SJS Enterprises Ltd (NSE: SJS) Q1 2026 Earnings Call dated Jul. 30, 2025
Corporate Participants:
Unidentified Speaker
Devanshi Dhruva — Head – Investor Relations
K. A. Joseph — Founder & Managing Director
Sanjay Thapar — Group Chief Executive Officer & Executive Director
Mahendra Naredi — Group Chief Financial Officer
Analysts:
Unidentified Participant
Ronak Mehta — Analyst
Pradyumna Choudhary — Analyst
Pritesh Chheda — Analyst
Ganeshram Rajagopalan — Analyst
Hitesh Goel — Analyst
Nitin Agrawal — Analyst
Abhishek Jain — Analyst
Jatin Chawla — Analyst
Jyoti Singh — Analyst
Khush Nahar — Analyst
Sahil Sanghvi — Analyst
Prateek Giri — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to SGS Enterprises Limited Q1 FY26 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rohan Mehta from ICICI Securities Limited. Thank you. And over to you Mr. Mehta.
Ronak Mehta — Analyst
Thank you, Bhavya. Good morning everyone. On behalf of ICICI Securities I would like to welcome you all to Q1FY25 earnings conference call of SGS Enterprises Limited. Today we have with us from the management team Mr. Joseph, promoter and managing director, Mr. Sanjay Thapar Group CEO and executive director, Mr. Mahendra Naradi Group CFO and Ms. Devanshi Dhruva, head of Investor Relations. Before I hand over the call to the management, I would like to congratulate the team for continuing growth momentum with healthy margin performance. I would now hand over the call to Devanshi to take the call forward.
Over to you Devanshi.
Devanshi Dhruva — Head – Investor Relations
Thank you Raunak. Good morning ladies and gentlemen and thank you for being with us over the call today. We appreciate it. Moving on, this is how we intend to take today’s conference call forward. I will pass on the dice to Mr. K.A. joseph, RMD and promoter who will make his opening remarks and then hand it over to Mr. Sanjay Thapar, our Group CEO and Executive Director who will take you all through some of the slides of our presentation that has been uploaded on the stock exchanges as well as on our website. Mr. Thapar will also take you all through the industry, view our business performance and then give a strategic outlook for the future growth of the company at the end.
And Mr. Narendra Narendi, our group CFO who will update you on our financial highlights post which we will open it up for Q and A. The duration of this call will be around 60 minutes and we will try to wrap up our comments in about 20 minutes so that we leave enough time for you guys to ask questions. If the time is not enough, please feel free to reach out to us through email or write to us and I will try to answer all your questions to the best of my ability. Thank you once again.
And I will now hand over the call to Mr. Joseph to make his opening comments over to you, Joseph.
K. A. Joseph — Founder & Managing Director
Yeah. Thank you. Devanshi. And hello and good morning everyone. I hope you all have had a chance to look at our investor presentation and the results published yesterday. The first quarter of FY26 commenced on a positive note. SJS continued its strong momentum in Q1 of FY26 and delivered its 23rd consecutive quarter of outperformance with a strong YoY growth of 22.8% in the automotive business. It significantly surpassed the industry’s growth of 1.2% in the automotive two wheeler and passenger vehicle production volume. Building on this leadership position, the company achieved a consolidated revenue of rupees 2096.6 million in the Q1 of FY26.
SAS continued to deliver steady performance despite the muted industry growth, recording 11.2% YoY growth in the consolidated revenue compared to 1.2% YoY growth in overall automotive production volumes. This performance was driven by a strong growth in two wheeler and passenger vehicle segments, highlighting our effective business strategy of focusing on premiumization and new customer additions. Positive cash flow generation and a strong net cash position further supported financial stability while careful cost control helped us maintain profitability despite broader market challenges. We delivered a robust profitability with EBITDA margins of 27.6% and FAST margin of of 16.5% aligned with our growth strategy.
The infrastructure development for capacity expansion at Pune and Bangalore is currently underway. These projects are expected to strengthen our manufacturing capabilities and enhance our ability to meet increasing demand from key customers and markets. During the quarter we received the Green Manufacturing Excellence Award by Futurescaper for our leadership in sustainable manufacturing and also the Good Manufacturing Practice Certification from tuv recognizing our commitment to quality, safety and operational excellence. Moving forward, we are focused on accelerating organic growth through continuous innovation, capacity expansion and deepening global engagement. As a one stop solution provider for aesthetic products, we continue to focus on gaining momentum in launching new and vast products, maximizing operational efficiencies through application of next generation technologies.
These focus initiatives will help us remain committed to delivering sustainable long term value while reinforcing our leadership in the decorative aesthetics space. With that said, I would now like to hand over the call to Sanjay to take you all through some of the business and industry highlights for the quarter. Thank you and over to you Sanjay.
Sanjay Thapar — Group Chief Executive Officer & Executive Director
Thank you Joe hello and good morning everyone. Starting with some key updates. Talking of the quarter 1Y in terms of production volumes. As you know the auto industry, two wheeler and passenger vehicles grew by 1.2% year on year in Q1FY26 whereas SGS Automotive business two wheeler four wheeler delivered a phenomenal growth y o y growth of 22.8% which is over 19 times the industry growth. This superior performance was account of 32.7% year on year growth in two wheeler business and 13.8% growth in the passenger vehicle business. Q1FY26 was marked by yet another quarter of better than industry performance by SGS with a consolidated revenue growth at 11.2% year on year to 2096.6 million rupees.
As mentioned earlier, this growth is primarily attributable to a strong performance in the two wheeler and the passenger vehicle segments on back of strong margin performance delivery by our company. I am delighted to share that the Consolidated EBITDA grew 16.3% year on year to rupees 587.2 million with margins now at 27.6%. PAT grew 22.6% year on year to 346.2 million rupees with margins at 16.5% as announced during our last earnings call. We are happy to share that we’ve added Hero Motocorp as a marquee customer this quarter and have started supplies to them. We are confident that in the long run we will be one of the preferred suppliers with a significant share of business.
Expanding our global footprint remains a key pillar for SGS long term growth strategy. During this quarter we had some impressive export business wins from Autoliv and Fiat Chrysler Automobiles in the US Market. We also added Yazaki as a customer for our domestic automotive business. Capacity expansion projects are underway as you are aware at Pune and Bangalore locations. During the quarter exports contributed 6.7% to our consolidated revenue amounting to rupees 140.9 million. Going forward, we expect export performance to bounce back once we start deliveries for Whirlpool and Stellantis orders from Q2 FY26 onwards as a part of our continued commitment to sustainability, all efforts are now focused towards the process of setting up the SGS Foundation.
