Havells India Limited (HAVELLS) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Q4F526 on this conference call of Havels, India Ltd. As a reminder, all participant lines will be in the listenerly 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. Thank you, Steve.

On behalf of Kotak Securities, we welcome you all to Q4 FY26 and FY26 results conference call of Havels India Ltd. We have with us today the senior management represented by Mr. Anil Zai Gupta, Chairman and Managing Director, Mr. Rajesh Kumar Gupta, whole-time director and group CFO, Mr. Ameet Kumar Gupta, whole-time director, and Mr. Rajiv Goyal, executive director. Now, I hand over the call to Mr. Anil Rai Gupta for his initial comments, and then we will open the floor for Q&A. Thanks, and over to you, Anil, sir.

Thank you. Thanks. Good morning, sir. Thank you for ending today's call. We hope you would have reviewed the results and now walk you to the key heights. We have stepped up our advertising investments as brand-newity, but still ten-meter growth and over-stress. On the profitability front, margins held well, except Lloyd, which was impacted due to lower revenues. We continue to navigate cost pressures. Calculated price actions have also been initiated. Our renewable energy initiatives continue to scale. As you were aware, during the period, this investment allows us to leverage Goldie's solar module manufacturing capabilities to expand our solar purview. Additionally, during the curve 4, the expected value is $283 crores on this investment. The gain is reported under other income for the quarter. We have invested in setting up a new refrigerated plant at Gilot. During the quarter, the capacity was commissioned and a refreshed product was launched. After daylight, on earth, there are massive kinds of pickup in demand for cooling products. We remain optimistic on a revival Thank you.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question.

Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of

Ravi Swaminathan with Aventus Park. Please go ahead.

Hi, sir. Thanks for taking my question. My first question is with respect to the cables and wires segment. During the quarter, we had registered a 14% growth. If you look at the copper prices, I think year on year it would Thank you very much.

Sir, your voice is cracking a bit, sir. Okay, I'm a bit surprised. Can you hear me now?

Yeah, it's better.

On an overall, this is a very thick stand. The industrial cable segment has grown much faster than the domestic wire segment. And very high base last year, if you remember 4th quarter of 2020-25, saw a major up to increase in 4th quarter. There was some amount of price correction in copper before the war, and hence, the wire segment remained flat, but the cable segment has passed.

And with respect to the couple of other segments, one of the AC and fans, how much amount of price increase we would have taken over the past few months to compensate for the raw material price increase in both these products, if you can highlight that, and how much are we likely to take?

First increase happened due to the energy efficiency ratings change during the quarter. And then post there are, you know, raw material changes which are happening. In February 24, there is increase of raw material prices, including other products. So, I would say it starts from November till April. There is calibrated price increases happening not only in France, but in other countries.

The next question comes from the line of Natasha Jain with Philip Capital. Please go ahead.

Yes, thank you. Sir, so since your line was not clear, I'll just repeat one question I had incremental. In terms of wires and cables, you mentioned that the volume has been flat but margin increase has been very sharp. So, could you point out what could be attributed to inventory gains and if there's any mixed change that has led to such a sharp margin spike despite volume degrowth?

Well, I think, you know, I would say rather than just looking at this particular quarter because there's usually in this quarter year-end, you know, adjustments also because of the final dealer incentives and all. But overall, there were inventory gains because of copper and aluminum as well. But, you know, volume growth was only 6%. Not flat, but volume growth was 6%. And but we have seen slight degrowth in domestic wire segment, but much higher growth in the industrial segment.

I'm discouraged. Okay. All right. My second question is on lighting. Now, revenue there again has been broadly flat, but margin has been, margin has increased extremely sharply. Your contribution stands at 37 and you've mentioned in your presentation that the long-term average is 30 to 32%. So, does that mean that there is some one-off even in lighting and that should normalize to 30% levels going forward?

Yeah, you can, you can take that as well. As I said, during the year, sometimes in the fourth quarter, there are There are certain year-end releases, and that is for the entire year. So, you know, one can say on an average, you can expect 32-32%, but sometimes the first three-quarter releases also happen in certain cases. Sometimes it's the other way around, but in writing, this has happened. And so I would say a long-term would be 32-32%.

