Earnings Call Transcript - XNSE:MAYURUNIQ 2026-11-05

Operator

Ladies and gentlemen, good day and welcome to the Q2FPA27 earnings call of Fiori Uniquoters Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing start and zero on your touch-tone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Rahul Dhani. Thank you and over to you, sir.

Rahul Dhani, Representative

Yes, thank you, Avidat. Good morning, everyone. On behalf of Monarch Network Capital, it's our pleasure to host the Senior Management of Majid Uniquotors. On the call today, we have Mr. Vinod Kumar Sharma, C.F. of the company. We will start the call with opening remarks from Vinod Kumar, sir, and then we move to Q&A. Thank you and over to you, sir.

Vinod Kumar Sharma, CFO

Thank you, Rahul. Good morning, dear investors and analysts. It's a really great pleasure to address you as we reflect in the past years and look forward to the future of the company. Your support and trust in Mayur Unicotors have been instrumental in our success, and we are honored to share with you the performance of Mayur. Thanks for giving your precious time to join Mayur Unicotors Ltd. Q2 FY27 conference call. Mayuri Newquartas Ltd., being a market leader in the synthetic leather industry and an organized player, has been able to leverage emerging opportunities and delivered exemplary performance in the past years, both in national and international business market. Now, I would like to start with financial highlights for Q2 FY27 under review, and we will also reply to your queries after our review of the financial results for the quarter. The company has achieved the revenue from operation on consolidated basis is Rs. 282.95 crores, PBT 79.31 crores, and PAT 57.99 crores. In the quarter, the consolidated revenue increased by 18, PBT and PAT both increased by 43 and 42 percent on Y-on-Y basis. The revenue from operation on stand-alone basis is 252.99 crores and PBT 70.46 and PET 51.27 crores. In this quarter, the stand-alone revenue increased by 6% and PBT and PET increased by 9 and 7% respectively. Further, our endeavors to make the company a preferred supplier for the leading OMS in overseas market, especially U.S. and European regions. And in this context, we have already informed you also that we have some good OEM supply orders in our hands from the U.S., which we have already started making good contribution to our export sales and revenue and overall business profitability. And this sales growth and increased momentum is expected to continue in the next two, three years. While pursuing our business interest, Mayur Indicotas has also been endeavoring to fulfill our responsibilities to our society. Under the corporate social responsibility programs, we have contributed to us the regular plantations, around 45,000 plans we have already done, and they have planned to do it at large scale in coming years. The company has also adopted many happy schools for education of children. The company has worked on education for all. and underprivileged children's various health care initiatives, especially child skill development, water, and sanitation at a school area, distribution of school bags and books, cloths, and most importantly, family planning and family welfare schemes in nearby villages. The state government has also recognized these initiatives on various platforms. I am thankful to all the investors for their valuable time to those who became part of this sending call. With this question note, I would like to conclude and request you all to open the form for questions and answers. Since we have a limited time, therefore, request you to please avoid repeated questions. And the segment results, I am telling you in advance so that you can note down and you can avoid the repeated questions on this. The export general is 33 crores. Export OEM 57.46 crores. Total export is 90.46 crores. Auto OEM 62.80 crores. Replacement 45.02 crores. Footwear 45.34 crores. And furnishing 719 and others 2.18. Domestic total is 162.53 and total 252.99. Our total quantity was 77.51 lakhs meters, and we have booked the PU revenue 6.28 crores in this quarter. And I would like also inform you that due to casualty happened in the family of Harunji, Harun Bagdiyazhar, our executive director, he is not available today to answer your questions. Therefore, I will try to answer your questions to the best of my knowledge, and I have the information with me. Thank you.

Operator

Over to you.

Operator

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their Patreon telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rajna Kukreja from Simple. Please go ahead. Sorry to interrupt. Ms. Kukreja, your voice is not that audible.

Rachna Kukreja, Analyst — Simple

Is it better now?

Vinod Kumar Sharma, CFO

No, little bit better.

Rachna Kukreja, Analyst — Simple

Okay. Thank you. Good morning. And I have a few questions. First is on the volume growth. If you could give us the breakup of export auto OEM volume for this quarter as well as domestic auto OEM volume growth for this quarter.

Vinod Kumar Sharma, CFO

Growth our previous quarter or Y on Y basis? You want to know?