We will share further details on it once there is significant progress made in this direction. I would now like to hand over the call to Mahindra, our CFO to update to you all on the SGS financial performance before I come back to talk about our future growth outlook. Over to you mandra.
Mahendra Naredi — Group Chief Financial Officer
Thank you Mr. Thapur. Good morning everyone. Moving on to the financial performance of the company, slide 11 to 14 highlight the consolidated performance of IJS. SGS delivered a 11.2% y wide growth in revenue and consolidated revenue stood at rupees 2096.6 million. This growth was primarily on account of a strong yy growth of 32.7% in two wheeler segment and 13.8% in passenger vehicle segment. EBITDA at rupees 587.2 million grew by 16.3% yy. EBITDA margin expanded by 106bps on a y wide basis posting a healthy 7.6% margin. Expansion was on account of economic skills and cost control.
Our consolidated PACS for The quarter grew 22.6% yy to Rs. 346.2 million NGS achieved frac margin of 16.5% witnessing an expansion of 154bps worldwide. Robust patch growth was primarily due to higher EBITDA margins and lower finance cost. Company generated strong free cash flows of Rupees 325.6 million during the quarter which resulted in a net cash position of rupees 1311.4 million. SGS remain a high cash generating company with operating cash flows amounting to 101% of EBITDA. This is due to our focus on operational efficiencies, working capital management and disciplined capital allocation. Our strong net cash positions further strengthens our ability to pursue growth opportunities without compromising financial stability.
Strong cash flows have had a positive impact on on our consolidated ROCE which stand at annualized 29.5% and ROE at annualized 19.1%. With the addition of Walter Pack India product in our portfolio we have added advanced technology premium product that helped us to improve our new technology products. Now overall 25% of our revenue was from the new technology product during Q1 FY26 Volterback India acquisition has effectively helped SJS to balance the portfolio across two wheeler passenger vehicle and the consumer segment. In Q1FY26 two wheeler share of revenue was 39.1%, passenger vehicle at 37.2% and consumer and others at 23.2%.
Driven by strong financial performance, SGS continue to advance its growth initiatives by strategically deploying internal accruals to fund key expansion projects. Among the major initiatives underways are the greenfield project at SJS Bangalore Optics Display facility at Hosings and new plan for chrome plating and planting at SGS Jakoblast Pune. These capacity additions reflect the company’s focus on further scaling high value technologies and strengthening its position in premium aesthetics. By aligning investment with long term opportunities. SDS remain committed to delivering sustainable growth and enhancing stakeholders value. I would now like to Hand back the call Mr. Thapar to discuss about our future plans and growth outlook.
Sanjay Thapar — Group Chief Executive Officer & Executive Director
Thank you Mehndra. Moving to our outlook for future growth, as mentioned in our last quarter’s earning call at sgs, we are confident of outperforming the underlying industry growth by over two times. This will primarily be on account of our diversified presence across industry segments, global reach, comprehensive product portfolio and our strong customer relationships. Innovation and technological advancement continues to define our competitive edge. We are consistently investing in development of new technology solutions designed to serve the evolving needs of customers across multiple industries. This product led approach focuses on enhancing aesthetics and with added features allowing us to deliver differentiated value and stay ahead of industry trends.
Our expanding portfolio supported by advanced in house design and R and D capabilities strengthens our ability to offer high quality future ready solutions. This in turn also enables us to increase our kit value in each business segment and achieve our guided kit value targets. A key focus of our forward looking strategy is to expand our global presence with a clear goal of increasing exports to 15% of our consolidated revenue by the year FY28. To achieve this, we are actively entering new international markets while penetrating deeper in the existing markets. At the same time, we are introducing differentiated products tailored to global customer needs.
The recent export wins from Stellantis, Whirlpool, Autoliv and FCA among others are a testimony to our efforts toward expanding our global footprint. This integrated approach is aimed at unlocking new growth opportunities, broadening our revenue base and accelerating cross selling across regions and product categories. With a robust liquidity position, cutting edge design and engineering capabilities, strong customer relationships, diversified portfolio, product innovation and strategic acquisitions, ANCS is poised for the next phase of growth. 101% of our EBITDA is cash flow from operations. A strong balance sheet enables us to pursue organic and inorganic opportunities largely through internal accruals and minimizing any debt burden.
Focused on premiumization, global expansion, leveraging cross selling opportunities and operational excellence, we continue to gain momentum in decorative aesthetic space while driving sustainable long term value creation for all our stakeholders. With that said, I come to an end of my quarterly updates. Thank you. We are now open to answer questions if any.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Pradyumna Chaudhary from GM Financial Family office. Please go ahead.
Pradyumna Choudhary
Yeah, hi, thanks for the opportunity and congratulations on a good set of numbers. The part which I just wanted to get more clarity on is outside the two wheeler and TV X of these which is basically consumer durable plus exports then we seem to have seen a sharp decline in numbers. So what really is happening over there?
Sanjay Thapar
Okay, so coming specifically for the consumer businesses. So the impact all our businesses have performed well. SGS has performed very strongly. Exotech has performed or SGS Deco class has performed very well. The challenge really has been Water pack where you know we have a legacy set of customers and there’s a large dependence on a few customers and a few models. So those models have not performed well in this quarter and that has accounted for some decline in revenues in that part of the business. Exports has not declined, they are largely flat. And as you are aware the new model bills that we’ve acquired are now going to pick up with supplies to Cilantis and Whirlpool which will start from this quarter Q2 so gradually they will scale up.
So we are very confident of exports. The decline here that you see primarily is on account of this concentration of a few customer and products at Walter Pack both in their form of their automotive large automotive customers. And there has also been a model change at the consumer business at WalterPAC. So one of those models are undergoing change for the consumer electrical business supplied by Walter Pac. So these are the two factors that have accounted for a little bit of softness in sales at water pipe this quarter.
Pradyumna Choudhary
Sorry. These customers are consumer variable companies that’s The understanding and
Sanjay Thapar
one is automotive oem. So we have some very high products that go into that model and this quarter sales offtake for those has been low. So those are the specific.