And so this is even despite the fact that ASP decline has stabilized, that is what is mentioned in the PP2. That's right. Got it. And, sir, one last quick question. In terms of Lloyd, fourth quarter, we understand that the summer was bad, and in fact, it continued probably till beginning of April. Could you throw some color how the channel inventory right now is and a little color on sell-in and sell-out both?

I think your analysis is absolutely right. The first half of April was also slow, so there were some channel inventories, but now it's evening out, and, you know, south and west have started, you know, a good summer, and I think it's now coming in the north as well. So, hopefully, by the end of this month, there will be normalized inventories at the channel level as well.

Understood. Thank you so much, sir. All the best.

Thank you.

Thank you. The next question comes from the line of Rahul Agarwal with Ikegai. Please go ahead.

Hi. Very good evening. Thank you so much for the opportunity. Sir, couple of questions. Firstly, on outlook for fiscal 27, both on volume and revenue growth. Given that first quarter is ended week, my sense is, should we expect double-digit volume growth plus some price-hikes into FY27? Any outlook, could you share, please?

In today's environment, what do you expect an answer from me? You know, we are just looking at month to month, you know, who knows where the world goes, how the, I mean, okay, we are seeing sharp increases in prices for most of the product categories. So how much will volume growth be? It is difficult to say at this point of time. And, you know, I'm not even talking about the summer, but the kind of sharp increases in prices can, you know, hopefully it should not, but if it starts affecting the demand also, so that's something which will have to be seen, you know, as you operate. Let's see. I am maybe this is for other questions, people's questions also. At this point of time, it is very difficult to say what the goals will be. We are very positive, hopeful. The summer has started off at a good note, but the demand is yet to be seen. And our focus will be to continue to strive towards getting more efficiency. If you will see, we have also, you know, continue to invest heavily on our brand building activity which clearly indicates that we are in here for a longer period of time and it's very difficult to, you know, predict short-term ups and downs.

Sir, the base case, you know, even if we do like mid single-digit volume along with the price hike, we should still reach like mid double-digit mixture, right, in terms of value growth. Is that a reasonable assumption?

As I said, right now, it would not be right for me to give any number.

Okay, no problem. Sir, secondly, on the margin side, you know, given various amount of price sites and, you know, what we are seeing on the RM inflation side, should we assume that whatever RM inflation, Forex issues, in terms of cost inflation we are seeing, Most of that is actually passed through and there should, you know, the entire absorption is actually getting done from Havel's side. Is that understanding correct?

We are striving to do that. You know, again, we are in a competitive world and we have to see how it holds up. We are striving to pass on the call. But, you know, again, as I said, we have to compete in the market. Our focus will also be to retain or gain market share. So, we'll just, you know, play a balancing game here.

Good, sir. And last question, sir, on the after-sales service. My sense is we've seen a lot of premium product launches across all segments from Havels over the last six months. When you look at your website, you know, a lot of new products have actually launched. Just to understand that I think from a technician perspective, whoever services the customer from an after-sales perspective is largely the same team for premium as well as mass segment products. Is it, is it really possible to have a separate team for luxury and premium products so that the customer experience is not compromised? Any thoughts on this?

I think these are very operational issues which we continue to, you know, ensure that we will give the best service to the consumer, but these are very operational issues and part of a, you know, one part of the business that I think, you know, no, there is no point of us, you know, to spend time on this on this call. But what you are saying is, you know, our objective is to continue to give the best service as well as best customer experience, always. But it's good to know that you've noticed that averages coming out with premium products. That is a reflection of our continued investment in innovation.

Got it, sir. Thank you so much. I'll get back in. All the best.

The next question comes from the line of Anirutta Joshi with ICICI. Please go ahead.

Yeah, so thanks for the opportunity. As a solar business, so we have seen almost 48% growth in other segment, and even the EBIT margin has also seen a good expansion. So, if you can share more details on the solar business, means have reached a normalized run rate or there is a still good scope to potentially grow in this business, means how long this growth rate can sustain and again margins of solar business, have they reached to an optimal level or there is a still further scope to see margin expansion in solar business also. So, that is question number one. And in terms of question two, as far as the volume growth in fans, coolers, as well as the refrigerators, so how it would have panned out? Because probably there was no excess cell in December for these products. So, have they also seen some impact on volumes or is there healthy growth in these products? Yeah, thanks.

