Ladies and gentlemen, good day and welcome to the Q4 FY 2026 e arnings conference call of Jupiter Wagons Limited, hosted by Systematix Group. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing star and then zero on your touchtone telephones. Please note that this conference is being recorded. I now hand the conference over to Mr. Sudeep Anand from Systematix Group. Thank you, and over to you, sir.
Thank you, Fara. Good evening, everyone. Thanks for joining us today for Q4 and FY 2026 earnings call of Jupiter Wagons Limited. On behalf of Systematix, I would like to thank the management for giving us the opportunity to host this call. Today we have with us Mr. Vivek Lohia, Managing Director, and Mr. Vinod Kumar Agarwal, CFO, and Mr. Puneet Saboo, Vice President. Now, I'll hand over the call to the management for their opening remarks, followed by the Q&A session. Thank you. Over to you, Vivek, sir.
Yeah. Thank you, Sudeep. Good evening, everyone, and welcome to Jupiter Wagons earnings call for the fourth quarter and full year ended 31st March 2026. We hope you've had the opportunity to review our financial results and investor presentation shared earlier. FY 2026 was a year that tested the resilience of the entire rail and mobility ecosystem. The industry faced significant challenges, beginning with a prolonged shortage of wheel sets that constrained wagon production across the sector during the first half of the year. As these supply constraints gradually eased, fresh challenges emerged in the fourth quarter through global supply chain pressures, especially LPG availability disruptions arising from geopolitical developments. Despite these headwinds, Jupiter Wagons demonstrated resilience, agility and disciplined execution.
While our financial performance was impacted by external factors, the year was marked by several strategic milestones that strengthened our long-term growth platform and positioned us to capitalize on opportunities across rail mobility, logistics and clean energy. For FY 2026, we reported a consolidated total income of INR 2,961 crore and a profit after tax of INR 166 crore. EBITDA stood at INR 363 crore, translating into a margin of 12.4%. During the fourth quarter, total income was INR 790 crore, EBITDA was INR 83 crore, and PAT stood at INR 27 crore. While these numbers reflect the operational challenges experienced during the year, they do not fully capture the significant progress achieved in strengthening our business portfolio and future growth capabilities. We enter FY 2027 with the order book of INR 4,675 crore, providing healthy revenue visibility and reaffirming customer confidence in our capabilities and execution.
Our financial position remains robust, supported by the reaffirmation of our credit rating by CRISIL at AA- stable for the long-term debt and A1+ for short-term debt. A major highlight of FY 2026 was the performance of our wheel set business through Jupiter Tatravagónka Railwheel Factory. The business crossed INR 500 crore in revenue during the year while maintaining a healthy EBITDA margin of around 17%. We secured a strong order pipeline across freight wagons, LHB coaches, metro applications and Vande Bharat trains. Key wins included the Ministry of Railways order for 9,000 LHB axles, a letter of intent for 5,376 Vande Bharat wheel sets, and multiple wheel set machining and assembly contracts. These achievements reinforce our growing presence in one of the most strategically important segments of the rail value chain.
Moreover, we have signed a long-term supply arrangement with Tatravagónka, one of Europe's leading wagon manufacturers, under which we will supply wheel sets for their requirements from our upcoming Odisha facility. This partnership represents a significant step in building our export business and validates our manufacturing capabilities. We are actively engaging with additional global partners to expand our international footprint and create long-term value for our shareholders. The Odisha Greenfield wheel set project continues to progress as planned. Orders have been placed for all critical equipment, deliveries have commenced and civil construction is at an advanced stage. Partial production is expected by end of the current financial year, with full commissioning targeted by end of FY 2028. The facility will significantly enhance our manufacturing scale while supporting both domestic and export demand. Our clean energy business under Jupiter Electric Mobility also recorded meaningful progress during the year.
India's energy transition is creating a substantial opportunity in battery energy storage, and we have invested strategically to build capabilities in this segment. During FY 2026, we successfully developed and deployed modular battery energy storage systems in both 10 ft and 20 ft container formats for applications including renewable energy integration, diesel generator replacement, and mobile energy storage. To strengthen vertical integration and manufacturing efficiency, we commissioned a cell-to-battery manufacturing line in Indore, enhancing our ability to scale as demand grows. We are also pleased to sign MoUs, adding to 110 MW of BESS business to our FY 2027 order book. These partnerships validate the strength of our technology and reinforce customer confidence in our capabilities. Looking ahead, we aspire to build a INR 1,000 crore revenue business in batteries and energy storage over the next three to four years, supported by a growing order pipeline and favorable industry dynamics.
