Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press “*” and “1” on their touch tone phones. If you wish to remove yourself from the question queue, you may press “*” and “2”. Participants are requested to please use handsets while asking a question. We will now wait for a moment while the question queue assembles. The first question comes from the line of Chandramouli from Goldman Sachs. Please go ahead.

My first question is just on the Classic and the Bullet, especially post the GST cuts. We continue to see pretty good volume growth on both those key models, even off a pretty high base when you refresh both those products at this time last year. I just want to understand some of these core products, the Classic, the Bullet, the Hunter, the Meteor, if you're able to give us some sense of what the potential benefits in demand you're seeing, just exclusive from the GST cuts alone?

Well, Chandramouli, first is the Classic 350 has actually grown very well during this time because we kickstarted the campaign on the Classic that has really worked well. People really liked it. That is one on the Classic. If I have to tell you what kind of a growth, I think we grew almost about 24.5% compared to last year during this quarter in the Classic 350. The next Meteor, which you asked about, the Meteor 350, we came out with new color ways, and we launched it during the September month. Once again, that also has shown us very good growth. If I'm right, I think we have grown almost about 30% there. November 13, 2025 Hunter, we launched one more color during this festive time. And we also did the HunterHood as a platform for all the young audience to come together and then celebrate the HunterHood. And even Hunter has grown almost about 41% over the last year. So all the products, which were on focus during this quarter, have really, really grown very well. Bullet 350 Battalion Black which has really, really grown, I think, almost about 70% during this quarter.

Got it. That's helpful. The second question is just around the second half. I think some of your peers have indicated the motorcycle industry in India should grow around that 8% run rate in the back half of this year. I think Royal Enfield in the first half, domestic market growth has been higher than that run rate? But I just want to understand how you're planning for and thinking about the second half and how you're thinking about premium motorcycling growth in relation to that sort of high single-digit growth run rate potentially for the rest of the industry?

In terms of percentages, we don't give the forward guidance, Chandramouli, but I can tell you, post the GST, the demand and the inquiry and the demand is holding up really very well for us. Even October has been very good. As I mentioned, all the product interventions, inventory buildup, everything has worked. And currently, even in the month of November, I'm seeing the run rates are very good. So we are bullish that our growth rate continues.

Got it. And just lastly, in terms of channel inventory and production run rates, if I just look at your first half wholesale growth in the domestic market, you've grown about 27% versus retail, at least on my end, seems to be close to 24%. And in the month of October, it seems to be -- retail has grown closer to 50%, but wholesale only 15%. So are you thinking about sort of staking up the channel? What is the current channel inventory you have? And are there any near-term risks of potential stock out just given retail so far this third quarter seems to have grown much faster than wholesale?

Yes. So normally, as you all know, during the festive season, the inventory build takes place and the retail will be higher than the wholesale numbers. That is what the season, which has been really, really good during this window of 31 days festive compared to last year, we actually grew by almost 50%. So the growth has been very good. Retail has been holding off very well. And we don't build inventory, you all know. We would like to actually have a correct inventory, and we have a replenishment model back in the system. So that will actually help us to get the velocity in that. Production at the back end is also churning out good numbers. So once again, you will see some amount of inventory fill up, which has to take place, which will happen through the wholesale. There's nothing which is alarming to be saying that there is a gross mismatch, Chandramouli.

Thank you.

Thank you. In order to ensure that management is enabled to take questions from all the participants. Participants are requested to restrict their questions to 2 per participant. The next question comes from the line of Binay Singh from Morgan Stanley. Please go ahead

Hi team, thanks for the opportunity. In your opening remarks, you talked about maximizing capacity. Could you share your thoughts on what you are thinking on capacity addition incrementally because you're running almost at full capacity?

Yes. So Binay, in the beginning of the year also said, we have our state-of-art manufacturing facilities at Oragadam and Vallam and we have the Cheyyar plant, which is about 60 acres, which is supporting these plants with the plating facility. So that's the lay. And we said about 1.2 million is the capacity, after build capacity, now it's peaking and it is delivering very well. We also did debottlenecking operations during this quarter for festive inventory buildup. So we have ramped up the capacity to almost about 1.3 million to 1.35 million motorcycles. But looking at the demand, looking at the inquiry and the interest and what we have done is in between, we also kickstarted additional module capacity, which will also start kicking in from the first quarter of the coming year. So we'll go in modules. And the next module is also kick-stated. Because we have space in Cheyyar, we don't anticipate any major issues.