So in your first question on solar, I think most of the growth that you see in the other segment is coming out of solar. And you see, the way to look at it is that, you know, we are building capacities both in investor cables as well as solar. Solar through an investment in Goldie. And because of the ashore supplies, more capacity that we have, we are able to take advantage of the tailwinds that are there in these two segments. And going forward also, you know, in the coming year also, we do feel that there is enough opportunity in the solar segment to continue to grow. But we'll be also expanding our product ranges in the entire renewable space in coming times. So, again, difficult to say about the margins. One, of course, volumes will benefit, but, you know, it is a competitive space, and we also need to see our market shares growing. And also, we'll try and, you know, maintain or increase margins through better product additions and expansion of the product range in the renewable space. That's what we're looking for. As far as the second question, I think in France in the third quarter, there was a change in the BE norm. So, there was some stopping in the end of the third quarter, which impacted some volumes in the fourth quarter, but also the seasonality aspect also came in in the fourth quarter. So, hopefully, we should be seeing better volume growth in the first quarter.

Sure, sir. But in terms of monsoon, like last year also was impacted by monsoon. So, logically, the impact of monsoon this year is probably less compared to what it was last year. So, on that favorable base, should all these segments report strong growth or still the impact is so high of monsoon this time also that we are still seeing some impact of monsoon?

It's difficult to predict what will happen in the monsoon, but you are right. Last year was a low base. So, we should be seeing good growth in this year.

Okay, and any internal target estimate that the company would be working on the summer products that you can share with us?

I think we do not give any guidance on these numbers, and frankly, in this scenario, you know, we are hoping for a faster growth. As I already said, in summer products, last year was a very low rate. So we are hoping to get a good growth in this first quarter.

Okay, so I'm just last question. The weighted average price hike at the company level would be more than 10%. Is it a fair assumption?

No, I think we would like to see it that in many product ranges, it ranges between 5 to 10, 5 to 20%.

Okay, sure, sir. Thank you.

Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, Please limit your questions to two per participant. The next question comes from the line of Bala Subramanyam with Aryan Capital. Please go ahead.

Good evening, sir. Thank you so much for Dr. Chaktis. Sir, trade receivables have fallen drastically from 1,254 crore to 782 crore, almost 38%. Even data days, it used to be 20 or 21 range in last 5 years, but right now it came to 30 days. So I am trying to understand this is majorly because of faster collections or change in payment terms with distributors and how do you understand in upcoming years? Okay, sir. Sir, on the ECD side in Q3 is majorly described as Yes, sir, on the ECD side, in Q3, it's majorly described largely volume driven, not price lead. But in Q4, we saw volume decline, but there is no major price reversal. So I'm trying to understand if you could share volume growth or degrowth for fans, water heaters, and OIFR for Q4.

We don't give separate volume details for fans and water heaters. So, but as I said, overall, there was a degrowth in value terms in fan segment because of the initial push in the third quarter because of the energy efficiency and a delayed summer raise value.

Okay, sir. Thank you.

Thank you. The next question comes from the line of Siddhartha Behra.

So, first on Lloyd I mean, can you highlight broadly how much price hikes have been taken till now and how much is required to sort of go back to that double digit contribution margin level which we had last year?

Work in progress.

Any price hike sir, if you can quantify how much is more needed or how much is taken?

You know, as Shedazi has already said that there were quite a few prices, especially in case of Lloyd, because of the energy efficiency change, you know, the three star, five star change. So a lot of that happened during Jan to March. And now, you know, because I said work in progress, because now we're really seeing the impact of the cost increases post-war. So that is now being passed down. So there is a work in progress, but it's, you know, You are upkeepmakash? Basically, the event may be important for people and Ч exploring our line, so something that Capacities will come up, as you said, during this year. So, hopefully, by the end of this year, early next year, first quarter, we'll be having the entire capacities with your time. Understood, sir.

Okay. Thanks a lot. I'll come back in the floor.

Thank you. The next question comes from the line of

Aditya Bhartia with Investec. Please go ahead.

Hi. Good evening, sir. So, given that some of these price increase announcements for fans and room ACs could have been made by March end, did we not see any element of pre-buying, given the sharp price increases that you would have announced? That's my first question. And the second question is just on the other segment, margins that we are seeing in the other segment. Is it operating leverage benefits that are now starting to help us? And in that context, should we expect high-team kind of contribution margins to be sustainable from here on?

