Triton Valves Ltd — Important, 05-06-2026: Company Update

June 05, 2026

To

The Secretary

BSE Limited

Corporate Relationship Dept.

PJ towers, Dalal Street, Mumbai -400 001

BSE Symbol: 505978

Dear Sirs,

Sub: Transcript of Investors Meet for Q4 & FY26 Post Earnings Call held on May 29, 2026

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015, enclosed herewith is the transcript of post results Earnings Conference Call Q4/year ended

31.03.2026, held on 29.05.2026,

The aforesaid Transcript of the said call is made available on the website of the Company at

www.tritonvalves.com .

This is for your information and records.

Thanking You

Yours truly

For Triton Valves Limited

Bibhuti Bhusan Mishra

Company Secretary & Compliance Officer

Encl: As above

Honouring

the

past

Inspiring

the

future

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May 29,2026

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Investor Meet- Q4 & FY26

Post Earnings Conference

Call

Triton Valves Limited

CIN: L25119KA1975PLC002867

Date: 29.05.2026

Meeting Time: 04.00 PM

Speakers:

Mr. Aditya Maruti Gokarn

Managing Director

Mr. Naresh Varadarajan

Chief Financial Officer

Moderator:

Mr. Bibhuti Bhusan

Mishra

Company Secretary and

Compliance Officer

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Bibhuti Bhusan Mishra:

Good afternoon, everyone.

On behalf of Triton Valves Limited, it is my

pleasure to welcome you to today’s investor

meeting being held through video conference. We

sincerely appreciate your time and participation,

and we are grateful for the interest and

confidence you have shown in our Company.

Today on the call from the management team we have

with us Mr. Aditya Gokarn, Chairman and Managing

Director, Mr. Naresh Varadarajan, Group CFO and

my self Bibhuti Bhusan Mishra, Company Secretary

of Triton Valves Limited. As a disclaimer, please

note that the meeting is going to be recorded for

compliance reasons and will be published in the

Company website. With this note I handover the

session to the Managing Director to brief us

business and performance highlights for the

period ended March 31st 2026 and take this meeting

forward, post which we will open the session for

Q & A.

Aditya Maruti Gokarn:

Yeah so as usual, we've just prepared a quick

slide deck to kind of just walk investors through

the performance of the company. So I'll just start

with the safe harbour declaration as usual, as we

all know, the presentation and discussion may

contain certain words and phrases that could be

considered as forward looking and these are based

on current expectations of the management and the

presentation has been prepared for information

purposes only. Does not constitute an offer or

invitation or recommendation to buy or sell any

securities of the company and NO part of the

presentation will form the basis of or be relied

upon in connection with any contract or investment

decision. So these points before we move to the

next slide.

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What we've got for everybody is about little bit

about the group business, the key growth drivers

and some financial highlights just to kind of give

a flavor of what the group looks like, what's

group structure before and after merger. So at

the moment, Triton Valves Limited is the holding

company and it's also the automotive vertical of

the company. There are three subsidiaries one is

Triton Valves Hong Kong Limited, SPV now inactive.

This models Future Tech Private Limited, which is

our metals vertical, and the Tritonvalves

Climatech Private Limited, which is our climate

control vertical, right. So post-merger, the

holding company will have right now's Triton Valve

Hong Kong as one subsidiary and Tritonvalves

Future Tech as 2nd subsidiary. The climate control

vertical will amalgamate with the holding

company. So the holding company will then have,

It'll be subject to segment reporting, so it'll

have two segments, the automotive segment and the

climate control segment, right. So once the merger

is completed in the financials, we will be showing

those we will be showing segment reporting

basically, right. That's how it's gonna look like.

Why are we doing this in the 1st place? Why are

we doing this merger? We believe that, you know,

synergies of common supply fulfillment will kick

in, procurement production and dispatch. There's

also going to be some income tax benefits that

will accrue to the amalgamated, right.

Manufacturing and indirect tax efficiencies like

GST you know cash lock and all that which can be

utilized. So that's the whole completed 50 years

of our existence in September 2025. We announced

three: one bonus, right, to commemorate the 50th

year of the company and we continue to grow, we

continue to expand our networks, our business in

various countries within India, outside India as

well and of course we're keeping a, a close watch

on the emerging situation with regard to the

Middle East crisis and I think we are fairly well

positioned to overcome whatever challenges we are

going to see as a consequence of that. At the

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group level, metal view and the automotive view

support each other and they kind of, you know,

they, act as, you know, kind of an internal hedge,

right. So to a large extent we're able to mitigate

commodity risk to some extent for an exchange risk

as well, and we're also able to optimize working,

right. So that's how the kind of the group synergy

operates.

Aditya Maruti Gokarn:

Coming to our business, what we call as the

automotive vertical tyre and tube valves which

are sold, this tubeless valves, the main sales

channel for tubeless valves is vehicle OEMs and

of course there's after market as well. We also

make components for EVs, we'll call it EV valves

for now. We are also now entering the domain of

TPMS, right, TPMS stands for tire pressure

monitoring system. So these are valves for TPMS

sensors, right, which eventually go into cars. Of

course, like I said, we have the after-market

vertical which we like to think of as kind of B

to B to C, right. That's how we kind of look at

this channel of sales and of course we have

exports with the metals vertical, of course, we

do the standard I would say brass, bars and coils

and also now we are doing special alloys, right,

like tubes or what we might call this hollow rods.

So we are kind of moving the product portfolio

into a kind of a pyramid structure where, you

know, we are trying to develop higher value added

alloys as we go along. In the climate control

vertical, we have service valves, charging

valves, we do distributors and many small big

accessories that go along with this portfolio and

most of these components goes to room AC air-

conditioners and some of them go into commercial,

right. So post the merger of Tritonvalves

climatech with Triton Valves and this is something

that we expect to happen very soon, right, in

fact, all the decks are clear from our side, all

submissions paperwork, everything is through from

our side. The matter is with the NCLT Bangalore

bench and there is no further, you know,

submission pending from our side, whatever

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paperwork that was asked for has all been

submitted. So we expect that the merger, the final

order from NCLT should come in over the next

probably couple of weeks at max, right. So that's

something that will hopefully quite quickly from

here on.

