RIR Power Electronics Limited (RIR) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to RIR Power Electronics Limited Q1-FI27 Earnings Conference Call hosted by Veritas Repetition. As a reminder, all participant lines will be in the lesson learning 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 star then zero on your touchtone phone. Please note that this conference is being recorded. And now I'll hand the conference over to Mr. Abhishek Salam from Veritato Reputation. Thank you, and over to you, sir.

Thank you, Nirav, and good morning, everyone. On behalf of RIR Power Electronics, I extend the wall to all participants joining us for the Q1FI27 Earnings Conference Call. We appreciate your time and interest in joining us today to discuss the company's performance for the quarter ended June 30th, 2026. We truly value your continued interest and support. As you are aware, the financial results for Q1-FI27 have already been disclosed to the stock exchanges and are also available on our website. Accordingly, today's session is designed to provide deeper insights into our operational progress, industry outlook, and the company's long-term value creation. Following the opening remarks by our management, we'll open the floor for a quick Q&A session. Kindly keep your questions concise and relevant to allow broader participation. Before we begin, I would like to remind you that some of the statements made in today's discussion may be for looking in nature. These are based on the company's current expectations and subject to various risks and uncertainties that could cause actual results and outcomes to differ materially. Joining us on the call today are Dr. Harshad Mehta, non-executive chairman, Mr. N. Ramesh Kumar, Managing Director and Chief Executive Officer, Mr. Ankit Shah, Chief Financial Officer. With that, I would like to hand over the call to our Managing Director and Chief Executive Officer for the update on financial performance and overview. I would like to clarify that we are discussing the historical numbers. Please do note that anything said on this call that reflects the outlook towards the future would be constructed as a forward-looking statement. Having said that, we would like to take you through the Q1 results. Over to you, sir.

Good morning, everyone. Once again, I thank you all for joining us today for RIR Power's Quarter 1 F527 earnings call. My name is Ramesh Kumar. I am the Managing Director and Chief Executive Officer, and it is my pleasure to walk you through the company's performance for the quarter ended June 30th, 2026, followed by the key operational updates and the outlook going forward. We started quarter 1 FY27 on a very strong note, with revenue growing by 29.3% year on year to 27.16 crores. Along with an 80.6% growth impact, reflecting the continued improvement in our operating performance and profitability. EBITDA for the quarter came in at 3.98 crores. Earnings per share for the quarter stood at 39 paisa per share. In terms of operations, we continue to make steady progress across our key initiatives. Update on our Odisha facility. With respect to our upcoming facility in Odisha project is in two phases. Phase one consists of epitaxi and packaging, and phase two is fabrication. The clean room construction is completed for epitaxi. Infrastructure for sourcing the power supply through 33 kV line has been completed. Further, the grass farm is also charged yesterday by the authorities and we will be able to draw the power in next one or two days. The plant and machinery installation is under progress and estimated to be completed by end of this month or mid-September. We expect to commence epitaxy operations in the end of second quarter FY27. With respect to the revenue from Odisha plant, we will be selling epi wafers to fabricators outside India, and also getting SIC devices manufactured will be outsourced with the epi wafer for validation and revenue generation A527. So other updates going forward, we continue to make study progress across many other key Some of them include the listing of RIR Paul Electronics on NFC with the trading having commenced on 16th July 2026. This listing on NFC is expected to enhance our liquidity, broaden the investor base, improve price discovery, and strengthen the company's visibility in the capital markets. The company has strengthened its board with an appointment of Mr. Vivek Patel as an independent director. He brings expertise in areas such as institutional governance, policy oversight, budgeting, risk management, and long-term strategic planning. Mr. Anki Shah, chartered accountant, who has been associated with RIR Power, For the past one and a half year, as financial controller, has been elevated and appointed as a chief financial officer. Also, building on its recent momentum, RIR continues to strengthen its international footprint, following its first overseas order for 120 numbers of 125 mm 5 kV HCR thyristors. Reinforcing our competitiveness in the semiconductor products. We have also manufactured high-power semiconductors like 5KV to 8KV, press-back SCR thyristor, high-voltage modules, and silicon carpet devices. These components drive critical defense application, pulse power system, and high-voltage direct current transmission infrastructure by managing immense surge in current and high-voltage blocks. Also, building on its recent momentum, the company showcased its latest railway power electronic solution at Rail Trans Export 2026. The event further strengthened RIR's engagement with India's rapidly evolving railway infrastructure ecosystem. Thank you. Over to Abhishek.

