We take the first question from the line of Raghunandhan NL from Nuvama Research. Please go ahead.

Good morning, sir. Thank you for the opportunity and welcoming Ketan sir. My questions are on demand. Firstly, can you provide some inputs upon state-wise performance and outlook? If I look at the Vahan data for April to July period, Gujarat, UP, Rajastha n, Odisha, Andhra have done well. With regards to these states and also other large states, how do you see the demand improvement on a full-year basis? Shubhabrata Saha Thanks, Raghu. Let me take this question first. I think before we jump into that, I think it's important to mention that Q1 FY27, we deliver a market share of 75.1% and a large part of the market share is because many of our top 10 states have grown and done well. The same market share in the same period, whether it's fully comparable or not because last year in the same quarter, we were in a state of CEV 5, though AJAX's sale in the first quarter was

close to about 90% CEV 5 whereas the competition was trying to sell their old CEV 4 inventory and hence because of the pressure, there were obviously some price implications. The important thing, Raghu, what you would have noticed that the industry registrations in this quarter came down by 27% and AJAX was down 21%. So clearly speaking, the registration levels have been lower in the quarter. I think what has worked for us is better lead management, the stability of the CEV 5 models ahead of time, and also very strong service factors that we've seen. We have also seen that some of the key players have lost some share. For example, the second ranked player has lost share by about 4% during the quarter purely by about 0.7% and there are some gainers like Conmat and Venus. Now jumping to your question around the state scenario. Maharashtra and MP traditionally are large states from a business point of view and these were the traditional 2 series states, which is the ARGO 2 series states. If you see our business volumes in Maharashtra, Maharashtra's a state has declined but our market share has improved. MP also, there is a significant decline in terms of the volumes, it’s close to about 50% decline in terms of volumes but again our market share has improved. We look at Karnataka, I think and let me also speak about a few states where there is an overall decline there. So for example, UP has dropped about 7%, Rajasthan about 21%, Odisha, CG at about 11% and Delhi, Haryana about 8%. But the key states where we have registered high share growth include Maharashtra , Karnataka is at about 85%, MP at about 80%. You have Gujarat at about 82%. The same Gujarat as you mentioned correctly has seen good traction. We have seen a 40% increase in volumes in Gujarat. Our market shares have moved up from about 71% last year to about 82%. UP, we have seen similar kind of market shares as last year. Rajasthan, our market share is improved from 66% to 86% despite our volum es coming down by about 21% and if you look at Odisha, our market share is up from 61% to 88%. So I think in terms of the overall opportunity size, Raghu, as you were talking about the demand scenario, this industry operates on an H1-H2 at a 40-60 level. Our anticipation, I will break it up into a few groups. The groups which where we see growth happening and potentially growth in the future are the states of clearly Gujarat. Gujarat is leading the way and we do not anticipate any significant shift there and I will talk a little bit about why those things are happening. UP, there is obviously an election ahead of us. Hopefully that will lead to some amount of traction in terms of growth. We anticipate that Rajasthan, sorry Odisha will continue to grow. We anticipate that AP, given the quantum of projects and the direction s that at the state and central level is working towards, will see some growth. In Karnataka, which is kind of home state, we have seen some good traction after the political changes that have happened and we anticipate that most of it is likely to continue. Whether we see any specific green shoots in the states of Maharashtra and MP, which are high-volume states, I do not think so at this point in time and we will have to wait and watch as to how the second half of the year kind of pans out. So that would be a broad direction around some of the states.