Aditya Maruti Gokarn:

Yeah, so what are the key drivers, right, for an

existing business? At the automotive level, of

course, we, we are a market leader by a big margin

and we are able to meet consistently quality

delivery costs, right. In spite of a very complex

I would say external environment, we have deep, I

would say engineering capabilities, R and D

capabilities that has helped us to make components

for EVs. As all of you probably know, EV

components are patented here in India. TPMS is

also something that we're working on that's also

relatively higher margin product, right, and of

course operational excellence continues to kind

of guide our whole strategy, right, and that's

how we ring fence ourselves against you know

external impacts, currency commodity, and so on.

With the metals vertical, I would say we have what

I would call best in class technology in terms of

our horizontal continuous casting technology. We

also have obviously brought in a lot of lean

manufacturing concepts from our automotive

business. screen is not visible now or Yes. Okay

I'm sorry my colleague tells me that slides were

not visible so maybe i'll just go through the

whole thing once again. The entire thing was not

visible. Oh I'm really sorry. Okay, we'll start

again then. My apologies everybody, I'll just

quickly start from the beginning again. Is it

visible now? All clear? okay

Aditya Maruti Gokarn:

So. I'll start right from the beginning, if you

don't mind, I'll just have to start from the

beginning once again. This is the safe harbor,

right, I already spoke about it, so I'll just

leave it on the screen for a couple of seconds.

My sincere apologies once again, I didn't know it

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was not visible, right. This was the index about

the company, our business key growth drivers and

financial highlights, slide that I was trying to

explain in terms of what is the current structure

of the company and what is the structure going to

be like once the merger is done, right. So this

is the kind of the pre and post-merger scenario.

I was just saying we expect that the NCLT order

approving the amalgamation of Triton Valves

Limited with the Tritonvalves Climatech Private

Limited should come through for the next week to

two weeks at max, right, so we expect it's just

at the final stage now. right. I spoke a little

bit about our 50 year celebrations and you know

the bonus that we gave to our shareholders also

talked about the fact that you know we are quite

focused on understanding the impact of the Middle

East situation and so far we have been able to

kind of manage the situation fairly ok. We'll talk

about a little more detail maybe in the Q and A

this is the business verticals that I was talking

about, the automotive vertical I kind of explained

all the different segments, right, of the

automotive vertical, the metals vertical and the

climate control vertical. So maybe you can just

you know take a look at this slide for a moment.

I was talking about what's driving our business

today. Automotive obviously we're seeing a good

traction. I'll talk a little bit more about what's

the kind of volume that we're seeing. In the

metals vertical also, right, we are seeing that,

you know, there is a lot of demand coming through

and I think we are quite well positioned to take

up that demand. I actually the West Asia crisis

has a little bit actually helped us here, right.

There's been a shortage of brass and let's say

copper scrap coming in from the Middle East and

you know that's kind of actually, helped us a

little bit, I would say, to capture little

segments that we were not present in either two.

The climate control vertical obviously is a very

new vertical for us. It's a high potential

vertical, but at the moment, this vertical is

actually under a bit of pressure due to the

dumping that is happening from China into the

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India market and we'll talk a little bit about

that as we go along after the obviously revenue

and margin, we continue to focus on all the three

verticals. We are strengthening export to the

depreciating rupee, right. Also we continue to

engage with all our customers for, you know, price

corrections wherever necessary. In terms of

capital allocation, I would say that, you know,

we are trying to allocate funds for some of our

automation projects, you know, our business

excellence projects as well which will see long

term let's say EBITDA you know a creative kind of

actions coming through. Obviously we evaluate all

projects with zero base, right. For better cost

benefit, and of course, you know, maximizing

synergies between our different verticals. There

are a lot of synergies that we can actually

further express track going forward. So we'll talk

a little bit about this as we go along as well.

Aditya Maruti Gokarn:

Quick, you know, slide to just explain what we

plan for in Q4 and what we actually achieved,

right. So if you look at the Q4 sales, right,

obviously we saw a lot of growth in the automotive

vertical. The metal vertical, we saw a little bit

of I would say problems coming in due to the, I

would say Middle East crisis which have now kind

of been sorted out. Our second casting line in

the metals vertical has also been, I would say

commissioned in all respects, we are going full

blast right now in terms of production. Also I

would say the climate control business didn't

perform really, very well in in in Q3 and Q4 as

well. I think the market has not been very, very

good for the air conditioners industry over the

last, I would say three to six months. Many

challenges, you know, commodity costs went up.

The market demand didn't actually pan out as

expected. There was a lot of expectation around,

you know, a hot summer and all of that. I think a

lot of that actually didn't come through as

expected. And of course, you know, you were

always, you know, focused on, you know, getting

our profitability up.

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So if you look at our FY 26, adjusted PBT that is

we remove the exceptional item that was the labor

code impact, our PBT would have been about 15 and

a half crores. So I would say roughly doubling

from the previous year. So while we're happy with

that, I think we could have surely done a lot

better and that's something that we're working on

going forward into Q1 of FY 27. Of course all the

activities related to the bonus issue have been

completed. All the, you know, bonus shares have

been the listing and trading approvals went

through quite smoothly, so that's also something

we want to just highlight about Q4.

Aditya Maruti Gokarn:

This just to kind of give everybody a little

perspective, I think this is quite an interesting

slide that Naresh has prepared for all of us. So

if you really look at the currency movement and

the commodity movement, right, this is just to

show you over the last, let's say 15 months how

the situation has been. So what you can see here

is basically one way movement, right. Dollar has

gone from like 86 and a half to somewhere about

93 and a half as we know at the moment it's trading

probably about 95, right, at the moment and if

you look at copper as well, you can see copper

zink everything is moved kind of one way, right.

So what this actually does is for companies like

us, it creates a situation where every quarter we

are catching up with the cost of the previous

quarter. So in the automotive business, basically

we do a quarterly commodity indexation with our

customers for passing through commodity changes.

