Mayur Uniquoters Ltd (MAYURUNIQ) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Mayur UniQuarters Ltd., Q4 and FY26 earnings call, hosted by Monarch Net Worth Capital Ltd. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as and the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the lesson only more, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 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 have the conference, Odom sir Rahul Dhani, from Monarch Network. Thank you, Vanuva, to you, sir.

Yeah. Hi. Thank you, Ikra. Good afternoon, everyone. On behalf of Monarch Network Capital, it's our pleasure to host the Mayuri Uniquotors Q4FI 26 on this call. On the call today, we have Mr. Arun Bagheria, Executive Director, and Mr. Vinod Kumar Sharma, CEO of the company. We will start the call with opening the Ransana Management and then move to Q&A. Thank you and over to you, sir.

Thank you, Rahul. Good afternoon, dear investors and analysts. It's a great pleasure to address you as we reflect on the past years and look forward to the future of the company. Your support and trust in Mayur Uniquotors have been instrumental in our success, and we are honored to share with you the performance of Mayur. Thanks for giving your precious time to join Mayur Uniquotors Limited Q4 FY26 conference call. Mayuri New Quarters Limited being a market leader in the synthetic leather industry and an organized player has been able to leverage emerging opportunities and delivered exemplary performance in past years, both in national and international business markets. Now, I would like to start with financial highlights for Q4FI26 under review, and we will reply to your queries after our review of the financial results for the quarter. The company has achieved the revenue from operations on standalone basis is $260.55 crores, BBT $82.59 crores, and PET $60.71 crores. In the quarter, the standalone revenue increased by 22%, BBT and PET both increased by 70% and 73% on volume by basis. The revenue from operations on a consolidated basis is 273.35 crores, PBT is 81.23 crores, and PET 59.43 crores. And in this quarter, revenue increased by 9%, and PBT and PET increased by 54% and 43% in consolidated basis. Further, our endeavor is to make the company a preferred supplier for the leading OM and overseas markets. Especially U.S. and European regions. And in addition to this, we have already received some good export orders from U.S. for OEM supplies, which are making a good contribution to our sales revenue and profitability. And this increased momentum is expected to continue in the next two to three years. While pursuing our business interest, Mayur and Ecotas has also been endeavoring to fulfill our responsibilities to our society. Under the corporate social responsibilities program, we have contributed towards the regular plantations, approximate 45,000-plus plants we have already done, and have a plan to do it at large scale in coming years. The company has also adopted many happy schools for education of children. The company has worked on education for all and underprivileged children. Various health care initiatives, especially child skill development, water for all, sanitation at a school area, distribution of books, bags, cloths, etc., and most importantly, family planning and family welfare schemes in nearby villages. The state government has also recognized these initiatives on various platforms. I am thankful to all the investors for their valuable time to those who became the part of this earning call. With this positive note, I would like to conclude and request you all to open the form for questions and answers. Since we have limited time of 45 minutes for the call, therefore, request you to please avoid repeated questions. Over to you.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone 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. The first question is from the line of Anurag Patel from Quest Investment Managers. Please go ahead.

Thank you for the opportunity. Sir, my question is on the raw material side, particularly paste PVC and the yarn. How has been the current trend on the raw material prices? And also, are you facing any issue on the availability of paste PVC? If you can throw some light on these two aspects.

So, obviously, it's a petroleum byproduct. So, the prices have gone up, and the prices have gone up significantly. So, like, there was a challenge initially in the month of March where people were expecting that there could be an issue regarding the availability of the raw material, but I think so those issues are resolved now, and prices have also softened a little bit from the highs of March. It's softened a little bit, but availability is not an issue right now.

Okay, and over the next 2-3 months, are you expecting any further increase or it still remains uncertain?

So, it's very difficult to predict the prices, definitely, because things are settled right now, so we don't see any increase in the near future as of today. It's very difficult to predict what Trump does tomorrow, so I cannot say that, those things. But things are looking more stable right now, and availability definitely is not an issue right now.

Okay, and sir, for us, how it can impact us, basically on the domestic business side, do we have sufficient inventory?

