Q1 2027 Mayur Uniquoters Ltd Earnings Call

August 6, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Mayur Uniquoters Ltd Q1 FY27 earnings conference call hosted by Monarch Network Capital Ltd. This conference call may contain forward-looking statements about the company, which are based on the information discussed on this call.

Operator: Ladies and gentlemen, good day and welcome to Mayur Uniquoters Ltd. Q1 FY27 Earnings Conference Call hosted by Monarch Networth Capital Ltd. This conference call may contain forward-looking statements about the company, which are based on this call, beliefs, opinions, and expectations of the company as on 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 listen-only mode, 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 hand the conference over to Mr. Rahul Dani. Thank you. Over to you, sir.

Operator: Ladies and gentlemen, good day and welcome to Mayur Uniquoters Ltd. Q1 FY 2027 Earnings Conference Call hosted by Monarch Networth Capital Ltd. This conference call may contain forward-looking statements about the company, which are based on this call, beliefs, opinions, and expectations of the company as on 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 listen-only mode, 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 hand the conference over to Mr. Rahul Dani. Thank you. Over to you, sir.

Speaker #1: Beliefs, opinions, and expectations of the company as of the date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.

Speaker #1: As a reminder, you will be in listen-only mode, 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 touch-tone phone.

Speaker #1: Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dani. Thank you, and over to you, sir.

Speaker #2: Yeah. Thank you, Anushka. Good afternoon, everyone. On behalf of Monarch Network Capital, it is our pleasure to host the senior management of Mayur Uniquoters. On the call today, we have Mr. Arun Kumar Arun Vagheria, Executive Director, and Mr. Vinod Kumar Sharma, CFO of the company.

Rahul Dani: Yeah. Thank you, Anushka. Good afternoon, everyone. On behalf of Monarch Networth Capital, it's our pleasure to host the senior management of Mayur Uniquoters. On the call today, we have Mr. Arun Bagaria, executive director, and Vinod Kumar Sharma, CFO of the company. We will start the call with opening remarks from the management and then move to Q&A. Thank you. Over to you, sir.

Speaker #2: We will start the call with opening remarks from the management and then move to Q&A. Thank you, and over to you, sir.

Speaker #3: 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.

Arun Kumar Bagaria: Thank you, Rahul. Good afternoon, dear investors and analysts. It's a great pleasure to address you as we reflect in the past year and look forward to the future of the company. Your support and trust in Mayur Uniquoters 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 Uniquoters Limited Q1 FY27 conference call. Mayur Uniquoters Limited, being a market leader in the synthetic leather industry and an organized player, has been able to leverage emerging opportunities and deliver exemplary performance in past years, both in national as well as international business market. I would like to start with financial highlights for Q1 FY27 under review. We will also reply to your queries after our review of the financial results for the quarter.

Arun Bagaria: Thank you, Rahul. Good afternoon, dear investors and analysts. It's a great pleasure to address you as we reflect in the past year and look forward to the future of the company. Your support and trust in Mayur Uniquoters 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 Uniquoters Limited Q1 FY27 conference call. Mayur Uniquoters Limited, being a market leader in the synthetic leather industry and an organized player, has been able to leverage emerging opportunities and deliver exemplary performance in past years, both in national as well as international business market. I would like to start with financial highlights for Q1 FY27 under review. We will also reply to your queries after our review of the financial results for the quarter.

Speaker #3: Your support and trust in Mayur Uniquoters have been instrumental in our success, and we are honored to share with you the performance of Mayur.

Speaker #3: Thank you for giving your precious time to join the Mayur Uniquoters Ltd. Q1 FY27 conference call. Mayur Uniquoters Ltd., being a market leader in the synthetic leather industry and an organized player, has been able to leverage emerging opportunities and deliver exemplary performance in past years, both in national as well as international business markets.

Speaker #3: Now, I would like to start with the financial highlights for Q1 FY27 under review, and we will also reply to your queries after our review of the financial results for the quarter.

Speaker #3: The company has achieved revenue from operations on a standalone basis of ₹247.03 crores, PBT of ₹77.79 crores, and PAT of ₹58.95 crores. In this quarter, the standalone revenue increased by 20%, and PBT and PAT both increased by 41% and 43% on a year-on-year basis.

Arun Kumar Bagaria: The company has achieved the revenue from operations on a standalone basis is INR 247.03 Cr, PBT INR 77.79 Cr, and PAT INR 58.95 Cr. In this quarter, the standalone revenue increased by 20%. PBT and PAT both increased by 41% and 43% on YoY basis. The revenue from operation on consolidated basis is INR 269.23 Cr, PBT INR 74.12 Cr, and PAT INR 56.12 Cr. In this quarter, the consolidated revenue increased by 25%. PBT and PAT both increased by 35% and 38% respectively. Our endeavor is to make the company the preferred supplier for the leading OEMs in overseas market, especially the US and European regions. In this context, we have received some good OEM supply orders from USA, which have already started making good contribution to our export sales revenue and overall business profitability.

Arun Bagaria: The company has achieved the revenue from operations on a standalone basis is INR 247.03 Cr, PBT INR 77.79 Cr, and PAT INR 58.95 Cr. In this quarter, the standalone revenue increased by 20%. PBT and PAT both increased by 41% and 43% on YoY basis. The revenue from operation on consolidated basis is INR 269.23 Cr, PBT INR 74.12 Cr, and PAT INR 56.12 Cr. In this quarter, the consolidated revenue increased by 25%. PBT and PAT both increased by 35% and 38% respectively. Our endeavor is to make the company the preferred supplier for the leading OEMs in overseas market, especially the US and European regions. In this context, we have received some good OEM supply orders from USA, which have already started making good contribution to our export sales revenue and overall business profitability.

Speaker #3: The revenue from operations on a consolidated basis is ₹269.23 crores, PBT is ₹74.12 crores, and PAT is ₹56.12 crores. In this quarter, the consolidated revenue increased by 25%, and PBT and PAT both increased by 35% and 38%, respectively.

Speaker #3: Further, our endeavor is to make the company a preferred supplier for the leading OEMs in the overseas market, especially the US and European regions. In this context, we have received some good OEM supply orders from the USA, which have already started making a good contribution to our export sales revenue and overall business profitability.

Speaker #3: And this sales growth and increased momentum is expected to continue over the next two to three years. While pursuing our business interests, Mayur Uniquoters has also been endeavoring to fulfill our responsibilities to society.

Arun Kumar Bagaria: This sales growth and increased momentum is expected to continue next 3 years. While pursuing our business interest, Mayur Uniquoters has also been endeavoring to fulfill our responsibilities to our society. Under the corporate social responsibilities programs, we have contributed to our regular plantations, around 50,000 plants 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 healthcare initiatives, especially child skill development, water for all, sanitation at school area, distribution of books, bags, clothes, et cetera, and most importantly, family planning and family welfare schemes in nearby villages. The state government has also recognized these initiatives on various platforms.

Arun Bagaria: This sales growth and increased momentum is expected to continue next 3 years. While pursuing our business interest, Mayur Uniquoters has also been endeavoring to fulfill our responsibilities to our society. Under the corporate social responsibilities programs, we have contributed to our regular plantations, around 50,000 plants 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 healthcare initiatives, especially child skill development, water for all, sanitation at school area, distribution of books, bags, clothes, et cetera, and most importantly, family planning and family welfare schemes in nearby villages. The state government has also recognized these initiatives on various platforms.

Speaker #3: Under the corporate social responsibility programs, we have contributed to our regular plantations—around 50,000 plants already planted—and we have a plan to do this at a larger scale in the coming years.

Speaker #3: The company has also adopted many Happy Schools for the education of children. The company has worked on education for all and underprivileged children. Various healthcare initiatives, especially child school development, water for all, sanitation in the school area, distribution of books, bags, clothes, et cetera, and most importantly, family planning and family welfare schemes in nearby villages.

Speaker #3: The state government has also recognized these initiatives on various platforms. I am thankful to all the investors for their valuable time, and to those who became a part of this earnings call.

Arun Kumar Bagaria: I'm thankful to all the investors for their valuable time, to those who became the part of this earnings call. With this positive note, I would like to conclude and request you all to open the forum for questions and answers. Since we have a limited time of 45 minutes for the call, therefore, request to please avoid repeated questions. I'm also giving you the segment breakup. You may note down. Export general INR 30.24 Cr. Export OEM INR 73.56 Cr. Total exports is INR 103.80 Cr. Auto OEM domestic INR 56.08 Cr. Replacement INR 36.52 Cr. Footwear INR 41.16 Cr. Furnishing INR 6.08 Cr. Other INR 3.38 Cr. Total domestic sale is INR 143.23 Cr. Total is INR 247.03 Cr. Over to you.

Arun Bagaria: I'm thankful to all the investors for their valuable time, to those who became the part of this earnings call. With this positive note, I would like to conclude and request you all to open the forum for questions and answers. Since we have a limited time of 45 minutes for the call, therefore, request to please avoid repeated questions. I'm also giving you the segment breakup. You may note down. Export general INR 30.24 Cr. Export OEM INR 73.56 Cr. Total exports is INR 103.80 Cr. Auto OEM domestic INR 56.08 Cr. Replacement INR 36.52 Cr. Footwear INR 41.16 Cr. Furnishing INR 6.08 Cr. Other INR 3.38 Cr. Total domestic sale is INR 143.23 Cr. Total is INR 247.03 Cr. Over to you.

Speaker #3: On this positive note, I would like to conclude and request you all to open the forum for questions and answers, since we have a limited time of 45 minutes for the call.

Speaker #3: Therefore, request to please avoid repeated questions and I am also giving you the segment breakup. You may note down export general 30.24, export OM 73.56, total exports is 103.80 CR, auto OM domestic 56.08, replacement 36.52, footwear 41.16, furnishing 6.08, another 3.38, and total domestic sale is 143.23.

Speaker #3: Total is 247.03. Over to you.

Speaker #1: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press *1 on their touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Moving further, in order to ensure that the management is able to address questions from all the participants, please limit your questions to two per participant. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Shubham Jain from NV Alpha Fund. Please proceed.

Speaker #1: 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.

Speaker #1: Moving further, in order to ensure that the management is able to address questions from all the participants, please limit your questions to two per participant.

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. We will take the first question from the line of Shubham Jean.

Speaker #1: From NV Alpha Fund, please proceed.

Speaker #2: Oh, thank you so much for the opportunity, and I hope I'm audible. My first question is about the growth that we have shown this quarter, which is 25%.

Shubham Jain: Thank you so much for the opportunity. I hope I'm audible. My first question was the growth that we have shown in this quarter of 25%, how much of that was driven by volume and how much of that was driven by realization?

Speaker #2: How much of that was driven by volume, and how much of that was driven by realization?

Speaker #3: Good. The growth is driven by volume, which is around 2%, and the remaining growth has come from the price part.

Suresh Kumar Poddar: The growth is driven by the volume is around 2%. Remaining growth has come from price part.

Vinod Kumar Sharma: The growth is driven by the volume is around 2%. Remaining growth has come from price part.

Speaker #2: Okay, and this realization increases because of raw material price increase, or is this because of mix change?

Shubham Jain: Okay. This realization increase is because of raw material price increase or is this because of an exchange?

Speaker #3: So it's a mixed change. It's a mix because it's not only raw material prices—it's also because our export business has grown, so it's a higher price item.

Suresh Kumar Poddar: It's a mix.

Vinod Kumar Sharma: It's a mix.

Arun Kumar Bagaria: Mix change.

Arun Bagaria: Mix change.

Suresh Kumar Poddar: It's a mix because not only raw material prices, it is because our export business has grown, so it's a higher price item. That's the reason for the growth.

Vinod Kumar Sharma: It's a mix because not only raw material prices, it is because our export business has grown, so it's a higher price item. That's the reason for the growth.

Speaker #3: So that's the reason for the growth.

Speaker #2: Understood. Understood. My second question was on we were going to expand another line in our existing facility and we were evaluating our greenfield expansion as well.

Shubham Jain: Understood. My second question was on, we were going to expand another line in our existing facility, and we were evaluating a greenfield expansion as well. What's the current plan in terms of expansion, and what is the CapEx plan that we're planning to do over the next one to three years?

Speaker #2: So, what's the current plan in terms of expansion, and what is the KPS plan that they're planning to do over the next one to three years?

Speaker #3: So, we have already intimated in the last call also that we have already ordered the line for our expansion in our current premises. So, we should be able to start our production by the end of this financial year, somewhere between February and March 2027.

