DCM Shriram Limited — Q4 FY26

DCM Shriram Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=RSsxAN0HGsc Published: 1d ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the Q4 FI26 earnings conference call of DCM Shriram Limited. 0:11 11 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:21 21 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:28 28 seconds it at stone. Please note that this conference is being recorded. I now hand the conference over to Miss Shri Jooshi 0:36 36 seconds from CDR India. Thank you and over to you ma'am. 0:40 40 seconds Thank you Swapnali. Good afternoon and welcome to DCM Shriram Limited Q4 and FY26 earnings conference call. Today we 0:47 47 seconds have with us Mr. Ajeshi Ram chairman and senior managing director Mr. Ajit Shriram joint managing director Mr. 0:54 54 seconds Adita Shiram deputy managing director and Mr. Amit Agarval group CFO of the company we shall commence with remarks 1:01 1 minute, 1 second from Mr. Adji Ram and Mr. Ajit Shiram members of the audience will get an opportunity to ask their queries to the management following these comments 1:09 1 minute, 9 seconds during the interactive question and answer session. 1:13 1 minute, 13 seconds Before we before we begin, please note that some of the statements made on today's call could be forward-looking in nature and a note to that effect has been included in the conference call 1:21 1 minute, 21 seconds invitation that has been circulated earlier and is available on the stock exchange website. I would now like to invite Mr. Arashi Ram to give us a brief overview. Over to you, sir. 1:33 1 minute, 33 seconds Thank you Shi. Good afternoon ladies and gentlemen and a very warm welcome to all of you. I will begin with perspectives 1:41 1 minute, 41 seconds on the business dynamics and the strategic imperative following which Ajit will share views on the financial perspectives. 1:49 1 minute, 49 seconds Financial year 2526 was characterized by high impact events from tariff wage wars by US to the war 1:57 1 minute, 57 seconds between Israel and Palestine Palestine and then the state start of the West Asia conflict. The escalation of 2:05 2 minutes, 5 seconds conflict in West Asia emerged as a material external risk. Although India is geog geographically insulated from 2:13 2 minutes, 13 seconds the conflict, its economic ecosystem is closely intertwined with the region through energy, fertilizer supply 2:21 2 minutes, 21 seconds chains, shipping routes and export markets. These developments have reinforced the importance of supply 2:28 2 minutes, 28 seconds chain agility, operational resilience and strong balance sheets. The Indian economy demonstrated better resilience 2:36 2 minutes, 36 seconds amidst these global headwinds. While elevated energy prices exerted in inflationary pressures and tested 2:44 2 minutes, 44 seconds currency stability, macroeconomic fundamentals remained robust. They were supported by healthy foreign exchange 2:52 2 minutes, 52 seconds reserves, proactive monetary policy and sustained domestic consumption. 2:58 2 minutes, 58 seconds continued government capital expenditure along with gradual revival of private capex 3:06 3 minutes, 6 seconds supported growth in the manufacturing sector. Although India remains well positioned, the nature of continuing ge 3:14 3 minutes, 14 seconds geopolitical conflicts will present new macroeconomic challenges to navigate going forward. Our focus and value chain 3:22 3 minutes, 22 seconds integration, operational efficiency, cost discipline and digital enablement helped us navigate a dynamic 3:31 3 minutes, 31 seconds environment. We are exploring to grow our businesses through strategic partnerships where there is a need for 3:38 3 minutes, 38 seconds high-end technology. Financial prudence remains a key advantage. A strong balance sheet and disciplined working 3:46 3 minutes, 46 seconds capital management supported continuity a amid commodity volatility. Healthy operating cash flows guided growth while 3:56 3 minutes, 56 seconds preserving agility to capture opportunities. 4:00 4 minutes Sustainability remains integral to both our future readiness and long-term value creation. Our daily operations and stud 4:09 4 minutes, 9 seconds and strategy are committed to minimizing our environmental footprint, optimizing resource utilization and uplifting the commodity communities we serve. 4:22 4 minutes, 22 seconds To solidify our role as environmental stewards, we have institutionalized a bold pledge to achieve a 40% reduction 4:31 4 minutes, 31 seconds in our scope one and scope 2 emissions by 2040. We are actively executing this transition by pivoting our energy mix 4:41 4 minutes, 41 seconds towards renewable power and agribased fuels alongside rigorous energy efficiency mandates across all our facilities. 4:51 4 minutes, 51 seconds Further in March 2026 we have raised funds through the sustainability linked non-convertible debentures from the international finance corporation IFC. 5:03 5 minutes, 3 seconds This partnership is more than a financial transaction. It is a global validation of our ESG roadmap. This 5:10 5 minutes, 10 seconds transaction marks a sign significant step for DCM Shira in integrating sustainability into our capital 5:18 5 minutes, 18 seconds structure and align aligning with the company's financial outcomes with measurable sustainability targets. I 5:27 5 minutes, 27 seconds will now invite your attention to industry dynamics across our businesses. 5:32 5 minutes, 32 seconds First is chemicals. Globally costic soda market is operating at about 80% capacity with annual installed capacity 5:40 5 minutes, 40 seconds of around 109 million metric tons. Costic will rem Costic will experience growth demand by 5:49 5 minutes, 49 seconds de costic will experience growth driven by demand from industries like aluminina, textiles, pulp and paper, 5:58 5 minutes, 58 seconds soap and detergents, pharmaceuticals etc. The industry continues to witness volatility in 6:05 6 minutes, 5 seconds prices due to economic factors, geopolitical uncertainty and increased energy costs. The supply chains of 6:13 6 minutes, 13 seconds chlorine downstream industries have also been impacted thereby putting pressure on demand. The supply chain disruptions are creating a mixed global outlook. 6:24 6 minutes, 24 seconds Over the past year, India's costic soda market operated at reasonable levels of about 80% 85% capacity utilization. 6:34 6 minutes, 34 seconds Domestic demand grew at about 5% driven by capacity expansions among major aluminina players alongside sustained 6:43 6 minutes, 43 seconds consumption from paper and detergent industries. 6:48 6 minutes, 48 seconds Hydrogen peroxide continues to be structurally overs supplied in the domestic market and low cost imposed from Bangladesh add to this situation. 