Q2 25/26

Nov 13, 2025

Summary

Q2 sales reached a record ₹711.42 crore and PAT hit ₹63.78 crore, with EBITDA margin at 13.93%. FY27 revenue-growth guidance remains 15%–20%, supported by two-wheeler demand, new launches and a growing four-wheeler pipeline.

Ladies and gentlemen, good day and welcome to Fiem Industries Limited Q2 and H1 FY2026 earnings conference call hosted by Monarch Networth Capital Ltd. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing * then 0 on your touch-tone phone. I now hand the conference over to Mr. Sahil Sanghvi from Monarch Networth Capital Ltd. Thank you, and over to you, sir. Thank you, Ikra. Good evening, everyone. On behalf of Monarch Networth Capital, I welcome you all to the Q2 FY2026 conference call of Fiem Industries Limited. We will start the call with the initial comment about the results and the future outlook of the company and then open the floor for question and answers. I will hand over the call to Mr. J.K. Jain, Chairman and Managing Director of the company. Over to you then, sir. Thank you. Good afternoon and welcome to the Q2 FY2026 earning call of the Fiem Industries Limited. Joining me on today's call are Rajesh Sharma, Joint Managing Director, Vineet Sahni, CEO and Director, Arvind Chauhan, Company Secretary, O.P. Gupta, CFO, and other members of the finance team. Our investor presentation and results are now available on our website and the stock exchange. We trust you must have reviewed the same. The Indian economy has continued its upward momentum in Q2 FY2026 with a strong growth. GDP during this quarter is expected to grow at 7.2%. The government's recent GST reduction has provided a timely economic stimulus, boosting affordability and confidence across sectors. This positive sentiment has clearly carried through to the auto sector, particularly the two-wheeler industries. The two-wheeler industries recorded robust growth, with domestic production volume growing by 10.6% to 6.9 million units. Rural markets have shown solid recovery after a good monsoon, while urban demand has remained strong. Against this backdrop, Fiem has been able to post a very strong performance for Q2 FY2026. We posted highest ever quarter sale of INR 711 crores, which is a 17% increase on a year-on-year basis. Our PAT is the highest ever at INR 64 crores. This growth was fueled by very strong demand from our key OEM customers like TVS, Royal Enfield. This quarter, we supported several significant new model launches that highlights our technological capabilities. The refreshed Hero Glamour X125 was launched with Fiem projector headlamp. Additionally, supplies have also started for winker lamp for Hero Glamour and Xtreme models. We are also pleased to inform that during the recent Milan show, TVS Norton has launched two of their models with Fiem headlamps and tail lamps featuring advanced animation and CAN-based system technology. Similarly, Yamaha showcased its new Tracer 7 in Milan, equipped with our headlamps and position lights. In India, Yamaha has introduced XSR155 and their first EV model, both featuring LED headlamps and tail lamps from Fiem. This in-house development demonstrates our strength in combining high technology lighting, electronics and volume manufacturing, positioning us well for the rest of the year. Our journey into the four-wheeler segment continues with full vigor. Based on our quality and delivery performance, Mahindra has adopted our number plate lamps in their Scorpio and Thar models. We have also commenced our supplies for RR and fog for XUV700 refresh model. We are happy to inform that we have been awarded the following new businesses from Mahindra: high-mounted stop lamp for Bolero, high-mounted stop lamp for Scorpio, RR and fog lamp for Scorpio, side repeater lamp for Bolero series. As we move into the second half of this year, we remain confident about the industry's growth path. With a heavy order book, improving efficiency, and continued focus on technology and quality, we are well-positioned to deliver another strong performance in the coming years. With this, I hand over to Mr. O.P. Gupta and the finance team to update on operational performance. Thank you, sir. Good afternoon to everyone. First, I will present the quarter numbers for FY26 in comparison to the corresponding quarter of previous financial year. The company has registered sales of INR 711.42 crores in Q2 of current financial year against INR 607.45 crores in corresponding quarter of previous financial year, which is an increase of 17.12%. LED, as a percentage of total lighting, stands at 63.92%. The EBITDA stand at INR 99.1 crore, translating into an EBITDA margin of 13.93% as compared to an EBITDA of INR 80.27 crore, that is 13.21%, in corresponding quarter of previous financial year. PAT for quarter 2 is INR 63.78 crore as compared to INR 49.83 crore in corresponding quarter of previous financial year, which is higher by 28.02%. Now, I would like to present the H1 numbers for FY25. The company has registered sales of INR 1,360.49 