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PITTIENG - Pitti Engg.

📊 NSE: PITTIENG 🏢 Engineering 📅 Last Updated: 12/14/2025 11:01

📢 Recent Corporate Announcements

Pitti Engineering Seeks Shareholder Approval for Appointment of G. Vijaya Kumar as Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Mar 2026, 04:47 PM

Pitti Engineering Limited has issued a postal ballot notice to obtain shareholder approval for the appointment of Shri Gummalla Vijaya Kumar as a Non-Executive Non-Independent Director. He was initially appointed as an Additional Director by the Board on February 5, 2026, and now requires formal member confirmation. The remote e-voting period is scheduled to run for 30 days, from March 6 to April 4, 2026. This is a standard governance procedure to formalize board composition and ensure regulatory compliance.

Proposed appointment of Shri Gummalla Vijaya Kumar (DIN: 00780356) as Non-Executive Non-Independent Director.
Remote e-voting period starts March 6, 2026, and ends April 4, 2026.
The cut-off date for determining shareholder voting eligibility was February 27, 2026.
Voting results will be declared on or before April 7, 2026.

💡 Shareholders should review the director's credentials in the explanatory statement and cast their votes through the e-voting facility. This is a routine administrative matter and is not expected to impact the company's stock price or operations.

Pitti Engineering Announces Postal Ballot and E-voting Schedule for Special Business

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Feb 2026, 03:35 PM

Pitti Engineering Limited has initiated a postal ballot process to seek shareholder approval for specific special business items. The company has set February 27, 2026, as the cut-off date to determine eligibility for voting. The remote e-voting period will span 30 days, starting from March 6, 2026, and ending on April 4, 2026. Final results of the voting process are expected to be announced on or before April 7, 2026.

Cut-off date for determining e-voting eligibility is February 27, 2026
Remote e-voting period begins on March 6, 2026, at 9:00 AM IST
Remote e-voting period concludes on April 4, 2026, at 5:00 PM IST
Final results to be declared within 2 working days of conclusion, by April 7, 2026

💡 Investors should monitor their registered email addresses for the detailed Postal Ballot Notice to understand the specific special business being proposed. No immediate trading action is required based on this procedural announcement.

Pitti Engineering Q3 FY26 Adjusted EBITDA Jumps 24.5% YoY to ₹83.3 Cr; Margins Expand to 17.5%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 01:39 PM

Pitti Engineering reported a 15% YoY increase in Q3 FY26 revenue to ₹484.3 crores, driven by strong demand in railways and data centers. Adjusted EBITDA margins expanded significantly to 17.5% from 16.1% last year, reflecting a strategic shift towards higher-value integrated products. The company is now liquidating excess inventory after securing BIS-certified steel sources from Korea and Japan, which is expected to lower finance costs. Management remains confident in its ₹150 crore capex plan, which is on track to be fully operational by FY27.

Total lamination volumes grew 21.1% YoY to 16,823 tons in Q3 FY26.
Data center segment revenue contribution increased to 3.7%, with management projecting 25-30% growth in this segment over the next 12-18 months.
Railways and Traction Motors remain the primary revenue driver, contributing 31.9% of total Q3 revenue.
Adjusted PAT for the 9-month period rose 12.7% YoY to ₹97.1 crores despite high finance costs.
Secured long-term tie-ups for BIS-approved steel, allowing for the release of significant working capital previously tied up in safety stock.

💡 Investors should focus on the improving margin profile as the product mix shifts toward value-added machining. The reduction in finance costs and the ramp-up of the ₹150 crore capex in FY27 are key triggers for future earnings growth.

Pitti Engineering to Attend Axis Capital Investor Conference on February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 06:34 PM

Pitti Engineering Limited has announced its participation in an investor conference organized by Axis Capital in Mumbai. The event is scheduled for February 12, 2026, between 10:00 AM and 5:00 PM. The interaction will include both group and one-on-one meetings with institutional investors and analysts. The company has explicitly stated that discussions will be limited to publicly available information, ensuring compliance with SEBI regulations regarding unpublished price-sensitive information.

