Brand Concepts Ltd (NSE: BCONCEPTS) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Vinay Pandit — Investor Relations
Abhinav Kumar — Whole-time Director and Chief Financial Officer
Analysts:
Unidentified Participant
Presentation:
Vinay Pandit — Investor Relations
Ladies and gentlemen, on behalf of Captify Consulting investor relations team I welcome you all to the Q3 and 9 months FY26 post earnings conference call or Brand Concepts Limited today on the call from the management team we have with us Mr. Abhinav Kumar, full time Director and CEO. Mr. Kalyan Maheshwari, President Finance. Mr. Manish Peshwani, Vice President Commercial. CEO. As a disclaimer I would like to inform all of you that this call may contain forward looking statements which may involve risk and uncertainties. Also a reminder that this call is being recorded. I would now request the management to detail us about the business and performance highlights for the period ended December 2025. The growth, perspective and vision for the coming years. Post which we will open the flow for Q and A over to the management team.
Abhinav Kumar — Whole-time Director and Chief Financial Officer
Hi A very good afternoon everyone. Thank you for joining the call. So just giving a few highlights. In terms of the revenue we’ve grown strongly by 23%. You would also see a expansion in. The gross margins but that is primarily. From the fact that the manufacturing is coming in house. However the expenses of the same goes. Below in the line items and hence.
Probably the expenses would look right now a little swelled up. Overall I think it’s been a good quarter for us. We’ve expanded, we’ve gained more market share and in terms of our offline business we’ve we fed fairly well online. Of course we continue to do well. Our B2C which is a initiative that. We had taken, the B2C business has been growing pretty well. We’ve grown by more than 18% in our B2C business from last year and. Which is selling to the end consumer.
Directly through various platforms. Going forward we are also sort of our focus areas are going to be also optimizing and efficiency in various different channels. While one phase has been where we’ve been expanding now I think we’ve been entering a phase where we’ll also sort. Of optimize our efficiencies across various different channels specifically pertaining to the large format stores. So that’s a focus area for us.
This quarter would also the existing current quarter which is Q4 will also mark a major milestone for us. We’re going to be launching the two new brands that we had signed which is super dry as well as off white. This quarter we’ll see the initial launch of these brands. So. So I think this entire year has. Been very, very significant for us. We’ve aspired to become a house of. Brands and we’ve added new brands and we’ve successfully launched a couple of them. And now we are going to launch.
The next two brands from our portfolio. So overall I think we happy with the space that we are in and. From here I think the company sitting. On the right base to sort of. Capitalize on the future prospects, that’s from us. I’m happy to take questions because I. Know the question and the Q and. A round takes a longer time. So opening the round for Q and A.
Questions and Answers:
operator
All the participants who wish to ask the question may use the option of raise hand and if unable to do so, you can put your question in the chat.
Vinay Pandit
Until the question keep assembles. I’ll ask a question. Where is the competitive intensity now between the incumbents in the travel and luggage space? I think that is one question that everybody wants to know about. Secondly is how are the pricing trends now behaving? And third, again related to this is that there are other players also who started advertising, marketing, different brands coming into luggage, etc. How do you see that as competition and what are you doing to face to that?
Abhinav Kumar
So I think the competition, the competitive intensity is still very, very high. There are newer players still entering the. Market and since they are in the unrested space and the sector has become an interesting sector for everyone and hence. Raising capital has been fairly easy. So in fact all the competition, you. Name our brand and everybody today has. Raised funds right from the new entrants. Like whether it is Mokuvara, assembly, uppercase, Yumi, Nasher, Miles, all of these are obviously funded companies, right?
And hence the competition intensity is there. But I believe, you know, competition is. Always good for any, any category. Ultimately competition grows. The overall category, you might feel the. Heat for a couple of quarters or. A couple of years, but ultimately it. Results in expanding the category. I’ve always been saying, way back I. Used to say that this is a sort of a white space industry. But now, and hence it was also we had a huge, you know, gray market or that kind of a business over here, which was not a branded. Business, which was an unbranded business. So now this entire category with all.
These players coming in and marketing happening. Everything happening, product development happening. So I think it’s a, it’s a very interesting phase for our industry going. Forward over the years to come. I think this is going to expand. The market, expand the branded market and. The organized sector is gonna benefit from all of this. But Currently, yes. A lot of these brands, a lot of these companies, they continue to burn and hence there is a bit of. A pricing pressure which is there. However, I believe that, you know, we’ve also started with our own manufacturing also coming into place.