Rachna Kukreja, Analyst — Simple

Y on Y. Both. Y on Y and Q on 2.

Vinod Kumar Sharma, CFO

Okay. Q1Q, it's volume growth is around, I'll be telling you, growth.

Rachna Kukreja, Analyst — Simple

For export auto OEM and domestic auto OEM.

Vinod Kumar Sharma, CFO

Okay. Around domestic auto OEM, auto replacement, volume growth is around 11%. This is year on year. No, it's a Q on Q. And year on year? Year on year, it's around 5%.

Rachna Kukreja, Analyst — Simple

Okay. And what volume OEM?

Vinod Kumar Sharma, CFO

And OEM, 13.5%, Y on Y, and 5% on Q on Q basis.

Rachna Kukreja, Analyst — Simple

Okay.

Vinod Kumar Sharma, CFO

And export Y on Y, in fact, it is not positive growth, volume may, because of certain regions of U.S. market.

Rachna Kukreja, Analyst — Simple

What were the reasons, if you could please provide some color on that?

Vinod Kumar Sharma, CFO

Basically, the market is not responding well in the U.S. for the last two quarters, and the customers are not going for buying the new cars. Therefore, the automotive companies have revised their projections. And accordingly, we are dispatching the material. And this quarter, we tried to reduce our dispatches to U.S. and forced our warehouse to clear their own stock. So the sell which increased is because of clearance of stock from warehouse. And in comparison to dispatch from India. That's why the consultative revenue is increased.

Rachna Kukreja, Analyst — Simple

Okay, so if you could give some outlook on the company, what would export OEM business look like?

Vinod Kumar Sharma, CFO

Yeah, definitely, because orders are already in our hands and gradually it is now improving. So in coming quarters, definitely it will improve. It will also reflect it in coming quarters.

Rachna Kukreja, Analyst — Simple

Okay, second would be on employee costs. Employee costs have reduced sequentially, and so if you could give reasons for the same.

Vinod Kumar Sharma, CFO

Employee cost, basically it is not reduced because you are comparing from Q1 to Q2, correct? And in Q1, we have booked some extra provisions on account of change in labor codes, and that extra provision we reversed in Q2. That's why you are seeing the lower employee cost. Otherwise, total cost is same, 12.5% yield and 12.5 crores per quarter.

Rachna Kukreja, Analyst — Simple

Second would be on other income. Other income also has reduced sequentially and on year-on-year basis. So, if you could provide some color on that.

Vinod Kumar Sharma, CFO

No, no. Year-on-year basis, other income is increasing. But on quarter-to-quarter, if you see, then it is because of market. You have seen market is not doing well. And the impact is just because of fair valuation of our treasury investment. Okay. Or nothing extra, because the income which we have booked is actually received, but extra income which is not reflected in that is because of loss in fair valuation.

Rachna Kukreja, Analyst — Simple

And on your opening…

Operator

Sorry to interrupt. May we request you to turn to the question queue for a follow-up question. Thank you. The next question is from the line of Rahul Pichar from Multi-Act PMS. Please go ahead.

Rahul Pichar, Analyst — Multi-Act PMS

Hello, thanks for the question, thanks for the opportunity. My question is that the export revenue run rate was 75-80 crore and this quarter was 57 crore, 57-58. Export OEM. So, next quarter, will it be 75-80 crore?

Vinod Kumar Sharma, CFO

Definitely, it will improve.

Rahul Pichar, Analyst — Multi-Act PMS

So, improve from current levels and go back to earlier levels, right?

Vinod Kumar Sharma, CFO

Yes, improve from current level, yes.

Rahul Pichar, Analyst — Multi-Act PMS

And you have enough order visibility to take it to 75-80 crores, right?

Vinod Kumar Sharma, CFO

Yeah, yeah, yeah. We have already ordered from US automotive companies. South Africa is doing well. Only US is there. That is also improving.

Rahul Pichar, Analyst — Multi-Act PMS

Okay, thank you.

Operator

Thank you. The next question is from the line of Anubhav Mukherjee from Persian Capital. Please go ahead.

Speaker 6

Sir, am I audible? Yeah, yeah, you are audible.