Investor conference scheduled for February 12, 2026, in Mumbai.
Organized by Axis Capital featuring Group and 1-on-1 meeting formats.
Interaction window set from 10:00 AM to 5:00 PM.
Company confirms no unpublished price sensitive information (UPSI) will be shared.

💡 Investors should monitor for any subsequent investor presentations or transcripts released by the company following the conference for insights into management's outlook. This is a routine disclosure and does not necessitate immediate portfolio changes.

Pitti Engineering Releases Q3 & 9MFY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 06 Feb 2026, 06:37 PM

Pitti Engineering Limited has made the audio recording of its Q3 and 9MFY26 earnings conference call available to the public. The call, held on February 6, 2026, discussed the company's un-audited financial performance for the quarter and nine months ended December 31, 2025. This disclosure is part of the mandatory compliance under SEBI Listing Obligations and Disclosure Requirements. A written transcript of the proceedings is expected to be released shortly.

Audio recording for the Q3 and 9MFY26 earnings call is now accessible via the company website.
The conference call was conducted on February 6, 2026, following the release of financial results.
Covers financial performance for the nine-month period ending December 31, 2025.
Management has committed to providing a written transcript to the exchanges in due course.

💡 Investors should review the audio recording or upcoming transcript to understand management's outlook on the engineering sector and specific growth guidance. Focus on commentary regarding order book execution and capacity expansion plans.

Pitti Engineering Q3 FY26: Total Income up 15% to ₹484 Cr; Adjusted EBITDA Rises 25%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 07:57 PM

Pitti Engineering reported a solid Q3 FY26 with total income rising 15% YoY to ₹484 crore, supported by a 21.1% volume growth in laminations. Adjusted EBITDA grew significantly by 25% to ₹83 crore, reflecting improved operational efficiency and a healthy 17.5% margin. However, Adjusted PAT growth was limited to 4% YoY at ₹30 crore, primarily due to higher finance costs from maintaining elevated inventory levels for BIS-certified steel. The company is now liquidating this excess inventory and has approved a merger of its subsidiaries to streamline operations.

Total Income for Q3 FY26 increased 15% YoY to ₹484 crore, while 9M FY26 income reached ₹1,447 crore.
Adjusted EBITDA for the quarter rose 25% YoY to ₹83 crore with margins expanding to 17.5%.
Total lamination sales volumes grew by 21.1% YoY to 16,823 MT in Q3 FY26.
Exports contributed 28% to the total revenue for the 9M FY26 period despite global geopolitical tensions.
Board approved the merger of wholly-owned subsidiaries Pitti Industries and Dakshin Foundry to enhance synergies.

💡 Investors should focus on the company's ability to reduce finance costs in the coming quarters as they liquidate excess inventory. The strong volume growth and margin expansion indicate robust demand from the railways and power sectors.

Pitti Engineering 9MFY26 Total Income at ₹1,447 Cr; Traction & Railway Segment Leads at 33%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 07:45 PM

Pitti Engineering Limited reported a total income of ₹1,447 crores for the nine-month period ending December 2025. The company's revenue is well-diversified, with the Traction Motor and Railway segment contributing 33%, followed by Power Generation at 16%. Exports remain a significant driver, accounting for ₹398 crores or 28% of total revenue in 9MFY26. Strategic growth is being fueled by the acquisition of Bagadia Chaitra Industries and Dakshin Foundry, alongside a ₹197 crore capex plan for high-value machined components.

Total Income for 9MFY26 reached ₹1,447 crores with operations across 6 manufacturing facilities.
Traction motor and railway components revenue share grew to 33% in 9MFY26 compared to 32% in 9MFY25.
Exports revenue stood at ₹398 crores for 9MFY26, representing 28% of the total revenue mix.
Company is executing a ₹197 crore additional capex plan to expand into complex and critical machined components.
Strategic acquisitions of Bagadia Chaitra Industries and Dakshin Foundry have been completed to enhance vertical integration.