As far as applications are concerned, which is very important to contextualize, three or four things I will call out. The first is that we've seen some trend whereas in case of PCMC and also the AMC, the Ahmedabad Municipal Corporation, they have stopped o perations of batching plants resulting in both the requirements and the demand for SLCMs in these specific markets going up a little. Rentals have gone up, particularly Gujarat and Maharashtra, we see some rentals of these products going up. Now as far as Gujarat is concerned, between Surat to Daman in South Gujarat and in Saurashtra between Rajkot and Jamnagar region, we are witnessing fair amount of work pertaining to warehousing and industrial foundations and a lot of this is a resultant of the conversion of agricultural land into commercial land leading to some of these changes that is happening. We are witnessing something very similar in AP, some parts in Telangana and in Rajasthan some amount of work has been initiated by SIDCO, which hopefully will start providing some results though the business volumes have come down 21%, we have improved share. In case of Karnataka, the corridors of Mysore, Hubli, Dharwad, and Kalaburagi are areas where we are witnessing something very similar where the smaller establishments putting foundation for warehousing and industrial work is coming into play. In MP, the Ujjain-Indore metropolitan region is seeing some traction. Having said that, in terms of pure applications, I think the traditional applications of irrigation and some of these areas are muted. Railway, bridgeworks, power, all generally muted. But what we have seen interestingly from last year is that urban infra and building-related work, which is both commercial and residential and some part government, are largely private sector led and we've seen some decent movement upwards, particularly in the urban infra, which currently in terms of application constitutes anywhere in the range of about 15% to 20%. Similarly in the case of buildings, in the range of about 10% to15%. So this number, which could have been in the range of about 15% to 20%, has reached towards the 35% to 40% mark, offsetting the risk that could have been there particularly from the traditional government-related aspects. While roads continues to have a larger volume share of the business from an SLCM's perspective but I think the government impetus in terms of both rural roads and similar connectivity has not generally been very aggressive, though at this point in time road constitutes about 40% to 43% in terms of the application from our customers. And urban infra and building in the range of about 35% to 40%. So that's about 75% to 80% of the broad business. I hope I have been able to cover most of the spaces, Raghu. If I missed out something, please do remind me. Happy to respond.

Thank you, sir. Thank you very much for the comprehensive answer. This is very helpful again. Sir, continuing on the demand side, on the non -SLCM, can you share the volume for Q1 and

also you alluded that you are seeing the better outlook on a full -year basis? If you can expand on that and any new products in non-SLCM which you want to highlight?

No, I think as far as new products is concerned, Raghu, I think we have the entire portfolio covered in terms of the batching plants, in terms of our boom pumps, in terms of our boom placers and also in terms of our concrete pumps. Here the question and the context is more about driving execution. I think if you look at it, our business volumes in Q1 FY27 is about 129 machines against the Q1 FY26 of about 153 odd machines. Now this number may look a little lesser but interestingly what has happened is that towards the end of June, because of rainfall in certain specific markets, particularly in batching plants and in the case of boom pumps, some shift has happened and this has meant that sometime in August- September, some of these recoveries are likely to take place. That is the first part. The second bit is related to the fact that there are some key customer wins which we did not see as much coming in the past and the B2B team has been able to open some doors. For example, large players like Ultratech, JSW, ACC, J. Kumar, where either where we were not present or not present for quite a long period of time. I think these are some of the initiatives that we are doing. We have seen some very good movement in the case of concrete pumps vis -a-vis last year and a lot of it is also to do with some of our dealers starting to participate in these areas. Given the fact and finally I will call this out, that some of our larger dealers, given the fact that our overall volumes in the first quarter for SLCMs have been lower, they also want to take a larger share of the pie in terms of opportunities in their local markets. Since I have visited quite a few of our larger dealers, it seems to me that there is a general and genuine interest coming from them because this will also help them to take a larger share of the pie. I hope that satisfactorily responded. If there is any q uestion related to this, happy to take it up.

Thank you, thank you again, sir. That's very helpful again. Lastly, before I fall back to the queue, would you share the export share of revenue in the quarter? It should have gone up because of the sale of paver and how do you see the export outlook on a full-year basis? Or if you take one, two, three years, how do you see that scaling up?

