Finolex Cables Limited — Q4 FY26

Finolex Industries Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=EuAfTBBS4JA Published: 3 weeks ago

0:00 Ladies and gentlemen, good day and welcome to the Pinollex Industry Limited Q4 FY26 running conference call hosted 0:08 8 seconds by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will 0:16 16 seconds be an opportunity for you to ask question after the presentation concludes. Should you need assistant during the conference call, please 0:24 24 seconds signal an operator by pressing star then zero on a touchstone phone. Please note that this conference has been recorded. 0:32 32 seconds I now hand the conference over to Mr. Arun Bid from ICICI Securities Limited. Thank you honor to you sir. 0:39 39 seconds Thank you Julius. Uh good afternoon ladies and gentlemen. On behalf of ICA securities I welcome you all to the Q4 0:45 45 seconds FI26 postcon of Industries. From the management side we have Mr. Udit Adval management director and Mr. Chandra CFO. 0:55 55 seconds Now I hand over the call to Mr. Udit for his opening remarks. post which we'll open the floor for Q&A over to you. 1:03 1 minute, 3 seconds Thank you. Thanks Arun and good afternoon ladies and gentlemen. Welcome to Follex Industries earning calls for quarter 4 and for the full financial year 2526. 1:14 1 minute, 14 seconds We are very pleased to have you here today with us. Uh just a reminder to everyone that uh within the course of 1:22 1 minute, 22 seconds this call uh there might be certain forward-looking statements based on our current uh view. However, the actual results may be different uh may differ. 1:34 1 minute, 34 seconds Coming back to our quarter 4 of FY26 performance uh we had a 12% growth on 1:42 1 minute, 42 seconds year one year on the revenue and the revenue for the quarter 4 is stood at 1,314 cr rupees okay as compared to the 1:52 1 minute, 52 seconds quarter 4 of 25 of 172 crores okay we 1:59 1 minute, 59 seconds had a significant improvement it nearly doubled uh nearly doubled to rup is 332 crores from 171 crores the previous 2:08 2 minutes, 8 seconds quart previous year quarter and as a result there is a uh margin improvement of 25%. 2:16 2 minutes, 16 seconds profits before tax rose 65% uh to 334 crores from 203 crores in quarter 4 or F 2:24 2 minutes, 24 seconds by 25 and correspondingly a big jump also from 2:30 2 minutes, 30 seconds 144 crores of uh Q4 by 25 to 306 crores of Q4 FY 26. Uh during the course of the 2:39 2 minutes, 39 seconds quarter the volume was broadly flat for us. uh and uh to this quarter our volume 2:46 2 minutes, 46 seconds was uh 1 lakh 1,770 tons versus 1 lakh 2253 tons of the quarter for FY25. 2:57 2 minutes, 57 seconds Moving on to the full year 2526 performance. Uh we had a flat uh revenue 3:05 3 minutes, 5 seconds uh of 400 uh of 4,113 crores against FY25 of 4,142 crores. Uh the lower 3:16 3 minutes, 16 seconds volume which we had during the course of the year uh were offset uh by the better realizations. Yeah, that's why we see the revenue broadly flat. 3:27 3 minutes, 27 seconds uh as we discussed in quarter 4 and has an impact on the full year performance also. Our Abita Abita was up 43% to 679 3:38 3 minutes, 38 seconds crores. Okay. Our ABIT grew 55% to 572 crores during the course of the year. 3:45 3 minutes, 45 seconds The sales volumes for the full year is stood at 332,736 metric tons. uh against 300 347,000 3:55 3 minutes, 55 seconds 982 metric tons in the previous year. Uh we continue to have a very strong uh 4:02 4 minutes, 2 seconds balance sheet with a net uh free cash of about 2563 crores. 4:09 4 minutes, 9 seconds I want to give come back to to one of the topics uh which is which is impacting all of us which is the Middle 4:17 4 minutes, 17 seconds East conflict and what has it been for us. 4:21 4 minutes, 21 seconds uh as we all know since the start of the conflict there has been a major macroeconomic changes around the world 4:30 4 minutes, 30 seconds particularly in the downstream of oil which is the petrochemical industry and PVC markets. 4:36 4 minutes, 36 seconds So disruptions which are also happening because large volume of oil flows through the the straight of homos 4:46 4 minutes, 46 seconds and this creates the bottleneck for the uh across the value polymer value chain 4:52 4 minutes, 52 seconds and it's not only the the PVC all other polymer prices also saw a significant increase during the course of the uh last couple of months. 5:05 5 minutes, 5 seconds So while this lack to higher prices means also a little better realizations for us. So this is near-term uh positive 5:15 5 minutes, 15 seconds for integrated producers like us. But the supply uncertainty and cost uh inflation remains risk. Yeah. But which 5:24 5 minutes, 24 seconds we continue to monitor very very closely. 5:27 5 minutes, 27 seconds Also on the demand supply side uh if we talk about uh the BBC demand in India follows a very well established 5:36 5 minutes, 36 seconds seasonal pattern. Premons typically we see uh uptake in demand because of the 5:44 5 minutes, 44 seconds aggregate demand going up ahead of the kar season and then the moderation starts during the monsoon. Okay. 5:53 5 minutes, 53 seconds I think with this uh I would like to conclude my my opening remarks and uh 6:01 6 minutes, 1 second would like to open the the floor for question and answers. Thank you. 6:07 6 minutes, 7 seconds Thank Thank you. We'll now begin the question and answer session. Anyone who wishes to ask question may press star and one on their touched on telephone. 6:17 6 minutes, 17 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 6:24 6 minutes, 24 seconds handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question cure symbol. 6:34 6 minutes, 34 seconds The first question is from the line of SNA from Noama. Please go ahead. 6:40 6 minutes, 40 seconds Hi team, thanks a lot for the opportunity. A couple of questions from 43. What would be the quantum of the inventory gain in this particular quarter? 6:50 6 minutes, 50 seconds you want to take that? 6:52 6 minutes, 52 seconds Uh sa good afternoon. So we have uh as like the other PVC pipe producers we 7:00 7 minutes have also the windy came during the quart during the uh month of March when the price has gone high. It ranges 7:08 7 minutes, 8 seconds amount roughly around to uh uh on an average uh 35 to 40 around. 7:17 7 minutes, 17 seconds Understood. Uh my second question was related to the volume growth. What we were also hearing from the other plastic producers was there was a good amount of 7:24 7 minutes, 24 seconds restocking which took place because of which of course the volume was much higher and of course they seeing consolidation. We talk good coming in 7:32 7 minutes, 32 seconds from leaders as well. Why was our volume flattish uh for this particular quarter? 