So, you have to see it in two ways. One is short-term and second is long-term. So, long-term, we don't see too much of impact. Short-term, yes, maybe a month or so, like because it takes some time to pass on the price increase to the customers. Definitely, it impacts a little bit in the short term, but we do carry some inventory also, so it gets averaged out in the long term.

Okay, sir. That's it from my son. Thank you very much.

Thank you. Next question is from the line of Pitesh Cheda from Lucky Investment. Please go ahead.

Yeah, hello, sir. Sir, can you give some flavor on the domestic, for the full year, the domestic growth and the export growth and, you know, some flavor on within that the auto growth and the non-auto growth?

So, we have said in the last phone call also, our expectation from domestic growth is between 8 to 10 percent. And our expectation from export growth is from 15% to 20%. Obviously, we are focusing more on the automotive sector. So, we see more growth coming from the automotive side, whether it's in the domestic market or in the international market.

Okay. And this number now we are saying for the future, this is the volume growth, right?

So, when we are saying volume, we are saying value growth also. So obviously the value growth will be much more than the volume growth because our export prices are much more higher. In Indian domestic industry also, what type of business that we are targeting, we are not targeting a very low price items, we are targeting a much more higher value items. So we see more value growth than we see in volume growth.

This 8 to 10 and 15 to 20, which you mentioned, for as your usual, we were saying, we

were saying based on values.

Okay, these are values. For FI 26, can you give us some color on the domestic growth and the export growth, what did it find out to?

I am still waiting, so, we told that between 8 to 10% and the value, I mean, this year and the next 2-3 years, it seems approximately.

So, FY26B was the same either.

We registered a total growth of 15% in value, and out of that, around 35.5% we achieved the growth in export, and 4% plus we achieved in domestic. Average is 15%.

35% growth in export, 45% growth in domestic. This was the value growth, right?

Yes.

Can you just give the total volume number what you sold?

31 million meters.

31 million. And what was the volume growth here?

Volume growth is total 4.5%.

Nearly 5%. Okay, so 5% volume growth and 15% value growth? In total. Correct. In total. Yeah. Yeah.

If we see export growth, then it is 15%. And domestic is 2% plus. Average is 5% yearly.

Okay, that's what you're talking about. 15% in export? Okay. Now, in the last quarter specifically, you have a very high margin as well.

Obviously, there is currency depreciation also.

So, how should we look at the, how should we analyze this margin number and how should we look at, you know, year forward, considering that, my guess is, export business for you is now 60-70% of the business, right?

Export is around total 42.5% now, and since we are focusing on export business more, and especially automotive and export, therefore, it is expected to increase further.

Okay, and how should we analyze the exit quarter margin? Because it's a number which is like a 30% margin number, right?

Yes, yes. Trying to maintain it, but, you know, it depends on the situation, so we have to consider the situation also. But if everything goes well and our growth momentum is also continued with the exports business, then definitely we are expecting that it should be maintained.

The exit margin of 30%, right?

I am not telling you exact margin, but in

this exit margin, is there any one-off, any inventory gain, or it is just that you are selling more into export, export growth rate is there, where currency is depreciating, so as in when the mix keeps changing in favor of export, the margin keeps rising, that's how I should put it?

Yeah, because export is increasing and our export prices are also very good prices and margin is also good. And secondly, this foreign exchange yen is also giving impact because of increase in dollar prices. So export is giving much contribution to our margin.

My last question is, you gave out your growth for effort 278 to 10 domestic, usually export...

Already, I think we have already replied this question.

No, no, my question is, sir, mix, this mix of export to domestic 45-55, which was this year, what should this mix look like next year?

Value-wise, if you see, then it should be 45-55. Or, yes, 45 to 50, it should be nearly that. Yes, 45, nearly 40 to 45 percent will be our export. We are expecting, yes, this will be the range. And remaining balance is domestic revenue.

Okay, sir. I will come back if you have more questions.

Thank you. Next question is from the line of Avanish Chandra from Smith Limited. Please go ahead.

Congratulations, whole management team have a spectacular performance. Sir, have we added any new client on the export side because we continue to do We do well on the export, our margin number, and everything is showing that.

