Operator

Welcome to GSI Technologies Fourth Quarter and Fiscal Year 2026 Results Conference Call. [Operator Instructions]

Before we begin today’s call, the company has requested that I read the following safe harbor statement. The matters discussed in this conference call may include forward-looking statements regarding future events and future performance of GSI Technology that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company’s Form 10-K filed with the Securities and Exchange Commission.

Additionally, I have also been asked to advise you that this conference call is being recorded today, May 7, 2026, at the request of GSI Technology. Lee-Lean Shu, the company’s Chairman, President and Chief Executive Officer, will be hosting the call today. With him are Douglas Schirle, Chief Financial Officer; and Didier Lasserre, Vice President of Sales.

I would now like to turn the conference over to Mr. Shu. Please go ahead, sir.

Lee-Lean Shu
Co-Founder, President, CEO & Chairman

Good afternoon, and thank you for joining us to review our fourth quarter and fiscal year 2026 financial results. Fiscal 2026 was a year of meaningful progress for GSI, marked by strong performance in our SRAM business, continued advancement of Gemini-II toward commercialization and the initiation of the Plato design. I am pleased with the progress we have made on several fronts, significant work remains. Our team is executing our key milestones and advancing business development for the APU and I have had several encouraging conversations on numerous fronts in recent months. We ended fiscal [ 2027 ] with continuous momentum, promoting

He added that airlines in North America use Jet A every day, but still manage to serve communities in very cold regions, such as parts of Alaska, by using fuel additives, as well as by planning and monitoring flights to ensure aircraft operate within safe limits.

American Express has thrown its weight behind the small business AI skills race, unveiling two training and education programmes designed to drag owner-managers and their staff out of the experimentation phase and into measurable productivity gains.

Announced this week, the initiatives have been built in partnership with the global non-profit Generation and US-based Scholarship America. The first, AI Upskilling for Small Business, is a free training programme delivered by Generation that is open to small firms anywhere in the world and taught in English and Spanish. The second, Smart Futures for Small Business Scholarships, is a US-only pot funded by the American Express Foundation that will hand eligible employees up to $1,000 (around £790) to spend on AI certification courses run by accredited vendors or educational institutions.

The move lands at a moment when boardroom enthusiasm for generative AI has yet to translate into shop-floor competence. Multiple recent surveys of UK and US small firms suggest that while curiosity is near universal, the share of owner-managers using AI tools in any structured way remains stubbornly low, with confidence and training cited as the principal blockers.

Jennifer Skyler, Chief Corporate Affairs Officer at American Express, said the company wanted to bridge precisely that gap. “AI can be a powerful tool for small businesses when it’s used in practical, everyday ways,” she said. “These initiatives were designed to help small businesses move from Gen AI exploration to practical application, equipping them to drive productivity and help unlock new opportunities for growth.”

The Generation curriculum, refined through a series of pilots, is split into three self-guided tracks pitched at different roles and levels of AI familiarity. An AI Generalist track offers a foundational primer alongside short, applied “Mini Missions” covering everyday tasks. A Digital Marketing track focuses on using AI for content production, campaign optimisation and customer insight. A Digital Customer Success track concentrates on speeding up enquiry handling and personalising the customer experience.

Across all three, participants are taught to draft customer communications, support marketing campaigns, summarise and organise information, and convert raw research into commercial insight, while keeping a human eye on the output.

Bonni Theriault, Chief Partnerships Officer at Generation, said the structure was deliberately practical. “Generation programs support participants to practice and master the skills that make the biggest difference to them in their day-to-day work,” she said. “We are delighted to partner with American Express to offer small business owners a chance to hone their AI skills and see real benefits in their work.”

For Katy Kinch, owner of US-based Buttermilk Bakeshop and an early participant, the value lay in punching above her weight. “One of the biggest program takeaways for me was realising how powerful AI can be when used the right way, because it allowed me to do things that typically require a full team,” she said. “I was able to analyse customer feedback, identify trends and track retention patterns from my living room, which gave me insights I wouldn’t normally have access to as a small business owner.”

The Smart Futures element, administered by Scholarship America, is structured as an employer-nomination scheme. Owners can put a team member forward for funding to pursue AI courses or certificate programmes of their choice. Mike Nylund, President and CEO of Scholarship America, framed it as workforce insurance against rapid technology change. “AI tools give small businesses a world of opportunity, and education and training ensure that their workforce is ready to meet the moment,” he said.