7:40 7 minutes, 40 seconds uh so as you know uh our roughly around 65 7:47 7 minutes, 47 seconds to 70% volume comes from the agree sector and this time we have seen that the agree demand is not taking uh uplift 7:54 7 minutes, 54 seconds during Q4 so on an average over overall basis though the quarter and quarter volume has remained flat but we have 8:01 8 minutes, 1 second seen a reduction in volume in agree and increase in volume in non-aggree overall the volume has remained flat but uh The 8:09 8 minutes, 9 seconds dragging is mainly happen on account of every volume not getting picked up because the farmer were quite they were also anticipating that the prices 8:18 8 minutes, 18 seconds because the prices volatility they have they were anticipating anticipating that the uh uh the softening the prices on 8:26 8 minutes, 26 seconds and that anticipation the volume has could not picked up as it used to happen in the earlier quarter in the corresponding quarter of the last year. 8:38 8 minutes, 38 seconds If every month picked up in the month of April and May, how are we seeing trend? 8:43 8 minutes, 43 seconds Any guidance that you would like to give? And lastly, if I even adjust the 50 crores EIDA, I mean 50 crores 8:50 8 minutes, 50 seconds inventory gain your EIDA margin comes out to be significantly higher than what we've seen for last 8 n uh you know quarters. 9:00 9 minutes How sustainable are these margins? 9:04 9 minutes, 4 seconds I think that's so uh niha see uh as you know we are we are also the backward we have the backward intelligence 9:12 9 minutes, 12 seconds facilities of uh PBC manufacturing so there is always a few cost advantage that we enjoyed so based on that our 9:20 9 minutes, 20 seconds procurement planning that we have in place so we have enjoyed certain benefit and that has given us the margin overall the kind of margin that we have you have 9:29 9 minutes, 29 seconds seen during the current quarter is obviously asser going to be it is going forward is going to moderate to some extent. 9:39 9 minutes, 39 seconds Any guidance? 9:41 9 minutes, 41 seconds The guidance more or less you can say uh lower double to lower double digit around. 9:50 9 minutes, 50 seconds Understood. And on the volume front how agree how has and month. Yeah. Yeah. 9:58 9 minutes, 58 seconds We lost you in between volume front. 10:01 10 minutes, 1 second Uh so the other question was that uh have you seen pick up in the month of April and May with respect to agree pipe volume and any annual guidance with respect to volume growth? 10:13 10 minutes, 13 seconds April was a little subdued month. Yeah because the prices were pretty high in the month of March and prices started 10:20 10 minutes, 20 seconds coming down. So really in a falling market uh it has a straight impact on the demand. So was a bit subdued but uh we see a little better May. 10:36 10 minutes, 36 seconds Got that's good. And any guidance for the annual for FI 27? 10:41 10 minutes, 41 seconds There's so many things going around both in the supply side and also on the demand side. Yeah. But I would say structurally 10:50 10 minutes, 50 seconds I would look at GDP one of the indicators of our growth and which also is a several constituents to it. Agree 10:58 10 minutes, 58 seconds is one of those construction industry is another and how the how the government spend on the some of the some of the 11:08 11 minutes, 8 seconds growth drivers government. For example, extending the joint driven mission and how that allocation happening between the course of the year will define what 11:16 11 minutes, 16 seconds kind of a demand growth you can see thanks thanks a lot I'll get back in 11:28 11 minutes, 28 seconds thank you the next question is from the line of from SJ investment please go ahead 11:38 11 minutes, 38 seconds uh hi sir thank you for opportunity. I just wondering in terms of the demand how was how is it on the ground level? I 11:45 11 minutes, 45 seconds understand that the Q4 was not so great because of the rapid price hike but in terms of let's say consolidation in the market especially in the agree space how 11:53 11 minutes, 53 seconds is it how has it been in terms of competition and other things? 11:59 11 minutes, 59 seconds Sorry I couldn't completely understand your question. Can you come again? Yes sir. Am I audible right now? 12:05 12 minutes, 5 seconds Yeah. I was trying to uh I was asking sir in terms of competition overall in the agree space right now how has it 12:13 12 minutes, 13 seconds been and how is the customer demand center uh besides the Q4 uh rapid price like is there any consolidation and 12:21 12 minutes, 21 seconds how's the overall market competition competitive forces because some of our players are getting a little more aggressive on track. So just wondering what's happening on the ground. 12:32 12 minutes, 32 seconds No uh the story is different for everybody here but because the ratio or the dependence on the agree market is 12:41 12 minutes, 41 seconds everybody is different. Yes, we have been predominantly in the agree side relatively stronger as compared to the 12:48 12 minutes, 48 seconds non-aggree side and uh so the impact cannot exactly be like compared. Yeah. 12:56 12 minutes, 56 seconds But uh coming back to your question of what is going on on the ground as you said there still was was a subdued month 13:02 13 minutes, 2 seconds in terms of demand uh May looks to be slightly better. Yeah. Uh also because of the 13:11 13 minutes, 11 seconds uh agree demand which has uh kind of come back a little bit uh ahead of the monsoons. Yeah. And uh a lot will depend 13:20 13 minutes, 20 seconds on what happens to the monsoon. We already know that monsoon are kind of getting delayed. Yeah. Uh this year this 13:29 13 minutes, 29 seconds was supposed to happen like nowadays these days in Kerala but got extended by 13:35 13 minutes, 35 seconds another week or 10 days. Yeah. So I hope uh the in the month of as we move 13:42 13 minutes, 42 seconds forward into month of June uh this some part of the June there is continued demand in the jobs. 13:51 13 minutes, 51 seconds Uh understood sir. I just wondering in terms of let's say players like season like and Jane have also been in the 13:58 13 minutes, 58 seconds market. I was wondering has this been affecting us? Was it at the cost of us or at other players? 14:05 14 minutes, 5 seconds See J irrigation plays in the micro irrigation market. So this is not a complete direct like to like uh comparison for with us. Yeah. 14:17 14 minutes, 17 seconds So that's what I said in the beginning of my of my response to your question that everybody has a different positioning in the market and which 14:24 14 minutes, 24 seconds market segment is Got it. Just one last question. Uh I understand that you're still very 14:32 14 minutes, 32 seconds concentrated on the agree space right is there any strategy in terms of meaningfully shifting away from agri to like other products because we are still 14:40 14 minutes, 40 seconds extremely highly regarded in agree space but I'm pretty sure that brand will also cancel it to other signals. So what's the strategy for that? 14:48 14 minutes, 48 seconds Yeah, I mean we have been constantly pushing our uh trying to diversify our portfolio in terms of the market 14:55 14 minutes, 55 seconds segments. So there's been slight improvement year on year if you look at FY25 67% was agree and if you look at FY 15:04 15 minutes, 4 seconds 26 uh we are at about 63%. So really the non-aggre segment uh share is also 15:11 15 minutes, 11 seconds increasing in our in our portfolio. So yes there is a gradual shift and as we have been saying in the past in the 15:18 15 minutes, 18 seconds previous calls also there's a constant fault in this direction and our goal is to have a much more balanced uh business 15:27 15 minutes, 27 seconds coming from these two distinct market segments. 