Suprajit Engineering Limited (SUPRAJIT) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Suprajit Engineering Q4FY26 conference call hosted by Anand Rati Share and Stock Brokers. 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 star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mumuksh Mandelesha from Anandrati Share and Stock Brokers. Thank you, and over to you, sir.

Yeah, thanks, Alaric. On behalf of Anandrati Shares and Stock Brokers, I welcome you all to the Superjet Engineering Q4 FY26 Result Conference Call. I thank the management for taking time out for this call. From the management side, we have Mr. Ajit Kumar Rai, the founder and chairman, Mr. N.S. Mohan, MD and group CEO, Mr. Akhilesh Rai, director and chief strategy officer, and Mr. Medapa Gowra, J., CFO and company secretary. Request Ajit, sir, and team to give an introduction review about the results, and then we can follow up with the Q&A session. Over to you, sir.

Thank you, Mumuksh, and thank you, Anandrati, for hosting this Q4 con-call. Good morning to you all, and welcome to our quarterly and full year call for this fourth quarter. We have already uploaded the press release and the results, so I hope you guys had time to go through that. We will go through... Some of the highlights, all our team will talk a bit. It will be a little longer conversation as we have also done some projections or plans for the coming year and change of nomenclature of our group divisions, et cetera, et cetera. But we will give sufficient time for question and answer. From my point, before I hand over to our team, is one, of course, on the dividend. We have declared a higher dividend overall for the year, 3.55 per share, against last year's 3 rupees. Against an automotive growth of about 10-11 percent, our growth has been slightly lower. This is largely because last year we also had to give some price reductions to our customers. But globally, you know, controls divisions grow nicely, despite the global markets did not grow. So that's the positive side of it. Of course, we are currently facing the Middle East geopolitical headwind, which we hope will be dissolved in the near future so that businesses don't get disrupted. On the tariff side, I think, you know, both from the customers and from the government, the recoveries are ongoing. We expect a full resolution for all the tariff-related matters, hopefully within next. Quarterly number, I think, you know, one of the interesting things this quarter has been that we crossed the 1,000 crore, you know, threshold as a quarterly run rate in revenues, and also what is interesting in this quarter has been that the Q4 consolidated profit before tax of some 97 crores was almost double that of last year, and I think subsequent to the LDC and SCS acquisitions for the first time. The consolidated entity is higher than the PBT. So, full-year revenue grew about 17 percent, and EBITDA grew also by about 19, 20 percent. Other highlight for the quarter has been that, you know, controls division had a 15 percent growth. Electronics division grew at about 30 percent. The real underlying change of performance has been largely due to the turnaround at SES. We have guided in the beginning of the year that we will be doing a significant restructuring across the controls division and in SES in particular, and that with this, SES will turn EBITDA positive in Q4, and as you would note from the press release, this has been achieved. So that has been one of the very important highlights, which will also, going forward, will aid in a much significantly higher, better performance. With this, I will hand over to Medapa on giving a quick highlight on the numbers. Medapa.

Yes. Thank you, sir. Good morning to all. The consolidated revenue excluding SCS for the year ended 31st March 2026 was 3,377 crores, as against 3,106 crores for the corresponding previous year, recording a growth of 8.7 percent. The consolidated operational EBITDA for the year ended March 2026 was 443 crores as ignited 401 crores for the corresponding previous year recording a growth of 10.5 percent. The standalone revenue for the year ended March 31st 2026 was 1840 crores as ignited 1719 crores for the corresponding previous year with a growth of 7.1 percent. The standard on operational EBITDA for the year ended March 2026 was 305 crores, as against 298 crores, recording a growth of 2.4 percent. The total debt level was 785 crores as on March 2026. The surplus cash balance invested in the mutual funds was 235 crores as on March 2026. Thank you.

Thank you, Amitabha Mohan.

Yeah, very good morning, everybody. Thank you, Chairman.

Let me start with all our divisional performances and how we worked at each of those divisions. So let me start with the global division, that is our SEDR Superdive Controls Division. While I'm talking about it, I will be talking first about excluding the ACS because that has been the latest acquisition. I'll talk about it separately. So, ACD revenue grew by around 10 plus percent and EBITDA for the first time margin went to double digit. We ended the year at 11 percent there. The key things that happened, because it is very important to understand the story behind the numbers. We said that we have one too many factories in Mexico, we need to consolidate them. Therefore, we embarked upon that and we completed the Juarez shift to Matamoros. So now, instead of having two factories in Mexico, now we operate under a single consolidated facility, which means it serves both for automotive and non-automotive purposes in North America. While we were doing it, we also had to do the warehouse consolidation. Therefore, Brownsville, which is just across Matamoros, but in USA, became our main warehouse and it was significantly expanded to handle the bulk of North American shipments, which also meant that the El Paso warehouse also got taken down. So I would say that a major restructuring out there in America has been completed, and now hopefully with this tariff uncertainties coming behind us, I would say that we will now focus on winning business and establishing ourselves in the U.S. market by strongly positioning ourselves onshore and nearshore. While this is what happened in the U.S. market, SAL India and Shanghai Loan Star in China both grew by 20%. And so that is another big ticket wins that we have started having, including in China, winning local customers there. So plants are winning new business in the existing and the new product line, also with HTC support. Moving over to the DCD or the Domestic Cable Division, our revenue grew by around 9%, but what happened was the growth rate was a bit dampened by the year-on-year price concessions that we had passed down to the customer. You know, we always have a lag, so when the commodity price goes down, you know, with a lag, we pass on that. So this year was an interesting year where we had to give a price down, whereas the prices also increased for us. However, the underlying volume performance was pretty strong and the numbers suggested. Overall, I would say EBITDA margins remained robust for the entire full year and remained unchanged. Aftermarket and also very importantly, our team of Beyond Cable business is growing very well. And very important is in the industry, in the Indian industry, we have started, they have started recognizing Suprijet not just as a pure cable player, but looking at us beyond cables. Moving over to PLD, this was, I would say, a small, I would say, hitch in the otherwise smooth ride that we had. The revenues declined by around 3%. And EBITDA also declined. And this happened primarily because we were not able to pass on the price increases that happened in the commodity market like Mali, etc. tungsten. And also the volumes did not grow to that extent. Therefore, there was a pressure on EBITDA. 3-4 brand sales also was down due to Middle East conflict, and also the aftermarket in India was a bit subdued. So, but the other positive point that took place in TLD is that this division continues to execute specialized equipments, that is, making special purpose machines for our group. They have started regularly supplying both to SAL, our export-oriented unit, and also to our DCD facilities. Another big positive thing that happened in PLD was we successfully executed the first set of orders of US largest retailer. And we feel that this retailer has awarded significant additional businesses coming forward. And this is going to become a meaningful new channel for PLD. Our electronics division, again, did very smartly with the revenue being 20 plus percent growing on a YOY basis. EBITDA also grew substantially. And this happened despite global constraints in electronic supply chain and the price pressures that we had. And overall, if you look at it, what happened in SCD is that we got a significant business momentum in digital clusters and electronic throttle controls. And this is expected to be carried over into FY27 also. So, ACD is now set to supply complete clusters, throttle, switch assembly for one of the premium EV bike, motorbikes, and we will also be supplying digital clusters to a key off-highway customer in the USA. But, obviously, the biggest part of the story, what happened, if I look at the divisions, was the SES turnaround that Chairman alluded to. SES turned EBITDA positive. For us, this was extremely important to, you know, to ourselves in the market. Yes, we can do it. And we could prove this to even critical customers in Europe that we can take over a distressed asset. And then with their help, we will be able to turn it around and bring it on the even keel. So we had guided this earlier. Now we have delivered it. So just to let you know, the quarterly trajectory which happened in FI26 was in Q1, we were at almost minus 20% EBITDA. From there in Q2, we moved to minus 6%, Q3 to almost minus 2%. So, we see much more consistency coming in the directional improvement, and now we have to start moving up north much faster. Basically, what happened was our SES restructuring got completed. We shut down Poland. We moved all the manufacturing to Morocco. We moved the warehouse from Germany to Hungary. We right-sized the operations in Germany. There was a tool room in Germany. We moved that also from Germany to Morocco. And as we are doing all these things, we went into the tranche 2. Jiaxing transfer was under turmoil. I think our team did a great job in China in getting it under control very fast. We got Canada under control by moving it into a new plant, fully integrating it into a city. Therefore, This was a lot of intense effort from the management team, but I would say that a very satisfactory outcome that we had. So with these updates, now I'm going to hand over to Achillesh for other portions of the business and also the outlook. Achillesh, over to you.