Well, we have said in the past also, like, our business is going with existing customers also, and our volume with Ford was very low. So we have added more platforms on Ford business. The business has started increasing, but it will increase more in the coming months.

Okay. And, sir, the exit rate of our quarter performance on the top line, at least that will be continued, at least that much assumption we can make for the next year.

So, in the long run, yes, if you look at the entire year as a whole, yes, we should be able to do that. I cannot comment on quarter-to-quarter basis right now.

Okay. Okay, sir. And sir, could you throw some light on your PU business? Overall performance is good, but have we done anything on the PU side?

So, PU, Abibi, the business is muted right now. We have not been able to succeed too much in terms of the volume in PU and increasing in sales. But definitely, as we have highlighted in the previous concourse also, we are definitely talking to a lot of brands, but business has not matured till now. In fact, there was an audit from a very big customer. They have passed us, approved us as a vendor, but no price commercial settlement has happened till now.

Okay, sir. Answer bookkeeping question. The overall PU business in last year, if I tend to seek.

Okay. Vinoj, you can give me the answer. For the complete year?

Yes, sir.

It was around 27 crores, 27.08.

Okay, sir. And some last question, other participant was asking for margin. We have been used to seeing margin 24%, 25%. All of a sudden, we are seeing 33% plus margin. So, we are really baffled at what margin we should expect next year. So, I understand sir was saying 30% can be achievable, but if you can just throw some like that, these are the reasons and we can expect 26 becoming 30% apart from export mix. Any other reason which can lead to this kind of margin expansion from 26 to 30 in next year?

See, it's very difficult to analyze because there is a lot of uncertainty in the market. So, we have given a very clear guidance of 25 to 26% in the past. We should be able to maintain that for sure. And there has been some improvement because of the currency depreciation also. So, we should look at somewhere around 25 to 30% margin. Exact finger comment kerna more difficult.

Sure, sir. Thank you very much for answering my question. All the best, sir.

Thank you, Anit.

We will take our next question from the line of Nishan Sharma from Nuama Wealth PCC Research. Please go ahead.

Thank you for the opportunity. Congratulations on great set of numbers. Sir, one question on the round, if you can share the segmental breakup of each of the segment for full year and for quarter. And secondly, again on margins, how much of this margin, incremental margin is due to currency benefit that we are witnessing?

Yes, please note down the segment results. Export general 21 crores.

For the quarter, an export OIM 88 crores, auto OIM domestic

55 crore, replacement 41 crore, put wear 48 crore, furnishing 5 crore, and others are balancing figures.

Total $261, total $261, okay? Yes, sir.

Yeah, and our other income includes this foreign exchange gain

of around 30 crores. Sure, sir.

Thank you. Thank you. I'll call back in. Thank you. Thank you.

Next question is from the line of Viraj from Simpal. Please go ahead.

Yeah, thanks for the opportunity. You said for a fixed income, that is for the year or for the quarter?

For the year.

For the quarter, what will be the FX game we would have realized?

Fx gain for the quarter is around 75% of which we have reported in quarter, other income.

But sir, other income is only 3 crore. So, you know, when I look at other income, so where is this reported?

Sorry?

Where is this reported, this forex gain? Because other income is only 3 crores. So if I did 75% of 30 crores, you know...

Because the market was down during the quarter, so fair valuation of the investment was also getting reduced. So that was compensated with the total income of including foreign exchange. So, the balance net, this is the quarter 4 other income is balancing figure for the total year. Okay. And what we have booked in up to December, this was the balancing figure.

No, I got that. What I am trying to understand is, see, other forex income, whatever forex gain we accrued, we recorded that in other income, right?

Yes.

So when I look at our operating gross margin and operating EBITDA margin, they're still around 50% and 31%. You know, this is excluding the forex gain as, you know, based on your, you know, calculation. So I'm just trying to understand what explains the increase.

Still, I am not able to understand your question.

Sorry?

For the quarter, we have shown 3.31 crores other income, and for the year, we have shown 55 crores other income. And with foreign exchange gain, we report in other income. And the total other income includes foreign exchange gain.