crore in first half of current financial year, as against INR 1,181.05 crore in the corresponding period of previous year, which is an increase of 15.19%. The EBITDA in first half of current financial year stand at INR 186.46 crore, translating into an EBITDA margin of 13.7%, as compared to an EBITDA of INR 159.04 at a margin of 13.47% in corresponding period of previous year. PAT for first half of current financial year is INR 119.84 crore as against INR 99.03 crore in the corresponding period of previous financial year, which is higher by 21.01%. During the quarter 2, the company has made a CapEx of INR 21.28 crore, and total CapEx in the first half of current financial year is of INR 37.81 crore. With this, I end the financial brief, and now the floor is open for question and answer. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shubham Sehgal from SiMPL. Please go ahead. Hello. Shubham, your line is unmuted. Please go ahead. Yes. Now, can you hear me? Sorry. Your audio is very bad. Hello. Yes. Now we can hear you. Please go ahead. Yeah. Is my audio better now? Yes. Okay. Could you explain the provision reversal that you have taken for bad debt and warranties? Sorry. Can you repeat your question? Hello. Are you able to hear me better now? Yes, you are audible. Yes. My first question was, could you just throw some light on taking bad debt and warranties? I think your voice is not clear. It is breaking in between. Hello. Is it better now? Yes. Hello. It is breaking. Even though it is breaking, can you just repeat once again and loudly? Yeah. Sure. I was asking, my first question is, could you throw some light on the provision reversal that you have taken for bad debt and warranties? You are referring the balance sheet item? Yes. We have taken a provision reversal for bad debt and warranties. I just wanted to ask, could you throw some color on that? Yeah. In normal course, small numbers for provision we take sometimes, but then if there are no bad debts, then those are reversed back. Which is why you must see that number. It must be around 2.5, 3 crores. There was no bad debt. For that, it was recoverable and hence it was reversed. Okay. Got it. My next question was that if we see in the previous four, five quarters, we have seen a very significant growth in sales for Royal Enfield. Even if we look at their production numbers, compared to their production, we have significantly outperformed the sales figure. I just wanted to know how do we see this panning out, as RE contributes now 6% of the sales. Do we see this figure being stable or increasing with time? Yes. We have been taking their Classic model lamps business, wherein our share of business is more than 90%, and we are very bullish to have a similar kind of growth with the RE as of now. Okay. Yeah. I meant to ask that right now, Royal Enfield contributes around 6% to our sales. Do we see this figure being stable here, or do we see this contribution increasing? Are we expecting more orders with new models, newer models or more share? We expect that there could be an uptick on this 6% going forward. Oh, I am really sorry. Could you just repeat? There could be an uptick on this 6%. Right now, as you rightly mentioned, it is 6. We think given the volumes that are coming through and new models, it could increase. Okay. Are there any models in the pipeline, or are we being considered for any other models where we can get more share? Yeah, there are two or three models as of now under development and designing stage. Those models will be launched in coming years. Okay. All right. My next question was, could you provide any update on newer technologies that you have been working on? When can we see any of them getting monetized? Is it a one or two year thing, or could it take around four to five years? How do we see them panning out? See, one of the example right now, as our CMD sir has already announced, the TVS Norton has launched in Milan show. This technology is also being a new technology, which is being first time launch- In two-wheeler in two-wheeler, especially the animation factors in headlamp and rear lamp, which is being run with the CAN software. This kind of technology is first time being introduced by Fiem in two-wheeler business. Okay. So these will be there for TVS Norton models in Europe, and I think TVS is going to launch Norton next year in India as well. So we will be catering to that as well? Yes. There are two models which will be for India as well as for global overall market. Okay. All right. Got it. How do we see this panning out? Do we see some significant upside here? Of course. There are further models which are under development right now. It is not only one animation. There are a few other technology which will be introduced soon, once it is being commenced with the customer. We are the sole providers, right? We see that for- Yes longer time being here. Exactly. Okay. All right. I will just join back in the queue. I have a few more questions. I will let others also ask. Thank