including batteries, along with external sales from Uno Minda Catalic, providing additional stability to the portfolio.

For the full year FY '26, this product category recorded consolidated revenues of ₹3,801 crore, up 26% year-on-year, reflecting the underlying strength of our diversified adjacencies. Construction of the sunroof manufacturing facility is progressing as planned, with the commissioning expected by end of FY '27.

Further strengthening our order book, we secured an additional order with an annual peak value of estimated to be ₹85 crore, taking the total sunroof order book potential to over ₹350 crores. In the in-vehicle infotainment space, normally called IVI, where adoption continues to rise and is now standard across mid to high-end segments, Uno Minda has expanded its capabilities.

Our in-house R&D center has developed a competitive Android-based IVI platform, enabling us to secure a sizable order of ₹600 crores estimated peak annual value, compared to our FY '26 JV revenues of ₹846 crore. This order represents 70% of current revenues, with SOP expected in Q3 FY '29, marking a significant growth opportunity.

Additionally, CREAT, our R&D center, has developed a silver box display unit for two-wheeler applications, for which we have secured an order with an estimated annual peak value of around ₹200 crores. Production for this program is expected to commence in Q4 FY '27.

Moving to aftermarket and international business, you can refer to slide number 13, please. For the quarter ended March '26, the aftermarket business reported revenues of ₹340 crores, contributing approximately 7% of consolidated revenues.

In addition, sales to OEM spare part division stood at ₹232 crore. Combined, the aftermarket and SPD channels generated revenues of ₹572 crore, underscoring their growing importance in our overall business mix.

The international business contributed around 10% of total revenues during Q4 FY '26. This performance was driven by improved export traction, particularly in the two-wheeler switching and seating segments.

Moving to our debt position, the net debt as of 31st March stood at ₹2,179 crore, compared to ₹2,091 crore as on March '25. During FY '26, the cash flow from operation amounted to ₹1,722 crore, while capital expenditure stood at ₹1,572 crore.

This included ₹861 crore towards expansion projects, ₹149 crore for land acquisition at CSN, the balance towards sustaining capex. Additionally, company has incurred a cash flow of ₹200-odd crores towards the acquisition of shares in UMESPL and associated technologies from Friwo.

As highlighted, while sustaining and growth capex have largely been funded through internal accruals, incremental debt has primarily been driven by acquisition. Despite this, the balance sheet remains very strong, with a net-debt-to-equity ratio improving to 0.30 as of March '26, as against 0.34 as of March '25.

We have achieved ROCE of 19.2% and return of equity of 19.1% for FY '26. Kindly note that capital employed considered for calculation of ROCE also includes the capex for land bank as well as CWIP, which is currently not generating any returns.

ROCE would be even higher if we were to exclude these non-deployed assets. Reflecting our strong financial performance and robust cash flow generation, the board has recommended a final dividend of 1.75% per share for shareholder approval.

When combined with interim dividend already distributed, the total dividend for FY '26 reaches 2.65% per share, or roughly ₹153 crores. This payout highlights our disciplined approach to capital management.

We continue to strike a strategic balance between reinvesting in the business for long-term compounding and returning cash to investors. Turning now to our ESG performance, an area that continues to be a cornerstone of our long-term value creation strategy.

At Uno Minda, we view ESG not merely as a compliance requirement, but as a commitment to sustainable growth. Our focus on diversity and inclusion has moved beyond policies into tangible shop floor impact.

I am pleased to highlight our strategic collaboration with Atypical Advantage, through which we have launched a targeted pilot project to onboard differently-abled people. Furthermore, our CSR arm, the Suman Nirmal Minda Foundation, continues to scale its reach.

We recently inaugurated our 19th Samarth-Jyoti center at Pune in Supa. This center is a vital addition to our network dedicated to providing vocational training and support that enables mobility, independence, and dignity for persons with disabilities in our industrial hubs.

In line with our sustainability roadmap of achieving 50% renewable energy by 2030 and carbon neutrality by 2040, we have committed additional investments in renewable energy projects across our key manufacturing hubs in Haryana and Tamil Nadu. With our existing rooftop solar installations, current open-access arrangements, and approved investments under execution, our green power is expected to account for almost 50% of our total energy consumption, marking a significant step towards the medium and long-term sustainability goals.

