Rolex Rings (Rolex) exhibited a soft performance in Q3FY26. The ambiguity regarding US tariffs impacted the auto components segment particularly on the exports front. Exports revenue for automotive components declined by 16% YoY respectively owing to lower off take amid tariff related uncertainties. The recently concluded US India Trade Deal is a significant positive for Rolex since the US contributes 1/3rd of revenue in the pre- tariff era. Although the fine print of the deal will give more clarity, we believe the deal will give significant impetus to US exports. Bearing rings is also expected to register healthy growth...