Right, right. And the second question is on the margin side. While we've seen -- like if you see revenues have grown by around 45%, but the EBITDA growth is around 39% because the operating expenses have risen quite sharply. So do you see any scope to reduce marketing or financing or other interventions to sort of have a margin expansion? How would you see that?

Once again, if I had to tell you, maybe I'm repeating the percentages, please don't see that because that is not what we are driving in aligning the organization. We are looking at an absolute profit, and that's the focus. We want to continue to grow. Growth has to come in from absolute profitability, not on the percentage. As far as marketing expenses, which we are talking about, in fact, this year, the integrated planning, which was done by our marketing team has really helped us to get a good efficiency out of it. But you will continue to see our market activations, brand-building activities and launch expenses that will continue, including expenses like community building like Motoverse HunterHood, our drag races of Guerrilla and Classic campaign that all will continue. So there will be expenses which will be there in the marketing area.

Ok, thanks. I will come back in the queue.

Hi, thanks for the opportunity. Actually, my first question is also on the profitability. It looks like this quarter, there has been a big gap in the movement in consolidated and standalone. And it looks like your subsidiaries may have turned close to INR40 crores EBITDA profit, which is generally a negative number. So I just wanted to understand if something is happening there? Are some of the subsidiaries turning profitable? Is some of this to do with Brazil where you've been ramping up? Some color there would be helpful?

Yeah so I mean, to some extent, there is a bit of a mix change which is happening between Q1 and Q2. Typically, the way it works out for us is Q1 and Q4, we are ramping up, and we are spending. We are exporting to essentially the developed markets. And in Q2, Q3, it's largely around CKD and things like that. So I wouldn't say that there is any big jump up, which takes place between subsidiaries and there's no major dramatic development. It's essentially the timing and it's the mix of markets, etc., which is showing it, yeah. So nothing, it's really that there will be more sales happening in the subsidiaries because typically, we take the reversal of profits, as you know, from India.

Amyn, as Vidhya was mentioning, all our subsidiaries in the last 1, 1.5 years, what we have been doing is we have been trying to stabilize all the subsidiary markets. We have been investing into this. And the CKDs are ramping up. There is an efficiency which is coming in. This is also flowing into the subsidiary profitability. But you will see it over the period of time when the volume goes up further.

Okay, okay. That's helpful. Secondly, on VECV, first of all, thank you for giving the detailed financials at this time in the PPT. I think that will be very helpful for us going forward. So just on VECV, I wanted to get a sense as to how the volume outlook looked. You did mention some improvement, but we've seen in the industry that while margins have improved for almost all the players, the volume growth has been sideways just in low single digits? So as we look into the next 2 to 3 quarters, are there any specific areas where we could see signs of volume recovery? And how should we think about margins going forward after the improvement that we've seen in 1H?

Like you rightly said, the volumes have been a little bit lower than the expectations in the first half. However, I think that was also due to the extended monsoon period. And of course, infrastructure investments are happening very well. And as I mentioned in my address, you will see the lag impact of the GST rates rationalization because definitely, it has improved the consumption levels and Indian economy driven by domestic consumption. Therefore, we will see a good impact on the economy, and interest rates are also doing very well. Inflation is down, replacements are strong. So therefore, there is no reason why the volumes should not pick up. But at the same time, we should also note that in the heavy-duty trucks, November 13, 2025 more and more migration keeps on happening to higher tonnage trucks. That also reflects in our numbers. And then the second thing which pulls down the numbers is the productivity levels. If you look at the current running of trucks, if earlier, the trucks were running only, say, 10,000, 12,000 kilometers, currently, the trucks are running 20,000, 25,000 kilometers in some of the applications. So therefore, with the extended running, of course, the numbers come down. But at the same time, these trucks will need to be replaced more often because if you're running 3,00,000 kilometers, then of course, the heavy replacement period will come down. So that will reflect in the future demand. And the third thing, which has pulled down some of the heavy-duty trucks demand is also some migration towards the rail freight corridors. For example, Maruti is now moving almost 25% of its cars through rail. So there is some impact coming off that. But in spite of that, we had 0.2% growth in the first half, in fact, YTD too for the heavy-duty trucks. So therefore, you will not see very large growth numbers in heavy-duty trucks. But of course, I feel that the second half will be much better than the first half. As it is, the second half is around 55% of the total year. Therefore, you will see better growth rates in the second half. But if you look at light and medium duty trucks, the growth has been good. Growth has been 9% in light and medium-duty trucks. Exports have grown by 40% in first half. Buses are growing by 7% to 8%. Small commercial vehicles have grown by around 6% to 7%. So other than the heavy-duty trucks, all other segments are growing. And I'm very positive that overall, we will see good growth in the second half.