Our container manufacturing business delivered healthy growth during FY 2026. The government of India recently announced production-linked incentives scheme for container manufacturing, supported by a INR 10,000 crore budgetary allocation, which provides a strong policy tailwind for the sector. Given our established capabilities and market position, we believe Jupiter is well-positioned to benefit from this opportunity. Another important milestone was achieved through our subsidiary, Stone India Limited, which received RDSO approval for its freight brake system. Commercial production is expected to commence in July 2026. With this achievement, Jupiter Wagons has attained full backward integration across its core railroad product portfolio. This strategic milestone strengthens our control over quality, cost, and delivery schedules, reduces dependence on external suppliers, and enhances our capability to navigate supply chain disruptions while supporting long-term margin improvement. Looking ahead, we remain optimistic about the opportunities before us.
The Government of India's continuous focus on rail-led freight transportation and infrastructure expansion is expected to drive sustained demand across the rail ecosystem. With our integrated product portfolio, manufacturing capabilities, technology partnerships, and execution track record, Jupiter Wagons is well-positioned to capitalize on these opportunities. Passenger mobility is a strategic portfolio and priority for Jupiter Wagons, and we are preparing to enter passenger mobility segment in FY 2027, backed by our demanufacturing capabilities and technology partnerships, thus creating an important new avenue for growth and diversification. Today, Jupiter Wagons is evolving into a diversified mobility and infrastructure solutions company with a growing presence across rail, mobility, logistics, and clean energy. Supported by a strong order book, expanding capabilities, and a clear growth roadmap, we enter FY 2027 with confidence and remain committed to creating sustainable long-term value for all our stakeholders. Thank you for your continued trust and support.
I now request the moderator to open the floor for questions.
Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter star followed by one on the touchtone telephones. If you wish to remove yourself from the question queue, you may enter star and two. Participants are requested to please use only handsets while asking a question. We will wait for a moment while the question queue assembles. To ask a question enter star and one. The first question is from the line of Balasubramanian from Arihant Capital. Please go ahead.
Good evening, sir. Thank you so much for the opportunities. Sir, in the Odisha wheel set plant, earlier it was planned by Q2, I think. Q2 FY 2027. Right now it's been extending to Q4 FY 2027. If that production starts by Q4, for example, March 2027, what will be the ramp-up curve for wheel sets in that financial year, for example, FY 2028? Secondly, if you could talk about wagon tenders. I think recently we got information about 1 lakh wagons over the next three to four years timeframe, which is approximately 30,000 wagon- 40,000 wagons per annum. When it's likely to be rolled out by Indian Railways.
Regarding the Odisha project, the final commencement of the project is as per the timelines only which we had earlier mentioned. We were always very clear that it will commence in FY 2028. There was a partial commencement, which we had projected it to be about two quarters earlier. Due to the global supply disruptions, there were delays in the shipments arriving, and because of that, there were certain delays. Now, however, we receive most of our shipments, so we do not foresee any further delays. With regard to the wagon orders, to exactly quantify the amount of order as well as exact timelines, again, is very difficult. However, we expect the orders very shortly. Within the next two quarters, we expect the order books to come out. Given Jupiter's strength and market share, definitely we expect a sizable order book.
Our expectation is that the orders which would come out would be at least for railway requirements for the next three years. Given that, definitely we expect it to be sizable, and we expect a strong market share in that.
Yes, sir. Sir, my second question is, we are entering into passenger rolling stock in this year. What is the specific scope in this space, whether manufacturing complete LHB or Vande Bharat coaches or only bogies or shells? As you could talk about the CapEx and timeline of this process, whether it will be a separate JV or we have a strategic partnership, and how do we understand in this business over the long term?
We are in the process of entering into a strategic partnership. However, at the current moment, it is very difficult for us to divulge specific details on that. Whether it'll be part of Jupiter Wagons or a separate JV, again, I cannot spell out right now. Our focus will be specifically the metro segment, the new train orders which Indian Railways comes out with, and definitely also the export market. I think these are the specific segments which we are targeting. However, specific details, I'm not able to share right now.
