Concall — clean across the call.

Around the Q-o-Q revenue growth - last quarter, you had guided for 10% Q-o-Q revenue growth, understanding was that half of that roughly might be organic and the other half might be inorganic. I just want to understand the breakdown of the upside, how durable it is? And just related to that, if you could share any color on the JLR anchor customers and how recovery has been since the cyber issues?

As we commented, the growth was relatively broad-based. Against the 12%, 8% was organic, about 4% was from ES-Tec. That was in line with the expectations that we had when we completed the ES-Tec transaction in November. Of the 8% organic growth, the improvement was relatively broad-based across sectors and certainly between our Anchor and Automotive customers. And we certainly saw JLR return to the normal run rate that we had before the cyber-attack. But we've also secured new deals across both our Anchor accounts and our automotive non-Tata Group accounts. To answer the question about sustainability, we are very confident that what we established in Q4 represents a platform from which we can go on and deliver the double-digit organic growth that we previously committed to.

Just specifically on ES-Tec - with European acquisitions, it takes some time to extract synergies. Just want to understand from what you've seen so far in the company, where you see both revenue and cost synergies? And what sort of timeframe you would expect to start potentially extracting some of those synergies?

The post-merger integration plans with ES-Tec are very much on track. Both Uttam and I were in Wolfsburg a couple of weeks ago to assess not only the cross-sell opportunity that we're looking to drive at VW, but also to assess the synergies that we've got within the Tata Technologies customer base. I'm delighted to say that the business plan that they've committed to is very much being supported by our teams and their teams. And business has already been won, and we are looking to kind of build upon that. We're seeing the business plan being delivered in a way that's consistent with the plan that underpinned the acquisition in November.

Over the past 4 to 5 months, we've seen fairly large EV project-specific write-downs at Stellantis, at Ford, at GM and in some ways even at Renault. If you could just share some color on what the sort of powertrains you're seeing on some of these full vehicle wins?

Our view in terms of the write-offs is that I don't think we should be too distracted by the cleaning up of balance-sheets that are going on in Europe and in North America. I think the more telling trend is the fact that most of the non-Chinese OEMs, during the period of uncertainty and during the period when many of those organizations were grappling with the impact of tariffs, new products were not getting invested in. The good news for Tata Technologies is that our customers are investing, and we're relatively agnostic in terms of propulsion system. So, whether it's a traditional ICE vehicle, whether it's a plug-in hybrid, whether it's a range-extender, or whether it's a full battery electric vehicle, we're engaging with our customers in all of those areas.

Just curious to know how the client conversations have evolved over the past couple of months since the Middle East crisis. There have been concerns around supply disruption for the Auto OEMs. So how are clients thinking in this environment?

One of the things that is not being talked about as far as the Middle East is concerned is the likely impact that what's going on there is going to have on commodity supply chains and particularly the supply of aluminium and plastics. That is likely to impact pricing for our customers, and it's likely to impact supply and their ability to be able to build. I fully expect discretionary spend amongst our customers to tighten if the Middle East crisis continues to extend. Having said that, I don't expect that to impact capex or indeed the commitments that are being made to new products. We've modelled the impact of the Middle East. We think we factored it into our guidance, and we're fully confident that the indirect impact of what's going on there will not undermine the double-digit expectations that we have for this year.

On the BMW JV - if I look at the share of profit from that JV was increasing every quarter. But this time, we have seen a blip, it's come down from INR7 crores to INR6.5 crores. So any particular reason for that?

Our growth in the BMW JV continues to expand. This was more of a 1 quarter phenomenon, whereas in quarter 4, there was certain true-up of the whole year expenses. So, it's an anomaly. I would not guide to any degrowth that we see in the margins or the share of profit from there. So, we continue to be bullish about the way our contributions with BMW JV would grow.

Just lastly on the margins, can you explain the bridge to go from 16% EBITDA currently to 18% over the next 4 quarters? Obviously, operating leverage will be one of the big levers. But outside of that, in terms of SG&A or in terms of gross margins, anything you would expect?

Largely, the operating-margin improvement in the year will be driven first by the robust growth that we expect in our Services business. We retained some of the capacity, and we have been investing in growing the talent, which will support towards the new business that we anticipate to win. So therefore, volumes are something that we will continue to drive. Over and above that, our standard levers around offshore, the mix improvement, the pyramid will continue to support the efficiency that volumes will bring to us. So clearly, while the routine operating levers are in place, but volume growth together with them will help us drive coming back to an exit of 18% by the time we end the year.

You mentioned about four multi-year deals which you have won and two are also in the pipeline. Is there any geographic trend to it? Is it that North American OEMs are spending more than European OEMs?