6:58 6 minutes, 58 seconds On the back of shortage of natural gas supplies, the industry witnessed a shortage in supplies in March 26 leading 7:06 7 minutes, 6 seconds to a surge in realizations. We continue to operate the plant at full utilization and the plant performance has been good. 7:15 7 minutes, 15 seconds The advanced materials value chain comprising of glycerine to ECH to epoxy including formulations continues to grow 7:24 7 minutes, 24 seconds driven by strong demand and supported by anti-dumping duty on ECH and epoxy. 7:31 7 minutes, 31 seconds Further, our EC plant got fully commissioned in the month of April 206 and the product is well accepted in the 7:39 7 minutes, 39 seconds market. Our projects in aluminium chloride and calcium chloride at Baruts are running as per schedule. The 68 7:47 7 minutes, 47 seconds megawatt green power project with average supply of 24 megawatt at Kota has started average injection of 15 7:55 7 minutes, 55 seconds megawatt from May 2026 onwards. Our board has approved capital expenditure 8:02 8 minutes, 2 seconds of 217 crores towards obtaining approximately 48 crores of additional renewable power supply for our Baroo's 8:11 8 minutes, 11 seconds plant and related infrastructure development thereby taking the total power provision for bar plant from the 8:19 8 minutes, 19 seconds present peak of 50.4 megawatt to 98.4 4 megawatt. The indicated timeline for 8:26 8 minutes, 26 seconds completion of the above project will be around Q1 financial year 28. 8:33 8 minutes, 33 seconds The board has further approved rupees 101 crores for the expansion of epoxy lead formulation formulated raisins 8:41 8 minutes, 41 seconds capacity by 36,000 kilot tons per year increasing the total formulated raisins 8:47 8 minutes, 47 seconds capacity to 50 ktpa. The same is expected to be commissioned by Q2 financial year 28. 8:56 8 minutes, 56 seconds Vance the demand in both global and domestic market remain flat. Yet the market experienced pronounced price 9:04 9 minutes, 4 seconds volatility driven by a complex interplay of macroeconomic and geopolitical factors. Initially realizations came 9:13 9 minutes, 13 seconds under severe downward pressure due to aggressive export dumping from China. 9:18 9 minutes, 18 seconds This trend abruptly reversed as prices surged in response to supply chain anxieties stemming from the Middle East 9:26 9 minutes, 26 seconds conflict. A situation further comp compounded by currency headwinds from a depreciating rupee. 9:37 9 minutes, 37 seconds Ultimately prices softened once again following regulatory intervention by the government of India which waved import 9:45 9 minutes, 45 seconds duties through through to the end of June 2026. 9:51 9 minutes, 51 seconds Amid decline in domestic PVC prices and damage to the Indian PVC industry mainly driven by dumping of Chinese PVC raisin. 10:00 10 minutes The domestic industry filed an application requesting introduction of minimum import price MIP for PVC 10:08 10 minutes, 8 seconds imports. Further, the domestic PVC industry continues to pursue its efforts on the QCO QCO front. 10:18 10 minutes, 18 seconds In alignment with our strategy to scale businesses through technologydriven partnerships, we have announced a joint 10:25 10 minutes, 25 seconds venture with Technor Apex BV, a global leader in plastic material science 10:31 10 minutes, 31 seconds solutions by selling 50% stake in our subsidiary Shiram Poly Techch Limited 10:39 10 minutes, 39 seconds which is a leading plastic compounding player in India by integrating global innovation with local execution 10:46 10 minutes, 46 seconds capabilities. The partnership is well positioned to accelerate growth and deepen consumer engagement. 10:56 10 minutes, 56 seconds Sugar and ethanol global sugar supply over global sugar supply over demand for 11:03 11 minutes, 3 seconds sugar season 2526 is expected to be in surplus of 2.9 million metric tons mainly due to 11:10 11 minutes, 10 seconds India's 2.3 million metric tons per yearon-year production increase. 11:16 11 minutes, 16 seconds Domestically, this season is expected to close with an inventory of 4.3 million metric tons, accounting for 28 million 11:24 11 minutes, 24 seconds metric tons in production after diversion of 3.1 million metric tons for ethanol, 28.1 million metric tons in 11:32 11 minutes, 32 seconds consumption and a little less than 1 million metric tonses in exports. 11:37 11 minutes, 37 seconds Operationally, adverse weather, crop economics, and variety challenges in the state of Uttar Pradesh curtailed 11:45 11 minutes, 45 seconds industry-wide crushing. Consequently, our units concluded the season with a lower crush of 473 lakh quintilles of 11:54 11 minutes, 54 seconds sugarcane, albeit with improved recovery of 10.8%. 12:01 12 minutes, 1 second To counter the lower crush, our aronomy teams are aggressively optimizing variety selection to boost future yields 12:10 12 minutes, 10 seconds and using digital tools to enable cane development. Despite these efforts, profitability remains under pressure as 12:18 12 minutes, 18 seconds realizations from sugar and ethanol have not offset rising sugar cane costs. The ethanol segment face critical bottleneck 12:27 12 minutes, 27 seconds against a national capacity of 1,900 cr lers. 12:33 12 minutes, 33 seconds OMC allocations stand at just above,00 cr lers with shares of sugarcane based feed stocks restricted to a mere 28%. 12:45 12 minutes, 45 seconds This penalizes integrative players who invested in distillation capacities based on stable blending assumptions. 12:53 12 minutes, 53 seconds Ensuring the sector's long-term viability requires calibrated policy interventions, specifically aligning 13:00 13 minutes sugar and ethanol selling prices with sugar cane costs. Prioritizing sugar cane based ethanol allocations and expanding targets beyond E20 blending. 13:12 13 minutes, 12 seconds Finesta building systems. Fanester Building Systems continues to progress along its strategy strategic trajectory 13:19 13 minutes, 19 seconds of evolving from a product ccentric offering to a comprehensive building material solution partner. 13:28 13 minutes, 28 seconds The business has delivered healthy volume growth through the year with expanding brand reach and deeper market penetration. 