I think we are well poised to sort of tackle this. And in terms of our premium and. Super premium brands there we are seeing. A lot of traction even at the upper end of the pricing spectrum. So which gives us a lot of confidence that you know, if, if your. Brand is right, the product is right, the customer is willing to pay the price. So I think that’s the clear strategy that we are taking with our masteries brands. Obviously we have to play the price game. But with our premium and super premium. Brands, I believe going forward we can sort of take the, take the premium route and be a little insulated from those pricing pressures. So.
Yeah, and again, reflecting upon your last. Question in terms of marketing, we’ve also. Upped our marketing gate. We started sort of doing marketing for individual brands earlier. Our marketing spend was, was lower. We’ve increased, increased that in our budget. Digitally we are very, very strong now. We present across, you know, our digital. Presence is increasing day by day. So I think, you know, as a company we are, we are very well. Poised to tackle any sort of competition which comes out. I hope I’ve answered your question.
Vinay Pandit
Yes, yes.
operator
Thank you. We have a question from chat from. He’s asking thanks for detailing the key pointers on slide one in your presentation. Can you update us on the progress of Juicy Kochi? That’s his first question.
Abhinav Kumar
Yeah. So Juicy, I’m very, very happy to share. We are already, you know, for example, this quarter it has done really well. We are almost at a run rate of now 17 to 18 crores at wholesale, you know, for the annual year. So this quarter We’ve done almost 4.4 crores in one quarter. Considering the fact that we launched in Q1 and by Q3 we’ve reached this kind of a run rate, I think it, it testifies our beliefs in the. Brand and I see this as a. Very, very good opportunity for us. So it’s going good Touch hood. The brand is getting established very well. We expanding offline online everywhere. So digitally we are now more poised. To expand Juicy Couture a little more digitally which should unlock the potential of the brand.
operator
His next question is, can you also share the thought process for Off White and where are we on that front?
Abhinav Kumar
So Off White for us is our first foray into the luxury space and. We are, we’ve signed our first store in Bangalore. We’ll be doing a brand launch in. Bangalore Mall of Asia. It will be the first store which. Hopefully we should be able to launch. It in March. Offer. It actually is a very, very strategic. This thing for us. It opens up whole new horizons for us. So it’s a niche segment as I’ve always said that you should never shy. Away from experimenting but you should never bet your shirt on the experiment.
So experimenting in a niche segment is. Always better rather than experimenting in a mass seg where you’re dealing with huge volumes, huge investments and all of that. So this will give us an understanding. Of the luxury industry, give us an. Understanding of apparel, give us an understanding. Of various different categories. So until now whatever response that we’re getting for off white is fabulous. So you know all the, the luxury retailers, the premium retailers of the country, they are, they’re absolutely on to, you know, keep the brand.
So we’ve signed contracts with them, we’ve. Already signed the MOUs with all of them and you will find off white in various different, multiple channels. So till now very, very happy touchmood. With the response that we’re getting. We’ve not launched the brand yet but there’s a lot of expectation from the. Brand, getting very positive feedback.
operator
And sir, he’s asking by when do you think this two and Super Drive will start contributing to the revenue?
Abhinav Kumar
I think we. Yeah, I think give. It about two seasons at least, you know. So this is going to be the first season, Spring, summer, I think from. Fall, winter onwards we’ll start seeing the traction, you know. So first season you go small, you. Buy limited, you launch. It’s more of, you know, setting up. Right. So from second season onwards you start. Seeing the true colors as we’ve seen in Juicy Couture as well. So I think from Q3 onwards again you’ll start seeing some color happening in. In off white and super dry both.
operator
Thank you. We have another question in the chat from Aishwarya. Yeah, what capacity are we at in our manufacturing? What is the current utilization rate? What is the incremental EBITDA saving eventually from there? Question?
Abhinav Kumar
Yeah, the capacity that we are at currently, the lines which are operational, we. Are at a capacity of about 25,000. 26,000 pieces a month and in fact. In one of the months we have. Actually produced full hundred percent capacity also. But on an average we’re doing about. 20, 22,000 pieces a month because of. Multiple changes or whatever line changes and. Everything in terms of EBITDA Expansion. We had hoped for a 10 to. 15% EBITDA expansion from our own manufacturing in that. Category.