Ronak Mehta
Understood.
operator
Sorry, sorry to interrupt sir, there’s a background question.
Devanshi Dhruva
Sorry, a little background noise behind.
Pradyumna Choudhary
Is it, is it better now? Yes, yes, sure, sure. My second question was on Hero the ramp up. It seems like it’s already been. It’s happening already. But what sort of a rampant do you see happening over here? Like last quarter you spoken about 250 crore sort of a build up material but could you give further details on how are we expecting this lamp up to happen in case of 0 and would be targeting this entire 250cr is that the idea? And lastly on the COVID glass side could you give what’s the latest update on that side? That’s all.
Sanjay Thapar
Okay, so splitting this into two. So first your question was on Hero. So the process is similar for any customer. So, you know, when we start business, there are a few models that come to us. We develop those products, those products go through a testing phase and then supply start. So we started with Hero with a few models and moving forward we will gain momentum. And as I said earlier in the last earnings call, the total revenue spend by zero on such category of products is close to about 250 crores. And we hope to have a significant share of that business.
So that is working process. So we are moving in that direction and we’ve started supplies this quarter which have been well accepted. So we are very positive about the outlook at neo. The second part of your question was on Cover Glass. So as I said earlier, you know, we started our Cover Glass journey as a transition from the dyers that we do. Then the transitioning of a fully digital cluster on four wheelers. So that story is very much intact. In fact, what has increased is our ambition in this business. So we see this as a huge, huge potential and we are now looking not only at Cover Glass but to do some more valuation in this overall display screen.
So as now the requirements of the infrastructure needed to do both these elements together is a little different from Coverglass. So we are firming up plans of our entry strategy into this. Amongst the capital equipment that we require or the structure we need to create, we also need to. We are also looking at the technology partnership which we are at various stages of discussion. So as and when we have something meaningful to share, we will come back to you with the plan of what more than cover class are we targeting for this segment of business?
Pradyumna Choudhary
Just to follow one was on the zero parts, usually for singular customers. What’s the kind of like usually model refresher launches. Can we expect like over how long do we. Is it like every one and a half to two years there’ll be a model refresher which gives us a fair chance to enter into that model. And second on the COVID Glass bit. So when can we maybe start expecting the revenues to be hitting our. Basically the deliveries will be starting and have you won orders? Commercial orders with any customer.
Sanjay Thapar
So two parts. One part was on modern refreshes. So modern refreshes from two wheelers are a little faster. So about one and a half years at an average. You see a model refresh that happens. It depends on the competition intensity. Regarding cover class revenue, we’ve said that next year is when we see revenues coming to that facility. So at the moment we are still in a stage where we are creating the right product mix and the capex spend that we need to do. The plant is ready. We are now fine tuning the capex requirements based on this larger ambition that I told you.
And supply would start in FY27 so. So that’s next year.
Pradyumna Choudhary
All right, thank you, thank you, thank.
operator
You, thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all participants in the conference please limit your questions to two per participant. Should you have a follow up question we would request you to rejoin the queue. The next question is from the line of Pritesh from Lucky Investments. Please go ahead Sir.
Pritesh Chheda
I quite didn’t catch the 32% growth in two wheeler versus whatever is the industry growth. Any comment there? And in your Volta pack and exotech piece of the business I don’t see any growth. So your comment there and what is the capacity utilization in those assets?
Sanjay Thapar
Okay. Specifically on the question on the two wheeler growth that you said. So as I mentioned earlier we started supplies to Hero Motor Corp and that has impacted increase and we also saw increase in some other customer shares. So that is what has led to the two wheeler growth. The large delta in terms of performance of the market primarily is due to adding Hero Motor Corp sales to the base we had and we also increased sales to Bajaj, Hmsi, Yamaha. So all those we saw greater traction and the volume growth was larger or the revenue growth for us was larger than the overall industry percent.
So that’s the last question.
Pritesh Chheda
Can I ask you one thing here on. Can I ask you a question on itself? So if Hero supply reflects in quarter one then for the full year obviously two wheeler will for you will grow much faster than the industry. Right? Because of one customer rating. It cannot be a one quarter phenomenon. Just to clarify, it can’t be a. It can’t be a 1/4 phenomena. Right? It has to continue for the full year.
Sanjay Thapar
Foundations of business with the large marquee customers who happens to be the largest company in the world. So obviously this will continue and as I said progressively as more models get developed we see traction happening.
Pritesh Chheda
On the exotic and Volta pac. Why didn’t we grow and what is the capacity?
Sanjay Thapar
So I answered that question to the earlier caller. The issue the exotech we have SGS Gecko class, we have grown. What was impacted really was sales at Walter PAC because of their product concentration risk because this is a legacy business that we acquired while we are diversifying. So I would encourage everybody to look at us as a holistic company. The Region of diversification across product categories, across customers, across different parts product segments is primarily to take care of these contingencies that happen once in a while you will have some part of the business underperforming because of factors outside our control.
So that is what actually shows you how resilient the company that we have built at ses. So no matter whether one model with the large exposure of Ultra Pack did not take those volumes as forecast, we have still managed to overall our company grow. And we’ve also increased our performance financially both in terms of EBITDA and banks. So I think that is the way to look at the company rather than one customer or one business segment. I mean these things will happen in life, right? All everything cannot be foolish all the while. So you will have tough times, soft times, good times.
And that is the reason why I would like to have you appreciate.
Pritesh Chheda
So this will also continue for the full year because of the model getting in practices?
Sanjay Thapar
No, we feel that the market will come back. So understand that the customers that we have are the who of the world. So it is not that market will regulate the best or one model will regulate the best. I think they are great from us is just a situation that for certain external reasons they could not lift that much material. I’m sure that will come back. So it’s not something that is. We are very very optimistic about the investment in Water Pack. I think we have a great product line. We are the only guys in India which have those advanced technology products.
Now these advanced technology products are more expensive. Now these products depending on the imperatives of the marketplace the customers choose their product lineup to say what they want to push. So if there is a customer who is wanting to push volumes maybe they would like to utilize their capacities on some other lines. Because these are high value low volume parts and therefore the impact on a company like WalterPAC is disproportionate even though they have outstanding capability and outstanding products. So I am extremely bullish on the future of waterbank. It’s just for some external reasons not in our control really which saw decline in volumes for this quarter.
Pritesh Chheda
Utilization.
Sanjay Thapar
Utilization.