Okay, fine sir. Sir, on the bookkeeping side, I think inventory has increased INR 769 crore- INR 1,079 crore. It's almost a 40% jump. What was the reason, and when we can expect normalized inventory days?
There will be a rationalization in the inventory days. It was a short term challenge, as I have told you, because of certain disruptions which we did not anticipate. The production, as we had anticipated, the production timelines did not follow. There was a mismatch in inventory. I think the first quarter, there will be certain some disruptions. Now things have stabilized. I think in FY 2027, from second quarter onwards, you will find much more stability.
Got it, sir. Thank you.
Thank you. Participants, if you have any questions at this time, please enter star and one on your handset. The next question is from the line of Sandip Mukherjee from SKP Securities. Please go ahead.
Yes, sir. Thanks for the opportunity. Sir, what is the pending number of wagons, and what is the number of private wagons executed for the quarter and FY 2026?
The pending number of wagon is right now around 2,000 wagons is Indian Railways, about 5,400 wagons roughly is the non-Indian Railway order book, which is totaling close to about INR 3,100 crores. What is in the execution?
Private wagon executed for the quarter, sir.
Oh, for the last quarter? We don't have that. 1347 wagons is the total executed in the last quarter.
Okay, sir. Okay. Thank you, sir.
Thank you. To ask questions, please enter star followed by one. The next question is from the line of Vikram Suryavanshi from PhillipCapital. Please go ahead.
Good afternoon, sir. You talked about the container manufacturing subsidy from the government under INR 10,000 crore. Can you share what is the percentage of subsidy we get? Is it like a value of the container or some scope of this subsidy? What is our annual capacity in container manufacturing, or any plans to increase further?
Okay. The government has announced the policy, but they have not come out with the specifics. Unless the specific comes out, it is very difficult to say exactly how the subsidies are going to be, in what nature. What we can understand, that it's quite substantial, and it could be in the range of 8%-10%, is what we are believed to understand. However, unless specifics come out, it is very difficult for us to mention. Yes, definitely as and when the PLI policy comes out, we will be expanding our capacities. As of now, we are only focusing on specialized containers, and which will definitely be expanded to marine containers also. That will bridge the gap between Indian and Chinese container prices. I think because the PLI will help us bridging the gap.
Definitely, and we are already in talks with certain shipping lines. As and when the policy comes out, and if it is as per the industry demands and the benchmarking which we have, definitely, we are looking at a major expansion in the business.
All right. You said that focus is on specialized one and once clarity on policy come, we can scale up the capacity. Is that right, I understand?
Yes. It is very clear. We are already expanding our capacity, but we have already planned for a major scale up. Obviously, that is subject to the policy being in line as per our expectations. As I've already mentioned that we are already in talks with a few shipping lines, and these are advanced talks. As and when the policy comes out and it is in line with our expectations, definitely, it is something which we are looking forward to. However, the business continues to grow. In FY 2027, our expectation is that we'll be doubling our container revenues from last year.
Okay. Just to clarify, when you say in line with our expectations, around 8%-10% is something the difference between China and India in terms of cost and which should be able to compensate with the 8%-10% range?
Yes, definitely. If it's around in that ballpark, definitely, it is something which will go a long way in compensating the gap.
Got it. I guess even CONCOR is also planning to buy from domestic players for a couple of years, and they are highlighting that there is a shortage of capacity. Are we also open to bid for CONCOR's orders or there is any concern in that?
No, no, there is no concern. If CONCOR comes out with substantial tenders, definitely we are going to bid for that. Definitely there is no concerns on that. We do participate as and when. Right now, our capacities are quite full. It is not that we are struggling in terms of, because we are doubling our businesses. We are very bullish on the sector and we have a very long-term view on the sector.
Got it. Last, just clarification. You talked about marine containers. I think, I guess you will require Corten steel. How is the availability of that particular steel grade in India?
The Corten steel is definitely not a challenge. There are now enough steel producers producing Corten steel. The challenge is in respect to the pricing. Compared to China, pricing in India is not sustainable for large scale production to match the international prices. Definitely that is where we are looking at the PLI scheme to bridge the gap.
Understood. Thank you very much, sir.
Thank you. Participants with questions may enter star and one. The next question is from the line of Virat Jain, an individual investor. Please go ahead.