you. Okay. Thank you. Thank you. The next question is from the line of Vijay Pandey from Nuvama. Please go ahead. Hi, sir. Thank you for taking my question, sir. The first question was regarding the provision which we had made regarding the inventory write-off related to the fire incident. Have we recorded it to the P&L as well, and if it is, then in which line item it has been recorded? Just to clarify, there is a damage of inventory of INR 21 crore and to the fixed asset INR 28 crore. The P&L you are referring, actually, this entry has to first debit the P&L account. Then because we have an insurance policy that is fully valid, the entry is reversed, and it is shown in the recoverable. You can see in the line item of the balance sheet, there is a financial assets, current financials, where this recoverable amount is appearing. Okay. That revenue which we are getting from the, or the income which we are getting from the insurance, that is shown into the P&L as of now, or is it not yet shown? Please. No, it is not shown in the P&L. What I just explained, this is a book entry, and this is because we have a valid insurance policy. You can see that entry, which is recoverable in the financial asset. It is being shown as a receivable. Receivable. Okay. Secondly, sir, I wanted to check in terms of passenger vehicles. So our passenger vehicle contribution has come down. We were steady maintaining it at around 5%-7% over last three, four quarters, but now it has come down to 2.3%. Any particular reason? Because we have got the orders from Mahindra. Just wanted to check what is the reason for this. This is a good question from your side. There is no particular reason. It is just mathematical calculation. The overall two-wheeler sales have gone up exponentially, as explained in CMD speech. The four-wheeler, we have got orders, but they are under development, and they will fructify in some time. So the revenue is still to come. So what you see is just a mathematical calculation. So as a percentage, it is looking less. Absolute values have not changed. But two-wheeler market in this quarter has done very well, therefore, this is looking as a lower percentage. Okay. And lastly, sir, any idea when can we have any update on the passenger vehicle part? I think in the last call, we said that within six months to nine months time we will have an update, sir. Yeah. So we maintain that. In the last call also, I had said that by end of this financial year, we should be having a clearer picture on our business planning, and we maintain that statement. So we are in that process. Okay. Thank you, sir. Thank you. The next question is from the line of Anagh Seth from Era Investments. Please go ahead. Hi. Congratulations on the great set of numbers. I had my first question, which is that, this time the margin has been very well compared to the last quarter. Has there been any changes in the product mix, or what is the contributing factor to this rise in margin? You are absolutely right. The margin has closed in to 14% odd, which is a high target for us. The number is driven by, A, product mix, and also the fact that there is operating leverage now that is kicking in with the increased sales. We are kind of now hoping to work more around this range. We have generally guided more 13%-14%, but we are hoping to work around the 14% mark going forward. Do you think this is sustainable, the margin? Yes. We think given the new volumes and the drivers, we think we should be able to work around these levels. All right. One more question is there, has there been any RFQs that has converted to orders in this quarter? Yeah. In the CMD speech, it is being informed. There are two models, which from Hero launch, which is being already converted into- Yes, sir. -mass production and sales run. All right. Okay. That's my end. Thank you. Okay. Thank you. The next question is from the line of Anubhav Mukherjee from Prescient Capital. Please go ahead. Hello. Am I audible? Yes. Hello. Yes. Sir, my question is on the Hero models only. In the last quarter, Hero has launched quite a few products, like a new Vida scooter, e-scooter. Then I think there was Glamour X125. Are these the new models that we will be supplying to? Because in some of the earlier quarters, you also had mentioned you were working on some new models. Can you give some details on that? Yes. In CMD, sir, speech, it is being already disclosed. In the last quarter, Glamour 125 and Xtreme, these are the two models which is being launched and it is under production right now. Wherein our projector headlamp is under production for Glamour, as well as Xtreme, we are supplying the LED winker lamps, which is also in production for both the brands. And others are already under development, which will be launched and will be announced soon. Okay. Will you be able to share any indication of how much Hero can scale up to in the next financial year? Or is it too premature yet? For us, we believe that once a customer gets to at least 10% of our revenue, that's when we