So throughout the year, we've actually been

playing catch up, right. Every quarter the price

goes up and by the time we pass it on to the

customers in the subsequent quarter again it's

gone up the next quarter and so we are constantly

running behind I would say the customers for price

corrections, but we keep getting impacted in in

the subsequent quarters. So just to give you a

little bit of a flavor of what is the impact,

right. Our calculation is that, you know, the

impact on EBITDA and PBT is about 1.75 crores

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during the year, right. So had this constant one-

way movement not happened, our profitability

would have been higher by close to 2 crores,

right. That's the way we look at it. So that's

something that, you know, we are now kind of

deeply engaged with in terms of, you know,

figuring out how we can mitigate these kind of

impacts going forward. It's a hard thing to do,

and in a way I would say that, you know, the cost

impact actually gets passed on eventually to the

customer base, right. It does go into the market

subsequent quarters, but until things stabilize a

little bit or we see some kind of slide movement,

some quarters going down, if there was even one

or two quarters, right, where we would have seen

a little bit of a downside movement, we would have

been able to make this up, right. But anyway, I

think it's been a bit of an unusual year for us

that we've just seen one way movement and you know

after the Middle East crisis started, all the

costs of, you know, oil related products, crude

oil derivatives, it could be butyl rubber, EPDM

carbon black, rubber processing oil, lubricants,

diesel everything is moved up, right. Of course

we will be passing on those increases to our

customer base as well, right. But initially the

company takes a hit and then, you know, we pass

it on in the subsequent quarter, so there is a

bit of a lag right now that we are experiencing

and we are obviously hoping that things will

stabilize at some point of time and until that

happens, we're putting in place some other

countermeasures to kind of protect the bottom

line, right.

Aditya Maruti Gokarn:

So, a quick I would say overview of the quarter

1st so, if you look at year on year, right, we

grew from about 142 crores in the previous year

to about 159 crores in Q4 of this year and if you

look at the sequential performance, we're up from

about a hundred and 152 crores to 159 crores. So

I would say, fairly you know good growth in the

right direction I would say. So we're heading in

the right path. A little bit of I would say EBITDA

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erosion because of the reasons that I just

explained commodity and dollar moving up

simultaneously, right, which is fairly unusual

because in the in our experience we've typically

seen copper and US dollar usually hedged against

each other. One goes up, the other goes down, but

we've seen this fairly unusual movement over the

last two, three months, but of course it should,

it should average out and you know even out over

a period of time. So in spite of that, I would

say if you look at our PBT, this is adjusted for

exceptional expenses. Of course we didn't have

any exceptional expenditure in Q4. So Y-O-Y I'd

say we have from one crore we've gone to about

4.7 crores, so we almost gone up four and a half

times in terms of our PBT for the quarter or the

previous year. But having said that over the

sequential quarter, I would say a marginal

improvement in PBT but anyway, I think these are

I would say the challenges that we're currently

facing in spite of, you know, growing volumes

quite significantly and we'll just talk a little

bit about that growth, in the next slide.

Aditya Maruti Gokarn:

Yeah, so if you look at the this is of course the

console numbers for the full year, if I look at

the console numbers for the whole year, we're

basically looking at if you see the three

verticals, right, what is their real, you know,

standalone sales? Auto was at 434 crores. Metals

at 383 crores climate control at about 17 crores.

So before elimination of intercompany sales, the

actual, you know, I would say aggregate sales is

about 834 crores. After netting of Interco sales,

we are at about 578 crores, right. So, so we've

grown I would say about 18 % over the previous

years, 488 crores, right. EBITDA up about say

close to 20 % from about 32 crores to about 40.7

crores. This of course includes other income as

well and adjusted PBT of course close to doubling

over the previous year and yeah the rest of the

numbers are quite obvious for everybody to see.

So I'd say yeah, profitability wise, it's been a

better year for us. Perhaps not as good as we

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would have liked, but, but fair enough, I would

say still a decent growth considering the

challenges that we face throughout the year.

Aditya Maruti Gokarn:

This is the balance sheet, what the balance sheet

looks like and the and the cash flow. So, if you

look at our current ratio, look at our

receivables, payables, cash conversion, Debt

equity, DSCR is like close to two now, so like

1.9. ROCE moved up into the double digits about

11.1 %. So I'd say on the, on the balance sheet

side, really nothing much to be concerned about.

Like I said perhaps we could have done even better

than this, maybe at least a couple of crores

better. But anyway, I would say that networth is

up about close to close to 19 to 20 crores. We've

kept our loans and long term liabilities under

reasonable control. For the growth that we have

got of about 18 % on the top line, we have managed

to keep our debt levels fairly constant at about

a 135 cores. So I would say fairly decent I would

say, a snapshot of the balance sheet. If you look

at our operating cash operating profit of about

38.7 crores, working capital increase about 13

crores, tax about four and a half crores. Of

course post-merger, we will be seeing a lot of

tax benefits coming through. Our estimate is

possibly like over six to seven crores of the tax

shield would accrue, of course subject to

assessments and things like that, but that's the

high level calculation that we have. Operating

cash flow about 21 crores. So I'd say, yeah, it's

been cash profit wise it's been a fairly decent

year for us, obviously could have been better. So

I think we'll, we'll stop here for, Q and A and

yeah, I'd be happy to take any questions from any

of the investors, so over to you Bibhuti.

Bibhuti Bhusan Mishra:

Yeah, thank you Sir. Yeah so the floor is open

for Q and A session for a span of say 20 mins. So

investors kindly unmute and show their video and

mention their names

before asking questions. You

may also write your question in the message box,

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all the questions raised during the Q and A will

be collated and consolidated replies will be

provided at the end by the managing Director.

Please note that the company reserves the right

to limit the number of questions based on the

timeline. However, investors can ask subject to

maximum 2 questions, so with this note I hand over

the session to investors and may ask your

questions.

Sudhir:

So may I ask the question?

Bibhuti Bhusan Mishra:

Yeah, so take the 1st call from Mr. Sudhir.

Sudhir:

Yeah, I am Sudhir from Bedha Family office. Aditya

Ji congratulations on good set of numbers given

the situation I think numbers are very decent and

you are able to perform. But see my questions are

like in brass division what volume you are

expecting for the current FY 27 because 2nd line

has already started and the margin profile of

brass division as I understand there are a lot of

value added products are also being will be

produced. So if you can guide the volume growth

of the brass and margin profile if possible.

Aditya Maruti Gokarn:

Yeah, thank you Sudhir Bhai for joining today and

just to quickly come to your questions, in terms

of volume growth, we actually are planning for a

very high, I would say volume growth this year in

future tech, in terms of the brass mill, we are

seeing huge actually order book right now. The

only thing that we are, you know, doing in terms

of trying to kind of manage our risk is to go a

little bit slow to ensure that we don't over kind

of burden ourselves with debt as we grow, right.

