Conference Call Analysis

Executive Summary

===SUMMARY_START===

Cummins India Limited – Q4 FY2025-26 Results Conference Call Analysis

Detailed Analysis

Cummins India delivered strong FY2025-26 results with 18% YoY revenue growth to INR 11,950 crores (FY25: INR 10,166 crores), driven by robust domestic demand (+19%) while exports grew at a slower 12%. Profit before tax (before exceptional items) grew 24% to INR 3,104 crores, indicating margin expansion despite commodity inflation headwinds.

Key Business Drivers:

• Power Generation Domestic: +24% YoY to INR 4,758 crores, with data center orders contributing 30-35% of PowerGen revenue (vs. parent company's 25% globally).
• Distribution Business: +22% YoY to INR 3,278 crores, driven by CPCB IV+ technology adoption and aftermarket service packages.
• Industrial Segment: Marginally down -1% at INR 1,650 crores, but showing revival signals in railways (+robust demand) and mining (+new tenders).
• Exports: HHP exports +20%, LHP exports +3%, with Europe and Asia-Pacific as consistent growth markets.

Data Center Momentum: The company is experiencing unprecedented demand from both Colocation and Hyperscaler players, with inquiry velocity significantly increased since October 2025. Data centers now represent 30-35% of domestic PowerGen revenue, driving demand for QSK60 (localized) engines and increasingly QSK78/95 (imported) engines for larger facilities.

Capacity & Supply Constraints: Manufacturing capacity utilization stands at ~70%, with management indicating continued incremental capex (INR 1,000+ crores invested over 5 years) focused on line modernization and output expansion rather than major greenfield additions. Supply chain constraints persist across commodities, labor availability, and imported engine lead times (now extended to 3-6 months for HHP orders due to global data center demand).

Operational Challenges:

• Commodity inflation (steel, fuel costs) being passed on with lag to customers.
• Labor shortage affecting suppliers.
• Geopolitical disruptions impacting supply chain movement and export demand volatility.
• CPCB IV+ pricing power sustaining at implemented 30-35% premiums; however, competition intensifying in lower-cost segments.

Forward Outlook: Management expects "moderate growth" in FY2026-27 across segments, citing robust domestic order book and inquiries, but tempering expectations due to macro headwinds (inflation, commodity costs, geopolitical uncertainty). Non-data center PowerGen showing "higher double-digit" growth. Distribution business expected to grow >20% supported by expanding asset base and aftermarket opportunities. No major capacity expansion capex planned; instead, focus on incremental modernization.

Key Strategic Themes:

1. Data center dominance reshaping PowerGen portfolio mix (now at 30-35% vs. historical niche).
2. Margin resilience maintained despite higher related-party transactions (imported engines) due to high localization on core components.
3. Extended warranty and predictive maintenance service offerings driving Distribution growth.
4. Competitive pressure emerging in HHP segment from Perkins, Baudouin, and Adani as imported engines commoditize.
5. BESS (battery energy storage) emerging as nascent opportunity with positive long-term outlook but no near-term revenue contribution.

===SUMMARY_END===

===MARKDOWN_START===

CUMMINS INDIA LIMITED – Q4 FY2025-26 INDUSTRIAL PRODUCTS ANALYSIS

---

1. FINANCIAL PERFORMANCE

Revenue & Growth Trajectory

FY2025-26 Full Year:

• Total Sales: INR 11,950 crores vs. INR 10,166 crores (FY25) — +18% YoY
• "For the year ended March 31, 2026, with respect to last year, our sales at INR11,950 crores are higher by 18% compared to INR10,166 crores recorded in the last year." — Ms. Shveta Arya, MD
• Domestic Sales: INR 9,961 crores — +19% YoY (underpinning the growth)
• Exports: INR 1,989 crores — +12% YoY (slower growth, geopolitical sensitivity)

Q4 FY2025-26 Sequential & YoY:

• Total Sales: INR 2,963 crores
• vs. Q4 FY25: +23% YoY (vs. INR 2,414 crores)
• vs. Q3 FY26: -1% QoQ (broadly stable; marginally lower than INR 3,006 crores)
• Domestic Sales: INR 2,513 crores — +30% YoY (accelerating)
• Exports: INR 450 crores — -6% YoY (sequential weakness)

Profitability:

