Ladies and gentlemen, good and welcome to the UFlex Limited Q1 FY 2026 Earnings Conference Call hosted by Dolat Capital Markets Private Limited. 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. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Sachin Bobade from Dolat Capital Markets Private Limited. Thank you, and over to you, sir. Thank you, Anushka. On behalf of Dolat Capital, I welcome you all to the Q1 FY 2026 earnings conference call of UFlex Limited. Hope you all are staying safe and healthy. From the Uflex management team, we have with us Mr. Rajesh Bhatia, Group President and Chief Financial Officer, and Mr. Surajit Pal, Vice President, Head of Investor Relations. Now I hand the floor to the management for their opening remarks, and then we will have a question and answer session. Over to you, sir. Thank you, Sachin. Good afternoon, ladies and gentlemen. Thank you for joining us today for the Q1 FY 2026 earnings conference call of UFlex Limited. Let me draw your attention to the fact that on this call, our discussion will include certain forward-looking statements, which are predictions, projections, or other estimates about future events. These estimates reflect management's current expectations about the future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause our actual results to differ materially from what is expressed or implied. I would now request Mr. Rajesh Bhatia, Group President and CFO, for his opening remarks. Following which, we will open the forum for question and answer sessions. Over to you, sir. Hello. Good afternoon to everybody who's on the call. Let me just give you a brief about how the last quarter went, and then we'll have the Q&A session. As you would have seen from the numbers, the revenues are up by about 6.5%, close to about INR 4,000 crores, INR 3,922 crores for the quarter, driven by a volume increase of 7.9% on a year-on-year basis. The packaging bit has grown by about 11.7% on a year-on-year basis. I'm talking about the volumes, and the packaging film has grown by about 6.8% during Q1 on a YoY basis. This volume number does not include the PET resin production, which is happening at our Panipat and Egypt plant because otherwise the numbers would have not been comparable. When I talk about the 7.9% sales volume increase, that excludes any PET resin sales, which are happening largely from India. On PET resin production, I can share some numbers with you, which is, in India, we achieved a capacity utilization of 97% during the quarter. In Egypt, we achieved close to about 75% capacity utilization, which is very good for the first quarter of operations. Key highlights for the quarter are that, towards the end, around the third week of May, unfortunately, a very large player in the packaging film industry had an accident at its plant, and that changed the industry dynamics a bit. The exports from India to Europe have come down, and the local availability of the BOPET and as well as the BOPP films has also gone down with the result that the demand supply is more balanced now, which has led to better margins post this event happening. A full reflection of that, you'll see in the subsequent quarters, the additional margins which are there because of the supply side not being available now. Having said that, we've also seen an increase in the import volumes, but still, I would say in the overall context, while the BOPET fees are very marginally increased, the BOPP part has seen a substantial increase, and the gross value addition has risen considerably during the quarter post this event. In terms of the other markets for us, the overseas market, because we've had this huge ongoing issue of the tariffs. So, you know, a lot of back and forth happening, whether it was Mexico or, you know, Canada or some of the other countries. Our advantage is that, you know, we are present in eight, nine different geographies, and that gives us a bit of a flexibility as to if we are exporting to the U.S., which is the best in terms of the lowest impact because of the tariffs imposed by the U.S. Happy to say that, you know, a large part of our exports from Mexico to the U.S. are covered under USMCA, and there is a nil duty as of now. That will ultimately, if that remains so, give us an edge over the other countries who are selling to the U.S. because everybody else is facing some sort of tariff on the exports to the U.S. There is a bit of a negative news on India that, you know, the tariffs announced by the U.S. on Indian products are higher than expected, especially the additional, you know, the secondary tariff of 25%. I think we're pretty sure that that part will be taken care of. Even if there's no resolution found before the 27th, the deadline of 27th, we feel that, you know, that should be, that date will be extended too, so that, you know, whatever the U.S. and Ukraine and Russia want to achieve to end this war, you know, so the time allowance will be there to, you know, take care of any delays therein. The other part of the tariff of 25% is also there. One of the packaging, we export from India to U.S.A. So that will get impacted by this. If the tariffs are about, between 15%- 20% range, final tariffs on this also, I think we'll be at a level playing field with the other countries who are supplying to the U.S. That will, you know, sort of put us almost at par with the other countries. In terms of, you know, the guidance for this year, I think there are the CapEx plans, what we had in terms of expanding the, you know, the Aseptic Packaging capacity from 7 