On the first part, yes, there was some free-buying in March, especially in the cooling process. And, but, you know, generally, that is the case also in most of the years, because it's also the upcoming season time for April and May. So, but that was also, you know, accentuated by the fact that the price increases were happening. And, you know, again, as I said, you know, it's right now solar is a sunrise industry for us. We are, we are evaluating this, we are, our major focus is to get, continue to gain market shares and, you know, get the tailwinds of this industry and difficult to say what the, you know, final margins will be, but they will continue to improve as you rightly said about the

operating margin, operating leverage.

Perfect.

That's helpful, sir. Thank you so much.

The next question comes from the line of Renu Bait with IFL Securities. Please go ahead.

Yeah. Hi. Good evening, sir. So, my first question is, you did allude to the fact that the current environment has been extremely difficult to predict, and you have been looking at the business on month-on-month basis. But going by your experience of how consumption and consumer demand has been, given the steep inflationary pressure across board, across segments and categories, do you think consumer off-take in broad is likely to remain slightly muted in the near term, say the next couple of quarters? And the entire thesis of expectation in recovery and consumption is getting prolonged?

Yeah, I have not seen this kind of a, you know, price escalation in the recent past, in the recent memory. You know, usually it happens, but it is not so steep and not across all product categories. Sometimes there are more fluctuations in the previous environment, but this is kind of a thing across, whether it's a share or for you to be. So, while we are very hopeful of the overall structural things which have happened within India as well as within average, but ultimately it is, you know, we are bound by the fact that, you know, the consumer can, consumer offtake can get affected if the price hike is too high. Let's see how it pans out, let's how the war pans out, and hopefully we should have some insight in the coming months.

But for us, the priority would be to ensure to retain the market shares are retained or improve in the current environment, even if it remains slightly challenging.

Yeah, I mean, usually we have tried to be, you know, more efficient during these times and more efficiency leads to market share gain. So our investments continue to be there, whether it is in innovation, whether it is in brand building, distribution reach also. So, our reach and all these things, those investments don't slow down during a tough season.

Got it. So, secondly, yeah.

Which, Renu, if you've seen in the past, if it means some pain in the short term also, but we are again, we are, you know, wanting to play a long-term game. Absolutely.

So, looking at the capex brand in the last couple of years, we clearly stepped up our investment plans across manufacturing facilities, particularly cables and wires and lawyers. So, how should we look at the investment plans for fiscal 27-28? Any notable segments you would want to highlight, apart from the annual spend budgeted for the next two years?

Yeah, I think by 27-28, major expenses, major capex would go into cables and wires, which is already panned out, and I think a lot of that is happening in this financial year, also, extended course. The rest is a big investment is going into the new R&D center. And that will happen over the next two, two and a half years. The rest, you know, there is no major new capex in the Lloyds segment.

Got it. And this, lastly, link to the cables and wires. We recently gathered that one of the large player with presence on the cement side who was pouring into cables So, do you think in the current environment where the market is struggling, but on the volume side, a large entrant entering in the space, could it put incremental pressure on the existing peers and the industry pricing trends?

See, I mean, generally speaking, you know, cables and wires, especially wires, there has been a lot of consolidation in the past also from unorganized or regional brands or small brands to organized brands. More and more, this industry has absorbed newer players. And I think going forward also, companies which would continue to invest in innovation, brand building and distribution leads still will be the winners in this. So, hopefully, new players will also come with the right investment. They'll definitely gain some market share, but some resistance may happen between the unorganized and organized sector.

Sure. And last question, if I can ask, while you've always spent enough for energy and money in terms of distribution breach, across regions, north, south are broadly taken care of. How do you look to tackle the western region in terms of penetration for Havel's products, X of tables and wires on the B2C side, and any particular areas you would want to highlight to fill the gap?

I would say that, you know, Havel continues to invest not only in the western region, but also certain parts of the southern markets like Tamil Nadu, where market shares are lower as compared to other markets. Those investments are going both in distribution, but also, you know, localized brand building as well. So, we are seeing, you know, good growth. If we actually break down this growth into those areas where we are investing heavily towards, we are seeing good traction in these markets, whether it's West or Kaminiwati.