13:36 13 minutes, 36 seconds Margin reduction reflecting increased scale and shifts in the product mix towards newer categories 13:44 13 minutes, 44 seconds is as planned. The aluminum extrusion project at Kota is progressing on schedule. This facility will 13:51 13 minutes, 51 seconds meaningfully enhance our capabilities in the rapidly growing aluminum fenistration and building material 13:58 13 minutes, 58 seconds segment. Moving on, the agri inputs business portfolio comprising of sugar farm solutions, shiram farm solutions, 14:07 14 minutes, 7 seconds fertilizers and bio seed businesses is next. Shirram farm solutions. The SFS business sustained this re rob rob 14:16 14 minutes, 16 seconds robust growth trajectory delivering doubledigit growth this financial year. 14:21 14 minutes, 21 seconds This performance was anchored by a research wheat segment which achieved a record sales and and a 22% growth 14:30 14 minutes, 30 seconds despite headwinds from extended monsoons. Concurrently, our crop protection and spe specialtity plant 14:39 14 minutes, 39 seconds nutrition vertical continue to gain market traction supported by strong farmer adoption of our R&D driven 14:47 14 minutes, 47 seconds products in specialtity plant nutrition and recently launched crop protection molecules. 14:54 14 minutes, 54 seconds Notably in the current financial year, SFS has launched 13 new products in crop protection and specialtity uh plant 15:04 15 minutes, 4 seconds nutrition verticals, including four new products from our own R&D. To sustain this momentum, we are deepening our R&D 15:12 15 minutes, 12 seconds and exclusive partnerships with global technology leaders to deliver differentiated high efficiency 15:19 15 minutes, 19 seconds solutions. Furthermore, our targeted shift towards new age digital marketing and influencerled campaigns has 15:28 15 minutes, 28 seconds significantly amplified brand visibility translating into higher product inquiries and stronger brand equity across all geographies. 15:39 15 minutes, 39 seconds But Liza the URA business remains largely stable. We continue our efforts towards improvement in energy 15:47 15 minutes, 47 seconds consumption, maximizing ura production as well as control on fixed expenses. 15:54 15 minutes, 54 seconds In view of the ongoing West Asia war, there may be a reduced availability of natural gas due to disruptions in LG 16:03 16 minutes, 3 seconds supplies and increase in subsidy outstanding. Bio seed. This year the industry faced a challenging scenario 16:11 16 minutes, 11 seconds for cotton seeds for a variety of reasons. Going forward, Bio Seed is well positioned to navigate growth with a 16:20 16 minutes, 20 seconds strong pipeline of new product launches across key crops. New introductions are witnessing increasing acceptance from 16:27 16 minutes, 27 seconds farmers supported by improved genetics, yield stability, and consistent field performance. The business remains 16:36 16 minutes, 36 seconds focused on portfolio pre premiumization, disciplined execution and strengthening 16:42 16 minutes, 42 seconds farmer and trade engagement. I will now request Ajit to provide the financial uh perspective. Ajit over to you. 16:52 16 minutes, 52 seconds Thank you. Uh good afternoon everyone. I will now take you through the financial performance for Q4 FY26. 17:02 17 minutes, 2 seconds Net revenues net of excise duty for Q4 Q4 FI26 were at rupees 3193 crores 17:11 17 minutes, 11 seconds versus rupees 2877 crores in Q4 FI25 17:17 17 minutes, 17 seconds an increase of 11% yearonear PBDIT for Q4 FI26 was at 400 crores 17:27 17 minutes, 27 seconds versus 426 crores last year chemicals The business saw an increase in revenue 17:34 17 minutes, 34 seconds of 32% yearonear. The costic soda volumes were up 2% while ECU uh ECUs 17:42 17 minutes, 42 seconds were down by 4%. Advanced materials which include glycerine to AC to proxy value chain has also contributed positively to the top line. 17:54 17 minutes, 54 seconds PBDIT for the quarter was flat at rupees 163 crores due to elevated fixed costs 18:01 18 minutes, 1 second assoc associated with business expansion and stabilization. 18:06 18 minutes, 6 seconds There was a one-time uh onetime positive impact of rupees 19 crores due to due to incentive received from the government 18:13 18 minutes, 13 seconds of Gujarat relating to the projects commissioned in previous years in Biruch. 18:20 18 minutes, 20 seconds Venile the venile business revenues increased by 19% yearonear 18:27 18 minutes, 27 seconds uh driven by volumes of both PBC and carbide up by 23% and 5% respectively. 18:35 18 minutes, 35 seconds PBDIT for the segment improved by 68% to 39 crores led by higher prices and 18:43 18 minutes, 43 seconds further supported by lower energy costs and better operating efficiencies. 18:49 18 minutes, 49 seconds Sugar and ethanol. Sugar and ethanol business revenue net of excise duty was down by down by 3% to rupees 991 crores. 19:00 19 minutes Domestic sugar volumes and prices were largely in line with the same period last year. Ethanol volumes were flat in 19:07 19 minutes, 7 seconds the quarter while prices were down 15% on account of change of sales mix. PBDIT 19:14 19 minutes, 14 seconds for the segment came in at 18% lower at 207 crores owing to the higher cost of 19:21 19 minutes, 21 seconds production of sugar due to due to the increased gain price by 8%. 19:28 19 minutes, 28 seconds Sugar inventory was lower at 32.2 lakh quintters as against 39.9 lakh quintters 19:35 19 minutes, 35 seconds last year. It the inventory is valued at rupees 3876 per quintil. 19:42 19 minutes, 42 seconds Finesta Building Systems Finesta Building Systems reached a milestone of crossing the revenue of rupees,000 19:50 19 minutes, 50 seconds crores during the year by clocking a revenue of rupees 1112 crores, a growth of 28%. 19:59 19 minutes, 59 seconds For a quarter, the business reported a growth in revenues by 34% year-on-year led by higher prices across the segments 20:08 20 minutes, 8 seconds and better volumes in the project segment. PBDIT for the quarter was up at at 37 crores led by volumes partially 20:18 20 minutes, 18 seconds offset by increased fixed costs towards enhancing capacities, higher sales promotion, setting up of new business 20:25 20 minutes, 25 seconds platforms like facade, wooden doors and acquisition related costs. The order book is up by 15%. 20:36 20 minutes, 36 seconds Shriram Farm Solutions. This quarter is an offseason for the business. Revenues increased by 32% year-on-year supported by volume growth across all verticals. 20:48 20 minutes, 48 seconds Fertilizer fertilizer revenue was down by 11% mainly due to a maintenance shutdown taken during the quarter to 20:56 20 minutes, 56 seconds coincide to coincide with lower gas supply. PBDIT was uh was rupes 28 crores 21:03 21 minutes, 3 seconds as against 9 crores last year. There was a one-time gain of rupes 33 crores on account of revision of retention price 21:11 21 minutes, 11 seconds of the previous years. Outstanding fertilizer subsidy was rupees 189 crores as against rupees 161 crores last year. 21:23 21 minutes, 23 seconds Bio seed this quarter is an offseason for the business. Revenues were down by 1% while PBDIT was at a negative rupees 21:32 21 minutes, 32 seconds 8 crores as against rupees 2 crores last year. Coming to the highlights of FY26. 