Yeah, that's what I'm saying, sir. So when I look at my gross margin for the quarter, which is quarter 4, we have reported close to 50% gross margin, and we have reported 31% EBITDA margin. Now, this is excluding the other income, which we report, right? So I'm just trying to understand what explains the higher gross margin and the EBITDA margin for the quarter.

For the Q1, Q1 for FY27 or last quarter?

No, no. So, Mr. Bagheria, sir, what I'm trying to ask is, if I look at our contribution margin for the quarter, which is Q426, we have reported 50% contribution margin, and we have reported 31% EBITDA margin. Now, this is excluding the other income, you know, where we report the forex gain. So, the reason for higher gross margin and EBITDA margin is what I'm trying to understand. What is driving that?

So, the reason for improvement in optimal margin, as I told you, is because of increase in the export business, definitely. Obviously, we had some stocks, so we could pass on some prices to the customers in the month of March. That also contributed to the margins. Uh, and, uh, it was a product mix. Basically, uh, we could sell some products with a higher, better margin.

Okay. So going into seven and, you know, beyond, uh, do you see the mix and, you know, given that now you have a increased, uh, pressure on the raw material side, you know, uh, for the inflation, do you see, you know, any pressure in terms of margins at the contribution level?

So I told you, like, if you look at the year as a whole, there should not be any pressure because obviously the prices also changes to the customer. On a quarter basis, sometimes it can impact, but on the full year basis, it will even out.

Okay. The second question was on the export business. Can you give some now color? How is the pipeline? You know, I think you talked about us winning a platform from Ford, but how is now the existing business and export into the distribution, say, into the customers or models? You know, is it more diversified now? And how is the pipeline now? So any color you can give?

So, actually, we don't get fixed orders from customers. It's all projections. And they say, okay, this is a volume on each platform. And obviously, those projections get adjusted on a monthly basis based on their demand also. So, we have given a very clear indication based on what we have today. We should see somewhere around between 15 to 25% growth in the export business.

Got it.

Got it. Because that will imply a great tool.

I'm sorry, I'm sorry. Can you please run the key for more questions? Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two participants. Should you have a follow-up question, please rejoin the queue. We will take our next question from the line of Vaidik Basna from Monarch Network Capital. Please go ahead.

Hi, sir. Congratulations on this robust set of numbers. Sir, I have two questions. Firstly, we can see that our other expenses have declined. So, can you quantify the forex, I mean, the freight costs involved during the quarter?

Yeah, other expenses have decreased in this quarter because of two reasons only. Our freight costs have gone down in this quarter because of this, you know, war situation and all. And second one, our maintenance costs, repair and maintenance costs and consumables are also controlled. And because of these two reasons, our other income is reduced.

I would also like to add one more thing. So our productivity. Where we measure the OEE has also improved in the last quarter compared to our previous year, and that has also contributed to the improvement in March.

And sir, one more question on the low cost inventory. So we can see that there is a huge jump in our gross margin. So is there a possibility that because of we had some lower cost inventory with us since the previous quarters and there was significant rise in the RM cost? So did we take any price like or such and which we could make use of it, which would benefit us?

So, the prices started going up from the month of March, maybe after first week of March, 7th, 8th March. So, the impact will not come in the month of March. So, Rick, previous quarter, there will not be a lot of impact. And we don't want to take undue price advantage from our customers also. So, the practical rise, they raise them because we are not in a monopoly business and in automotive, it takes some time for the price increase to happen. Like today, if the price increase in March, then it will not be increased. Maybe it will take 1-2 months, but they give it from the previous month. So, we will start the day again. So, its impact on our previous quarter, we have not come to what we see.

Sir, I am telling that in Q4, did we take any prizes because of this?

Yes, so I told you, we have taken some prizes. For domestic customers, which are in the footwear, open market. Uh, automotive ka joh increase aata hai na, woh ek-dwo maina lag jyata ane ke andar, so woh increase ka impact abhi nahi aya, woh aayega.

Uh, okay, so sir, you mean to say that there will be further price, right? From, from, for, for Mayurius. Yes, so sir, in Q1, FI27, and Q2, FI27, we should see a moment.

