Good day, ladies and gentlemen. Welcome to Century Plyboards India Limited Q1 FY 2027 earnings conference call. As a reminder, all participants' lines will be in the listen-only mode. There will be an opportunity to ask questions after the management's opening remarks. Should you need assistance during this conference call, please dial an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Naveen Agarwal, Head of Institutional Equities at SKP Securities Limited. Sir, hand over to you.
Good afternoon, ladies and gentlemen. I am pleased to welcome you to the financial results conference call on behalf of Century Plyboards and HDFC Securities. We have with us Mr. Sanjay Agarwal, MD & CEO; Mr. Keshav Bhajanka, Executive Director; Mrs. Nikita Bansal, Executive Director; along with Mr. Arun Julasaria, CFO; Mr. Sumant Wattas, CEO, MDF and Particle Board Business; and Mr. Vishu Goel, CEO, Laminates Business. We will have the opening remarks from Mr. Sanjay Agarwal, followed by a Q&A session. Thank you, and over to you, Mr. Agarwal.
Yeah, thanks, Naveen. Good afternoon, everyone, and a very warm welcome to our Q1 FY 2026/2027 earnings conference call. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements which are subject to various risks and uncertainties. These statements should not be construed as guarantees of future performance, and I would encourage all participants to refer to our detailed financial disclosures and investor presentation already available on the stock exchange website. I am pleased to share that Century Plyboards has started the new financial year with another quarter of strong execution. We delivered our highest-ever quarterly consolidated revenue of INR 1,561 crore, representing robust 33.8% year-on-year growth. Our EBITDA margin, excluding forest losses, improved to 13.0%. Profit after tax increased 57% year-on-year to INR 83.3 crore. Now I will speak on individual businesses. Plyboard business.
The company continues to strengthen its plyboard business through both capacity expansion and brand building initiatives. The 60,000 CBM per annum greenfield plyboard plant at Hoshiarpur is expected to commence operations in Q3 of FY 2027. While the Chennai brownfield expansion has increased from 8,000 CBM per month in Q1 to 10,000 CBM per month in Q2, with a further increase to 12,500 CBM per month from Q3 FY 2027. To support its premium positioning, the company hosted around 1,000 dealers and sales team members in Kolkata for its Prime Ply Day event. Showcasing the superior attributes of Club Prime Plywood versus competing products. Further to mitigate the impact of higher chemical input costs arising from geopolitical development , the company implemented about 7% price increase in April for its plyboard business, largely passing on the increase in raw material costs. On financial front, the revenue increased by 32.4% year-on-year and 8.9% sequentially.
Our EBITDA margin improved to 16.9%, which is highest in any player in the industry. Laminate business. The laminate business maintains a strong momentum it registered in the previous quarter and delivered another robust performance. Revenue grew 14.7% year-on-year, while EBITDA margins remained healthy at 10.2%. [Reflecting] improved product mix better capacity utilization and operational efficiencies. As consumer preferences continue to evolve, innovation remains a key differentiator for us. During the quarter, we launched the Century Laminates Lookbook The Trendz Edit 2026-2027, introducing a contemporary collection inspired by global design trends. The new catalog has received an encouraging response from architects, interior designers, dealers, and customers, further reinforcing our premium positioning across the country. The new lookbook was commissioned and launched on our platform, grade manufacturing, at the end of July 2026. MDF business. The MDF business reported another happy year-on-year performance.
Although the quarter was impacted by the planned shutdown required for expansion of our Andhra Pradesh manufacturing facility. During the quarter, we expanded capacity of our Andhra Pradesh MDF plant from 750 CBM per day -850 CBM per day. This resulted in lower production and a sequential decline in revenue. Total sales of the business network to be 29% year-on-year revenue. Highlighting the strong underlying demands for MDF products. Participable board business. Our Participable board business continued to sell well during the quarter. The revenue increased by 29% sequentially and 155.7% year-on-year, reflecting higher capacity utilization and growing acceptance of our products across furniture manufacturers and OEM customers. While margin remains at an early stage due to the relatively recent commissioning of capacity , we remain confident in achieving utilization levels, better product mix and operating leverage that will continue to improve profitability over the coming quarters . Logistics business.
