“On the margin front, I think I can only say that we will be able to sustain these current margins achieved in Q1 for the remaining part of the year as well.”

“The effective tax rate continues to remain at around 25%, which is also expected to hold at similar levels way forward.”

“The share of minority interest for Q1 stood at 12% after the strategic consolidation at the standalone level, which is expected to be in the similar range going forward considering the existing structure.”

“However, we are confident to bounce back and confident to post double-digit growth for the remaining part of the year in this particular segment.”

“The guidance for the full year continues to remain around INR 300 crore, which will include the upcoming greenfield expansions of Mechatronics as well as new plants of IAC division.”

“given a two-year horizon, FY 27 and FY 28, it is very safe to presume that we should be able to deliver a 20% CAGR.”

“Well, 20% CAGR over the long run is still what we maintain.”

“If you look at Mechatronics, I think for the full year, we should be clocking anywhere around INR 400 crore of revenue in this fiscal year as a division.”

“I think, to me, by FY 2030-31, we should definitely be looking at close to INR 1,000 crore top line from Mechatronics division.”

“Going forward, this minority interest will remain in similar range between 11-13%-odd, considering the existing structure which is at the present moment.”

“But I would definitely say that given the long-term perspective, we should look at more of 19% to 20% margin should be sustainable.”

“Excluding that, the product or the operational margin is at 20% for Q1, and which is expected to hold at similar levels of 19% to 20%-odd way forward for the specific Greenfuel business.”

“That’s why I said earlier, I think if we were growing at about 10-12% in the Aftermarket, we are now looking at perhaps 15% or upwards of growth in the Aftermarket.”

“So, the 15% guidance which we have provided at the beginning of the call is for specific this financial year, which is FY 27.”

“If we consider a CAGR of closer to 20%-odd from FY 25 to FY 27, this translates into around INR 800 crore to INR 850 crore EBITDA for FY 27.”

“If you do the mathematics, it comes out as any number between 15.5% to 16%, which we are targeting for FY 28.”

“So, as I said, consolidated Advanced Plastics is at about 16-20%, and we expect that to continue.”

“Number two, on the capex, while Q1 was at INR 23 crore, as Ankit had mentioned, the full year guidance is INR 300 crore for the capex in FY 27, and that is a good place where we feel that the order book of INR 1,600 crore should be delivered on that kind of a capex spend for FY 28 and FY 29 needs.”

“However, around 10-12%-odd, the capex, which is more specific towards any particular JV and or the subsidiary, for that very specific purpose a debt will be taken.”

“Just to give you a very satisfactory answer, if you just put them under a Mechatronics bucket, the intended path is that over the next 12-24 months, the Mechatronics basket will be operating in anywhere between 14-15% EBITDA.”