Harsh Shah

Sir, firstly, in terms of your guidance for Europe, you have mentioned that the 5 -year target is GBP100 million. In that regard, I mean, I wanted to understand that we are already -- our revenue is above that number, right? So does this statement mea n that the incremental revenue will be held in 5 years?

Slide number 16, when you give a 9MFY26 segmental breakup of India, North America, Europe and Middle East , right, revenue mix and Y -o-Y growth. So in Europe, you've commented that a 5 -year target for revenue is GBP100 million, right? But o ur current business itself is...

So U.K., sir, only GBP45 million going to GBP100 million, doubling in 5 years?

Sir, firstly, in terms of your guidance for Europe, you have mentioned that the 5 -year target is GBP100 million. In that regard, I mean, I wanted to understand that we are already -- our revenue is above that number, right? So does this statement mea n that the incremental revenue will be held in 5 years?

Slide number 16, when you give a 9MFY26 segmental breakup of India, North America, Europe and Middle East , right, revenue mix and Y -o-Y growth. So in Europe, you've commented that a 5 -year target for revenue is GBP100 million, right? But o ur current business itself is...

So U.K., sir, only GBP45 million going to GBP100 million, doubling in 5 years?

Hi sir, good evening. I just have two questions. First is that just to clarify on the last question you guys mentioned that in case of any tariffs , we will not be taking any price increase. It will be substituted by the lower RM price, right?

Currently they have 10% base tariffs, if that remains basically, we will not take any price hike. It will be more than offset by the lower RM prices.

Got it. And secondly when we look at the standalone number it's a flat kind of growth. It's flattish number revenue number this quarter. So that basically 8% India revenue growth is offset by lower pricing.

So basically, Ashish, just like Tasva, like Style Up would be in the investment sale, I would believe, right? And while you kind of laid down your ambition for Style Up over a 5-year period, I would just want to know probably what would -- I mean, kind of guidance for the next couple of years, let's say, what would that be?

So there is -- basically at EBITDA level, there is no cash burn in this format as well.

Okay. The format level, basically, it's EBITDA positive, but let's say, corporate level, it's still…

Yes. Sorry, I just joined a bit late in the call. With this -- sir, I wanted to understand this pilot -- this new pilot a bit more. Are we essentially saying that we are also going into backward integration? will we also, replace the likes of emerald also or how does it work basically in terms of this localized jewellery from that point of view?

So in the second step, sir, which you mentioned as in the land which you purchased and the jewellery park, which you are intending to set up there. So basically you are saying that whatever contract manufacturer guys you work with, you would want them to kind of have probably work in there…

Okay. this hub, sir, will cater the requirements of one state or the South market initially?

Hi, Alok. Firstly, if we look at your volumes ex of ICONiQ this quarter, there would be a volume degrowth, right? And a question here is that even in the previous question, you have spoken about the brands you were excited about, right? Woodburns and Zoya and the other brands.

This is Officer’s Choice or Officer’s Choice Blue?

No, it is very helpful. Secondly, basically, I mean, when I look at your presentation, we are currently at 46% in terms of P&A volume share, right? And you have called out an aspiration to reach 50% P&A volumes in 3 years, right? That is something which, let’s say, given that the slide on your new launches, everything we are doing is in prestige. Right?