In terms of the large deals that I celebrated, the good news for us is that, again, it's broad-based. And that is not just sectorial, that is not just from a client perspective, it's also from a geography perspective. One of the PLM deals was in the United States, the other was in Europe. We've celebrated the Full-Vehicle deal in Japan, and we are developing traction across, I think, almost every country that we have a presence at the moment. As far as European OEMs are concerned, I'll specifically point to Germany - one of the things that we are seeing as somewhat of a macro-trend is that the German OEMs have traditionally surrounded themselves with local engineering and IT-service providers. We're certainly seeing that change.

On the Aero business - you mentioned that Aero business is now at $40 million annualized run-rate. Could you also mention about the segments which are contributing to this? And what's the outlook for FY27?

Airbus is certainly a flagship account for us as far as the Aerospace business is concerned. But we're also working with the propulsion and engine manufacturers in North America, and we have a strong and growing relationship here in India with Air India as it builds its MRO footprint out in Bangalore. The Aerospace business is certainly being propelled by our involvement in the EMES3 program at Airbus. But we've leveraged that endorsement and the tailwinds from the influence that the Group is now starting to drive into Aerospace to grow our business in a relatively balanced way.

Just the last question on the guidance of double-digit organic growth for next year. Is it going to be double digits across both non-Anchor as well as Anchor clients within Automotive?

Yes, it is growth that we expect to drive both inside of the Group and outside of the Group. One of the things that I think we shared with you about 12 months ago was the work that we've done to really reinforce the commitment that we're making to our strategic customers. And our top 20 customers now make up almost 88% of our business. Our confidence in double-digit growth is really informed by the knowledge of things like cycle plans, the knowledge of priorities, and the influence that we are extending in terms of the decision-making.

In the past 1 - 1.5 years, there's been a lot of turbulence in the journey, with trade deal, with the war situation. Moving ahead, how much time do you see that we could navigate through all this in a very smooth way and move ahead to a clear growth without any turbulence ahead?

I was in Beijing at the Auto Show 10 days ago. And the innovation and the speed at which the Chinese OEMs are operating is remarkable. And I think that is driving a lot of competitive concerns in Europe and in North America. So clearly, we will all need to be sensitive and cognizant to the geopolitical situation and the impact that has on various economies and consumer demand. But I'll remind everybody that our business is a business that invests today for the competitive position that will define the organizations that we work with in 3 and 4 years' time. There's a catch-up that the Europeans and the North American OEMs are going to have to undertake.

Can you tell us about the ES-Tec contribution for FY26 in terms of dollar?

ES-Tec contribution in quarter 4 has been about $9 million. And in previous month, it was 1/3. So roughly $11 million to $12 million has been the contribution from ES-Tec.

When you are referring to the target for FY27 as a double-digit, are you referring to dollar revenue or a constant currency or INR?

Constant currency.

Are there any plans by the Board to start new business verticals in the high sector growth against hybrid sector?

This is a topic that we revisit in all of our strategy discussions. And the consistent response that we've had to the challenges that we presented to ourselves is that there's more than enough headroom in Automotive, Industrial Heavy Machinery, and Aerospace for us to satisfy our growth aspirations. So, in the short-term, we are going to stay very focused, laser-sharp in terms of our focus upon those industry verticals. For us right now, we're not looking to diversify into other industry verticals.

Historically, there was a vision to reach $1 billion revenue during the Ramadorai period. What is the realistic timeline now to achieve $1 billion in revenue?

Our North Star from a revenue perspective has been $1 billion, and it continues to be that. We are looking to get back to double-digit revenue growth this year. If we can do that and we can sustain that next year, we can complement that with 1 or 2 inorganic transactions. Within the next 2 to 3 years, we have the opportunity to get to where we need to get to.

Can we expect the sustainability of this performance moving into the financial year '27?

That is what Warren outlined. We are looking at a double-digit constant-currency growth as we move into the next financial year.

In terms of the double-digit organic growth that you're targeting next year, how do you see it timing through the year in terms of the cadence? Would it be more of a 2H phenomena? And what kind of demand environment are you baking in for that growth?

We're looking at consistency across the quarters. But I will say that we have had a very strong signings period. We expect, as I signalled before, to close more deals in the next 4 to 6 weeks. So, I think it's likely that the second half of the year will grow faster than the first half of the year. But we expect consistency across all 4 quarters. The guidance that we've provided is very much driven by the order book that we have and the probability-adjusted pipeline that includes deals that we are very much in the process of trying to close. So, it's not factoring in any improvement to the demand environment.