Pritesh Chheda
Yeah.
operator
Sir, do you have any follow up question? You may rejoin the queue because I.
Pritesh Chheda
Don’T have any follow up questions. Are waiting for the I don’t have any follow up question.
Devanshi Dhruva
Yeah, but just let Mahindra sir answer this question.
Mahendra Naredi
Yeah so regarding capacity Pritesh in SJS we are operating around 70 to 75% kind of capacity and in our last conference call we have announced that due to addition of HERO as well as some export customer, we are investing further. We are allocated 445crore rupees for expansion that going to happen within the FY26 financial year. Regarding the Sdevo plus which is as well exotect, we are operating 95% kind of a capacity utilization and we are working with kind of a outsourcing model as of now. And since there is a good progress, we are investing into a new greenfield project.
It is in Pune. So we are allocated 100 crore rupees. Out of 100 crore rupees approximately 45 crores already incurred and around incurred in another few quarters. Regarding water patch, we have operating at 70 to 75% kind of a capacity utilization. So that is the. We have enough capacity and we are generating cash from its operation which is quite significant. 101% this quarter from of the EBITDA. So so we are funding with our internal accrual also. Thank you very much. Thank you.
operator
Thank you. The next question is from the line of Ganesh Ram from Unified Capital. Please go ahead.
Ganeshram Rajagopalan
Thank you and congratulations on the performance. Are you able to hear me clearly?
Sanjay Thapar
Yes, we can.
Devanshi Dhruva
Yes we can.
Ganeshram Rajagopalan
Yes. Perfect. So I just wanted to understand first a few clarifications. My understanding is that Exotech, the capacity expansion should be coming online anytime now. How’s the progress in regards to that? And then as far as Cell and World pool are concerned, Q2 you start supplies. So it’s been about a month into Q2. Have you started exporting to them already?
Sanjay Thapar
Yes, we have started exporting to Whirlpool already. So it is ramping up. You know there’s a process where you take a pilot lot and then supplies start and then regular production happens. So yes, we started supply. That’s the short answer to your question. The second question was in terms of capacity coming online at SGS Deco class. So that is progressing well. We’ve had some. We expect that this project, you know there are two lines there. One is a painting line and one is a chrome plating line. So the equipment for the chrome plating plant is already with us.
The painting line will come. There are some new requirements from customers, especially global customers who asked us to do some additional features to be built into that. So we are at this moment doing a rejig of the specs there on that line. So we expect by the end of Q into Q3 we expect that plant to be operational.
Ganeshram Rajagopalan
Understood. And the next and coming to the actual questions, the first one I have is in terms of the New order wins. That’s Yazaki Autoliv fca. Could you give us some granularities around what products you’ll be supplying? The size of this or the credential of this and the timelines associated with them, please.
Sanjay Thapar
We don’t give customers specific answers in terms of product lines for obviously reasons as you can understand. But suffice it to say these are the decorative products which are involved with the aesthetics. So this is that broad general category. I’m sorry, we don’t give those specific details as to when will this happen. Because you also have a confidentiality agreement with customers for any under development products. So before they get launched, we cannot really come. Come out in public explaining the clients.
Ganeshram Rajagopalan
Understood. Maybe not on the. Maybe not on the product side, but if you could give us a sense of the size of the opportunity over here with these clients.
Sanjay Thapar
Ah, that. That’s what I said earlier. So Stellantis is a huge business. So we have.
Ganeshram Rajagopalan
No, no, no. For the, for the three that we declared this quarter that.
Sanjay Thapar
So it would. I would. So it is like. I don’t know, I am not so comfortable sharing numbers with you, but approximately in the tune of 5 crores a year sort of revenue.
Ganeshram Rajagopalan
Understood? Understood. Okay. And the other question is just with regards to what your plan is on the inorganic side, right. Have there been any developments over the quarter and has there been any thinking changed over it? Because last thing last time I think you were waiting to see if the Paris situation quiet down a bit. But what are your thoughts now?
Sanjay Thapar
No, my thoughts remain consistent. So we continuously. Inorganic growth is a key pillar of our growth strategy. We continue looking at options, but as I’ve said earlier this year we will continue to accumulate cash and it is next year that we are really targeting an acquisition. Are we looking at targets? Most certainly, yes. We are looking at various opportunities that we can do because it takes a long process, close to about a year to complete an acquisition. So we will certainly start this process in this year. But I don’t expect to conclude anything before the next financial year.
So. So it will step into the next financial year. So that’s a short answer to your question.
Ganeshram Rajagopalan
Thank you.
Sanjay Thapar
Thank you.
operator
Thank you. The next question is from the line of Hitesh Goel from Origin Capital. Please go ahead.
Hitesh Goel
Thank you sir for taking my question and congratulations on. My question is on basically Exotech. So the new facility that is coming in, can you share what could be the proportion of exports, you know, in that facility?
Sanjay Thapar
So fundamentally it is not an export oriented unit, but exports we see a very large opportunity set, you know, because chrome plating as a technology is much in demand by the end consumer. But investment in this export area, especially in the overseas markets are coming down because people find it very challenging and I think India will stand to gain. So when we are setting up a plant in 2025, I would imagine that we would be right at the cutting edge of technology in terms of different finishes and colors that they required, which we have very successfully demonstrated here in the Indian market.
So my personal expectation is that 50% of that capacity of that plant, ideally I’d be very happy if we can get export orders there to supplement a very strong performance in the domestic market. So our domestic business, as you know, has grown very well 3x growth in the last four years and we hope to maintain that trajectory in that line of business.
Hitesh Goel
Answer on WPI My second and last question will be on wpi. So in WPI indicated that one large customer, mostly which is large part of their revenue, mostly consumer durable has got impacted because we’ve seen in this quarter consumer durable companies have got impacted because of consumption slowdown. So how do you. One is obviously market coming back, consumer durables coming back. Secondly, you also got some good orders from automotive clients right in this plant. So could you share how much that could get covered up in wpoen next few quarters by additional new revenue.
Sanjay Thapar
So we have, as I said last time we won businesses from the new Mahindra range of vehicles which are more electric. So both are companies scs, depoplast and Voltair Pack have a role to play there. These are new models ramping up. So sales will ramp up. In addition to that, what I have mentioned in terms of the model change for the consumer electrical, domestic appliance business. Domestic electrical business, sorry, consumer business at Waterfact. So that and the automotive business there for that specific customer that we expect will rebound at some point in time. Whether it takes quarter, two quarters, I cannot say.