Thank you, Mohan, and good morning, everyone. Let me start with the Technology Center. Just to remind you, you know, the Technology Center has almost 150 plus R&D employees, 100 sitting here in Bangalore with 43 patents filed and 14 granted. But it's part of a global team focusing on great release. Breaking and break-release sensors, electronics and displays, and electromechanical actuation. And these three product lines have started seeing a lot more traction. This quarter, with the support of STC, we signed a technical collaboration agreement, or a TCA, with a global brake system supplier for designing and developing a two-wheeler brake caliper for some of our customers. This is under now development and is also under testing. We are also working very closely with BlueBake for their ADS, and this is under testing still. I would say that we still have a few more months before we can... And we're also progressing well with the sunroof cable launch, which is now under testing with multiple Indian and global customers. The new STC building, we're slightly delayed, but we're expected to complete in 2-3 of this coming quarter. And moving on to some other general updates, we've had a very also... Similar to the kind of infrastructure turmoil that we had, we also had a lot of effort and management bandwidth going into multiple SAP go-lives. We had DCD plants going live in the beginning of this month. All 16 plants went live in April, and that went very successfully. It also ends a year full of SAP implementation. We've done almost four SAP implementations just in the last year. And one starting this year. And there will be a couple more going through this year as well as we move completely towards SAP. Multiple plans also got awarded multiple good certifications, which are very important recognition for our customers, JITM, the 421 award, IITF, PSAC, these are all critical kind of certifications and awards for most of our customers. With tariff uncertainties behind us, I think we're now seeing that there will be fresh contracts that are coming to us to potentially win under this new tariff landscape, and we're quite concerned. Next, this is an important update on the renaming of divisions. I will give you just a brief, but more details are available on, I think, slide 20 of the presentation as an addendum slide. Basically, you know, DCD, we're changing from Domestic Cable Division to ICM, or India Cables and Mechatronics. The reasoning behind it is that domestic doesn't make too much sense in a global scenario. So when we go to a U.S. customer and tell them a domestic cable division, for them domestic means something else, it means made in U.S. So we wanted to specify India. And similarly, FCD is now going to become GCM, which is Global Cables and Mechatronics. Again, specifying where the locations will be, we're focusing on global customers. And we're also adding mechatronics to our key, well, mechatronics and actuation, which comes under mechatronics. I think the product line for both of these divisions. Another reason why we are changing it is because SCD and SCD sound very alike. It is also tough for a lot of our stakeholders and investors to explain the difference. But SCD stays the same in terms of the nomenclature. SCD is no longer going to represent the superior electronic division but it is a very important It will represent the products that it does, which is sensors, electronics, and displays. And finally, PLD, which was originally always doing lighting, will now be doing a lot more electrical products, and we will be focused on going beyond lamps. So we have renamed that from PLD to PLE, which is Phoenix Lamp Lighting and Electrical. Just to be clear again, this is the financial groupings are not changed. This is just a product focus and customer positioning related change. It's not a structural change of any kind. Then you can find more details in the additional pages of the presentation and press review. Now, I'll just come to an outlook for XY27. Firstly, needless to say, you know, these four cars are subject to many changes, and the Middle East situation and the commodity impact it may cause, the supply chain stability globally, and some customer launch timings changing as per what they have given us as a schedule. Firstly, from a group revenue standpoint, we see and expect a double-digit growth this year. Consolidated EBITDA, we are guiding for a 12% to 13.5% range for the year, and this is inclusive of SES, which will now be part of the GCM Global Cables and Mechatron division. GCM itself will have double-digit revenue growth. EBITDA margin is expected to improve significantly. GCM as a consolidated division last year, if you consider SES part of it, it was at 6%. And we're expecting that this year, too, the EBITDA margin will be 10% to 12%. So this is a really significant margin improvement and a key lever for our peers in terms of improving our margin for the entire group. GCM is confident of the tariff recovery from all customers and from the government as well. Our global division has also got a strong order book, especially in India and China, where both India and China are growing double digits, and our India operation, which is SES, is now planning an expansion in Chennai to cater to the growth. Finally, as disclosed, SCS will no longer be separately disclosed, so that will be part of GCN, we will be combining it under the global controls, global cables and mechatronics division, from Q1, F527, this will be grouped together. Next is the India ICM, the India Cables and Mechatronics Division. We again see double digit growth here, despite the single digit sector outlook. This is mainly going to be driven by gains in market share and beyond cable project ramp ups that we have already won. We continue to see a lot more good business wins coming in as well. The margins at ICM are expected to be stable. Clearly, we are also happy to think and focus for a double-digit revenue growth with stable EBITDA margins. This growth is partly due to a market recovery that we see. We are seeing higher cost of grain market inputs, which is a key competition for us. And also the fact that one of the world's largest allergen lamp manufacturers, in fact, the largest allergen lamp manufacturer, has declared insolvency. The insolvency means a lot of active discussions now underway with multiple new customers who are looking to utilize our low-cost manufacturing in India. STD will have another strong year of double-digit growth. EBITDA margins should continue to be in line with FY26. And we also see a lot of good new business winds coming in. And like guided earlier, STD is also planning a significant capacity expansion to take care of this new business winds expected. Finally, just a quick note on the CAPEX for the year and to achieve the growth plan we're expecting, we have a CAPEX allocated for about 200 crores. This is covering Auric Maharashtra land purchase, STC building completion, SAL Chennai Plan 2, and the STD capacity expansion. And, of course, it also includes all the standard infrastructure, maintenance, and equipment, replenishment, and investments that we need to do across the whole group. So, with that, I hand it back to Chairman for closing remarks.