Anubhav Mukherjee, Analyst — Persion Capital

Sir, can you give some color on your gross margins? Because they have fluctuated quite a bit over the last two, three quarters. This quarter there has been a significant improvement, but again like Q4 was even better, so what is the sustainable kind of gross margin you see going forward?

Vinod Kumar Sharma, CFO

The sustainable margin, we have already informed you that a little bit it is varying because of raw metal prices and crude oil prices. So that's why sometimes it is going up and sometimes it is going down. Otherwise, the gross margin would be similar to what we are showing in last two, three quarters.

Anubhav Mukherjee, Analyst — Persion Capital

But sir, last country, but also it has varied a lot because Q1 was 52%, this quarter, it has come around 57%, which is a significant jump sequentially. So, which is a sustainable margin, yeah?

Vinod Kumar Sharma, CFO

Up, up, you can, you can take it around 55-56.

Anubhav Mukherjee, Analyst — Persion Capital

Okay, okay, yeah. Thanks, that's all the question I had.

Operator

Thank you. The next question is from the line of Avanash Chandra from Smiths. Please, go ahead.

Avanash Chandra, Analyst — Smiths Limited

Sir, congratulations, sir, on continued good performance. Sir, if you could give some color on your footwear business, how it is going?

Vinod Kumar Sharma, CFO

Since we already discussed in previous quarters that we are more focusing on automotive and especially on export automotive market. Domestic market, because of high price competition, we are less focusing, but we have also told this thing, footwear will remain same, but in last quarter, we are trying to improve footwear market also, and you have seen in this quarter, footwear also improved. So, definitely, now it is going up.

Avanash Chandra, Analyst — Smiths Limited

So what would you, sir, ballpark number for volume in photovia business? Approximately number?

Vinod Kumar Sharma, CFO

Yeah, I can tell you the range, not exact number because market is very hostile.

Avanash Chandra, Analyst — Smiths Limited

Yes, sir, range will work.

Vinod Kumar Sharma, CFO

That will be nearly 5 to 10 percent on yearly basis.

Avanash Chandra, Analyst — Smiths Limited

Okay, sir, and what is happening on the PU side if you can talk about that?

Vinod Kumar Sharma, CFO

We are trying to, in fact, improve the performance of VU and following with the big, big VU customers, shoe makers and all, and supplied a very huge quantity of samples and waiting for their final conclusion and orders at once. The discussions and dialogues concluded to the issue of purchase order, definitely it will start working out. Sir, one last quick question. Utilization is same. Capacity utilization is same.

Avanash Chandra, Analyst — Smiths Limited

Sir, one last quick question. Since the standalone growth was less and console growth was very high comparatively, so we can assume that quarter three, quarter four, we will have higher growth in the standalone when we start dispatch.

Vinod Kumar Sharma, CFO

You have seen in past also, sometimes stand-alone growth, you've seen. Very higher than the consolidated. And it is just because of higher dispatch quantity from the location, whether it is India or from warehouse. This time, we have reduced our dispatch from India and increased dispatches or sales from warehouse. That's why consolidated margins, you've seen, improved and better than stand-alone.

Avanash Chandra, Analyst — Smiths Limited

So 10-15% overall growth will be continued in both standard and control.

Speaker 10

Great. Thank you, sir.

Avanash Chandra, Analyst — Smiths Limited

All the best. Thank you.

Operator

Thank you. The next question is from the line of Rishabh Botra from Systematics Group. Please go ahead.

Speaker 10

Hello, sir. Hi. Good morning. Morning, morning. I have two questions. Firstly, has the business in the footwear business shrink from the customers and volume-wise, or is it only volume value-wise?

Vinod Kumar Sharma, CFO

No, it has increased value and volume, both.

Speaker 10

Both. But the traction remains low.

Vinod Kumar Sharma, CFO

Because our more focus is not on footwear. That's why where the prices are good, margin is good, we definitely accept the orders and supply them. And we are doing business with selected customers only.

Speaker 10

Secondly, two-three quarters back, we have stated that we are in talks with some accessories, leather accessories companies in Kolkata or Kanpur belt. Any update on that, son? How has there been progressing any large quantum of quarters available to us from that customer?

Vinod Kumar Sharma, CFO

That is the discussions on the deal. It's going on, and we are supplying the samples and their requirement quantity as per their requirement. So, that is doing, gradually, they are improving the dispatch quantity.