Suresh Kumar Poddar: We have already intimated in the last call also, we have already ordered the line for our expansion in our current premises. We should be able to start our production towards the end of this financial year, somewhere between February, March 2027. We will have an additional production capacity of 5 lakh meters. We are looking at two more expansions, but that is not finalized till now. One may be outside India, and one may be in India, but India will take a longer time because we have already expanding our operations over here. If we go outside India, we are still evaluating where we want to put. We have not taken a final call on that. Once we take the final call, we will let you know.

Vinod Kumar Sharma: We have already intimated in the last call also, we have already ordered the line for our expansion in our current premises. We should be able to start our production towards the end of this financial year, somewhere between February, March 2027. We will have an additional production capacity of 5 lakh meters. We are looking at two more expansions, but that is not finalized till now. One may be outside India, and one may be in India, but India will take a longer time because we have already expanding our operations over here. If we go outside India, we are still evaluating where we want to put. We have not taken a final call on that. Once we take the final call, we will let you know.

Speaker #3: So we'll have an additional production capacity of 5 lakh meters. We are looking at two more expansions, but that is not finalized till now.

Speaker #3: One may be outside India and one may be in India, but that in India will take a longer time because we are already expanding our operations over here.

Speaker #3: So, if we go outside India, we are still evaluating where we want to put it. We have not taken a final call on that. Once we take the final call, we'll let you know.

Speaker #2: Understood. So just a follow-up on this—we've been speaking about this international expansion for a while, but…

Shubham Jain: Understood. Just a follow-up on this. We have been speaking about this international expansion for a while.

Speaker #1: Sorry to interrupt, Mr. Shubham.

Operator: Sorry to interrupt, Mr. Shubham.

Speaker #2: Ma'am, it's a follow-up question to the previous question itself.

Shubham Jain: Ma'am, it's a follow-up question on the previous question as well.

Speaker #3: Okay, I'll just tell you because there's a lot of volatility in the market. We are still getting business with the current setup right now.

Suresh Kumar Poddar: Okay, I'll just tell you because, see, there's a lot of volatility in the market. We are still getting business with the current setup right now. We definitely need to put both plants somewhere outside India. Because of all this Trump tariffs, the West Asia war, or multiple things happening in the last few years, we have not taken a final call which should be the ideal location to put our plants. It could be in Mexico, it could be in US, it could be in some other NAFTA areas. We are still considering various options, but there's so much volatility in the market, so it's not easy to take and decide where exactly we should put the plant right now.

Vinod Kumar Sharma: Okay, I'll just tell you because, see, there's a lot of volatility in the market. We are still getting business with the current setup right now. We definitely need to put both plants somewhere outside India. Because of all this Trump tariffs, the West Asia war, or multiple things happening in the last few years, we have not taken a final call which should be the ideal location to put our plants. It could be in Mexico, it could be in US, it could be in some other NAFTA areas. We are still considering various options, but there's so much volatility in the market, so it's not easy to take and decide where exactly we should put the plant right now.

Speaker #3: We definitely need to put more plants somewhere outside India. But because of all these Trump tariffs, the West Asia war, and multiple things happening in the last few years, we have not taken a final call on where would be the ideal location to put our plants.

Speaker #3: So, it could be in Mexico, it could be in the US, or it could be in some other NAFTA areas. We are still considering various options, but there's so much volatility in the market, so it's not easy to decide where exactly we should put the plants right now.

Speaker #2: Understood. Understood. And based on the expansions that we have already done, what is the peak revenue that we can achieve as per current realizations?

Shubham Jain: Understood. Based on the expansions that we have already done, what is the peak revenue that we can do as per realizations today?

Suresh Kumar Poddar: The expansion that is by adding one more line?

Speaker #3: So, the expansion is by adding one more line?

Vinod Kumar Sharma: The expansion that is by adding one more line?

Speaker #2: Yes.

Shubham Jain: Yes.

Speaker #3: So just simply, if you just add 5 lakh meters at ₹300 per linear meter average price, it will just give you around ₹150 crore more per year.

Suresh Kumar Poddar: Just simple, if you just add five lakh meters into INR 300 linear meter average price. It will just give you around INR 150 crores more per year.

Vinod Kumar Sharma: Just simple, if you just add five lakh meters into INR 300 linear meter average price. It will just give you around INR 150 crores more per year.

Speaker #3: Yes, yes, per year—annually. Then we have some capacity in an additional facility also, so maybe an additional 300 crores to 400 crores. But it depends also a lot on the product mix.

Shubham Jain: Yes.

Suresh Kumar Poddar: Per year annually. We have some capacity in our additional facility also. Maybe an additional INR 300 to 400 crore. It depends also a lot on the product mix. Are we expanding more on the export front or are we expanding more on the domestic front? Anyway, between INR 250 to 400 crore could be a figure that you can see depending on the product mix.

Vinod Kumar Sharma: Per year annually. We have some capacity in our additional facility also. Maybe an additional INR 300 to 400 crore. It depends also a lot on the product mix. Are we expanding more on the export front or are we expanding more on the domestic front? Anyway, between INR 250 to 400 crore could be a figure that you can see depending on the product mix.

Speaker #3: So, like, are we expanding more on the export front or are we expanding more on the domestic front? But anyway, between ₹250 to ₹400 crore could be a figure that you can see, depending on the product mix.

Speaker #2: Understood. Thank you so much. I'll get back in queue.

Shubham Jain: Understood. Thank you so much. I'll get back in queue.

Speaker #1: Thank you. We will take the next question from the line of Molecule Ventures. Please proceed.

Operator: Thank you. We take the next question from the line of Molecule Ventures. Please proceed.

Speaker #4: Hi. So when are we?

[Analyst] (Molecule Ventures): Hi, sir. May I come in?

Saloni Hemnani: Hi, sir. May I come in?

Speaker #3: Yeah. Yeah. Please.

Arun Kumar Bagaria: Yeah. Please.

Arun Bagaria: Yeah. Please.

Speaker #4: Yeah. So first of all, congratulations on a good set of numbers yet again. So first, I wanted to ask you regarding the volume mix that you have mentioned—the export mix, sorry.

[Analyst] (Molecule Ventures): Yeah. First of all, congratulations on a good set of numbers yet again. First I wanted to ask you regarding the volume mix that we have mentioned, the export mix, sorry. Can you just repeat that, if it's possible? What was the percentage?

Saloni Hemnani: Yeah. First of all, congratulations on a good set of numbers yet again. First I wanted to ask you regarding the volume mix that we have mentioned, the export mix, sorry. Can you just repeat that, if it's possible? What was the percentage?

Speaker #4: So can you just repeat that, if it's possible? What was the—what percent?

Speaker #3: All the numbers, or only export and domestic?

Arun Kumar Bagaria: All the numbers or only export and domestic?

Arun Bagaria: All the numbers or only export and domestic?

Speaker #4: Yes. Export and domestic.

[Analyst] (Molecule Ventures): Yes, export and domestic.

Saloni Hemnani: Yes, export and domestic.

Speaker #3: And total export was 1, yeah. Export is ₹103.80 crore, and domestic is ₹143.23 crore.

Arun Kumar Bagaria: In total? Export total was.

Arun Bagaria: In total? Export total was.

[Analyst] (Molecule Ventures): Yes.

Saloni Hemnani: Yes.

Arun Kumar Bagaria: Yeah. Export is INR 103.80 crore, and domestic is INR 143.23 crores.

Arun Bagaria: Yeah. Export is INR 103.80 crore, and domestic is INR 143.23 crores.

Speaker #4: Okay. Sir, a follow-up regarding this export. In the last calls, we mentioned that the margin expansion is primarily because of the value-added mix and the growth coming from the export market.

[Analyst] (Molecule Ventures): Okay. Sir, a follow-up regarding exports. In the last quarter, you mentioned that the margin expansion is primarily because of value-added mix and the growth coming from the export market, and a sustainable number would be between 25% and 30%. What was the reason that sequentially we basically did not continue with the same trend on the margin? Going forward, what is our outlook on the export market?

Saloni Hemnani: Okay. Sir, a follow-up regarding exports. In the last quarter, you mentioned that the margin expansion is primarily because of value-added mix and the growth coming from the export market, and a sustainable number would be between 25% and 30%. What was the reason that sequentially we basically did not continue with the same trend on the margin? Going forward, what is our outlook on the export market?

Speaker #4: And a sustainable number would be between 25% to 30%. So, what was the reason that, sequentially, we basically did not continue with the same trend on the margin?

Speaker #4: And going forward, what is our outlook on the export market?

Speaker #3: No, this margin, as we told you earlier also in our previous concall—this margin, our sustainable margin, will be 25% plus 1 or 2%.

Arun Kumar Bagaria: No, this margin is, actually we told you earlier also in our previous con call, that our sustainable margin will be 25% or plus 1% or 2%. Last quarter, it was abnormally high because of abnormally high increase in foreign exchange rates. That was a one-time increase, basically. This current quarter's margin will be sustainable and expected to continue.

Arun Bagaria: No, this margin is, actually we told you earlier also in our previous con call, that our sustainable margin will be 25% or plus 1% or 2%. Last quarter, it was abnormally high because of abnormally high increase in foreign exchange rates. That was a one-time increase, basically. This current quarter's margin will be sustainable and expected to continue.

Speaker #3: But last quarter, it was abnormally high because of an abnormally high increase in foreign exchange rates. So, that was a one-time increase.

Speaker #3: Basically, this urgent quarter of margin will be sustainable and is expected to continue.

Speaker #4: Okay. Sir, is there any reason for this 2% volume growth currently? What is the capacity utilization of our existing capacity?

[Analyst] (Molecule Ventures): Okay. Sir, any reason for just 2% volume growth? Currently, what is the capacity utilization of our existing capacity?

Saloni Hemnani: Okay. Sir, any reason for just 2% volume growth? Currently, what is the capacity utilization of our existing capacity?

Speaker #3: So we are utilizing somewhere between 75% to 78%.

Suresh Kumar Poddar: We are utilizing somewhere between 75% to 78%.

Vinod Kumar Sharma: We are utilizing somewhere between 75% to 78%.

Speaker #4: Okay. And how much would this 5 lakh meter attribute to in terms of capacity addition?

[Analyst] (Molecule Ventures): Okay. How much would this five lakh meter attribute to in terms of capacity addition?

Saloni Hemnani: Okay. How much would this five lakh meter attribute to in terms of capacity addition?

Speaker #3: I just told you the figures just two minutes back. So basically so we have an installed capacity of 3.5 million. So we'll be like for PVC I'm talking about.

Suresh Kumar Poddar: I just told you the figures just two minutes back. Basically, we have an installed capacity of 3.5 million. For PVC, I'm talking about. It will be four million meters per month, basically. It depends again on the product mix. If we are making more products based on less thickness, like maybe 0.8 mm, it could be 4.1. If we are making thicker products, it could be 3.8. Capacity also depends on whatever product we make, but you can say somewhere between 3.5 to 4.2 million meters per month.

Vinod Kumar Sharma: I just told you the figures just two minutes back. Basically, we have an installed capacity of 3.5 million. For PVC, I'm talking about. It will be four million meters per month, basically. It depends again on the product mix. If we are making more products based on less thickness, like maybe 0.8 mm, it could be 4.1. If we are making thicker products, it could be 3.8. Capacity also depends on whatever product we make, but you can say somewhere between 3.5 to 4.2 million meters per month.

Speaker #3: So it will be 4 million meters per month, basically. But it depends again on the product mix. So, if we are making more products with less thickness, like maybe 0.8, it could be 4.1.

Speaker #3: And if we are making thicker products, it could be 3.8. So, capacity also depends on whatever product we make. But you can say somewhere between 3.5 to 4.2 million meters per month.

Speaker #4: So why am I going to understand this?

[Analyst] (Molecule Ventures): Why I'm trying to understand this, sir.

Saloni Hemnani: Why I'm trying to understand this, sir.

Speaker #1: Sorry to interrupt, Ms.

Operator: Sorry to interrupt, miss.

Speaker #4: This is the last question from my side, ma'am. So what I'm trying to understand is, because we're already operating at 75% EBITDA in capacity utilization, the ₹50 crore additional line won't basically move that much.

[Analyst] (Molecule Ventures): This is the last question from my end, ma'am. What I'm trying to understand, sir, is because we're already operating at 75% capacity utilization and the INR 50 crore additional line won't basically miss that much. It's just a major CapEx that we've been planning for a long time now which, again, as you mentioned, we are still evaluating. I just want you to understand your perspective on the next leg of growth. How much time would you think will it take for us to finalize on the timeline and start with the major CapEx?