Thank you, Akhilish. All in all, before I let the questions come in, we had a good quarter. I think the heavy lifting of the significant restructuring is all behind us. Hence, the outlook is good. Of course, this is subject to what happens in the Middle East or the commodity prices, which are the standard carriers, I would say. But we are in a good place now compared to what we were a year ago to pivot our business, not only on the existing businesses, but also the new products and new ideas, new plans of the company. And both relating to your CC products and our current products. So we expect the year to be a good year. With that, I pass it back to the moderator, and we will wait for the questions to come in. Thank you very much.

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Viraj Meta with Simple. Please go ahead.

Hello.

Yeah, hi. Hi, Viraj.

Yeah, it's Viraj Kacharya. I think that's a mistake. Anyway, sir, congratulations on, I think, a good set of numbers. Just a couple of questions. First is, you know, so we gave a guidance of double-digit growth and margins improving to about 12.5% to 13% plus 11%. Now, there's a concentration due to Middle East war. And so, is it more of back-end? Do you think that the margin improvement will play out for us? And internally, what elements are you looking at which give you your confidence both in terms of growth and margins, especially at SED?

I think, of course, the confidence comes from the businesses we have already won. I think, you know, currently the way automotive industry works is that if you get a business today, it gets executed year after next. So knowing what the contracts are coming into picture, we are comfortable that we will have a double-digit growth. But let me also, you know, the point with all these things is that how the world is operating, So if there is going to be any, you know, for example, if XYZ customers are launching a project promised is in August, but it goes to October or next January, then there is a delay in the launch. These kinds of things are not in our hands. We are looking at what currently customers are saying when the launch is and at what time and what volumes. And we have given some amount of, you know, let's say, conservative number on that, but if there's a significant change, it will lead to some delay. So I think that's on the growth part of it. I think on the margin part of it is, of course, the commodity prices is a problem, but we will be pushing our customers for compensation for commodity prices, which have increased, and unless the Middle East crisis... It comes to an end pretty soon. It will further increase. So that, I think, we are expecting that, you know, a significant or most of it will be passed on to customers because none of the suppliers will be able to bear such increases. So that was the caveat. But if there is a significant delay in resolution of the Middle East and if the overall global volume of automotive business comes down, I think these, you know, forecasts are subject to change. But we have taken a reasonably... Conservative look on the numbers, and we feel that this is achievable, considering, you know. Here and there for the resolution to happen in the Middle East.

Just two, three more questions. On the India business, see, if you look at the first half, the reported growth was slow because we had issues in, you know, slackness in the aftermarket. And then in the second half, we had this price reduction. So if one has to just weed out, you know, say the price reduction impact, what would that be? And adjusting for this, you know, what would the growth we would have seen in the India business? Any share of share loss or any...

I think the India business, if you sort of index it back with... I think we are talking about maybe 12-13% growth for India business.

But, sir, you know, if you look at the end market, say the two-wheeler or the four-wheeler business, right, the production growth for last two, three quarters has been much higher than even adjusting for this one-offs. So I'm just trying to understand, has there been any share loss? Because in the India business, we also, you know, report beyond cable where the bases grow low and we are scaling up.

I think, you know, we have said this before, that, you know, when you look at, let's assume, you look just the domestic cable division and the electronics division. Forget about the Phoenix Lamps division, which has got a much higher aftermarket business. Take that out. If you look at that growth, it is in line with the industry growth. If you index it to the price reduction, actually ahead of the industry growth. Industry has grown at about 11% last year. We have probably, if you put those two things together and take Phoenix Lamp's division out, I think we are talking about 13-14% growth.

Okay, can you give some color in terms of mix and growth trends, when I say DCDE, between the OE, aftermarket, and beyond cables, any color for the annual full year?

Yes, I think we can separately give that some data to you, but I think the aftermarket business in cable division has been pretty good. I think the OEM business, you must realize that, you know, we have always said this, that there will be some changes in the, you know, content per vehicle that will happen in terms of cables, but that will be offset with both how the electronics division, which is mostly delivering to the two-wheeler business, plus the beyond cables business will do it. So if you look at the overall picture, there is a slight growth, which is probably one or two percent, but there is no degrowth.

Okay. Last question was on, you know, this new initiative. So whether it be on the braking side, you know, we have signed this PCA with a global brake system supplier for two-wheelers. So if you can elaborate more in detail what opportunities and, you know, it opens up for us. And similarly, we also talked about multiple collaborations. Thank you very much. So, I think there, we have always communicated that we are looking at a Cree platform, be it actuation, electronics, sensors, throttles. So, these collaborations are within this space with new areas, fellow more of ESO aspects.

Atilesh, will you answer this question?

Yeah, sure. So, in terms of the question about the collaboration, so basically we are working with a very strong player in the brick caliper market and designing a kind of a proprietary caliper for the India market. This will be, you know, for both. And this is already well underway. So we're working with a couple of OEMs to design this calliper for the India market. And we're expecting that, you know, this collaboration can grow into... Significant share of, say, off-highway global customers, and this partner has a lot of technology and knowledge of all these industries to support us in the future. So we're hoping this partnership will grow further. When it comes to your second question about where we're doing collaborations, I think our focus is these three different verticals. So, when you see some of these... Come to a point where we can disclose these partnerships, they will all be within, you know, either breaking and break release or actuation or. So, I think it's very much in these three pillars.