15:32 15 minutes, 32 seconds So let's say what is the ideal fit the management wants for the next 3 to four years. Is there any internally targeted method? 15:40 15 minutes, 40 seconds I would uh I would say more like uh ideal case for us would be more like 50/50. Yeah 15:49 15 minutes, 49 seconds over over the next uh four four to five years. 15:54 15 minutes, 54 seconds Perfect sir. And one last question regarding market uh I understand that you're still market leaders. So in terms of market shares, has there been any 16:01 16 minutes, 1 second growth especially with the market going down are you able to gain market share gain over the last year? Could you put some guidance on that? 16:10 16 minutes, 10 seconds No, I don't think so. Uh what we have been doing so far is is trying to manage 16:17 16 minutes, 17 seconds the the market share and also looking at the the margin growth. So our positioning is slightly different from 16:25 16 minutes, 25 seconds what other players are doing in the market. 16:28 16 minutes, 28 seconds And you see that clearly reflected in our numbers also. 16:33 16 minutes, 33 seconds Uh got it. But uh could you explain the strategies that are going behind the margin growth? I understand you most selective. So but in terms of how are we 16:41 16 minutes, 41 seconds exactly growing the margins by maintaining our margin? Is it lesser credit terms or higher size onto that? 16:51 16 minutes, 51 seconds So it's a basically continuous process. 16:52 16 minutes, 52 seconds See a margin improvement. There are a lot of things and lot of dynamics into picture how we are procuring how we are managing our margin. It's our 17:00 17 minutes procurement strategy at what time we are placing the market. Uh at which point uh we are uh putting some schemes and 17:07 17 minutes, 7 seconds discuss in the market. Then at what point in time which we are concentrating see margin is not a result that we are seeing. It is not a result of a single 17:15 17 minutes, 15 seconds factor. It come it it's a combination of various factor that we keep uh that we that that are at our constant radar. So 17:23 17 minutes, 23 seconds that's how we we uh try to uh sustain the margin currently and going forward also the the individual is on 17:32 17 minutes, 32 seconds I understand that it's very dynamic factor and we doing we're very competitive in that sense I just wondering for this specific year and the specific causes what were the major 17:41 17 minutes, 41 seconds contributing factors I understand it changes time to time depending on the market I just wonder the result that you have seen basically it's a result of whatever the factor that I just 17:50 17 minutes, 50 seconds described you it is a combination of all the factors It is very difficult to point pinpoint what is the how the margin has came on for a particular 17:57 17 minutes, 57 seconds initiative but yes it's a combination of all the factor that you have seen understood that's very helpful uh in 18:05 18 minutes, 5 seconds terms of geograph sorry for interrupting Mr. Uh paranita could you please read? Yeah. Thank you. Thank you. 18:12 18 minutes, 12 seconds Thank you. 18:15 18 minutes, 15 seconds Thank you. The next question is from the line of Shancha from Dalat Capital. Please go ahead. 18:21 18 minutes, 21 seconds Yeah. Uh thank you and congrats on good setup numbers. I have couple of questions of uh just for uh sir can you 18:28 18 minutes, 28 seconds share the uh agree you have shared the 63% so for four quarter it comes around 62%. What was the CT share in the volume 18:36 18 minutes, 36 seconds and fitting share for fourth quarter and possible for fourth quarter of last year and maybe the full year after 2526 if 18:45 18 minutes, 45 seconds you can share both CPVC pair and the fittings. So thanks thanks Shan for the uh question and I think Jaman has the 18:54 18 minutes, 54 seconds numbers and the sob share on overall portfolio it comes out to be roughly around 7 to 8% during the current 19:02 19 minutes, 2 seconds quarter and last year it was roughly around 6 to 7%. So it hovers around roughly around 76 to 7% and currently 7 19:09 19 minutes, 9 seconds to 8% and on a year on basis year on year basis this is at the same uh 7 to 8% range on overall volume. 19:19 19 minutes, 19 seconds Okay. And fittings sir fittings here total business 9th to 10 is the ratio that we we maintain. 19:30 19 minutes, 30 seconds Uh sorry sir I I didn't get 12% is the fitting 90 is 15%. 19:37 19 minutes, 37 seconds So 90 is the pipe and 10 is the fitting. 19:40 19 minutes, 40 seconds That's what you wanted to understand right? 19:42 19 minutes, 42 seconds Yeah. So in the fourth quarter the fitting was 10% sir. 19:46 19 minutes, 46 seconds Yeah. Fourth quarter is 9% and last year also it was 9%. On a yearly basis overall year basis full year the 19:53 19 minutes, 53 seconds fittings on overall volume is 11% and last year it was 10%. 19:59 19 minutes, 59 seconds Okay, got it. uh uh now sir uh first I just wanted to again try to understand 20:06 20 minutes, 6 seconds uh this IBIDA margin because this is the sharpest or positive surprise that has come whatever you try to answer still 20:15 20 minutes, 15 seconds not able to understand uh even if 35 40 uh the inventory gain if you adjust it comes around 22% 20:24 20 minutes, 24 seconds or uh margin for fourth quarter uh and how so so first though you said that we 20:31 20 minutes, 31 seconds are backward integrated but still able to understand further more and now let's say in the Q1 given the April we have 20:38 20 minutes, 38 seconds seen the significant PVC prices as dropping down and may maybe a four odd rupees again it has bounced back so how 20:45 20 minutes, 45 seconds one can look at this margin and so uh do we still will see a such a kind of a 10 10% kind of a volatility in the margin 20:54 20 minutes, 54 seconds going forward also how on a yearly basis can we see it the fullear effort 26 is 16 16 and a half% can we see 14% plus 21:04 21 minutes, 4 seconds kind of a margin is is doable on a sustained level or 16% plus is doable 21:11 21 minutes, 11 seconds so just I have just explained to another uh question two years back so on a yearly basis we have a target to 21:18 21 minutes, 18 seconds maintain our margin on a mid to lower double digit that is our target so we will continue 21:27 21 minutes, 27 seconds sir sorry sir lower double digit means a significant range. So I just that's why trying to understand. 