However, looking at the current pricing and. The competition over there, the pricing competitiveness. Currently going in the market, we are passing on that benefit to the end consumer, consumer. So I think, you know, over the years, once we reach economy of scale, that’s when we start seeing the true. Benefit and the true color of our own manufacturing.
operator
Her next question is how is the inventory situation of finished goods or semi finished goods and how do we see the sales flow moving?
Abhinav Kumar
How do we see the sales.
operator
Sales flow moving?
Abhinav Kumar
Sales flow moving? Okay, yes. So I think inventory right now, if. You will see, obviously it is, it’s. Increased from the last financial year, March ending whatever inventories we had. Currently the number of days of inventory. Has increased from there, but it is. Owing to all the new brands that. We’Re taking right now. It’s obviously in the beginning you’ll have to stock up.
So the inventories and new brands, plus. The new manufacturing as well, you need to have raw materials, you need to have all of that. So initial inventory because of this. But I see all of this settling down. I think in the next two to. Three quarters we will start settling all. Of this down in terms of the. Revenue or the sales flow. If I say I think we are. You know, delivering a healthy 23, 24 kind of a growth right now. And I think considering our size, considering.
The competition, considering all of this, I. Think it’s a very, very good growth that we’re delivering. So we are happy with this growth. Now the phase now our focus is going to be a little more on. Improving the efficiency of the channels rather than just going on for growth. But at the same time, not to. Forget that with the new brands also. Coming in, I think growth is not. A challenge for us.
operator
So there’s another question from her. Are we doing anything with your own brand vertical? Also, since others are also trying to build their own brand, don’t you think it could be a good strategy to start building up your own brand as well using our existing network.
Abhinav Kumar
So, you know, building our own brand. Yes, I think it is, it is. There on our list today or tomorrow we would for sure do that. But right now I feel it’s not. The right time because, you know, creating a new brand and when you’re competing against all the funded players, I think in the last year or this year itself, in our segment, I think there’s been a fundraiser of more than thousand crores right. Put together. So people putting in money burning very, very heavily to just build the brand while they’re achieving a certain top line, their bottom lines are.
But since they’re. Not in the listed space it’s a private equity space. So that’s how this entire thing is operating. So I believe as a company we should hold on, focus on we’ve taken new brands. These brands are already, they resonate very well with the consumers and there is enough and more potential right now with. All these brands, you know. So with these brands itself we can. Easily cross a 500, 600 crores. In fact these brands are good enough for a thousand crore kind of revenue as well. So we’re not going to right now focus on that. We want to do one thing at a time, do justice to us.
We’ve just expanded into manufacturing, we’ve just taken new brands. All of this takes a toll on. Your resources, your balance sheet, everything. So want to focus. We want to stay very very focused. Get this right, get this moving. Once we cross the 500, 600 crores then if I take out and build a plan of 10, 20 crores probably my balance sheet will be able to take that plan. Right now I don’t want to burden. Too much the balance sheet. So it is there on our agenda. But not right now.
operator
Thank you sir. There is another question from another participant in the chat, Ashish Sharma. He’s asking can you throw some light on bag line this time Your presentation is missing the slides on number of stores. How many new stores did we open in Q3 and what’s the target for next year.
Abhinav Kumar
So we haven’t opened any new store in Q3. As I said we had. Done a new identity. We launched a new identity of tagline in Q2 and we are studying that results. We studying the this thing of it. We are now replicating that identity in. In a new store. We are expanding that. So if we have for example 500. 600 square feet in the same mall.
We asking a bigger area so that we are able to showcase all our brands and do justice. So but in the meanwhile we’ve obviously opened single brand stores so we’ve opened Juicy Couture. This quarter we’ll be opening off white. We’re opening another Juicy Couture store and. We are also contemplating that should we also look at you know opening more. Of mono brand stores as well. So for example Tommy Hilfiger Travel guest. In totality today we have about 56. Stores out of which 50 stores are. Bag like four stores are Tommy travel gear and two stores are juicy Couture.
