Anupam Gupta

Yes, thanks for the opportunity sir. First question is on the sale in Shankara which you have done in the quarter. Can you just give your thoughts on why that sale happened?

I understand. Second question is on the general structures profitability. You mentioned that this 2,700-2,800 which you are achieving also has the benefits from Dubai which if we assume Dubai is selling almost entirety of general structures, it is a meaningful contribution coming from there.

Okay. So, are you comfortable with that level or that again come at risk as this gap is increasing?

Thanks for opportunity sir. Just one question on the volume guidance. So 20 % full year is understandable but how are you seeing the near term per se first order of course, are you seeing an uptake in demand already or we are still looking at second half being the major part of volume for this year?

Understood. That is it from me.

Yes, thank you for opportunity. So you highlighted a very strong cost reduction target for employee cost from 1000 to 600 over the next few years. So obviously next year Mr. Sanjay Gupta not taking salary will help. But let's say you're still lookin g at a meaningful greenfield capacity expansion coming up over the next 2-3 years.

Yes. So, the first question is on the reason you highlighted for the slower revenue growth in this quarter as well as the lower margins which emanated from that. Does Bangladesh and JJM project fully explain that or are you seeing a slightly broader slowdown in terms of payment and execution?

Okay, so basically execution should normalize from first quarter is what you are trying to highlight.

Okay, okay, understand. And so the second question is on the planned capex and depreciation. So, let us say, what would be the capex number you are targeting for this year? And in terms of depreciation, because there is one third of accelerated depreciation, what sort of increase broadly one can expect in FY26 in depreciation?

Yes. Thanks for the opportunity, sir. Sir, the question is on the RAC business, primarily RAC and Commercial Refrigeration if you can talk about . Basically, where are you in terms of backward integration at , let's say, at the end of FY25 in terms of in-house, third-party, and imported sort of sourcing? And over the next two, three years, how do you see it changing incrementally?

Okay. And will it be right to assume, so let's say, if we look out at FY27-'28, except compressor, everything would be India-based to a very large extent?

Okay. I understand. That's all from my side. Thank you.

Sir, the first question is on the Clean Mobility business. If you look at both the 3-wheeler as well as the truck side, the VAHAN data suggests that the volumes were up Q-on-Q for third quarter versus second quarter. But the revenues have seen a decline Q-on-Q, INR146 crores going to INR127 crores. So what explains that difference in the revenue side of it?

Okay. I understand. And just continuing on the small commercial vehicle and I think that you also launched the cargo variant in the Bharat Mobility Show. How soon should we see this at the dealership level for these two new products?

Okay. Understood. Fine -- this is helpful. Sir, the second question is on the Metal Formed Product business. What we see there is that the margin trajectory has been pretty weak for this business compared to what you were doing, let's say, 3, 4 quarters back.

So first question is basically, if you see your EBITDA per ton is relatively on the lower side given that exports have been very subdued for the last couple of quarters. And incrementally, we have some possible pressures coming f rom the Trump administration coming on -- coming in and possible duty actions. So how do you look at that section?

Yes, how do you look at that in terms of possible duties there?

Sure. Okay. That is helpful. And sir, second question is basically on the greenfield capex, which we were talking about earlier. Anything that you have finalized so far or any thoughts you can share?