can give a more specific guidance. Right now, it's much lower than that. But overall, directionally, this volume will keep picking up. This quarter has been much better, and we expect the next half to be even better this year. Got it. And sir, apart from Mahindra, have you progressed in getting any RFQs or orders from any other passenger vehicle OEMs? Yes. We already have RFQ at quite advanced stage from Force Motors in a good manner. We have RFQ from Mercedes. These are the three customers where RFQs are already in progress, and we are expecting some from other customers as well. Okay. And sir, is there any timeline in which tentatively we can see the start of production for these new OEMs? Already, I think in last investor call, we had explained, we started our production for our first order. And based on our quality and delivery reports, it has got adopted into other important models of Mahindra, which is Scorpio and Thar, and very soon it will also be deployed in the balance models. And we are also opening a warehouse in Pune to support our customer. That will be the next big step that we are taking. And after that, we have started another production for XUV700 refresh model, which is RR and Fog. Now this will continue because we have other orders from Mahindra and a long list of RFQ on which we are working. Thanks. I will get back to you. Yeah, thank you. Thank you. The next question is from the line of Devesh Kayal from Monarch AIF. Please go ahead. Yeah. Sir, just want to know whether we lost any revenue from this fire or it was offset by higher production in the next few days. No, there is no loss of revenue. You can see in the numbers. Okay. On the HMSI side, HMSI forms 25% of our revenue. While I see over the past few quarters, many quarters our HMSI revenue has been kind of in line with the production growth of HMSI. Is it fair to say that in Honda we have a lower share of LED? No. We don't have a lower share of a specific product. We have maintained our market share. Overall, our overall market share is absolutely in line with what is happening. However, there are always a couple of quarters where one product line does better than the other, and those minor variations are there, but overall, our market share remains absolutely the same. Okay. Within the overall Honda, the LED share remains as it is. Yes. Okay. Yeah. Thank you. The next question is from the line of Shubham Sehgal from SiMPL. Please go ahead. Hello, sir. Am I audible? Yes, please. Yes. Thanks for the opportunity again. I just had a follow-up. As you mentioned that, we will be having a share in the TVS Norton models. So, what can we expect the realization to be compared to a normal model like this higher technology that we have? Can it be almost double, triple, or just an approximate sense if you could give? This is now too early to announce any numbers. This totally will depend on the customer launches and the OEMs OEMs. What the customers will be requiring us. Okay. But definitely higher realization. Yes. Okay. My next question was, the new models that have been launched by Yamaha in India recently, and also I think they have announced further upcoming models in the pipeline. Do we have any share in them? What are our expectations from these models? Yeah. In the speech, this has already been cleared that XSR155 is having our headlamp and tail lamp, and their first model of EV is also being launched a few days before. It is also being supplied by all the lamps from Fiem only. Further on, there are new models which are under development, and once these will be launched, we will definitely declare all the models. Okay. Got it. These are all for domestic as well as for global market. Okay. Domestic plus export, you are saying, right? Yes. Okay. All right. Yeah. Thank you. Just last, one clarification. You mentioned that we have an RFQ from. Is it the same development product that we have been talking about, or has something changed here? Have we progressed here? Has something changed here? No, these are the same. We have more than 100 projects as of now. That will be generating the revenue in years to come, maybe around INR 1,000-INR 1,200 crores. Okay. All right. Got it. Thank you. Sure. Thank you. The next question is from the line of Kush Nahar from Electrum PMS. Please go ahead. Yeah. Congratulations on the good set of numbers sir. Thank you for the opportunity. My questions are more around the four-wheeler part of business. Could you elaborate more in terms of I remember that last time we had mentioned that we have around INR 700 crores of RFQ on the four-wheeler side. Right now, have we added more in terms of that, if you could quantify? Also in terms of our plans, because I think the next leg of growth might be driven by the four-wheeler segment. Any timelines over there if you can give us? Yeah. As explained, some of the RFQs have already got converted into business nominations for us, which was there in Fiem's speech. We have graduated from license plate lamp to high-mounted stop