Saloni Hemnani: This is the last question from my end, ma'am. What I'm trying to understand, sir, is because we're already operating at 75% capacity utilization and the INR 50 crore additional line won't basically miss that much. It's just a major CapEx that we've been planning for a long time now which, again, as you mentioned, we are still evaluating. I just want you to understand your perspective on the next leg of growth. How much time would you think will it take for us to finalize on the timeline and start with the major CapEx?

Speaker #4: It's just the major capex that we've been planning for a long time now, which again, as you mentioned, we have to evaluate. So, I just wanted to understand your perspective on the next leg of growth.

Speaker #4: So, how much time do you think it will take for us to finalize the timeline and start with the major capex?

Speaker #3: We have already said that you can expect top-line growth of between 10% to 12% for the next three years. This is what we can say currently, right now.

Suresh Kumar Poddar: We have already said that you can expect a top-line growth of between 10% to 12% for the next 3 years. This is what we can say currently right now, and this we have mentioned very clearly on this thing. Anywhere between 10% to 15% growth, because certain things sometimes you plan and it's not in your hands. Anywhere between 10% to 15% growth. We are not looking very strong growth in the domestic market, but yes, we are looking at a very strong growth in the export market.

Vinod Kumar Sharma: We have already said that you can expect a top-line growth of between 10% to 12% for the next 3 years. This is what we can say currently right now, and this we have mentioned very clearly on this thing. Anywhere between 10% to 15% growth, because certain things sometimes you plan and it's not in your hands. Anywhere between 10% to 15% growth. We are not looking very strong growth in the domestic market, but yes, we are looking at a very strong growth in the export market.

Speaker #3: And this we have mentioned very clearly on this thing. So anyway, between 10 to 15 percent growth, because certain things, sometimes you plan and it's not in your hands.

Speaker #3: So anyway, between 10% to 15% growth, we are not looking at very strong growth in the domestic market, but yes, we are looking at very strong growth in the export market.

Speaker #4: Okay, that's it from us. Thank you. All the best.

[Analyst] (Molecule Ventures): Okay. That's it from my side. Thank you. All the best.

Saloni Hemnani: Okay. That's it from my side. Thank you. All the best.

Speaker #1: Thank you. A reminder to the participants: please limit your questions to two per participant. We will take the next question from the line of Viraj Kacharia.

Operator: Thank you. A reminder to the participants, please limit your questions to two per participant. We take the next question from the line of Viraj Kacharia from SiMPL. Please proceed.

Speaker #1: From SIMPL. Please proceed.

Speaker #2: Yeah, hi. Thanks for the opportunity, and congratulations on a good set of numbers. Two questions: Sir, one is, when you say 2% volume growth in the quarter, exports for us would have seen a higher volume growth.

Viraj Kacharia: Hi. Thanks for the opportunity and congratulations on good set of numbers. Two questions. Sir, one is, when you say 2% volume growth in the quarter, exports for us would have seen a higher volume growth. That would mean that the domestic teams should have de-grown. If you see the market, especially auto, production itself has been upwards of 18% to 20% year on year.

Speaker #2: So that would mean that the domestic teams would have degrown, and if you see the market, especially auto production itself, it has been upwards of 18% to 20% year on year.

Speaker #3: Okay. That is not necessarily true. Accepting domestic footwear market where we have had us degrowth in the last quarter I think so we have if you compare YOY from last quarter to this year's quarter I think so we have grown on the domestic front also and there's a degrowth in the export OEM market because the business the shipments will start going more from this quarter onwards.

Suresh Kumar Poddar: Okay. That is not necessarily true. Excepting domestic footwear market, where we have had a decline in the last quarter. If you compare YoY from last quarter to this year's quarter, I think sir we have grown on the domestic front also. There's a decline in the export OEM market because the shipments will start going more from this quarter onwards. It's not that there's a decrease in the domestic market and increase more in the export market. Exactly, Mayur, you can say how much value you can say for the business.

Vinod Kumar Sharma: Okay. That is not necessarily true. Excepting domestic footwear market, where we have had a decline in the last quarter. If you compare YoY from last quarter to this year's quarter, I think sir we have grown on the domestic front also. There's a decline in the export OEM market because the shipments will start going more from this quarter onwards. It's not that there's a decrease in the domestic market and increase more in the export market. Exactly, Mayur, you can say how much value you can say for the business.

Speaker #3: So it's not that there's a decrease in the domestic market and an increase in the export market. Exactly—can you say how much is the value? Can you say what is the difference?

Viraj Kacharia: I mean, basically, is there volume growth for domestic and export?

Speaker #2: I mean, if you can just give volume growth for domestic and export.

Speaker #3: Volume growth for domestic and export is in total. Export is 9.9% — that's the growth rate. And 1% is the domestic growth rate. Overall, it's 2.77%, around 3% you can take it.

Arun Kumar Bagaria: Volume growth for domestic and export is in total. Export is nine plus, is the growth rate, and 1% is domestic growth rate. Overall, 2.77. Around 3%, you can take it.

Arun Bagaria: Volume growth for domestic and export is in total. Export is nine plus, is the growth rate, and 1% is domestic growth rate. Overall, 2.77. Around 3%, you can take it.

Speaker #2: Yeah. So my point is, in domestic, we have just had flat growth, while the auto production numbers have seen very healthy growth.

Viraj Kacharia: Yeah. My point is, in domestic, we have just had a flat growth when the auto production numbers have seen a very healthy growth.

Speaker #3: Yeah. But again, you have some markets perform well, have performed well in the last quarter. Some markets have not performed very well. So, specifically, our footwear business—because you have to understand the price of raw materials for footwear, not only the PVC prices—the sole prices increased drastically too. It went up to almost, like, two times, three times last year. Sorry, in the last quarter.

Suresh Kumar Poddar: Yeah. Again, some markets has performed well in the last quarter, some markets have not performed very well. Specifically our footwear business, because you have to understand the price of raw materials for footwear, not only the PVC prices, their sole prices increased drastically. It went up to almost two times, three times in the last quarter. Obviously the market was muted in the footwear segment.

Vinod Kumar Sharma: Yeah. Again, some markets has performed well in the last quarter, some markets have not performed very well. Specifically our footwear business, because you have to understand the price of raw materials for footwear, not only the PVC prices, their sole prices increased drastically. It went up to almost two times, three times in the last quarter. Obviously the market was muted in the footwear segment.

Speaker #3: So, obviously, the market was muted in the footwear segment.

Speaker #2: Okay, second question itself. See, if you look at our overall volume growth, which you shared, export has grown by 9%, and typically that is also where you have the highest margin.

Viraj Kacharia: Okay. Second question is, sir, if you look at our overall volume growth, which you shared, export has grown by 9%. Typically that is also where you have the highest margin. If you look on an EBITDA or a gross margin basis, we are seeing some moderation. I understand this quarter is not a true benchmark to look at. Given the increase in mix, one would see-

Speaker #2: But if you look on an EBITDA or a gross margin basis, we have seen some moderation. I understand last quarter is not a true benchmark to look at.

Speaker #2: But given the increase in mix, one would see probably—so for how many under—was there any under-recovery of raw material which needs to be passed on to the customer?

Suresh Kumar Poddar: Obviously.

Vinod Kumar Sharma: Obviously.

Viraj Kacharia: Was there any under recovery of raw material which you will pass on to the customer? Interesting dynamics. Yeah.

Speaker #2: I'm just trying to understand.

Speaker #3: Yeah. Maybe we do a good job—sometimes it takes time. Sometimes, for strategic reasons, you don't increase the price for some customers, not for all customers.

Suresh Kumar Poddar: Same way I told you. Sometimes it takes time. Sometimes for strategic reasons you don't increase the price for some customers, not for all customers. Obviously there was an increase in the raw material prices which started happening in the month of March. The market has been very volatile since then. The prices went up very sharply. There was a fall in prices of some raw materials. Again, the prices went up again. It's been a very volatile situation. It's very difficult to predict situations which is out of our control. It's something that no one can predict. No one knows what will happen with the West Asia War tomorrow. Things look very stable right now. Obviously, whatever projections we give, we give based on our normal market situations. Certain situations are not in the control which we cannot predict right now.

Vinod Kumar Sharma: Same way I told you. Sometimes it takes time. Sometimes for strategic reasons you don't increase the price for some customers, not for all customers. Obviously there was an increase in the raw material prices which started happening in the month of March. The market has been very volatile since then. The prices went up very sharply. There was a fall in prices of some raw materials. Again, the prices went up again. It's been a very volatile situation. It's very difficult to predict situations which is out of our control. It's something that no one can predict. No one knows what will happen with the West Asia War tomorrow. Things look very stable right now. Obviously, whatever projections we give, we give based on our normal market situations. Certain situations are not in the control which we cannot predict right now.

Speaker #3: So, obviously, there was an increase in the raw material prices, which started happening in the month of March. The market has been very volatile since then.

Speaker #3: The prices went up very sharply. Then there was a fall in prices of some raw materials. Then again, the prices went up again. So, it's been a very volatile situation.

Speaker #3: So it's very difficult to predict a situation which is out of our control. So it's something that no one can predict. No one knows what will happen with the West Asia war tomorrow.

Speaker #3: Things look very stable right now. So, obviously, whatever projections we give, we give based on our normal market situations. Certain situations are not in our control, which we cannot predict right now.

Speaker #2: Yeah, I completely agree with you. So I was just trying to understand if at all there was an under-recovery or not. I understand the environment we are in is very volatile.

Viraj Kacharia: No, I completely agree with you, sir. I always try to understand if at all there was an underrecovery or not. I understand the environment we are in is very volatile. Nice question.

Speaker #2: Last question.

Speaker #3: Again, just may ek cheez bolunga. Last quarter ek quarter ka profit upar neeche, we are just giving the picture on the long-term prospect of the company.

Suresh Kumar Poddar: Just मैं एक चीज बोलूंगा last quarter, एक quarter का profit ऊपर नीचे, we are just giving you a picture on the long-term prospect of the company. We are not commenting what is happening in the next quarter, what happened in the last quarter or what will happen in the quarter after that. Whatever we are talking about right now, we are talking about the long-term prospect of the company. Last time भी हमने बोला था quarter to quarter आप लोग कोई भी चीज analysis मत करिएगा।

Vinod Kumar Sharma: Just मैं एक चीज बोलूंगा last quarter, एक quarter का profit ऊपर नीचे, we are just giving you a picture on the long-term prospect of the company. We are not commenting what is happening in the next quarter, what happened in the last quarter or what will happen in the quarter after that. Whatever we are talking about right now, we are talking about the long-term prospect of the company. Last time भी हमने बोला था quarter to quarter आप लोग कोई भी चीज analysis मत करिएगा।

Speaker #3: We are not commenting on what is happening in the next quarter, what will happen, what happened in the last quarter, or what will happen in the quarter after that.

Speaker #3: Whatever we are talking about right now, we are talking about the long-term prospects of the company. So, last time भी हमने बोला था, quarter to quarter आप लोग कोई भी चीज़ analysis मत करिएगा.

Viraj Kacharia: Clearly.

Arun Bagaria: Clearly.

Speaker #3: हमारे projection के basis में, yearly yearly under normal situation, yearly इतना growth आ जाना चाहिए और इतना margins आ जाना चाहिए। वो plus minus 1 or 2% हो सकता है quarter to quarter.

Suresh Kumar Poddar: हमारे projection के basis पर yearly under normal situation yearly इतना growth आ जाना चाहिए और इतना margins आ जाना चाहिए। वो plus minus 1 or 2% हो सकता है।

Vinod Kumar Sharma: हमारे projection के basis पर yearly under normal situation yearly इतना growth आ जाना चाहिए और इतना margins आ जाना चाहिए। वो plus minus 1 or 2% हो सकता है।

Viraj Kacharia: Quarter to quarter.

Arun Bagaria: Quarter to quarter.

Speaker #3: But इसमें खाली एक ही चीज है, there are certain market situations where बहुत volatile हो गया, वो हमारे control के बाहर का चीज है.

Suresh Kumar Poddar: इसमें खाली एक ही चीज है, there are certain market situations जो बहुत volatile हो गए, वो हमारे control के बाहर की चीज है।

Vinod Kumar Sharma: इसमें खाली एक ही चीज है, there are certain market situations जो बहुत volatile हो गए, वो हमारे control के बाहर की चीज है।

Viraj Kacharia: Done.