Yes, I mean, that settlement generally happens in 2-3 months, but we get back quarters, so we generally raise supplementary invoices to them.

In Q1, both impacts will come. Price increase in our invoices, self-revenues, and price increase in raw material impact.

Okay, sir. Thank you, sir. That's just from my side.

Thank you. Next question is from the line of Kiran D from Tabletree. Please go ahead.

Thank you so much for the opportunity, and congratulations on a very good set of results. Two questions, sir. One more strategic. Sir, we keep saying 15% to 20% in export and 8% to 10% in domestic. That is well understood. So, what should happen from here on, given that we now have scale, reputation, capacity, and everything else, to push the export growth, especially the export OEM growth, to 20 to 25 percent, from 15 to 20 to 20 to 25 percent, is it approval for more models or more clients? So, that's like more of a strategy question. So, put the growth at 20-25%, from 15 to 20.

See, obviously, we are targeting multiple customers, and some customers, automotive customers, specifically, it takes time for the business to crack. It's difficult to define that it'll be this year or the next year, but yes, we are talking with existing customers and new customers also on more platforms. This can happen. What we have in our hands, we can comment on those things right now. What is in the pipeline, and we are not sure, we don't want to comment on those things right now.

Got it, sir. Got it. I mean, because a year, year and a half back, sir, we were always saying export growth, especially the OEM growth, will be more than 20%. Now we are scaling it back to 15 to 20. So just wanted to understand if anything that was in planning has gone out.

Maybe we were just giving a very conservative figure to 15-20% to 22% up.

Got it. If you see, if you see, on year or in year-on-year basis, our export growth is 35% and automotive is 50%. Got it.

Sir, you can see the number, because FI25, we ended export with 343 crore. This year, we ended with 387 crore. So, that's like a 13% growth. Have I got my numbers wrong?

You are considering an entire year's number?

Three years number, sir. Fi25 to Fi26. Fi25 was 343 in my, as per your previous con-call results, I compiled. And this year it is 387.

No, this year, this year export is 386, okay? And last year it was 285. Last year it was 285. And I am telling you the numbers on stand-alone basis. I am not including the consolidated numbers. That will be added further on to this number.

Okay, so we shall look at standalone numbers. Got it. So second question is, employee expense suddenly from quarter to quarter, we've increased from 14 crore to 17 crore. Is it a hike or have you hired a bunch of people in the US? What exactly happened for a 3 crore jump and should we consider this as a new normal going ahead for FI 27?

No, actually, it has impact of new labor court's provisional impact. So, that is the major impact in this employee benefit expenses. And the new hiring is also…

Are you talking about the Indian operation or are you talking about the U.S. operation specifically? Sir, I am just seeing the console number and saying 17. Okay, so obviously there is an impact, what Mr. Widowd has said, it's an impact of new labor code also, and we have hired a few new people also. So it's a combined impact, but more impact is because of the new labor code. Okay, so labor code import we have not taken in Q3, we have taken in Q4.

Obviously, because the impact started from 21st November, 2025. Therefore, all future libraries will come in March only. And now you will consider it on quarterly basis.

Got it. Got it. Got it. Thank you, sir. All the best.

Thank you. Next question is from the line of Rajat Satya from iThought PMS. Please go ahead.

Hi. Thanks for the opportunity. Sir, a question is that our margins have been made by the market. If we adjust the inventory games, what are the margins?

And Inventory Yen.

Yes, Inventory Yen is not a

margin, it is only Forex Yen and Treasury income and all other income other than business operations.

Okay, sir, Inventory Yen is not a margin?

No, because you said that the price increases later in half of March.

Okay.

The price increase impact on automotive will come in this quarter.

Yeah, I mean, price increase is reflected in revenue, but I was wondering, inventory, when we record year-end, as on 31st March, as per accounting policies, so in that case, we don't record any gains?

No, no, no. Cost or realizable value. Inventory is always valued on cost or realizable value, whichever is left.

Okay. So, adjusting for some of the other items, what are the margins?