So as you can imagine, like I showed you in in

one of the slides, right, brass at the beginning

of last year was INR 600 per kilo. Today future

take is selling brass at between 950 to INR 1000

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per kilo, right. So the brass price has gone up

like 50 % year on year, right. You would have

noticed that we've managed to keep the loans and

the overall borrowing relatively under control,

kept it flat literally flat year on year. Why are

we doing this? We're doing this to kind of keep

in mind that there is potentially also a bubble

in the market, right. If I really look at the way

copper is going up, dollar is going up, there is

a strong feeling in the market that there might

be a bubble and that bubble might burst at some

point of time, right. So the only reason why we

are tempering our ambition down a little bit is

to ensure that if the situation reverses, we

should not be caught on the wrong foot, right, so

having said that, I'll say that there will be

strong double digit growth that we will definitely

see in future tech this year. A typical dynamic

in the brass industry is that, you know, when

price goes very, very high, like unprecedented

high a little bit of slowdown happens initially

because, you know, people take time to digest the

price like today, you know, customer is told a

thousand rupees a kilo for brass, they're little

bit hesitate for a while, they probably wait for

a little while thinking maybe it'll come down.

And then eventually, obviously, you know,

sometimes it doesn't come down, it just remains

where it is or it goes out then the orders, you

know, start getting booked once again. So there

are these little bit of ebbs and flows that happen

when prices suddenly change, right. Because

people want to kind of wait and watch a little

bit right so in spite of these kind of dynamics,

I'd say that our internal growth plan, would be

to grow at anywhere between 15 to 25 % in volumes

over the previous year, right.

Sudhir:

Yeah, by the volume of brass for FY 27?

Aditya Maruti Gokarn:

For FY 27 or FY 26? Yes. I, I would like to grow

even faster than that in the sense that as you.

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Sudhir:

Volume you will do in FY 27 in yeah ok.

Aditya Maruti Gokarn:

Let me just tell you in numbers if you want.

Sudhir:

Margin profile if you can throw like.

Aditya Maruti Gokarn:

We would be looking at, we would be looking at a

tonnage in excess of 7000 tons for the year.

Sudhir:

Great, great. And margin profile if you can you

know.

Aditya Maruti Gokarn:

Yeah, so I'll definitely say one thing, the margin

profile will be much better than the previous

year. There's like literally no doubt in that,

right. I don't want to put a number on it by today

if you can permit me to not put a number on it

because see there are there are dynamics in the

market. Like I said, there is of course copper is

at a historic high. Today also copper went up. We

are like trending towards $14000 per ton. Dollar

is at, you know, 95 plus you know in this kind of

environment, typically what would happen is that

while we would be making value added products,

optically our percentage, let's say our EBITDA

percentage will tend to look lower, right. Even

though in rupee terms EBITDA will grow. In

percentage terms, it will optically road because

see our margins are not something that are going

to necessarily grow in proportion to the copper

price.

Sudhir:

Per ton margin if you can throw light on that non

margin would be the right calculation because the

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prices are fluctuating too much so i think margin

would be the right indicators.

Aditya Maruti Gokarn:

Yeah, so it it would be something like rupees per

kilo, right, if you look at what is going to be

our margin in rupees per kilo, it's definitely

going to grow in proportion to the growth in

sales, right. Obviously, you know, in percentage

terms it would look different. I'll give you I'll

give you like a scenario, right, let's assume

today I'm selling at let's say a gross margin of

let's say ₹60 a kilo, right, INR 60 on let's say

INR 900, Right, if brass price goes to 1100- 1200,

that 60 obviously might go up a little bit, it

might go to 65-70, right. But it may not go up in

proportion to the actual increase in the copper

price, right, so percentage wise optically it

might even fall. It entirely depends on the copper

price. I'll give an another scenario, if copper

like suddenly crashes, if copper crashes from

14000 to let's say 10000, our margins optically

in percentage would suddenly start looking great,

you know, because if it drops also, it's not that

our realization per kilo is going to drop, right.

Sudhir:

Per ton Margin if you can guide.

Aditya Maruti Gokarn:

See per kilo, I, think that's something that, you

know, that that's a number we don't like to

normally talk about, you know, that's little bit

of competitive information we would be revealing,

you know, our competitors would get to know what

we are doing, how we are doing it. So that's

something that perhaps in a public forum like this

I would like to comment on. But I'll assure you

one thing by it will be something significantly

better than the previous year. When I say

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significantly I'm talking like double digits,

right, Improvement over the previous year.

Sudhir:

Yeah and can you throw some light on your new

products development and the way forward for new

products, you know, a lot of products are under

development. Yeah, please some new color on that

and the margin profile also in those products.

Aditya Maruti Gokarn:

Yeah, ok so you're looking at across all the three

business verticals? Are you asking me

specifically with regard to Future Tech?

Sudhir:

Yeah, yeah, for the console group level, new

products in Future Tech also, new products in

automotive business also.

Aditya Maruti Gokarn:

Yeah. So, I'll 1st maybe give you a little bit of

a, a flavor on volume growth. I believe that in

all the verticals, when I say all the verticals

let me specify, the tire tube vertical, the

vehicle OEM vertical, the EV vehicle vertical, as

well as the metals vertical, right? These four

verticals, we are looking at strong double digit

numbers in FY 27, right. So we are looking at

definitely about 10-11-12 % growth in volumes in

all these, in all these segments, right. Some of

that is going to come from new product development

as you said, right. So as we disclosed to the

stock market recently we've closed a deal with

AUMOVIO, formerly known as continental automotive

for TPMS valve, that's a new development that will

go into serial production we expect by end of this

year. There is another two I would say, two large

deals that are still in the pipeline. If things

go well, those two kind of deals will also see us

going into mass production for new products by

early next year, right. So that will be last

quarter out of FY 27 and going a little bit bigger

into the Q1 FY 28, right. So that's where we we're

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going to see. So the new product development in

the automotive vertical is going to be around

TPMS. It's going to be around some of the new

components that we are developing now for the

electric vehicle industry, right. There's some

new stuff that we've also been doing. There is

also some new developments they're doing in the

climate control vertical, right. We've already

started a new export business in the US with

another customer for climate control components

in the Q1 itself in Q1 FY 27 some of those export

realizations will come through, right, for the

climate control vertical. These are around some

connectors, some, you know, very special, I would

say patented let's say you know connector. That's

that we've developed for a customer in the US So

that is also going to see some traction. So the

new product development is around these, I would

say themes. TPMS, EVs and some climate control

components. In terms of the metals vertical,

obviously, you know, we are on a bit of a role

right now. The tube development that had been in

the pipeline for the last six months has hit the

market. I think the feedback is extremely

positive. We were expecting, I would say, tube

business to be in the range of, I mean the order

position to be in the range of maybe initially 5-

10-20 tons per month. Today I think our order book

is crossing 50 tons per month already, right and

we expect with another couple of customer

additions that to be working on, that will go up

to close to hundred tons per month, right. So the

tube business itself is going to be a significant

part of our business in a FY 27 metal vertical.