Thank you, Mr. Ramesh Kumar, for sharing the summary of the quarterly results and updates on other operational and development matters. I will now hand over the call to Dr. Harsad Mehta for his comments on the results. Over to you, sir.

Thank you, Abhishek G. and Ramesh G. Good morning, everyone. I am adding my personal welcome to all of you, and thank you for your support as well as time. The first quarter of FY27 has been a defining period for RIR power electronics as we continue to strengthen our position in India's power semiconductor ecosystem. Our successful listing on NFE marks an important milestone in our growth journey. Enhancing our visibility among investors while reinforcing our commitment to creating long-term value for shareholders. We remain focused on expanding our advanced semiconductor portfolio, driving innovation in silicon carbide as well as silicon technologies, and sensing our progress across strategic sectors such as electric mobility. Renewable energy, industrial automation, railway, and power infrastructure. Talking about innovation of our technology team, we have proudly developed and delivered an indignation of 25 kg, 120,000 amp, capacitor discharge switch using 125 mm advanced XCR or Earth component for specialized defense technology and high energy, thereby strengthening NIC in India as well as Atmanibar Bharat initiatives. Finally, as India, semiconductor and clean energy ecosystem continue to evolve. We are well positioned to capitalize our emerging opportunities. Through technology-led growth, office and excellence, as well as strategic partnerships. Once again, thank you for your time and support. Wish I good luck to you.

Yes, thank you, Harshadji. We will now be happy to answer your questions and hear your perspectives. Nirav, over to you, and I would request you to open the floor for any questions.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask the question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and do. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and 1 to ask the question. First question is from the line of Pratih Jiri from Shablab Research. Please go ahead.

Hi, greetings. Greetings to Ramirji and Mr. Mehta. Uh, Ramichi, my first question is, uh, uh, I hope I'm audible. My first question is on, you know, your observations for the past six months. Uh, probably, uh, you have completed six months in the organization. And in fact, that is visible in the results also. We have crossed 27 crores as revenue, uh, quarterly. Uh, I just wanted to get your opinion, you know, on what is the best case quarterly revenue run rate you are. Projecting, you know, in your assessment for our business or keeping Orisha plant aside for the core business I am asking. Can we target a 50 crore quarterly generate revenue given the opportunities we are exploring in railways, defense and other sunlight sectors?

So, thank you for your wishes. Including the Varysa plant into this 50 crore. I think this year, we...

You know, in fact, this also is quite encouraging. Then we will look forward to FY28 quarterly. Rameshi, my second question is on the product portfolio. So the current product portfolio which we have at our Halol facility, in terms of, you know, progression in products which can be made from the similar technology or similar processes which we are following there, Do you see enough scope to hit this 30 crore per quarter, or do we need to do something, do some more innovation in terms of products to achieve this run rate?

You are talking about Hallol plant or total?

Hallol, only Hallol.

Hallol plant, yes. We need to add some more products, especially into our high-powered devices. Where I think I still feel personally that our penetration in Indian market has been little less, which we are now seriously working on it because HPDA or more businesses from outside India. Because of the high power, high current, and high voltage. And also, we are focusing on developing some new products for the systems. That is our equipment division. So, that will help us grow faster. Because I feel the other product like LPD has reached its peak saturation level. I don't think we will be able to grow much faster there. The growth drivers will be HPD in India, going forward, and new products and equipment.

Understood. Understood.

Got it. In terms of product realization, Ramiji, is there anything we are doing on where the per product realization can go up, you know, trying to enter into product portfolio where the per kit, I mean, the per consignment which is going to customer, there we get more realization by combining, you know, more components, etc. from our existing technology book?

That is always our intention that we each and every component or a product or a device, whatever we ship it, we add some value so that our realization that that will help increasing our top line as well as bottom line. There's no doubt on that. With some of the customers we are going and where they are using this product and is there any value addition which we can do, which is done by the customer himself. So, we are trying to work on it to increase the realization as well as the, you know, some profitability. But today, also, because of this West Asia disturbances, you know, the... Pushing the cost increase to the market itself is becoming a bit difficult. Then now adding some more value addition and then charging more to the customer is going to be a little tough till the things stabilize at restation.