Our Logistics business operated through one of our subsidiary companies in the group, Century Plyboards. Operations at three integrated timber blocks national have now stabilized and started contributing positively to the group. We continue to witness improving operational performance in three quarters. This business also creates a new avenue for leveraging our CP and our core strengths, our supply chain capabilities, and our strategic integration which benefits our manufacturing businesses over time. During three months of start, we have achieved 9,000+ containers in building. The team at Century Plyboards believe sustainable multi-deprecate is built not only through manufacturing excellence but also continuous innovation and strong engineering mindset. During the quarter, we introduced Century HDF Premium Plus campaign titled Hara Board ka Asli Boss , featuring cricketer Rahul Dravid and actor Saurabh Shukla . The campaign harnesses Rahul Dravid's clean premium image and strong persona to build trust, mindset and brand.
It is built on consumer insight that while making long-term investment for their homes, consumers seek trusted quality overall claims. The product has been well received in the market and significantly enhances our portfolio in the interior infrastructure segment. One of the key highlights of the current quarter is launch of our industry's first total cover assurance program for Club Prime Plywood. This initiative reflects our confidence in product quality and reinforces our commitment towards building customer trust. Now, if you buy Century Plyboards marketed plywood, we will compensate the full cost of that furniture if there is any problem with that finish.
This is the first time in India, possibly the first time in the whole world such a guarantee is in place, and we are able to place it because we have such confidence in the quality, and we have tested everything in the last three years. To further strengthen , Consumer Connect, we also launched a new nationwide campaign featuring Aamir Khan and Chatur from 3 Idiots , highlighting the unique power position of our Club Prime. The company came up with this concept that reimburses the cost of defective plywood together with the furniture related costs arising from the defect plywood or veneers, including labor and transportation within 10 years of purchase. This campaign reinforces Century Ply as India's most trusted wood ply. We are becoming increasingly customer-centric with our focus on the easier purchase for our enhanced power brands.
We want to strengthen several strategic initiatives to enhance the ease of doing business, simplify customer interaction, and deliver a seamless experience across every touch point. Financial overview. From a financial perspective, our revenue improved profitability and sustaining growth. Our ROE improved from 13.1% to 13.5%, while return on capital, ROCE, increased from 13.4% to 14.4%. Improvement in this return ratio reflects the realization of our strategy put in place, initiated over the last few years. As we place different levers across our manufacturing facility continue to improve. We are witnessing stronger operating leverage resulting in higher profitability and returns to shareholder provided. The cost of our recent capacity is foundational. Our focus remains on driving higher utilization, improving asset productivity, and generating sustainable returns through disciplined capital allocation rather than pursuing aggressive capacity creation.
To begin, it's across we continuously enhance shareholder value, which is the key for sustainable long-term growth. I would like to thank all our employees and our customers, shareholders, and stakeholders for their continued success. With that, I conclude my opening remarks, and thanks. We have now open for take any questions from your side.
Thank you. Ladies and gentlemen, we will now begin the question and answer session. Each participant is requested to limit himself or herself to a maximum of three questions. Time permitting, we will respond to any further questions that we may have after we give our answers. Anyone who wishes to ask a question should press star then one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star then two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the questions are assembled. We have the first question on the line of Sneha from Nuvama. Please go ahead.
Good afternoon, and congratulations on those growth numbers.
Hi, Sneha.
A couple of questions from my end. To understand deep down the different plywood segment. This has been surprising as every quarter positively. This quarter, we have seen a 29% growth in terms of volume. What is really happening here? Is the industry growing at that trend or are we still maintaining gain market share? What is the visibility out here in terms of market share? Where are we right now and where can we reach?
Okay. Hi, Sneha. How are you?
All well, Nikita. How are you?
Good. The thing is, we in this industry know that taking out market share data is very different because of how highly unorganized it is. However, let us talk in terms of what we do. We ended last year at around 9.5%-10% market share. I am talking as an industry, not as a branded segment. As an industry, we were at 9.5%-10%. My goal is to reach 15% in the coming five years. Where are we after Q1, very difficult to say because we do not track the data on a quarterly level. Answering the second part of the question, that is the industry growing and how have we got this growth. The industry is growing at 5%-10%. Whatever we are growing today has come on two reasons. One, definitely there was a massive pricing change that we had in Q1.
It was 7% price increase. That definitely a lot of windows stocked our material. Despite that also, June was a good month as well for us. I would say it is a combination of all our efforts plus the pricing change by which we have got the 15% growth.