21:39 21 minutes, 39 seconds FI26 net revenues net of excise duty was up 12% year-onear at rupees 13,538 21:48 21 minutes, 48 seconds crores. All the key business key businesses especially chemicals, panessa building systems and farm solutions 21:57 21 minutes, 57 seconds except sugar have contributed towards the topline growth supported by volumes. 22:03 22 minutes, 3 seconds Similarly, PBDIT was up 15% at rupees 1694 crores. 22:10 22 minutes, 10 seconds Chemicals, sugar, SFS and fertilizers was a key contributor to growth. 22:17 22 minutes, 17 seconds Our net debt remained at a comfortable level of rupees 1767 crores as on 31st 22:24 22 minutes, 24 seconds March 26 versus rupees 1395 crores on 31st March 25. 22:32 22 minutes, 32 seconds Return on capital employed for March March 26 has come in at 13% as against 22:39 22 minutes, 39 seconds 14% last year. Further, investments made in prior periods that were commissioned over the last one or two years are 22:47 22 minutes, 47 seconds scaling up and will further strengthen the businesses and enhance the ROCE. 22:53 22 minutes, 53 seconds The board has recommended a final dividend of 200% amounting to rupees 62.38 crores. In this board meeting, the 23:02 23 minutes, 2 seconds total dividend for the year is 560% amounting to rupees 176.66 crores. 23:11 23 minutes, 11 seconds As we successfully conclude our major capex cycle within our chemicals business, our fortified balance sheet 23:18 23 minutes, 18 seconds and strong cash generation open a new chapter of strategic capital deployment. 23:23 23 minutes, 23 seconds We are now exceptionally well positioned to explore synergistic value chain integrations across our broader 23:31 23 minutes, 31 seconds manufacturing portfolio. I remain deeply confident in our in our ability to leverage these financial strengths to 23:38 23 minutes, 38 seconds deliver sustained and responsible growth for all our stakeholders. 23:43 23 minutes, 43 seconds That concludes my opening remarks and I request the moderator to please open the uh the forum for the Q&A. Thank you. 23:54 23 minutes, 54 seconds Thank you very much. We will now begin with the question and answer session. 23:59 23 minutes, 59 seconds Anyone who wishes to ask a question may press star and one on the touchstone tele. 24:07 24 minutes, 7 seconds If you wish to remove yourself from the question queue, you may press star then two. Participants are requested to use kindly handsets while asking a question. 24:19 24 minutes, 19 seconds Ladies and gentlemen, we will wait for a moment while the questions. 24:27 24 minutes, 27 seconds A reminder to all. You may press star and one to ask a question. 24:37 24 minutes, 37 seconds We will take the first question from the line of Pujen Sha Sha from Molecule Ventures. Please go ahead. 24:44 24 minutes, 44 seconds Uh hi sir. Uh thanks for the opportunity. My first question pertains my first question pertains to the 24:51 24 minutes, 51 seconds venance segment. So just want to understand the broad aspects on uh the 24:58 24 minutes, 58 seconds the pricing what we should expect going forward. So we have seen the real estate prices of China is at 20 year low and uh 25:08 25 minutes, 8 seconds how do we see this situation impacting PVC business in general versus we are also hearing out that inefficient plans 25:16 25 minutes, 16 seconds of uh inefficient plans of PVC uh is been shutting down in China. So how to read that in terms of uh considering the 25:26 25 minutes, 26 seconds positive news flow of anti-involution versus the negative news flow of uh real estate not picking up. 25:34 25 minutes, 34 seconds Okay. So thanks uh thanks for this question. I think the pricing as I mentioned little earlier has been very volatile in the last 3 4 months. It's actually led to China dumping earlier. 25:46 25 minutes, 46 seconds Then the import duties in India were reduced and uh uh thereafter because of the shortage of availability the prices 25:54 25 minutes, 54 seconds went up again but now they have come down again. So I think it's very difficult to give an indication of what will be the prices going forward. I 26:04 26 minutes, 4 seconds think because of the West Asia crisis it's very difficult. I we sincerely hope 26:10 26 minutes, 10 seconds one small advantage is the devaluation of the rupee that is giving the imported prices little higher uh position. So that helps the domestic industry also. 26:21 26 minutes, 21 seconds But I think the prices of PBC are very volatile and if if the West Asia crisis 26:28 26 minutes, 28 seconds is sorted out in the next few weeks, it will still take some months before there will be any stability. We are hoping 26:36 26 minutes, 36 seconds that from 1st July the import duty of 11% which was removed earlier we hope that comes back that will give us the 26:44 26 minutes, 44 seconds advantage of a pricing uh for the domestic market because considering the energy costs industry today is under a 26:52 26 minutes, 52 seconds lot of stress. So we are hoping that the government will look at it positively and bring back this import duty and we hope the west Asia war is sorted out 27:00 27 minutes soon. So the stability in the world geopolitical business environment. 27:05 27 minutes, 5 seconds So impact one doesn't know. China plans closing. Frankly, China's capacity is so large that we don't know what's closed, 27:13 27 minutes, 13 seconds what's running, what's not. And uh they've been dumping for a long time not only PVC but many other products. So we 27:20 27 minutes, 20 seconds we really don't know what the policy is going to be. 27:25 27 minutes, 25 seconds Got it sir. And uh sir just to uh understand a broader aspect uh we have been discussing about the MIP and versus 27:34 27 minutes, 34 seconds uh we also uh the industry has also uh initiated uh add but it didn't succeeded 27:44 27 minutes, 44 seconds in November right so are we going for because MIP is a short-term phenomenon where we can able to protect our margins 27:52 27 minutes, 52 seconds or our uh industry structure but on a longer term. Are we still going for ADD in terms of to get a a longerterm protection from the government side? 28:04 28 minutes, 4 seconds Yes. Uh the industry has taken it up. 28:06 28 minutes, 6 seconds CPMA has had multiple meetings in the government over the last couple of months including one which was held last week with the new secretary chemicals 28:15 28 minutes, 15 seconds who's come in now. And we have mentioned that look we gave the data for the imported prices for the last 5 years. In 28:23 28 minutes, 23 seconds the last 4 months since the dumping started the prices have fallen dramatically by almost $150 to $200. So 28:31 28 minutes, 31 seconds we have suggested that you please revisit the ATD application will go again because it got rejected just some months back. MIP also has very much on 28:40 28 minutes, 40 seconds the agenda. Uh they have recommended a price but that's pretty low. So we are actually talking to the government saying please look at the MIP in a 28:48 28 minutes, 48 seconds realistic manner and then recommend to the finance ministry. So dialogue is on with the government. 