Finally, moving on to outlook, looking ahead, the automotive industry is expected to sustain its growth momentum in FY '27. Against this backdrop, Uno Minda will continue to execute its dual strategy: driving vertical growth in core businesses through higher value addition and market share gains, while simultaneously scaling new-age and emerging technology platforms.

In line with this approach, we will maintain a strong investment focus on both capacity expansion and capability enhancement. For FY '27, we have planned a total capital expenditure of approximately ₹1,750 crores, comprising of around ₹650 crore towards sustaining capex and around ₹1,000, ₹1,100 crore towards growth capex and balance towards land acquisition.

Considering the expansion plan announced or under consideration by our customers, we may be required to add more land in CSN, Hosur, and Gujarat. Beside land, project mix will largely be directed towards ongoing and announced projects.

The list of the same is part of the presentation. While sustaining capex will address incremental capacities and technology upgrades across existing plants, FY '27 is expected to be a defining year for execution, with 7 out of our 11 ongoing projects either commencing production or undergoing ramp-up.

We also expect to begin commercial operations in two key new product segments: EV powertrain and sunroof, marking important milestones in our diversification journey. Uno Minda remains well-positioned for sustainable growth, backed by strong fundamentals, a diversified product portfolio, and ongoing investments in emerging technologies.

Despite the ongoing challenges and initial costs in the newly commissioned plants, we continue to expect an annual EBITDA margin of around 11%, plus/minus 50 basis points. Uno Minda's journey is anchored in a relentless focus on innovation, localization, and customer-centricity.

With a diversified portfolio and our most ambitious manufacturing expansion to date, we remain committed to delivering sustainable, long-term value to our shareholders, while powering the transition towards a smarter, greener, and more technologically advanced automotive era. With this, I would like to now open up the floor for questions.

Thank you.

Yes, sir. Good afternoon, and thank you for the opportunity.

Sir, first question is regarding this new facility in Maharashtra for the four-wheeler EV components. Just trying to understand it's a sizable capex that we are earmarking here.

The fact that our Khed facility, also we have a decent capex, which the plant has not started. Just trying to understand, do we have visibility on the kind of order book that you can mention, because the capex now for your four-wheeler EV components will be ₹1,200 crores including the three facilities.

What gives us confidence to set up a second plant while the first one is still under construction? Wouldn't we want to rather stagger it and kind of use the first facility and then get to this one?

Just trying to understand the thought process there.

Anything else, Mukesh?

Yeah. The second question is like you had kind of alluded to, if I include the two facilities that you have started in 4Q, then it's probably nine plants that will be starting in FY '27.

The capex for this that you have earmarked for these nine plants is probably ₹1,800 crores. It's significant amount of capex that is coming on stream in this year.

Just trying to look at how do you look at the execution for this? Obviously, it's be phased-wise, but what kind of growth can we assume across these plants in the next couple of years in terms of the ramping-up of this ₹1,800 crores of capex?

Mhm. Yeah.

These two questions from my side, if you could give some sense, sir.

Yeah. Thanks, Mukesh, and very, very valid questions, both of them.

Starting with first, as I said, the second plant we are putting, we have got very good visibility on the new business for both the EDU and the DHT. We have been working with our customers.

At this point, difficult for me to give a number for revenues, but be rest assured there is a sort of a strategic partnership specifically with a customer for the DHT and also for the EDU. Both these plants which we are constructing in Khed and also we will be now starting work in CSN, the capacity is almost there, right?

There was a request from a customer, in fact a push, that we need to be closer to the customer,

and

also could not have been done at the existing plant at Khed, because of this plant has already been earmarked for the existing businesses. There was obviously a little less scope in terms of putting a DHT line, etcetera.

Considering all the strategic aspects, it was thought prudent that we put a second plant. Though, yes, you are right, there will be challenges which we have to see, because the same team will be responsible for commissioning of both the plants.

Good thing is that one plant is getting commissioned in this year and another will be after one year. They will be able to put their efforts very effectively, so that, and, in fact, once we commission the first plant, their experience also will carry on towards the second plant.