Sure. So I think 9% is the share of the export revenue in FY27 Q1, obviously as you alluded to on the sale of pavers. I think we've seen some good traction, Raghu. I think one of the drivers of our growth in the future has to be driven by exports. Even in this qua rter, the shipments have improved. Obviously, the question of revenue recognition etc, will come into play. I will just call out a few things. The first is that in the next few years, our emphasis and focus on certain key markets will continue to remain. Algeria, Morocco and Nigeria currently constitutes about 38% of our shipments that have been done. These are markets where we are witnessing repeat buying happening, particularly in the SLCM portfolio. In Nigeria, we have seen even batching plants by volume.

Currently we see SLCMs about 65% to 35% on non-SLCMs, which is a reasonably good mix to have to begin with. We have also been able to take some price increases there. We anticipate that in the next three years, I think our business should continue to grow at a 30% CAGR, if not more, driven by some of the distribution arrangements, availability of the products, maybe sell a few more pavers into certain markets, grow certain some of our strategic markets and so on and so forth. That's the way I would see it at this point in time, Raghu. We will obviously not take any risks as far as country risk is concerned or currency risk is concerned and be prudent about how we manage our operations in exports.

Wonderful to hear that, sir, and wishing all the best. I will fall back to the queue.

Thank you.

Thank you. We take the next question from the line of Prolin Nandu from Edelweiss Public Alternates. Please go ahead.

Yes, hi team. Thank you for taking my question. Just one question I had was on the non-SLCM revenue. While in the opening remarks you said that you have high hopes on this in this year, how should one quantify it, right, given the fact that we are starting from a smaller base? And you also talked about some rains in June, right, but how was the growth in first two months and you know what is the number since we are starting with the low base and the whole idea was to, you know, diversify our portfolio and help us navigate whatever challenges we are going through SLCM? Is it fair that you know at least 20%, 30% growth in this segment is something which we should be targeting?

Hi Prolin, I could not understand the last part of your question.

No, so I will repeat. I was saying that, in first quarter in non -SLCM, we have had a 6% to 7% growth and you mentioned that the full year should be quite healthy and there were some rains in June as well which delayed the orders. So my question to you is that, how was the growth in first two months? And given that we are starting off from a smaller base and the whole idea of getting into this was, help us navigate or diversify our product portfolio. So that, some of the headwinds that we are facing on the demand side in SLCM can be compensated by non -SLCM portfolio. What is the growth number that you will be satisfied with at the end of the year in non-SLCM segment?

Prolin, I think thanks for your question and I have understood it. I think the second part that you mentioned is a fairly significant assumption, and that assumption I do not think we have mentioned that it's one versus the other, right? So I think the first and foremost thing is that a proportion of some of the infrastructure-led projects is an outcome of government spending both at the state and the center, right, the large infra projects etc.

And given the fact that some of these things have been muted and many of the contractors have not been able to receive funds, obviously for a player like us, as I have cleared this out even earlier that we are not playing the price game, we would rather pl ay the installation game even if it means that it is a little tougher to do. And we have resisted ourselves from getting into that space. Having said that, I think we would be happy if we are able to drive the non -SLCM business on a lower base to a decent number of about 10% -15% growth over the previous year. If we are able to do that at this point in time, though we anticipate that the seco nd half of the year could be a little bit better than the first half of the year.

That’s it from my side. Thank you so much.

Thank you. We take the next question from the line of Parth Thakkar from JM Financial. Please go ahead.

Thank you for the opportunity. Sir, we see that the SLCM volumes have been flat in this quarter and with seasonally 2Q, how do we expect the volume growth for full FY27?