That was very clear. Thanks, Nikita. The second question is for the balance sheet. While Century is checking all the boxes in terms of growth and hopefully margins will also suddenly improve, like I think, Keshav, you mentioned on the interview today. What I wanted to understand is when are we going to see balance sheet improvement? Our ROCEs have been under pressure for quite some time. We have announced additional CapEx as well. What are our plans in terms of deleveraging our balance sheet?
Hi, Keshav.
Basically, we have been improving and strengthening our balance sheet. I know numbers say that we're going up slightly because when you're growing at 33% in an industry which has 60 days working capital, that does create an impact. However, having said that, our cash flows remain robust. Our ROCE has improved by those few percentage last quarter itself, and we're looking to increase ROCE further. For the short term, I think there is no large CapEx that has been planned. We're talking about the plywood unit, which would have CapEx of INR 200 crore and in Uttar Pradesh as well. Right now, the planning is for the plywood unit in itself. There's no large CapEx planned. I think the maximum amount of cash flow that we are going to be generating will go towards the repayment of debt.
You should see the balance sheet strengthen, but when you are growing at 30% plus, at that point in time, working capital requirements will be there, which is why we are seeing a slight increase in the working capital for now.
Can we expect this to improve in the second half of the year and with MDF volumes improving as you have mentioned?
Hopefully earlier, but yes, there will definitely be improvement in the second half of the year.
Understood. Thanks for walking through all the way.
The next question is the line of Rahul Agarwal from Ikigai Asset Manager. Please go ahead.
Hi. Good afternoon.
Hi, Rahul.
Just a quick question. Firstly, on the value-added mix for MDF. In the presentation you disclosed, it's about you still have 1 lakh CBM of your 20 lakh, 20,000 CBM was pre-laminated . I'm sure you do additional value-added share into MDF sales. What is the right number to look at in terms of value-added MDF sold on a full year?
Hi, Rahul. We don't share these numbers around. 3 lakh, that is the only number that we have shared, and we have done that over the course of the last many years. As you know, value added includes Sandal Plus and Premium Plus category, DWR category brands and products as well. If you tie all of those, the percentage will be much higher as you are rightly pointing out. We don't share those numbers. What I can tell you is that right now the main focus of the company is on increasing the value-added percentage.
Got that. Where is the upward of 54 coming from?
That is an estimate on your part.
Okay, no problem. Just last two quick questions. Outlook for MDF in terms of full-year revenue growth and margin. Could you just give some ballpark for revenue growth and margin for the current year?
Currently, we have stopped giving guidance. The reason we have stopped giving guidance is because the situation is very volatile. One week there is war, one week there is peace, the next week there is I don't know what. What I can say is that we have guided that we will head towards 15% gross margin. That is our objective. Our objective is to reach towards that as soon as possible, and we are going to be heading towards the same. On the other end, as far as growth is concerned, I think you have seen a strong growth in Q1 as well. Going forward, we are going to try and keep up the growth trajectory for the current year. The reason we are not giving guidance right now is because the situation remains very volatile.
Any guidance we would have given you for Q1, we would have overachieved. You know the situation is a little volatile, hence we are refraining. Maybe once stability returns, we will give you proper guidance.
Sorry. Just lastly on CapEx, just the cash outflow CapEx for this year, if you would just give me that number. Thank you so much.
There isn't a substantial move with constant CapEx. Right now, we are investing towards the Hoshiarpur plant completion. That is around three CapEx. A new CapEx in laminate wood that cost us about INR 25 crore, total CapEx. The first two CapEx had costed about INR 200 crore. The third CapEx has taken about INR 75 crore because you know the infrastructure which we are reaching already, we had scaled it out. An incremental brownfield CapEx in plywood and laminate is never too high usually. For MDF and HDF, there are no large CapEx that is currently in play.
Okay. Thank you so much, and best wishes for the year.
Thank you.
Thank you. The next question from the line of Keshav Lahoti from HDFC Securities. Please go ahead.
Keshav, thank you for the opportunity.
Hi, Keshav here.
Just quickly on the strong set of numbers. I understand war has created a situation, how pricing will move. Possibly we might not have clue on, actually on the margin side, but possibly, surely we can talk about volume.
Hello. Your voice is not very clear.
Is it better now?
Yes, of course.