That was what gives us confidence, Mukesh. In terms of your second point, which is multiple plants, nine plants coming in this stream, you know that all these plants what we have currently, they are across businesses, across different products, starting with wheels, lighting, switches, sunroof, airbags, EV products, lighting.

The way we are structured, we have separate business teams for every business. If you look from a business perspective, obviously, there is a clear focus, direction towards executing and commissioning of those products.

There's no overlap in terms of same team being responsible for multiple plants. That's what gives us confidence that there are separate teams, separate businesses who are responsible for execution and commissioning of those plants, and that is why we are very comfortable in terms of the execution, commissioning, operations, etcetera, etcetera.

Now coming to your point on what kind of growth we expect in next 2 years, we all know, Mukesh, some of these plants are building more capacity, like the four-wheeler switch at Manesar going to Farrukhnagar. Today, we are constrained.

Obviously, when we move that plant to a new location, we will not be constrained because of capacity. Same way, the lighting, three plants getting merged into Kharpada into single plant for two-wheeler lighting, again creating more space, right?

From that perspective, whatever is the A, the growth market is giving us, we should be able to do it. Second, what I have just shared with you, some of the business wins, which are more strategic, like in the two-wheeler, I shared a sizable business of almost ₹450 crores of worth of revenues which we will get and the SOP in the next fiscal year.

All these things to deliver, we will need those capacities. In terms of growth, as I said, this also is increasing our share of business also because they are unserved models today.

All in all, these are a mix of business where we will see not only the growth in line with the market, which we have to anyway build capacities, but also in some businesses, we will be able to create or generate better SOBs. Third, there are some new businesses, obviously, which are started with a clean slate, like the EV powertrain business or a sunroof business.

For them, I think we have already shared with you what are kind of revenues we expect to generate.

Yes, thank you for the opportunity. Congrats on good set of numbers.

Few things. Number one, when you look at from margin perspective, in Q4, typically, we have this debit note, credit note for the entire year, that get adjusted.

If you can help us understand what kind of quantum was that, and commodity inflation, if at all we saw impact, how much of that it is? A little bit of a lag that typically we get.

Is that Q1 would have a bigger dent? First question is on margin, whatever information that you can share.

The second question is on the green mobility. If you can give a broader breakup that what could be the breakup of EV revenue, and does it also, of course, it includes CNG, but does it also include hybrid?

Under which entities ballpark it is getting booked? The third question is casting saw a good growth of about 18%, what was the proportion of aluminum pass-through that we saw in this quarter?

That's about it. Okay.

Just a second. Thanks, Aditya, for the compliments.

Going the same sequence, the questions which you asked. First is in terms of margin for Q4, and as we all know that certain debit, credit, as you rightly mentioned, happened in Q4, and that's what is also reflecting in our numbers of Q4, gives 11.3% margin.

Quantum of that is difficult to share, Aditya, because it's different for different businesses. Plus, in Q3 to Q4, there not has been much jump, because of whatever lag impact.

In Q4, you get Q3 prices, and Q3, you get Q2 prices. From that perspective, there was nothing which was exceptional.

Yes, there has been certain price settlement, because of which there were certain incomes being accounted for in terms of customer price settlement in the quarter. In terms of commodity inflation, yes, that as everybody knows, it has started hitting us after the geopolitical issue which has happened.

First thing first, what happens is when you see for the quarter from Jan, Feb, March, and when you do for March, obviously, you had certain inventories being carried forward at the prices which obviously were the previous war or the impact because of the commodity price what had happened. That also helped cushion the impact to some extent in the March.

To your point, yes, expected to be an impact in the coming quarter, which expected to be sizable. We are currently in the process of discussing with our customers, and our customers has been very supportive.

That when we have this lag impact for a quarter or a half year, that is primarily in the normalized scenario, right? What we are currently sitting is not normalized.

Actually, abnormal scenario. We have been discussing with our customers how do we cut our price adjustment cycle.

Can we cut half year to monthly, if possible? If quarter to monthly.

Some of the customers have been positive. With some of the customers, discussions have been happening, and we still have 1, 1 and 1/2 months for this quarter.