There's another two or three alloys. We've

developed a special alloy now for our European

customer. The 1st container is being shipped out

again. In Q1 FY 27, that container should move

out the production is already done, it should move

out 1st week of June. This is going to Germany.

We have opened our account in terms of exporting

brass ingots to China, right. We've just hooked

our 1st order with a Chinese customer, so I think

that's a small, I would say, achievement actually

for us because the Chinese market is super

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competitive, not very easy market to enter sitting

out of India, but we managed to book the 1st

business, we've got the 1st order for a Chinese

customer and we've also managed in spite of this

Middle East crisis, we have actually now got a

fresh order which was kind of on hold during the

week of the war. That order has now come through

for the Middle East for the defense contracting

company, the next order is also through, right.

And that'll also get shipped out in the 1st week

of June. So, so I can tell you the new product

development in I would say the metals vertical is

going to be around tubes, around defense

requirement and some special high values added

alloys, right.

Sudhir:

Great Sir. and in automated. TPMS and climate

control would be the front driver of the new

products.

Aditya Maruti Gokarn:

Right. Yeah. Yeah, but again, just to temper

expectations sudhir bhai, I put it like this. I

wonder whether you saw the performance of lot of

the air conditioner component manufacturers many

of the listed companies, you can look at, e.g.,

EPACK Durables, you can look at PG electroplast,

you can look at Amber. Amber of course is very,

very diversified, right. So, even if you look at

the AC industry itself, you look at the

performance of Voltas, you look at performance of

of Havells, You look at performance of even LG,

it's not actually been a very good year, right.

For the AC industry, right and they're struggling

quite a bit with the cost and with the demand. So

in spite of that, I think we've, we've also not

done terribly well, right. In the climate control

vertical. There's a lot of Chinese dumping going

on, we are strongly lobbying with government of

India. In fact, even last week, I was in Delhi to

meet the you know commerce ministry officials to

explain to them the problem and, you know, to

request their support to stop this, you know,

indiscriminate dumping that is happening from

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China through these FDA routes coming in through,

you know, Vietnam through Thailand. It's not good

for the country. And I think given our, you know,

trade balances and you know given the way rupee

is now being attacked and it's under severe

pressure, I think government should really step

in and you know not waste foreign currency on,

you know, unnecessary stuff, right. I can

understand if there's some technology that we

don't have and we need to bring from overseas

fine. But you know parts that are available in

India suppliers available in India, just because,

you know, Chinese are dumping and you know

attracting customers with you know ridiculous

pricing and spoiling the market. I don't think

it's a good thing Government should not be

allowing it. So we are strongly lobbying if our

lobbying reaches the right years in the government

and they take some policy measures, I think then

climate control vertical will suddenly start, you

know, delivering fabulous results because the

product that is expect accepted extremely well.

Another thing I'd like to happily report to, you

know, our shareholders is that we've started now

our mass production for Mitsubishi electric. Our

parts were tested in Japan approved. We have

started, you know, mass supplies to mass

production to Mitsubishi Electric in India,

Chennai plant and very soon we will be getting

access to some of their other OCs plants as well

for service works. So our product has been very,

very well accepted. Our product development is

very, very good. Unfortunately, it's only Chinese

dumping that is preventing us from growing that

vertical fast, but we hope that with some policy

intervention coming up on the horizon over the

next three to six months, the QCO was in the

pipeline. Also, you know, we've been lobbying the

government very hard for the MIP- minimum import

price and will continue lobbying because you know,

I think Chinese dumping is not something that is

healthy for the Indian market it should be stopped

and it's been stopped in other products. I don't

know why in our product it should not be stopped.

So yeah, if, if that goes well, then we might see

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an even better, better year than what you know

I'm expecting.

Sudhir:

Thank you Sir, so thank you for the opportunity

and all the best.

Aditya Maruti Gokarn:

Thank you, thank you so much. Thank you.

Aditya Maruti Gokarn:

Okay, so we'll we move on to the next question of

Mr. Digant. Thank you for appreciating the

performance Mr.Digant. I wish we could have done

even better but anyway. Okay, I really liked your

1st question. I'm so happy you asked this

question. The question is something like this.

Considering the steep rise and copper prices,

we've still shown decent numbers. Earlier, even a

small rise in raw material used to cause severe

impact on our P and L Now the volatility seems to

have gone. What is the reason for that?(read out

from Chat box of Mr Digant). I'm so delighted that

you asked this question. See, you can just go to

screener, screener.in, right and look at our

quarterly performance over the last, I would say

twelve quarters, right, so if you look at the last

twelve quarters you look at December 2022 quarter

ended December 2022, right, that was a quarter

where copper and zink shut up suddenly, dollars

shut up suddenly. We actually slipped into the

negative in that quarter, right. What has changed?

So this is what I've been trying to kind of

explain to all our shareholders. See basically

the way we've structured now Triton Valves, future

tech and Climatech, the three companies, right,

the synergies that we are able to unlock now is

what is actually helping us to tide over this kind

of situation, right. So Future Tech is a natural

hedge to Triton Valves, right, so when copper

price goes up, Triton Valves takes a hit

profitability wise, but Triton Valves Future Tech

is able to slightly increase their profitability,

right. Given that they price themselves very

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differently, their customer base is you know works

on a different let's say contracting methodology.

The two companies, when you put them together,

right, actually, you will see it a beautiful

synergy emerging, right and that is actually what

has changed. So structurally, I think we are in a

much, much better position today than we were,

let's say twelve quarters ago, right. So we've

kind of structurally changed as a company and

that's why we are confident that in spite of all

these volatile situations, we are still able to

tide over the situation fairly well, right and

going into Q1 also, you will see a little bit of

that because you know a lot of the currency impact

is also coming in Q1, Copper still is climbing in

Q1. So Q1 also actually is not a very, I would

say good situation in India for manufacturing,

right, all costs have gone up. Oil has gone up.

Lubricants have gone up. Chemicals have gone up,

everything that you can imagine, we also buy

brass, apart from brass, we also buy rubber and

rubber chemicals. All prices have short up 40-50-

60 % over the previous let's say quarter, right.