But directionally I think in terms of technology that we offer is quite attractive and we continue to remain bullish on growth at that company.
Hitesh Goel
Okay, sir, thank you. Thank you very much and all the best.
Sanjay Thapar
Thank you.
operator
Thank you. The next question is from the line of Nitin from GM Financial. Please go ahead.
Nitin Agrawal
Yeah, thanks for the opportunity and congratulations on a great set of numbers. So my question is with regards to Hero Motorcrop, how much of the total revenue was contributed from hnc?
Sanjay Thapar
Look, I am a supplier, not the buyer, right? So I can’t tell you how much they will buy from Me. But what we try to do is position ourselves as a company that is a reliable partner with first time ride quality, very good response and delivery times and supply performance. We supply not only to the multiple Giromoto plants here. We supply to 170 locations across the world without any hiccup. So I think we have credentials of being a strong supplier. That is the reason why Giro Motocorp came to us in the first place. So we expect the sales to grow as I said as we progressively develop more and more models.
So I’ve already gone on record to say that they buy about 250 crores and we hope to get a significant market share. Now how significant is significant is again depending on the customer. But going by past record we are very optimistic.
Nitin Agrawal
Okay, and second question is related to what all components are we going to supply to the new customer that we have ended in export market such as Auto Layers fc. Any color on that?
Sanjay Thapar
So there are some customers components on the steering wheel. So Autolink is a large supplier of airbags and we have some illuminated logos that we supply started supply to them. So that is one business then the other businesses are local then inlays for Whirlpool. So it’s a. It’s a mix of aesthetic products that we supply to these export customers.
Nitin Agrawal
Okay. And what about the Yazaki? Because Yazaki is mainly into wiring harness kind of products. So what are we intending to supply them?
Sanjay Thapar
Yazaki also makes instrument clusters. So there are tires that go to Yazaki. So it is also. Yes, they’re known for buying harness. You are right. But they also have an instrument cluster.
Nitin Agrawal
That will be for the domestic business that they’ll be supplying it to. Sorry, the product that we have supplying. So you mentioned that it will be for the domestic business. For our domestic business India domestic business business that they will be catering to from our products.
Sanjay Thapar
Yeah, it is party domestic part three exports. So that is a supplier to.
Nitin Agrawal
Yes. Yeah. Okay, got it. Thank you. That’s true. That’s it for my side.
operator
Thank you. The next question is from the line of Abhishek Kumar Jain from Alpha Activate. Please go ahead.
Abhishek Jain
Thanks for opportunity and congratulations. Strong set of numbers sir. In this quarter was very much strong around 38%.
Sanjay Thapar
Yon y could you talk a little slowly? I couldn’t hear you.
Abhishek Jain
Sir. In this quarter standalone business growth was 28% y and y this is the kind of that you can only the revenue from the hero and increasing share of the existing customers. So most probably that these benefits will continue in the coming quarter. And plus that you are going to gain some business in the consumer deliverance from second quarter onwards. So can we expect that external loan business will continue to so 20 plus percent growth in the coming quarter despite muted volume growth in the industry?
Sanjay Thapar
Look what we achieved in the first quarter, most certainly we expect it to continue during the balanced part of the year that having been set. Your other question was that what is the growth that we will do in the next quarters. So what we said earlier on a bulk on figure is we will be 2x of the industry growth for the whole year. So I will still stand by that. There is no specific guidance that I would like to give in terms of percentage of growth. But we will for sure outperform the market as we have done for the last 23 quarters as we reported.
Abhishek Jain
But my question was on the standalone business because despite the mutual growth in the industry, our growth was 28% and these benefits led to the increasing share of the existing customers and ego new business that will continue. So most probably that standalone business will get the benefit of these two things in the coming quarter. So definitely we can expect that 20 plus percent growth in this segment, especially on the standalone side. Just wanted to understand the outlook.
Sanjay Thapar
Look, I don’t comment on standalone or individual components of our business as I’ve said earlier and I would like the analyst community or the investor community also to understand. Look, it is a very complex business that we run with multiple verticals, multiple product lines across the world and there are a lot of decisions that we take internally of what to do at what plant because of the competitive advantage that we may have. So that’s a strategic decision and also how to leverage cross selling opportunities across these businesses across geographies. So it’s quite a difficult business to understand very quickly.
But suffice it to say that think of us as a company which is fast growing, very consistent growth, very consistent performance in of terms terms of financial numbers, both EBITDA and Pat. I think we’ve delivered that over the years and we will continue to do that. Now. Acquiring a big mega customer like Hero Motocorp obviously adds the momentum to our sales growth. But as I said again look at it as a whole business of a company that is steadily building its capability, building its looking at other white spaces and cross selling. So India already we are a very strong company.
As I said many times earlier, it is now with these new capabilities that we built over these years to be a very strong player in the export markets. So that direction is the focus that we have growth Will come, profits will be sustained. So that’s what we’ve delivered and we’ll continue to serve.
Abhishek Jain
Okay and next question on the new plan to start from the third quarter forward. So what would be the incremental revenue and the margin expansion because of this commitment of this plant? And what would be the asset turnover.
Sanjay Thapar
In terms of growth? Look what I said historically on 3x growth in the last four years we hope to continue the same momentum in terms of growth. Mahindra, would you like to comment on the inventory, the turns, the future turnover ratio and for the company?
Mahendra Naredi
Yeah Abhishek. Once we started this facility the asset turnover would be between 3, 3 to 4. In between 3 to 4. Yeah.
Abhishek Jain
So most probably that as we are investing 100 crores and 400 crore kind of the revenue 300 to 400 crores incremental revenue will come by FY27 and.
Mahendra Naredi
Whenever we have the new facility it takes some time to set up, stabilize and then ramping up. So by 27 I would say more or less yes we would able to achieve.
Abhishek Jain
And what would be the margin because. Because you have your. Their own plan would be better than the current margin.
Sanjay Thapar
On the ngsx I’ve always commented let me handle that. So margins, you know historically chrome plating is a low margin business. So we acquired this business at 12%. We are today at about 18, 19% and I think that’s a fantastic achievement by the team. I am happy if we continue to BE at that 18% margin sort of ballpark number. Of course when we add exports I expect that margin to increase. So largely I think I’m quite happy with the 18% margin in that business though we are a little higher at this moment.