21:34 21 minutes, 34 seconds So you can say sub 15 number. 21:39 21 minutes, 39 seconds Okay. Sub 15 number. Okay. So but but it it should be the the originally we were 21:46 21 minutes, 46 seconds till last time we were looking at 12% kind of a sustainable. So now that's what I'm saying number anywhere 21:53 21 minutes, 53 seconds it very difficult to pin pinpoint at the so dynamic environment. So we are trying to keep the uh maintain our margin for 22:02 22 minutes, 2 seconds 15 levels margin that is yeah yeah yeah we are talking on margin. 22:09 22 minutes, 9 seconds So in in Q1 itself also can we see the similar or still the the the number 22:15 22 minutes, 15 seconds could be much higher in the Q1 also. So as Shan as I told you our ambition is to see the margin of the year on year basis 22:24 22 minutes, 24 seconds full year basis we'll try to maintain but let's see how the quarter progresses as you know April is a uh some sub month 22:31 22 minutes, 31 seconds we have faced everyone is aware so let's see how the uh May and June goes then we'll be able to comment upon clearly basically we have a target to sub 15 22:39 22 minutes, 39 seconds level okay somewhere around okay and on on the volume 22:46 22 minutes, 46 seconds growth front so these are obviously on a yearly basis 4.4% 4% deg growth but on the fourth quarter Q to S jump is there 22:54 22 minutes, 54 seconds so you have mentioned that the April was subdued May was a better so how one can look at the on on a yearly basis the 23:03 23 minutes, 3 seconds volume growth but at the same time wanted to understand in terms of sub what's the capacity and uh how we want 23:11 23 minutes, 11 seconds to add because till last time we were saying 50 80,000 kind of a or 50,000 80,000 uh t capacity on a yearly 23:19 23 minutes, 19 seconds business will keep on adding so our total capacity at this moment is 5 lakh 20,000 so we have we have a 23:27 23 minutes, 27 seconds sufficient headroom to grow still so current year and I think most probably next year also we'll be able to will be sufficient to close with the current 23:36 23 minutes, 36 seconds volume number one number two your second question one part of the question how you seeing the year target so definitely we are seeing a 23:45 23 minutes, 45 seconds uh targeting a growth number of roughly around uh uh higher single digit to double uh lower double digit. This 23:53 23 minutes, 53 seconds growth we are targeting for the upcoming full year not on the quarter and quarter is full year we are targeting. 24:00 24 minutes Got it. And and then in terms of the the the the then the capex would be of 24:07 24 minutes, 7 seconds 100 200 kind of a number and the cash uh because for last many many times we are saying that we will reward the 24:14 24 minutes, 14 seconds shareholders but uh timing is not uh clear. the board will decide. So I'm I'm still 24:21 24 minutes, 21 seconds wondering uh uh uh when when that time will will come. 24:29 24 minutes, 29 seconds Uh so uh yes you are rightly said we every year we are going to incur these of roughly around 100 odd cr every year. 24:39 24 minutes, 39 seconds This is more on account of our maintenance that we'll keep doing. will be uh uh uh debottling process already 24:48 24 minutes, 48 seconds on where your capacity extruder get replaced with the higher capacity extruder going forward in time that process already we have also explained 24:56 24 minutes, 56 seconds in our earlier call that process is already on number one. So as you all the shareholder must be happy that last year also we have declared a huge division of 25:04 25 minutes, 4 seconds 3.60 per share and this time also 275 per share. Yes, we have the huge cash 25:12 25 minutes, 12 seconds balance in hand but still even our yesterday's discussion with the board still that decision regarding the remaining cash is yet to come. So we'll have to see that time will tell. 25:25 25 minutes, 25 seconds Okay. And and any specific reason though the number is is lower in terms of the finance cost for this quarter from third 25:33 25 minutes, 33 seconds quarter 3 K to 7.8 8 K. Uh uh any specific reason and and how uh at the 25:41 25 minutes, 41 seconds same time the other income from 52 or K so on a for three quarters it was kind of a 55 58 cr and then came to 36 cr. So 25:50 25 minutes, 50 seconds is it just a uh just wanted to know the reason and how one can this are there in some lar 25:58 25 minutes, 58 seconds on the investment portfolio that we are having. So you have seen March there is a decline market has gone for a uh lower trajectory. So that's why the marktom market in game has came down number one. 26:09 26 minutes, 9 seconds Number two finance cost has gone up. So you see uh because of this uh uh geopolitical scenario we have been planning to keep our inventory at the 26:18 26 minutes, 18 seconds optimal level. So that's resulted in into the optimum purchase uh of procurement of material number one and uh that has got converted into over the 26:27 26 minutes, 27 seconds period in time uh in in borrowing that is to into certain higher cost. 26:38 26 minutes, 38 seconds Okay. Okay. No. Uh thank you and all the best sir. Thank you. 26:45 26 minutes, 45 seconds Thank you. The next question is from the line of Praa from PL Capital. Please go ahead. 26:52 26 minutes, 52 seconds Yeah. Hi sir, Pravin from PL Capital. My question is related to the capacity. uh so capacity of 5 lakh 20,000 what you 27:02 27 minutes, 2 seconds had said and uh is there is a no expansion is there a uh constant the capacity is become a constant for a 27:10 27 minutes, 10 seconds volume source because if I look at last quarter and the utilization rate where a 27:17 27 minutes, 17 seconds very high of some 78 80% of the utilization uh so is that a constant for 27:23 27 minutes, 23 seconds a growth for you right now no so capacity is not even a constraint for the growth as Mr. Chandan WMA 27:31 27 minutes, 31 seconds mentioned in the response to one of the earlier questions is that there is a constant uh capex planning of uh 27:41 27 minutes, 41 seconds 125 to 100 to 200 crores which we have been always saying. So this is also this 27:48 27 minutes, 48 seconds year also we would be also spending uh substantial amount uh into the capacity augmentation as we mentioned the 27:56 27 minutes, 56 seconds changing the the line from a lower capacity to the higher capacity that also leads to the capacity expansion I mean having additional capacity 28:05 28 minutes, 5 seconds available for for production. So certainly capacity availability is not a constraint for for growth. 