Thank you sir. Thank you for the detailed response. I will come back in the queue.

Thank you. The next question comes from the line of Kapil Singh from Nomura. Please go ahead.

Good evening sir . Just firstly, on the GST changes, I wanted to understand from a consumer behavior point of view, any changes you have noticed in either rural or urban growth, if you could give those numbers? And also for the more than 350cc portfolio, is there any impact on demand that you've noticed or the impact is not much despite the GST going up?

Yeah. So I think it's a fantastic move by the government. It has really, really propelled the entire inquiry in the market. The market is buoyant post the GST reduction. For us, when the announcement came in, there was a very good pre-buy taking place in the 450 and 650cc. And now with the reduction to 18%, 350cc motorcycles are really, really doing well. Festive plus GST and all our actions, it has helped us to get the inquiries. As far as our 450cc and 650cc products. And of course, the rate of recovery we are just seeing in our 650cc is better and 450cc is slowly inching up. So it's a matter of time. We can't make any decisions immediately. We may have to wait for some time. But we are cognizant of what November 13, 2025 is happening and what actions to be done. Nothing will be short term. It will be only long-term activities. So we have also appealed to the authorities even for our 450cc and 650cc, whether that can also be brought down to 18%, so that there's a uniform tax rate which will really help because in India, if we lower these two products I mean if we lower the GST rate of more than 350cc, there is a good chance of higher volume, and thereby, we'll get a scale. So even in the international market, it is a true story for a Make in India. So we have been appealing to the government. We will continue to engage with the agencies for lowering the GST rate. In a nutshell, if I had to tell you, 450cc and 650cc are bouncing back in terms of the volume. 650cc is better, and 450cc, it's a bit slower in bouncing back.

Sure, sir. And on the rural and urban growth, anything?

I think it has been growing across, to be honest, Kapil. During the festive time, the rural had been slightly higher than the urban. But once again, we have to wait for some more time. But for us, one good thing which has happened during this time is that the South has not been doing very well for us. Now South also has picked up. We have seen very good growth. And East has done really, really well for us during this time. That's at a regional level. Also rural retail growth has been very good during this period.

Okay. That's great to hear. And sir, one question was on the raw material cost to sales ratio, we've seen an increase. So if you could just help us understand, is this just reflecting the mix or there was some commodity cost pressure as well for the quarter? And anything further that you are expecting on the cost side because we've seen some impact in precious metals, for example?

Yes. So I think overall, from a margin standpoint and from a commodity standpoint, we're expecting about 40 basis points. I mean, we have had a 40 basis point impact as far as commodity prices, mainly led by both precious metals and aluminum alloys and all that. And overall, I think it's been offset. We've also had a bit of price increase, which has also given us a positive impact of about 50 basis points. The rest is really a product price mix kind of a thing that comes in.

So Kapil, Inflation pressure is there. So there is a headwind, and we are looking at even the precious metal, how do we mitigate it, how do we speed up the value engineering activities, and as Vidhya mentioned on the model mix. So all the levers have to be used because of the inflation pressure. That's the current scenario now.

Thank you sir, that’s all.

Thank you.The next question comes from the line of Gunjan Prithyani from Bank of America. Please go ahead

Hi, thanks for taking my question. Firstly, on just the new module capacity that you said will sort of kick in from 1Q, what sort of debottlenecking or expansion are we looking at? And also November 13, 2025 the comments on the post GST customer demand seeing a boost. Is there a little bit more color that you can share as to what sort of new set of customers are coming into the showrooms? I'm just trying to gauge if there are these first-time buyers? Or are these people who were fence-sitters and with GST, the conversion has just happened much quicker. A little bit more thoughts on the customer buying behavior post GST change?