Abhishek Jain
And my last question on the wpi how is the client by revenue mix and when we can expect a revival of what is your plan for that?
Sanjay Thapar
Look, our plan is to diversify, diversify the customer base. Look at opportunities to cross sell those products to customers that we have now. The way to progress on any of these is to get involved very early with these customers for any new launches that happen. So the customer has to take a decision. As I said earlier, these are expensive products. They require a lot of engineering groundwork to be done before the product can be implemented. It’s not like an add on badge or a decal that is put so it is engineered within the product. And the lead time for this development is a little bit larger than the existing product that we have at ses.
Most of my products are about three months to four months is the lead time for development at Exotech if you is seven to nine months. Because a lot of tooling is involved. So it is a little long lead item. I would imagine that in a year or so you would see that results bearing fruit. And Walter Pac announcing some new business acquisitions which will new customer acquisition side will which will propel the growth trajectory of that company.
Mahendra Naredi
Thank you.
Sanjay Thapar
Yeah, thank you.
operator
Thank you. The next question is from the line of Jatin Chawla from RTL Investments. Please go ahead.
Jatin Chawla
Hi, good afternoon and thanks for the opportunity. So my first question is just a clarification. When you said the new export orders of around Ficar over a year was it for each customer or this is both the two export opportunities combined?
Sanjay Thapar
No, no. For one customer. So. So that’s what I’m saying. So the size of the businesses are much larger. One of the customers. That was the question that was asked in relation to one customer. So auto limit.
Jatin Chawla
Okay. And FCA would be part of the larger Stellantis relationship only, right? Or do you see that as a new customer?
Sanjay Thapar
Sorry, could you repeat that?
Jatin Chawla
SCA could be part of the larger Stellantis relationship that you are building on. Right?
Sanjay Thapar
That’s right. That’s right.
Jatin Chawla
And not. Sorry, go ahead. No, so I was moving on to the second question that you mentioned that in Walter Pack on the consumer durable side there has been a model change. So do you have the business for the new model that is going to come in as well? And hence we should expect that this will quickly rebound once that new model comes in.
Sanjay Thapar
Yeah, those are under development. So in a phase manner they will come in.
Jatin Chawla
Got it, Got it. And just one quick follow up on Yazaki. I noticed in the presentation that you put them straight into your mega account. So should one expect that also to scale up to a sizable business over the next two, three years?
Sanjay Thapar
Look, all global companies for us have the potential because today we have a very diverse product mix. So it’s not just one model that I can supply to. I can play the part in so many other businesses. So I have currently about more than 10 crore business with them already. So that qualified as a mega account. And opening more markets to the Zati with multiple products cross sold to them. They could certainly merge as a large customer for us.
Jatin Chawla
Thanks a lot and all the best.
Sanjay Thapar
Thank you.
operator
Thank you. The next question is from the line of Jyoti Singh from Aryan Capital. Please go ahead.
Jyoti Singh
Yeah, thanks. Thank you for the opportunity. So just wanted to understand few of the things as you mentioned. On the export side initially like currently revenue mix is 6.7% from export so like given expansion into Asian and Latam and South Korea. So what is the medium term target for export contribution?
Sanjay Thapar
Look the sales ramp up happens as products have launched across different geographies. So typically the OEMs when they give you business, they give you a business for a platform and that platform they give you volumes that what will happen in South America, what will happen in Latin America, what is going to happen in Asia or India or Europe for that matter. Right. So they don’t, it’s a phase five launch that they have. It’s their overall global strategy. So what is important is here to done that then it’s only a matter of time when that happens.
So we don’t dice it down as to the next one year what’s going to happen two years. So there is a. For example I said we won a 300 crore business over the next eight years so that will ramp up step by step. And actually what I said is that 14 to 15% of my top line in FY28 should come from exports and we still stay true to that. So we are working hard to make sure that we achieve that number.
Jyoti Singh
Okay, thank you. So just one more question. So like we discussed a lot on the two wheeler side. So with two wheeler and PV segment growing faster than the industry so are we seeing a wallet share again from existing OEMs or new product?
Sanjay Thapar
Absolutely. So that’s the reason why we grow, right? So we’ve added new marquee customers that. Has led to it. Plus there are new products that we keep launching. So the key theme as I said earlier three times is premiumization and cross selling that we do. So when we come into a customer we don’t just supply one part. I can supply four parts, I can supply decals, I can supply IML parts, I can supply lens mask and and I can also tomorrow supply possibly the display that they have. So we look at all those opportunities and when we pitch for any business, so we pitch for the entire product portfolio that we have and that’s the reason why we grow faster than the market that no matter what they do the content increases because I cross sell a different product.
So even though their growth is let’s say 5% my revenue growth is much higher and that is what is leading to this outperformance quarter after quarter.
Jyoti Singh
Thank you sir. So just one last question on the.
operator
Sorry to interrupt, can you please rejoin the queue as there are several participants waiting for their questions. Thank You. The next question is from the line of Kushnahar from Electrum pms. Please go ahead.
Khush Nahar
Thank you for the opportunity. We had a couple of questions. One, so have we onboarded any customer in our power class segment? We were looking at that since our plant will be operational from Q4. And second, from the side of OEM, do we expect any delay in production due to the Magnet issue that is going on right now?
Sanjay Thapar
Sorry, I didn’t get you. Yes, sorry Kush, I didn’t get your first question. Could you repeat that?
Khush Nahar
Have we onboarded in the coverglass segment since our plant will be operational from. Q4 from year end so earlier.
Sanjay Thapar
So we have developed prototypes, we have given parts to customers. Now the customers are asking us that can you do a larger part and which is maybe assembling this display. So we are still in that process. There is a lot of interest. So heavy one hour at the moment. The answer is no. There is a lot of discussion that is going on. In fact, the discussion forum has expanded. They say why are you only doing cover class? Why can’t you add something more? So that is the level where we are now for us to give a quotation.
So typically to win an order unit will give us quote for a special part and we would not like to quote unless we have a technology tie up in place. So that’s what I’ve said earlier. We are looking at how to address this larger opportunity set. So we are just taking a pause on this business to say that when we do this, we should do it in a manner that really is worthy of our company. Yeah, sorry, that was the first question. What was the second question?
Khush Nahar
Any delay in the production schedule from the OEMs we expect because of the Magnet issue that is going on right now?
