Mohit Pandey

My first question would be on gross margins. If you can give color on what has driven the strength? Is it largely linked to commodity in this -- in the fourth quarter?

Okay. So ma'am, the gross margins that we achieved this year. So you think in FY '26, they are more or less sustainable?

Understood, ma'am. And also, if you could share the breakup of domestic Powergen that you typically do across low, medium, heavy and high HP?

My first question would be on gross margins. If you can give color on what has driven the strength? Is it largely linked to commodity in this -- in the fourth quarter?

Okay. So ma'am, the gross margins that we achieved this year. So you think in FY '26, they are more or less sustainable?

Understood, ma'am. And also, if you could share the breakup of domestic Powergen that you typically do across low, medium, heavy and high HP?

Sir, my first question is on the 5 -year outline that we have shared. Sir, please correct me if I'm wrong, but as I can understand, the incremental growth as per your current position will be from incremental domestic investments. Is that understanding correct?

Okay, okay. And sir, I just wanted to hear your thoughts on the turnaround strategy for AWUKO and RHODIUS, especially in line of the stimulus that is being announced by the economy there on the infra side? Is AWUKO and RHODIUS likely to have a second order impact here?

Okay. But for this year's guidance, so clearly, it's too short term. So you're not building in any impact because I heard you said it was largely driven by domestics. Okay, okay. So that's clear, sir. Sir, secondly, on Ceramics, if you can please confirm that for the margins, your guidance is a drop of 100 to 125 basis points. Is that right, sir for FY '26?