I was saying that because of war, costs and prices of products are quite volatile, but surely your impact on the demand broadly didn't look to be much because of war. Is it possible to give volume guidance for your products? Hello?
Yes. You know, it is very difficult to ascertain whether what you have said is correct or not, and whether that is going to last or not. So at this point in time, I do not think we can give any volume guidance. We are refraining from the same because it remains very fluid. However, our objective will be to grow as we have done in the recent few years and perhaps to deliver greater margins out of the same.
Got it. And one small question on the ply side. We have been seeing a consistent outperformance in ply volume, which is a softer product, sustainable demand because still as you currently highlighted, you have just a 10% market share. Can this business sort of grow by 10%-15% in a next four, five years view?
That is the aim. I believe that if we have to achieve 15% market share over next five years, we have to grow by 12%-15% year on year. I think that is the and we always look forward to beating 15% numbers.
Okay. That is good to hear. So last question from my side. How is the channel inventory at June end?
July has been our highest ever month to date . I think it has been okay.
Okay. Good to hear that.
Thank you. The next question from the line of Utkarsh Nopany from Anand Rathi Shares and Stock Brokers Limited. P lease go ahead.
Hi, Utkarsh. Good afternoon.
Sir, my first question is regarding your greenfield projects in U.P. and Odisha. As we are not seeing any large CapEx in the coming quarters, whether there has been any change in the project timeline for U.P. and Odisha projects?
With respect to U.P., we still do not have the land in our hands. We aim to get the land before this year ends. With that, we will first start with our plywood plant. We are expecting it to go live if we receive the land on time by April 28. So Q1 of 28 is what we are looking at. In terms of Odisha, we are still in the talks with the government. We have still not gotten a land that works for our project. That will take time. Once we have more updates on that, I will provide it.
In terms of the MDF project in U.P., by what time period is expected to come on stream?
Currently, we have not finalized. We are still in a wait and watch position as far as the timing of the MDF project in U.P. is concerned. The project will definitely come, but in all likelihood, it will come with a lag of a year.
Okay. Sir, for MDF, we have increased our capacity in Andhra Pradesh by doing some minor CapEx in this quarter. Wanted to know, is it also possible to increase our particle board capacity from 240,000 to around 300,000 by doing some minor CapEx in future?
No. This was pre-designed prior to the line being purchased. We purchased the line in Q1 so that we could ramp up and take advantage later when the demand started picking up. This was a different form of CapEx or a different form of non-recurring investment, which I don't see to be replicated. Yes, through efficiency, we should be able to increase our capacity in particle board, but I don't think a 20% plus bump from here will be likely.
Okay. Sir, lastly, for laminate, our volume in Q1 has de-grown despite the price increase. Wanted to know whether the same trend of weak volume and higher realization is likely to continue for the next three quarters.
See, our objective is to grow across all segments, whether it is HPL or compact. I think that we are looking to grow both in domestics, in the HPL format, and in exports in the compact format. Hopefully you'll see increase in both. But large sizes, we are seeing increasing traction because we are listed.
Okay. Sir, just wanted to know whether we are going to see percentage volume growth in the coming quarters or not in laminate because of the change in the product mix.
Again, we have stopped giving guidance, so it is very difficult for me to tell you anything further on this. However, like I said, we are looking to grow both in domestics and in exports. Domestic, the growth is more from thin laminate, and exports, growth will be more from compact laminates.
Okay. Thanks a lot, sir.
Thank you. We will take the next question on the line of Hrishikesh from Kotak Mutual Fund . Go ahead.
Hi. Good afternoon. You highlighted about the MDF quality improvement scheme. Feedback or guidance on in terms of quality improvement in particle board. Will we see that also six months onwards?
I think quarter-on-quarter, you will see particle board volumes going up as we increase capacity utilization. You will see a steady increase in particle board, and I think over next year we will see maybe closer to 15% particle board margins. That is what we are looking for.
Okay.
Thank you. If you wish to ask a question, please press star and one. We take the next question on the line of Ritesh Shah from Investec. Please go ahead.
Hi, Ritesh.
Hi, Keshav. Namaste, Sanjay ji.
Namaste.
Sir, few questions. First is what is the thought process that we are moving away from applicator, carpenter focusing more on the consumer, what is the thought process sir, over here? You indicated two specific brands. I think Architect brand, Century Ply. Just wanted to understand, if possible, how much these contribute to your revenues right now. What is the aspiration given we have launched these brands nicely?