28:15 28 minutes, 15 seconds Okay. Uh second question is related to the inventory because uh you know answering to the earlier question as 28:22 28 minutes, 22 seconds well you highlighted that the inventory number has increased. Uh uh so is that uh uh assumed that because there is a 28:31 28 minutes, 31 seconds lot of a volatility in the previous recent prices. Uh we had a created inventory of RM uh for a future use. 28:41 28 minutes, 41 seconds Yeah. So also you need to uh it's a regular activity. So it's a regular activity where whenever you find 28:49 28 minutes, 49 seconds opportunity time so opportunate time to procure the inventory at a suitable prices then definitely we try to hold up the take the inventory take uh take that 28:57 28 minutes, 57 seconds inventory in our stock. So that is the strategy that we have been following and that is how you see the inventory level at 31st March. currently currently 29:05 29 minutes, 5 seconds volcanic that we are following and uh because there is a lot of volatility from the you know the March 29:13 29 minutes, 13 seconds onwards we had seen in the PB racing crisis so uh at what level like uh the those inventories hasn't been built up 29:21 29 minutes, 21 seconds is also uh you know just wanted to understand on that because uh if that is on the higher side then uh we will uh 29:30 29 minutes, 30 seconds you know then after there is a good correction in the prices also So how you are comfortably you know built up your inventory actually? 29:39 29 minutes, 39 seconds So uh uh Shan uh just to say we have we are constantly keeping a much we understand that PBC market is too 29:47 29 minutes, 47 seconds dynamic and we will be holding the higher inventories and that that is going to be a dent on the future. So keeping all the dynamics in mind we have 29:55 29 minutes, 55 seconds the sufficient control over the inventory number that we are having. So I don't want to quote any number regarding how we are seeing this impact on the subsequent quarter. But yes we 30:04 30 minutes, 4 seconds are mindful of the thing that PG prices can grow for any direct direction. So keeping that risk in mind we have the uh 30:11 30 minutes, 11 seconds we we we optimal level. 30:16 30 minutes, 16 seconds Okay. uh another on the demand side because uh you know also you had mentioned and in the past we had uh seen 30:24 30 minutes, 24 seconds that the PVC rate in prices uh always impacted the agree demand uh in the past 30:30 30 minutes, 30 seconds and still if I look at some uh you know the prices of a PBC racing is at 30:37 30 minutes, 37 seconds elevated level of nearly around 87 rupees 85 to 87 rupees per kg. uh so uh 30:45 30 minutes, 45 seconds how how in the May actually you are seeing the demand is coming back even after the higher prices is that is still 30:53 30 minutes, 53 seconds uh quite a softer or it's uh coming back within a you know uh strongly because the prices from 115 now has down. So can 31:03 31 minutes, 3 seconds you give some color because from last year of 70 65 70 now we are at the very high level of a pricing. So how the agree demand is actually setting up? 31:14 31 minutes, 14 seconds Yeah. So two parts of it which you touched very likely. Yeah. I mean so yes if you compare it to the last year the 31:22 31 minutes, 22 seconds the absolute value seems to be higher but if you compare it to the high of March 31:29 31 minutes, 29 seconds it is significantly lower. I think it is 25 27% lower. 31:35 31 minutes, 35 seconds Okay. So that is one of the one of the factors when farmers or the agree demand is being considered. The other is that 31:43 31 minutes, 43 seconds this is the season time. Okay. So the inherent demand which is there is independent of the of the pricing that 31:50 31 minutes, 50 seconds is also there. Okay. So combination of both both these two. Okay. 31:57 31 minutes, 57 seconds Yeah. Okay. And some booking questions are uh how is the uh BC and PVC spread 32:06 32 minutes, 6 seconds for a quarter and at this point how is the PBC racing prices or the spread PBC 32:13 32 minutes, 13 seconds spread right now not the quarter Q4 but right now. So Q4 PBC is spread was $521 32:22 32 minutes, 22 seconds and Q4 average average average average average I'm talking and also PBC prices on a in international market it was 32:30 32 minutes, 30 seconds average around 793 and currently currently we have seen a PBC spread PBC 32:37 32 minutes, 37 seconds spread around 543 and the prices we know somewhere around 900 plus dollar in international market 32:45 32 minutes, 45 seconds latest Okay. And VCM sir, PBC VCM PBC VCM spread is uh currently $108. 32:56 32 minutes, 56 seconds Currently is $108. And last uh Q4 average is somewhere around uh uh $179. 33:08 33 minutes, 8 seconds 179 $180. 33:10 33 minutes, 10 seconds Oh, thank you sir. Thank you. And Thank you. The next question is from the line of Pujenia from Molecule Ventures. 33:21 33 minutes, 21 seconds Please go ahead. 33:23 33 minutes, 23 seconds Hello. Um hello. 33:28 33 minutes, 28 seconds Yeah. Yeah. Uh sir, uh my question pertains to the uh so first of all I 33:36 33 minutes, 36 seconds just want to get a sense on the government uh regulations. I'm sorry to interrupt you but your voice is not very 33:44 33 minutes, 44 seconds clear. Can you come closer to the mouth please please? Mic. 33:54 33 minutes, 54 seconds Thank you. Thank you. My question pertains to the government regulation. 33:58 33 minutes, 58 seconds So uh uh we as a industry previously we have been struggling for one and a half years and uh considering the demand 34:07 34 minutes, 7 seconds scenario and we also industry has also filed the ad but it didn't implement anything while 34:15 34 minutes, 15 seconds just want to understand if we file uh the ad again uh do they keep uh do they 34:23 34 minutes, 23 seconds understand the impact which has happened in the March that might uh declining the AGB purpose because at that point of 34:31 34 minutes, 31 seconds time the prices were at a at a at a high prices compared to the historical average. So can you give a sense is that 34:40 34 minutes, 40 seconds a possible way uh we should uh get an ADB or uh we might go for a shorterterm 34:47 34 minutes, 47 seconds purposes like MIP which might be helpful for a 6 months uh duration. 34:54 34 minutes, 54 seconds I think uh on the AGD we all know I mean what happened so and there is also a there is a cooling period in between the 35:02 35 minutes, 2 seconds two investigations it needs to be there okay so that's on I don't think right 35:09 35 minutes, 9 seconds now there is a case for for ADB per se but this is again uh very much one view 35:16 35 minutes, 16 seconds of looking at it uh the other topic which you talked about other kind of protections yeah which can be given to the industry. Certainly MIB is one of 35:26 35 minutes, 26 seconds however short-term it might be. Uh you also know that the government policy government announced the 90 days period 35:32 35 minutes, 32 seconds of uh of new import duty on BBC starting April till 30th of of June. So that is 35:40 35 minutes, 40 seconds also giving probably rightfully so also uh to the lot of uh uh medium and small 35:47 35 minutes, 47 seconds enterprises. Yeah. And this is I'm talking about all polymers not only for PVC. PVC is also among that. Yeah, we 35:55 35 minutes, 55 seconds know how how is the structure of our pipe producing uh pipe producer pipe producers here in in India. 