I think as I have stated earlier in the past in my interactions as well, the business has to be looked not on a quarter-to-quarter basis but if we look at it more from an annualized perspective within this business as I have explained ad nauseam that there is a 40-60 between H1 and H2. We are hopeful that H2 will bring about some shift and change. But having said that, there are challenges that are there on the horizon, particularly on the margin front given the fact that the geopolitical environment around us and the implication of that in terms of commodity costs, in terms of currency, I think they are not going to go away anytime soon. So I think it will be meaningful for us to look at initiatives both in terms of being able to drive the volume growth and ensure that we maintain market share as I have indicated by the state - wise breakup of the shares of business. It is very clear that while we try and endeavor that the pound improves, but stimulus towards the pound is currently not there and in order to be able to make a breakthrough in that zone, I think we have been able to proactively drive the opportunity particularly in the building and infra where there are some private players there. We will continue to focus on exports, we'll continue to focus on spare parts and all of this will help us to make sure that we're able to drive the business volumes as we go forward and the margins. So that's the way I look at it at this point in time. I think, if you look at for the full year, we’ll wait it out and I think the second half of the year hopefully will augur for better results and that will help us to project a better volume. I think it's too early for us to make a call on the full- year numbers at this stage.

So, I think UDAAN is gaining reasonable traction despite the headwinds in the environment around us. In the first quarter, I think we did some 121 numbers for UDAAN and I think that showed up the overall volume for the SLCM category as such to almost the same as last year in the first quarter. I think last month, I think, we've seen good traction again, about 35-40 numbers have happened last month. We anticipate that this trend is likely to continue as distribution expands. As I mentioned, our job would be to ensure that we do continuous demos, drive the value proposition along with our customers during our customer meets, and so on and so forth, that becomes an important part of gaining traction in this business.

Do you have the number handy till its inception; how many units have we sold?

So last year we sold some 202 units, this year in the first quarter about 121 units and if you add the June, July numbers, it will be close to about 35-37 numbers.

Okay. Thank you, sir. Those are my questions.

Thank you.

Thank you. We take the next question from the line of Shubham Borade from ICICI Securities. Please go ahead.

Good morning, and thank you for getting my question. My question is given the strong cash position we have as of June 26, so are we seeking inorganic opportunities aggressively in next few quarters?

Shubham, I think this context of pursuing inorganic opportunities as part core to our strategy and I can say that we're aggressively pursuing the same, and we would be in a position to come back to you as and when I'm very clear about where we've gone. So, we remain committed to making sure that the cash gets utilized in a prudent manner and that giv es us good returns. As I've also indicated in the past, what we will not do is as clear to us as what we will do and hence we are pursuing the same in light of the guardrails that we have given ourselves.

Okay. That was from my side. Thank you.

Thank you. We take the next question from the line of Raashi from Citi Group. Please go ahead.

Thank you. Just a slightly broad-based question. So, you mentioned in the release that the second half should likely be better than the first half. But how do we, I mean, just putting a few points together that there's no real sort of predictability on what the volumes are going to be, one. Second is that I would imagine that the steel price pressure has already kicked in, in the first quarter and you took the price increase in the fourth quarter, but there was no subsequent price increase the first quarter. So, is it going to be challenging to take that price increase going forward and lastly is how do your account for your steel, I mean, how does the steel pricing work for you is spot, is it contract? Three questions, please.

Yes sure. So, Raashi, let me put them down in either the same order or any order that you want. I think as far as business volumes are concerned, I think AJAX is committed to ensuring that its market share is protected, right? I think there is an influence of government spending on the business and hopefully the second half of the year will augur well for all given the fact that the rainfall, which was likely to be far more muted, hasn't been as bad as that. What was being spoken about as deficient is likely to be either below normal or very close to normal. I think these are some important factors to consider given that that would have played an important role in terms of rural cash flows as also the governme nt spending particularly related to non-agricultural opportunities. I hope that persists and I think by August -September, mid of September, we would be having a much clearer view on how these things will pan out because that would have also had a falling at immediate impact on potential interest rates and also inflationary trends. I think given the fact that that may not happen to the extent that what was being thought of, could potentially have a better outlook in terms of how we see the industry going through. Very difficult to call at this point in time but given the fact that there is a state election in UP which could actually provide us some quick fillip. I think there are certain states like Gujarat, we've spoken about, Odisha, we’ve spoken about, states like Karnataka coming back, we’ve spoken about AP coming back a little bit and hopefully that will also get into Telangana. I think some of these facets w ill hopefully drive the potential revenues. The second bit of the question that you had was related to your pricing context. I think I've made a statement during my speech, where I have called out that we are evaluating potential increases in a calibrated manner, keeping in mind the business environment etc and some of those actions I think we want to begin sometime in within this quarter itself. So, we understand where you're coming from and definitely this is something on the cards and on the anvil. As far as steel prices is concerned, Raashi, I think the steel E250, E350 both have gone up. I only hope that the geopolitical situation hopefully anytime between September and November, especially after the primaries in the US could also have a direct bea ring on how the steel prices pan out. You also manage this sector, so I think, some of the things that are being called out by some of the largest steel players is that there could be some softening potentially as we move ahead. So, I hope that softening will play an important role as we move forward. As I've also spoken about in the past, I think, we did make some let's say purchases last year, but so far at these high rates, I don't think it was meaningful for us to look at any specific strategic purchase. But having said that, for certain specific products which may have some imported component etc some strategic inventory we have built in the first few months.