Speaker #3: But we are very confident that whatever we are saying, we should be able to achieve.

Suresh Kumar Poddar: We are very confident कि whatever we are saying we should be able to achieve.

Vinod Kumar Sharma: We are very confident कि whatever we are saying we should be able to achieve.

Speaker #2: Understood. And last question sir.

Viraj Kacharia: Amazing. Thank you. Last question, sir.

Operator: Mr. Raj, I would request you to join back the queue as there are several participants waiting for their turn.

Speaker #1: Mr. Viraj, I would request you to join back the queue, as there are several participants waiting for their turn.

Speaker #2: Sure. Thank you.

Viraj Kacharia: Sure. Thank you.

Speaker #1: We take the next question from the line of Kiran from Table 3. Please proceed.

Operator: We take the next question from the line of Kiran from Table Three. Please proceed.

Speaker #2: Yeah, thank you so much for the opportunity, sir. Couple of questions, sir. Our export OEM last year, same quarter, like Q1 FY26, was ₹53 crore.

[Analyst] (Table Three): Yeah, thank you so much for the opportunity, sir. Couple of questions, sir. Our export OEM last year same quarter like Q1 FY26 was INR 53 crore. This year we did INR 74 crore, which is a 39% and 40% increase in the export OEM space, which is fantastic growth when you compare same quarters. Sir, इतना jump होने के बाद, 40% of export OEM growth होने के बाद gross margin थोड़ा भी improve नहीं हुआ है। Is it like, I mean even accounting for raw material price increases, is there anything where we are facing pricing pressure on export OEM market?

Speaker #2: This year we did ₹74 crore, which is a 39–40% increase in the export OEM space, which is fantastic growth when you compare the same quarters.

Speaker #2: So sir, इतना jump होने के बाद, 40% of export OEM growth होने के बाद, gross margin थोड़ा भी improve नहीं हुआ है, तो ये... is it, is it like, I mean, even accounting for raw material price increases, is there anything where we are facing pricing pressure on the export OEM market?

Speaker #3: So, दो पार्ट हैं इसमें actually. एक तो उस Gulf War की वजह से जो हुआ, ये problem, उसकी वजह से आपका price में impact आया था in Q1.

Arun Kumar Bagaria: दो part है इसमें actually. एक तो Gulf War की वजह से जो हुआ यह problem, उसकी वजह से आपके price में impact आया था in Q1. Secondly, because of this war, the shipment's cost have also increased.

Arun Bagaria: दो part है इसमें actually. एक तो Gulf War की वजह से जो हुआ यह problem, उसकी वजह से आपके price में impact आया था in Q1. Secondly, because of this war, the shipment's cost have also increased.

Speaker #3: And secondly, because of this war, the shipment costs have also increased. Okay, four times. Four times higher, the shipment cost was increased.

[Analyst] (Table Three): Got it, sir.

Arun Kumar Bagaria: Okay. Four times higher the shipment cost was increased.

Arun Bagaria: Okay. Four times higher the shipment cost was increased.

Speaker #2: See, ऐसा है, sometimes in export OEM market, खाली एक quarter के basis में आप जाके customer से price increase नहीं मांग सकते हो ना.

Suresh Kumar Poddar: See, ऐसा है sometimes in export OEM market खाली एक quarter के basis में आप जाकर customer से price increase नहीं मांग सकते हो.

Vinod Kumar Sharma: See, ऐसा है sometimes in export OEM market खाली एक quarter के basis में आप जाकर customer से price increase नहीं मांग सकते हो.

Speaker #2: You have to see how the market is, because, see, the war started, then the war died down also. We initiated requesting for the price increase; the crude supplies started coming down.

[Analyst] (Table Three): Got it.

Suresh Kumar Poddar: You have to see how the market because see the war started, then the war died down also. We initiated requesting for the price increase. The crude oil prices started coming down. Everyone thought कि वो सब stabilize हो जाएगा, stuff नीचे आ जाएगी। तो हमने जो pressure देना चालू किया था, वो hold कर दिया। वापस prices बढ़ने चालू हो गए, which was very unexpected. Obviously, we have not taken a price increase in the export market. इसमें एक चीज आपको और देखना पड़ेगा, 10% का तो मोटा-मोटी natural hedge ही हो गया है। आज भी अगर मुझे कोई material में $8 पर example बेच रहा था मैं, और मुझे INR 85, 86 का realization हो रहा था, तो INR 94 होने से तो मुझे 10% का तो और natural hedge मिल गया मेरे को। ठीक है, my raw material prices went up beyond that also.

Vinod Kumar Sharma: You have to see how the market because see the war started, then the war died down also. We initiated requesting for the price increase. The crude oil prices started coming down. Everyone thought कि वो सब stabilize हो जाएगा, stuff नीचे आ जाएगी। तो हमने जो pressure देना चालू किया था, वो hold कर दिया। वापस prices बढ़ने चालू हो गए, which was very unexpected. Obviously, we have not taken a price increase in the export market. इसमें एक चीज आपको और देखना पड़ेगा, 10% का तो मोटा-मोटी natural hedge ही हो गया है। आज भी अगर मुझे कोई material में $8 पर example बेच रहा था मैं, और मुझे INR 85, 86 का realization हो रहा था, तो INR 94 होने से तो मुझे 10% का तो और natural hedge मिल गया मेरे को। ठीक है, my raw material prices went up beyond that also.

Speaker #2: Everyone thought कि वो सब stabilize हो जाएगा, सब चीज वापस नीचे आ जाएगी। तो हमने जो pressure देना चालू किया था, वो hold कर दिया।

Speaker #2: वापस prices बढ़ने चालू हो गए, which was very unexpected. So, obviously, we have not taken a price increase in the export market. But इसमें एक चीज आपको और देखना पड़ेगा—10% का तो मोटा-मोटी natural hedge ही हो गया.

Speaker #2: आज अगर मुझे कोई material मैं $8 पे example बेच रहा था, और मुझे 85-86 का realization हो रहा था, तो 94 होने से मुझे 10% का तो और natural hedge मिल गया मेरे को.

Speaker #2: ठीक है, my raw material prices went up beyond that also. But we had requested, but we had not pushed because बीच में एक बार ऐसा लगा कि prices started coming down also very fast.

Suresh Kumar Poddar: We had requested, but we had not pushed because बीच में एक बार ऐसा लगा कि prices started coming down also very fast. We have not taken any increase from my customer in the export market right now. I mean OEM export market, at least sir, for the time being.

Vinod Kumar Sharma: We had requested, but we had not pushed because बीच में एक बार ऐसा लगा कि prices started coming down also very fast. We have not taken any increase from my customer in the export market right now. I mean OEM export market, at least sir, for the time being.

Speaker #2: So we have not taken any increase from my customer in the export market right now—meaning OEM export market, at least for the time being.

Speaker #2: Got it, sir. That is very helpful. Thank you so much. Second question, sir—our other expenses, quarter on quarter, like from the March quarter to this quarter, have increased by ₹9 crore. Is this a combination of forex losses and shipping, or is it only shipping?

[Analyst] (Table Three): Got it, sir. That is very helpful. Thank you so much. Second question, sir. Our other expenses quarter on quarter, like March quarter to this quarter INR 9 crore बड़ा है। Is it a combination of forex losses and shipping or only shipping?

Speaker #3: No, it's a mix of reasons. Shipping cost—I already told you—shipping cost increased in this last quarter, four times. Okay? For the export.

Arun Kumar Bagaria: No, it is mixed reasons. Some shipping cost, I already told you. Shipping cost increased in this last quarter four times for the exports, and some traveling cost and other service cost, legal and professionals, etc., which we have incurred on that account. That expenses have increased in this quarter.

Arun Bagaria: No, it is mixed reasons. Some shipping cost, I already told you. Shipping cost increased in this last quarter four times for the exports, and some traveling cost and other service cost, legal and professionals, etc., which we have incurred on that account. That expenses have increased in this quarter.

Speaker #3: And some traveling costs and other service costs, legal and professional, etc., which we have incurred on that account. Those expenses have increased in this quarter.

Speaker #2: Got it. So, this will be a recurring expense, right, Sir? Because flight costs have been elevated for a substantial number of months.

[Analyst] (Table Three): Got it. Sir, this will be a recurring expense sir because freight cost has been elevated for a substantial number of months.

Speaker #3: No, no. We cannot say that this will be continued, but since the war situation will be improved, then definitely the freight charges may come down.

Arun Kumar Bagaria: No, we cannot say that this will be continued, but since the war situation will be improved, then definitely the freight charges may come down.

Arun Bagaria: No, we cannot say that this will be continued, but since the war situation will be improved, then definitely the freight charges may come down.

Speaker #2: Got it, sir. Got it. Now, for our 500-crore social.

[Analyst] (Table Three): Got it, sir. Now करोड़ में पांच-छह करोड़-

Operator: Sorry to interrupt, Mr. Kiran. I would request you to join back the queue.

Speaker #1: Sorry to interrupt, Mr. Kiran. I would request you to please join back the queue.

Speaker #2: Sure, madam. I mean, that was just a clarification, but yeah, fine. Management.

[Analyst] (Table Three): I mean that was just a clarification.

Arun Kumar Bagaria: Majorly because of this freight increase and remaining is some service providers cost and this traveling and risk coverage cost.

Arun Bagaria: Majorly because of this freight increase and remaining is some service providers cost and this traveling and risk coverage cost.

Speaker #3: It's majorly because of this freight increase, and the remaining is due to some service providers' cost and this one—traveling and risk coverage cost. That is, yeah, thank you.

[Analyst] (Table Three): Got it.

Arun Kumar Bagaria: Yeah. Thank you.

Arun Bagaria: Yeah. Thank you.

Speaker #2: Perfect. Perfect. Thank you so much.

[Analyst] (Table Three): Perfect. Thank you so much.

Speaker #1: Thank you. A reminder to the participants: please limit your questions to two per participant. We'll take the next question, from the line of Aman Soni.

Operator: Thank you. A reminder to the participants, please limit your questions to two per participant. We take the next question from the line of Aman Soni from 7Alpha Investors Private Limited. Please proceed.

Speaker #1: From 7 Alpha Investors Private Limited. Please proceed.

Speaker #2: Hello. Sir Aman?

Aman Soni: Hello. Sir, I'm audible?

Speaker #3: Yeah. Yeah.

Arun Kumar Bagaria: Yeah.

Arun Bagaria: Yeah.

Speaker #2: Because of the recent FDA signed by India, how do you see our business from the leather segment shaping up over the years? Maybe in the next two to three years, how do you see growth coming in?

Aman Soni: Godaw International Ltd is signed by India. How do you see our business from leather segment to shape up over the years? Maybe in next two to three years, how do you see growth coming in?

Speaker #3: I think, sir, this is a very positive move for India. It will definitely be more effective in terms of cost. The sentiments of the customers to procure from India will definitely increase.

Suresh Kumar Poddar: I think this is a very positive move for India. Definitely will be more effective in terms of cost. The sentiments of the customers to procure from India will definitely increase. Definitely, both, especially in the Europe market, quite good sentiments are coming. Maybe customers might think of buying from India, which they were avoiding because of their de-risking policies. It's a very positive sentiment. Cannot comment how much the business will grow right now.

Vinod Kumar Sharma: I think this is a very positive move for India. Definitely will be more effective in terms of cost. The sentiments of the customers to procure from India will definitely increase. Definitely, both, especially in the Europe market, quite good sentiments are coming. Maybe customers might think of buying from India, which they were avoiding because of their de-risking policies. It's a very positive sentiment. Cannot comment how much the business will grow right now.

Speaker #3: So, and definitely both, especially in the European market, काफी अच्छा sentiments आ रहा है. Maybe customers might think of, you know, buying from India, which they were avoiding because of their de-risking policies.

Speaker #3: So it's a very positive sentiment. Cannot comment कि उससे business कितना बढ़ेगा right now. But yeah, a very—

Speaker #1: Maybe some gentlemen. The line for the management has been dropped. Please wait till I rejoin the management. Ladies and gentlemen, thank you for waiting patiently.

Operator: Ladies and gentlemen, the line for the management has been dropped. Please wait till I rejoin the management. Ladies and gentlemen, thank you for waiting patiently. The management line has been connected. You may proceed. Sir, you may proceed.

Speaker #1: The management line has been connected. You may proceed. Sir, you may proceed.

Speaker #2: Hello.

Aman Soni: Hello.

Speaker #3: Yeah. Please.

Suresh Kumar Poddar: Yeah, please.