36:04 36 minutes, 4 seconds And so that has uh affected the large players like us and that's how we also saw uh a sudden drop in the prices of PVP in the month of April. 36:15 36 minutes, 15 seconds So government policy certainly has an impact on what happens on the on the business side. 36:22 36 minutes, 22 seconds So but I think on a short-term basis uh MIP could be a good option 36:29 36 minutes, 29 seconds if that's move forward and I think that is a separate topic which uh CPMA 36:36 36 minutes, 36 seconds the petrochemical manufacturers association is pursuing. Yeah. 36:42 36 minutes, 42 seconds Got it sir. Got it. ourselves as a leading pipe producer and that remains our our position as far as all these matters are concerned. 36:54 36 minutes, 54 seconds Got it sir. And secondly uh our revenue concentration is bit on the higher side on the heavy demand and uh this year we 37:03 37 minutes, 3 seconds have been expecting that uh there is 8% less rainfall compared to the previous year. So how we have been planning to 37:10 37 minutes, 10 seconds tackle that? Do you uh uh see some kind of degrowth in agree which can offset uh 37:18 37 minutes, 18 seconds in non-aggree space and how does we are planning to get uh strategies for this year to get our uh double digit growth. 37:33 37 minutes, 33 seconds Uh so as we have been telling see uh uh there is a forecast of uh uh lower monsoon also that we have just said and 37:42 37 minutes, 42 seconds also see the prices of the demand of energy is always uh monsoon dependent but we we have as we have said in the 37:50 37 minutes, 50 seconds earlier question since our uh thrust is to put more and more uh emphasis on our non-exist so there will be partly 37:59 37 minutes, 59 seconds whatever the projection that we are going to have in the upcoming quarter it going to be any loss if you are going to incur in the agree factor please sign 38:07 38 minutes, 7 seconds we'll compensate with the non-aggree uh space got it uh that's all from my side thank 38:15 38 minutes, 15 seconds you so much thank you the next question is from the line of Apul Kumar from SU Mongal 38:23 38 minutes, 23 seconds investment please go ahead hi sir so you said uh uh this VCM delta 38:30 38 minutes, 30 seconds was uh uh $170 in last quarter and right now it is 108. Have I understood it correctly? 38:39 38 minutes, 39 seconds Yes. So half of your capacity is WCM based. 38:45 38 minutes, 45 seconds So this quarter there would would be a substantial pressure on profitability. Is that understanding correct? 38:53 38 minutes, 53 seconds Yes to some extent you are correct. But yes uh the delta is currently you are seeing the uh impact of current pricing 39:00 39 minutes but yes we are trying to we are of the our discussion is already on to have the proper op uh VCM at the optimum prices. 39:08 39 minutes, 8 seconds So that we are also trying to have the inventory. 39:14 39 minutes, 14 seconds No no but whatever you are uh getting at a market price but you if the spread is 39:21 39 minutes, 21 seconds lower naturally your profitability will be affected. No and half of your capacity is obviously based. 39:28 39 minutes, 28 seconds So you need to appreciate the point that you are saying the number you are seeing is a point in time. Let's see how the number goes over the period and over the 39:36 39 minutes, 36 seconds quarter. So we have seen the 179 average came down to yes but it at certain point in time at the beginning of the quarter 39:44 39 minutes, 44 seconds it was also at the uh 180 or 190 level of the last quarter. 39:49 39 minutes, 49 seconds So average will be higher that is what you are trying to say. 39:55 39 minutes, 55 seconds Okay. Okay. And why we are not seeing any substantial growth in in volume contribution of CPVC and fittings 40:05 40 minutes, 5 seconds because they have become stagnant over last certain years. 40:10 40 minutes, 10 seconds No, but you have to see our fitting in our in fitting share in overall basic 40:17 40 minutes, 17 seconds gone up on a yearly basis. So last year our fitting share in our total uh uh 40:24 40 minutes, 24 seconds volume was 10% it is little up by 11 plus plus percent in the current year. 40:31 40 minutes, 31 seconds So this is on overall basis and if you see the growth of fitting alone the growth of fitting alone is is somewhere 40:38 40 minutes, 38 seconds around uh 9 to 10%. So that is our focus is there in the fitting. 40:44 40 minutes, 44 seconds Oh okay. So pine will continue to grow at 9 to 10%. Is that understanding correct? 40:52 40 minutes, 52 seconds Yes. Yes. Same applies to CPVC also. 40:56 40 minutes, 56 seconds CTVC in fact you see though we have the lower lower base of the CPVC but CPVC are growing at a at a higher page. It's 41:04 41 minutes, 4 seconds a roughly around uh 18 it's a 15 to 18% of sorry uh 8 to 9% of 41:13 41 minutes, 13 seconds no no would you repeat uh it was little confusing so we have a CTBC we have a lower volume 41:19 41 minutes, 19 seconds uh lower so our growth of CTBC trading is higher again in CTB trading our 41:26 41 minutes, 26 seconds growth is higher and overall CPG port portfolio is going around 8 to 9% CTV portfolio as a whole. What you I think I 41:36 41 minutes, 36 seconds have clarified the question if if I Yes sir. Yes sir. Thank you very much. 41:40 41 minutes, 40 seconds And any any any plan to reward uh return the cash to the shareholders sir. 41:47 41 minutes, 47 seconds So I have just replied to this question. 41:49 41 minutes, 49 seconds So this question uh this things will come from the board and still the board couldn't uh uh given us guidance how to 41:57 41 minutes, 57 seconds utilize this cash. So let's wait for the time. So whatever the the dividend that we have given that is definitely out of the current approval but we have the AC 42:06 42 minutes, 6 seconds we have the board will give some guidance. 42:09 42 minutes, 9 seconds So one final request to Mr. Chabaria if you can convey our request. It has been long since he has attended any call and 42:17 42 minutes, 17 seconds this question is asked every time. So at least for one call if he can attend it will be really helpful. Please convey our request to Mr. Chaburya. 42:28 42 minutes, 28 seconds Yes, definitely will convey your uh message. Thank you sir. 42:36 42 minutes, 36 seconds Thank you. The next question is from the line of Anu Parak from Anandra. Please go ahead. 42:43 42 minutes, 43 seconds Yeah. Hi sir. Uh am I audible? 