Ritesh, in previous quarterly calls, we never shared the diversification between our premium and our semi brands. I am afraid I will not be able to share that. But going into what is exactly Total Cover and what is Architect. I believe we have always been a brand which focuses on consumer problems and trying to solve consumer problems. If you see, the first brand, we became Century Ply because we came up with India's first Borer and Termite proof plywood. It was a problem the consumer was facing, and we solved it. If you even see during COVID years, we have rapidly done innovation as we did ViroKill, we did Fireboard, which is fire-resistant plywood. Again, both were first brand in India. Again, Total Cover is another brand initiative, which is again focusing on the problem of the consumer.
The problem of the consumer is that today when something goes wrong with the plywood, they are not concerned just about the plywood, they are concerned about their furniture because the plywood costs INR 3,000, the furniture maybe is costing them INR 15,000 to INR 20,000. Again, if anything goes wrong, they are worried about the total cost that has gone into making that furniture. Because we are so confident about our manufacturing excellence and our product quality, that is why we are able to give such an assurance. This is another way to even assure the customer, whether it is Century brand or it can remain Raho Basic brand, that you will be able to trust us, that the company is always standing with you no matter what. If anything happens, there is an online system where you can raise your claim.
Sure. That helps. If I have to just flip the question around to better understand the bottom to top. If you can explain broadly at the industry level, how is the market evolving between 303 and 710? Is the market shifting towards 710, and that is where Century is benefiting?
I wish we had such details. It is very difficult to get such details. I am afraid not possible to answer.
Okay. Second question is on. You indicated Aamir Khan, Chatur. Would it be possible for you to clarify how much is the brand investment for fiscal absolute as a percentage of revenues, please?
We usually do 4.5%. This includes everything that we spend towards branding and marketing and our schemes and everything. We do not indicate brand by brand.
Sure. And third question, probably Keshav can take it. You indicated very limited CapEx incrementally, but I think earlier we had given an aspiration of INR 12,000 crore by 2031. Just wanted to understand if we had to, say, double the revenues, what is the incremental CapEx that we are looking at over, say, next four, five years? How do we plan to fund it?
Yeah. I think currently our total asset pool as of now can give us close to INR 8,000 crore worth of revenue, maybe between INR 7,500-INR 8,000. Going forward, what I believe is to reach that INR 12,000 figure, we need to have INR 4,000 crore additional revenue. That will be, I think, asset turnover of between 1.5 and 2. We are taking a figure of INR 2,500 crore. This is ballpark, and it depends on which category, which segment requires how much investment. But I think we will be able to update you on this as and when we come closer to capacity utilization. So we still have some years on this capacity.
Okay. Just a follow-up. Any headline numbers on gearing that we have, or any aspiration that we have that we want to reduce our gearing to so much over a year or two?
Our target has always been that our long-term debt should be within our EBITDA. That is the number that we are moving towards. Working capital, yes, when you're growing at 20%+, then working capital plays itself out over a year or two. So I think that long-term debt within one time of EBITDA, that is a number that we are working towards, and we will achieve it.
Just last question on the after-sales cover thing. Is this a first time in the industry that you're doing this?
Yes.
How will this be accounted, literally, in the P&L? Will there be a claim ratio or some line item? Might be of help to us to understand premium sales via new brands.
The thing is that we've actually been doing this unofficially for the last two years, two and a half years. It started with one complaint, and then slowly we started learning. Such a claim cannot be made overnight. It requires a very big infrastructure that needs to be created because it's very service-oriented as well as we need to have complete detailed understanding of how to handle every complaint. It took us almost two years to build the infrastructure, and because of which we just launched this. It's already part of our thing, and having said that, we have the lowest claim ratio in the industry. One second. Our claim ratio is actually 0.06% of our. Even if this ad increases, it won't be much.
The purpose of the ad is actually to give confidence to the consumer that there might be millions of brands which are claiming everything, but we are a brand which will stand by you.
Sure. This helps. Sanjay, just a last request. Is it possible. How should we understand this growth in the ply industry? India and Vietnam is performing well. Appreciate it if you can help us provide some vectors how to think through. That would be helpful. Thank you.