So it is, there is a severe cost push, right now

in the market. In spite of that, I think we will

be able to survive fairly well. Of course, when

the situation stabilizes, we will see an even

better you know bottom line. But in this kind of,

you know, very severe cost push a quarter, I still

believe that we will be able to hold for it,

right. Now I don't want to sound cocky or arrogant

because if dollar tomorrow suddenly goes to a

hundred, hundred and five, right. We'll have to

swallow that hit before we kind of pass it on to

our customers. So I don't want to sound over

confident, right, but having said that,

structurally we are in a better position. That's

all I'd like to say. So I'd I like to rest

everybody's, let's say concerns around this point

that since we are structurally in a better

position, even if we, we do take a bit of hit here

and there when, you know, things go crazy we'll

be able to correct very fast, we'll be able to

secure ourselves very quickly and we'll be able

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to hopefully move on much, much faster than what

we would have been able to do in the past.

Aditya Maruti Gokarn:

So coming to the 2nd question, you said in the

consult results, note number eight regarding

amalgamation, what benefits do you see?(read out

from Chat box of Mr. Digant). Like I mentioned on

the taxation front, on the income tax, of course,

subject to assessments and approval by the

relevant tax authorities, We believe that there

will be a cash benefit somewhere in the range of

six crores, right. So that is something so

essentially what that means is that at least for

a year or two possibly, the company will not have

to pay any advanced tax at all. So that will be a

straight, let's say cash benefit to the company

in terms of cash flow. That's one thing we see.

Of course synergies you know extracting synergies

between the two entities, we'll be able to cut

down our headcount, We'll be able to keep a much

leaner operation and we'll be able to kind of,

you know, there's a lot of intercompany, you know,

transactions that are happening right now, right.

The rent is paid from Climatech to Triton, you

know, interest is paid from Climatech to Triton.

Triton is doing something for Climatech. All this

stuff will go away, right. So it will make our

life a lot easier. It'll unlock a lot of our

bandwidth also. So we'll see a lot of, lot of

benefits going forward.

EBITDA Margin What should we expect in FY 27

segment wise? (read out from Chat box of Mr.

Digant). Look, I don't like to put numbers, right.

I always like to talk about the long term story

rather than the very specific numbers, I would

say quarter to quarter. Again, see, the problem

with the EBITDA percentage numbers, right, is that

every time commodity keeps going up, that

percentage that we are looking for will look a

little different, it will keep eroding. So e.g.,

if Brass goes to thousand 500 a kilo somewhere

during the year, right, our profits will grow,

but, you know, in percentage terms, it might still

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look smaller than before, so we are kind of

running a very like uphill battle here in terms

of, you know, protecting the EBITDA percentage

terms. But having said that in absolute rupee

terms, right, you can expect higher EBITDA

absolute numbers in FY 27. Obviously, you know,

we have internal plans to, you know, do some, you

know, big jumps in in in EBITDA. But I won't like

to put a number on it. I just say that you I I've

said, you know, you'll see double digit growth in

top line in volumes across all the major segments

that we operate except climate control. It's a

question mark. Honestly, I don't want to comment

on that until the government intervenes, we may

not see seeing significant traction there. But

you will see you will see good, good traction in

EBITDA going through. Of course, when there is

going to be, you know, steep changes in dollar

and let's say commodity, there will be a phase

lag, there will be a quarter lag before, you know,

that comes into our numbers, but accepting for

that, you will see some good, you will see some

good traction on EBITDA.

What is the revenue growth we are targeting FY 27

FY 28? (read out from Chat box of Mr. Digant).

Again, I'd like to highlight here optically,

right. Top line will grow very, very fast this

year. That's also because of the commodity, right.

If you were buying brass at 600 and today we are

buying brass at let's say 800 or 900 of kilo, our

selling prices also get adjusted in line with

that, right. So you will see a lot of top line

growth this year. The percentage could be 15 % 20

%, something like big numbers, 25 %, right. You

will see, you will see a lot of big numbers. My

request to all shareholders don't get too carried

away with that because there is going to be an

element of volume growth and there is going to be

an element of, I would say commodity growth,

right. So the way commodity growth is kind of

hitting right now, how long is it going to remain?

How long is it going to be in the market? We don't

know, right. But if I go by current trend, if I

take our current situation today, by FY 29, maybe

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FY 30 at latest, will definitely cross the

thousand crore mark in terms of our revenue,

right. Potentially earlier depends on, you know,

how that commodity wave is going to carry. But,

the real growth that we should really aim for is

volume, right. So right now we are more fixated

on achieving volume growth. We don't bother too

much in the company about, you know, the commodity

number. It looks nice, I think you know it gives

the feeling that, you know, we are growing very,

very fast, but I, should be very candid and honest

with everybody. Let's look at the volume growth

really, so if you look at volume growth at

constant prices, the revenue should grow in the

strong number digits, right at constant prices.

So that's how I would look at it.

Number five, what is going on with Climatech? Are

we going to see growth? (read out from Chat box

of Mr. Digant). I think I've already answered that

any communication government on China, yes, we

are giving repeated representations to DPIIT

Ministry of Commerce listening to us, but how

quickly they will act, I don't know. We are

getting a very friendly reception there whenever

we go, they, you know, talk to us, they listen to

us, they've been very like very patient in

listening to us. How quickly is that going to

transfer into action, that's the only question,

right.

What is the capacity utilization for each of the

segments? (read out from Chat box of Mr. Digant).

Yeah, very good question. I would say the

automotive segment with TPMS we'll have to expand

capacity with tubeless valves, we'll be expanding

capacity, we'll be adding a lot of capacity in

some of the segments because the capacity

utilization right now has gone above 75-80-85 %

in some cases, so we are adding a lot of capacity

CWIP in the console balance sheet, yeah, there's

a lot of equipment that is yet to be commissioned

that's in the pipeline. A large part of it is

automotive side, not much on the climate control

side. There's a couple of equipment that we have

also we are adding for the climate for the metal's

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vertical that's also there. We are also getting a

special express feeder line, a special power cable

that goes from the substation to our plant to

ensure that when we grow, we don't encounter power

related concerns because we'll be very heavily

dependent on the power connection that we have.

So some of the CWIPs related to that, that project

also will see completion in Q1. So that's

basically CWIP. Receivables can be see

improvement. We are really working hard to pull

money out of the market. As quickly as we can. We

are working on this very hard. Will we see

improvement? Yes, definitely we'll see

improvement. How much is a question mark, but

yeah, we will see some improvement for sure.