We are hopeful that large part of our customers may broadly agree with the price correction or the pass-through to be on a shorter frame basis until the things get normalized. Our teams are on the job, and I'm pretty confident that we should be able to largely sort of address this impact of commodity prices, which, as you rightly mentioned, definitely is going to be exceptionally high in the quarter.

Not only commodity prices, we also know that some of the labor price increases, like in Haryana, the prices have been increased by almost 35%, followed with some of the other states like Gujarat. All these impact also are very sizable, and we are discussing with our customers not only commodity prices, even some of these significant labor price increases which are not normal.

Normally, you expect labor price increase to be 5%, 7%, 8%, 10% kind of a thing, but 35%, obviously, is not something which can be absorbed easily. All these things, currently, our teams are on the job in terms of working with the customers and to mitigate, because not only hurt us, they also hurt the Tier 2s, right, our suppliers, in turn.

It has to be back-to-back, and that's what currently we are discussing with almost all our customers. Moving to green mobility revenue, I think I have shared all the numbers and in which entity it has been booked.

Maybe offline, the again numbers can be shared with you, Aditya, if you don't mind.

Sure.

In terms of casting, the growth is 18%. The impact of aluminum pass-through was roughly around 4% to 5% for the quarter.

Perfect. Perfect.

That's it from me. All the best.

Thanks, Aditya.

Congratulations, sir, on strong numbers, and thank you for the detailed opening remarks. Sir, within electric four-wheeler, considering the quantum of capex which is being incurred, generally would the gross asset turnover be 2x of the capex?

Would that be a right number? That's my first question.

Second, you indicated about alloy wheel how the penetration trends are recently. Can you approximately indicate for the two-wheeler and four-wheeler industry how much would be the alloy wheel penetration currently?

Lastly, on the labor cost increase, approximately what could be the impact in terms of the cost increase? That's all from my side.

Thank you. Yeah.

Thanks, Raghu, for the compliments. In terms of four-wheeler EV, you asked capex multiple for revenue.

As we are just starting, initially, we do expect the factor to be higher, but as we move forward, this will be lower because there will be a gradual localization of the components. Because initially when you start, nobody would like to take 100% risk and start completely localized, right?

You go in a piecemeal way. In a medium to long term, we do expect the multiple of revenue to be actually more than 2x what you have just shared.

In terms of penetration trends, the two-wheeler alloy wheel penetration is somewhere around 70%, and four-wheeler EV alloy wheel penetration is somewhere around 40%. In terms of impact of labor cost, obviously, it is very, very sizable, and as of now, some of the states are still in the process of announcing their floor wages, which as per the new labor code, they have to announce.

The impact is obviously quite significant. It's almost couple of hundred crores for Haryana and Gujarat, but still there are some more which we expect it to come on.

Again, as I said, we are working to see how we sort of mitigate the impact of these labor costs and the commodity price increases.

Thank you, sir, and wishing all the best.

Thanks, Raghu.

Yeah. Thanks for the opportunity, sir, and congrats on good order wins in the quarter.

Sir, to start off with on this margin part, in quarter four also, we did see some gross margin compression. I understand you had this bought-out trading part also which started.

Will it be possible to share how much was the drag because of this trading business, and the lower pass-through of maybe aluminum in the LMT segment? Should we expect some normalization there in the coming quarters?

Second is, we do have a lot of plants and sizable plants starting in the coming year. Now with many cost challenges you see, probably if there are any start-up costs and all, do you think there can be some pressure in the near-term margins as these plants stabilize?

Lastly, on the exports part, we do have seen a lot of export orders also across switches, lights, and seating. How do you see this exports picking up for us from pure India exports?

I don't know. 10% might include other entities also.

Pure India exports, what percentage is it now? Where do you see that maybe, say, a couple of years down the line?

Yeah. Yeah.

Thanks, Siddharth. Definitely, order wins, I would give credit to our teams for relentlessly working on new technologies, getting more business.

It's a great job done by the entire team, and definitely gives good visibility for all these capex growth engines what currently we are working on. In terms of margin, yes, you are right.

There is a gross margin compression of almost 1%, but because of trading business, I won't say much because it's very, very small. The trading business, what we spoke of, the EV business is just 40-odd crore, ₹40 crores, ₹45 crores.