Okay, and would the nature would largely be...

I would request you to rejoin the queue for more questions. Thank you. The next question comes from the line of Gokul Maheshwari with Auriga Capital. Please go ahead.

Thank you for the opportunity. My question was on the gross margins. In the last two quarters, the margins have been slightly lower than the previous quarters. Is this related to tariff under recoveries, or if you could just comment if they normalize in the current year?

Hello?

Yes. No, I don't know.

I will have to look at this, Gokul, why the gross margin between first half and second half. I don't have anything. Yes, margin, there are some tariff recoveries are yet to happen. So maybe that is the one that is skewing the whole number. But I'll have to have a look.

Sure. And in your outlook with respect to EBITDA margins for the SE business, where you guided for 10% to 12% margins, are you factoring in these tariff recoveries?

Yes, of course. This is a fully recovered situation. Even today, our numbers, what has been disclosed, anything that has not been recovered has been charged off. If it comes as a recovery, it will be an additional bonus for us. So, the same way, when you projected the number, we are expecting all the tariffs to be recovered because I think currently the tariff issue is significantly behind, but what's also happening is that the customers are now getting licenses from the government. So, there is no new tariff is charged to us because we use that license and invert the goods into the U.S. most of the times.

Okay. And with respect to SCS, sir, if you could just comment on the capacity utilization for the Morocco factories. So we've achieved the positive EBITDA. But what would be the current capacity utilization? Is it still underutilized? And how does the margin recovery play out in FY27?

I think we don't have a capacity utilization issue in most of our places. I think, you know, for example, in Morocco, we operate mostly in one shift. So I don't think that is an issue at all. Executing the businesses and capacities are in place in most of the places. I don't see that as an issue at all. So I would say that with one shift operation, we are comfortably meeting the current requirement at Morocco.

Okay. Lastly, just on the tax rate, what could be the effective tax rate for FY27 and FY28?

Madhapa, can you make a guess estimate? Because a lot of that depends upon deferred tax, I think. Madhapa, do you have any? I think it was some 27% in the last quarter, I think. Madhapa?

Yes, sir.

So, that should be the number for FY27 as well? Thank you.

Sorry, we are breaking up. I'm sorry, you are not... Now we can hear? Yeah, I can hear.

27 percent, then there is no change in the structure for the year 27 or so. Okay.

Okay, great. Thank you so much and all the best.

Thank you. The next question comes from the line of Nikhil Rao with iThoughtPMS. Please go ahead.

Yeah, thanks for the opportunity and congrats on a great set of numbers. So, just a couple of questions from my side. So, could you provide more details on this CAPEX of 200Os that you planned? Could you provide us, like, division-wise, what you're planning to do? And especially for the electronics division, how much of the 200Os you're getting for this?

Mohan, will you comment on the CAPEX?

Sure. Out of the total, what we are looking at to 200 crores, we would be approximately allocating to India operations close to 80 crores, and about 50 crores will go to global operations, and about 50 and odd crores would be going to STC. And there would be a tail of around 15-16 crores coming to corporate. Primarily into IT infrastructure and those kind of stuff. So that is one way of you know cutting the cake. The other way of cutting the cake, if I can say, is, you know, how much we are spending on land and building, plant and machinery, software, IT, those kind of stuff. So, ballpark numbers, if I can give on land and building, we are looking at around close to 80 crores. And on plant and machinery, about 105 crores, about 105 crores, and about 15 crores coming for software and IT.

I think to add to what Mohan said and to be a little more specific on electronics division, what we are planning is that, I mean, some of you might have visited our facility. The central part of our facility is a historic old building with metal roof. So what we are planning to do is to relocate that business out to a leased premises for a two-year period, Completely demolish that building and come out with, let's say, a three-story. Brand new building to sort of bring in line with the electronics kind of manufacturing. So I think that is a plan that will be spread over two years. The first year's part of it has been allocated for this year. So that's the other way of looking at it, specifically on the electronics division.

Okay, and also share how much CapEx has planned specifically for this purpose.

For the electronic division alone, I think... Yes, yes. Sorry?

Yeah, that's right.

I think, you know, it will be spread over two years. I think this building, if I am not mistaken, is about 30 to 40 crore of the investment, but it will be spread over two years. So this year allocation may be half of that.

Okay, thanks for that. And could you also provide more details on the order from the Chinese OEM you had mentioned in the previous quarter, the order size, what kind of products you are supplying, timelines?

We don't give the number, but Mohan, you can talk about, you know, the EV customer's current status generally in Lone Star, maybe?

Yeah. Obviously, I won't be able to divulge the name of the customer. All I can say is it's one of the very leading upcoming local Chinese player who has got global ambitions. And we have been able to start supplying to them. And this is going to be with the door lock cables and latch cables. So we would be expanding the business with them. So that's what I can divulge at this point in time. Specific numbers I can use or the name of the customer.

The added part of this is that I think the strategy with which we are able to get this business is that this customer has global plans. And our global supply chain footprint meets their requirements. So the starting point is in China. We have one, I think nearly two dozen separate cable businesses with them. Three, four of them have been commercialized. And in the next one year, I think the rest of them will go into production. So I think that would be a stepping stone to meet their global requirement and the next phase of the growth with this particular customer.

Okay, okay. Thanks for that. And if I can ask just one last question on the electronic division. So how do you see the margins evolving for this business over the next two, three years? Like we are around 10% currently. So where do you see this going over the next two, three years?

I think it ultimately depends upon the product mix that it will pan out. We can only come in for one year because the subsequent year, you know, projects and prices at the time of implementing those projects will be difficult to estimate at this moment. I think we'll be in a comfortable double digit. I think that's all we can say for the coming year. That's exactly what we have also guided in our forecast.

Okay, thank you. The next question comes from the line of Amit Hiranandani with Philip Capital. Please go ahead.

Yeah, thank you for the opportunity and Congress's team for the set of numbers and turning around the SES successfully. Uh, sir, my first question is basically, uh, on the margins itself, uh, for the, for margins for the domestic cables and for the finished lamps, it has actually struggled in Q4 and FY26 as a complete year, despite, uh, domestic cable business as our core strength. So, just wanted to understand the reason for the same, and how confident are we in maintaining the margins for India cables, Phoenix lamps, and the electronic division for the next fiscal, looking at the cost inflation?