Any plans of expansion fundraise? (read out from

Chat box of Mr. Digant). Yeah, like I said CapEx

is going to go on but the fundraise at the moment,

nothing on the horizon that I'm able to see at

the moment in terms of funds. I'm very grateful

to all the shareholders who, you know, came in,

brought in some money through the Preferential

allotment route. So nothing more that we are

looking at the moment in this current FY.

We'll move on to the next question by Mr. Prabir

Adhikari. Can you help us understanding the market

potential for your business? (read out from Chat

box of Mr. Prabir). Just to give you a little bit

of a flavor, I would say automotive business

domestic alone is about, I would say 800-1000

crores. The metals business addressable. Market

is potentially a few billion dollars, I would say

20 to 30 crores is the total addressable market

for the brass mill. For the climate control

vertical I would say about thousand crores. So

the addressable market I would say is large enough

to keep us busy for the next couple of decades,

right.

Let's move to the next question by Mr. Priyank

Kotahri. Want to understand exactly climate

control business (read out from Chat box of Mr

Priyank). Climate control business basically

making components for air conditioners, right.

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What's the potential? (read out from Chat box of

Mr. Priyank). I think more or less this repeat of

the similar questions of Mr. Prabir Adhikari. The

total addressable market for climate control

components,(read out from Chat box of Mr. Priyank)

that we are able to make in our company as of now

is at least a thousand cores. Climate control

business in India is growing at the CAGR I would

say 12-13-14 % over the next ten years, that's

the expectation. India has some of the lowest

penetration of air conditioning in the world,

right. For a large market. So there's huge, I

would say growth potential. But having said that,

there are a lot of challenges as well like we

spoke about.

We have labeled our division Future Tech,

Climatech. Why are we using the word tech, right?

We're seeing, yeah. What does it take in all of

this? (read out from Chat box of Mr. Priyank).

Yeah, great question. So look we are a technology

company, right. While technology is a term that

people, people typically associate only with the

software industry. I can assure you that in

manufacturing also, there is a lot of technology

that goes into making products and physical goods,

right. So why we called our brass mill as Future

Tech. We believe that this company is going to be

part of the future technology. So to give you an

example, the brass alloys that we are producing

today, are potentially going into the new

technology businesses. It could be around, it

could be around oil and gas, could be around

solar, it could be around electric vehicles,

right. So basically, our brass mill is about

making alloys for the future and for the future

of technology, right. That's why we called future

tech. Climatech, obviously, you know, it's

technology around climate control. As you can see,

there's global warming, there's you know, there's

a lot of challenges around you know environment

in the world today and so there's a lot of

technology that goes into making these products

and we have our own R and D Center we've been in

we've been doing R and D in the automotive

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industry for like last 30-40-50 years, right. So,

so that's why we brought in the word technology.

I don't know about the other people that you're

mentioning but yeah that's all I can say from our

side.

TPMS is a pressure monitoring system, TPMS, right?

Does it mean that a 3000 tyre worth is in TPMS?

(read out from Chat box of Mr. Priyank). No, this

is basically sensor, right. So TPMS stands for

sensor. So if you see the new cars that are in

the market today, they're equipped with a system

where you can tell the tire pressure it gets

displayed on your dashboard, right. So this is

basically because of a technology called TPMS.

Basically there are sensors inside your tire, and

these sensors require a specially engineered tire

valve, right. For the sensor to function properly.

So we are making now the valves that go into these

sensors which are inside the tire, right. So that

is what I mean by saying valves for TPMS, right.

Another question from Mr. Prabir Adikari, can you

help us understanding the competition landscape

and your current market share? (read out from Chat

box of Mr. Prabir). See in automotive business, I

would say we have over 60-65 % market share across

all the verticals combined. There are pockets

where our market share is extremely high, right.

Tubeless tire valves are market share is possibly

90 % plus. TPMS, I would say in India we are more

or less the only guys doing TPMS, nobody else

really qualified to do TPMS in India. Electric

vehicle components are big customers are Ather

and TVS, they're market leading companies. We, so

I can probably tell you there is no Ather scooter

or a TVS scooter in electric version, right, in

this country which doesn't have our battery

components, right. So we've been very closely

working with these companies and we've been

developing a lot of, you know, options, a lot of

new models, we've been tweaking our, you know,

technical specifications, we've been doing a lot

of work around this and we believe that, you know,

there's more to come, right. There's also, we are

also deeply engaged with people like Ola, with

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Bajaj, there's a lot of other companies that we

also engage with and River is also a good customer

of us. So we have a lot of good customers in the

EV space. So in some of those components, we are

like, we have a dominating presence, right. Maybe

85-90 % share. There are verticals. e.g., there's

the old tube type motorcycle valves, right. There

are share is comparatively lower. It's a low value

added product. It's something that's dying. So we

are defocusing from that segment. In the metals

vertical I would say that our market share is

still very small. It's a very large market. It's

a very, you know, I would say the scattered kind

of market, so there are market share could be 1 %

2 %. So there's huge scope for us to grow. Climate

control vertical of course we are still very

small, you know, there's today 800 crores of

components being imported being dumped out of

China. So that's why we are hardly doing whatever

16-17 crores, but there's a lot more that we can

do there.

If the market potentially is so good, then why

are companies is so less, (read out from Chat box

of Mr. Prabir). maybe you should ask the other

companies. I don't know why the other companies

are not there. That's perhaps something you would

ask the somebody else. So, so you're saying that

you have the largest market share. Does that mean

there are entry barriers? (read out from Chat box

of Mr Prabir). Yeah, of course, I mean every

business has entry barriers. So obviously our

business also has entry barriers. To get a product

validated by somebody like could take like one to

two years, right. To get a part into, let's say

Daikin as an air conditioner manufacturer. It took

us three years, right. To get into Mitsubishi

electric might take you one and a half years. So

yeah, there are entry barriers, there are

technical requirements that you need to meet. The

factories have to, you know, factory has to be

audited, has to be, you know, up to a certain

standard. So yeah, of course there are there are

entry barriers and well I can ask the same

question about so many other industries, right,

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Prabir, If you look at the delivery business,

right, Why is there only Swiggy and Zomato, why

are they not like 50 delivery guys trying to

deliver goods to you? I mean there's market

potential in that, right, why are there only two

airlines dominating the aviation space, right.

huge market potential, right, so you can ask this

question to potentially anybody, so I think you

should be able to figure out the answer to that

on your own.