So first, I'll address the second question, Gunjan. In terms of the customer demographic cut, first time, repeat, I think we were all very busy in fulfilling the peak demand which came up during the festive time, and we were having a Board meeting. So we were all, I think, not having enough bandwidth to do the analysis. But anyway, the team is doing, we will go through that. We will come back maybe after a fortnight time window. I must tell you, our walk-in conversion has gone up, our tele conversion has gone up, our online conversion has gone up. So the E2B, we normally say enquiry to the booking conversion has actually seen a 10 percentage point growth during this point of time. It used to be about 20%, 21%. It has gone to about 29%, 30%. So the efficiency also has been very good. But to tell you about the whole analysis, we need some more time. November also is holding up. So we will do it in another fortnight. The second one, which you asked about the capacity. As we mentioned, we had built a capacity of about 1.2 million with a particular mix of our 350cc, 450cc and 650cc. Now what is happening is post GST, the 350cc demand is slightly higher than the 450 and 650. As I mentioned, 650 is catching up faster than the 450, but the demand of 350 is higher than what we were looking at. So the debottlenecking, which we were talking about, is how do we do some operations whereby the 350cc can be produced in the lines. So that's what is the focus which we did as in the interim. Thereby, we have increased the capacity. And we have added some machineries and equipment and all. Looking at the current scenario of the growth, about 2 months back, we also kickstarted another one module investment, which I said, which will kick in from the first quarter because we have to be prepared for the next festive demand inventory buildup. But normally, what happens nowadays is the plant will run at a particular efficiency during H1 and at a particular efficiency during H2. Now we may have to do it, depending upon the inventory, we may have to run the plant continuously to build some inventories till the new capacity kicks in, so that next year growth also is taken care.

But how much will this module add, which you just referred to in terms of capacity? Does 1.35 go up? That's what I'm trying to get at.

Okay. Sorry, 1.35 million per annum or you are referring to a monthly number?

Sorry, sorry, it is 1.35 million.

Okay. Got it. That's clear. The second question, sir, I had was on the exports business. How should we now think of growth here? There was a period where we were sort of managing the retail, wholesale, trying to keep the gap to the minimum. That sort of exercise of inventory cleanup to me seems like it is behind. So how do we think about the demand growth on the export side? And any market color if you can give?

So our international volume for this year till date in H1, we have grown almost about 49% compared to last year, which is about 78,548 motorcycles. The retail is higher than the wholesale once again, and it's holding up. Brazil is a country where, once again, it is really showing it's a big market outside India for us. Our CKD facilities are in operation. We are also looking at establishing our own. And the growth rate is very good. Our products are getting accepted very well. Both in Argentina, Latin America,Argentina and Colombia also, it is doing very well. U.S.A. tariff situations, we are waiting and watching. Europe's retail is holding, it is catching up now. And the APAC market is yet to bounce back. APAC is going slow only. Still Thailand is not fully, fully sorted in a way as a country. SAARC has been doing outstandingly well for us. During this H1, if I have to tell you where we are in terms of market share, we have moved to number 1 position in SAARC. Bangladesh and Nepal, both the countries. We just entered into this market effectively in the last 1 year. And we retained our position in the U.K., Brazil, Argentina, Thailand at number 2, and we retained our position in number 3 in Australia and 4 in Italy and France. And in the EU and Germany, we are in fifth position. And now Germany, we are taking our own subsidiary, which is going to come in full zone operations. So exports, if I have to tell you in one liner, it's in the recovery path, it's in the growth and recovery path.

Okay. Got it, thank you so much. I will join the queue.

Thank you. The next question comes from the line of Pramod Kumar from UBS Securities. Please go ahead.

Yeah. Thanks a lot for the opportunity and Govind just wanted to continue the demand trend. If you can just help us understand with the GST cut, what's the kind of customer profile walking in? I mean, have you seen customers who had inquired earlier, who were not converting, coming in and finally making the purchase? Or have you seen a fresh wave of customers coming in, fresh walk-ins or first time walk-ins into Royal Enfield dealerships? Just trying to understand how much of this is upgrade demand which is coming in from customers after the GST cut and how much of this was like kind of a pent-up one, given that November 13, 2025 you always share that your, what do you say, mind share of a consumer is much, much more higher than where your motorcycle market share is? So just trying to understand what are the kind of qualitative differences you have seen after the GST cut? And also I don't know if you kind of hit this number, where exactly is the channel inventory ex of transit, the latest data, whatever you can share?

