Jay Jain

Hi, sir. Sir, our exports are now around 21% of revenue in Q1, versus it was around 20% for the full year FY26. And you have earlier indicated an ambition to take this towards 30%. Given that exports carry significantly higher EBITDA margins, theoretically every 100 bps increase in export mix should be margin accretive. How should we look at margins in mid-term?

Got it. Thank you for the detailed answer.