• PBT (before exceptional items, FY26): INR 3,104 crores vs. INR 2,505 crores (FY25) — +24% YoY
• "Profit before tax before exceptional items at INR3,104 crores is higher by 24% compared to the last year." — Ms. Shveta Arya, MD
• PBT (after exceptional items, FY26): INR 3,054 crores vs. INR 2,504 crores (FY25) — +22% YoY
• Q4 PBT (before exceptional items): INR 820 crores — +20% YoY, +14% QoQ
• Q4 PBT (after exceptional items): INR 852 crores — +25% YoY, +44% QoQ

Margin Signals: The 24% growth in PBT against 18% revenue growth indicates margin expansion and successful cost management despite commodity inflation. Management attributes this to pricing power on CPCB IV+ products and strong operational leverage.

---

2. OPERATIONAL HEALTH

2.1 Order Book & Demand Pipeline

Data Center Order Momentum (Highest Priority):

• "Inquiry pipeline right now after October last year has picked up in industry. Both Hyperscalers, more than that, Colo players. So the inquiry velocity definitely increased quite a lot since October last year, and we continue to see that" — Ms. Shveta Arya, MD
• Data Center Revenue Contribution (FY26): 30-35% of domestic Power Generation revenue
• "The data center business contribution, so for the full year, the data center business would have contributed between 30% to 35% of our overall power generation domestic revenue, and for the quarter, approximately 35%." — Ms. Shveta Arya, MD
• Q4 contribution rose to ~35%, indicating sequential acceleration into fiscal year-end.
• Hyperscaler Revenue (Q4): INR 250 crores identified in Q4 conversation (emerging contributor).
• "So, we had about INR250 crores of value." — Ms. Shveta Arya, MD (Hyperscaler revenue Q4)

Industrial Segment Order Book Recovery:

• Railways: "Last quarter, you might probably see the railway coming in as much for us. But this quarter, railway has performed very well and we continue to see robust demand on the railway side. That is the segment where we have a good order book and it continues to be so." — Ms. Shveta Arya, MD
• Mining: "Mining, for the last 2 years, we were not seeing good tenders coming in. The order velocity and the tender velocity was lower. But in the last 6 months, mining has picked up, and so our order book has started building up." — Ms. Shveta Arya, MD
• Compressor: Entering cyclical downturn — "Compressor segment will now undergo its low cycle, as it always does after a few years." — Ms. Shveta Arya, MD

Overall Domestic Demand Assessment:

• "From a demand perspective for our segments, power generation, industrial, distribution, across our segments for now, we are seeing robust demand from the domestic market." — Ms. Shveta Arya, MD
• Non-Data Center PowerGen Growth: "Non-data centre growth in power generation has also been very good. It is higher double digits as well." — Ms. Shveta Arya, MD

2.2 Capacity Utilization & Capex Strategy

Current Capacity Utilization:

• "Our overall capacity utilization is hovering around 70% today." — Ms. Shveta Arya, MD
• Combined facilities for PowerGen and Industrial (not separately reported).

Capex Approach – Incremental Modernization vs. Expansion:

• "We have consistently been putting in capex over the last 10 years and, more specifically, even in the last 5 years. And we continue to do that towards modernizing our lines, towards building more on each one and doubling what we are doing. The output of each line has been increasing over the past few years, and we are continuously doing that." — Ms. Shveta Arya, MD
• Total Capex Invested (5-year period, recent): "In Cummins India Limited, we have invested more than INR1,000 crores." — Ms. Shveta Arya, MD
• Near-term Capex Plan: "For now, no major capital expenditure plan. The continuous capital that we have been investing in the last 5 years, we will continue to invest that to get more output from each of our installed bases today." — Ms. Shveta Arya, MD

Interpretation: Management is pursuing a "debottlenecking" strategy — extracting higher throughput from existing lines via automation and modernization, rather than building new manufacturing capacity. This supports a 70% utilization baseline with room to scale to 85-90% before major capex triggers.