Speaker 10

Okay, so the ramp-up is there. I mean, we are sort of in their vendor list now. And lastly, sir, could you talk something more about the more color on the furnishing business, how that is shaping up, what is the number of reach we have done in India, which geography are we more concentrated, the furnishing business, textures and views, I am talking about.

Vinod Kumar Sharma, CFO

Actually, to improve on furnishing business, we already started our retail business, and retail business also doing well. In the last five, six months, some domestic market on retail segment is not doing well because of price competition. But definitely, we have a very big scope in furnishing market, and for that purpose, we have appointed around 750 to 800 sub-dealers or dealers and 8 to 10 distributors.

Speaker 10

But this will remain asset-like business. There will be no stores, company-owned stores.

Vinod Kumar Sharma, CFO

Yes, this year, because of the rates and all.

Speaker 10

No, no, I am saying this will be an asset-like model. We will not deploy funds for setting up of a company-owned store. It will be all dealer-distributor.

Vinod Kumar Sharma, CFO

And not now, but in future when our volume will be up to the desired level, and definitely we'll plan. But now...

Operator

Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Bhanu Batra from Ants and Bees Investments. Please go ahead.

Speaker 6

Yeah. Hi, sir. Am I audible?

Vinod Kumar Sharma, CFO

Yeah, yeah. You are audible.

Speaker 6

Yeah, so two questions, sir. So one is, sir, the price of PVC is increasing and has increased due to the West Asia crisis and also the shipping costs. So is it consistent as of now because you said it will be continued if the West Asia crisis exists? And are you planning to pass on the increased cost to customers in export market?

Vinod Kumar Sharma, CFO

And because the increase in freight cost is because of that war and crude oil prices and all. But now it had gone to a very peak level, which we have seen during COVID. But now it is getting down. And hopefully in next two, three months, it will be, I think, touched to the normal level. So, this is stable. Yeah, please.

Speaker 6

But, sir, in the previous call, you said that due to some normalization between, for some period, so you didn't pass on the cost, but if it persists, so you will. So, is there any discussion between the customers and you for the price increase? Same thing, same thing I told you.

Vinod Kumar Sharma, CFO

If the increase is continued and stable, then we can talk to the customers. But if it is short-term basis, and now you can see it is getting down a little bit every month. And now I think 20%, 25%, they have already reduced, come down from the peak level. That's why we are not even in this position to see how much impact will be there to talk with the customers. That's why when the cost is stable and increase is permanent, then we can talk.

Speaker 6

Got it. So, one more question. So, we have a strong cash flow, right? And almost no debt. So... I just wanted to know what is the management's capital allocation priority over the next one to two years. So the capacity expansion also that we have been talking about for the Mexico plan, basically. So is there any plan for that, a confirmation plan? And if it is there, then are there enough orders to... You know, bring up the capacity utilization up to that level after the investment.

Operator

Hello. We'll move on to the next question. The next question is from the line of Shreyansh Kathani from SG Securities. Please go ahead.

Shreyansh Kathani, Analyst — CSG Securities

Hi, good morning. I had a couple of questions. So, first one was on the new order wins. So, you know, last that we discussed was like the South Africa and the US wins. Anything, you know, big ticket that we've done after that or like in the last quarters or any potential wins, if you could give some color on that.

Vinod Kumar Sharma, CFO

From South Africa, we are doing business with Mercedes-Benz and BMW. That is known to you. And in US, obviously, Chrysler and Ford is major customers. Other than those, we are also talking and trying to catch them is WV, VW, okay? Volkswagen.

Speaker 11

Okay.

Vinod Kumar Sharma, CFO

Hopefully, because when the discussion starts and getting the orders, it takes three years.

Shreyansh Kathani, Analyst — CSG Securities

Okay.

Vinod Kumar Sharma, CFO

It's a big test and sampling and all sharing, everything converted into the final issue of purchase order or agreement stage. It takes time. So definitely, we are hopeful, quite hopeful to get it in our bucket. Incoming time, but it will take time, and I'm not in position to tell you the exact time, but doing our best to get more customers in our hands in the U.S. as well as Europe market.

Shreyansh Kathani, Analyst — CSG Securities

Okay, okay, that's helpful. The second question is I'm trying to understand how the transfer pricing works between the Indian entity and the US warehouse export. So at what margin do we, you know, sell to the warehouse? Like if I look at the standalone and then that is passed, you know, the sales happen to the subsidiary. What is the margin? So I'm just trying to understand that.