billion to 12 billion packs. That has brought some delays. We were expecting that to start from January, the commencement of the season for 2025 calendar, but that has not happened. Despite that, we had, as I've said, that we had on a YoY basis, 18% extra volume in this quarter for liquid packaging. That should happen anytime soon. The latest would be in H2, early part of that H2, but, you know, we could have it earlier than that also. The Aseptic Packaging greenfield expansion of 12 billion packs at Egypt is also likely to get commissioned in FY 2026. It's the WPP bags which are used for the pet food industry, also at an advanced stage of commissioning. We have the final one, which is our recycling facility in Noida, where we are expecting that, given the government initiative that 30% of the recycled content in the rigid packaging and 10% in the Flexible Packaging, that recycling capacity will come very handy to take care of the requirement of the products emanating from these government guidelines. On the whole, the margin for this quarter has been slightly lower. Same period last year, we had a 12.7% margin, but this quarter it is 12%. The India business has done well, but somehow, because of the tariff uncertainties and because a lot of companies had stocked their material requirements well in advance, we've seen some impact of that. Hopefully, this is just a passing phase, and this will get sorted out in the next couple of quarters as to what are the final tariff policies of the U.S. As I've said earlier, if there are tariffs on other countries and not on Mexico, obviously, we will definitely see our margins improving overall in our U.S. business because we may have some headroom to increase our prices in the U.S. and still get the benefit of the USMCA to export to the U.S. Again, one of the key features for this quarter is that we don't have any unforeseen in terms of exceptional losses for any foreign exchange. Last quarter, same period was about INR 180 odd crore, but this quarter, we don't have any such exceptional losses. We're expecting that next year we'll have the benefit of all these new investments getting commissioned, and by reasonable estimates, we expect that these can add up to INR 3,000 crore of additional revenues at a reasonable 85% capacity utilization levels. We'll add about INR 600 crore of EBITDA because here we are talking about aseptics. We are talking about WPP bags. We are talking about the recycling bids which are likely to generate a higher EBITDA than the conventional packaging films where you look at about 11%- 13% kind of a margin change depending on where you are in terms of the cycle in the business. These products definitely, you know, we've been telling you that even in India, in the Aseptic Packaging, our margins are much better than margins that are there in the packaging or the packaging films industry. Overall, I think a decent quarter. We are looking to consolidate this year. Next year, when all these investments are available for producing, then we're good to add a substantial amount of revenue as well as the profitability to our business. I think that is what, there's been some increase in debt also during this quarter. As I said, the ongoing CapEx, which has been approved by the board, the total amount is about INR 2,000 crore, out of which, as on 30th of June, we've already spent about INR 1,100 crore. That is, INR 900 crore is what is expected to be spent in the current year as well as in Q1 of FY 2027. That will take care of us, the investments that we've already announced to the market. I think that is what I wanted to convey. India, the market dynamics definitely have changed post that unfortunate loss at one of the very large players. That will also change the dynamics in the export markets as well. We will be seeing that the volume from India into the European export markets and the U.S. export markets will come down, which will give you better pricing power in those jurisdictions. India, of course, will definitely see better margins going forward on a consistent basis because a very large capacity is now off the table, which will take time to reach. That's what I had to convey during this investors' call. We are open to any Q&A, whatever questions you have. We'll try to reply to them to the best possible. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Chirag Singhal from First Water Fund. Please proceed. Thank you for taking my question. A couple of questions to mind. First, this Asepto expansion, this seems to be getting delayed. Now, the expected commissioning is in H2, and I think we are anticipating an outflow of $24 million, and that has already been entered. What are the challenges that we are facing in commissioning, and are you expecting further delays? No, we are not. Ultimately, the idea was if we can complete it by December 2024 or early part of January, you will get the benefit of the 2025 calendar season. Now, if that is not happening, then whether it happens today or it happens two months later, this is not going to be a very substantial difference in terms of what the volumes or the selling, because now in the off-season, we're not constrained for the capacity. We were constrained for the capacity only in the peak season period, which is from January to August. Any benefit of this will come only in the next calendar, so 2026 calendar onward. From January onward, it should start. We are close to achieving a commercial run for sale, and it should happen quickly, more quickly than that, but the message that I'm going to convey is even if it gets done tomorrow itself, it's not going to give you any additional revenues and the profitability as well. For the full year FY 2026, what is your guidance on total volumes in Asepto? Asepto, we had earlier given a guidance of about 10 billion packs. In Q1, we have received about 2.3 billion packs, which is April, May, June. I think we will look at somewhere around 8, 8.5 billion packs. 