Sir, I tell you, we don't produce against a stock, we produce against orders only. So, our FG stock is not very high, because we don't have any advantage of its valuation. And the raw materials, the stock is in the moving average price. Thank you. So, the advantage of our balance sheet will not be shown in our balance sheet.

Okay, got it. I mean, sir, 25% of the inventory is shown in the sales case. Like 25% of sales is our inventory, which is, I mean, it's not small, it's a decent number.

No, no, the inventory, you can see our U.S. inventory. Are you looking at the balance sheet or are you looking at the stand-alone?

Sir, it's consolidated.

It is inversed on the agreed price only.

Sure. So, sir, why are you not understanding that when the price is not increased, how much the margin has increased?

He has already told you that because of the increase in exports, and especially exports at higher value products, secondly, it is the impact of other income. Price gain. Yes, sir, other income...

I'll just send you January, February, March. Our orders were good. So what happens if your orders are good also, your productivity also increases. And you can plan your orders in a much better way also. So our OE, I told in the previous question also. Our operating efficiency also improved. That is one reason. Second reason, our export mix also increased. Third is obviously some currency gain. And other major

impact is because of cost control, which you can see in other instances.

And the forex is 3 crore, you have reflected in your reflection.

Yes, for the quarter.

So sir, basically, if you take the forex, then you talk about the operationally, so you mean, 30% margin... Correct. But sir, in any other question, you have not said any other question, but you have maintained the quarter. I'm a little confused. Because if the operationally margin is high, 30%, So, I believe in business.

Yeah, actually, you know, we have already informed you that our self-growth momentum will be continued for next to three years. And we are also focusing on exports and automotive, which is in good margins. So, definitely, we are trying to maintain it, and if we can say, it should be 25 to 30 percent. Or if everything goes well, then definitely, we are expecting to be maintained this margin.

Thank you. One small thing about the revenue. Q4 generally, revenue is more than Q4?

Always, Q4 is the best. Generally, if you see the trend, So, Q4 is generally better at our time.

Thank you, sir. Thank you so much, Rishu, all with us.

Thank you. Next question is from the line of Shashank Kanudia from ICICI Securities. Please go ahead.

Sir, can you help us guide what will the QPICS plan for next two years? I think in Delhi, maybe you do already. We are thinking of a new plan in South India and maybe a plan in Mexico. So, if you have an update on this.

So, uh, aisa hai, joh, Mexico ka last compliment, maybe you were not there. So, we said we are looking at a global location, but definitely, ho sakta, woh Mexico, or the country bhi ho sakti hai. So, woh analysis chal raha hai, whenever we are clear about that location, we will update you. But the CapEx would be around 300 CR for a global location. We have got a coating line in India, but instead of putting it in South India, we have found space in an existing facility only. So, we will put it here. So, now our capacity will increase, but we are not going to South India, we are putting it here.

What should be a capex spent for the next two years, roughly in rupees course?

Global location, global location, tell us about 300 crore. If we put it in South India, then we said there, depending on the land prices. But now, because we are doing existing, we will get into 50 CR. So, I mean, 300 plus 50. 300 plus 50, yeah.

And we have

already ordered for the machine for the existing location. So, maybe by the end of this calendar year, maybe one month plus minus.

So, effectively, cash outflow should be roughly 50 crores for this year, right? Because the location will be set by the end of this year.

Yeah, I mean, you can tell this year that it will be approximately enough.

This will increase the capacity for how much to what million meters are?

So generally, a line of average is 5 lakh meters. I mean, rough calculations then. It depends on the product mix. So, it can be 4 or 6. But the average is up to 5 lakh meters. So, 120 to 150 CR revenue is increased. And the average is increased. Approximately. I am giving approximate figures.

We have always been guiding that domestically we should be growing 8-10% and exports to 15-20%, but blended basis, your conserved revenues have grown at 10% for the last 2 years. So is there anything that we are missing in this entire piece because then if you are again guiding for the same number, then we should be working with 10% top-line growth on the conserved basis for next 2 years for you.