Yeah, I think, in a sense, we have explained this in earlier times also. Let's make it clear. DCD operating margin has remained absolutely strong and the best amongst the group divisions. But what is happening in the domestic cable division is that the other overheads has to be allocated somewhere. So all Suprajit Technology Center expenses and corporate overheads sit on domestic cable division. Now, just to give a comparison, the year before and last year, we ended the last year with almost 150 teams at Superdive Technology Center, which the previous year end was probably 50 or 60. So that is the delta. And similarly, at the corporate office, with the kind of global operations we are doing with the implementation of SAP, The team strength, whether it is the finance, whether it is the IT, whether it is our global monitoring in terms of strategy, those teams have expanded to meet our global requirements. So those costs sit on DCD. So when you see the drop, it is not that the operations of DCD is drawn. It is as strong as ever. So that's as far as the DCD is concerned. Phoenix Lamps Division, yes, last year has been a little bit of, you know, I would say, yes, you are right, about 200 basis point drop in the margin is very true. This is largely because the top line didn't grow. Obviously, you know, inflationary pressure keeps pushing up. But the important part of that is, you know, both aftermarket in India and tree for brand sales. The brand sales are always at a much higher... Thank you. Both those have been slightly affected, as we have announced in our business update. I think that is the reason why margin slight drop is there, 2%. We are graduating to the next level. We are expecting some, certainly a recovery in the Indian aftermarket. And also the new businesses for aftermarket due to this insolvency in Europe is also going to aid a faster recovery of our top line, which will automatically bring the margins back. So we expect the margins to be easily to be in the next, what is in the last year and probably better is what we expect by end of the year.

Well, good to know about this. Secondly, the global piece of the business, which is mainly the SCD and SCS combined entity, the margins for this fiscal was around 6-7% broadly, and the guidance which you have been giving is around possibly 400 business points increment to 10-12% level. I wanted to understand, where do you see this incremental improvement? Is this only related to the tariff recoveries, or there is organically we are doing something?

No, no, no, not at all. I mean, I don't think tariff recovery is bringing that. There will be some unrecovered part which will be passed back on by our customer or government. There will be some part of it. Yes, it will be there. But it is significantly... The restructuring that we have done, not only at SCS, but within the controls division, is what is bringing that margin up by, as you rightly say, from last year 6% to 10% to 12% is what we have guided. Just to put the perspective, I think SCS was an insolvent entity, and the first three quarters it had lost money. So only in the fourth quarter they just turned around, right? So that is in a much better direction. What is also important is the consolidation of our business in the U.S. I think URS operations getting consolidated into Metamoros. I think the Jiaxing operations in China are starting to resolve all its initial issues and consolidating that business. The issues within Europe of relocating all the warehouses to Hungary from high cost. Scaling down of jobs. Wonderful things have happened. The effect of that will be seen in this year. So, I think it is operational excellence, operational turnaround, which is largely responsible for this margin increase.

Right. Lastly, sir, now this LED transition is expected to take faster. So, just wanted your thought, how do you see the outlook for the Phoenix Lamp Division, and in FI27N and beyond, and any plans for now getting into LAGs?

Vaughan, will you want to take that question?

Okay, let me answer the second portion first. Are there any plans to now get into LED? I think I have to answer that in past tense. We have already got into LED. So that's the past tense. We are already having Phoenix brand LED bulbs available in that. Okay. So that's a drop-in solution. Now I come to the first portion of your question. We have stated that our strategy when we bought Phoenix lamps itself was the last man standing strategy. We said that there would be other players who will be downing their capacity. And once that happens, we will be picking up those orders. And therefore, we will be keeping our lines busy. For me, at the end of the day, when I'm running my business, I have to set my assets. As long as I am sweating my assets, I am perfectly fine with it. And till date, from the day that we have bought this company when they were naysayers, to now, I would say that I have kept my assets sweated. So I expect the same thing to happen because like what we said, in Europe, there is one big player who is probably now getting into major difficulties and there could be potential fallouts of that, which would mean that whatever that they were selling in the market would be up for grabs and we should be positioned correctly there with our Lux Lite and back-ended operations in India to deliver it. So again, that would mean, you know, sweating the assets. If you look at the Indian OEMs, they were also buying from one of these global majors. And once that started shutting up, these people came to us and started buying from us. So Indian OEMs who still have some amount of allergen tail are buying from us. So for me, I would say, is it going to have a sudden death? The answer is no. Is it going to have a slow sunset? The answer is yes. But as long as the sunset is happening and you're switching on other lamps, the light which is available on the road, on the path, would continue to be bright.

I think just to add to what Mohan said, I think if you see the real nomenclature of Phoenix Lamps Division, It is now also electrical, so lighting and electrical. So all I could say is that as a team, we are working on other projects. In an appropriate time, we will get to know about it. As a first step, as you probably may be knowing, that we launched our arms as a part of our... So, internally manufactured product into the market, it is a first step. I think, hopefully, in the months to come, you will hear more from us on other products and projects that you will be able to do at the PLE that is being re-nomenclated.

Thank you. The next question comes from the line of Rachana Kukreja with SCIL Ventures. Please go ahead.

Thank you for the opportunity. I have questions on the CDE business. Can you give some color on order book and how is it spread in terms of cable and non-cable business? We had a decision to expand SAL plant in Chennai. Is it more for new business or captive business transfer of NDC?

Mohan, will you answer that question?

Again, let me start by telling most of the business that we got from outside, that is when we acquired, whether it was EscoVescon or Kongsberg LDC or SCS, it was a very clear strategic plan from our end and intent from our end that we need to go and buy the cable assets. Because cable is our core competence product and we know about it. So we wanted to be a global player. And therefore, if you are asking me from our HCD division, how much of it is cable and non-cable, I would say a vast majority of it is cable. Having said that, When we went in for LDC, one of the key things which attracted us towards LDC Kongsberg was their actuator business, electromechanical actuators or EMA as they called it. Therefore, to that extent, there is electromechanical actuators coming in as a part of the business. But is it right now a substantial part of the business? The answer is no. Do we want to grow that? The answer is yes. So, that answers one part of the question. Now, coming to a sale part of the question on a sale 2, that is purely capacity building because we are running out of capacity in terms of physical infrastructure building, etc. Therefore, we have to have an SAL-2. Since we already are sitting on a land bank and it is very near to the port there, so our Wallum plant made sense for us. Therefore, we decided to put it up there. So, when you say captive consumption, it is basically SAL as a legal entity having, let us say, Unit 2 of its own operating from Wallum or in Chennai.