Sanjay Thapar
At the moment, no. So while there’s been a lot of press coverage in terms of rarer magnets, a lot of Indian companies have now decided government has decided to give incentives for them. But at the moment, no. And I believe when our Prime Minister meets the President of China, they’ve already done a deal with Europe and us. So I’m sure that there could be something in the works for India. So. So we are optimistic. But no, we have not seen any decline in volumes because of Magnet issues, even though they’ve gone on record to say that their stock is a typical commodity that they would like to get a quick solution to.
Khush Nahar
Right, sir, this is the last question. Any update on this ime.
operator
Sorry to interrupt, sir, so can you please rejoin the queue?
Khush Nahar
Sure. Thank You.
operator
Thank you. The next question is from the line of Sahil Rohit Sanghvi from Monarch Net Worth Capital. Please go ahead.
Sahil Sanghvi
Yeah. Hi. First of all, many congratulations for a good set of numbers despite the underlying industry growth. I have two questions. First, do you see any kind of pushback or a slowdown in the orders from Stenantis and World Food mainly from the US because of the tariff issue. I understand. I mean nothing has been finalized on the tariff yet. But then an indirect impact of the production getting hit. Is anything on that front visible right now? And my second question is. Yeah. Okay.
Sanjay Thapar
Nothing. Nothing as yet. So as I said, we’ve started supplies six months. So so far we have not had any issues with them for supply.
Sahil Sanghvi
Okay. Okay. Okay. Thank you sir. And next second question would be do you have any kind of. I mean split as to. Let’s say we’re growing 20%. Would the 5, 6% be attributable to the value growth of the premiumization? Any kind of. That understanding you gave? Any kind of quantitative.
Sanjay Thapar
It is a very complex topic because it is a mix of. All right, so. So when we add a new product, depending on what product you add, it could change the pie completely. So you know you have. If I add a badge that may add maybe 100, 150 rupees. If I were to add a lens mask assembly it would add about a 300 rupee difference to what I supply. So those percentages are quite dynamic depending on business to business and customer to customer. So a two wheeler they would get a different answer. A four wheeler there’d be different answer.
For example, if I start supplying aero caps for alloy wheel set I could be adding close to about 2000 rupees per vehicle over and above whatever I do. So. So it is quite a dynamic situation. But all I can assure you is that the premiumization adds a lot of content. And that is what is the secret sauce to our growth.
Sahil Sanghvi
Sure. Thank you. And all the best.
Sanjay Thapar
Thank you.
operator
Thank you. The next question is from the line of Pratik Giri from Shublab Research. Please go ahead.
Prateek Giri
Am I audible?
Sanjay Thapar
Yes you are.
Prateek Giri
Thank you, sir. Ladies and gentlemen, congratulations on. Good. Mr. Kapur.
Prateek Giri
Most of my questions are answered. I just wanted to understand on the cubic deadline shifting. Probably earlier we were confident of it making by the Q2 end.
Sanjay Thapar
Probably now we are. Sorry, could you speak a little slowly? There is an echo and I could not hear you very well.
Prateek Giri
I am so sorry, sir. Is it. Is it better now, sir?
Sanjay Thapar
Yes, it is.
Prateek Giri
Sir. I just wanted to understand about the Deadline shifting which we have done for the exotic capacity expansion. Earlier we were confident of Q2N but probably now we want to take it to Q4N. Now I understand you have already answered.
operator
Sorry to interrupt, sir. Sorry.
Sanjay Thapar
Q3, not Q4.
Prateek Giri
Okay, okay, wonderful. But Mr. Thapar, I just wanted to, you know, have some more details. These tweaks which we are making in the capacity, you know how economically it is going to benefit us. Will it increase our asset turnover for that particular investment? Is it going to give us more customers? And one, one for just one follow up on this. Have we explored global accounts for this chrome plating business? As you said, the opportunity in exports is very huge. That’s question number one, Mr. Kapal. Thank you.
Sanjay Thapar
Yeah. So that is the precise reason why we are reworking or improving the specs of the current plant. As I said, there is an opportunity that we have for painting and chrome plating. So chrome plating is by and large sorted. Painting. There is a large global customer with which we have discussed and we’ve gone through the specs because we don’t wait for the plant to be ready to actually address RFQs with customers because that takes some time. So there is a requirement for a specific, some process to be added and that has forced us or I mean it’s prudent on our part to take cognizance of that specific requirement to unlock the export potential.
So it comes from a large, potentially a very large customer. So I’m happy to do it. We are in no teary hurry. The HCS Deco plus business is growing well and strongly. So we are managing with our manufacturing model to be able to meet the customer demand. But at the same time when we build upon, we wanted to take all boxes for all global customers also. And as I said earlier, exports is a major area that I want to focus on. Once we set up this new plating and chrome plating facility. Painting and chrome plating facility.
And that is what we intend to do.
Prateek Giri
Understood, Understood. Very, very comforting. Just one thing, sir.
Prateek Giri
Is this global customer, this global account which we are talking about, does it change the returns from that plant dramatically or is it going to give us only incremental returns in terms of asset turnover? And you know the ramp up schedule which we have baked in our, in.
Sanjay Thapar
Our model look, the lens which I have to look at any investment is that what is the roce that I get on that plant? So the golden O is anything less than 20 is not acceptable. So that is the length through which we look at a business and the other part being that as I said earlier, exports is going to be more value creative. So when I talk of margin expansion, we’ve done a good job coming from from 12 to 18, 19% today. If I want to increase it higher exports is the way to go.
So I have a legacy customer base and when exports start taking in a significant manner, we hope to improve profitability at that brand. So I hope that answers both the questions.
Prateek Giri
Yes sir. Yes sir. This last one sir, in WPI business I’m sure you have already answered this but I wanted to ask it upfront now because it has been flat for last five quarters. When should we expect improvement in revenue from WPI segment? I’m asking this because sir, I’m sure.
Prateek Giri
In the due course of last four, five quarters you must have spoken to multiple customers for better utilization of this capacity. You know, while the models are not working for us.
Sanjay Thapar
So it’s a long lead item as I said earlier compared to what we have at SGS or at SGS ecoplast. Also the lead time for development of tooling and a product is close to about 7 to 9 months depending on the complexity of the tooling. One tool costs close to about 8 or 10 crores. So you can imagine the sort of complexity that is involved in the water pack product line. So I’ve answered that to a question a little that look it could take a While so maybe 3, 2, 3/4 it would take so roughly a year from now you could expect that Walter Pac will be back with some large mega businesses.