Parent Company Support:

• "Cummins parent investing close to $450 million to raise 20 gigs of capacity by 2030" (as noted by analyst Rahul Gajare).
• Expected to compress import lead times for QSK78/95 engines serving data center market.
• "Your first hypothesis that this will crunch in both timelines for us is correct because we are adding capacity as our parent has mentioned, and this largely goes towards engines that go into data center market." — Ms. Shveta Arya, MD

2.3 Raw Material Impact & Supply Chain Constraints

Commodity Inflation Headwinds:

• "We have been seeing commodities increase. As far as possible, we try and pass them on. There is always a challenge because we would have generated orders this prior to the period of commodity increase. So, with a little bit of lag and a little bit of challenge, we pass it on to the market." — Ms. Shveta Arya, MD

Diesel Exhaust Fluid (DEF) Cost Pressure (Post-CPCB IV+):

• "Specifically, from a diesel exhaust perspective, DEF is a very small proportion of our distribution business. So, it is not that impactful." — Ms. Shveta Arya, MD
• Despite doubling of DEF prices, Distribution revenue growth of 22% suggests successful cost pass-through.

Supply Chain Constraints – Systemic & Multi-Factor:

• "We have been taking quite a few supply constraints and not just us, the industry has been facing quite a few supply constraints. We are all facing labor shortage issues at our supplier and commodity pricing has hit our suppliers, fuel cost increments have hit on suppliers." — Ms. Shveta Arya, MD
• Geopolitical Impact: "And of course, the ongoing war which delays movement has also impacted." — Ms. Shveta Arya, MD

Import Lead Times – Extended:

• HHP Orders (general): "So the lead time for high horsepower orders…overall high horsepower portfolio lead time will be between 3 to 6 months." — Ms. Shveta Arya, MD
• Imported Engine Availability: "It has definitely increased. The lead times has increased because we need to appreciate that the data center demand through the world at this point in time is very high. So, the lead times have in the last few years increased." — Ms. Shveta Arya, MD
• Supply Dynamics for Imported Nodes: "On the supply chain impacts on those nodes, unlike COVID times, at this point in time, the supply chain impact on the imported nodes is largely because demand on these nodes is coming from all across the world. And that causes a situation where the demand is moving far higher than the pace of addition of capacity." — Ms. Shveta Arya, MD

Working Capital & Revenue Recognition (Data Centers):

• "6 to 12 months before the site is ready, we would get those orders." — Ms. Shveta Arya, MD
• "As we install the gensets on the site, we recognize the revenue." — Ms. Shveta Arya, MD
• Implication: Extended project cycles (3+ years for large data centers) coupled with 6-12 month pre-installation order window creates forward visibility but lumpy quarterly revenue patterns.

---

3. MARKET & STRATEGY

3.1 Segment-Wise Performance & End-User Demand

A. Power Generation Domestic – 40% of Total Revenue

FY26 Full Year:

• "Power Generation domestic sales at INR4,758 crores are higher by 24% compared to last year." — Ms. Shveta Arya, MD

Q4 Segment Breakdown (Ms. Arya):

• Low Horsepower: INR 55 crores
• Medium Range: INR 177 crores
• Heavy Duty: INR 108 crores
• High Horsepower (residual): INR ~954 crores implied (1,294 - 55-177-108)

Q4 YoY Performance:

• "Power Generation domestic sales are at INR1,294 crores, which is a 48% increase over last year and 21% increase over last quarter." — Ms. Shveta Arya, MD

End-Industry Demand Profile:

1. Data Centers (30-35% of PowerGen):

• "The data center business contribution, so for the full year, the data center business would have contributed between 30% to 35% of our overall power generation domestic revenue." — Ms. Shveta Arya, MD
• Engine portfolio: QSK60 (fully localized; 2-year clear line of sight); emerging QSK78 (likely localization candidate); QSK95 (imported; U.S.-manufactured).
• Order sizing expanding: 80-200 MW facility sizes increasingly requiring larger engines.

1. Manufacturing & Industrial Facilities:

• "We have been seeing demand from manufacturing, specifically a lot of solar cell manufacturing plants being set up, pharma." — Ms. Shveta Arya, MD

1. Quick Commerce & Logistics:

• "Quick commerce, their dark stores are being set by quick commerce players. We've been seeing demand there." — Ms. Shveta Arya, MD

1. Realty (Commercial & Residential):

• "Luxury residential realty, commercial realty continue to show us good inquiries and good orders." — Ms. Shveta Arya, MD
• Residential Luxury Transition: "Parikshit…do you see any sense on the ground…whether the per capita consumption of the backup power, given these are luxury projects, have you seen that more units are getting deployed on the ground?" → *"Simple answer, no. The segment has been growing for us both…We don't see a dramatic scale change." — *Ms. Shveta Arya, MD*

B. Distribution Business – 27% of Total Revenue

FY26 Full Year:

• "Distribution business sales at INR3,278 crores are higher by 22% compared to last year." — Ms. Shveta Arya, MD

Q4 Segment:

• "Distribution business sales at INR766 crores, 21% increase over last year and 18% decrease over last quarter." — Ms. Shveta Arya, MD

Growth Driver Analysis:

• "Price-led growth is in the distribution business is very less. In the distribution business, the growth that we have been building is through the actions we have been taking." — Ms. Shveta Arya, MD
• Expansion beyond parts: "Distribution business is providing more and more solutions to end customers…They have been working towards providing service packages for predictive maintenance. We have been working on expanding sales beyond parts related to the engine, so a lot of dual fuel kits, retrofit emission control devices and many other such opportunities." — Ms. Shveta Arya, MD

CPCB IV+ Aftermarket Opportunity:

• "CPCB IV+ as it comes out of warranty, absolutely, our endeavor is to encircle our customers so that, this is integrated technology products, are more sophisticated technology, than prior in Tec-product engines after treatment systems." — Ms. Shveta Arya, MD
• "We have service packages available for extended warranty as well for our customers, which gives them a lot of peace of mind." — Ms. Shveta Arya, MD
• Data center-specific aftermarket: "For data center players, as I just mentioned…we look at data center customers very specifically because they want 99.99% upturn. So, from an aftermarket perspective also, it is a very separate focus…" — Ms. Shveta Arya, MD

C. Industrial Segment – 14% of Total Revenue

FY26 Full Year:

• "Industrial domestic business sales at INR1,650 crores are marginally lower by 1% compared to last year." — Ms. Shveta Arya, MD

Q4 Segment Breakdown:

• "Industrial domestic businesses at INR381 crores, 1% increase over last year and 18% decrease over last quarter." — Ms. Shveta Arya, MD

Sub-Segment Details (FY26 Q4, Ms. Arya stated):

• Construction: INR 164 crores
• Rail: INR 111 crores
• Compressor: INR 59 crores
• Mining & Defense: (residual, not separately quantified)

Demand Outlook by Sub-Segment:

1. Railways (positive momentum):

• "This quarter, railway has performed very well and we continue to see robust demand on the railway side…we continue railway good demand for the industrial business as well as DBU." — Ms. Shveta Arya, MD

1. Mining (recovery from 2-year trough):

• "In the last 6 months, mining has picked up, and so our order book has started building up." — Ms. Shveta Arya, MD

1. Construction (moderate / cyclical downturn):

• "Construction, largely stable road construction. We all know the amount of road construction that was happening 2 years ago is moderate. So, we will also see moderate orders in that segment." — Ms. Shveta Arya, MD

1. Compressor (cyclical downswing entering):

• "Compressor segment will now undergo its low cycle, as it always does after a few years. So that may not see the kind of robust demand that we have seen in the last year or so." — Ms. Shveta Arya, MD

D. Exports – 17% of Total Revenue

FY26 Full Year:

• High Horsepower Exports: "high horsepower exports at INR984 crores are higher by 20% compared to last year." — Ms. Shveta Arya, MD
• Low Horsepower Exports: "Low horsepower exports at INR807 crores are higher by 3% compared to last year." — Ms. Shveta Arya, MD

Q4 Segment:

• HHP Exports: INR 217 crores (–1% YoY; –7% QoQ)
• LHP Exports: INR 127 crores (–18% YoY; –5% QoQ)

Export Geography & Outlook:

• "Markets like Europe and Asia Pac continuing to grow modestly for us. There is nothing specific that has changed. Middle East and other markets actually have not grown as much. So for the last 2 quarters, it has been Europe and Asia Pac, and those are the places where we continue seeing moderate demand." — Ms. Shveta Arya, MD
• Geopolitical Caution: "Exports, I have always been mentioning that it is difficult to completely put our fingers down on the export demand given the geopolitical situation." — Ms. Shveta Arya, MD

Currency Depreciation Impact:

• "Teena, currency depreciation, I will not be able to give you a number of exports, largely happens in Europe, Africa, Middle East, Asia Pacific, Latin America, everywhere…to our customers, after the period of time, we do pass on the benefit." — Ms. Shveta Arya, MD
• Suggests INR depreciation has provided some export competitiveness boost, partially offset by cost pass-through to parent/customers.