So first is Pramod, about the inquiry and booking. If I have to tell you, not that pre-festive, we were having a host of booking and we were waiting for delivery because our production has been very good. So our inquiry to booking ratio, we have been monitoring. Post GST, inquiry to booking the conversion percentage has gone up. So booking was better because obviously, with the GST reduction, some purchases decisions were taken by the customers and it has happened. But currently, if I have to look at just to give you some color of what is happening to the earlier booking to the current booking and how it is moving, the inquiry levels are continuing and the booking levels are continuing even in the month of November when we are talking. So the GST effect and the new products and our campaign effect is actually there. And the good thing is even in the rural markets, as the question….

There is some background noise.

Yes. So the funnel, which you're talking about an inquiry to booking to conversion, as of now, it is very healthy. The top of the funnel inquiry is continuing. So that's the sign which we are seeing that everything what we were working on as a lever plus the GST has really helped for 350cc motorcycles. Above 350, both 450cc and 650cc, during the GST announcement before September 22, the prebuy has actually been very high. So we stopped it also very well because we were anticipating it. So we stopped the 450cc and 650cc, which helped us to retail very well, and that's why we could see a 50% overall retail growth for us during the festive season. In fact, the September to October window, our 450cc has grown by almost 30% and 650cc has grown by almost 11% compared to the previous time, primarily because of the pre-buy which has taken place. Post that, there was a slight dip. Up to 650 is showing better and 450 is slowly recovering. It takes some time, but we don't see it to be a major problem. As far as first time buyers, age of that, as Gunjan was also asking, just give some more time. We are doing an analysis. Probably in the next call, we will have a detailed chart on that.

And Govind, the reason why I'm asking that is basically there have been talks about Royal Enfield evaluating a 250cc motorcycle. I'm just wondering given the kind of demand lift what you're seeing and given that you're saying even after a record 50% retail growth, you're still seeing sustained momentum in November, even as the industry sees moderation otherwise. November 13, 2025 Does it mean that you probably as a company need to think hard on the 250cc strategy because the GST cut makes the 350cc more affordable? So how should one think about this? Because you're already talking about a capacity expansion on the 350cc side. So what will be the kind of numbers we'll be looking at in terms of volume ramp-up or capacity expansion if you have to commit to a 250cc foray?

So it's like this. Our focus as a company will be in the middle weight. We always say the middle weight definition is 250 to 750cc. Currently, we have products in 350cc and the Sherpa platform 450cc and twin 650cc. Of this 350cc with all the products which we have launched now, especially the Hunter, the new color which we launched and the Guerrilla new color which we have launched, the Meteor new variants which we have launched and the Classic campaign which we did. And on top of it, the GST reduction, it all has helped us to grow further, and we have been always maintaining that still there is a scope for our 350cc products to continue to grow. And the current scenario is it is growing. The task in hand, which we have now is on the 450cc and 650cc where there is a higher GST rate, which has gone to almost 40%, which as I mentioned, we are working with the agencies and the government to reduce it. That is what we are working. Our continue to focus on the middle weight currently, the focus is on 350cc, how do we get the capacity fulfilling the demand which is higher. So work on the back end so that the 350cc can be more and more because that's the split, which is required to be a higher number due to the GST. So the current focus is only there, Pramod.

And Govind, when you talk about 350cc capacity getting rejigged to a higher number, that ideally should come with benefits from sourcing and scale and everything, right? Because it's the same as the existing product, which you'll be able to manufacture more. So ideally that should bring down your unit economics on that particular line up, right? And also any comment on potential price hikes which you can take in the medium term because we've been quite disciplined on the pricing side to make the product more affordable. So but with the kind of demand you're seeing and the kind of traction, should one expect that there could be some pricing action starting with next calendar year?

So first is about the capacity extraction, which you mentioned, Pramod. Yes, we have to use all the levers now. Though the build capacity can be higher, but the model level 350 needs more. So we have to do all the levers to be used, including the value engineering activity, including the productivity, including sourcing, make versus by discussions and some investments here and there as a low-cost automation, everything have to play in now immediately because it's here and now. So that activity, which is taking place. As far as price increase which you talked about, just because the demand is higher, that doesn't mean we should go in for a price increase because that is not what we are as an organization. But there is inflation and there are costs. So we will normally review it once a quarter and which will also, we will be reviewing it. November 13, 2025 In the month of April, we took a price increase in a few models and then also in a few models in July, we took a price increase as per the plan. So we don't do anything in the short term. We will review the price value equation, how is the market, how is the inflation, what's the potential which is there and from time to time and quarterly, we will review it.

Thanks a lot. Wish you all the best sir.