42:46 42 minutes, 46 seconds Yes, we can hear you. But can you come closer to the mic please? Yeah. Am I am I audible now? Yeah. Yeah, it's better now. 42:55 42 minutes, 55 seconds Yeah. Sir I just uh so first question is what proportion of BTM quantity sourced from Middle East region and whether a 43:03 43 minutes, 3 seconds PVC raisin production is likely to get impacted in FY27 in case the uh geopolitical issue persists for the next say 3 to 6 months. 43:15 43 minutes, 15 seconds Yeah has been the the large supplier to India for this year. Yeah. Uh so that has been there has been an impact. Yeah. 43:27 43 minutes, 27 seconds Uh at the same time uh the coming to the next part of your question will we see an impact for you? As you might already 43:37 43 minutes, 37 seconds know that uh during the monsoon period our JT is not operational. So we do not run the VCM line during those periods. 43:45 43 minutes, 45 seconds So in any case it remains closed. Yeah. 43:48 43 minutes, 48 seconds So for that period four to five months period we are not impacted. because of this because structurally we cannot we cannot bring in any into our facilities. 43:58 43 minutes, 58 seconds Okay. Our efforts are on to to shift our supply chains. Yeah. From Middle East to the to the other parts uh particularly 44:07 44 minutes, 7 seconds looking at Far East. Yeah. And northeast Asia where VCM is available. Okay. And 44:14 44 minutes, 14 seconds uh the good thing is that uh is that if we are not able to get competitively VC 44:22 44 minutes, 22 seconds the PBC is available in Northeast Asia and also in in US okay and uh it's uh 44:29 44 minutes, 29 seconds it's only the 50% of the total imports India come from China and rest of it comes from other parts of of the world 44:37 44 minutes, 37 seconds into India. So there is already established PVC supply chain. So we don't see any impact on the PBC availability for the course of the year. 44:49 44 minutes, 49 seconds Okay. Uh and for the second question is uh the phenol's average I aida margin uh has been in the range of 17.5% over the 44:58 44 minutes, 58 seconds past 10 years and since our share of non-aggri pipe is also going to gradually go up. Uh so this is going to 45:06 45 minutes, 6 seconds enhance the margin profile of the company. Then uh sir why are you guiding a conservative aida margin at sub 15% level for fy 27? 45:16 45 minutes, 16 seconds So uh we don't want to give any uh rosy history at this moment because of the geopolitical scenario the future is 45:23 45 minutes, 23 seconds always uh see a uncertaintity. So that's why uh we are giving a conservative margin and let's try to deliver at the 45:30 45 minutes, 30 seconds uh higher higher margin at quarter year end. Yeah. And this uh number is over long term what you mentioned and we are 45:38 45 minutes, 38 seconds talking about here a relatively shorter period of time which is which is would be greatly impacted by by the volatility 45:46 45 minutes, 46 seconds in the market. So that's why I'm concerned estimate but you are right I mean we have been around that range 15 to 17% over time. 45:56 45 minutes, 56 seconds Yes sir. But we have clocked 17% in FY26 which was a difficult year. 46:03 46 minutes, 3 seconds No, it was a difficult year. But if you look at the full year, the quarter four was the the major game changer. If you look at the first nine months of the 46:12 46 minutes, 12 seconds quarter of oh sorry, pardon me, uh first nine months of the year and uh then the 46:19 46 minutes, 19 seconds it's a different picture. It's the quarter four which is really changed. 46:27 46 minutes, 27 seconds And so the last question would be uh what is the reason that all other listed plastic pipe companies are looking forward to geographically expand their 46:36 46 minutes, 36 seconds manufacturing footprint and expand the product portfolio but we are pursuing a different strategy and delivering a weak 46:43 46 minutes, 43 seconds volume growth compared to the them. So don't you think that we should revalue a capital allocation policy so that we can 46:50 46 minutes, 50 seconds at least maintain our market share in the pipe segment going forward? Uh see there are two parts of it. Yeah. 47:00 47 minutes Uh one is the the cost to the to the customer. Yeah. As long as uh that is uh 47:08 47 minutes, 8 seconds competitive customers will continue to to buy. Yeah. And with the increased a better infrastruct 47:16 47 minutes, 16 seconds structure available in the country. Uh the distance are becoming shorter and shorter. The I should say the impact of the distance is becoming less and less. 47:27 47 minutes, 27 seconds earlier it probably 5 years back 7 years back it will take uh probably every 5 days from Zagiri to go to the material 47:35 47 minutes, 35 seconds to the east of India now it reaches there on the third day yeah so that strategic advantage of being a local 47:43 47 minutes, 43 seconds local is slowly diminishing yeah that's the reason I think we think that 47:51 47 minutes, 51 seconds if we if we are able to to serve our customers all over India from our plan production base. We would be able to 48:00 48 minutes also manage our cost better and also serve the customers within the reasonable amount of time in terms of leading. 48:10 48 minutes, 10 seconds But sir, our existing strategy seems to be not working. So why are we not thinking of changing it? 48:20 48 minutes, 20 seconds uh you need to see uh there are two things that you have to keep in mind like even if you ro the another capacity 48:27 48 minutes, 27 seconds at the some other location it will be difficult to cater all the product and issue on the ring location number one then the balance balance is skew we need 48:36 48 minutes, 36 seconds to source from the other other uh uh location where we have the presence so definitely again it is going to create entrances number one number two as you 48:45 48 minutes, 45 seconds know we are the currently a largely agree focused segment and non-aggree uh non-aggree we are going to uh increase 48:53 48 minutes, 53 seconds our se over over in time so as the port product portfolio of non-aggree will go and if we will find the suitable 49:00 49 minutes opportunity then definitity we'll look to look for the southern other geography at this moment I think currently and the and particularly the volume subset the 49:09 49 minutes, 9 seconds volume uh decline in the agree we have seen basically you see the it it agree has always a homogeneous uh uh uh growth 49:18 49 minutes, 18 seconds trajectory if it is of course always in tandem with the how the the monsoon scenario works in the country right so if the if there will be healthy mon 49:27 49 minutes, 27 seconds we'll see a s jump in the agree demand again so see this is something where uh 49:34 49 minutes, 34 seconds uh no one has any control over that so uh that's how we are seeing our business and if you find our opportunity over the 49:41 49 minutes, 41 seconds period in time so then we have to look for the then we will definitely reook our strategy to fur the decentralization 49:51 49 minutes, 51 seconds Okay sir, that's it for my Thank you. The next question is from the 49:58 49 minutes, 58 seconds line of Mula from Nayan Wallala Securities Limited. Please go ahead. 