3.2 Pricing Power & Product Mix Dynamics

CPCB IV+ Pricing Sustenance:

• "Pricing is largely sustaining across the range. Of course, in lower ranges, which we call very low cost power products, there always in this market, there has been a lot of price-related competition which continues." — Ms. Shveta Arya, MD
• Historical context: CPCB IV+ transition delivered 30-35% price premiums (largely sustained into FY26).

Margin Resilience Despite Related-Party Imports:

• "As you rightly pointed out, the data center growth as well as growth in the CPCB IV+ segments in power generation, while we do have products that we buy from related parties, localization content for us, for both the products that go in the data centers and the ones that go in CPCB IV+, the localization content is already very high." — Ms. Shveta Arya, MD
• "So we do not see these impacting our margins as much. They have not. In fact, in the last few quarters, you have already seen how the growth has been and how our margins have been." — Ms. Shveta Arya, MD

Localization Strategy:

• "We are only importing some of those parts which largely don't have very significant supply chain in India. The most significant components are all localized in India." — Ms. Shveta Arya, MD
• QSK60: Fully localized (CTIPL manufacture).
• QSK78: Candidate for future localization ("we always evaluate what is that we can do more in India").
• QSK95: Imported from U.S. (limited scope for localization given U.S.-dominant market).

Competitive Landscape Pressure (Emerging):

• "Over the last couple of quarters, especially in the last 3 months, we have seen large orders being finalized on the data centers and one by our competition, whether it's the likes of Perkins, Baudouin, be it Adani etc." — Analyst Renu Baid (IIFL)
• Management response: Focus on value proposition beyond cost/pricing — customer engagement pre-tender, site design, installation, post-installation support, predictive maintenance, diagnostics.
• "It is not just about the cost and the pricing of these engines and sensors. It is the whole value proposition that we provide to the customers." — Ms. Shveta Arya, MD

Product Portfolio Enhancement:

• "We don't see product gaps. What we always endeavour to do is pack more power into each of our products. And we continuously work on that." — Ms. Shveta Arya, MD
• Suggests incremental power density improvements rather than new SKU launches.

3.3 Realization per Unit & Pricing Trends

Implicit Realization Improvement:

• Revenue growth (+18% FY26) exceeding volume growth indicators (supply-constrained environment with 70% capacity utilization) suggests positive realization per unit.
• CPCB IV+ content mix shift (higher-value after-treatment systems) inflating average selling price.
• Data center orders (typically larger gensets, premium specifications) compositionally driving ASP upward.

Volume vs. Price Decomposition (Management Guidance):

• "Vijay, that would be very tough to do. If I were to give you some indication, that would be a lot of volume-led growth. Price and content addition, yes, in the CPCB IV+ range. But please remember that beyond the CPCB IV+ range we have the high horsepower range and we have the industrial business and the distribution business. So overall, it actually volume led growth." — Ms. Shveta Arya, MD
• Confirms volume >pricing contribution to growth, but acknowledges CPCB IV+ content premiums offsetting lower-end pricing pressure.

3.4 Debtor Days & Working Capital Cycle

Data Center Revenue Recognition Lag:

• Project cycle: 3+ years typical data center construction; order placement 6-12 months pre-commissioning; revenue recognized upon installation.
• "6 to 12 months before the site is ready, we would get those orders." & "As we install the gensets on the site, we recognize the revenue." — Ms. Shveta Arya, MD
• Creates working capital headwind: Extended credit terms (typical 60-90 days for large projects) combined with long pre-delivery payment cycles.

No Explicit Debtor Day Data Disclosed:

• Transcript does not provide debtor day metrics, DSO targets, or cash conversion cycle KPIs.
• Inference: Capital goods company with mixed commercial/industrial customer base likely operating 90-120 day debtors (industry norm for Indian capital equipment).

3.5 Import Competition & Trade Protection

Import Vulnerability – QSK95 (Large HHP) & QSK78:

• "No one is making 95 liters in India. Everybody is importing them." — Ms. Shveta Arya, MD
• "95 liters are sold in the U.S. market. And for us as well, they get built there." — Ms. Shveta Arya, MD
• Competitive positioning: All competitors (Perkins, Baudouin, Adani Power Solutions) importing large engines; no localization advantage for Cummins on QSK95.

Competitive Status:

• "From a competitive landscape perspective, no one is making 95 liters in India. Everybody is importing them." — Ms. Shveta Arya, MD
• Implies commoditization risk if QSK95/QSK78 adoption accelerates in data center market (larger facilities moving to 80-200 MW power budgets).