💡 The company's shift toward high-margin machined components and its strong position in the railway and renewable sectors provide a positive long-term outlook. Investors should monitor the margin expansion resulting from the integration of recent acquisitions and the new capex cycle.

Pitti Engineering to Merge Wholly Owned Subsidiaries PIPL and DFPL with Itself

🟢 POSITIVE ⭐ 8/10

M&A 📅 05 Feb 2026, 07:35 PM

Pitti Engineering Limited (PEL) has approved the amalgamation of its two wholly-owned subsidiaries, Pitti Industries Private Limited (PIPL) and Dakshin Foundry Private Limited (DFPL), into the parent company. For the period ending March 31, 2025, PIPL and DFPL reported turnovers of ₹240.84 crore and ₹67.80 crore respectively, compared to PEL's standalone turnover of ₹1,511.87 crore. The merger is intended to simplify the corporate structure, eliminate duplication of work, and achieve economies of scale. As the entities are 100% owned, no new shares will be issued, and there will be no change in PEL's shareholding pattern.

Merger of PIPL (₹240.84 Cr turnover) and DFPL (₹67.80 Cr turnover) into PEL (₹1,511.87 Cr turnover)
Combined net worth of the two amalgamating subsidiaries stands at ₹109.69 crore as of March 2025
No cash consideration or share issuance involved as the entities are 100% subsidiaries of PEL
Expected to reduce overheads, rationalise compliance requirements, and create a stronger base for growth
The scheme is subject to approval from the Hon’ble National Company Law Tribunal (NCLT), Hyderabad Bench

💡 This consolidation is a positive move to improve operational efficiency and margins by reducing administrative redundancies. Investors should maintain their positions as the merger simplifies the group structure without diluting equity.

Pitti Engineering Appoints Gummalla Vijaya Kumar as Non-Executive Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Feb 2026, 07:29 PM

Pitti Engineering Limited has appointed Shri Gummalla Vijaya Kumar as an Additional Director (Non-Executive, Non-Independent) effective February 5, 2026. Mr. Kumar, aged 70, is a legal veteran with over 40 years of experience, including roles as a Government Pleader and legal advisor to major financial institutions. He has a long history with the company, having served as an Independent Director for a decade from 2014 to 2024. The appointment is subject to shareholder approval via postal ballot and ensures the board retains his extensive legal and institutional knowledge.

Appointment of Shri Gummalla Vijaya Kumar as Non-Executive, Non-Independent Director effective February 5, 2026.
Appointee brings over 40 years of legal experience and was previously an Independent Director at Pitti from 2014 to 2024.
Mr. Kumar has served as a Government Pleader for the United State of Andhra Pradesh and legal advisor to State Bank of Hyderabad.
The appointment is subject to shareholder approval to be obtained through a Postal Ballot.
The board meeting for this approval was conducted between 4:30 PM and 5:30 PM on February 5, 2026.

💡 This is a routine board appointment of a long-term associate of the company and does not necessitate any change in investment strategy. Investors should monitor the postal ballot results for formal confirmation.

Pitti Engineering to Merge Two Subsidiaries; Approves Q3 FY26 Financial Results

🟢 POSITIVE ⭐ 8/10

M&A 📅 05 Feb 2026, 07:10 PM

Pitti Engineering's board has approved the amalgamation of its two wholly-owned subsidiaries, Pitti Industries Private Limited and Dakshin Foundry Private Limited, into the parent company. These subsidiaries reported a combined turnover of approximately ₹308.64 crore and a net worth of ₹109.69 crore for FY25. The merger is intended to simplify the corporate structure, reduce overhead costs, and create operational synergies. Since these are 100% subsidiaries, no new shares will be issued, and the shareholding pattern remains unchanged.