Vinod Kumar Sharma: Yeah, please.

Speaker #2: Sir, can you please spend some time explaining the current competitive landscape in the industry? We are seeing that the automotive seating space is experiencing some friction.

Aman Soni: Sir, can you please spend some time on explaining the current competitive landscape in the industry because we are seeing that automotive seating is getting traction. For example, recently Uno Minda announced their entry in high value automotive seating systems as near players are entering, demand for synthetic leather will increase. Does the attraction for near players to enter in this space, are you able to see that happen?

Speaker #2: For example, recently, you know, Minda announced their entry in high-value automotive seating systems. As Minda is entering, demand for synthetic leather will increase, and so does the attraction for new players to enter in this space.

Speaker #2: Are you able to think that happened?

Speaker #3: Okay, so ऐसा है, I told you our main area of deep work in the domestic market has been footwear only. Definitely, we are getting more business from the automotive OEMs also.

Suresh Kumar Poddar: Okay. I told you our main area of recruit in the domestic market has been footwear only. Definitely, we are getting more business from the automotive OEMs also, and the business is not dependent on Uno Minda. The business is dependent by the OEM, on which business model you get the business. Basically, tier 1 could be Uno Minda, but Uno Minda has gone into two-wheeler kits right now because they had purchased the plant from Harita, I think 4 years back or 3 years back. We are already a supplier to them. They are also entering the 4 segment market, but depends on which platform they get their business and which platform Mayur gets business. The business is driven by the automotive. Nevertheless, our main four-wheeler business, which we are lacking right now, is volume from Tata and volume from Mahindra.

Vinod Kumar Sharma: Okay. I told you our main area of recruit in the domestic market has been footwear only. Definitely, we are getting more business from the automotive OEMs also, and the business is not dependent on Uno Minda. The business is dependent by the OEM, on which business model you get the business. Basically, tier 1 could be Uno Minda, but Uno Minda has gone into two-wheeler kits right now because they had purchased the plant from Harita, I think 4 years back or 3 years back. We are already a supplier to them. They are also entering the 4 segment market, but depends on which platform they get their business and which platform Mayur gets business. The business is driven by the automotive. Nevertheless, our main four-wheeler business, which we are lacking right now, is volume from Tata and volume from Mahindra.

Speaker #3: And the business is not dependent on Uno Minda. The business is dependent on the OEM. So, on which business model you get the business?

Speaker #3: So basically, tier one could be Uno Minda, but Uno Minda is more into two-wheeler seats right now because they have taken the plant—they had purchased the plant from Harita, I think, so four years back or three years back.

Speaker #3: So, we are already a supplier to them. They are also entering the four-segment market, but it depends on which platform they get the business and which platform you get business.

Speaker #3: So the business is driven by the automotive segment. Nevertheless, our main four-wheeler business, which we are lacking right now, is volume from Tata and volume from Mahindra.

Speaker #3: So our business from Mahindra will be increasing in the coming years. Tata, we are still at a very initial stage right now. Definitely, we should get some business, but which platform—it's very difficult to comment at this moment.

Suresh Kumar Poddar: Our business from Mahindra will be increasing in the coming years. Tata, we are still in a very initial stage right now. Definitely, we should get some business, but which platform is very difficult to comment at this moment.

Vinod Kumar Sharma: Our business from Mahindra will be increasing in the coming years. Tata, we are still in a very initial stage right now. Definitely, we should get some business, but which platform is very difficult to comment at this moment.

Operator: The line for the participant has been dropped. We'll just proceed to the next participant. We take the next question from the line of Raman KV from Sequent Investments. Please proceed.

Speaker #1: Sir, the line for the participant has been dropped. We'll just proceed with the next participant. We take the next question from the line of Raman KV.

Speaker #1: From Cequin Investments please proceed.

Speaker #2: Oh, that looks okay. Can you hear me?

Raman Venkata Kerti: Hello, sir. Can you hear me?

Raman KV: Hello, sir. Can you hear me?

Speaker #3: Yeah, yeah. We can hear you.

Suresh Kumar Poddar: Yeah, we can hear you.

Vinod Kumar Sharma: Yeah, we can hear you.

Speaker #2: Yes. Oh, two things. One, if you can—your OEM business has been clocking around ₹80–90 crore per quarter for the last, I think, three quarters.

Raman Venkata Kerti: Yes, two things. One, if it comes to our US OEM business has been clocking around INR 80, 90 crores per quarter for last, I think, three quarters. One is with respect to the growth of this particular business, what's your growth outlook? From the growth perspective, are you expecting to increase your wallet share, or are you planning to increase your volume in terms of getting more orders from the US OEM clients, with respect to US OEM business? If we can also provide US OEM order book or a ballpark figure on that. That's my first question, and I'll ask the second question later.

Raman KV: Yes, two things. One, if it comes to our US OEM business has been clocking around INR 80, 90 crores per quarter for last, I think, three quarters. One is with respect to the growth of this particular business, what's your growth outlook? From the growth perspective, are you expecting to increase your wallet share, or are you planning to increase your volume in terms of getting more orders from the US OEM clients, with respect to US OEM business? If we can also provide US OEM order book or a ballpark figure on that. That's my first question, and I'll ask the second question later.

Speaker #2: So, one is with respect to the growth of this particular business, or what's your growth outlook? And from the growth perspective, are you expecting to increase your wallet share, or are you planning to increase your volume in terms of getting more orders from the US OEM clients with respect to the US OEM business?

Speaker #2: And if we can also provide the US OEM order book, or a ballpark figure on that. That's my first question, and I'll ask my second question later.

Speaker #3: So sir, वो तो हमने पहले बता चुका है कि हमारा US का बिजनेस बढ़ेगा, and next, in the next three years, the business will almost be, if not double, at least 60–70 percent बढ़ेगा हमारा US का बिजनेस है ना in terms of US automotive.

Suresh Kumar Poddar: Sir, we have already told that our US business will increase and in next three years, the business will almost be, if not double, at least 60% and 70% will increase our US business. In terms of US automotive. Our share of business in Ford was very less. We have got good orders from Ford, and the business will increase with Ford also and with Chrysler also. US automotive, the business will increase. The Europe automotive sector, we have business in South Africa, both for BMW and Mercedes-Benz. We are definitely trying with other automotive customers also. Until proper headwinds are there, I don't want to comment on those business right now. Thirdly, for their supply in Europe, we are participating in RFQs, but we lost some RFQs in the past. More RFQs are coming in the near future.

Vinod Kumar Sharma: Sir, we have already told that our US business will increase and in next three years, the business will almost be, if not double, at least 60% and 70% will increase our US business. In terms of US automotive. Our share of business in Ford was very less. We have got good orders from Ford, and the business will increase with Ford also and with Chrysler also. US automotive, the business will increase. The Europe automotive sector, we have business in South Africa, both for BMW and Mercedes-Benz. We are definitely trying with other automotive customers also. Until proper headwinds are there, I don't want to comment on those business right now. Thirdly, for their supply in Europe, we are participating in RFQs, but we lost some RFQs in the past. More RFQs are coming in the near future.

Speaker #3: So, we had our share of business in what was very less. So we have got good orders from Ford, and the business will increase with Ford also, and in Chrysler also.

Speaker #3: So, for US automotive, the business will increase. In the Europe automotive sector, we have business in South Africa for both BMW and Mercedes. We are definitely trying with other automotive customers also.

Speaker #3: But the proper headwinds नहीं होता है. I don't want to comment on those businesses right now. Thirdly, for their supply in Europe, we are participating in RFQs, but we lost some RFQs in the past.

Speaker #3: More RFQs are coming in the near future. Until the business is awarded, I cannot comment on those things again.

Suresh Kumar Poddar: Until the business is awarded, I cannot comment on those things again.

Vinod Kumar Sharma: Until the business is awarded, I cannot comment on those things again.

Speaker #2: So, ये आपने जो 60 percent growth बोला है, वो क्या product expansion से आएगा या client expansion से आएगा या फिर wallet expansion से आएगा? वो मैं पूछ रहा था।

Raman Venkata Kerti: Sir, this 60% growth that you have mentioned, will it come from product expansion, or client expansion, or wallet expansion? I was asking that.

Raman KV: Sir, this 60% growth that you have mentioned, will it come from product expansion, or client expansion, or wallet expansion? I was asking that.

Speaker #3: Okay. So, 60 percent नहीं बोला मैंने, मैंने बोला कि last next... हाँ, ठीक है, चलिए, आप वैसे-वैसे देखेंगे, तो मैं flat 60 बोला। Yeah, yeah, OEM 60 percent नहीं बोल रहा हूँ, मैं growth की बात कर रहा हूँ। But anyways, so current client के business से expansion आएगा, मतलब business share बहुत कम था, वो business बढ़ने से आएगा, वो। And बाकी, we are always talking to other customers also, but it's no point commenting until कोई strong headwind हो जाए उनके पास।

Suresh Kumar Poddar: Okay. I didn't say 60%, I said that. Next. Okay, if you look at it that way, it's flat 60. I'm not saying year on year 60%. I'm talking about two to three years. Anyway, current client's business will see expansion. Meaning business share was very low, it will come from increasing the business. The rest, we are always talking to other customers also, there's no point commenting until they have a strong headwind.

Vinod Kumar Sharma: Okay. I didn't say 60%, I said that. Next. Okay, if you look at it that way, it's flat 60. I'm not saying year on year 60%. I'm talking about two to three years. Anyway, current client's business will see expansion. Meaning business share was very low, it will come from increasing the business. The rest, we are always talking to other customers also, there's no point commenting until they have a strong headwind.

Speaker #2: If that comes, then that will be extra. Sorry, I couldn't hear the last part. We are expecting the growth based on the existing customers and okay.

Arun Kumar Bagaria: If that comes, that will be extra.

Arun Bagaria: If that comes, that will be extra.

Raman Venkata Kerti: Sorry, I couldn't hear the last part.

Raman KV: Sorry, I couldn't hear the last part.

Arun Kumar Bagaria: We are expecting the growth based on the existing customers.

Arun Bagaria: We are expecting the growth based on the existing customers.

Raman Venkata Kerti: Okay.

Raman KV: Okay.

Speaker #3: But increase in the wallet share of existing customers, basically.

Suresh Kumar Poddar: The increase in the wallet share of existing customers, basically.

Vinod Kumar Sharma: The increase in the wallet share of existing customers, basically.

Speaker #2: Yes.

Arun Kumar Bagaria: Yes.

Arun Bagaria: Yes.

Speaker #3: And if we are also talking to other OEMs, but it's a very initial stage, so very difficult to comment कि next तीन साल में कोई extra business मिलेगा कि नहीं मिलेगा। अगर मिलेगा तो वो extra होगा वो।

Suresh Kumar Poddar: If we are also talking to other OEMs, but it's very initial stages, so it's very difficult to comment that in the next three years, whether we will get extra business or not. If we get it, then it will be extra.

Vinod Kumar Sharma: If we are also talking to other OEMs, but it's very initial stages, so it's very difficult to comment that in the next three years, whether we will get extra business or not. If we get it, then it will be extra.

Raman Venkata Kerti: Okay, sir. My second question is, you mentioned that there was a raw material cost inflation as well as the logistic costs have almost grown 4x. Have you taken any definitive price hike towards the tail end of this quarter or start of Q2?

Raman KV: Okay, sir. My second question is, you mentioned that there was a raw material cost inflation as well as the logistic costs have almost grown 4x. Have you taken any definitive price hike towards the tail end of this quarter or start of Q2?

Speaker #2: Okay, sir. And sir, my second-to-last question is: you mentioned that there was raw material cost inflation, as well as that the logistics cost has almost doubled—grown nearly four times.

Speaker #2: Have you taken any definitive price hikes towards the tail end of this quarter or the start of Q2?

Speaker #3: No, see, specifically, you are talking about the US. I had mentioned in the last question as well—we had sent a mail for a price increase, but then the market started softening, so we didn't pursue those things right now.

Suresh Kumar Poddar: No. Look, we are specifically talking about US. I had said in the last question also that we had put a mail for price increase, the market started softening, we didn't pursue those things right now. The mail has been sent, we have not pushed it strongly because we have to see how it is going in the long term because of strategic reasons, there is no benefit in just pushing the price.

Vinod Kumar Sharma: No. Look, we are specifically talking about US. I had said in the last question also that we had put a mail for price increase, the market started softening, we didn't pursue those things right now. The mail has been sent, we have not pushed it strongly because we have to see how it is going in the long term because of strategic reasons, there is no benefit in just pushing the price.