Well, just got it. Thanks much and best wishes to you. Thank you.

Thank you. The next question comes from the line of Praveen Chai with PL Capital. Please go ahead.

Thank you for the opportunity. I have two questions. The first is, as you had highlighted, the next investment focus area is towards the industrial, whether it's the cable or renewable. So how are we going to see the B2B, B2C mix evolve for the company in the next few years?

I think when cables, also underground cables is something where we are investing, where we were to some extent under-invested, but you know, in the past, our B2C to B2B has remained between 75, 25, 70, 30. We hopefully in the next couple of years, we should continue to grow even in the B2C segment, especially where you see a lot of growth opportunities in lawyers, ECD. So, definitely, there is, I think, you know, there will not be a meaningful move from B2C to B2B.

Okay. Okay. And the next questions are related to the switchgear. So, it's highlighted that the margin affected because of lag in the pricing of the cost. So, do we believe that in the coming quarters, it is possible that we will go back to our 38% of contribution margin?

Yeah, we are striving towards that. As I said, in certain cases, the cost increases are so high that we were, there was a lag in passing on the entire price increase. We'll continue to strive towards moving there. But I've also said that our eyes will also be on retaining market share. It's not only, you know, so, you know, this is something which we have to see how we find out.

Why I ask that? Because the growth for the entire year for Switchgear is also quite low. So, it's more focused on the growth, the way forward, or major target is to achieve our contribution margin.

I think it will always remain a balance between growth and profitability.

Thank you, sir, and all the best.

The next question comes from the line of Pulkit with GS. Please go ahead.

Sir, thank you for taking my questions. Anilji, I have two questions for you. First is, in light of whatever is happening globally, can you just discuss any supply chain disruption that you have faced or navigated? And secondly, is there a scenario right now, likely, wherein, again, stronger companies like you emerge stronger given better supply chain controls, etc., in the current environment? That's my question number one.

So, on the supply side, there have been challenges over the last couple of months, especially more on the production side. Those have been navigated on the raw material side as well as in the production side due to the gas supply. Going forward, we will continue to navigate those things. I think your question about whether stronger companies, I would rather say quarter to quarter thinking would not be in our mind mode of how do we continue Sure, sir.

So my second question is actually in relation to that only, which is we have about 4,000 crore of capital now deployed in lawyers, which at this stage is barely generating any profitability. If I was to look at this, say, further next two to three years, what is going to be the strategy to get our returns higher in that particular segment? You know, is brand building going to be a continued focus? Is utilizing our capacities, the two factories,

So the biggest thing about, I mean, consumer-oriented, brand-oriented business is something where, you know, it's an easier answer that you can't really say, okay, you know, if I have to fully utilize my capacity, I lower down my price and, you know, start selling more. It doesn't really happen as you can very well understand. It requires long-term investment in brand building. So, our focus and lawyers will continue to be towards bringing out better products through innovation, which means improving image through brand building and innovation for a better margin and utilize the capacities that have been created for better operating levels. So, that's where the profits will come from on higher sales due to capacity utilization, brand building, as well as improved margins. So, again, as I said, it's everything put together, but everything has to come together in a certain period of time. It can't come in very quickly, and that's what we'll continue to invest for.

Sure, sir. Useful. Thank you so much.

The next question comes from the line of Mr. Achal Lohade with NUAMA Institutional Equities. Please go ahead.

Yeah, good evening, sir. Thank you for the opportunity. Two questions, sir. First, if you could give us some sense, if possible, on the full year growth in terms of fans, wires, water heaters, etc.

Thank you, everyone. Good morning, everyone. Thank you very much. Thank you. Thank you very much. Thank you very much. We do believe that we've been able to at least retain, if not gain.

Any of the categories where you think you could have lost market share?

I don't believe so. Understood.

The second question I had, you know, just a top-down thoughts. From a positioning of our products, would it be possible to get a sense in terms of the economy and mass premium and premium mix? And, like, are we underindexed in the volume segment where probably the growth could be better and premium is facing a challenge in terms of growth? Any color on the segmentation at a broad level, sir?