Approved merger of Pitti Industries (FY25 turnover ₹240.84 Cr) and Dakshin Foundry (FY25 turnover ₹67.80 Cr) with the parent entity.
The consolidation aims to integrate manufacturing of electrical steel laminations and high-quality castings for better resource utilization.
No cash consideration or share exchange involved as the amalgamating companies are wholly-owned subsidiaries.
Appointed Shri Gummalla Vijaya Kumar, a legal veteran with 4 decades of experience, as an Additional Director.
Board approved un-audited standalone and consolidated financial results for the quarter ended December 31, 2025.

💡 Investors should look favorably on this consolidation as it likely leads to improved margins through cost rationalization. Monitor the detailed Q3 FY26 earnings release for specific performance metrics of the core business.

Pitti Engineering to Merge 2 Subsidiaries with Combined FY25 Turnover of ₹308.64 Cr

🟢 POSITIVE ⭐ 8/10

M&A 📅 05 Feb 2026, 07:06 PM

Pitti Engineering (PEL) has approved the amalgamation of its two wholly-owned subsidiaries, Pitti Industries Private Limited (PIPL) and Dakshin Foundry Private Limited (DFPL), into the parent company. This merger is designed to simplify the corporate structure, eliminate duplication of work, and enhance operational efficiencies. For the period ending March 31, 2025, PIPL and DFPL reported turnovers of ₹240.84 Cr and ₹67.80 Cr respectively. Since these are 100% subsidiaries, no new shares will be issued, and there will be no change in the shareholding pattern of PEL.

Approved the merger of wholly-owned subsidiaries PIPL and DFPL with Pitti Engineering Limited.
PIPL and DFPL recorded FY25 turnovers of ₹240.84 Cr and ₹67.80 Cr, with net worths of ₹38.63 Cr and ₹71.06 Cr respectively.
The merger involves no cash consideration or share issuance as the subsidiaries are already 100% owned.
Appointed Shri Gummalla Vijaya Kumar, an advocate with 40 years of experience, as an Additional Director.
Approved un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

💡 The internal consolidation is a positive move to reduce overheads and improve resource utilization. Investors should monitor the upcoming detailed financial results for growth trends in the core engineering business.

Pitti Engineering to Host Q3 & 9M FY26 Earnings Call on February 6, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 28 Jan 2026, 07:23 PM

Pitti Engineering Limited has scheduled an audio conference call for investors on February 6, 2026, at 2:00 PM IST. The management, led by MD & CEO Akshay S. Pitti, will discuss the company's operational and financial performance for the quarter and nine months ended December 31, 2025. This call follows the release of the un-audited financial results for Q3 FY26. Investors can participate via pre-registration or provided dial-in numbers to gain insights into the company's growth trajectory.

Earnings call scheduled for February 6, 2026, at 2:00 PM IST
Discussion to focus on un-audited financial results for Q3 and 9M FY26
Management representation by MD & CEO Mr. Akshay S. Pitti
Global dial-in access provided for USA, UK, Singapore, and Hong Kong

💡 Investors should attend the call or review the transcript to understand management's outlook on the engineering sector and the company's margin performance. Focus on commentary regarding order book execution and capacity utilization.

Pitti Engineering Submits Report on Physical Share Transfer Re-lodgements

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Jan 2026, 01:49 PM

Pitti Engineering Limited has filed a report regarding the re-lodgement of transfer requests for physical shares as of December 31, 2025. This submission is in compliance with the SEBI Circular dated July 2, 2025, ensuring regulatory transparency for shareholding records. The report was compiled by the company's former Registrar and Share Transfer Agent, XL Softech Systems Limited. This is a standard administrative disclosure and does not affect the company's operational or financial standing.

Compliance with SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 regarding share transfers.
Report covers re-lodgement requests for physical shares as of the cutoff date December 31, 2025.
Information provided by erstwhile Registrar and Share Transfer Agent, XL Softech Systems Limited.
Routine filing submitted to both BSE and NSE for record-keeping purposes.

💡 No action is required from investors as this is a routine regulatory filing. Continue to monitor the company for fundamental business updates and quarterly financial results.