50:03 50 minutes, 3 seconds Hello. [clears throat] What is the utilization capacity utilization for FI25 and FI26? 50:15 50 minutes, 15 seconds So currently FY26 we have the utilization of 67%. 50:20 50 minutes, 20 seconds And last year though since our we have added few capacity this year Q1 of the current year. So last year uh we have a higher utilization of 71%. 50:31 50 minutes, 31 seconds Sorry last year we have a we have ended with a capacity of 4A 92,000. So based on that 50:39 50 minutes, 39 seconds our utilization was 71%. Current year we have the capacity of 5 lakh 20,000. So based on that our utilization is 57%. 50:47 50 minutes, 47 seconds Okay. Okay. Thank you. 50:51 50 minutes, 51 seconds Thank you. The next question is from the line of from SJ investment. Please go ahead. 51:03 51 minutes, 3 seconds The next question is from the line of Shancha from Dollar Capital. Please go ahead. 51:08 51 minutes, 8 seconds Uh hi sir. Uh sir broadly if I have to look at the price difference uh and maybe ultimately the margin difference 51:16 51 minutes, 16 seconds between the agree non-aggree for us uh how how one can look at 51:25 51 minutes, 25 seconds so this number definitely margin there is a gap in the agree and non-aggree variation and margin both but we do not 51:31 51 minutes, 31 seconds disclose in the okay now the the point is I I am not asking the specific uh number what's the 51:40 51 minutes, 40 seconds uh uh price difference or the margin difference but the the range would be a decently higher relation on the margin 51:48 51 minutes, 48 seconds on agree has a higher margin than the degree that's what I can comment maximum yeah no so the point is the given the 51:56 51 minutes, 56 seconds the significant even the previous participant was also trying uh because for last many many time we are not able 52:03 52 minutes, 3 seconds to to distribute the cash uh so there are two three ways because this agree is is always always depend on on on the 52:11 52 minutes, 11 seconds monsoon we nobody knows how this will pan out after 3 five seven years. So if we if you want to have a 52:19 52 minutes, 19 seconds build a brand so obviously we need to have a uh a higher higher share in the non-aggreede that's what even we are 52:26 52 minutes, 26 seconds trying but the the pace is is is on on the lower side. Uh so uh how as as a 52:33 52 minutes, 33 seconds company given that we have the cash why can't we have a more team maybe 52:39 52 minutes, 39 seconds the uh different uh uh manufacturing setup at two three places uh because 52:46 52 minutes, 46 seconds with this 2,600 cr kind of a cash we can definitely add at two three places easily uh so uh and then keep on 52:54 52 minutes, 54 seconds increasing both in the CPVC and the fittings even fitting capacity is also very less for us. So there so these are 53:01 53 minutes, 1 second the four five ways in terms of the project level also we can keep on increasing our share. So that becomes alo it is it is kind of a recurring kind 53:11 53 minutes, 11 seconds of a demand or the for us and also at a higher margin higher realization we can have a better brand so that's the okay 53:20 53 minutes, 20 seconds so understand yeah sh uh thanks for the multiprong uh 53:27 53 minutes, 27 seconds approach and discussion which you want to get into uh first is uh our 53:33 53 minutes, 33 seconds penetration in the market and So uh as we know historically agree is 53:41 53 minutes, 41 seconds predominantly for us the west and south but non-aggree we are expanding rapidly into into other regions as well. Okay. 53:51 53 minutes, 51 seconds So we have the required uh number of sales people uh which uh which we need in in other parts as well as you know 53:59 53 minutes, 59 seconds that uh the this is also which you touched upon in your question is also the project business. Yeah. So there is 54:08 54 minutes, 8 seconds a life cycle to that and uh so we have to have to live with that. So that's the structure that you need to get the 54:16 54 minutes, 16 seconds product specified and as the construction progresses uh the demand starts flowing. Yeah. And 54:24 54 minutes, 24 seconds most of our business is through through channel. Okay. And so it would be hard to say for which project how much have 54:33 54 minutes, 33 seconds we have we supplied. But yes this is one of the non agree is one of the one of the area where we see that if we have to 54:41 54 minutes, 41 seconds balance our portfolio. This is what we also mentioned in the beginning of the of the call. we are looking at over over 54:48 54 minutes, 48 seconds time uh for a balanced portfolio uh between agree and non-aggree some of the topics which you touched 54:57 54 minutes, 57 seconds upon having a diversified or a multilocational uh manufacturing food footprint I think we touched upon that earlier Mr. 55:07 55 minutes, 7 seconds My wish is to give a very elaborate uh explanation to that why we we adopt a 55:14 55 minutes, 14 seconds particular strategy and uh but yes the opportunity is 55:20 55 minutes, 20 seconds greater in non okay that's where our focus also has been 55:29 55 minutes, 29 seconds yeah but just the the the pace of of effort and the the uh the outcome or the result is is is yet to be seen. So 55:38 55 minutes, 38 seconds that's the what that's what the investor wants and given the the kind of a cash we have. So uh that's the only only request, suggestion, feedback whatever. 55:49 55 minutes, 49 seconds Thank you. Thank you. 55:54 55 minutes, 54 seconds Thank you ladies and gentlemen. We take this as a last question. I now hand the conference over to the management for the closing comments. 56:07 56 minutes, 7 seconds Thank you. Thank you all who participated in in our call. Uh I must say that uh the questions which were 56:15 56 minutes, 15 seconds asked by you are very very partent and I must say they are very well researched also. Okay. And uh we'll continue to put 56:24 56 minutes, 24 seconds in our best efforts as a company to meet the expectations of the shareholders and the investors. I hope to see you next 56:32 56 minutes, 32 seconds time for our quarter 1 FY 27 conference call. Okay. Thank you. Thank you for your continued interest in finance 56:41 56 minutes, 41 seconds industries. Uh thank you so much for all the to all the participants and showing your continuous interest and belief in the uh uh strength that final is having. 56:52 56 minutes, 52 seconds We will we will we we are delighted to see your questions and insight that you bring in the investors call and we will 56:59 56 minutes, 59 seconds keep uh uh keep to our uh uh uh your expectation 57:05 57 minutes, 5 seconds as distant as possible. Thank you so much to all of you. 57:11 57 minutes, 11 seconds Thank you sir. On behalf of ICICI securities that concludes this conference. Thank you for joining us. 57:18 57 minutes, 18 seconds You may now disconnect your lines.