I can only give the credit to the manufacturing team who create the and the marketing team's aggressiveness. If Gyan is one of this spiritual Gyan, then a lot of Gyan we can give, which is the point really. The team actually, the sales team right now is in a kind of a big, you can say, alignment and motivated. So that really differentiates it for us.
Sure, sir. All the very best. Thank you.
Yes.
Thanks, Keshav.
Thanks.
Thank you. We will take the next question from line of Anu Parakh from Anand Rathi Share and Stock Brokers Limited. Please go ahead.
Hi, Anu.
Yeah. Hi, sir. I have just one question. What would be the sustainable ROCE in our MDF and particle board business? Our particle board cost per unit is around 24% higher compared to MDF, whereas the realization is 56% lower compared to MDF. Why do we plan to focus on this segment as it is an ROCE dilutive step for the company? Just wanted to understand your-
I think that the numbers maybe aren't based on our capacity when the range is really that of capacity because I don't think they're aligning with the way that we think of capacity. I think that for both MDF and particle boards, the objective will be to move towards the 20% ROCE, which has been the traditional benchmark internal rate that we use for assessing new products. It is taking time, but I believe in both segments we will be moving towards the same, and I think it is possible to hit 20% ROCE in both the segments as well.
Okay, sir. Thank you so much.
Thank you. Participants, if you wish to ask a question, please press star then one. We take the next question from the line of Rahul Agarwal from Ikigai Asset Manager . Please go ahead.
Go ahead, Rahul.
Thank you, sir. Thank you for the follow-up. One question on the logistics business. Could you help us with the outlook, basically the business operation there and two to three years down the line, how are we thinking of this business? Will it be part of Century Ply? How is the structure right now and what is the overall thought process please? Thank you.
Rahul, our overall objective is always to give you the shareholder value. I think this business for after a lot of effort has now stood it is now generating positive EBITDA, positive cash flow for the company. Going forward, we are going to evaluate because as you know, this is not our core segment. Having said that, we are looking at maybe if a strategic partner comes in going forward, but it will all have to be at the valuation that is beneficial to Century Plyboards Limited. That is the current timing that we can move on with the plan.
Just in terms of the revenue mix right now, what are we billing for? How will the outlook look like for the next 12 - 24 months? Could you just highlight the business operations?
I think that currently we are only operating half of phase one of the new port project that we have taken up . There is a substantial likelihood for growth in revenue. As far as the CFS business is concerned, it has also turned around and as of now, in terms of infrastructure is doing particularly well. I think we will be looking at double-digit growth in the CFS business as well.
Thank you so much.
Thank you.
Thank you. Participants, if you wish to ask a question, please press star then one. We take the next question from the line of Keshav Lahoti from HDFC Securities. Please go ahead.
Hi. Thank you.
Hi, Keshav.
Hello. Hi, sir. I heard this U.P. plant will come by Q1 FY 2028 for the Ply because earlier I remember
The voice is not clear, Keshav.
The voice is not clear.
Hello. Much better now.
Absolutely.
Yeah. So the U.P. Ply plant is expected by Q1 FY 2028, right? Because earlier I remember the target was more like Q1 FY 2029.
It is April 28, 2028 to 2029 .
Okay. April 28. I have got it. Okay, one last question from my side. What sort of price hike you have taken? In Ply you have highlighted 7%. What is it for MDF?
It has been variable across our segments. In MDF, for instance, it was 4%-15%, but some of that has already been passed back to the market. In laminate it was 4%-15% for the month and maybe slightly lower side. So it has been across different segments at different points in time. But what has happened is in certain segments we have actually rolled that back also as raw material prices have been moving. Like I mentioned, in MDF we have already rolled back a large part of the price increase that was taken.
Sir, I will rephrase my question another way. Let us say how much of the price hike is today possibly there in the market?
Again, it is difficult to say from different segments, but from pre-war levels, there is a hike across most segments.
Got it. This is helpful. Thank you.
Thank you. Participants, if you wish to ask a question, please press star then one. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Sanjay Agarwal for his closing comments.
Thanks, everyone, for your insightful questions and continued interest in the company. We are encouraged by the strong performance delivered during FY 2027 and remain confident of sustaining the growth momentum across our businesses. We sincerely appreciate your continued support, trust, and we look forward to interacting with you again after our next quarterly results. Thank you. Have a great day.