lamps, which is a normal progress in four-wheeler business. We got this for the flagship model of Mahindra, which is Bolero, which is a big win for us. Then post that, we have got for Scorpio as well. We have got RR, that is, reflex reflector and fog for two models, side repeater lamps. Plus, we are now receiving RFQ for other models as well. The RFQ value remains similar as we shared with you before because some of them have got converted and some new RFQs have come from Force Motors. This is a cycle which we are following, and soon we'll be converting the current RFQ into business awards. Is there any timeline on the plan? I know that the management will give a more clear picture by the end of the financial year. Once we decide to go ahead, how much time would it take to set up a dedicated platform for four-wheeler and if any ballpark number on the investment that is required subsequently? Yeah, we will be more equipped to give you a direction by end of this financial year, because we are getting good response from customer. Customer is trusting us, and we are delivering to the expectation of customers step by step. Because we don't want to rush up, we want to go step by step process, which we are following. We are generating more RFQs and also converting it into business nominations. We should be able to give you better direction by end of this financial year. All right, sir. Thank you. Thank you. The next question is from the line of Mihir Dhami from Augmenta. Please go ahead. Okay. Hi, sir. Thanks for the opportunity. I think Yamaha had shown very good production numbers in this quarter sequentially. This quarter it wasn't reflected in our numbers. I understand last quarter we had very good numbers that side. What was the reason for it? There are few models which is being export model, volumes which has increased, and we exported a good volume for three or four models for Brazil as well as for Europe. The domestic market is also being done good for the models which are being under our mass production products. Okay. I was asking, this quarter wasn't good for Yamaha in our portfolio. Any reason for that? No, this is a volume only which is being exported by us. There are a few models which is being launched last quarter as we already disclosed. Those models is being converted into sales figure. Okay. All right. Another question was, two-wheeler production data in October was quite strong. Do you all expect a quarter 3 to be particularly strong versus this quarter? I think structurally, if you look at the two-wheeler industry, I think if you look at the full year, we feel that there is a high possibility that this will be the highest production year. We could surpass the old high which was hit back in 2019-20. Overall, directionally, we feel that we are on an upswing in the two-wheeler industry. Got it. Thank you. Yeah. I don't want to comment on a couple of months here and there, but if you look at H2 and overall year, that's the direction we are talking. It is okay. Thanks. Thank you. The next question is from the line of Vijay Pandey from Nuvama. Please go ahead. Hi, sir. Thank you for the follow-up. Just two questions from my side. One was on the Mahindra. The new Bolero has been launched. Should we expect the revenue from this quarter 3 onwards, incremental revenue in the PV business? As I said, the revenue is already coming in. We are selling our first product. But it is insignificant as a percentage to sale at this moment, and therefore, not of interest at this point. Because we are going in a step-by-step process. We will start seeing more revenue when these new orders, they fructify in manufacturing. We will keep you informed of our business plan as we progress. Okay. Sure. Lastly, sir, I know that you had answered it previously. I wanted to understand that inventory write-off of 31 crores, is it included in EBITDA or is it below EBITDA line? That is what I wanted to check. No, there is no impact of EBITDA on this. There is no impact. Okay. Thank you. Thank you. Thank you. Before we take the next question, a reminder to all, you may press star and one to ask a question. The next question is from the line of CA Vansh Handa from Anvest. Please go ahead. Yeah, thanks for the opportunity. I have a question. What is your outlook for FY 2027 in terms of both two-wheeler and four-wheeler? If you can give the guidance for FY 2027, that is my question. Overall automotive industry, including four-wheeler, two-wheeler, both look promising if you look at the next 12 to 18 months. Directionally, two-wheeler is performing much better. All the green shoots are there for this recovery to be sustained. On the four-wheeler side also, we expect that what we are doing is a differentiated product there. So there is going to be volumes coming through. On the guidance front, we do not give specific guidance except that we believe that we will outperform the industry. In the current context, we have given a guidance of 15%-20% revenue growth, which we are maintaining. We would like to