Understood, Mr. Rameji. Understood. Rameji, if you don't mind, can I just extend one more question, then I'll join the queue back. My fourth question is on our Urisa plan. Probably Mr. Mehta can help me here. Sir, if you can share, I know there were some remarks on it in the opening comments by Rameji. I was just wondering if you can help us understand a bit more on what stage the project has reached, whether we have got the electricity line in terms of capital reimbursement from the state. Where are we standing at this point of time? Rameji, if you can help us there.

Yeah, so we are, as Rameji mentioned, our power issues have been dissolved. We were requesting, as you know, power from 33 kV line because that has a lot more less, a lot more fuel in terms of the quality of power, and all of those issues have been resolved. My name is the transformer has been installed and charged, and now we should be able to get the power in about a day or two once we finish our connection. So all of those issues are resolved. Now, the next step is going to be the beginning operation of both our assay reactors and qualifying product for the market in terms of the specs that we have. We do expect that process to not take more than about 30 days or so, and I would like to have in September 2026. Hopefully before Semicon India, an official inauguration of Odisha production at the facility, we are looking at the Chief Minister's schedule as well and his availability. In terms of the funding disbursement, I think we are getting the funds, and we are even so far in terms of how much money we have invested. Government authorities have also put in that much money. We are almost ready for our second trench or second half of the phase one in terms of the funding, but Ankit said, can give you more detail in terms of how much and so forth.

Yes, yes.

Thank you very much. Participants, you may press star and 1 to ask the question. Next question is from Draenov Sandeep Rao from Canva Bank Securities. Please, go ahead.

Yeah, actually, I am signing Nirmalko on behalf of Sandeep. So, my question is, what is the status on the bank loan facility?

What is the, who would you stand on that?

Angit, you want to add?

Sure. So, we have received the in-principle approval from the bank, and they were scheduled to have the final sanction committee meeting this week, but for some internal reasons that has got pushed out for next week. So, we'll have some update on the final sanction coming through in the next week. And we are very hopeful, the internal team from the bank who was analyzing or who were assessing the project, the report and related data, so they were also quite confident of getting the final approval. But we'll just wait for the next week to get the news on this.

Thank you so much. Sandeep, do you have any follow-up question?

No, thank you so much, yeah.

Participants, you may press star and one to answer question. Next question is from the line of Nishita, from Sapphire Capital Partners. Please, go ahead.

Yes, am I audible?

Yeah, I'll call you.

Yeah, so I just wanted to understand, you mentioned that we are planning to add some more products in our Hello facility. So, I just wanted to understand, like, do we have any products under development, And what sort of R&D spend do we do quarterly or yearly, if you could give that number?

I won't be able to spell out the exact product on which we are working, for various reasons of competition.

I can have a chemistry on that. So, we have been working on... On development, as well as prototyping of the products that will add the value to our existing product portfolio, as well as... Get us closer to the customer, specifically for high-voltage, industrial, and grid application. Specific products, I can say, would be, for example, most of, I won't go into a lot of technology, but sorry about any confusion. But when you start or turn on a thyristor with electrical pulse, you need to isolate all the levels because of the safety. Instead, we have been working on the optical triggering that removes the need for isolation of each individual level on high-voltage applications. So that product we already have at about 5 kV. We are trying to get higher to about 8 kV level, which is the theoretical, practically maximum for silicon power devices.

Okay, okay, understood. And on R&D spend, what sort of R&D spend do we do, Yodli?

We always have been, from the very beginning, since my first company in the U.S., still RIR, and I always believed in about 8 to 10% spending in R&D as a long-term investment because of the fact being small and one of the smallest companies in this big space. Our advantage is being agile as well as being innovative and lead from the technology perspective in terms of application and efficiency as well as optimum value to the customers.

Right, understood. And the other next question I had was on our EBITDA margins. Our EBITDA margins have improved quite a lot in the queue, and so we just wanted to understand the drivers behind this margin improvement, and if the current margin is sustainable, or was there some one-off in the driver of improvement?

When compared to the fourth quarter, where this disturbance in West Asia started of last year, quarter four, so the prices steadily increasing, especially in metals like copper, gold, and silver, where we use it in our equipment. So, the quarter four, we were not able to immediately pass it on to the customers. Then, maybe in quarter one, that is one thing which helped us in very systematically discussion with the customers and then updating them how the raw material prices have moved upwards and then try to get that realization from the customer that helps us. These are certain things which... We are now increasing our... Always, only. Thank you.

Right. Like, if you could give some range on the long-term sustainable margins that we can achieve, can it be around the range of 15-17%?