Vinod Kumar Sharma, CFO

Basically, whatever expenses we need to incur in warehouse company locally, we used to keep that margin over there, and the remaining margin we inbuilt into our billing price. Suppose I have the margin of 10%, I'll try to keep 8% margin with me in India and 2% margin with the subsidiary company. So based on the pricing module we are doing and margin-based.

Shreyansh Kathani, Analyst — CSG Securities

Okay, okay. Because like right now we saw like a big jump in the consolidated numbers, but like the consolidated margin jump was also there, so I was just trying to figure that out.

Vinod Kumar Sharma, CFO

Definitely, whenever the console revenue is higher than the standalone. Definitely, your margin will be higher, because margin percentage will also add in our standalone. So that will be improved. And the position changes opposite when our standalone revenue is higher than the consolidated revenue.

Rahul Pichar, Analyst — Multi-Act PMS

Got it.

Vinod Kumar Sharma, CFO

And that margin which we have booked in standalone will be nullified in consolidation.

Shreyansh Kathani, Analyst — CSG Securities

Got it. Understood. Last question on the additional line that we were thinking of putting. So, any update on that one?

Vinod Kumar Sharma, CFO

Yeah. The machinery and equipment part is expected in November, end of December, and we'll try to start installation in March quarter, and hopefully it will start in Q1.

Shreyansh Kathani, Analyst — CSG Securities

Got it. All right. That's helpful. Thank you. That's all from my end.

Operator

Thank you. The next question is from the line of Nirali Koppani from Unique PMS. Please go ahead.

Nirali Koppani, Analyst — Unique PMS

Yeah. Hi. Thanks for the opportunity. So two questions. One is on the CAPEX. So until we decide some CAPEX on Mexico or anything outside India, any plans to increase capacity in India? Maybe a new plant, which we were earlier thinking. Any thoughts there?

Vinod Kumar Sharma, CFO

Definitely, we are thinking and have a plan in our mind for setting up the new plan in India, especially in the south region. And if we go outside India, then definitely Mexico. And that is in pipeline and not yet concluded. So once it is decided where we are going, then definitely we will let you know an update.

Nirali Koppani, Analyst — Unique PMS

And a second question is on succession planning. So are there any further discussions on that side, even in the light of the recent AGM resolution, which was not passed? Any thoughts, internal discussion on the board level, anything there?

Vinod Kumar Sharma, CFO

Yeah, that was also... I've taken off in the board meeting and discussed over the future. This resolution we will put up for the approval of the shareholders again with the revised structure because that was not passed on the basis of remuneration part and per quaget. So we'll revise and put up again for the approval. And also... Working on professionalizing the entire organization and the structure, and the third generation also joined.

Nirali Koppani, Analyst — Unique PMS

When you say that the third generation has joined in, is Manov Podhar also handling some part of the business or he is not a part of the business at the moment?

Vinod Kumar Sharma, CFO

He is not directly handling the business. Thank you.

Nirali Koppani, Analyst — Unique PMS

Thank you.

Operator

Thank you. The next question is from the line of Kavi Jariwala, an individual investor. Please go ahead.

Speaker 10

Hello.

Operator

Yeah.

Speaker 10

Hello. Sorry, audible? Yeah, audible. I want to note that I would like to understand company's growth outlook for next 3-5 years, and what is the revenue growth EBITDA margin target company management expected over 3-5 years, and what is current order book, and new automotive OEM customers from outside, and

Vinod Kumar Sharma, CFO

Your voice is not much clear. Can you repeat your one-by-one question so that we can hear properly and answer your queries?

Operator

The current participant has left the queue. The next question is from the line of Rachna Kukreja from Simple. Please go ahead.

Rachna Kukreja, Analyst — Simple

Hello. Thank you for the opportunity again. In your opening remarks, you had mentioned about Oslo from U.S. and they will be good contributors in the business. So it could provide more color on the same. Is it new customers or existing customers or new models?

Vinod Kumar Sharma, CFO

Actually, our margin is majorly improving because of increase our growth in export automotive market. Because we have a very good margin percentage in export, and majorly that is contributing to our overall margin. In the U.S., we have received the very good... Amount of orders or quantity, majorly Ford and Chrysler. And customers are same, but they have increased their requirement on other models also. Suppose earlier we were supplying metal for two models, now they have given us orders for five models.