do that operationally. For FY 2027, right? That's right. Okay. Thank you, sir. Thank you. The next question is from the line of Vinay Nadkarni from Hetav Investments. Please go ahead. Yeah, thanks for the opportunity. I think your numbers have been very great this quarter. Congratulations. Just wanted to understand, if I look at automotive lighting non-LED, there has been a growth in sales in this quarter. If I say quarter-on-quarter, as compared to automotive LED lighting. Any particular reason for this? Quarter-on-quarter growth. Yeah. So there is no particular reason. Sometime, one model which is having the LED that performs better, that number comes in. Otherwise, if you see the yearly basis, that is going, moving towards 2, 3% more every year. Okay. And basically, Fiem's growth is always higher than the automotive sector growth of your various partners. Now, that generally is because, I presume, because when you are moving from halogen to LED, the 3x multiple will of course drive your volumes more. Not volumes, drive your value more. Am I right in assuming that? Yes, you are right, but there are other factors as well. So this is absolutely, the whole trend towards LED is definitely a driver for growth. But there are many other factors, including our own product mix, what we do with our customers, our direct and indirect exports that we do. So all of this clubbed together, we are able to outperform the industry. Okay. And lastly, you talked about operating leverage and product mix driving the EBITDA this time. Any particular reason for that operating leverage? You got more volumes in terms of Just more efficiencies coming in on our existing plants. As I said, we hope to kind of make sure that we are able to put more efficiencies out as we Has the capacity utilization improved? Yes, this quarter capacity utilization has improved. Definitely, we are moving in towards the 80s. But simultaneously, we are already doing CapEx to ensure that we have optimal capacity for the next 24 months. We are also doing, as you are aware, we have done INR 38 crores of CapEx in the first half. We expect to do another INR 50-60 crores in the H2. So our CapEx for the current year should be INR 100 crores. Going forward, we want to continue the momentum of CapEx in line with our growth. Okay. So your capacity utilization is around 80% this quarter. What about product mix? For this quarter. Yeah. When I see product mix, the product mix in this quarter actually is more towards automotive lighting, is it? Compared to LED lighting. Still your margin has improved. Any look on that? Yes. You are right. There is some percentage you can see higher in the LED lighting as comparable to the mirrors and the plastic. As already informed, there are some new model launch in the lighting. So this is the reason of increase in the lighting business. Moreover, our focus is towards- As a company, we remain focused on the automotive lighting as our main product. Yeah. When you say product mix, it is the product mix between automotive lighting, LED lighting and the other products, right? No. That, plus also within LED lighting, our product- Okay mix with respect to customers. For example, we highlighted, let's say, the Norton deal and so on. All of these blended together, we are able to outperform the domestic industry. So you basically are looking at slightly higher price realization this quarter. Is that what you are saying? See, I do not think you want to make a generic statement like that because it depends on particular model for that quarter. Customer requirement. Exactly. What is the customer focusing on? What kind of a product? Sometimes it is premium product, sometimes it is low-value product. Yeah. That makes That generic statement. The margin is not driven by that. Margin is driven by operating leverage. Okay. Thank you very much. Thanks a lot. And wish you all the best for the remaining H2. Thank you. Thank you. Thank you. The next question is from the line of Anubhav Mukherjee from Prescient Capital. Please go ahead. Hello. So for- Yes. lighting, what is the level of localization now? Apart from the LED chip, which I suppose you would be importing, do you manufacture all the other parts or what is the level of localization? Yeah. Only the electronic components inclusive of LED we buy from outside. Rest all operations with SMT or assemblies or other processes are being done in-house only. All localized. This is all localized. You will appreciate we will not be able to get the margin that we can if we were not doing this in-house, and that has been our strength. We do everything in-house. Great. It's almost completely localized. There's no scope for further. Yes. Okay, great. For the lighting, you also mentioned animation and there is talk of ambient lighting as well. Can you give us a flavor on the R&D front, what you are doing to keep abreast of all of these new technologies? How large is our R&D team? Annually, what percentage of sales we are spending on the R&D aspect? Yeah. We are more than 