Yeah, our always aim used to be... to be always there on those numbers, so I'm sure we should be in a position.

And I had a follow-up question on the price increase. So you mentioned that in Q1, we were able to take some price increase. So was the price increase able to mitigate the input increase completely?

I can say almost about... All the new schedules are with the new prices.

Okay, understood. And my last question would be on the Capex. So, I just wanted to understand. I'm joining the call. I'm looking at the company for the first time. So, I wanted to understand more on the Capex plan for the Orisa plant. What is the total Capex that we're going to spend on the plant in Phase 1 and Phase 2 combined?

So, Ankit, do you want to give the update?

So, the total expected capex for the Odisha plant is 618 crores. For the first phase, we expect the capex to be at around 225 crores, and for the second phase, we expect the capex to be around 395 to 400 crores.

Okay, and what is the total capex we've budgeted for the year FY27?

So, we expect a TPEX of around 100 to 120-odd crores for the phase 1, and for phase 2, we are still under repression. So, maybe we will have that update by the next couple of months.

Okay, okay, understood. And when can we expect phase 2 to commercialize?

So, Epiwafers, we are anticipating to sell from third quarter. I think that is what we said at the beginning of the call. Maybe you said you joined.

Nice. Okay. Understood. Yeah. Thank you so much about it. That's from my end.

Thank you. Participants, you may please start and want to ask a question. Next question is from the line of Garvit Gohil, from Serena Alpha, please, Gohil.

Hello, Gohil.

Yes, Gohil.

Thanks for the opportunity. My question is to Mr. Ramesh.

I don't know whether you have stated this question in Conwell or not.

I just wanted to understand more on the scale for RIR power electronics in the next couple of years, specifically when Mr. Ramesh joined the company recently, but I think he has been associated with the company since 2024 as additional director, and he has been Good morning, everyone. Thank you. So, I just wanted to understand what kind of strategy are we going to implement from here onwards. Especially when we were speaking about a few targets in the past and we were not able to achieve those targets.

Yes, I mean, as you rightly said, I had total experience of 44 decades plus out of which 50% has spent on sales and marketing and 50% on the business management. So, I am trying my level best to penetrate the RIR products, enhance the reach in the market. So, that is... One which I feel that the backward pressure always helps the industry to correct the back-end, whether it is productivity improvement or quality or the supply chain ecosystem. All this I'm trying to put backward pressure from the market so that we can quickly do that because it is always, I believe, from the customer side, Pressure on the manufacturing will always help in improving much faster than doing, setting our house right and then going to the market may take long time. So that's how you have seen how our numbers have been in quarter month and I'm sure this will continue. Hope I answered your question.

No, I just wanted to understand more specific on the kind of scale are we looking to from the existing plant as well as the upcoming expansion, and can we have any deadline to it? Like, as I mentioned, in the past also, we were speaking about these QTEX projects, but nothing is materialized until now, I would say. So, I just wanted to understand and hear from you, how do you think after becoming CEO of this company and the kind of network you have, you have already seen the product, you are already having so much experience, right? So, how do you see in the terms of scale, in the terms of numbers, where we can go in the next couple of years?

So, generally we don't give any forward-looking statements or commitments, but at least this year we are, you know, targeting to grow at least three to four times than what we have done in last year in the top-line growth as well as even more in the bottom-line growth. As you rightly said, I am trying my level best to use my contacts, the old contacts, and then use these products and reach those customers. That is as far as Hallol and existing business is concerned. We have already said about Odisha, though we have not mentioned anything about what exactly the revenue is going to be, because the Odisha plant is going to be in two phases. In the first phase, again, it is divided into two phases. Out of the two phases of the first phase, which is epitaxy, which we are going to make the epiwafers. From end of September or maybe beginning of October, that is quarter three onwards, we are anticipating some revenue out of that in Odisha. And also Ankit has just clarified previous question that our term loan is almost through for a second phase, in the first phase of second phase, that is packaging in the existing. So that will take maybe our revenue will come from the packaging maybe second quarter of FI28.

You mentioned three times than the revenue that we did last year. I have heard correctly.

The growth I am talking about, not the revenue.

Okay, I understand.

Growth, I understand.

Yeah, that's it for Michael, sir. Thank you. Thank you.

Thank you. You may press star and one to ask the question. Next question is from Dhanan Pratinkini from Shumlab Research. Please go ahead.