Rachna Kukreja, Analyst — Simple

Okay, understood. And similarly, on the in-court of VM business, that has seen a good growth. So, if you could provide some color on that as well.

Vinod Kumar Sharma, CFO

BMW and Masjid Bench, they are taking material as per their requirement and they have touched almost full projections. So, we are expecting that that will be continued and with little bit increase.

Rachna Kukreja, Analyst — Simple

Okay, and is it now profitable at EBITDA level?

Vinod Kumar Sharma, CFO

Sorry?

Rachna Kukreja, Analyst — Simple

PU business. Okay. Provide some profitability of the PU business.

Vinod Kumar Sharma, CFO

PU is not, in fact, generating profit. Right, just, but we are... Managing because of some tax benefits and all. Still, we are operating at 25% capacity utilization, and to get the break-even, we need to operate.

Rachna Kukreja, Analyst — Simple

Sorry to interrupt, Ms. Kukareja.

Operator

May we request you to return to the question queue for a follow-up question?

Rachna Kukreja, Analyst — Simple

Hello.

Operator

Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit a question to one per participant. The next question is from the line of Pulkit Singhal from Dalmas Capital Management. Please go ahead.

Speaker 11

Yeah, hi. Thank you for the opportunity and congrats on a good set of numbers. So, my first question is around export OEM itself. This financial year, have we won orders for any new models? And if so, how many would they be?

Vinod Kumar Sharma, CFO

No, the orders which we have received from the automotive companies are same, which we have received in last year, but they have given the projection when to start for which model. That's why it is increasing and showing the increased trend in quarter-to-quarter or year-to-year.

Speaker 11

So, on a consolidated basis, export OEM was how much last year in terms of sales? And what is it expected to be in two years?

Vinod Kumar Sharma, CFO

Export OEM last year, it was around 200 CR. Okay, and this year we are expecting around 250 to 300.

Speaker 11

And next two years, beyond that?

Vinod Kumar Sharma, CFO

Obviously, it will further improve, 10 to 15 percent.

Operator

Sorry to interrupt Mr. Singhal, may we request you to turn to the question queue for a follow-up question. Thank you. The next question is from the line of Kwanubatra from Ant and D's Investments. Please go ahead.

Speaker 6

Yes. Hi, sir. Sir, one small question. What is the strategic rationale and expected payback from the investment in the Batla mini grid solar?

Vinod Kumar Sharma, CFO

Yeah, it says the payback period is two years only. Maximum, two years.

Speaker 6

Okay. Yeah. Thank you, sir. Thank you.

Operator

The next question is from the line of Manoj Shah from LaxGov Investments. Please go ahead.

Speaker 10

Yeah, hi, good afternoon. Thank you for the opportunity. Just wanted to check about the second half growth. You've got the top line of around 21% and the bottom line of around 30%. What's the guidance for the second half and for the effect 20 years?

Vinod Kumar Sharma, CFO

Second half, an FI 27?

Operator

Yes.

Vinod Kumar Sharma, CFO

Nothing can be said because market conditions cannot be projected with certainty. Definitely uncertain market is there. But with this uncertainty, I can tell you that we are always trying to do better and better. And hopefully, margin will be, the current margin will be sustained, and it should not come down. It should do better.

Speaker 10

The top line will remain at around this growth of, are you able to maintain 40% growth?

Vinod Kumar Sharma, CFO

It should remain continued, and we are also expecting better than. In coming quarters, we will see even better than this. And for the next year, FY28, quarter to quarter, year to year, definitely. And we can see the comparison majorly should be seen on year to year basis, not on quarter to quarter.

Speaker 10

Sorry to interrupt, Mr. Shah.

Operator

May we request you return to the question for a follow-up question. Thank you. The next question is from the line of Nikhil Upadhyay from Sintan. Please go ahead.

Speaker 10

Yeah, good afternoon. I hope I'm audible.

Vinod Kumar Sharma, CFO

Yeah, yeah, audible.

Speaker 10

Yeah, one clarification I wanted. Sir, when you say volume 77.5 flat metal, does it also include the volume dispatches which you have done from the warehouse, or is it only dispatches from the standalone business, India?