And I think just to touch base on, I think, another part of the question is that is there any relocation of business from outside of these other units to India? I think that's not really the strategy. I think the customers today want both onshore, offshore, nearshore model. So it all depends upon the customer's expectations and needs. When the new contract is ordered, we decide or in discussion with the customer where that business is to be executed from. So, accordingly, we do it. But SEL 2 is purely, you know, considering the businesses that SEL has won, we need an expansion of capacity.

Okay, understood. One more question. Any resolution to tariffs under recovery of earlier years in North American operations? And added to that, any update on North American agriculture or fraud market demand trends? What are we hearing from them?

The recovery of this, you know, non-automotive side of the business in the U.S. is still slow. There are two parts to it. Some of them have got relocated to, you know, smaller, you know, handheld, you know, grass cutters, etc., relocated to China, most of it. But generally, the business growth has been very tippet still. That's in line with what's happening in the world. But I think in terms of resolution of tariff, I think on a principal manner, I think we have agreed and got clearances from customers that they will pay. But the question of how the payment happens, I think, you know, with the recent Supreme Court judgment in the U.S. that the government has to pay the duties back to us. There is a process that has been set into place. There is an online portal where we need to upload all kinds of stuff there, and eventually, hopefully, in the next three, six months' time, some of the duties will come. So we have an issue of timing in terms of recovery of these duties. But if the customer has paid for the duty and we are recovering through this portal, then we have also an obligation to pay it back to the customer who has paid us. So in a sense, there is a lag. And some amount of that lag of the duties and tariffs may have a positive impact on this year, but it's very difficult to say because quite a bit of it has to be refunded to customers back.

One more question on the Phoenix Lamps business. How much of sales lost from Middle East market was there, and how big is customized equipment business for us? And any thoughts on expanding this to third-party sales and similarly the U.S. retail business? What is the opportunity landscape in terms of number of stores versus our current coverage?

I think we, for our last business, I mean, I'm giving just a thumb rule, off-the-cuff answer to this, maybe about $3 million, probably, because of the loss of business of Trifa brand. In terms of the equipment manufacture, it is still pretty small, I would say, because Phoenix Lamps had a specialized capability to do automation and new equipment building. Equipment means manufacturing setup. So they were doing it only for their lamps business, but I think with the team being strengthened, we thought that we will try for our cable business also. They probably have already delivered about, I don't know, 10 or 15 equipments in the last one year to our group. So, but, you know, it's something that we need to still fine-tune and leverage more. Mohan, you have got any other answers on the other equipments?

No, not really, because fundamentally, this is more a captive, I would say, consumption, and more so, when we do the process technology development, we don't want this process technology to go out, and we want it to be proprietary in nature. So, that's more the intent with which we are doing this.

We are not likely to do it for third parties, no. That is not the plan at the moment.

Thank you. The next question comes from the line of Chirak Chetrakuth with White Pine Investment Management. Please go ahead.

Sirak, please go ahead with your question. Hello, thanks for the opportunity. Sir, two or three questions. I have a big question from Majd. One, there's a clarification on this U.S. tariff. So is it possible for you to quantify what is the amount of tariff that you have provided in PMS? Because that would be helpful, point one.

No, I think tariff, it's very clear. If you have not recovered from the customer, it is charged to P&L. There is nothing...

No, no, sir, what is the quantum? What is the quantum? Because...

Quantum of tariff that is charged to P&L, is it? I mean, next of recoveries, I'll have to check this, next of recoveries for the year, there may be an additional charge of last year, may have been probably a million plus into the P&L. So that has 1 to 2 million as an additional charge, which is taxed to the client, yes.

So that has an additional dent on margins, which is not a national or a normal business model, right?

Sorry, but what's happening, please understand, somehow the tariffs are unrecoverable from customers. For example, there is a duty that charged on steel when it comes into Mexico, and when you look at it per cable, it is maybe 10 paisa, 20 paisa, but when you do millions and millions, it adds to it, but for that we could not go to the customer. So we just have absorbed as an additional material cost, that's it.

That is unlikely to repeat in 2007, correct?

Mexico tariffs are ongoing, so it will continue to be there in this year also.

Okay. Okay, but it will not be as 1 to 1.5 million dollars, right? It would be like maybe...

No, I think the recovery is, yeah. I think the large, what I'm saying, where we could not pass on is maybe between 1 to 2 million, which we absorbed. That will be permanently, will be there in our material cost itself. Okay, sir.

In 27, 28 also, it will be there. It will be there.

Absolutely. It will be there, and our guidance is based on that only. And where we are having, you know, absolute, I would say, positive impact on PNL is, you know, we have a, you know, we have earlier in the, I think, maybe 18 months ago, we have disclosed about the case with the federal government on recovery of a 301 tariff, which is about 6 million. That six million is still an ongoing tussle between us and the federal government. We are in the final stages of coming to a resolution by the court, which I am hopeful that in the next three to six months we will hear from. If it comes, it is a complete positive for the company. But that, you know, we don't want to say anything about it at this moment.

And that is, that will not be required to be refunded to the customer, right?

That is not to be, that is nothing, no, no, no, it will not be refunded to the customer, no. Because customer has not paid for it.

And it is provided again through P&F, right?

It is already, it is already provided in the respective times, yes. Okay.

And just to clarify, sorry for harping on this, so in 27, this 6 million acres will not appear. For us, right? Either on a negative side. So your margin guidance, whatever margin...

Our margin guidance is without considering that, yes.

Okay. So that one, this is helpful. The second is on the China market, now that you have made a, you have started the commercial supplies to this one big customer. So how is China market in general? So if I have to ask you five years out. What could be your minimum and maximum market share potential? Because every country is different. Like in India, in many customers, you are 70-80% of the supply. So in China, five years out, what is the max market share you could have with that customer? Is it that it could be in the range of 15-20% or the scope is?