I think Raashi the second quarter will be a fairly challenging quarter and I think we're trying to see how we can manage both cost -effectiveness with a potential to increase some meaningful price increase etcetera. I think some of these things will help us to balance these numbers. Definitely 12.5%, looks challenging at this point in time from a second quarter perspective. As we move into the third quarter and hopefully as the volumes see some improvement, I think some of that will start playing out and we'll get back to the corridors of about 12.5%.

Thank you.

We take the next question from the line of Aditya Shroff from Bandhan AMC. Please go ahead.

Yes, hi. Am I audible?

Yes.

Yes, hello. Yes, so two questions from my side. First of all, other expenses have risen by around 17% on a flat revenue line. So, I wanted to ask about that and how much of it is recurring. And secondly, so there's a close competitor, not very close, there's a construction equipment company which has grown its volume by around 17% in this quarter itself. So, I just wanted to understand like is this a customer segment issue for us or rather than an industry issue?

Yes, I'll just take the second part of the question and I'll let Ketan respond to the first part of your question. I think the company that you're alluding to there are only two listed companies in this space, so ACE and Escorts. I think both of them play in the larger P&C segment, which is the pick-and-carry crane. And the pick-and-carry cranes, I think because of the nature and types of things that they're doing, I think that segment has certainly seen a very strong movement. As far as the SLCM broad base is concerned, as I've indicated in the first quarter, the industry registrations were down 27%, AJAX was down 21% and therefore the improvement in share. So, I think we can do what we can control and definitely can't do beyond what is not in our control. Ketan?

Yes, on the other expenses part. Am I audible?

Yes, you are audible.

Yes, on the other expenses part. You know, primary two reasons. There is increase in the freight outward cost which comes on account of two reasons. Overall, due to the increase in diesel prices as well as export business, we see an increase in marginal freight outward cost. At the same time, we are also undergoing migration from SAP ECC 6 to SAP HANA. So that's the cost which is coming in the books for this year to the tune of INR16 million. So, these are the only two primary reasons why we see an uptick in the other costs.

Okay, got it. Just one thing to inform, there is a lot of echo in your voice throughout the call. So, if you can just check.

No, I think I'll have to check again, but there was a lot of echo throughout the call. So maybe you can check again.

I think we'll have to leave it to the call organizer. We have no control over echo in the call.

Okay, sure sir.

Thank you. We take the next question from the line of CA Garvit Goyal from Serene Alpha Analytics LLP. Please go ahead.

Before you get onto the call, the call organizer, there is feedback that has come through from the participants on the call that they're hearing echo on the other side. Can you just check at your end because we are getting very clear voice from people who are speaking to us.

Sure sir, I'll make a note of that and I'll check on my end as well. Garvit, you can please continue. Thank you.

Hello, audible?

Yes Garvit, you are audible. Please go ahead.

So good morning, sir. So, I have one question on growth trajectory. In last two years, we have not able to grow in terms of revenue and even our margin fell down from the level we used to report at the time of IPO. I understand the macro problems were ther e but can you help us to understand when do you see ourselves come out of it or there are some other structural issues too in terms of demand because I'm seeing the PB adoption is rising now. So, it is affecting the industry structure on negative side. So, can you help us to understand?