28:55 28 minutes, 55 seconds But sir just to understand a broad aspects considering the crude price has already been up. I understand we we have 29:02 29 minutes, 2 seconds been a carbide carbide base but just to understand as as crude has already been 29:08 29 minutes, 8 seconds up by a significant uh percentage while uh considering the other ethylene based 29:15 29 minutes, 15 seconds root PVC manufacturers uh might not get their RM and that's why they will always keep the inching up the prices. uh 29:24 29 minutes, 24 seconds against the only uh uh the the negative side would be that China keep dumping because they have that carbide capacity. 29:32 29 minutes, 32 seconds Other than that it seems like it seems that price should sustain around 8590 in 29:38 29 minutes, 38 seconds PVC per kg or it would be difficult situation to call right now because all 29:45 29 minutes, 45 seconds the scenarios are not been under uh uh under a one conclusion. 29:51 29 minutes, 51 seconds So you're right. It is a little difficult. Our prices are ranging between 81 82 in that range right now. 29:58 29 minutes, 58 seconds But you know China dumping can come in at any time. We don't know at what price and what is the policy behind it. So it is very uncertain I think and energy 30:06 30 minutes, 6 seconds prices have gone up not only gas but even coal. So all these are impacting the cost of production. So I think there is a uncertainty in this market. 30:17 30 minutes, 17 seconds Got it. Sir, my last question would be in the classroom between Please join the Thank you. 30:26 30 minutes, 26 seconds Thank you. 30:28 30 minutes, 28 seconds Thank you. We will take the next question from the line of Rohit Nagaraj from 361 Capital. Please go ahead. 30:37 30 minutes, 37 seconds Uh thanks for the opportunity. Uh uh sorry for hopping on the TVC front. So 30:44 30 minutes, 44 seconds one is that uh when do we expect uh the MIT to come in place because it's been 30:50 30 minutes, 50 seconds since a while that the PBCD is now out of question and just second question in 30:57 30 minutes, 57 seconds terms of the anticipated increase in import duties again post June uh is there accelerated dumping which is 31:06 31 minutes, 6 seconds happening from China or probably uh some kind of inventory built up by the domestic producers uh at the lower prices. Thank you. 31:16 31 minutes, 16 seconds So the MIP actually we are in dialogue with the government to look at a reasonable MIP. That is a conversation 31:23 31 minutes, 23 seconds going on right now. Uh the industry is representing again giving the cost of production giving all the data to the 31:30 31 minutes, 30 seconds government of what is the reasonable MIP based on the past prices based on what's the China prices etc. So that dialogue is going on. I think that's one thing. 31:40 31 minutes, 40 seconds Secondly the price stability. No one can say because you know the uncertainty in terms of availability of of the the 31:48 31 minutes, 48 seconds movement of material goods etc. uh that is open and China can dump and and I mean they are actually exporting to 31:55 31 minutes, 55 seconds India quite a bit in the last year 50% of India's imports were from China so the quantity was very large so we are in 32:04 32 minutes, 4 seconds fact with the government in dialogue with the government if this import duty is removed at the end of June and we get the 11% back that will be a saving grace 32:12 32 minutes, 12 seconds and a real breath of life for the PVC industry so let's hope that happens but the pricing mechanism is very 32:21 32 minutes, 21 seconds open-ended. No one can give any commitment of any time. 32:26 32 minutes, 26 seconds Sure. Uh thanks. Uh so second question is again on the costic front uh given that there is a sizable amount of 32:33 32 minutes, 33 seconds aluminina capacity in Middle East which is gone offream. How do you foresee the costic balance in the global market? Is 32:42 32 minutes, 42 seconds there a possibility of again that particular material which was supposed to go to Middle East can be routed to 32:49 32 minutes, 49 seconds Asia and uh that will have again some kind of an implications on the uh domestic prices. So just your thoughts on this. Thank you. 32:59 32 minutes, 59 seconds Uh yes. So as we mentioned earlier in the call as well the global uh costic capacity is close to 109 million metric 33:08 33 minutes, 8 seconds tons and of course the demand is spread across globally. So uh there are always 33:15 33 minutes, 15 seconds regional balances and regional dynamics that come into play. So you're right that uh some particular utilization uh 33:22 33 minutes, 22 seconds in the Middle East has reduced uh but we have to see how it all plays out. the unpredictability remains very high and 33:29 33 minutes, 29 seconds there are always many factors in determining the the price of any commodity really including costic. Uh so we can't correlate it very directly uh 33:38 33 minutes, 38 seconds the impact of uh one one uh demand area going down. Uh but we do expect in the long term we expect uh you know the 33:46 33 minutes, 46 seconds Indian situation to be quite robust while there might be some short-term uh volatility. 33:53 33 minutes, 53 seconds Sure. Uh just if I can squeeze one more small question. What is the current ECU? 34:01 34 minutes, 1 second The current ECU is in the range of uh 32,000 to 33,000 uh rupees per metric t 34:08 34 minutes, 8 seconds and uh just to add this is ECU without including the flakes element because some of the peers include flakes element as well. So this is for live. 34:19 34 minutes, 19 seconds Sure. Sure. Uh thanks a lot and all the best sir. Thank you. Thank you. 34:26 34 minutes, 26 seconds Thank you. We will take the next question from the line of Ahmed Madha from Unifi Capital. Please go ahead. 34:34 34 minutes, 34 seconds Yeah, thanks for the opportunity. Uh first on costic or uh is the export volume steady or has there been any impact because of logistics? 34:47 34 minutes, 47 seconds Uh so in in uh as a country uh our exports have been increasing uh steadily over the year. In fact, India was a net 34:56 34 minutes, 56 seconds importer a few years back. Last year as a country we exported over 600,000 metric tons of costic. Uh for us as well 35:05 35 minutes, 5 seconds if we look at the financial year uh well in the last quarter you're absolutely right there is some implication uh you 35:13 35 minutes, 13 seconds know which is there. But if you look at the last financial year, our exports have gone up uh significantly and we are now exporting approximately 12% of our capacity. 35:24 35 minutes, 24 seconds Sure. And is there any costic production constraint you see because of chlorine disposal issue? Uh and is there more 35:33 35 minutes, 33 seconds room to improve volumes for costic soda as a whole for FI27? 