Pitti Engineering Submits Quarterly SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 01:04 PM

Pitti Engineering Limited has filed its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The filing confirms that all physical share certificates received for dematerialization were duly verified, mutilated, and cancelled. The company has updated its records to reflect the respective depositories as the registered owners. This is a standard administrative procedure ensuring the integrity of the electronic shareholding system.

Compliance certificate issued for the quarter ended December 31, 2025
Confirmation of dematerialization and cancellation of physical share certificates
Verification conducted by Registrar and Share Transfer Agent, XL Softech Systems Limited
Securities involved are already listed on both BSE and NSE

💡 No action is required from investors as this is a routine regulatory filing. Monitor the company's upcoming quarterly financial results for fundamental performance updates.

Pitti Engineering Appoints MUFG Intime India as New Registrar & Share Transfer Agent

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Dec 2025, 06:36 PM

Pitti Engineering Limited has transitioned its Registrar and Share Transfer Agent (RTA) from XL Softech Systems Limited to MUFG Intime India Private Limited, effective December 30, 2025. This administrative change includes the shifting of electronic connectivity for both NSDL and CDSL depositories. The move is a standard corporate update and does not affect the company's operational or financial performance. Shareholders are now required to direct all securities-related correspondence to the new RTA's Mumbai office.

RTA changed from XL Softech Systems Limited to MUFG Intime India Private Limited effective Dec 30, 2025.
Electronic connectivity for NSDL and CDSL shifted to the new agent on December 30, 2025.
New RTA contact details: MUFG Intime India, Vikhroli (West), Mumbai, Tel: 91 8108116767.
A formal tripartite agreement between the company and the RTAs will be executed per SEBI regulations.

💡 Investors should update their records with the new RTA contact details for future correspondence. No immediate action is required regarding existing shareholdings as the transition is handled at the depository level.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 13.8% YoY in H1FY26 to INR 934.3 Cr. Subsidiary revenue grew 60% in Q2FY26 due to production optimization and shifting legacy business from the parent to Bangalore and Aurangabad units. Lamination volumes reached 17,722 tons in Q2FY26, though loose lamination and low value-added assemblies (11,801 tons) declined 2% YoY.

Geographic Revenue Split

Not explicitly disclosed by percentage, but the company is actively expanding its machine components business in Europe to capitalize on the closure of local foundries, while domestic operations are centered in Hyderabad, Aurangabad, and Bangalore.

Profitability Margins

Gross Profit Margin improved from 38.0% in FY24 to 40.4% in FY25. PAT Margin stood at 6.7% in H1FY26 compared to 7.0% in H1FY25. The slight decline in PAT margin is attributed to higher depreciation (up 38.9% YoY to INR 51.4 Cr) and finance costs (up 12.1% YoY to INR 39.9 Cr) following recent capacity expansions.

EBITDA Margin

EBITDA Margin improved by 130 bps YoY to 16.4% in H1FY26. Q2FY26 EBITDA margin was 16.3%, reflecting strong operating leverage. The company targets margin protection through a pass-through mechanism for raw materials and renegotiating overheads every 3-5 years.

Capital Expenditure

Net cash used in investing activities was INR 536.1 Cr in FY25, a significant increase from INR 247.0 Cr in FY24. This includes INR 309.99 Cr for the purchase of Property, Plant, and Equipment and intangibles to support the ramp-up to a target of 80,000-83,000 tons by FY27.

Credit Rating & Borrowing

Total borrowings stood at INR 297.2 Cr as of March 2025. Finance costs increased to INR 67.9 Cr in FY25 from INR 51.5 Cr in FY24 (a 31.8% increase), reflecting higher debt utilization for acquisitions and expansion.

⚙️ Operational Drivers

Raw Materials

Steel (for laminations) and scrap/pig iron (for foundry castings) represent the primary inputs. Cost of Goods Sold (COGS) was INR 1,016.5 Cr in FY25, accounting for 58.3% of total income.

Import Sources

Not explicitly disclosed; however, manufacturing is concentrated in Hyderabad, Aurangabad, and Bangalore, suggesting domestic sourcing for bulk inputs.