Anti-Dumping / Trade Duty Context:

• No mention in transcript of anti-dumping duties or safeguard tariffs on imported diesel engines.
• Suggests open import regime; pricing competitiveness dependent on FX rates and manufacturing cost efficiency.

---

4. GUIDANCE, OUTLOOK & TARGETS

4.1 Management Outlook on Industrial Demand & Pricing

Overall Demand Sentiment:

• "From a demand perspective for our segments, power generation, industrial, distribution, across our segments for now, we are seeing robust demand from the domestic market." — Ms. Shveta Arya, MD

Macro Headwinds Tempering Growth:

• "Commodity prices are increasing, inflation is likely to hit. So we are watching all of that. And that is why that brings us a little bit of caution despite the fact that our demand, inquiries and order book are robust today." — Ms. Shveta Arya, MD

Demand Elasticity by Segment:

• HHP/Project-Based (Inelastic): "From projects which come in the high horsepower range, from a power gen perspective, the demand should largely be inelastic because these are more project-based, which was planned earlier, and only commodity price increases, will not make changes to how the projects are planned and how they will get executed." — Ms. Shveta Arya, MD
• CPCB IV+ (Elastic): "But on the lower ranges, below high horsepower, which is CPCB IV+ range, yes, because the lead times are shorter for these orders and the inquiries also keeps coming in regularly. There could be impact." — Ms. Shveta Arya, MD

Pricing Pass-Through Challenges:

• "This is quite challenging for us to manage. We, of course, try to pass on the commodity increases to our customers. There usually is some lag in the way we are able to deal with it." — Ms. Shveta Arya, MD

---

4.2 Key Targets & Commitments

FY2026-27 Growth Outlook

Metric	Target Value	Timeframe	Speaker/Source	Verbatim Quote
Overall Growth Rate	Moderate growth	FY 2026-27	Ms. Shveta Arya, MD	"The company expects moderate growth across segments in the financial year 2026/'27."
Domestic Demand	Stable / Robust	Ongoing FY26-27	Ms. Shveta Arya, MD	"With stable domestic demand, we remain cautious…"
Data Center Inquiry Velocity	Sustained pickup	Post-Oct 2025 onwards	Ms. Shveta Arya, MD	"Inquiry velocity definitely increased quite a lot since October last year, and we continue to see that"
Non-Data Center PowerGen Growth	Higher double-digit	FY 2026-27	Ms. Shveta Arya, MD	"Non-data centre growth in power generation has also been very good. It is higher double digits as well."
Distribution Business Growth	>20% (implied)	FY 2026-27	Ms. Shveta Arya, MD	"Distribution business…continue to be on this growth trajectory." (Historical 22% growth; expected to sustain)
Railways & Mining Growth	Positive/Building	FY 2026-27	Ms. Shveta Arya, MD	"Both railways and mining growing for us in this year."

Capacity & Capex

Metric	Target Value	Timeframe	Speaker/Source	Verbatim Quote
Capacity Utilization	Current ~70%	Baseline	Ms. Shveta Arya, MD	"Our overall capacity utilization is hovering around 70% today."
Capex Strategy	Incremental modernization (NOT major expansion)	Ongoing 5+ years	Ms. Shveta Arya, MD	"For now, no major capital expenditure plan. The continuous capital that we have been investing in the last 5 years, we will continue to invest…"
5-Year Capex Invested	INR 1,000+ crores	Last 5 years	Ms. Shveta Arya, MD	"In Cummins India Limited, we have invested more than INR1,000 crores."
Parent Company Global Capex (Engine Capacity)	20 GW added capacity	By 2030	Parent Cummins (global)	"Cummins parent investing close to $450 million to raise 20 gigs of capacity by 2030"

Product Roadmap & Localization

Metric	Target Value	Timeframe	Speaker/Source	Verbatim Quote
QSK60 Data Center Dominance	Clear line of sight to continue	2-year forward	Ms. Shveta Arya, MD	"In the near-term, which is 2 years, it will continue to be Q60. That is the clear line of sight that we have."
QSK78 Localization Evaluation	Evaluate as volumes build	Post 2-3 years	Ms. Shveta Arya, MD	*"If that happens, it would always evaluate what is it that we can do in India as the volumes start coming in for