35:42 35 minutes, 42 seconds So uh the unpredictability of course uh with the war in the uh in the Middle East is very high. Uh and while not 35:51 35 minutes, 51 seconds directly implication for us but a lot of our uh customers do consume uh uh products that come from the prochem 36:00 36 minutes chain. So there can be an impact of that but uh but we do see that uh between domestic demand and global uh dynamics 36:09 36 minutes, 9 seconds we do expect at least our capacity utilization uh to stay robust in the coming year. 36:16 36 minutes, 16 seconds Sure. Got it. On the uh EC uh the you have mentioned that the plant got fully commercialized from April. what will be 36:25 36 minutes, 25 seconds the current utilization uh as of Q1 if you can say and what what utilization you are expecting for full 36:32 36 minutes, 32 seconds year FI27 and also in terms of margin profile at current prices uh with the full value 36:40 36 minutes, 40 seconds chain glycerine and so on uh what sort of margin profile one should consider for 36:46 36 minutes, 46 seconds ECH yeah so the EC plant as you rightly mentioned was fully commissioned in 36:53 36 minutes, 53 seconds April 2026. Uh now actually the plant is running at close to 60 to 70% capacity 37:00 37 minutes utilization. Uh and we are ramping up uh the capacity. The product uh you know approval from customers has been coming 37:07 37 minutes, 7 seconds in regularly and so we expect a steady ramp up uh in in the coming next quarter or two. Uh in terms of the margins uh it 37:16 37 minutes, 16 seconds is not always so easy to say. uh for instance crude glycerine price has gone up significantly 37:24 37 minutes, 24 seconds uh and while we we do have refining capacity so we refine our glycerine uh and then of course convert that into ECH 37:32 37 minutes, 32 seconds so the margins will depend again uh on how the raw material prices and how the finished good prices move. Uh but 37:41 37 minutes, 41 seconds overall there has been an increase in the raw material cost and an increase in the EC selling price. So we do expect uh 37:48 37 minutes, 48 seconds again a healthy margin to continue uh in the in the EC plant. 37:55 37 minutes, 55 seconds Sure. And for epoxy um in terms of volumes uh how is it currently and in 38:01 38 minutes, 1 second terms of break even for the uh acquired entity as a whole uh what sort of timeline one should assume? 38:11 38 minutes, 11 seconds So epoxy uh uh as as you would know we acquired uh Hindustan Specialtity Chemicals Limited in August. We 38:20 38 minutes, 20 seconds completed the process in August 2025. Uh so it has been a couple of quarters now. 38:25 38 minutes, 25 seconds Uh we are in the process of doing you know smaller debottlenecks some improvements uh safety focus areas etc. 38:33 38 minutes, 33 seconds So it is now I think running well. Uh we are running at capacity. Uh, of course we want to increase the capacity of the 38:41 38 minutes, 41 seconds unit. Uh, the board as you would know has approved a capex of 101 cr uh in its 38:48 38 minutes, 48 seconds board meeting 2 days ago uh to enhance the formulated raisin capacity from uh 38:54 38 minutes, 54 seconds uh what was earlier 14,000 uh tons peranom to 50,000 tons peranom. So this 39:01 39 minutes, 1 second is a material uh expansion in the formulated raisin capacity which we expect to complete by Q2 FY28. 39:09 39 minutes, 9 seconds Uh and with the ramp up of this you know we are very confident uh that the profitability of the advanced materials vertical will move up. 39:20 39 minutes, 20 seconds Uh sure. Can you u if possible uh give a sort of a timeline based on the efficiencies you are trying to achieve 39:27 39 minutes, 27 seconds and volumes you are trying to achieve uh whether the break even will be achieved in probably like this year itself or you see it to be extending. 39:39 39 minutes, 39 seconds Yes we expect to achieve break even this year. 39:44 39 minutes, 44 seconds Okay. Sure. uh their part you have been very sorry so I was saying I mean the way it will 39:52 39 minutes, 52 seconds work is that first 6 to 8 months we utilize to stabilize the operation it was lossmaking unit I believe this year 40:00 40 minutes we should be better than break even because we are also we've just expanded our formulated resence from 7,000 to 40:08 40 minutes, 8 seconds 14,000 which was mentioning so that will also improve our margin profile so this year should be good and Then you know 40:16 40 minutes, 16 seconds we'll keep adding the formulas in capacity which will uh which are which are high margin and high returns. So 40:23 40 minutes, 23 seconds that will uh you know change the face of uh this business that we have got into. 40:30 40 minutes, 30 seconds Okay. Sure. And for ECH coming back again uh can you quantify margin I think couple of quarters ago in the corn call 40:39 40 minutes, 39 seconds you given 20 25% range is that sort of a range one should assume for our epic chloro hydrant plant. 40:47 40 minutes, 47 seconds So I feel emot the way we look at you know because uh baroo where we have multiple businesses now uh and each of 40:56 40 minutes, 56 seconds these businesses are linked to each other in terms of their some of the other feed stock costic going into it chlorine going into it hydrogen going 41:04 41 minutes, 4 seconds into hydrogen peroxide so it's best to look at what is the profitability of the 41:11 41 minutes, 11 seconds entire setup the entire chemical complex and also because there's a complete value chain something is down, something 41:19 41 minutes, 19 seconds is high. So that's only you know it it's best to look at how the overall complex is performing and if at all it 41:27 41 minutes, 27 seconds is not performing well what is pulling it down. So I believe currently the way it is happening if you see the last full 41:34 41 minutes, 34 seconds year numbers our revenue went up by about 38% profit went up by about 50% went up by about 50%. So that shows that 41:44 41 minutes, 44 seconds uh one the uh volumes that are getting added are uh helping the overall profitability of the complex. The other 41:52 41 minutes, 52 seconds good thing that has happened is that uh before the start of this last financial year the new products were contributing 41:59 41 minutes, 59 seconds about 14% to the total revenue. Now the new products contribute 34% or 35% and 42:07 42 minutes, 7 seconds going forward this will increase. So that will also strengthen the whole complex. Like today we just talk about costic soda and what really happened in costic I think it'll be beyond that so 42:17 42 minutes, 17 seconds gradually it is gaining strength there have been some technology issues and xyz what we are now we've got over it largely right some bit is yet to be 42:26 42 minutes, 26 seconds