Thank you.

Thank you. The last question comes from the line of Yash Agrawal from Nirmal Bang Securities. Please go ahead.

Good evening sir. Thank you for the opportunity. I just wanted to know more about the online strategy that the company opted for by selling its 2-wheelers on the Flipkart. How is the response? What percentage of booking is coming from the online digital channel?

Go ahead, Vidhya.

Yes. So basically, we have essentially kick-started an early pilot as it were in a limited number of outlets during the festive season just to see how the whole price journey, discovery, our traction, etc., is coming. So it's still early days for us to comment, but maybe you want to add to that.

So first of all, as an organization, you have to be there in omnichannel. So we thought that we should also be there in the e-commerce websites. So that's why we signed up with both of them. And both of them, we are working on an exclusive basis because we have to understand more who the customers are, what are they looking for, what frictionless experience which we can give to them, what additional benefits they will get, which normally they won't get in our stores. So those are all the learnings which we have to get. It is not that we wanted to venture in and then immediately get a huge volume. You know us, as an organization, we don't do like that. Even in the international market, the storyline is what, the storyline is we go to the country, we will open up only one store and let it be a pull. Even in e-commerce work, it is only like that that we have to learn. It is a pilot for us, not in any tearing rush that we have to make it happen always. But once we understand what it is, then we will come out with our own playbook. But what it was very important to see that you would have noticed is that the brand page of Royal Enfield, even in those e-commerce websites, are completely managed by us along with the e-commerce companies. The entire brand language, the way it has to be presented, the way no discounts, strike-throughs, nothing should be there in the typical way, which will be there on an e-commerce site. We were very, very particular that it has to be represented in a particular way. And that's why I said it is a pilot. It's not in a tearing rush. The pilot is showing some good results. We are November 13, 2025 studying a bit more. We are analyzing it to see how we scale it, should we scale it and where do we scale it. That's the discussion which is ongoing currently.

Thank you sir. The second question is for VECV. What's the product road map in CNG, LNG and electric CVs? And how do you expect them to contribute over the next 3 to 5 years?

If you look at CNG, we are already one of the market leaders. Our CNG trucks and buses, both are there in the light and medium-duty range. As far as electric is concerned, we have now 2 to 3.5 tonne, where we started this Pro X range with the electric trucks. And we also have some units sold in 5.5 tonne, but there, the cost of ownership basis, viability is a bit of a challenge. And then of course, we are working on electric models for the tippers and for the tractor trailers. So those will come in future. For electric buses, we are there in 9-meter bus, we are there in 12-meter bus and we are going to participate in the new tender, which is going to be opening shortly. And as far as LNG is concerned, we are already there in LNG trucks. We have sold, I think, good numbers in the 55 ton, again, tractor trailer segment. So we are there in all the alternate fuels. And of course, slowly and steadily, these alternate fuels will become more popular, especially LNG is expected to become more popular. CNG is already very popular for the metro cities and distances up to 400, 500 kilometers. Like for example, some of the cities, the diesel sales are not allowed. Therefore, like in a city like Delhi, it's only CNG which sells. So it's going to be, I think, slow and steady migration to the better fuels.

And what are the key hurdles you see in their penetration going forward?

Key hurdles in the penetration?

Yes, like...

For the long haul trucks, the key hurdle is definitely the one is charging infrastructure. And the other is in the long haul trucks, when you put more weight of batteries, the payload also comes down. So therefore, in long haul, the popular models are going to be the tipper category where the vehicles operate in the localized environment so that you can do with the lesser capacity and you can do with more charging. And then, of course, the tractor trailers from the port to warehouse movement where the movement is only 200 kilometers. So those are some of the routes which are becoming more popular. Otherwise, the smaller trucks, of course, will be more popular. But there again, the migration has been very slow. And the other major hurdle comes from the financier side because financiers are also still not fully open to finance these electric trucks or electric buses. And for the electric buses, of course, it is the government buying largely. There, of course, the government has now given November 13, 2025 the payment security mechanism based on which the banks and financiers are giving loans to the operators. So I think things are evolving, and we have to be patient in this.

Thank you sir, that’s very helpful.

Thank you. I now hand the conference over to the management of Eicher Motors Limited for closing comments. Over to you, sir.

Thank you very much everyone for attending this and look forward to having a chat with you soon. See you all. Cheers.

Thank you.

Thank you. On behalf of Eicher Motors Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.