Now the result that we are seeing in the two stores of Juicy Couture. And four stores of Tommy Hilfiger we feel that you know, with those results mono brand stores because it gives you a complete brand experience. So we contemplating with that and hence you might probably see opening of more mono brand stores also in the upcoming quarters. But you know we’re not in a hurry to open a lot of stores. 50, 55 stores are good enough. We are as I said, the focus is more on improving the channel health. So we’ll be going through each and. Every store cutting down the tail. You always have a tail in retail, right?
So you’ll always have best performing stores. Then you have a average and then. You have those lagards and time and again you need to cut that tail. You know, so that you are still very efficient and robust. So you will see that in the next couple of quarters. We are actually in the process of. Cutting the tail so but we will. Not shy away from opening new stores if we, if we’re getting a good property here we evaluating all the properties. We evaluating all the new development. So you will see announcements of new stores as well.
operator
His next question is where do you see your revenue margin profit profile for the next year and next three years? You can share growth rate as well since you may not want to give absolute targets.
Abhinav Kumar
So I think, I believe the growth. Rate should be anywhere between 2020 5%. CAGR for the next three years. I think we can easily achieve that. So we should be on that path of doing a 20 25% and I. Think from next year onwards you start seeing the as an from FY27 which is next year I would be, I, I believe that you’d be seeing. A very, very good improvement in our, in. Our bottom line, in our margins because. The brands would have sort of settled.
The factory would have sort of settled. So we expect a good. You know. Increase in our bottom line. So it’s difficult for me to put down, put it down as a percentage. But I think in the next three years we would aim to be about 12 to 13% EBITDA. And currently our borrowings have also gone up obviously to fuel all of this expansion. So we are currently at a debt. Equity ratio 1:1 is to 1.5. I believe an ideal is 1 is to 1. So in the due course of time.
Whenever it is required and, and for. That itself actually promoters have also subscribed and we are getting in that equity coming in. So with all of this the also the Aim is that how do we. Bring our interest costs down? Because today the interest costs are also because of the borrowing, the interest costs are on the higher side. So once we start pruning all of this, I think you, you start seeing. A very, very healthy pat margin in. The next two to three years.
operator
Thank you. We have another question from Pawan Sharavas. Pawan, you can unmute and go ahead.
Unidentified Participant
Thank you for the opportunity. So sir, can you explain a bit more on your statement that you have executed a full brand license for JC apparels?
Abhinav Kumar
Yeah. So jc, when we launched we have taken the license for. Handbags, bags as a category. All our categories which is bags and. Accessories, we had taken the license for that but we had taken a special sort of permission. Our contract also entailed that we could open jusikuture stores where we could keep. Apparel and other categories as well. But we had not signed the license for it. So it was just a retail license that we have that we could open stores. Once we launched our first store and we launched the apparel in that store. We launched the apparel on our website. As well and we got stopped out in no time. So the demand for apparel was amazing. The quality of apparel was amazing. So looking at that response and because we are investing, we have already invested. Quite heavily into that brand. We have the brand for. We had. Our initial contract was for 15 years. So we said we should go ahead. And block the apparel category as well with us. So hence we went ahead and now. We signed the master license for apparel as well. So entire apparel, handbags, accessories, all of. These categories are now with us. There are a couple of categories which. Obviously we’ve not signed because we are not experience for masters in that category. But the apparel, handbags, accessories, all of. This is with us. And now that contract is also almost 20 years. So. So that’s actually a good news that we have.
Unidentified Participant
Okay, got it. So my other question is that can you throw some lights on status of ucb? Like what size have we reached in this band and by when do we do you see it becoming a 100 crore brand?
Abhinav Kumar
So UCB, I’m actually happy to share in Q3. You know it’s a brand which has grown the maximum. So we’ve done almost a 50% growth year on year from last Q3. Right. So I think we are now beginning. To see green shoots in UCD as well. Though I would still say that we are doing well. Last year also we did well this year. I think we’ll end up at a. Growth of almost between 30, 35% for. The annual and at a retail value. If I talk about we’ll be close to 65, 70 crore at retail and. Hence the wholesale would be close to about a 35, 38 odd crores. Between 35 to 40 odd crores is. What we’ll be ending up with. If everything goes well, I think. You know another, I think another three to. Four years it can easily three years, I think it can become 100 crore.
Unidentified Participant
Okay. And one more question actually regarding your depreciations. What led to a lower depreciation in Q3? Is there any change in your depreciation policy?