Hi, thank you for the opportunity again. Ankit, if you can help me understand in the 225 crore phase 1 KPEX, how much we have done from our company and how much government has contributed?

So, till now, government has provided a subsidy of 28 crore. And the company has also made an equivalent contribution. And on top of it, we have spent maybe 8-10 crores more, which would not qualify as CAPEX. So maybe our contribution would be somewhere around 70 crores and the government has provided a subsidy of 58 crores. Till now.

Okay, got it. So, this 70 plus 58 is around 130 crores. So, we are yet to do around another 100 crores of the case in phase 1 itself. And that is what we are seeking the bank loans for, correct? Absolutely right. And the bank loan amount is unchanged or has it changed?

No, so we have, we have made an application for 70 crores.

Okay, okay. Got it. Mr. Mehta, thank you for the opportunity again, Mr. Mehta. I have just one more question on our RISA plan. So, and I'm very glad that we are at least now reaching the production phase of epitextual wafer. I was wondering if we have zeroed in or any customer has, you know, approved us or we have reached out to any customer for this offtake of epitextual wafer from our plant.

Yes, we have approached international customers in US as well as Taiwan. And we also have been approached by the Indian customers, which are more or less government labs, because they have been looking at EPI from RIR. And so we have the specs, and as soon as we start delivering it, we have two reactors that can deliver 6-inch, 4-inch, 6-inch, and 8-inch EPI. 8-inch would be mostly for export. Four and six things would be for domestic India.

And both the reactors have installed the machine matter?

Yes. Yes. Great. Great.

Just one last question from my side. In FY27, probably we will be left with around six months of production from our Odisha plant. Any revenue, last revenue projection we have kept for ourselves or target for ourselves from that plant?

Hello.

Yeah, please.

So we are estimating and targeting revenue out of sale of active wafers in the range of 12 to 15 crores for the second half of this year.

Got it, got it. Good luck to the entire team. Rameji, thanks a lot for detailed answers. Thank you. Thank you so much.

Thank you. Participants, you may press star and want to ask a question. Next question is from the line of Sita Ramansi, individual investor. Please go ahead.

Yeah, very good morning, Dr. Rashid. Am I audible?

Yes, yes. Please go ahead.

Yeah, this is like, I think most of the people have already asked about the status of the Urisa plant, actually, and when we will get the... What output are like, which will be reflecting in the, which quarter it will be reflecting? That's what I just wanted to ask you about the new Orisa project. I know like Halal plant, you're planning to make it like two or three times more, and all the discussions I've been listening to, I am glad to share all those things. But this thing, when, it will be reflecting in our, which quarter it will be reflecting from the Orisa plant? That's the only question I just have.

I think we said that from third quarter of this financial year, we will start registering some revenue from Odisha Pant.

Okay, at least it will match halol or like a little bit at least, right?

It can't be to the extent of halol because in Odisha, this year we will be making only epi-taxi wafers, epi-wafers. So that will not give a high revenue of halol. Halol is very large compared to this particular activity.

Okay, sir. Thank you. Thank you. That's the only thing I just want to ask. Thank you.

Thank you. Participants, you may press star and want to ask a question. Next follow-up question is from the line of Richa. From Ample Capital, please go ahead.

Hello. Am I audible?

Yes, sir. Go ahead.

Yeah, I would like to know the update on Richard Electronics. I read it that 20,000 chips were supplied to the company and they'll be reviewing it. The silicon carbon semiconductor chips. So is there any update on that?

We are following with them. We are following with them at this moment, but I don't have any update from them, even though we have the marketing people following up with them as well.

Okay. Thank you, sir.

Thank you. Participants, you may press star and want to ask a question. Next follow-up question is from the line of Nishida from Sapphire Capital Partners. Please, go ahead.

Yes, I just wanted to understand that in the epiwafers, what sort of margin profile do we have? Is it similar to our existing products in the Haluul facility?

I'll see if we can answer this question.

So, we expect an EBITDA somewhere in the range of 22-25% on sale of FV vehicles.

Right, so EpiWafel has better margin than the current product. Is that understanding correct?

Right, so SIC products and devices would have better margin than SIC.

Okay, understood. Thank you so much.

Thank you.

Thank you. Participants, you may press star and 1 to ask a question. Next follow-up question is from the line of Sita Ramansi, individual investor. Please go ahead.

Yeah, hi. Just one more doubt. Maybe like, are we participating in any way in Semicondu also?