Capacity Expansion

Current lamination volume is approximately 17,722 tons per quarter. The company is targeting a capacity ramp-up to 80,000-83,000 tons by FY27 and further expansion by FY28. New capacities in Bangalore are expected to ramp up production starting January 2026.

Raw Material Costs

Raw material costs are managed through a 100% pass-through contract with customers, mitigating price volatility. COGS as a percentage of revenue decreased from 62.0% in FY24 to 59.6% in FY25, aiding gross margin expansion.

Manufacturing Efficiency

EBITDA growth of 23.3% in H1FY26 outpaced revenue growth of 13.8%, indicating improved manufacturing efficiency and operating leverage as new capacities stabilize.

Logistics & Distribution

The company is optimizing production by transferring legacy business to subsidiaries located closer to specific customer clusters to reduce distribution lead times and costs.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be driven by a shift toward high value-added machine components and assemblies, which help offset lower margins in loose laminations. The company is also targeting the European market for castings as local foundries close. Capacity is being expanded to reach 80,000+ tons by FY27.

Products & Services

Laminations, high value-added assemblies, machine components, and raw castings for motors, generators, and other industrial applications.

Brand Portfolio

Pitti Engineering, Dakshin Foundry, Pitti Industries.

New Products/Services

Expansion into Forging and further growth in machine components for the European market are the primary new growth vectors, with production ramp-ups in Bangalore starting Q4FY26.

Market Expansion

Targeting Europe for machine components and castings. Domestically, optimizing the footprint across Hyderabad, Aurangabad, and Bangalore.

Strategic Alliances

Amalgamation with Pitti Castings Private Limited was approved to streamline the foundry and engineering business.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated 'ready-to-assemble' components rather than loose laminations. Pitti is positioning itself as a high-value integrated player to capture this 15-20% industry growth trend.

Competitive Landscape

Competes with domestic and international foundries and lamination manufacturers; however, the exit of European players is reducing competitive intensity in high-end segments.

Competitive Moat

Moat is built on long-term customer relationships, integrated manufacturing (foundry + machining + lamination), and a transparent pricing model that protects margins from raw material volatility.

Macro Economic Sensitivity

Sensitive to global industrial CAPEX cycles, particularly in the power generation and transportation sectors which drive demand for laminations and castings.

Consumer Behavior

Industrial customers are increasingly demanding sub-assemblies and finished machine components rather than raw parts to simplify their own supply chains.

Geopolitical Risks

The closure of foundries in Europe due to energy costs and environmental regulations presents a strategic entry point for Pitti's machine components.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies (Indian Accounting Standards) Rules, 2015 and Section 133 of the Companies Act. The company recently completed a QIP of INR 360 Cr in July 2024 following SEBI regulations.

Environmental Compliance

Not explicitly disclosed, but the company maintains various 'Awards & Certifications' related to manufacturing standards.

Taxation Policy Impact

Effective tax rate was approximately 24.3% in FY25 (INR 39.3 Cr tax on INR 161.6 Cr PBT).

Legal Contingencies

The company discloses the impact of pending litigations in Note 25.2 of the Consolidated Financial Statements; however, the specific INR value of these contingencies is not provided in the snippets.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timing of the ramp-up for new capacities in Bangalore and the successful stabilization of the balance sheet before committing to the capital-intensive forging expansion.

Geographic Concentration Risk

Manufacturing is concentrated in India (Hyderabad, Aurangabad, Bangalore), making it sensitive to domestic industrial policy and power costs.

Third Party Dependencies

Dependency on specialized steel suppliers for lamination grade materials, though costs are passed through to customers.

Technology Obsolescence Risk

The shift from loose laminations to complex assemblies requires continuous investment in high-end machining centers to avoid obsolescence.

Credit & Counterparty Risk

Trade receivables of INR 260.3 Cr (as of Sep-25) represent a significant portion of current assets; however, the company maintains a credit risk allowance (INR 4.12 lakhs in FY25) to manage exposure.