Vinod Kumar Sharma, CFO

It is a stand-alone. We always inform you the standalone basis volume growth.

Speaker 10

Okay? Okay. And so, overall, if we include the consolidated dispatches and the domestic dispatches, we are at a run rate of 90 crores in export OEM as well.

Operator

Yeah.

Speaker 10

What is your question? So, I am going to say, our export OEM cards break up 57 crores.

Avanash Chandra, Analyst — Smiths Limited

Correct.

Speaker 10

And console-standalone makes a lot of difference. So you said that we are going out directly.

Vinod Kumar Sharma, CFO

Definitely, definitely. You can add further to this number so that you can get approximate console numbers of automotive exports. Ultimately, major portion is automotive in consolidation. Okay. Thank you.

Speaker 10

That's clear. Thank you.

Operator

Thank you. The next question is from the line of Colkid Sinkal from Dalvis Capital Management. Please go ahead.

Speaker 11

Yeah, just to follow up previously, sir, export general also seems to be increasing. I think, can you talk about some of the areas that are working out for you? What are, I mean, why are customers giving you orders on the export general side? Just for our overview, if you can give.

Vinod Kumar Sharma, CFO

Actually, most part of this world, we are supplying, and trying to catch new customers also to get the new orders. That's why from the existing customers, since they are satisfied and they give us repeat orders, so based on that, it is improving. And we have also started some retail company in Europe. So that is also started doing well. So based on that, it is improving and further we are expecting it will continue to improve in double digit.

Speaker 11

Okay, and margins are better or similar than export OEM or is it lesser?

Vinod Kumar Sharma, CFO

No, no, no, no. Export OEM jitna nahi hota hai. Retail hai, but little bit lower than that, but has good margin or domestic margin.

Operator

Okay, thank you. Thank you. The next question is from the line of Naisar from AMPL Asset Management. Please go ahead.

Speaker 10

Thank you for the opportunity. Sir, auto exports, how much you said last year? Auto export? Yeah. What do you want to know? I thought, sir, did you say 200 crore auto exports in F526?

Vinod Kumar Sharma, CFO

Last year, last year, right?

Speaker 10

So last year is F526, right?

Vinod Kumar Sharma, CFO

Yeah, yeah.

Speaker 10

Correct. No, sir, I thought. The auto exports were in the range of 285 to 290 crores in FY26. You just want to account that number, please?

Vinod Kumar Sharma, CFO

Check it again, because the export OEM is basically happening from US and South Africa, correct? And 100 crores and nearly, 250 around, yes, correct. Last year it was 260, and this year we are expecting 300 k.

Speaker 10

So, now, sir, again, coming, because I have quarterly numbers, the numbers that you have disclosed in quarterly concourse, that number adds up to 290. Again, there cannot be a discrepancy like you are now saying 250, 260, it was 290.

Vinod Kumar Sharma, CFO

Let me, let me, let me, let me check again, and I'll confirm you, okay? 75 and, indeed, 100 and 200.

Speaker 10

Sir, how did you say 200 crore then, sir?

Vinod Kumar Sharma, CFO

Sir, you are considering consolidated numbers, no, for automotive?

Speaker 10

Yeah.

Vinod Kumar Sharma, CFO

So that consolidated numbers is okay.

Speaker 10

Okay, meaning how much?

Vinod Kumar Sharma, CFO

You are correct. That is nearly 280.

Anubhav Mukherjee, Analyst — Persion Capital

So, initially, you said to order, and now you are saying to it, is it?

Operator

To it, yes.

Speaker 10

Thank you.

Operator

Thank you. Ladies and gentlemen, take that as the last question of the day, and now I would like to hand over the conference to the management for closing comments.

Vinod Kumar Sharma, CFO

All the participants, and investors, and analysts for spending your time for this Q2 conference call, and we will again say that our management company is doing definitely well, and management is trying to do further well in all aspects of the business, and we are definitely more focusing on automotive exports and automotive business. Therefore, we'll try to do some better and give the better results in coming time and quarters. Thank you. And whosoever is left to ask questions, they may directly contact us and we'll try to reply to their satisfaction. Thank you very much.

Operator

Thank you. On behalf of my union voters, limiters, that concludes this conference. Thank you for joining us and you may now best connect your lines.