Any other questions, anybody? Did I miss that,

how much capital do we need to invest in the

business next two or three years? (read out from

Chat box of Mr. Rahul Jagwani). That's a great

question. Okay, We'll just take this question from

Mr. Rohit Ori. Rohit, thank you for acknowledging

the book. Hope you get a chance to lay your hands

on it and you'll get to know a little bit about

the history of the company and how we kind of face

so many challenges and so on. How many questions,

what technological more differentiates Triton

from Chinese suppliers, right? (read out from Chat

box of Mr. Rohit Ori) Well, there's a lot of

stuff, right? Look, today Chinese products are

not really a preferred you know, product in India

because obviously there's some quality

differences. Indian customers don't want to have

dependency on China anymore, right. For strategic

reasons for supply chain de-risking reasons. So

China really is not a preferred source for

components today. If you look at the auto industry

today, you could ask this question of potentially

any component supplier, right. Whether it's a tire

supplier, wheel supplier, engine component

supplier, everything is available in China, right

and there's a lot of companies in India as well.

I don't think OEMs really want to have an import

dependency, not just Chinese, I would say nobody

wants to have import dependency. Just look at the

dollar situation today, right. Who wants to import

in this kind of environment. Nobody wants to

import. I would say the next 05-10 years supply

chain disruptions are only going to be more and

more, right? Not less and less, right. You had

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Russia-Ukraine, now you've got Iran US. You just

don't know what new disruption is going to hit

you. So I think now all companies, whether it's

in automotive, it's in, you know, oil and gas,

everybody wants to have a very localized supply

chain just for de-risking, right. They just don't

want to have dependency on anybody outside. So

that's what I would say is helping us. Apart from

obviously our technological strength, our

relationships, all of all of it counts, all of it

counts, right. So average product life cycle with

the OEM customer would be like 15-20 years, right.

So you look at a lot of the products that we are

selling today to, we are still selling them what

we were selling them in 2012, of course with

improvements, whatever, but the same product

basically that we were selling them in 2010, we're

still selling them 2026. So yeah, it's like easily

15-20 years, right? What percentage of revenues

are TPMS linked today(read out from Chat box of

Mr. Rohit Ori), very small not significant.

What is management's target(read out from Chat

box of Mr. Rohit Ori)? So we don't look at it

like, you know, we want to have intelligent

products, sensor products, software products. No,

we don't look at it like that. We look at what

are the opportunities that are in the market,

where we believe that we have a sustainable,

profitable, long term business and we get in

there, right. So we don't look at, you know, the

market in terms of I only want to do sensor based

stuff alright. Because look, even in the sensor

world, right, there's going to be a lot of

changes, right. As technology evolves, there are

sensors that are moving from tire, you know, let's

say valve mounted sensors to tire mounted sensors.

People are embedding chips inside tires. So, you

know, we don't want to get into a position where

technology can disrupt us totally, right. So we

like to spread our risk across different

verticals, across different, you know, types of

vehicles, different types of customers, different

geographies. So we don't think in terms of, you

know, I want to have this exposure to this, right.

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We just want to keep spending our risk and keep

looking for profitable opportunities.

Your next question is around what is the current

utilization level across manufacturing plants

(read out from Chat box of Mr. Rohit Ori)? I think

I've already answered that. Can current

infrastructure support 700 to 800 core revenues

(read out from Chat box of Mr. Rohit Ori)? Great

question. With incremental CapEx, I would say with

CapEx of I would say 10-20 cores over the next

two, three years, I believe we have runway to

cross thousand right, we couldn't we can

potentially do it even without that, but we have

a, we have adequate runway, right to touch

thousand crores. What which geographies are

driving export growth(read out from Chat box of

Mr. Rohit Ori)? I would say at the moment

primarily I would say US, right. In spite of the

tariffs and all of that, we have still managed

to, you know, make strong inroads into the US.

Yeah, we could have done much, much better at the

time's not been around, but even with that, I

think we are seeing more and more traction in the

in the US market. I believe we have a good future

in the US market. Receivables rise materially.

Well receivables I think has moved more or less

in proportion to the sales growth, yeah. Yeah Q4

sales were obviously more. So we have payment

cycles elongating. Luckily, No. I'm not seeing

any elongated payment cycles from any OEM. There's

a little bit of I would say elongated payment

cycles coming a little bit from the tire industry,

but not from the vehicle OEMs. what is our

normalized working capital cycle 50 days, 55 days?

65 days. Yeah, let's say about 55-60 days off much

shorter for the metals vertical.

So let's come back to the next question. Yeah your

question was how much capital do we need(read out

from Chat box of Mr. Rahul Jagwani)? I think I

answered that, right. I'd say like 15-20 cores

over the next two, three years. Is TPMS mandatory

by government(read out from Chat box of Mr. Prabir

Adhikari)? Great question. At the moment, NO, it's

not mandatory, but we feel that it at some point

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May 29,2026

Page 32 of 32

of time it may come in as a mandatory requirement

that will, if that happens, we'll see a great,

you know, benefit to our company. Are you also

providing TPMS for aero planes defense

vehicles(read out from Chat box of Mr. Prabir

Adhikari)? We are working on certain programs. As

you can imagine, you know, aerospace defense,

these require us to maintain a high degree of

confidentiality. I can only tell you that there

are some defense programs that we are working on

India. There are some defense requirements that

are coming to us from the Middle East. There's

also some defense interest coming in from fairly

large well-known companies in the US, right. Still

very, very early days, so I think I don't want to

like, you know, unnecessarily excite the market

about these because these are long lead time, you

know, it takes a lot of effort to convert these

into like, you know, revenue and profit. But yeah,

we are engaged with the defense ecosystem in

India, in the Middle East and in the US. Yeah,

maybe we can take one more question before we

close.

Any other questions anybody? Oh NO good, I think,

sales target for FY 30(read out from Chat box of

Mr. Prabir Adhikari)? I'd love to see four digits

in FY 30 I think Mr.Prabir, we should be able to

comfortably cross the thousand core mark by FY 30

possibly earlier, but like I said, if you do it

earlier, it will be because of commodity

inflation, right. So, which is not the kind of,

thousand core that we would like to achieve but

yeah, I think FY 30 thousand something above

thousand should be.

Aditya Maruti Gokarn:

Great, thank you everybody for joining today.

Pleasure interacting with you as always, thank

you for your support. Thanks for your patience

and look forward to seeing you all on the next

call at the end of Q1. Thank you so much. Thank

you. Thank you, thank you.

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