Kaustubh Pawaskar

Congrats for good margin performance. Sir, just a clarification on the margin guidance. You just mentioned that 230 bps is going to flow through the capex project. So, does it include this Phase 2 of the capex which you are planning to do or that will be the incremental over what the capex you are planning to do in Phase 1?

Right. And sir, my second question is on the funding of the capex. So, all the capex what you are planning to do, like including the ₹ 150 crore, the additional capex what you are planning to do, it will be largely funded through internal accruals.

Sure. And sir, my last question is on having a bottling unit in Uttar Pra desh. How will it help you to expand your share in the UP market? As we know that UP is o ne of the largest market. And how will it help us maybe to expand our share in that particular market?

Good afternoon, sir. Thanks for giving an opportunity. Sir, my first question is on debt. So now on Fleur's balance sheet, there will be around Rs. 1,300 crores of debt. As you said that you are expecting 1:1 debt -to-equity ratio. We should be comfortable with debt remaining at this level and there should not be any significant increase unless there is any good acquisition. Is it the right understanding?

Is it fair to assume that Rs. 2,500 crore - Rs. 2,600 crore kind of funds, which you will be having, that will suffice for the expansion of rooms. What you have given in the presentation, there is 756 rooms, which you are adding on your books, plus the acquisition, what you are planning to do in terms of properties you are looking at?

My second question is on the portfolio mix. Under Fleur, will it be more towards Aurika and Lemon Tree as you are tapping to the premium and mid -premium kind of a segment or it will be a mix of everything?

Sir, most of my questions have been answered. I have one question on your regular category. So for last 3 quarters, we have been saying this category has been delivering around 5 million to 5.4 million cases kind of a volume and which has improved from around 2 million to 3 million cases, which were in the earlier quarters. So should we expect this particular segment volumes to stabilize at around 5 million cases.

Yes. From the Andhra Pradesh point of view, just wanted to understand that whatever benefit because of the change in route -to- market strategy would be there in FY 26, from FY 27, it will be a normalized growth in category. Is it fair to assume? 13 | P a g e Q2 FY2026 Earnings Call Transcript

Sure, sir. And sir, my second question is on the market share itself. So in Andhra Pradesh, this is exceptional mainly because of the fact that there was a change in the policy. But in some of the other states where you have a strong, you know, base how t he market share is shaping up in the states?