Just wanted to check in terms of the cable segment, how are you seeing the momentum? Was there any pain in terms of the demand in last couple of quarters? Or it is purely to do with the teething issues in the asset ramp-up for us in cable segment, sir?
Fair. Just one question I had with respect to solar cables. In terms of offering, do we have all the relevant SKUs? And what is the contribution of solar cables for us? And also, if possible, for the industry? Just your thoughts on the same, sir?
The first question I have is, if you could -- I know it's hard to call out, but broadly, what I'm trying to figure out is, have we kind of maintained market share across our core key categories like switchgear, lighting, fans? Any color you could provide o n the market share trends basis your internal, sir?
And how about cables and wires?
Sir, just wanted to understand from a broader context perspective, is it fair to say in last 3 -4 years, competition in each of the category has actually intensified and pulling down the margins for the industry as a whole. Is that a fair assessment, whether it is fans, lighting or even small appliances or water heater for that matter where we keep on hearing every other company also talks about being in top 3 or 5? Just wanted to get your sense, has that been the case? And is it pulling down the contribution as well as the operating margins at the category level, each of these category level?
Understood. And if I see in the last quarter, we had kind of commented that there is -- I mean, if the growth is normal, we can actually see a 150 - 200 basis point margin expansion for Havells stand-alone. Does that stay intact? Or could there be a change in that?
Yes, good evening sir. Thank you for the opportunity. Sir, two questions. First, just on an aggregate basis, for the RAC and fans, particularly, is it fair to say that we would have maintained market share, we would have lost or gained a little bit market share on a Y-o-Y basis on a like-to-like basis? I am just like a bit puzzled about the sharp decline. Like ECD, we have seen for the first time such a sharp decline for a mature category like fans. So, is there anything specific to us for the quarter? Or it's the industry as a whole has seen that kind of a double-digit decline even in fans?
Got it. And the second question I had with respect to cable and wire margins, 12.6% PBIT margin. I was just curious if cables have grown at a faster pace, then there would be some impact on the margins. On the contrary, margins improved. So , is there any structural change in the cables margin we have seen or the newer categories what we are selling are better margins compared to what earlier it was?
The first question I have, if you could talk a little bit about the gross margin contraction in a bit more granular manner. The question I have is you had a large inventory, as you pointed out in the initial remarks throughout the year. So ideally, given the copper price inflation in December and January, with our inventories, we should have benefited. So if you could talk a little bit about this pricing part of it? And has that normalized in the April and May month?
And how about April, May, sir?
Yes, thank you for taking my question, sir. Just two questions. First, I know the industry and the company has gone through lots of ups and downs, but if you were to look at from a steady state perspective, what is the margin range one should look at for Elica and for rest of the business? That's my number one question. And secondly, you know, in terms of the adjacency, is it fair to say that it will be in the kitchen appliances or you could also evaluate something in the small appliances? Those are my two questions. Thank you so much.
Very well, sir. Thank you so much. Wish you all the best.
Good morning, sir. Thank you for the opportunity. Sir, first, if you could clarify in terms of the growth, you said 40% revenue growth for the electronics business. Is this post the conversion, what you talked about and hence, the growth -- the revenue growth number is weaker. So in that case, could you also clarify the margin for that division? And within that, if you could also clarify if it would be driven by PCBA or PCB business in terms of the margin?
The job work what you said…
First, on capex, if you could give us some sense in terms of total capex for FY '26, '27 and '28 ballpark numbers? And if you could break it up in terms of the divisions, please?
And consol capex in terms of total like what number that would be for FY '28?
Congratulations for fabulous growth. Sir, just on the margin part for the consumer durables, if you could give us some sense; for the quarter, we have seen a substantial revenue growth, but actually a margin contraction. So if you could explain for the first quarter and also give us some sense about the direction just the way you kind of highlighted for electronics business?
Got it. And just one more question, if I may, with respect to the accounting part of this for these new ventures. Will this -- the depreciation will be on the gross spend or will be only on the net spend, if you could give us some sense?
Congratulations for excellent performance. I was just curious, sir, while you have indicated on the margin front, I'm just trying dig a little deeper on this aspect. We have touched 12% margin the last two quarters -- 12.5% and 12%. And if we are talking about similar growth across verticals, why the margin guidance, that 10.5% to 11% despite having an improvement on account of the exports, ODM mix going up and third, the operating leverage. Just curious, given kind of a pass -through arrangement for the cost, any particular reason, apart from the generic reason, what you have given, for the margin guidance?