100 numbers, people as of now working in our R&D, especially in electronic side, which is a core strength. The future is, of course, we are electronics. The animation is one of the function which is being incorporated in our Norton lamp. Not only Norton, other lamps also. This is being driven from the vehicle side indication, and it is being controlled within the product, which gives the different kind of running light, like the position light which is giving you whenever you switch on. It is on, then gives you some specific signature feature, which is running from one corner to other corner, other corner to next. These are the few features which you can see on. Electronics. Yeah. These features are already available on site if you see the Norton field. Further on, we are working on ambience lighting and so many electronics areas wherein we are working for technology, which very soon will be introduced in the market. Good. Sir, there are a couple like this. Therefore, here we were going for JVs or technology agreements for things like ambient lighting. Do we feel the need for any external technology help, or we feel like we can develop in-house completely? We do not feel a need of any joint venture for this purpose. We are in touch with our relevant partners. As and when required, we can have technical assistance from them for that particular technology and that particular product. Yeah. Yeah. We are also strengthening our own resources. We are opening our innovation lab here where the people will be working on futuristic technologies. We are creating that capability in-house. In general, we don't need any joint venture partner. We are focusing on self-reliance in technology. Yeah, that's very helpful, sir. Sir, just last question. Sir, since you mentioned for HMSI, can you give an indication of are there any new models or any international models that you're working for which can help grow better in the HMSI account going forward? Yeah. It is very too early to disclose anything, but we are of course working on the few models which are for global as well as for domestic. Okay. That's all from my side. Thanks. Thank you. Thank you. The next question is from the line of Sahil Sanghvi from Monarch Networth Capital Ltd. Please go ahead. Yeah. Very commendable numbers, especially on the margin side, so congratulations for that. My first question is to Vineet sir on the ambient lighting front, and the few other technologies that we are working on. Do we have any kind of major progress over there, any kind of major trial runs or any kind of major commercializations over there? If you can just give some more details on that. Yeah. So ambient lighting, we did demonstrate to our customers. So one of the customer have advised us to make a POC. Our team have already demonstrate a proof of concept to the customer, very well appreciated by the customer, and this was done along with our electronics team. So we are expecting us to be in the panel of ambience light supplier very soon. So it is moving in the right direction, Sahil. Right, sir. That's really good to hear. Secondly, sir, we've got into some MoU with a Swedish company called Allight International AB for some adaptive lighting. If it's not very early, if you can help us understand what the product is and how you expect this to improve our lighting products as such. So we have recently signed an MoU, and this is because of the government focus on safety. So this is a safety product which we are bringing in, and we are also demonstrating it in next week in ISOL, which is International Symposium on Lighting. So this is basically when you turn the motorcycle and the light has to be stable. So that is the focus, and this will help in reducing accidents on road. So our focus is on safe concept in the two-wheelers, and this is a and we will demonstrate to the customer for the first time in ISOL this week. Right, sir. Depending on the adaptability, we will have future benefits from that, right? I mean, it will take some time to be adapted, right? Yeah, of course, because it takes time. Customer will see it, will ask us to make proof of concept, we will do the road test, and of course, that is a process. Important point here is to keep customers engaged with new technology, because that helps us in building our own credibility, and it has different advantages in getting some more RFQs. That is the direction. Customer starts working as a partner with you. Innovation. Yeah, and that is focused on innovation. Yeah. Got it. That is really good to hear. Thank you and very well the best. Thank you. The next question is from the line of Saurabh from MultiAct. Please go ahead. Yeah. Thank you for the opportunity. I had question on Hero. We have two models which are into production and several which are in the pipeline. Combining all the models, will we be achieving around mid-single digit contribution in next year from Hero? Yeah. I think the pipeline we have already disclosed in terms of the numbers, what has already been come out and what