You are talking about a particular customer or you are talking about general? The point here is simple. I think this particular customer had, I think, two domestic other cable suppliers. They don't have a global footprint, as we understand. Maybe they will set up, that is a different point, but currently they don't have. So the opportunity from this EV customer is that they are the largest in the world today, and they have got global ambitions. And our idea is to piggyback with them to wherever they want to go as a global supplier. I mean, this is the first phase of that overall strategy. Now, how much business we'll get from them, you know, it all depends. You know, we have just in the last three or six months, we started supplying. As I said, we have 20 plus projects to execute. I think three, four of them are commercialized. So, I would say, over a period of time, I think, maybe in China, at least, if we don't get, let's say, 20% of that customer's share of business in the next 2-3 years' time, maybe we would think that we have not been very successful.

This is excellent. Five years out, 20% is your aspiration?

It could be more. I think it all depends upon how all these launches go. It's such a diverse customer with so many products. There will be a lot more businesses to be won, a lot more projects to be executed. It all depends upon how the team does, but, you know, based on the concept,

20% aspiration is including the local Chinese sales that they do, right? 20% is of the overall share or is it the export?

Typically, every global major, let's say top 10 global customers, will have 3, 4, 5 suppliers. That's the way it works. So, you know, we are just dividing 100 by that. That's it.

Perfect. And one more question, if I can have, if I look at Q4, the case. So, the cost of repeating, if I look Q4, and in fact, for the F26, SED and SED have been saviour calls. Happy failure in terms of the margins and overall revenue performance. The rest of the businesses have struggled both at revenue as well as on the margins front.

That we have already answered, no, Chirag. You are talking about DPD and PLD.

No, no, sir, my question is, on the revenue side, BCDC, can we see the state of tax happening?

You're still, I can't hear, sorry, I can't hear you.

I'll come back in the queue.

Thank you. The next question comes from the line of Ravi Porohit with Securities Investment Management. Please go ahead.

Yeah, hi, thanks for taking my question, and congratulations on a good set of numbers, sir. So, you know, essentially, just going back to our acquisition at LDC, you know, I think, and I think Mr. Mohan had also alluded today that, you know, there was activation related products that we had kind of, you know, got technology for. So, and I think it's been a fairly long period of time since we have kind of acquired, and I think we had mentioned earlier that we are kind of refreshing the entire product portfolio and all those things. So, if you could kind of share with us in what stage of journey are we in on launch or scaling up of those actuation-related products, because that would have been like the next logical step to expanding our, you know, cables business.

Akhilesh, will you take that question? On actuation.

Achilles.

Yeah, sorry. In terms of actuation, you know, we first got our actuation technology when we acquired LDC from Kongsburg. With that capability, we launched multiple actuators for the two-wheeler business in India, and that did very well in the last couple of years. Now, we also launched a couple of products with some new EV vehicles, some with ICE and some with EV as well. So these actuators are much smaller than what we do in the US and in Europe, and in China, of course, we also do actuators in China, but these are much smaller than we started in India. At the same time, you know, Kongsberg LDC had focused on the very high-force actuator, which is used only in very large vehicles, so, you know, premium SUVs in the US to kind of lift and flip the second row and third row to give you full access, you know, the full flatbed kind of access to the SUV. So, those kinds of actuators are still not prevalent here in India. I think the premiumization trend has not yet caught on, but it's slowly catching on. We see a lot more customers interested in our actuator portfolio to bring to India, but it's in the most premium segment in India vehicles. You know, even in high-end Inovas, you don't still get electromechanical actuators. We are working with our customers to try to align when they launch in India. I have a lot of our actuators when you come to the medium-force actuators, which is a slightly lower-force actuator. And that is what our tech center has been developing the last year. And we're expecting to have samples of those now with a lot of our customers in the coming few months, where we have redesigned an actuator for, you know, having a lower force. the cabin, we have tried to develop an actuator that is better than our competition. So we'll hopefully show this in the next few months to our customers, and then, you know, that is still a long pipeline, you know, two years with, once we show the customers this, we would expect at least one or two years before those actuators become real business for the, for the cables division, both globally and in India. So I think that hopefully captures the actuator.

And I think to add to what Atle said, Ravi, is that the original version of the actuator that we got from the LDC acquisition was an old generation. I think what was found lacking was the noise and the force when compared with some of the current competitors. So that's where STC stepped in to come out with... Thank you. But for the new businesses, I think some of the new generation or additional business, we need some of these new generation activators.

Great. That helps a lot. Sir, I think relating to this very business, I think we had also mentioned about motors, right? Earlier, I think there was some sourcing development that we were doing. So, if you could update whether we are sourcing the motors from India itself or are we sourcing it from China? Is there any idea?

Yeah, I think originally we were buying these motors from China for some of our requirements in both Europe and China. And in the U.S., it was shifted to an Indian supplier. That is now what is going on. So that had helped us in, you know, reducing the tariff risks. And now the tariff risk is completely off because our customer assembles with our motors, which is in India origin, and then supplies to a local Mexican, you know, tier one, who then further transfers the whole thing into a seating and then it delivers to U.S. That has completely avoided the tariff structure. That was a big problem with the original China motors.

And no plans to kind of do it ourselves, right, this motor? No idea of kind of doing the motors ourselves, right? I mean, we have a good reliable source base in India itself, right?

Yeah, we have a good supplier in India today, yes. He's a global supplier too.

The last question, I think, you know, I think we discussed earlier also now, I think because 50% or more than 50% of our operations are actually global in nature, the cost structures will also reflect, you know, similar, you know, numbers. So, if you look at employee cost to sales ratio, for example, right, I think post-LDC acquisition and SES acquisition, it has been hovering between, like, say, 21% to 25%. Somewhere in the last year, middle of the year, it has kind of touched and crossed 25%. This last point, it is down to over 21%. So is there a fair assumption that last year, you know, in certain quarters, and I think you had mentioned, alluded to those, whether there were some like one-off or one-time employee-related costs which are sitting here, and should we assume 21%, 22% as the base number or from an employee cost point of view?

You know, yes, last year, you know, as you know, we have done some restructuring and reduction of people, and that cost has hit the P&L, so the cost of that restructuring would be sitting there in the employee cost somewhere. So, from that point of view, I would expect that by... Not because the material costs will change. What is changing is the employee cost and other expenses because of the restructuring. I think that's where you will see those numbers improve for the current year. And hence the margin improvement, yeah.

Thank you. The next question comes from the line of Jinal Sheth with Aureka Capital Advisors. Please go ahead.

Good afternoon.

Am I audible? Yes, just be a little louder, please. Thank you.