resolved but then we are almost there and we should progressively see uh more stability and uh better earnings 42:34 42 minutes, 34 seconds sure I get it uh this helps I was coming from the standpoint that for costic we generally take per ton margins and then 42:42 42 minutes, 42 seconds in this uh it's very hard to segregate but considering you report as a whole chemical business margins which were 20% 42:50 42 minutes, 50 seconds for at a beta level for FI26 uh do you expect as a whole that number to improve 42:57 42 minutes, 57 seconds uh materially considering the all new products you have added or this sort of a range will be uh number to take going 43:06 43 minutes, 6 seconds forward uh you know it'll hard to give give an number on this because it's a 43:14 43 minutes, 14 seconds forward-looking uh situation and the unpredictability with the global geopolitical situation etc is very high. 43:23 43 minutes, 23 seconds Uh but at least what we can say is we always look to uh run our operations uh and run our businesses in a very 43:32 43 minutes, 32 seconds efficient uh manner. So we do expect that uh uh you know in case the raw materials and the finished good prices 43:41 43 minutes, 41 seconds uh are reasonable that we will make reasonable margins. 43:45 43 minutes, 45 seconds Uh sure. A question on the sugar side of the business. You have been very vocal about uh the industry support and 43:53 43 minutes, 53 seconds obviously there are a lot of challenges and now ethanol thing is probably become very critical. So is it fair to assume 44:00 44 minutes that con considering current prices of sugar ethanol and your cost of inventory 44:07 44 minutes, 7 seconds it's it will be very tough to make a reasonable margin in this business and it's likely that we make some money but it won't be material. 44:19 44 minutes, 19 seconds So see uh yes you're right the margins uh are currently they are definitely lower than what they were uh last year 44:29 44 minutes, 29 seconds u but you know again uh given that the inventory levels are very low now right they are all time historical low of about 4 uh million tons in the country. 44:40 44 minutes, 40 seconds Uh expectation is that prices should be a little better than where they are right now. this export uh ban announcement really does not make any 44:48 44 minutes, 48 seconds impact except for some uh sentimental piece for a very short tenor. So I feel 44:56 44 minutes, 56 seconds prices should improve a little bit margins may not be the same what they were last year so there will be some shrinkage in profitability 45:05 45 minutes, 5 seconds uh but that but but you know it's not very significant shrinkage is what our estimate is. 45:13 45 minutes, 13 seconds Sorry to interrupt. Ahmed, I would request you to please rejoin the queue again for more questions. 45:21 45 minutes, 21 seconds Thank you. A reminder to all you may press star and one to ask a question. We will take the next question from the line of Manish Madan from 361 Capital. 45:33 45 minutes, 33 seconds Please go ahead. 45:34 45 minutes, 34 seconds Uh sir, thank you for an opportunity. Uh so I just want to understand like uh we are into the ECH. uh so how much echally 45:43 45 minutes, 43 seconds consume to manufacture the epoxy resin like currently what it is and in future what it will be 45:53 45 minutes, 53 seconds so our our uh EC capacity is uh 150 tons per day so that's roughly 52,000 uh tons 46:02 46 minutes, 2 seconds peranom uh our le capacity which consumes uh EC is a smaller capacity 46:10 46 minutes, 10 seconds So we do expect to sell a large percentage uh close to uh 70 75% 46:18 46 minutes, 18 seconds of our ECH in the market. Uh that's that's the current situation. 46:24 46 minutes, 24 seconds Okay. So thank you so much. That's all from my time. Thank you. Thank you. 46:32 46 minutes, 32 seconds Thank you. Before we take the next question, a reminder to all you may press star and one to ask a question. 46:40 46 minutes, 40 seconds We have the next question from the line of Priya Mahata from Aquitas. Please go ahead. 46:46 46 minutes, 46 seconds Uh hi, thank you so much for giving me the opportunity. Uh so my first question is in regards to the Shriam farm solution business. In the last couple of years, 46:54 46 minutes, 54 seconds we have made it really big and I think our R&D efforts have uh put in place. I just wanted you to elaborate on what 47:01 47 minutes, 1 second kind of efforts we are taking and what uh business potential we see out of this business in the next two three years. 47:10 47 minutes, 10 seconds Well, as I mentioned earlier, Shiran Farm Solutions has three verticals. One is the seeds business, the other is the 47:17 47 minutes, 17 seconds crop protection business and the third is a specialtity nutrients business. So, we have research going on in all three 47:25 47 minutes, 25 seconds of these verticals quite actively and aggressively. As you rightly said the seeds business wheat has been a touchwood a good success for the 47:33 47 minutes, 33 seconds business and is doing well even this year in spite of the earlier rains and the heat etc etc the offtake has been pretty good. Uh we are focusing on the 47:42 47 minutes, 42 seconds crop protection also where we have a tak with a couple of international companies to get molecules in which we are doing 47:49 47 minutes, 49 seconds in our um outsource processing plants and we're making the product and selling that in the market for the farmers which 47:57 47 minutes, 57 seconds is also doing well and we are continuously working on that of getting more tires as well as our own R&D and the crop protection. In the specialtity 48:06 48 minutes, 6 seconds nutrients business as you may be aware we have a factory in Kota called Shiram a smart where we manufacture speciality 48:14 48 minutes, 14 seconds nutrients that is there plus we get some more products from outside plus we have an R&D and as I mentioned in my opening remarks we have made couple of new 48:23 48 minutes, 23 seconds products in crop protection and in specialtity nutrients from our own R&D plus from outside which have got a good response in the market. So our plan is to grow in all three. 48:34 48 minutes, 34 seconds Got it. Got it. Uh and the next question is in terms of Fenista. So Fenista, we've been doing excellently in the last 48:42 48 minutes, 42 seconds couple of years and uh currently with the metal prices going up, aluminum also reaching all-time high. How are we 48:50 48 minutes, 50 seconds passing on the cost and how do we see the margin going forward? Are also one question is in terms of margin and 48:56 48 minutes, 56 seconds second is in terms of demand. Are we see any demand fall back since the cost has increased so much? 49:04 49 minutes, 4 seconds So one is on uh passing on the the cost to the customer. So there are two types of customers. One is the retail 49:12 49 minutes, 12 seconds customer. The other is the institutional customer. In retail customer it becomes a little difficult to pass on the cost if you know although the contracts also 49:20 49 minutes, 20 seconds of a shorter value and uh of of shorter tenor. Uh but then it is difficult to pass on the cost there. Uh however in 49:29 49 minutes, 29 seconds institutional clients our lot of our contracts are in made in such a way that there's a tolerance level post which the 49:36 49 minutes, 36 seconds cost is passed on uh you know to the builder. However till the tolerance level it does impact our margins. 