we are working on. But I think specific number, as I mentioned, we wouldn't want to put a specific number, as in when it crosses the threshold of 10% or near, we will be able to come back and tell you. But directionally, we want to get there. Okay. On the passenger vehicle side, like you have said that you have gradually progressed from number plate light to fog light, et cetera. In the RFQs or in the design phase, are we also present in the main headlamp or in tail lamp, or it is still in the ambient lighting and the interior lighting that we are working? It is little early to disclose this strategy, but we are fully committed to enter into all lamps of four-wheelers. Front lamp, rear lamp, bigger lamps, smaller lamps. Okay. Yeah. Thank you. That is it from us. Thank you. The next question is from the line of Mehul Panjwani from 40 Sense. Please go ahead. Hello, sir. Thank you so much for the opportunity. I missed your commentary, sir. I would just like to understand, is the H2 expected to be better than H1 for our company? We are driven by the market. You see where the OEM commentary is. We hope that H2 is better, but we cannot give a specific guidance. Overall, as we keep guiding, we will outperform the industry. We are very pleased. If the OEM will do well, then we will do well. Right. Sir, follow-up question on this. Since I am new with the company, what is the revenue contribution from two-wheelers vis-à-vis four-wheelers? Today we are- We are just in the beginning. It is around 97% is two-wheeler, 3% is four-wheeler at this moment. Okay. Okay, sir. Thank you so much. Yeah. For the clarification. Thank you. Thank you. The next question is from the line of Gopinath Chenna from CDK Global. Please go ahead. Hi, sir. Congratulations on good set of numbers. Yeah. It can be little louder, better. Yeah. I have one question. Is there any plans for stock split or bonus? I think you are questioning about the bonus, right? No, I am asking, are you thinking about or is there any discussions over the bonus or stocks? No, nothing. We just finished in 2024. Okay. Thank you, sir. Thank you. Thank you. The next question is from the line of Kush Nahar from Electrum PMS. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity again. I just wanted to know, I think, a Dutch company called Nexperia had some issues globally in terms of the chips which are majorly used in the automotive segment. Are we facing, not in the next 3 months, but 6 months, any delay in our schedules from the customer side that is supposed to affect the industry in general? See, from electronic side, we are using all these discrete items and wherein not only single source, we always work with multiple sources and it is being all communicated with the customer, so no production will be hold or held up because of this Nexperia. Okay. All right, sir. Thank you. Thank you. Thank you. The next question is from the line of Vijay Pandey from Nuvama. Please go ahead. Sir, just a follow-up. Just wanted to understand in terms of two-wheeler industry, the LED market share will be around two-thirds or is it 50/50? Industry wise. See, for us specifically, our contribution is 63%, but as far as the overall industry is concerned, it's estimated around between 30% to 40%, perhaps, but we don't have a specific data around it. What we are seeing is that there is this increased trend towards LED. In fact, we've highlighted that all our projects that we are working on, every 100% is on LED. There is this trend towards LED, and it will move there over the next couple of years. Sir, one more. Just what will be in terms of if I see the content per vehicle CPV for passenger vehicle, what can be the expectation in case of PV as compared to two-wheelers? Again, it depends on the features of the light. A fully loaded car with all features of LED, the light costs around, let's say INR 60,000. This is fully loaded. But if you remove full load, bring it down, it will be around INR 20,000, INR 25,000. Right. There is a difference. It depends on lot of features, what features you bring into lighting, how much electronics you have into lighting. Right. I think ratio could be from two-wheeler to this, one is to four or more. Okay. Thank you, sir. All the best for upcoming quarters. Thank you. Thank you. Ladies and gentlemen, that was the last question for. I now hand the conference over to Mr. Sahil Sanghvi for closing comments. Thank you, and over to you. Yeah. Just wanted to thank for very elaborately and patiently answering. Also, on behalf of Monarch Networth, participants for joining the call. Management, Jain sir, would you have any closing remarks? Sure. I would like to thank everyone for participation in today's conference call. I hope that we have adequately addressed all your queries. If you have any further questions, please don't hesitate to contact us. Thank you. Have a good evening. Thank you, sir. On behalf of Monarch Networth Capital Ltd, I conclude this conference. Thank you for joining us, and you may disconnect your lines.