I'm not able to follow the last part of your question at all.

Am I audible, sir.

You are audible but your voice seems to be muffled.

Hello, so I want to understand, sir, that macro problem is there, but can you help to understand when do we ourselves to see coming out from that or there is some any structural issue, sir?

No, I've understood. I think first and foremost let me call this out that AJAX has demonstrated strong growth if you look at the last decade, 10 years, 12 years etc . You start from 2014 up till 2026, AJAX's CAGR, revenue CAGR is in the order of about 16%-17%. So, there is no reason to believe that AJAX will not put up a strong performance over a longer period of time. That's the first call out. The second call out is that there is cyclicality inherent within the industry. Now in a cyclical industry, how sharply you're able to come out of it and grow faster than your peers during the time when the business environment is strong, have we demonstrat ed that in the past? Answer is yes. Just to give you a very clear example, during the period of COVID, three years the

company revenues fell to about INR750-INR760 crores thereabouts from the highest in 2019 at about INR1150 crores. Given the company's asset-light lean business model, the lower breakeven points, the benefit of operating leverage etc accrued to us when AJAX grew at 36% whereas the industry, the broad construction machinery industry grew at 26% CAGR between the three years of 23 , 24, 25. So clearly, we have a base in place. The third is that in the near term, I think the impact is coming through from multiple sources which is affecting the demand. But AJAX has been able to ensure that even in this tough environment, the management of market share and the management of cost and working capital is something that it has demonstrated consistently. So, all of these three scenarios are going to be something that from an execution perspective that AJAX is going to drive home day in day out, and as the demand scenario let's say improves, definitely there will be a positive swing to what we are seeing at this point in time. Having said that, we have cash on the books, the ammunition is something that we would like to utilize and make sure that if we find an asset of significance, we will pursue and I'm saying this that we're currently pursuing certain opportunities and as and when the time is right, we can come back to you.

Okay.

Garvit, I would request you to please join back the queue for follow -up questions. Thank you. We take the next question from the line of Parth Thakkar from JM Financial. Please go ahead.

Thank you for the opportunity again. Sir, as you mentioned that Q2 would be very challenging. So, can we expect the full-year margins to be around 12%?

I have indicated that to get to 12%, 12.5% will be challenging in this quarter at this point in time. It's too early for me to say what's going to eventually pan out, but definitely 12% looks challenging.

Okay. Thank you and yes, sir, the voice was very muffled throughout the call.

I think, I would recommend SGA, Tanay and the agency which is doing this call to please check at your end. You want us to reconnect, do whatever to ensure because we are almost about 45 minutes down the call. Somebody should have pointed this a long time ago. We are able to hear mostly you guys fairly clearly.

Sir, from our end, everything is fine, sir and your audio is coming in loud and clear for us.

Okay, we’ll live with it then.

All right. Parth, you can proceed. Thank you.

Thank you. We take the next question from the line of Sanyam Shah from Solidarity Advisors. Please go ahead.

Hello, am I audible?

Yes, you are.

Yes, thank you for the opportunity. My question was on margins. If I take a slightly longer-term view, do you think we can get back to 15 odd percent EBITDA margins over next couple of years and what gives us confidence we can get there?

I think from the core side of the business, I think let's look at two or three scenarios. First is the demand improvement and whenever we see demand improving and we've seen that happening in the fourth quarter of last year when life was completely down and out. If you look at the first three quarters of last year our margins were where they were, but in the fourth quarter we were able to prove that we were about the 15% mark even in the fourth quarter of last year. So clearly stating that whenever there is an upswing in terms of the demand scenario in this industry, I think AJAX's ability for its premiumization at the price point level, I think has been demonstrated and I think from an operating model, I think the asset -light lean business model throws up that opportunity from an operating leverage point of view. So that is the first part. On a general basis, I think we've called this out that for the longer term, the 13% to 15% corridor is something that we are very clear about that we will endeavor to make sure that as demand comes back to the economy, that should play. As far as prices are concerned, I have also indicated that our endeavor is to make sure that we are able to do calibrated price increases in the demand environment that we are living in. I hope that answers your question.