Speaker #3: So mail गया हुआ है, but strong push नहीं किया है because you have to see long term में कैसा हो रहा है, because of strategic reasons. खाली price push करके फायदा नहीं होता है. So we are—if the market is stabilizing—so currently अगर US market का बात करेंगे, तो हमने price increase नहीं लिया है अभी.

Suresh Kumar Poddar: We are seeing if the market is stabilizing. Currently, if we talk about the US market, then we have not given a price increase yet.

Vinod Kumar Sharma: We are seeing if the market is stabilizing. Currently, if we talk about the US market, then we have not given a price increase yet.

Speaker #2: So, वही मैं पूछ रहा हूँ कि आपका अभी लेने का plan है क्या?

Raman Venkata Kerti: That's what I'm asking, do you plan to take it now?

Raman KV: That's what I'm asking, do you plan to take it now?

Speaker #1: Sorry to interrupt Raman.

Operator: Sorry to interrupt, Raman.

Suresh Kumar Poddar: No, I will answer. We will try, we will not push right now because the market is again softening down. We'll see how the market behaves. 10% price increase has already been received in terms of dollar rate.

Vinod Kumar Sharma: No, I will answer. We will try, we will not push right now because the market is again softening down. We'll see how the market behaves. 10% price increase has already been received in terms of dollar rate.

Speaker #3: नहीं, मैं answer कर देता हूँ। कोशिश करेंगे, push नहीं करेंगे अभी, because the market is a bit softening down. We'll see how the market behaves.

Speaker #3: Ten percent already price increase मिल चुका है, ना, in terms of dollar rate. तो अभी वो push करना है, कि कितना push करना है वो depend करता है कि market next two-तीन week में कैसे play out करता है, उसके ऊपर depend करेगा।

Suresh Kumar Poddar: Now whether to push and how much to push depends on how the market plays out in the next two, three weeks.

Vinod Kumar Sharma: Now whether to push and how much to push depends on how the market plays out in the next two, three weeks.

Speaker #2: Understood, sir. Thank you. Thank you so much.

Raman Venkata Kerti: Understood, sir. Thank you so much.

Raman KV: Understood, sir. Thank you so much.

Speaker #1: Thank you. We take the next question from the line of Ashwini Damini from Ratnavalli. Please proceed.

Operator: Thank you. We take the next question from the line of Ashwini Damani from Ratnabali. Please proceed.

Ashwini Damani: Sir, most of my questions have been answered already. Just to confirm, you mentioned that the INR 9 crore expense, how much of it can we assume to recur next quarter, and how much is non-recurring?

Speaker #2: So, most of my questions have been answered already, but just to confirm—you mentioned the nine crore expense. How much of it can you assume will recur next year or next quarter, and how much is non-recurring?

Speaker #3: वैसा breakup अभी हमारे हाथ में नहीं है। थोड़ा detail में जाकर उसका answer दे पाएंगे। We don't have the exact figures for those; one, exact figures for those things आपके पास है क्या?

Suresh Kumar Poddar: That breakup is not in our hands. We will be able to give you the answer in a little detail. We don't have the exact figures for those three things. Dr. Patel?

Vinod Kumar Sharma: That breakup is not in our hands. We will be able to give you the answer in a little detail. We don't have the exact figures for those three things. Dr. Patel?

Speaker #2: Sure, sir. Other questions have been answered. You are comparing the nine crore increase from the last quarter to the June quarter, right?

Ashwini Damani: Sure, sir. Other question I can ask, sir.

Arun Kumar Bagaria: You are comparing INR 9 crore increase from last quarter to Q1, right?

Arun Bagaria: You are comparing INR 9 crore increase from last quarter to Q1, right?

Speaker #3: Yes, sir. So I found it. I mean, if this is between standalone.

Ashwini Damani: Yes, sir. I mean, the difference between standalone and-

Speaker #2: I think your comparison is not correct. Basically, in the March quarter, there was, I think, an increase in revenue also, so you have to reduce the increase percentage and then you should compare. And majorly, the difference is because of—like I told you, ना—the difference is because of the increase in logistic cost, mainly on account of export and service cost and risk coverage cost.

Arun Kumar Bagaria: No, I think your comparison is not correct. Basically, in March quarter, there was, I think, increase in revenue also. You have to reduce the increased percentage, then you should compare. Majorly the difference is because of, I told you, the difference is because of increase in logistic cost, majorly on account of export, service cost, and risk coverage cost, which we incurred for the current quarter.

Arun Bagaria: No, I think your comparison is not correct. Basically, in March quarter, there was, I think, increase in revenue also. You have to reduce the increased percentage, then you should compare. Majorly the difference is because of, I told you, the difference is because of increase in logistic cost, majorly on account of export, service cost, and risk coverage cost, which we incurred for the current quarter.

Speaker #2: Which we incurred current quarter.

Ashwini Damani: This difference is also in your standalone versus consolidated results, similar eight, nine INR crores. Is this expense relating to some subsidiary?

Speaker #3: The difference is also in your standalone versus consolidated results—similar, ₹8–9 crore. So is this expense relating to some subsidiary?

Speaker #2: Yeah, some part is relating to subsidiary and major part is for the annual only.

Suresh Kumar Poddar: Yeah. Some part is relating to subsidiary and major part is for the MUL only.

Vinod Kumar Sharma: Yeah. Some part is relating to subsidiary and major part is for the MUL only.

Speaker #3: So this will continue to recur या थोड़ा कम आएगा?

Ashwini Damani: This will continue to recur or it will come down sometime?

Speaker #2: No, partly it will continue and partly, I think, it will come down.

Suresh Kumar Poddar: Partly will continue and partly, I think, coming down.

Vinod Kumar Sharma: Partly will continue and partly, I think, coming down.

Speaker #3: Sure. Thank you, sir. That is all; all other questions have been answered.

Ashwini Damani: Sure. Thank you, sir. All other questions have been answered.

Speaker #1: Thank you. We take the next question from the line of Ravi Nareedi from Nareedi Investment. Please proceed.

Operator: Thank you. We take the next question from the line of Ravi Naredi from Naredi Investment. Please proceed.

Speaker #2: Sir, what is our capex plan for financial year '27 and '28? Around Rs. 50 crore. In both years together, right? Both, or only '27? '26-'27, I told you.

Ravi Kumar Naredi: Sir, what is our CapEx plan for financial year 2027 and 2028?

Ravi Naredi: Sir, what is our CapEx plan for financial year 2027 and 2028?

Suresh Kumar Poddar: Around INR 50 crore.

Vinod Kumar Sharma: Around INR 50 crore.

Ravi Kumar Naredi: In both the year together, right?

Ravi Naredi: In both the year together, right?

Suresh Kumar Poddar: Only 2026, 2027, I told you. For the financial year.

Vinod Kumar Sharma: Only 2026, 2027, I told you. For the financial year.

Speaker #2: For the financial years 2026-27 and 2027-28, do we have anything planned?

Ravi Kumar Naredi: 2026, 2027. 2027, 2028, anything we have planned?

Ravi Naredi: 2026, 2027. 2027, 2028, anything we have planned?

Speaker #3: 27–28 का भी exact figures नहीं बोल सकते, depends if we have taken a final call on putting up a new subsidy somewhere. तो अगर वो होता है, तो उसके बाद दो साल में समझ लीजिए आपका ₹250 crore का capex होगा। But अभी, additional होगा, but अभी final call लेने के बाद ही बता सकते हैं उसको।

Suresh Kumar Poddar: '27, '28 का भी exact figure नहीं बोल सकते। Depends if we have taken a final call on putting up a new facility somewhere. तो अगर वह होता है तो उसके बाद दो साल में समझ लीजिए आपका ₹250 Cr का CapEx होगा।

Vinod Kumar Sharma: '27, '28 का भी exact figure नहीं बोल सकते। Depends if we have taken a final call on putting up a new facility somewhere. तो अगर वह होता है तो उसके बाद दो साल में समझ लीजिए आपका ₹250 Cr का CapEx होगा।

Ashwini Damani: Additional.

Arun Bagaria: Additional.

Suresh Kumar Poddar: अभी final call लेने के बाद ही बता सकते हैं उसको।

Vinod Kumar Sharma: अभी final call लेने के बाद ही बता सकते हैं उसको।

Speaker #2: Right now, what is sure, we are telling that number. Okay, okay. Sir, how is Sureshji Podar's health, and is he managing everything well?

Ashwini Damani: अभी तो sure है we are telling that number.

Arun Bagaria: अभी तो sure है we are telling that number.

Ravi Kumar Naredi: Okay. Sir, how is Sureshji Poddar health and he is managing everything well?

Ravi Naredi: Okay. Sir, how is Sureshji Poddar health and he is managing everything well?

Speaker #3: हाँ, माने अभी थोड़ा, माने उनके थोड़ा सा, कैसे बताऊँ, थोड़ा infection हो गया था, तो obviously he is managing everything well. हाँ, but अभी थोड़ा बात करने में, माने, call-call में बात करने में, थोड़ा दिक्कत होता है उनको, थोड़ा सा।

Suresh Kumar Poddar: अभी उनके थोड़ा सा infection हो गया था। obviously वो सब कुछ manage कर रहे हैं। अभी उनको थोड़ा सा call में बात करने में दिक्कत होता है।

Vinod Kumar Sharma: अभी उनके थोड़ा सा infection हो गया था। obviously वो सब कुछ manage कर रहे हैं। अभी उनको थोड़ा सा call में बात करने में दिक्कत होता है।

Ravi Kumar Naredi: Okay. Any MD full time?

Ravi Naredi: Okay. Any MD full time?

Speaker #2: Okay, okay, okay. And any MD, full-time MD?

Operator: Sorry to interrupt, Mr. Ravi. The participant is out of queue. We will take the next question from the line of Madhur Rathi from Countercyclical Investments. Please proceed.

Speaker #1: Sorry to interrupt, Ms.—Mr. Ravi. The participant is out of queue. We'll take the next question from Madhuvati from Counter Cyclical Investments. Please proceed.

Speaker #3: Sir, thank you for the opportunity. Sir, I just wanted to understand how the raw material pricing is currently versus what it was in Q1, and can we expect the gross margin improvement, at least on a Q-on-Q basis, even without the price hike?

Madhur Rathi: Sir, thank you for the opportunity. Sir, I just wanted to understand that how is the raw material pricing currently versus what it was in Q1 and can we expect the gross margin improvement at least Q1 Q basis even without the price hike?

Suresh Kumar Poddar: See raw material prices based on Q1, some items थोड़ा prices soft हुए हैं। वापस बढ़ गया था. Market is volatile. I will say little softer but it is still expensive than what it was in the month of March. Beginning of March or end of February.

Vinod Kumar Sharma: See raw material prices based on Q1, some items थोड़ा prices soft हुए हैं। वापस बढ़ गया था. Market is volatile. I will say little softer but it is still expensive than what it was in the month of March. Beginning of March or end of February.

Speaker #2: See, raw material prices based on Q1—some items' prices softened a little, then went up again, so the market is volatile. I would say there is a softening, but it's still more expensive than what it was in the month of March.

Speaker #2: I mean beginning of March or end of February.

Speaker #3: Right. Sir, so when will we decide if we would like to go and ask our customers for a price hike?

Madhur Rathi: Right. Sir, when will we decide if we would like to go and ask our customers for a price hike?

Speaker #2: नहीं, नहीं, I'm sorry. I think so, we are taking a price hike for every customer. खाली specifically US export OEM market का बात कर रहे थे हम लोग कि हमने already उनको भी mails डाल चुके हैं, price hike का request कर चुके हैं, but बहुत push नहीं किया हमने अभी, because बीच में क्या हो गया था—15-20 दिन, ऐसा time में महीना भर ऐसा time आ गया था when prices started softening very fast, और we already had an advantage of US dollar appreciation. तो फिर बहुत ज्यादा push करने का जरूरत नहीं है अभी. But then again, the situation changed back two weeks back, तो again we have sent a request mail, but however, aggressive, बहुत aggressive push कर रहे हैं, वह नहीं किया हमने अभी तक.