Hello, sir. Thank you. Thank you for the opportunity. My question, sir, is regarding this delay in the wagon tender. I mean, I think most of the major manufacturers now have less than one year of order left, less than one year of, for example, supply left to supply to Indian Railways. Even now we don't see fast movement on the tender. Is there some other discussion or policy discussion or some other thinking going on which is delaying this tender? This is still you feel is just business as usual?
No. We are confident that the tender should come out any time this year. Railway is, as a sector, the Government of India, as well as Indian Railways is very bullish. You have seen regularly railways making sizable announcements in terms of capacity expansions, especially when it comes to the track infrastructure and infrastructure related to freight movement. There is a clear policy guideline from the government where they want to shift the freight transport from road to rail. I think especially with line of the current geopolitical crisis, it has also become paramount for national interest that rail plays a much important role in the freight movement. In terms of the long-term demand or long-term visibility, there is no challenge. I think it is just a small-term hiccup which is there. Again, I think we expect the course correction to happen this year.
Okay. Just a follow-up, sir. Recently, this, I don't know, wagon leasing policy document I think was updated maybe a year ago. One of your competitor, I think, has gotten a leasing license. Is that just an experiment at Indian Railways level, or is there something more we should read into it?
See, this is something you need to ask our competitors. We have a very strong long-term partnership with GATX. For us, Jupiter directly getting into leasing is not something which we are considering. We don't see in the near future or in the next five years at least, that Indian Railways would secure wagons through the leasing route. Leasing will be, I think, more on the private side of wagon procurement, where we already have a strong partnership. GATX is the leading leasing company, not only in India but globally. They have very strong legacy as well as experience.
Where we already have a strong partnership, we don't want to bring that leasing part on our balance sheet because for us to replicate that kind of business legacy again and the knowledge would take time, and it would not make any sense. I think our aim is to focus on our core competence, which is wagon manufacturing, and the leasing part for the time being should be taken care of by the experts.
Okay. That's very helpful, sir. The final question is, any pre-discussion whether it will be one time big tender or it will be split into several smaller tenders? Any idea around that, if you can give?
Honestly, this is something you should take it up with Indian Railways because as a participant in the tendering, I don't think we are in a position to. We are not privy to that.
Okay. Thank you. Thank you for answering my question, sir.
Thank you. Participants, if you have any questions, please enter star followed by one. The next question is from the line of Kunde Nya from Jefferies. Please go ahead.
Yeah. Hi, sir. Thanks for the opportunity. Couple of questions from my end. First one, on the passenger side of things, you did speak about entering into metro, et cetera. Can you help us understand how do you intend to qualify for these charters? What we understand is the technical criteria here are stringent. What about the propulsion technology, et cetera? How do you intend to qualify on those parameters? That's the first question.
Look, as you rightly said, you need prior experience in supplying passenger rolling stock to qualify. Though we are very strong on infrastructure, we don't have that prior experience. That is the precise reason where we are finalizing a strategic tie-up with a global rolling stock manufacturer who has the necessary experience. As I mentioned that we are going to be firming up the tie-up very shortly, and our intent is that in this financial year to enter that segment.
Understood, sir. You will enter a possible partnership. Got that. Sir, my second question, sorry, I missed it. I think you would have spelled it in the opening remarks. Is there a delay in commissioning of interim operations at the wheel manufacturing plant?
Again, as I've reiterated, we had expected it to the interim operations to start about two quarters earlier. Because of the geopolitical disruption, there were certain delays in the supply of Delay in the shipping of the equipment. Because of the shipping disruptions, the project got slightly delayed. Now, however, most of the equipment has reached, and the other equipment are in transit. As of now, we don't see any kind of further delays. The final commissioning timelines, there is no delay. It is still on schedule. Only interim because of the project we started earlier than our projected timeline, we expected that it to commence about two quarters earlier, but unfortunately, it could not happen.
Sir, what are the timelines now? December 28th for final commissioning and June 28th for interim. Is it the way it works, or can it be a little earlier?
No, I think December-
March 27 is.
March 27 is what we are saying for the interim and March 28 is for the final commissioning.
Understood. Sir, if I may ask one bookkeeping question. It appears that the subsidiary level EBITDA margins are lower in this quarter. Even the gross margins have come off on a quarter-to-quarter basis. Is it that the wheel manufacturing margins have come off?