Yes. And sir, you also talked about some cost reduction initiatives in the previous quarter. Can you just throw some light on that and where do we stand on those initiatives currently?

No, I think this is a year -on-year action and activity, not something that we do only for this quarter and so on and so forth. This is an activity that we're pursuing every quarter because cost management and working capital management is central to the t hought process of how we prudently manage our financial management and hence every year we take up opportunities in terms of design and engineering, in terms of supply chain, and in terms of the overall procurement opportunities that may be provided to us. And I think in the last three years some of those initiatives have helped us manage these cost structures very well. Similarly, during the time of the transition period between CEV 4 to CEV 5, which happened the last fiscal and before that, I think the eff orts that were taken up from design and engineering, supply chain, etc , has helped us to contain the direct material cost implications. Similar kind of exercises are being currently carried out. Wherever there is a feasibility to see that there could be considerations along design and engineering and supply chain. I mean, I will

definitely not be in a position to call out specifics in this because they're too central to what we do. And hence our efforts are ongoing, and will continue as we move forward as well.

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

Thank you. Ladies and gentlemen, in the interest of time, we'll take the last question from the line of Rahul Kumar from Vaikarya Investment Management. Please go ahead.

Yes hi, sir. Can you just repeat the state -wise commentary which you had given in the first question? Actually, it was not very audible. If you can just repeat that, that will be good.

Yes, is it audible now if it was not audible earlier?

No, I think you were not audible during that reply to the first question only. I think after that it was audible.

I'm very surprised because Raghu who was on the call heard it loud and clear because that was his first question. Yes. So, I'm not able to understand whether my voice is reaching you now and it was not reaching you earlier when Raghu heard it.

I think this is loud and clear now.

Okay, fantastic. So, I think something has changed suddenly. Okay. I was mentioning about the top 10 states in which I spoke first about the states which are high -volume states but have not done very well, and this is Maharashtra and MP where both the execution of projects and money back to contractors hasn't happened. But despite that, I think we've been able to improve market shares in both Maharashtra and MP. We see some good traction happening in Karnataka after the change in political guard. We’ve seen good improvement in market share as well as the volume growth happening in the market. AP is also growing well in the Southern markets. We've seen very good tr action in the State of Gujarat including the improvement in market share from about 71% to 82%. We’ve seen Rajasthan decline a bit in terms of volumes but I think market share has improved from 66% to 86%. Odisha with a growth, our volume growth has been 13% but our market share growth has moved up from 61% to 88%. In case of CG where there's been a volume decline of about 11%, the market share has grown from 73% to 91%. Hope that helps.

Yes, yes, yes. Understood, understood. Just for the state of Maharashtra and MP, I think we have had this issue -- I mean concerns for past couple of quarters. So, can you just help us understand when did this issue started? I mean which quarter of let's say FY26?

I think it's not -- I think it’s been there for larger part of the full last year. I'll just give you a context. Two years ago, if you look at the volumes, last year the volumes in the State of Maharashtra were in the range of about 430 odd numbers if I'm remembering my numbers correctly.

But the year prior to that, the Maharashtra numbers were in the range of about 900 plus and a year prior to that it was about 750 odd. So, 750, 950, 430-440 type of numbers have happened in that state. So clearly after the full year of last year Maharashtra was muted.

Understood. Yes, that’s all.

Thank you. Ladies and gentlemen, with that we conclude the question -and-answer session. I now hand the conference over to the management for their closing comments.

Thank you all for joining us on today’s call. We hope we’ve been able to address all your questions. For further queries and clarifications, please feel free to connect with us or SGA, our investor relations partner. Thank you once again.

Thank you, sir. On behalf of AJAX Engineering Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.