Abhinav Kumar
Yes. So earlier we were calculating. You know, we’ve been conservative always when it comes to our accounting and finance. We’ve always been very, very prudent. So we always adopted a WDB method. Right. Which leads to higher depreciation in when you have a higher capex. So it was advised by our consultants and our auditors. We check with them and we also check what are all the other companies doing. And I think everybody takes the SLM method. So and because these years are going. To be capex heavy, hence we’ve changed. Our policy from the WDB method to. An SLM method.
Unidentified Participant
Again. Also your interest, also your interest cost has moved up. So where are we in our working capital debt versus the end of H1?
Abhinav Kumar
I think I already mentioned that we are at a 1.5 debt equity ratio. So working capital, working capital days he’s. Saying is it.
Vinay Pandit
Working capital debt?
Unidentified Participant
Debt debt.
Abhinav Kumar
So we are about, in terms of. Working capital debt, we have about 100. Crores of CC now including everything, the factory, retail vision, all of that.
Unidentified Participant
Okay, that’s it for my side. Thank you so much.
Abhinav Kumar
Thank you.
operator
Thank you. We have another question from Aishwarya Mishra. Aishwarya, you can unmute and go.
Unidentified Participant
Lister, I would like to know would you be able to share the revenue breakup among your key categories for Q3 and 9 months where you are seeing significant change and which category do you think can scale up the volumes from here?
Abhinav Kumar
So I think the current Q3 figures. If I talk about. Travel gap is roughly around 60% smaller. The goods is roughly about 33% and the balance 6 to 7% is now women handbags. So we’re seeing green shoots and women handbags. I, I always mentioned that we are. Lower over there and hence now we’re. Gaining traction over there.
So I think all the three categories. Have potential to grow, you know and I would, I would be taking my bets on all the Three categories. I don’t see any rhyme or reason why any of the categories would not grow from you. Handbag is a massive, massive opportunity. I think every brand that I speak. To today, every fashion brand, everybody is. Focusing on women handbags. It’s a massive category, massive value unlock.
So I think we are there the. Right place at the right time and. We’Ll see a lot of green shoots happening over there. Travel care and small of the goods. As I said, they are a little more mature categories. They’re already there. So they’ll continue to grow as the market expands.
Unidentified Participant
So I would also like to know, is there any update on the CSD channel? Have we entered into it or. We are still working on the same.
Abhinav Kumar
We entered, we entered like this. This is going to be our second full year of operations. And touchwood, I would say that it’s doing really, really well over there. In fact, very recently executed product changes, certain pricing changes. So the efficiency also of that channel, I believe the next year would be far better. So very, very. That’s what it’s going very well.
Unidentified Participant
And what kind of sales are we doing there?
Abhinav Kumar
Okay, so I think this year we’ll. Be ending between around close to 40. Crores at wholesale top line.
Unidentified Participant
And where is it clubbed in our revenue mix?
Abhinav Kumar
Sorry, traditional.
Unidentified Participant
Okay, thank you so much.
Abhinav Kumar
Last year the figure was about 2627 crores. We ended at 2627. This year we ending at close to a 40.
operator
Thank you. We will take the next question from Ashish Sharma. Ashish, you can go ahead.
Unidentified Participant
Good afternoon sir. With current investment in manufacturing and cocoa. Store expansion what is the expected EBITDA. Margin tragedy for FY26 and FY27?
Abhinav Kumar
I think I already answered this Ashish. With you know, the manufacturing. But I’ll just repeat with manufacturing we had expected a 10 to 15%. So manufacturing essentially would give you a. 10 to 15% jump in terms of your margins. But manufacturing is. We have to remember that manufacturing is only for hard luggage and backpack which is close to about 50% of our overall turnover. So you can do the maths. But currently with the pricing pressures and everything we are passing on this benefit. To the end consumer. Right.
So as the economy of scale happens right now, you know the plant can go up to a 2.5 lakh pieces a month, you know, but currently we. Operating at 1/10 of that. Right. But you’re building your setup. Everything is over there and hence initially it’s front loaded. The expenses are front loaded. With the economy of scale, I think. The Margin intake will start getting better. And that’s when you start seeing it adding to the bottom line.
Unidentified Participant
For digital marketing initiatives are being scaled to support online growth and customer retentions.