No. If you look at our major subsidiary today is the Railw heel Factory. There, as we have reported, we have achieved a significant higher EBITDA margins. We achieved 17% EBITDA margins as compared to 12% last financial year. Even in terms of revenue, the revenues have substantially increased from INR 343 crores- INR 528 crore. I think where you see a slight thing is because of, one is in Stone India, where we have just completed our licensing certifications, and we are going to commence operations in this financial year.
Last year it was more on account of CapEx, and there was an exceptional expense which was incurred because the land in which the facility is located, it belongs to Port Trust. Since it was an older land license which was there with Port Trust, we had to renew the license, and that required us to pay additional fee.
That was a one-time expense which we had to incur. It was mainly account of that. In case of Jupiter Electric Mobility, again, since we are expanding the business substantially, last year there were certain additional expenses which was there. This year, I think both Jupiter Electric Mobility and Stone India will show much better, stronger results. As well as the Railw heel Factory, we expect further improvements in both the EBITDA numbers as well as revenue numbers.
Got it, sir. Thank you. All the best.
Thank you. The next question is from the line of Balasubramanian from Arihant Capital. Please go ahead.
Thank you so much for the follow-up, sir. Sir, Stone India received RDSO approval for freight brake systems. Earlier it was mentioned the production will start from July 2026. We are on track. Whether we are also capable to supply for passenger OEMs, especially for brake systems, whether we have to get a separate approval for that? If you could share some light on that.
On Stone India, we are on track to start commercial operations from July. This year we expect the business to turn profitable. We are quite confident that the business will turn profitable this year. Stone India, currently, the license which we have got is basically for the freight brake systems, which itself is a very substantial market. On the passenger side of the brake system, we already have a JV with DAKO-CZ through which we are supplying to Indian Railways for the passenger brakes. We don't want cannibalization and a conflict. Stone India will be focusing on the freight side of the brake market, and the JV with DAKO-CZ will be focusing on the passenger side.
Got it, sir. Thank you.
Thank you. To ask a question please enter star and one. The next question is from the line of Amit Kumar from Determined Investments. Please go ahead.
Yeah. Hi. Thank you so much for the opportunity, sir. I hope you can hear me. I'm just sort of circling back to the core wagon manufacturing business. If I heard it right, I think you mentioned that your order book is more sort of skewed towards the non-railway business. I think on the railway side, there has been some challenge in terms of wheelsets and supply chain. Are you sort of facing similar challenges on the non-railway business side as well? I mean, the wagon manufacturing on a year-on-year basis is down almost by about 1,000 number, basically. Could you sort of clarify, which are the parts in which you are sort of facing these kind of supply chain challenges on a fairly consistent basis?
I think the main challenges was on the account of the Indian Railways supplies more than the non-Indian Railways supplies. That was our main challenge. The drop in the numbers are one of the reasons as I mentioned. The last quarter, it wasn't on account of wheelsets so much, but on account of availability of other raw materials, mainly consumables which caused the disruption. However, going forward, I think from Q2 of FY 2027, we expect things to turn around, and we expect the company to be back on the production targets. As well as, when the new order book comes, you'll see a substantial jump in the wagon execution.
We have had to keep the wagon execution also moderated to the current levels because till such time as we get the new order books, we don't want to expand the production capacities further, and then going forward, have a shortage in terms of order execution.
This is not an issue of production capacity any which way, right? Your wagon manufacturing number I get the point on the Indian Railways side, but if I look at the non-railway side of the business also, you have a fairly strong, I think 5,000+ wagon, 5,300, 5,400, something I heard.
As I mentioned that now going forward, you will see a strong execution on that side of the order book and the bigger numbers coming out of that. We expected the numbers to jump up in this quarter itself, but because of certain disruptions, it was beyond our control. However, as I mentioned, you will see a good turnaround. Here also, you have to understand that the customers have certain delivery timelines. We cannot jump the timelines and start delivering. We have to maintain the timelines which have been given by our customers.
Okay. Understood. Appreciate this. Thank you.
Thank you. The next question is from the line of Mohit, Individual Investor. Please go ahead.