Suresh Kumar Poddar: I'm sorry. I think so we are taking a price hike for every customer. खाली specifically US export OEM market का बात कर रहे थे हम लोग कि हमने already उनको भी mails डाल चुके हैं, price hike का request कर चुके हैं। बहुत push नहीं किया हमने अभी because बीच में क्या हो गया था 15 to 20 days ऐसा time या महीना भर ऐसा time आ गया था when prices started softening very fast and we already had an advantage of US dollar appreciation. तो फिर बहुत ज्यादा push करने का लगा जरूरत नहीं है अभी। The situation changed back 2 weeks back. Again, we have sent a request mail. हाँ, बहुत aggressive push कर रहे हैं वो नहीं किया हमने अभी तक।

Vinod Kumar Sharma: I'm sorry. I think so we are taking a price hike for every customer. खाली specifically US export OEM market का बात कर रहे थे हम लोग कि हमने already उनको भी mails डाल चुके हैं, price hike का request कर चुके हैं। बहुत push नहीं किया हमने अभी because बीच में क्या हो गया था 15 to 20 days ऐसा time या महीना भर ऐसा time आ गया था when prices started softening very fast and we already had an advantage of US dollar appreciation. तो फिर बहुत ज्यादा push करने का लगा जरूरत नहीं है अभी। The situation changed back 2 weeks back. Again, we have sent a request mail. हाँ, बहुत aggressive push कर रहे हैं वो नहीं किया हमने अभी तक।

Speaker #3: Right. Aur sir, jaise clarification chahiye tha, sir, the US customers jinke saath hum wallet share gains expect kar rahe hain, sir, so is it—are we replacing some existing vendor, ya jo incremental growth aayega, usmein hamara share kaafi zyada rahega?

Madhur Rathi: Right. Sir, just a clarification चाहिए था sir, the US customers जिनके साथ हम wallet share gains expect कर रहे हैं. Sir, are we replacing some existing vendor or जो incremental growth आएगा उसमें हमारा share काफी ज्यादा रहेगा?

Speaker #2: नहीं, दोनों चीज़ हो रहा है।

Suresh Kumar Poddar: नहीं, दोनों चीज हो रहा है।

Vinod Kumar Sharma: नहीं, दोनों चीज हो रहा है।

Speaker #3: Okay, दोनों चीज़ हो रहा है. ठीक है, सर. सर, ठीक है. That was Raman. Thank you so much on behalf of all of us.

Madhur Rathi: Okay, दोनों चीज हो रहे हैं। ठीक है sir. That was from my end. Thank you so much and all the best.

Speaker #1: Thank you. We will take the next question from the line of Shreyans Gandhi from SG Securities. Please proceed.

Operator: Thank you. We take the next question from the line of Shreyans Gandhi from SG Securities. Please proceed.

Speaker #4: Hi, good afternoon, sir. Sir, I had a question—just wanted to understand the rationale for putting up an international plant. In the previous quarter, you mentioned that the cost for putting up that plant is also higher.

Shreyans Gandhi: Hi, good afternoon, sir. Sir, मेरा एक question था। Just wanted to understand the rationale of putting up an international plant. In the previous quarter, you mentioned that the cost for putting up that plant is also higher. Just wanted to understand what is the benefit of us getting-

Shreyans Gathani: Hi, good afternoon, sir. Sir, मेरा एक question था। Just wanted to understand the rationale of putting up an international plant. In the previous quarter, you mentioned that the cost for putting up that plant is also higher. Just wanted to understand what is the benefit of us getting-

Speaker #4: So, I just wanted to understand, what is the benefit that we are getting?

Speaker #3: See, the market is very uncertain, okay? And a lot of automotive companies, they think of de-risking the business also, so आज India से हम लोग एक particular level of growth ही expect कर सकते हैं, but some customers want their suppliers to be near them. So, if we don't put up a plant near them, then business long term में maybe बहुत effective नहीं रहेगा because they would like to de-risk their business.

Suresh Kumar Poddar: See, market is very uncertain, okay? Lot of automotive companies, they think of de-risking their business also. आज India से हम लोग एक particular level of growth ही expect कर सकते हैं। Some customers want their suppliers to be near them. If we don't put up a plant near them, business long term में maybe बहुत effective नहीं रहेगा because they would like to de-risk their business.

Vinod Kumar Sharma: See, market is very uncertain, okay? Lot of automotive companies, they think of de-risking their business also. आज India से हम लोग एक particular level of growth ही expect कर सकते हैं। Some customers want their suppliers to be near them. If we don't put up a plant near them, business long term में maybe बहुत effective नहीं रहेगा because they would like to de-risk their business.

Speaker #4: Okay.

Shreyans Gandhi: Okay.

Shreyans Gathani: Okay.

Speaker #3: अब लास्ट 10 साल से देखिए न क्या हो रहा है वर्ल्ड में—COVID आ गया, US... सॉरी, Ukraine वार हो गया। अच्छा, फिर उसके बाद ये वेस्ट एशिया वार हो गया, शिपिंग लाइन्स डिस्टर्बेंस इतना ज्यादा हाई हो गया। तो ठीक है, we have been able to maintain our stocks, we have never disrupted the supplies, the OEMs are very happy with us. But not all automotive companies would like to work with a company based out of India. And secondly, number one, if you become a global player also, your image in front of the automotive companies also changes a lot. आप खाली बोलते हैं आप इंडिया में प्लांट लगा के बैठे हो और आप बोलते हैं आपका multiple locations में plant है— the way your brand also builds makes a lot of difference in the eye of the automotive customer, automotive के any customer.

Suresh Kumar Poddar: आप last 5 साल से देखिए ना क्या हो रहा है world में। COVID आ गया, Ukraine war हो गया। फिर उसके बाद ये West Asia war हो गया। Shipping lines disturbance इतना ज्यादा high हो गया। ठीक है, we have been able to maintain our stocks. We have never disrupted the supplies. The OEMs are very happy with us. Not all automotive companies would like to work with a company based out of India. Secondly, number one, if you become a global player also, your image in front of the automotive companies also changes a lot. आप खाली बोलते हो आप India में plant लगा के बैठ गए और आप बोलते हो कि हमारे multiple locations में plant है। The way your brand also builds makes a lot of difference in the eye of the automotive customer. Automotive या any customer.

Vinod Kumar Sharma: आप last 5 साल से देखिए ना क्या हो रहा है world में। COVID आ गया, Ukraine war हो गया। फिर उसके बाद ये West Asia war हो गया। Shipping lines disturbance इतना ज्यादा high हो गया। ठीक है, we have been able to maintain our stocks. We have never disrupted the supplies. The OEMs are very happy with us. Not all automotive companies would like to work with a company based out of India. Secondly, number one, if you become a global player also, your image in front of the automotive companies also changes a lot. आप खाली बोलते हो आप India में plant लगा के बैठ गए और आप बोलते हो कि हमारे multiple locations में plant है। The way your brand also builds makes a lot of difference in the eye of the automotive customer. Automotive या any customer.

Speaker #4: Got it, got it. Sir, second question was on the domestic plant.

Shreyans Gandhi: Got it. Sir, second question was on the domestic front-

Shreyans Gathani: Got it. Sir, second question was on the domestic front-

Speaker #1: Sorry to interrupt, Mr. Shreyas. Could you please join the queue again?

Operator: Sorry to interrupt, Mr. Shreyans. Could you please join back the queue? There are several participants waiting for their turn.

Speaker #4: I just have several participants waiting for their turn. Yes, just one question I had on the PU plant repurposing, so...

Shreyans Gandhi: There's just one question I had on the PU plant repurposing.

Shreyans Gathani: There's just one question I had on the PU plant repurposing.

Speaker #3: आपके, मैं बोल देता हूँ पहले अभी, new plant—there is not no major change. What we discussed in the last quarter, अभी भी struggle है वहाँ पर, थोड़ा time लगेगा, but there is no major change.

Suresh Kumar Poddar: आपके new plan मैं बोल देता हूँ पहले. अभी new plan there is no major change what we have discussed in the last quarter. अभी भी struggle है वहाँ पर थोड़ा time लगेगा. There is no major change.

Vinod Kumar Sharma: आपके new plan मैं बोल देता हूँ पहले. अभी new plan there is no major change what we have discussed in the last quarter. अभी भी struggle है वहाँ पर थोड़ा time लगेगा. There is no major change.

Speaker #4: So, PVC ke liye repurpose kar sakte hain ya you are looking for a new plant only, because that is not revived.

Shreyans Gandhi: PVC के लिए repurpose कर सकते हैं या you are looking for a new plant only because that is not revived?

Shreyans Gathani: PVC के लिए repurpose कर सकते हैं या you are looking for a new plant only because that is not revived?

Speaker #3: नहीं, नहीं कर सकते हैं, ऐसा नहीं है, but अभी existing में क्योंकि already जगह है। जरूरत पड़ा तो कर सकते हैं, definitely.

Suresh Kumar Poddar: नहीं, कर सकते हैं। ऐसा नहीं है, but अभी existing में तो already जगह है। जरूरत पड़ी तो कर सकते हैं definitely.

Vinod Kumar Sharma: नहीं, कर सकते हैं। ऐसा नहीं है, but अभी existing में तो already जगह है। जरूरत पड़ी तो कर सकते हैं definitely.

Speaker #4: Okay okay.

Shreyans Gandhi: Okay.

Shreyans Gathani: Okay.

Speaker #3: But minor changes करना पड़ेगा, but possible है करना.

Suresh Kumar Poddar: minor changes करना पड़ेगा and possible है करना.

Vinod Kumar Sharma: minor changes करना पड़ेगा and possible है करना.

Speaker #4: Okay. Got it. Alright, that's all from my side.

Shreyans Gandhi: Okay, got it. All right, that's all from my end.

Shreyans Gathani: Okay, got it. All right, that's all from my end.

Speaker #1: Thank you. Participants, please limit your questions to one per participant. We will take the next question from the line of Avinish Chandra from SMIFS. Please proceed.

Operator: Thank you. Participants please limit your questions to one per participant. We take the next question from the line of Avaneesh Chandra from SMIFS. Please proceed.

Speaker #4: Congratulations to management on the continuation of good performance. But just one question on the margin front—you have already talked about a lot of things. In this quarter, we had very high RM, we had freight-related cost issues, and then we could not take any price hike in the export OEM market.

Awanish Chandra: Congratulations management on continuation of good performance. Sir just one question on the margin front. We have already talked about lot of things. In this quarter we have very high RM, we have freight issues related cost and then we could not take any price hike in export OEM market. Still we have 25% plus margins. Could we take this margin as a base margin and anything positive happens will give us better margin in subsequent quarters?

Speaker #4: Still, we had 25% plus margins. Should we take this margin as a base margin, and anything positive that happens will give us a better margin in subsequent quarters?

Speaker #2: Yeah yeah obviously.

Suresh Kumar Poddar: भाई ऐसा देखिए ना, आप लोगों को यह बोला हुआ है कि आप लोग अपना analyst point of view, company point of view margin जो अभी हमारा आ रहा है, उसको मानकर चलिए। जो extra होगा उसको bonus पकड़कर चलिए आप लोग।

Vinod Kumar Sharma: भाई ऐसा देखिए ना, आप लोगों को यह बोला हुआ है कि आप लोग अपना analyst point of view, company point of view margin जो अभी हमारा आ रहा है, उसको मानकर चलिए। जो extra होगा उसको bonus पकड़कर चलिए आप लोग।

Speaker #3: Yeah, sir, देखिए ना, आप लोगों को ये बोला हुआ है कि आप लोग अपना analyst point of view, company point of view, margin जो अभी हमारा आ रहा है, उसको मान के चलिए.

Speaker #3: जो extra होगा, उसको bonus पकड़ के चलिए आप लोग।

Speaker #4: Okay, sir. Thank you very much.

Awanish Chandra: Okay sir. Thank you very much.

Suresh Kumar Poddar: दो चीज हैं। अभी अरुण Sir ने बोला ही है आपको कि यह हमारा रहता है और हमारा तो हमेशा effort रहता है कि इससे best करें, इससे better करें। ठीक है। तो वह हमेशा रहता है। दूसरा क्या है आपको yearly margin देखने चाहिए क्योंकि quarter to quarter यह इस तरह की situations आती रहती है तो ऊपर नीचे होता रहता है। ठीक है। अभी जैसे आपका freight वाला portion हो गया, then कुछ और हो गया। Then raw material के prices में थोड़ा up and down हो जाता है। तो it will keep going up and down। But overall year end वाला जो margin है we are talking about that and we are trying to maintain that margin.