In the Semicron, Semicron?

Yeah, the new thing they launched, you know, like Indian government, like 1.3 lakh or something like that. Anything we are expanding from? Yeah, yeah, sorry, sorry.

Yeah, we are working on some projects. Maybe once we are ready with the project, then maybe we will approach the government.

Okay, thank you.

Thank you, sir. Thank you.

Thank you. Next question is from Lano Sanjay Garg, individual investor. Please go ahead.

Hello. Hi. Good morning. Am I audible? Yeah. Yeah. Good morning, management team. My question is, what is the vision statement for next five years? Because I understand you're saying that. We are catering to sunrise industries. We want to increase products. But what is the number from which we can work backwards into each and every sunrise industry and each and every product? For example, are we saying we'll become 1,000 crores or 10,000 crores, and this is the way we will do it? Because right now we are saying we will look into this product and try to sell it. So probably if you can throw some light.

See, Mr. Sanjay, generally we don't give a very long-term commitments or forward-looking statements, but definitely when we have an opportunity, we can meet in person and then we can discuss what is the vision of this company and where it goes to. But in this kind of calls, we generally don't make such statements.

Sure.

Thank you.

Thank you. Next question is from Lianov Charchet Rustagi, individual investor. Please go ahead.

You mentioned epireactors, you know, the research, etc. So what do you know, what do you know? What is the motivation method that you would follow, or you would follow going forward?

Can you repeat the question, because it's a little louder or because your voice is a little feeble?

Yeah, so you mentioned epitaxial reactors in your OVSA facility. So I wanted to know what is the depreciation method that you might be using?

Depreciation method?

Yeah. Of the equipment you are talking about. What is the average useful life cycle of the reactor?

Ankit, if you can answer this, what is our plan of depreciation?

Yes, sir. So, basically, we'll follow the same policies which we are using for Halol. So, we'll be following the straight-line method of depreciation to take a charge on the PNL. And the useful life would also... Ideally, the useful life of these assets are quite long, but generally what we consider for plant and machinery is 15 years.

Alright, so my next question is, is the company contemplating entering into GAN, which is gallium nitride?

Yeah, I think I can respond to that question.

So there are, you are right, there are three power semiconductor spectra, there are three substrate, silicon that we are doing at Halol, silicon carbide that we are doing or we are taking over, taking back. I want to focus at this point on silicon carbide to its full potential, because as I read and as I see the papers on gallium nitride, the vertical GAN or the vertical structure in gallium nitride is the most suitable for power application. And at this point, I have not seen significant yield improvement on the vertical structure of gallium nitrite. So at this time, I see there are only two applications where GAN is focusing. One is 100 volts on the residential charger, and second target is 650 volts. I want to see how that goes because of the fact that there are advances in silicon carbide technology on the AP side as well as device processing and manufacturing side. So it's very likely that silicon carbide can capture at least the power size of the GAN market in the next three years or so.

So, my final question is regarding the yield of the epitaxial waiver that we have mentioned that the company will be producing in a couple of months' time of the third quarter. What would be the yield or the targeted yield?

We usually count on a semiconductor processor. We usually take about 85% yield number. And we try to do the 85%. Roger.

Please complete your thought, please. Pardon? Complete your thought, meaning you mentioned 85% of the...

Sir, can you speak a little louder, please?

Yeah, yeah, I think... So, we generally try to 85%, and that's what we think we will get, but our goal is always to go above 90%. There are always some, when you look at the AP, there are some dicing losses, curve losses, as it's called, and so forth, that we cannot control. But at least on the defect side, we'll try to control as best as we can.

Thank you. Participants, you may press star and one to ask the question. As there are no further questions, I'll now hand the conference over to Mr. Abhishek Saruman for closing comments.

And thank you to everyone who joined us today and participated in the discussion. We appreciate your questions and continued interest in RIR Power Electronics. As always, we remain committed to transparent communication and delivering long-term value to our stakeholders. In closing, on behalf of the Board of Directors and Management, we thank you all for your participation in this call. R.I.L.P.R. remains focused on operational excellence, financial prudence, and long-time value creation. Should you have any further queries, please feel free to reach out to us. We look forward to engaging with you again in the near future. Have a great day and stay safe. Thank you again.

Thank you very much. On behalf of Veritas Reputation, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

Thank you. Thank you. Thank you.

Thank you all. You may now disconnect your lines.