For British small business owners watching from the other side of the Atlantic, the cash element is off the table, but the Generation training is not. The curriculum is open globally and free at the point of use, putting it within reach of any UK firm prepared to commit a few hours of staff time. With the Government continuing to push productivity as the central economic challenge facing the country, and with AI repeatedly identified as the most plausible lever for small firms to pull, programmes that lower the barrier to competent adoption are likely to attract growing interest.

Generation is running multiple cohorts throughout the year, with registration open via its website. Applications close on 10 June 2026.

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British food and drink businesses are bracing for a fresh wave of cost pressure after global food commodity prices climbed for the third consecutive month, with fallout from the conflict in Iran emerging as a significant driver of the latest increase.

The Food and Agriculture Organization of the United Nations (FAO) reported that its closely watched Food Price Index (FFPI) rose by 1.6 per cent in April, building on gains recorded in February and March. The benchmark, which tracks a basket of internationally traded food commodities, now points to a sustained inflationary squeeze that will inevitably work its way through to wholesale markets, hospitality menus and supermarket shelves over the coming months.

For the UK’s small and medium-sized food producers, manufacturers and independent retailers, the figures will make grim reading. Margins across the sector have already been pared back to the bone by three years of input-cost turbulence, and many SME operators have warned that there is little headroom left to absorb further increases without passing them on to consumers.

Vegetable oils led the latest surge, rising by 5.9 per cent in April alone. Prices of palm, soya, sunflower and rapeseed oils all moved sharply higher, with palm oil notching up a fifth straight monthly gain. The FAO pointed to growing demand from the biofuel sector, propped up by policy incentives in several producing nations and a firmer crude oil price, alongside concerns over weaker output in Southeast Asia in the months ahead. Independent bakers, fish-and-chip operators and food manufacturers reliant on bulk vegetable oil supply are likely to feel the pinch first.

Cereal prices rose by 0.8 per cent, with drought in parts of the United States and forecasts of below-average rainfall in Australia tightening the outlook. The geopolitical picture has compounded matters. The FAO singled out the effective closure of the Strait of Hormuz, the strategic shipping lane that handles a substantial share of the world’s energy and fertiliser trade, as a key factor pushing up fertiliser costs. Farmers are now expected to scale back wheat plantings in 2026 in favour of crops requiring less fertiliser, a shift that threatens to lock in higher grain prices well beyond this year’s harvest.

Meat prices climbed by 1.2 per cent, with bovine meat reaching a new record high, an unwelcome development for the UK’s restaurant trade and butchers’ shops, which have already weathered relentless beef price inflation over the past 18 months.

There were two bright spots in the data. Dairy prices slipped by 1.1 per cent on the back of softer butter and cheese quotations, helped by plentiful milk supplies across the European Union. Sugar prices plunged by 4.7 per cent, the most striking move in either direction, as ample supplies in the current season, stronger production prospects in China and Thailand, and a favourable start to Brazil’s harvest in its southern growing regions weighed on the market.

For SME owners, the signal is mixed but the direction of travel is clear. With three months of consecutive rises now on the board, and with Middle East tensions showing no sign of easing, the assumption inside boardrooms across British food and drink will be that costs are heading north for the remainder of the year. Forward-buying, contract renegotiation and a hard look at menu engineering and product reformulation are likely to climb back up the agenda.

Concerns are also mounting that fresh shortages could emerge in parts of Africa later in the year, a development that would carry implications for global aid budgets and for the UK’s own development spending priorities.

The FAO’s data is one of the most reliable early-warning systems for shifts in global food affordability. After a period in which businesses had begun to hope the worst of the post-pandemic, post-Ukraine cost shock was behind them, April’s reading is a pointed reminder that the era of cheap food may not be returning any time soon.

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Titan Company on Friday reported a consolidated net profit of Rs 1,179 crore in the March-ended quarter of FY26 versus Rs 871 crore in the year-ago period, implying a 35% growth. The company’s total income in Q4FY26 was up 46% to Rs 20,300 crore versus Rs 13,891 crore in the corresponding quarter of the previous financial year.

Along with the earnings, Titan’s Board also recommended a dividend of Rs 15 per equity share, which shall be paid within seven days from the conclusion of the 42nd Annual General Meeting, subject to the approval of the shareholders of the company.