Hi, sir. I just wanted to understand what is your outlook for this year. I know we did close to INR 3,000 crore this financial year, and before that you were close to INR 4,000 crore. I'm not expecting like a number, but are we expecting a number close to the previous financial year this time?
No, definitely we are expecting the numbers to be much better than the previous financial year. Especially, the non-wagon businesses are showing significant growth rates, and that we expect the momentum to continue. Definitely on the wagon side, the execution will be better than last financial year, but substantial jump on the wagon side will happen as and when the railway order book is released to us. Beyond that, you will not see a substantial jump in wagon order book executions. However, the non-wagon business is going to continue to grow significantly. As I mentioned, long term, by 2030, we expect the company to be at about INR 10,000 crore of revenue with at least minimum 15% EBITDA margins. I'm again very bullish on the same given how our wheel business is shaping up and all the other businesses are shaping up.
On the wagon business itself also, I'm very bullish. As I mentioned that this is a small blip which is there. However, the long-term projections is both from Indian Railways as well as, in general, the policy of the Government of India is very much focused on Indian Railways and shifting of freight from road to rail. That is a long-term policy, and there is a very strong visibility on that.
Got it, sir. My second question is that I know you've been very bullish on BESS segment and with the recent war and oil being so pressured and you've been bullish on renewable. Have you seen your customers changing inquiries regarding your products? The second part is, you launched JEM TEZ last year. Has there been any follow-ups regarding launching different products after that?
I got your first part of your question. The second part was not very clear. Could you repeat?
I think you had launched JEM TEZ in March of last year. There was talk of you might be sort of launching the passenger variant of JEM TEZ and probably a 2-ton and a 3-ton truck in the near future. Just wanted to understand how that is going.
Understood. First on the BESS, I think we are again very bullish, and we are seeing a huge, I think, changeover. The customers are getting more educated, and they are seeing the real-time benefit. We are seeing also in the industrial and the consumer segment also, there's a huge switch from traditional gen sets to lithium-ion battery systems. That change is going to continue to compound going forward, both because it makes very strong economical sense as well as because of the environmental policies. On the EPC side, definitely there is a huge push from the Government of India with regard to solar cum BESS policy, where we are again going to see a huge push, then again on account of data centers itself, that will happen. Definitely the long-term view is very positive and very bullish on the segment.
Today, I think, in terms of the demand which is needed and the capacities, there's a mismatch. Capacities are much smaller than the demand, there's still a lot of imports which are happening, especially from China. I think going forward, as you saw in the solar, the cell segment where the government policies basically ensured that people switch to local production rather than imports. Similarly, you will find shifts here also happening in future. Beyond that, also, cell prices are coming down considerably, the move is happening from LFP to sodium, which will make it much more stable also, cells as a commodity. You will see a lot of investment happening in the cell line in future. We are also contemplating the same going forward. Definitely, this is one segment which I expect the group to be very strong.
It's not only the BESS, the other products which we are doing with regard to batteries. Those segments, railway being one, those segments are also seeing a lot of growth there. Definitely, this is a segment to look forward to. On the truck side, we never had any intentions of entering the passenger segment. What we had mentioned that we will enter the 2-ton truck. We are already in the process of right now vehicle is under design, and it will go for certification also shortly. We expect to launch one or two variants this year.
Got it, sir. Last thing is, can I ask, what is the run rate of TEZ right now? How many units are you selling per month?
Honestly, I don't have the exact numbers with me, but I will share it with you. What we are seeing is that month-on-month, we are seeing the numbers improving. I will share the numbers. I don't have it offline with me.
Okay. Thank you, sir. Thank you for answering my questions.
Thank you. Participants with questions may please enter star at one. As there are no further questions from participants, I now hand the conference over to the management for closing comments.
Thank you. As we move forward, we remain encouraged by the strong momentum across our businesses and the continued strength of our execution. With wheelset supply stabilizing and government continued focus on the sector's development, freight wagon business would sooner regain operational momentum, while the excellent visibility across our other business lines positions us well for sustained and profitable growth. We are excited by the abundant opportunities set across both domestic and export markets. Our focus remains firmly on execution excellence, disciplined capital deployment, and the continued strengthening of our manufacturing and integration capabilities as we work towards developing long-term sustainable value for all our stakeholders. Thank you for your continued trust and support. We look forward to updating you on our progress in the next quarter.
Thank you very much. On behalf of Systematix Group, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.