Obviously, we don't expect that to be having any significant or a meaningful impact in terms of the RM cost. This is primarily because of some of the new businesses which might be at the lower margins or some of the commodity price impact as well.

In terms of the sizable plants coming in current year, yes, you are right, and this is what keeping the entire organization on toes and excited as well. There are challenges in cost.

You are right. There will be startup cost.

We all acknowledge that, and I think we have shared this also that the margin guidance what we are giving of 11%, plus/minus 50 basis points, that also includes this expected or the known startup costs as of now. We do expect to absorb all this in our current profitability.

In terms of exports, how do we see pure export from India? Currently, our exports for last year was roughly around ₹600 crores, the actual physical exports from India, and I'm excluding the operations the last assembly lines, whatever we have in the overseas plants in ASEAN or the other regions.

This ₹600 crore, coupled with all the significant new business wins what we have shared, definitely, in next few years, we do expect this to cross ₹1,500 crore mark, based on what we know now. That's where we are in terms of the physical exports from India, Siddharth.

I hope I have addressed all your questions. Yeah.

Sir, if you can share the breakup of revenues also for the four-wheeler and two-wheeler segment in switch and light, that will be all.

I think I did share during the opening comments, but maybe this data, again, we can give you offline, if you don't mind.

Sir. Thanks a lot.

Thank you.

Yeah. Thank you, sir, for the opportunity, and congrats on a large new order wins this quarter.

Sir, just if I was on the four-wheeler Inovance new order, on this 1.85 lakh capacity, how much would be, sir, already booked, sir? I just want to understand, with this ₹400 crore Khed plant and this ₹550 crore, what kind of revenue potential this plant can make, sir, both the plant together?

Okay.

Anything else, Mumuksh?

Secondly, sir, on the infotainment side, there was also major order there 1, sir. Just want to check whether this will be part of standalone business?

Also, there was a some two-wheeler order also. If you can help us understand over next 3 to 5 years, how this infotainment business can change, sir?

Okay. Thanks, Mumuksh.

Thanks for the compliments. In terms of the four-wheeler Inovance, this capacity what we have shared is the eventual capacity after the complete plant construction.

Obviously, initially, we don't expect to have full capacity in place. It will be a gradual sort of capital being invested, based on the businesses which we got.

As of now, we will not be able to share for the entire 1.85 lakh capacity how much is currently booked or not booked, because as I said, this is currently in terms of strategic partnership with our customers. As of now, I would not like to comment on volumes, because we know that volumes can potentially be different than what we see today.

In terms of your question on how much revenue it can generate, ₹400 crore plus ₹550 crore, in fact, I would also add another ₹300 crore which we are doing capex for the casting in CSN, which is also the back end for this EV business, right? It's not only 400, 550, plus it's also another ₹300 crore casting plant which will be serving primarily this EDU and the DHT business.

In all, it is almost ₹1,200-odd crores of capex. With this capex, we do expect the revenues to be north of 2x, as I said, more than ₹2,500 crores at least, and potentially it can go even more than ₹3,000-odd crores at the peak.

In terms of infotainment, the new business which you secured, which is expected annual revenues based on the customer guidance of volume, this is roughly around ₹600-odd crores, as I shared. This will be not part of standalone or console.

This is going to be part of our joint venture with Denso, in the Denso JV, which is not part of our consolidated revenues. It's part of group revenues, you will see the share of profit/loss as part of the joint ventures.

It will show there, but not part of revenues. In terms of two-wheeler light business which I have shared of almost for ₹450 crores, this will be part of the standalone Uno Minda financials.

Infotainment part, just if you can indicate how you see next 3, 5 years from current ₹800-odd crore revenues?

This business, as I said, will anyway get SOP in '28, '29, which is 3 year forward, right? What it does is, once we sort of have this business already in our pocket, I'm sure our teams will work together to see how we can onboard more customers.

I'm sure every customer would like to see the actual SOP also. While we do expect new businesses being secured, I would not like to be able to give you an exact timeframe as to what will be the new business and the timeframe.

As of now, this additional ₹600 crore will be in FY '28, '29, as I shared, plus obviously something which we will be keep on working on with other customers, because this is the product we have developed locally, and I'm sure we will be able to convince some of the other customers as well to get some business in our pocket, but as of now, no commitments on that.