The company’s Earnings Before Interest and Taxes (EBIT) stood at Rs 1,875 crore in the quarter under review, rising 28% over 1,470 crore in Q4FY25.

Segment performance

Jewellery

Building on its strong Q3 momentum, the jewellery business recorded another exceptional quarter of 50% growth over the year-ago period. New collections and continued strength of Titan’s exchange programs powered robust 35% growths in each of gold and studded product portfolios.
Consumer confidence in gold as both an adornment and a store of value remained intact (despite record high prices and volatility in the quarter), translating into healthy buyer engagement.

The International Jewellery business (with the addition of Damas Jewellery), clocked double-digit retail growth across GCC and North America, despite multiple disruptions due to the ongoing geopolitical situation in the Middle East region.
The business achieved an EBIT of 1,820 crores at a margin of 10%. Within this, the India business clocked an EBIT of Rs 1,902 crores at 11.1% margin.Tanishq, Mia and Zaya business (combined) recording EBIT of 1,813 crores at 11.3% margin, while Caratlane (domestic) recording an EBIT of Rs 89 crores at 8.4% margin. The international jewellery business (including Damas) recorded a loss of Rs 82 crores for the quarter.

Watches

The watch business achieved a total income of Rs 1,222 crores for the quarter, growing 8% over Q4FY25 and achieving an EBIT of Rs 143 crores at 11.7% margin. Business added 30 new stores (net) in the quarter, consisting of 17 stores in Titan World, 7 stores in Fastrack, 4 stores in Helios and 2 stores in Helios Luxe.

EyeCare

Domestic eyecare business achieved total income of Rs 227 crores in Q4FY26, growing 17% over Q4FY25 and recording an EBIT of Rs 21 crores at 9.2% margin. Store optimisation efforts continued in the quarter with 37 refurbishments/renovations,12 new store openings and 32 closures in this period.

Also read: SBI Q4 Results: Standalone profit rises 6% YoY to Rs 19,684 crore, beats estimates

Emerging Businesses

The Emerging Businesses, comprising SKINN Fragrances, IRTH Women’s Bags and Indian Dress Wear (Taneira), saw varying growth trajectories across individual businesses. Fragrances maintained its strong volume momentum across both the Skinn and Fastrack perfume lines, IRTH Women’s Bags witnessed robust volume growth and continued to gain in brand salience, whereas Taneira’s revenue was flattish for the quarter. Total Income for all the businesses (combined) for Q4FY26 grew 20% to Rs 123 crores and recorded a loss of Rs 5O crores for this period.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Handmade fudge sweetens lunch breaks for Tesco customers

Belfast-based Melting Pot Fudge has secured a significant new retail milestone after winning a place in Tesco Northern Ireland’s meal deal offer across all 29 of the retailer’s superstores in the region.

The brand’s 50g bars will be available as part of the Tesco meal deal from May 18, with three flavours included in the launch: Traditional Butter, Salted Caramel and Madagascan Vanilla.

The listing marks another important step in the growth of the Belfast business, which has built a strong reputation for its handmade fudge and is now focused on expanding its reach through mainstream retail channels.

Jack McAdorey, General Manager of Melting Pot Fudge, said: “Securing a place in Tesco Northern Ireland’s meal deal is a major milestone for the business. It gives us a strong presence in a high-footfall retail environment and puts the brand in front of a large volume of consumers on a daily basis.

“For us, this is about more than a listing. It is about growing brand awareness, driving trial and continuing to build Melting Pot Fudge’s position within grocery retail. To see a Belfast-made product secure this kind of platform is a very positive step forward for the business.”

Founded in Belfast more than 20 years ago, Melting Pot Fudge has grown from a small local operation into an award-winning brand with a widening retail footprint. The business continues to produce its fudge by hand in Belfast and has built momentum through a combination of traditional methods, strong product quality and increasing distribution.

Jack added: “As a business, we are focused on sustainable growth, and listings like this are an important part of that. It is another step in bringing Melting Pot Fudge to more consumers and building long-term momentum for the brand.”

The launch will feature three of the company’s best-performing 50g bars, with the chosen flavours reflecting both the heritage and broad consumer appeal of the Melting Pot Fudge range.

For the Belfast business, the Tesco Northern Ireland listing represents not only a new route to market, but further evidence of growing retailer confidence in local brands with the potential to scale.