Actually, look at the strategy of the company. I think the chairman just talked about how the long-term studies are torn up. So, I think looking at a very short-term lens, I think we can't decide about the bank positioning. You are aware we have Rio, we have Havel, so I think within those segmentations we will play, but just because there could be volumes in the lower end of the market and we even don't know, you see, the data is not really supporting that. So I think in a brand position which has been painstakingly built over decades, something you can't really tinker with, you see, based on a particular quarter or a seasonality. So this I think we will continue to sort of support. Yes, there will be strategies how we play in every segment but not necessarily it could be played with a single brand architecture and that's something in the market you are also aware of how we are doing the same. There will be more clarity in the future will also be coming through. We are also observing market very closely and but clearly there is a ethos which brand stands for and I don't think that should be altered purely on some quarterly considerations.

No, understood. Just to clarify, Rajivji, the question was more from an annual-medium-term perspective, not really quarter at all. I just wanted to clarify, given the positioning what we have, given the category, the sub-segment growth within the category, is there a constraint in terms of growing at a higher pace and there is a price difference gap between us and other brands have widened. Is there a case for that? I was more coming from that perspective.

No, maybe you could be right, but I hope you appreciate this something what we do every day. And based on, as you said, brand ethos are built over decades. Even here, actually, there's nothing in the overall history of a business and a brand. So, yes, I think your point understood, but I think this is something we evaluate very closely. I don't know if you can assure me.

Fair point. And just a clarification, Anisar, you know, in the past calls, you did highlight, you know, there is a possibility of over two percentage point improvement in margins over medium term. You know, given what you have kind of highlighted in the call about renewed investments in the R&D and the A&D, is there a change in that particular thought or, you know, that remains as is?

No, that remains as is because we are continuing to, you know, wanting to be more efficient of get operating leverage out of better volume. See, the whole investment behind innovation and band building would be to, you know, put in more innovative products at a premium to the consumer and get better margins for the company. So, again, as I said, short-term, there may be, you know, some pains, but long-term, the whole idea is to, you know, have better growth and profitability. Through growth, also operating leverage will be coming.

Understood. Thank you so much for your answer, sir. Wish you all the best.

Thank you.

The next question comes from the line of Pratik Singh with Helios.

Please go ahead. Pratik, your line has been unmuted. Please go ahead with the question. Pratik Singh, your line has been unmuted. Please go ahead with your question.

As there is no response, we'll move on to the next question. It's from the line of Latasha Jain with Philip Capital. Please go ahead.

Thank you so much for the follow-up. I just wanted to check you had said in terms of cables, the volume growth is 6% and pricing is at, I mean, the value growth is at 14%. So just trying to do the math here, is it just 8% price height that you've taken? I think relatively copper has substantially increased and even aluminium if I see even on a wire wire basis.

No, this is what we are seeing over the quarter on quarter. And if you recall, there was actually a dip in copper in the month of February. The entire increase that you are seeing is post-war. So that has actually started increasing. So, yes. So, overall cables and volumes, cable and wire, 6% volume growth and 14% value growth.

So, 6% volume growth is year-on-year, correct?

Yes, that's right.

And that would leave us with 8% pricing.

Vend it for cable and wire.

All right, sir. Okay. Thank you so much.

The next question comes from the line of Ashish Kanodia with Siti. Please go ahead.

Yeah, thank you for the opportunity. So, the first question is, again, on the cost side, investment in talent and capacity building, when we look at the fixed cost, and this is, you know, across segments, while FY25, you know, there was an increase in fixed cost as you were investing. In FY26, barring tables and wires, we have seen the fixed cost being broadly flat across all of the segments. Now, when we – and table and wires partly is maybe because of the capacity and reserves. So, when you look at FY27, while, you know, as you said, you know, revenue is very difficult to focus revenue here, but from a cost point of view, do you see that FY27 is also going to be very similar to what we have seen in FY26, whereby fixed costs may be increasing cable and wire because of capacity addition, but other segments remains broadly where they are or maybe just, you know, in line with inflation? Do you think that because FI26 have not seen major investment, so FI27 could see a bump up in the investment across segments?

Yeah, there will be some investment across segments, so this will be a specialty of a cable demand, but there will be a balanced, you know, approach across all segments. However, you know, last year also we said this year also we will try and get more operating Thank you very much, everyone, for joining in. to the investor call for Havels India Limited. And thank you, Umang, for organizing this. Thank you.

Thank you. On behalf of Havels India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Thank you.