Got it. From ₹800-odd crore, this could be a plus ₹600 crore, this could be more than ₹1,500 crores by say FY '30 with the ramp-up of the orders, sir?

Absolutely.

Got it. Just lastly, sir, on the margin side, despite the near-term challenges, do you still see the 11% margin guidance for the full year, sir?

Yes, that's what I said, Mumuksh, plus/minus 50 basis points, give us that benefit.

Got it, sir. Thank you so much for the opportunity.

Thank you.

Hi, sir. Thank you for the opportunity.

Most of my questions have been answered. Just a couple of small points.

One, you are doing well versus industry in most of your segments. Just wanted to understand, where are we in terms of market share across our main segments, which is switches, lighting, and alloy wheels in particular, right?

What will be our capacity in four-wheeler and two-wheeler alloy wheels after expansion? Will it be 10 million in two-wheeler?

What will be this on the four-wheeler side? These are the two questions that I had.

Thank you.

Yeah. Thanks, Nishit.

Market share across segments, as you would have seen, we have gained our market share across all the businesses, be it switch, two-wheeler, four-wheeler, lighting, alloy wheels. I think across the board, we have seen market share gains.

We can share with you offline in terms of the exact numbers. In terms of capacity for four-wheeler alloy wheel and two-wheeler alloy wheel, for two-wheeler alloy wheel, it is going to be roughly around 9.5 million alloy wheels for the year, and for four-wheeler, it's something around 7 million-odd wheels, based on all the projects which have been announced.

Thank you. Just one follow-up, sorry.

You did talk about the pass-through of RM in certain cases you have three-year three-month, six-month contracts. Just wanted to understand, is this three-month, six-month dependent on commodities or is it dependent on segments, as in four-wheeler six months or two-wheeler three months?

Second question would be, you are growing much faster than the industry. Are you going deeper with a similar set of customers, because you are very strong with few customers in four-wheeler and two-wheeler?

Or have you been able to get into some of the other customers also on four-wheeler, two-wheeler, where we have not been historically very strong and our share of business is on the lower side? Any color on that in terms of which OEMs you are getting stronger or which OEMs we are still weak, some color on that would be helpful.

Nishit, in terms of pass-through of RM, 3-month, 6-month, it is not commodity-wise. It is customer to customer, because every customer have their own policies.

In fact, one or two customers are even annual, and that's what I said that we are working with the customers to see that these are not the normal situations. These are all abnormal market situations.

These are not normal market price movements, they are abnormal price movements. How, in this time of sudden spikes, because if a commodity price, say for example, goes up by 30% or 40%, nobody has a margin of that kind of a number to even absorb those costs.

Our customers are really nice. I think we have been very, very getting a positive reception from our customers in all the years, in terms of the impact and how do we find a solution in a win-win way, so that it does not pinch not only us, but also our Tier 2 and Tier 3, because the automotive supply chain is very, very close-knitted, and nobody has those kind of margins to absorb the inflationary pressures which we have seen immediately after the geopolitical issues.

In terms of going deeper with the customers, yes, we are going deeper into customers, and also new customers, as I shared, is some of specifically the new-age EV customers we have onboarded. In fact, some of the new products which we are not been servicing them, we have got there.

I would not like to name the customers. That's not been our policy.

Yes, there is a mix of both: going deeper as well, and onboarding new customers as well.

Okay. Thank you so much.

Thanks, Nishit.

Hello. Yeah.

Thank you for this opportunity. I would just like you to shed some light on the ₹2,500 crores fundraising that you have announced.

Neel, if that be only question, I am assuming, this is only a enabling resolution we take every year. Even last year, we have done it.

This is a mix of all the instruments. It is not necessarily equity.

It also covers NCDs and some other borrowings. This is primarily to get in-principle approval from our shareholders.

If there is any specific fundraise plan, we will definitely have a separate communication to you, but as of now, there is no plan, and this is more of a enabling resolution. If you see, every year for past few years, we have been taking this resolution.

Okay. Thank you.

Yeah.

Thank you. I would like to thank everyone for joining the call.

I hope we have been able to respond to most of your queries adequately. For any further information, we request you to please do get in touch with us directly.

Thank you.