Abhinav Kumar
I think digitally we are now very, very active. We have been active not only on the performance marketing game is very good and the kind of roas that we generate is actually very, very good. So in certain brands we’ve generated a ROAS of 8 to 10 as well which is sort of unheard of in the industry. But touchwood because the brands charm, the brand’s power is already established so hence we get a benefit in our marketing as well. Right.
So one is that we are now. Looking at, you know, going brand by brand in terms of marketing. So this year you will see a. Major investment happening even in Tommy Higger. We’ve, we’ve, till date we’ve not done a brand specific heavy investment in Tommy and figure and considering it is our largest brand, I think this thing is right, the stage is right that we sort of invest into the marketing of. That brand but all the marketing that we do. It’S all digitally aligned.
operator
Thank you. We’ll take the next question from Anubhav Shah. We can go ahead.
Unidentified Participant
Yeah. Hello sir, can you throw some light on the management bandwidth aspect with so many brands now in your portfolio?
Abhinav Kumar
Yes, a very good question. So we have been investing into increasing our bandwidth and hence, you know, overall the costs have gone up because we’ve been investing into, into people. But I can say this with utmost sincerity and clarity that the team that. We have in place is a brilliant team. Very, very happy with, with the new people also joined on these new brands, the very experienced team, everybody comes in with the. Please try to. Fifteen years of experience, worked with the. Topmost brands, worked on 500 crores, 800 crores of revenues and all of that. So, and wherever we require we are not shying away from, from having consultants as well. So we have a panel of consultants as well.
So we’re taking this entire approach, we’re strengthening the team and we will continue. To invest into, into manpower because at the end of the day it’s the team which, which takes you there. So very happy right now with the current bandwidth there will be one or. Two new announcements also in terms of some senior people joining us, we will be making them shortly.
Unidentified Participant
Okay sir, and my another question is what’s your vision for next three to five years?
Abhinav Kumar
Yeah, three to five years. I think. You know, the vision is, you know, how do I say if it is only in terms of revenue. I can say that, okay, in the next four to five years we aim. A thousand crores, you know, but actually the vision is, is not only from. The top line perspective. The vision is that. We deliver a. Very, very good, healthy, we are a very healthy company. We want to be a very, very healthy company when it comes to top line, bottom line, your balance sheet, all of that. So I think the focus for the. Next two years now would be, you. Know, how do we improve our efficiencies now that we have all of this? We need to scale and we need. To scale it efficiently. So that’s going to be the focus.
Unidentified Participant
Okay, sir, and my last question is are we done with the integration of the subject manufacturing and is there any plan to move everything to one location? If yes, then by when?
Abhinav Kumar
Sorry, I, I didn’t get your question. Sorry.
Unidentified Participant
Okay, I repeat it. Are we done with the integration of softback manufacturing and is there a plan to move everything to one location? If yes, my win.
Vinay Pandit
He’s saying are we done with the integration?
Abhinav Kumar
Yes, the software determination was already done. So I think it was effective 1st. Of April 2024 itself. Correct, it was 1st of April 2024. Because the orderly got it was effective. 1St of April 2024. So hence all the, all the results. That you see are all consolidated figures. In fact, if I talk about only the retail division, our growth, growth percentages are higher because in the manufacturing you have now a higher share of in house consumption. Hence it doesn’t reflect on the top line. So yes, that integration was done and bringing everything to one place. Yes, that is on the cards. But as I said right now we made our first investment. It’s a heavy capex that we’ve done. For our hard luggage plant. To shift the soft luggage over there. We’Ll again have to invest into, you. Know, building construction and all of that. And on the parallel we have our. Warehouse also which is requiring investment. So we want to take it step by step. So I think two years down the line is when we can expect that. We will sort of start executing a. Plan of moving this to one location. But yes, that is on the cards. That we move everything to one location.
operator
Thank you. Since there are no further questions, would you like to give any closing comments?
Abhinav Kumar
Yeah, I think we are very, very well poised. I think we have all the, all. The arsenals that we need in our. In our kitty and now it’s time. To, you know, unlock the true potential. So looking forward to, you know, a. Great next financial year is what I can say.
operator
Thank you. Thank you to the management and all the participants. This brings us to the end of the Q3 FY26. Thank you.
Abhinav Kumar
Perfect. Thank you. Thank you, everyone.
Unidentified Participant
Thank you.