49:45 49 minutes, 45 seconds Now uh in terms of your second question on demand uh I think uh we are seeing good demand even now. If you see our Q4 49:54 49 minutes, 54 seconds numbers also, they were pretty good. Uh so we have had record order book. So demand is pretty good right now. 50:02 50 minutes, 2 seconds Got it. Got it. Um now my third question is in regards to the PVC business uh considering that the currently China has been dumping etc. 50:13 50 minutes, 13 seconds uh in the current scenario do you think prices will fall down to as uh like similar to 6065 level which were there 50:20 50 minutes, 20 seconds in say November December or what kind of because I am assuming that China will also be under energy 50:29 50 minutes, 29 seconds cost pressures and they would also likely increase the prices. 50:34 50 minutes, 34 seconds Well, what you're saying we sincerely hope not. I mean that is the thing and also one is seeing because freight international freight and movement of 50:42 50 minutes, 42 seconds goods is also not so easy now because of the disruption having across the board. 50:47 50 minutes, 47 seconds So I think the crisis of 80 81 82 which is prevailing now we we do hope that it stays it might go down a little bit you 50:55 50 minutes, 55 seconds know this is also like a situation where if suddenly you know excess material comes in affects the market price straight away but then after a couple of 51:03 51 minutes, 3 seconds weeks it can go up a little bit again but uh it's very difficult to predict on any of these commodities with the uh 51:11 51 minutes, 11 seconds what the price will be but we hope it stays somewhat stable. Got it. Got it. Thank you so much. 51:19 51 minutes, 19 seconds That's it for myself. Thank you. 51:23 51 minutes, 23 seconds Thank you. A reminder to all you may press star and one to ask a question. 51:30 51 minutes, 30 seconds We have the next follow-up question from the line of Ahmed Mada from Unifi Capital. Please go ahead. 51:38 51 minutes, 38 seconds On the finest margins, uh is there any impact on margins because of the acquisition of DNV? if you can quantify the number. 51:47 51 minutes, 47 seconds No, there is uh no significant impact right now. Uh that's a separate entity and uh we still buying on the same arms length basis that we were doing earlier. 51:59 51 minutes, 59 seconds So there's no impact on the margins. The reason for that acquisition was more in terms of uh indigenization 52:07 52 minutes, 7 seconds uh therefore a lead times improve. It's also about doing more R&D in house uh to to come out with newer products on uh 52:17 52 minutes, 17 seconds you know the Windows hardware. So I think we are we progressing that well. 52:22 52 minutes, 22 seconds Sure. And uh overall capex what sort of number one should consider for FI27 52:31 52 minutes, 31 seconds uh for the overall uh company as a whole? 52:35 52 minutes, 35 seconds So that should be in the range of around 1,200 crores including the normal capeex 52:42 52 minutes, 42 seconds as of now whatever is in the uh which has been let's say approved by the board uh but we we have few projects in the pipeline as well. So let's see how that pans out. 52:53 52 minutes, 53 seconds Sure. Currently committed to that range. 52:56 52 minutes, 56 seconds Okay. Okay. Got it. Got it. And last question on the bio seeds. Obviously karif placement should have started by 53:03 53 minutes, 3 seconds now or something of that sort. So can you give some sense uh just not company specific but in general what trends you 53:11 53 minutes, 11 seconds are seeing across crops cotton patty maze um in terms of channel inventory pricing discipline take if can give some 53:20 53 minutes, 20 seconds broad sense uh based on your the trend you are seeing in the market. 53:26 53 minutes, 26 seconds See as of now placements are good although they are apprehensions because of uh expected Elnino. 53:33 53 minutes, 33 seconds So the placements are happening. uh the the only place where we are seeing some apprehensions 53:41 53 minutes, 41 seconds beyond Elino is on cotton because uh every every producer in the country has huge 53:50 53 minutes, 50 seconds inventory of cotton and therefore how the discounts will be passed and all that has to be looked at. 53:56 53 minutes, 56 seconds Yeah. But otherwise it's a reasonable start to the season. Okay. Sure. Uh thank you. 54:04 54 minutes, 4 seconds Thank you. Thank you very much. 54:13 54 minutes, 13 seconds Ladies and gentlemen, we will take that as the last question. I now hand the conference back to the management for the closing comments. Thank you and over to you sir. 54:23 54 minutes, 23 seconds Thank you ladies and gentlemen. Thank you very much for your participation in the Ernie conference call. As we 54:30 54 minutes, 30 seconds navigate an evolving global landscape, we are actively fortifying our resilience and growth by one driving 54:39 54 minutes, 39 seconds operational excellence. We remain hyperfocused on optimizing our core manufacturing base, ensuring our 54:46 54 minutes, 46 seconds operations are lean, agile, and capable of sustaining healthy margins across our portfolio to deepening our value chains. 54:55 54 minutes, 55 seconds We are strategically strengthening integrations across our business verticals to invest and unlock synergies 55:02 55 minutes, 2 seconds and enhance our comparative edge. And three, accelerating digital transformation. Technology is the 55:09 55 minutes, 9 seconds backbone of our evolution. We are embedding datadriven insights and automation into our daily operations to 55:17 55 minutes, 17 seconds drive efficiency and sharpen our strategic decision making. Furthermore, environmental stewardship is no longer a 55:25 55 minutes, 25 seconds peripheral objective. It is the cornerstone of our capital allocation. 55:30 55 minutes, 30 seconds By building greener, future ready operations, we are securing sustainable long-term value for our shareholders. 55:38 55 minutes, 38 seconds Thank you once again for your continued trust. Goodbye. 55:43 55 minutes, 43 seconds Thank you members of the management. On behalf of DC and Sriram Limited, we conclude this conference. Thank you all for joining with us today and you may now disconnect your lines. Thank you.