Vinod Kumar Sharma: दो चीज हैं। अभी अरुण Sir ने बोला ही है आपको कि यह हमारा रहता है और हमारा तो हमेशा effort रहता है कि इससे best करें, इससे better करें। ठीक है। तो वह हमेशा रहता है। दूसरा क्या है आपको yearly margin देखने चाहिए क्योंकि quarter to quarter यह इस तरह की situations आती रहती है तो ऊपर नीचे होता रहता है। ठीक है। अभी जैसे आपका freight वाला portion हो गया, then कुछ और हो गया। Then raw material के prices में थोड़ा up and down हो जाता है। तो it will keep going up and down। But overall year end वाला जो margin है we are talking about that and we are trying to maintain that margin.

Speaker #2: अभी Arun सर ने बोला ही है आपको कि ये हमारा रहता है और हमारा तो हमेशा effort रहता है कि इससे best करें, इससे better करें।

Speaker #2: ठीक है? तो वो हमेशा रहता है। दूसरा क्या है, आपको yearly margin देखने चाहिए क्योंकि quarter to quarter ये इस तरह की situations आती रहती हैं, तो ऊपर-नीचे होता रहता है।

Speaker #2: ठीक है? अभी जैसे आपका freight वाला portion हो गया, फिर कुछ और हो गया, फिर raw material के prices में थोड़ा up and down हो जाता है.

Speaker #2: So yes, it will keep going up and down. But overall, the year-end margin is what we are talking about, and we are trying to maintain that margin.

Speaker #4: Sure, sir. Thank you very much. All the best.

Awanish Chandra: Sure, sir. Thank you very much. All the best.

Speaker #2: Thank you.

Suresh Kumar Poddar: Thank you.

Vinod Kumar Sharma: Thank you.

Speaker #1: Thank you. We will take the last question from the Saluni. From Molecule Ventures, please proceed.

Operator: Thank you. We take the last question from the Saloni from Molecule Ventures. Please proceed.

Speaker #5: Just a bookkeeping question, sir. So, we mentioned our sales volume of around 31 million meters in last year, FY26. Our capacity is 48 million, right?

[Analyst] (Molecule Ventures): Just a bookkeeping question, sir. We mentioned our sales volume of around 31 million meters in last year FY26. Our capacity is 48 million, right? That gives us an average utilization of 65%. There is still leg room for from the existing capacity increase, right?

Saloni Hemnani: Just a bookkeeping question, sir. We mentioned our sales volume of around 31 million meters in last year FY26. Our capacity is 48 million, right? That gives us an average utilization of 65%. There is still leg room for from the existing capacity increase, right?

Speaker #5: So that gives us an average utilization of sixty-five percent. There is still legroom from the existing capacity as well.

Speaker #3: Figures आपके पास तो there are two two capacities we should talk about. One is PVC capacity so our three PVC capacity is between three point five to three point seven million meters depending on the product mix a lot you know.

Suresh Kumar Poddar: आपको 3 years आपके पास। There are two capacities we should talk about. One is PVC capacity. Our 3 PVC capacity is between 3.5 to 3.7 million meters, depending on the product mix a lot. Because some product has a faster line speed, some product has a slower line speed. We are making around 2.7 to 2.8 million meters. If we divide 2.7 also divide by 3.5. We are already using 75% to 78% of our capacity right now. By adding one more line, our capacity will go up to 4 million or 4.2 again, depending on the product mix. If I say 4 million also and based on our current capacity utilization, it will be 65%, 66% capacity. We have a headroom to expand to 25%, 30% more capacity. This is with the existing facility.

Vinod Kumar Sharma: आपको 3 years आपके पास। There are two capacities we should talk about. One is PVC capacity. Our 3 PVC capacity is between 3.5 to 3.7 million meters, depending on the product mix a lot. Because some product has a faster line speed, some product has a slower line speed. We are making around 2.7 to 2.8 million meters. If we divide 2.7 also divide by 3.5. We are already using 75% to 78% of our capacity right now. By adding one more line, our capacity will go up to 4 million or 4.2 again, depending on the product mix. If I say 4 million also and based on our current capacity utilization, it will be 65%, 66% capacity. We have a headroom to expand to 25%, 30% more capacity. This is with the existing facility.

Speaker #3: Because some products have a faster line speed and some products have a slower line speed. And we are making around 2.7 to 2.8 million meters.

Speaker #3: So, if we divide 2.7, also divide by 3.5, so we are already using 75 to 78 percent of our capacity right now.

Speaker #3: By adding one more line, our capacity will go up to four million or 4.2 million again, depending on the product mix. But if I say four million also—and we, so based on the current capacity utilization, it will be sixty-five, sixty-six percent capacity. So we have a headroom to expand to twenty-five, thirty percent more capacity, and this is with the existing facility.

Speaker #3: But definitely, we have not taken a call. We would expand in some other location also—not decided. मतलब वो India के बाहर पहले करेंगे तो पहले India के बाहर ही करेंगे.

Suresh Kumar Poddar: Definitely we have not taken the call. We would expand in some other location also, not decided। मतलब वो India के बाहर पहले करेंगे तो पहले India के बाहर ही करेंगे, दोनों जगह एक साथ नहीं करेंगे। Once we take the call then only I can comment on those things.

Vinod Kumar Sharma: Definitely we have not taken the call. We would expand in some other location also, not decided। मतलब वो India के बाहर पहले करेंगे तो पहले India के बाहर ही करेंगे, दोनों जगह एक साथ नहीं करेंगे। Once we take the call then only I can comment on those things.

Speaker #3: दोनों जगह एक साथ नहीं करेंगे. But once we take a call, then only I can comment on those things.

Speaker #5: Sure sir sure.

[Analyst] (Molecule Ventures): Sure, sir.

Saloni Hemnani: Sure, sir.

Speaker #3: We will not lose business because our capacity will not be a constraint for our business expansion. ये बोल सकता हूँ मैं, खाली आपको.

Suresh Kumar Poddar: We will not lose business because capacity will not be a constraint for our business expansion, यह बोल सकता हूँ मैं खाली आपको.

Vinod Kumar Sharma: We will not lose business because capacity will not be a constraint for our business expansion, यह बोल सकता हूँ मैं खाली आपको.

Speaker #5: Sure, sir. Sir, एक PU plant से just एक update लेना था. If we could basically get a sense कि अभी at current rate, is it loss making?

[Analyst] (Molecule Ventures): Sure, sir. Sir, एक PU plant से just एक update लेना था. If we could basically get a sense कि अभी at current trade is it loss making? If yes, then what is our strategy going forward for this plant? As we have seen basically no improvement for a long time.

Saloni Hemnani: Sure, sir. Sir, एक PU plant से just एक update लेना था. If we could basically get a sense कि अभी at current trade is it loss making? If yes, then what is our strategy going forward for this plant? As we have seen basically no improvement for a long time.

Speaker #5: And if yes, then what is our strategy going forward for this plant, as we have seen basically no improvement for a long time?

Speaker #3: Yes, so we are underutilizing our capacity. There has been no change since last quarter, in the last three months, largely because of the very volatile market situation.

Suresh Kumar Poddar: Yes, we are underutilizing our capacity. There has been no change since last quarter in the last three months, largely because of very volatile market situation. The cost of PU specifically, both as an upper material and both as a sole material, the bottom part of the footwear. तो दोनों के prices बहुत fast expand कर गए थे. तो बहुत low response रहा. PU, there is a lot of intense competition from China for sure. There are two options. Obviously, I have told in the past also that we are talking at two brands, but sampling भी हो रही है but अभी तक कोई business confirm नहीं हुआ है. That is one strategy. We are not focusing too much on PU in the export market right now because we thought it will be very tough to sell against China.

Vinod Kumar Sharma: Yes, we are underutilizing our capacity. There has been no change since last quarter in the last three months, largely because of very volatile market situation. The cost of PU specifically, both as an upper material and both as a sole material, the bottom part of the footwear. तो दोनों के prices बहुत fast expand कर गए थे. तो बहुत low response रहा. PU, there is a lot of intense competition from China for sure. There are two options. Obviously, I have told in the past also that we are talking at two brands, but sampling भी हो रही है but अभी तक कोई business confirm नहीं हुआ है. That is one strategy. We are not focusing too much on PU in the export market right now because we thought it will be very tough to sell against China.

Speaker #3: The cost of PU, specifically both as an upper material and both as a sole material—the bottom part of the footwear—so दोनों के prices बहुत fast expand कर गए थे.

Speaker #3: So, बहुत low response रहा. PU, there is a lot of intense competition from China for sure. So there are two options. Obviously, I have told in the past also that we are talking to two brands.

Speaker #3: But sampling भी हो रही है. But अभी तक business confirm नहीं हुआ. That is one strategy. We would have thought we are not focusing too much on PU in the export market right now.

Speaker #3: Because we thought maybe it's very tough to sell against China. But मतलब, we are working on how we can capture some market in export.

Suresh Kumar Poddar: We are working how we can capture some market in export. It will take time. Let us see कि अभी this financial year At least I cannot give you a very strong recommendation for PU plant at the moment.

Vinod Kumar Sharma: We are working how we can capture some market in export. It will take time. Let us see कि अभी this financial year At least I cannot give you a very strong recommendation for PU plant at the moment.

Speaker #3: It will take time, so मतलब let us see कि अभी this financial year at least I cannot give you a very strong recommendation for the PU plant at the moment.

Speaker #5: Okay, okay. Thank you so much. Thank you.

[Analyst] (Molecule Ventures): Okay. Thank you so much. Thank you.

Saloni Hemnani: Okay. Thank you so much. Thank you.

Speaker #1: Thank you. Ladies and gentlemen, due to time constraints, we will take that as the last question for the day and would now like to hand the conference over to the management for closing comments.

Operator: Thank you. Ladies and gentlemen, due to time constraints, we take that as the last question for the day and would now like to hand the conference over to the management for closing comments. Over to you, sir.

Speaker #1: Over to you sir.

Speaker #2: Yeah, thank you. Thanks to all the participants who have participated and spent valuable time attending this call of Mayur for Q1 FY27. As we already told you, the management is trying their hardest and best to achieve the expected and informed results. Definitely, we will try to maintain the margin which we have given you in our previous quarter and this quarter.

Arun Kumar Bagaria: Yeah, thank you. All the participants who have participated and spent their valuable time for attending this call of Mayur for Q1 FY27. As we already told you, that management is trying their hard and best to achieve the expected results and informed results. Definitely, we will try to maintain the margin which we have given you in our previous quarter and this quarter. Thank you very much.

Arun Bagaria: Yeah, thank you. All the participants who have participated and spent their valuable time for attending this call of Mayur for Q1 FY27. As we already told you, that management is trying their hard and best to achieve the expected results and informed results. Definitely, we will try to maintain the margin which we have given you in our previous quarter and this quarter. Thank you very much.

Speaker #2: Thank you very much.

Speaker #3: Thank you, everyone, for participating. I know that due to limited time, we could not address every question from every participant. I hope there was some clarity on the direction in which the company is moving.

Suresh Kumar Poddar: Thank you everyone for participating. I know because of limited time, we cannot fulfill every question of every participant. I hope there was some clarity on the direction in which the company is moving, just thank you for participating. If you have any other specific question, please, you can contact the CFO directly or company secretary directly, and we will be happy to help you in clarifying any other doubts you might have. The prospect of the company overall looks good for the coming two, three years at least. Let's see what we can do, wish us luck also and wish you luck also. Thank you so much.

Vinod Kumar Sharma: Thank you everyone for participating. I know because of limited time, we cannot fulfill every question of every participant. I hope there was some clarity on the direction in which the company is moving, just thank you for participating. If you have any other specific question, please, you can contact the CFO directly or company secretary directly, and we will be happy to help you in clarifying any other doubts you might have. The prospect of the company overall looks good for the coming two, three years at least. Let's see what we can do, wish us luck also and wish you luck also. Thank you so much.

Speaker #3: And just thank you for participating. If you have any other specific questions, please, you can contact the CFO directly or the Company Secretary directly, and we will be happy to help you in clarifying any other doubts you might have.

Speaker #3: The prospect of the company overall looks good for the coming two to three years at least. Let's see what we can do, and wish us luck also—and wish you luck also.

Speaker #3: Thank you so much.

Speaker #2: Thank you. Thank you. Thank you.

Arun Kumar Bagaria: Thank you.

Arun Bagaria: Thank you.

Speaker #1: Thank you. On behalf of Monarch Net Worth Capital Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.

Operator: Thank you. On behalf of Monarch Networth Capital Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.

Suresh Kumar Poddar: Thank you so much.

Vinod Kumar Sharma: Thank you so much.

Arun Kumar Bagaria: Thank you.

Arun Bagaria: Thank you.

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Q1 2027 Mayur Uniquoters Ltd Earnings Call

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