See, actually, what happened in our last quarter? Because of the war situation, our general export market was temporarily impacted, because there was some materials that were supposed to go to Middle East, but we could not dispatch those materials. It was held. Secondly, if you think about it, when the U.S. tariff came, our general export business did not go down, but because we had started our business in Europe also, we had said that our business has not gone down, but the increase that we were expecting. General export, that had to get nullified. So, US duty's impact has not been given in the overall style of the year. So, these two external reasons have been downed by our general export business. So, that will not be further.

Okay. So, sir, if things stand today, then 8-10% domestic, then 15-20% exposes, 1% is doable for us.

Mane, haa, Mane, look, obviously external factors are not in our hand, but what we see right now, he has no challenge in his hands. And please, and please, and please don't hold us for a quarter-to-quarter case. Mane, I'm saying this on a yearly basis.

Sir, what was the whole year number for auto OEM exports for FI26 and FI25? You can help me with that.

Oh, sir, you told me. I will tell you. For the whole year?

Yeah, auto OEM exports for FI26 and FI25.

Okay.

I'll...

Yeah, please note out.

Yes, sir.

Auto-exposed for the current year, 290, and last year it was 194. See ya.

I'm sorry to interrupt, sir. Please rejoin with you.

It is increased about 50 percent. Understood, sir. Thank you so much.

I just want to take care of this 50 percent. Because when the starting business is growing, you need to build up in a pull-up of materials and inventories.

So, sir, in the next two years, how much is it, sir?

Thank you.

Thank you, sir.

Thank you. Next question is from the line of Hashidosh Diwari from Iguira Securities. Please go ahead. Sir, please proceed. Your line is unmuted.

Yeah, hi. Am I audible?

Yes, you are.

Yeah, it's a congress on the good numbers. Just one question. From the export side, how does the pricing work? Like, say, is currency a pass-through or be bill in dollar terms and currency is retained by us?

I mean, so as I had the... Yeah, I don't listen to customers, but okay. Anyways, what I would like to say, like our prices are fixed on a dollar basis, okay?

Okay.

So automotive, if the price is increased or increased, it is like we have to take the impact.

Okay.

General export, there is no fixed formula in general export, but it is case-to-case basis.

Okay. So, um, The trip was...

I'm sorry, please, please ask your question.

No, no, please, please, you finish.

So, Mr. Kudar has said in the past also, see, our overall business that Mayur does in comparison to the entire BBC business in the world is maybe 0.005% or something like that or 0.05%. So, there is scope for growth, definitely. We are trying to enter into new segments also. So when we say export growth, definitely automotive is a very big chunk of our growth. But we are expecting growth in our general export market also. Like we said, we will grow in our marine segment. And there are other markets also in Europe and in the USA where we see more potential to grow. So we are working on all angles. Definitely, from automotive point of view, the price is fixed on a dollar basis, so we do get an advantage. In general export, it's a case-to-case situation.

Okay, okay. And in general export, because now that your currency has depreciated, do you get some cost advantage versus other countries which are competing or local players?

Yeah, but see, obviously, when you are selling to, in general exports, you are dealing with two type of customers. One is traders. Second is end users. So, traders look at currency. So, when they talk about price come basically, if it's short term or long term, there's no benefit in the long term. And when you're dealing with customers, where your prices are fixed in the dollar, and where you are doing stock and sales, there is obviously an advantage missing.

I was asking that general export, general customers, if you look at it, because now, obviously, India is currency depreciated, so you have lower cost compared to, say, a supplier from the US.

Yes, definitely, definitely.

You get volume. My point is that you get volume.

Yes, definitely, it is an advantage situation for us. If you are more competitive, definitely, that is an advantage for Mayur. Yeah, anyone who is producing in India.

Okay, got it. Thank you and all the best.

Thank you. Ladies and gentlemen, we will take that as a last question for today. I would now like to hand the conference back to the management for Closing Commons.

So, thank you, everyone. for joining for the conference call. So as we had said that we are expending our capacity in South India. So we have been able to identify some space in an existing location. We have ordered one line, which will increase the capacity. And we are in sync what we had said in the past. Until there is a very big challenge from an external factor, we see our growth trajectory in the similar level as given in the past. Thank you very much for joining. Thank you.

Thank you. On behalf of Monarch Network Capital Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.