So we are working hard towards it to diversify both the customer base at that specific business and to also onboard new customers customers for this expensive technology if I may put the word.
Prateek Giri
So this precisely answers my questions. Congratulations once again sir and good luck for the entire year. Thank you sir.
Sanjay Thapar
Thank you very much.
operator
Thank you. The next question is from the line of Prit from Incred. Please go ahead.
Unidentified Participant
Thank you for the opportunity. Sir, I would like to ask you on the margin up front this quarter you have reached the margin for the last full year and given the export share was only 6.7% and going forward you expect your export share to increase to 13 to 14%. And if I’m not wrong, your export margins are way higher than the final margin. So just wanted to clear that. Are you able to see the same margin going forward or do you see any improvement in the margin?
Sanjay Thapar
Look, the advantage we have as you would understand is economies of scale kick in. So when I there is an operating leverage that works in our favor when we scale up and that is what you’ve been saying. So I have said that we are expect SAS to grow faster than the industry expect SAS to deliver margins around 25%. I am very happy that we are at the 27% but the point really is that look, the idea behind the business is to have a sustainable business which will grow. We’ve demonstrated that we have a large moat.
We have long customer relationships which customers are happy to do business with us, which I think is invaluable. And the product that we have are very complex. So it’s not easy for a customer competitor to get into all these sort of products that we do. So I think we have a very attractive business and moving forward that will add to our profitability and growth. But again to repeat What I said, 25% growth is what I have been guiding to. We are at 27.6% last quarter which is a great job done. But moving forward I am happy if I continue to grow at a fast pace with a ballpark 25% EBITDA.
That is what you should expect. We a very high cash generating company and we intend to keep it that way.
Unidentified Participant
My other question would be on if you can mention the margins for this quarter for WPI and Exotech and going forward how you can ramp up in the segments.
Sanjay Thapar
We don’t. We don’t, as I said earlier, think of it as a complete business. We don’t share margins by different product lines or different companies. Overall is the margin that we declare because there are many cross selling opportunities or revenue sharing opportunities within these companies. So don’t look at those individual margins. I think I would guide you to look at the consolidated margin that we continue to deliver quarter after quarter.
Ganeshram Rajagopalan
Okay. And my last question would be on which you mentioned. So when are you expecting it to come? Are you looking for it or when can we expect?
Sanjay Thapar
We are in active discussion. So as and when it gets concluded we will come out with some market announcements.
Unidentified Participant
Thank you so much for the opportunity.
Sanjay Thapar
Thank you.
Unidentified Participant
Thank you.
operator
Ladies and gentlemen, due to time constant we take the last question from Ganesh Ram from Unify Capital. Please go ahead.
Ganeshram Rajagopalan
Thank you. I, I think this point has been hammered quite a bit in the call today. But I just wanted to understand one element with this entire blast, I mean facility that you’re putting up later in the year. Right. When you say there is some more potential for value addition. Could you give us a sense of what it could be and the ability to manufacture this cover glass itself? Is it something that they’re developing in house and for the new products, what kind of partnership will you need? Will this be going outside a traditional area of competence? That’s what I’m trying to assess and how you’re going to do it.
Sanjay Thapar
Yeah, let me answer that. So no, it’s a decent technology to us. Yes, we take technology. Technology itself is different, but it is similar because the end use is similar. So we’ve been supplying dials to customers or driver information system for so many years and we have a very strong relationship with OEMs for visually appealing aesthetic part. So the aesthetic part business is critical. So not very many companies in India can boast of that qualification. It is the COVID glass or the display for example, consists of three main parts. One is the TFT screen. Then you have what is called a cover glass on the top and on the other end you have what is called a backlight unit.
Now there are opportunities to assemble the complete display. Also because most of the companies, except for Visteon, no other company at the moment in the automotive space has to the best of my knowledge, has capability to assemble the display. So there are many companies which are looking at suppliers like SJS who could do this in India and we are at that discussion now. You can imagine that making a cover glass and then glass is like a raw material that comes in for all the lens mask assemblies that I do. I take plastic granules which I mold into a lens and I inject plastic around it to make a lens mask assembly.
It requires the lens has to be printed. The same situation is there with a cover glass. So basically I will get glass sheets. We will then machine those glass sheets into those specific sizes. There are a lot of processes that involve cleaning, ultrasonic cleaning, chemical strengthening, bending and printing. Then coating with different anti glare, anti reflection, anti fingerprint to give us that property. So we understand all this business. Only instead of plastic value, I will be working with a raw glass sheet which is a commodity. So that business intensity is similar. The end consumer is the.
And that is our claim to fame, that we are a company that understands aesthetics and are in the same space dealing with the same set of customers. So I think we have a natural advantage in this sort of business and we are trying to see how can we do a much larger business in this place than making only the color class. So I hope I have answered it.
Ganeshram Rajagopalan
Understood and with this being just a follow up to question. But see, my only understanding was that it would be tier 2 supply through Visteon. Right? But if you’re starting to also get into assembly of it. Would that be in any way competing with this team themselves or how do you see that point?
Sanjay Thapar
So all, I mean this business will explode, right? So. So it is not that neither vistion or nor any customer has the capacity to handle this whole business when this transition happens. So at the moment it is only in a few high end models or some OEMs follow this. But when it comes into mainstream and the size of the screens start increasing, people want to look at more and more suppliers. So we are here to do business whether it is only for the COVID class or some companies which want the whole assembly or companies which require only unit.
So we are looking at this holistically to say what? How can we leverage our capability and the relationship we built over the years to be a strong player in this market? So that is the reason why we are stepping back a little bit to say that okay, what we need to reject and what opportunity sets do we see in the future. So it looks like a very high growth area and that’s why we are taking a time going about it.
Ganeshram Rajagopalan
Thank you and all the best.
operator
Thank you. I now hand the conference over to the management for the closing comments. Thank you. And over to you sir.
Devanshi Dhruva
Hello. Yes. Thank you everyone. And I would like to thank everyone for joining on this call. I hope we have been able to respond to all your questions adequately. For any further information we request you to please do get in touch with us and stay safe, stay healthy. And thank you once again for joining us. Thank you.
operator
Thank you on behalf of ICICI securities limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.