So, firstly, I would like to commend Supajit team for commenting, for basically giving a timeline for how you guys executed on SES, and you actually lived up to it. So, I mean, that's something that is commendable. So, I just wanted to understand, sir, is that, you know, you, we've always understood the company, especially in the tables business for the last man standing. And the kind of difficult environment that we are seeing today, are we seeing any changes in the competitive landscape where companies are going bankrupt? Any thoughts on that?

I mean, I've always said this. I don't know whether it's about bankruptcy or otherwise. I think consolidation of... You know, auto-component suppliers, particularly at least relating to our business, whether it is lamps or whether it is cables, we have always said this is going to continue to happen. The point is simple. The customer wants global suppliers who can supply to any one of their plant anywhere in the world. I think that is the name of the game going forward. One of the reasons we acquired LDC and SCS is to make sure that we have that footprint. So I think that will be continually the case, whether somebody will go bankrupt or whether somebody will get acquired. And as you know, we ourselves have acquired five or six cable assets and, you know, a couple of lamp, at least one lamp asset in India. So what I'm saying is that these things are there, it will happen. So the guys who are most competitive in the business will certainly make more inroads. And that's why when I said we are talking about double-digit business growth in global business. When there's a global business, underlying automotive or whatever the business is actually not growing, says that somebody else is suffering in the process. So how long they will suffer, whether they will get acquired, whether they will go bankrupt, I think that time will tell. But as we just mentioned in the call, one of the biggest, largest halogen lamp manufacturer has gone insolvent in Europe. It's all part of the game, and consolidation will be the key. Those who are not efficient, who are not value for money, will have difficulty going forward.

Okay, and my next question is, so when we are thinking of new products, like, you know, we've spoken about thoughtless, clusters. So, obviously, you know, a lot of other companies are also doing it, and it's not that these are special products. So, I just want to understand our thought process when we are entering these spaces. How are we looking to win here?

Aklish will take a shot at it.

Yeah, so, you know, we very specifically focused on our cable portfolio and the functions our cable portfolio has always been playing in a bike or a scooter. So, you know, we've always been doing speedometer cables, and now we are doing the digital cluster, which is kind of a replacement of more premium vehicles for the speedometer cable and the analog speedometer that we already do it. So that is on speedometers. On the throttle, we have always been doing the throttle cable. Now we can do the electronic throttle and the throttle sensor and a throttle plus switch. So, you know, we are, again, kind of premiumizing or replacing our cable wherever it is. It could get replaced. And similarly with brakes and brake systems, you know, we're looking at becoming a full system provider and that replaces our current brake cable, or enhances our current brake cable and CDS type of. This is very clear, it is only on our functions and how they will be replaced. In terms of advantages we have is, you know, we have that both India and the globe Any specific function. And therefore, we have something that a lot of our competition doesn't have in terms of customer access. And also, we are very focused on developing these products in terms of R&D to bring just these new products with a lot of investment to kind of bring new technologies to those products. So, you know, a throttle, for example, we are now exporting a throttle with a heated drift from India to China. So, you can imagine the kind of… We're also doing multiple different types of sensors. So we're investing a lot into a very small product type, which our competitors wouldn't do. Similarly with clusters, you know, where we have a very large access globally to the off-highway segment and to the two-wheeler segment in both U.S., in China, and India. So those clusters and throttle and electronics. I kind of will focus on those segments where we have a lot of good market.

Okay, thank you. Good luck.

And I think it's already 12.20. We'll take one last question.

Sure, sir.

Moderator, please.

Sure, sir. The next question comes from the line of Rachna Kukareja with SCIL Ventures. Please go ahead.

Thanks for the opportunity again. My question is on the SEL business. Compared to last time when we shared our order book, how would that have evolved now?

You mean in Suprajit Engineering Limited, you mean? SEL. Where did you say?

SEL.

Now, actually, you know, we don't really talk about an order book as such because, you know, we are all working with OEMs. Our order book is what is there on the SAP portal on that day, and the volumes are depending upon how that particular, let's say, model works out. There is nothing like a fixed order that has been awarded by the customer with volumes. There is an order with a price. Not the quantity. So quantity depends upon how their vehicles move. So typically in the auto component business, the order book probably can be mentioned by multiplying with the expected number of, you know, vehicles, whether it's a two-wheel or a car that's produced. But we don't do it. We basically go by what customer orders on a day-to-day basis. And once the order is received, we'll also know whether we are a 100% supplier for that or a 70% or a 50%. I think that creates an order book, but then we don't really project it for the year. That has been our practice.

So in digital clusters, electronic total control, do you know which end segments and customers are driving growth?

Both these products at this moment are for the two-wheeler, both EV and ICE segments. Having said that, on the digital cluster, as Achilles just mentioned, we are just now working with one global major for a North American non-automotive business. That is a fairly significant new business that we are likely to execute during some time during the course of the year starting. Most of these businesses are currently for the two-wheeler industry.

And any new products have been commercialized in this business?

In the electronics division, I think, as Akhil said, I think the throttles are the big hot subject at this moment because... What we have been able to deliver to customers is a throttle which is a simple ferrite magnet base, not the, you know, rare earth magnets. That has given a significant interest for most of our customers. So quite a bit of those developments are happening on the throttles, and, you know, we continue to develop. Actually, we are developing a very – Mohan, will you touch on some of the other development and electronics division, particularly the, you know, clusters and others?

Bye. First and foremost thing is the actuator. So I would say stick lock actuator or when you put a charging gun for an electric vehicle, you need to charge the electric chargers. Then you need to have a lock there. So we have started doing that, started supplying it. So these are some of the products which have come from the stable of STC, which has got commissioned out there. So, largely, I would say three major categories that I can talk about. One, instrument clusters. Again, in what we call it as Supra 1.0, 2.0, 2.5, and 3. These are the three, four different platforms that we are talking about. So, this is the one major set. Second major set is the actuators, like what I said, like seat lock actuators, charging and actuators, such things. And the third important is the throttle position sensors or TPS as we call them. These are the three products which have come out to the STC stable.

Thank you.

Thank you. With that, I would conclude this session. If there is any more information required, please do contact our PR, Medhapha, our team. We appreciate the interest you guys are showing in Suprajit, and as I said, it has been a good quarter. And thank you all for your time and patience, and I hope we have been able to answer your questions. With that, I hand you back to moderator and Anand Rati. Thank you.

Thank you, sir. Ladies and gentlemen, on behalf of Anand Rati's Share and Stock Brokers, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.