Understood. And if you could comment on each of the segments, what is the outlook on the growth path? While you have given a broad guidance, if you could give on each of the segments?
First question, just a clarification, the 32 million included the exports of 5.5 million, right?
Would you be able to quantify for FY26, what is the export number, sir?
Good evening, sir. Thank you for the opportunity. So first is on mobile. I just wanted to check what's our yield in mobile segment in terms of the recovery rate or rejection rate if you could highlight. And how does it stack up versus globally or Chinese players?
Yes, in process rejection, sir.
Good afternoon, sir. Thank you for the opportunity. Just wanted a clarification. With respect to the industry size, did you mention from a fiscal year FY26 perspective, the 14.5 million pieces for the industry, sir?
And our market share is 11. 25%, like what you said in volume terms and value terms, 14.25%. Have I understood right, sir?
Sorry, if I am asking a repetitive question, sir. Sir, if you could help us with the volume decline for the industry for the quarter, just a broad sense, what kind of decline is it? Because the range we keep on hearing is a fairly large number, but just your sense on the same. And we, in terms of the margin, we have seen for the UCP segment, 330 basis point margin contraction. You know, at the gross level, have we been able to maintain or if there is a contraction even at the gross margin level? And if you could also help us in terms of A &P spend in that segment, how much has been the reduction or if it is same or increased?
Just a clarification, sir, on the first answer. Sir, again, I am sticking to the first quarter at this point in time, April to June quarter. You said industry declined 30% Y-o-Y. And we have said our market share is marginally higher. Does that mean that our volume decline is also in the similar fashion or slightly lower than that or it is substantially lower than that?
Congratulations for a good set of numbers. The first question I have, in the third quarter call, you did mention about delay in passing on the price inflation. So that kind of had some impact on the margin. Was there any such thing in the fourth quarter? And -- or on the other hand, was there any inventory benefit, inventory gain during the quarter, which you could have realized?
All 3 companies have indicated in the recent con calls that there has been some benefit on the inventory realization front during the quarter. Was that the case for us as well? And if you could quantify?
Good afternoon team. Thank you for the opportunity. Couple of questions. One is in terms of the EPC, you said 5% to 10% range. But with BharatNet, do you see that percen tage going up for next 3 years or you think that is already built in this number?
Understood. But the margin should improve, right? Because this has a higher margin, as you said, 12% to 14% margin for the BharatNet orders, right?
If you could clarify in terms of the margins, how do you see it playing out in fourth quarter? Assuming the prices remain stable at today's level, do you see Q-o-Q margin expansion or given the volatility, even fourth quarter margins could actually fall a little bit compared to 3Q?
Understood. The second question I had, and again, it's a bit theoretical. If copper prices were to fall back to $10,000, which -- where they were before this sharp increase, how would that impact us as an industry and also as a company in terms of the volume and the margins, if you could give us some sense?
Sir, if you could talk a little bit on the export part, what has been the volume growth and were there any deferment of the orders in terms of the shipments? Could that also be a reason for the slightly lower growth compared to the peers?
And in your guidance, are we budgeting the exports will also -- export mix will remain similar or could there be a higher delta in terms of the export mix?
Sir, pardon me if I'm asking a repetitive question. If you could help us understand what is the industry decline for the quarter and for the first half? As in you said year -to-date market share, does that mean Jan to June or it is April to June?
And for us, on a year-on-year, if I look at the market share, what you've mentioned, it was 21.2% in 1Q '25 as in June '25 -- in June '24 quarter. Do I have the number right?
Yes, good evening, sir. Thank you for the opportunity. Sir, congratulations for great performance on the margin front, the domestic margin, 74.6%. Just wanted to check on Vi zhinjam, the 89% margin, is that a new normal given the automation what we had and the scale of what we are going to see there? Should we assume this is a new normal margin? Because I see that is one of the triggers for the margin improvement in the quarter as well as going forward.
Yes, sure. The second question I had you did explain for Mundra, so if I look at just the commodity mix in case of Mundra, right, you did explain the weakness in the container part. How about the other cargo? We've seen the other cargo like in case of dry cargo, it's down like 30% YoY. For the last two quarters, we have seen the pain in case of Mundra port for the other cargo. So, in general, if you could -- I know you've clearly highlighted about the guidance for the full year, but just trying to get some more deeper understanding on particularly Mundra port, like other cargo is also down some 21% YoY. If you could talk a little bit about what is playing out. Yes.