9. 9. 9. 9. Between 8.5-9 billion packs now. Okay. Understood. Now my second question is on the, you have mentioned, I'm on the capacity utilization slide. I can see that, you know, in a couple of regions, the capacity utilization has dropped on a sequential basis. In Dubai, Nigeria, and Poland, and even Mexico, we have seen a sequential drop in the capacity utilization. If you can highlight the key reasons and for the full year, how do you see the overall capacity utilization across all the other regions? So I think, as you rightly mentioned, these things have not performed as well on a sequential basis. Nigeria is the worst impacted. They're impacted because of the tariff being put by the U.S. Nigeria has finally come on a 19% tariff basis, and earlier, when the U.S. had put similar reciprocal duties on each country, they were at 10%. I think because the U.S. and Mexican production units are not able to cater to the demand in the U.S., in the North America, and the South America markets, this business will pitch in, but we're still trying to see where we can optimize this. For example, in Egypt, there is a 10% duty exporting to the U.S. I think eventually, when everything gets more settled, we'll see at that point in time about Nigeria. Clearly, this quarter, Nigeria underperformed because the U.S. had already stocked well in advance. Our customers had also stocked well in advance, and then this duty came by virtue of which we decided to keep things a bit low during the year while this all gets settled down. Poland has typically been impacted because of exports happening from India. As I said, from June onward, this trend has reversed a bit. In June, the exports from India into Europe were much lesser, and that impact will come in the subsequent quarters. We think that will give us some pricing power in Europe. The third is Dubai. Now, Dubai is not much. There's no significant impact as such. It could be that the plant may be under a shutdown during a planned shutdown during this period and all that. That could be the only reason, but there's no specific reason for Dubai because Dubai sells its products only in the Middle East. There's nothing as such for Dubai's business. Hungary has done well as compared to sequentially as well as on a year-over-year basis. India has done well, and India is expected to do better in the coming quarters as well. Egypt has done better in this quarter on a sequential basis. I think overall, Nigeria will get sorted, and Poland will get sorted in the next couple of quarters. Overall, for the year, what kind of production volume should I work with? In this quarter, you have done total 127,900 tons in the films section, and in the previous quarter, it was a similar number. For the full year, for the film division, what is the total production volume that I should work with? From here, around 132,000 tons per quarter. 132,000 tons per quarter. Interesting. Got it. That is it from my side for answering the questions. Thank you for the interview. Thank you. Before we proceed with the next question, a reminder to the participants, in order to ask a question, you may press star and one. The next question is from the line of Aman Kumar from AK Securities. Please proceed. Yeah. Good evening, Mr. Rajesh Bhatia. Good evening to you. My question is related to BOPP margin in Mexico and Hungary. I think there are a lot of imports that are happening in Europe from India. After this fire in India, in the Jindal plant, do we expect that the dumping from India will come down and the margins in Egypt and Hungary will be better going forward? India's exports, and they are happening only to Europe. India is not exporting to Egypt at all. I don't know where that information is coming from. No, no. I think it's from Egypt. I think we were exporting to the, that is, I'm trying to Egypt only or what, the Europe also does from Egypt? Egypt exports to Europe, and from India, there are exports to Europe. With this unfortunate incident, the export to Europe in the month of June versus the month of May have gone down. I think they are likely to go down in the subsequent months as well. Let's see the impact of that in the current and the next quarter, but definitely, this will give some pricing power to you. Sir, you're in BOPET. When this overcapacity situation in BOPET will get sober all over the world, I think that there is overcapacity, not in India, but it's overseas also. Overseas in the specific jurisdictions, you know, there is no significant mismatch. It's only that because there is a significant mismatch there in India. India is exporting to these countries, and with the rupee depreciating against the euro, I think that is, again, helping the Indian exporters to drive better margins while exporting and then keeping the demand supply equilibrium balance in India. BOPET may, you know, [Foreign language] before, you know, any meaningful impact of the demand supply balancing could be seen. Okay. Sir, next question is regarding the related to this, Flexible Packaging business. After a long time, I think we are seeing a good turnover growth. Is there, so [Foreign language]. This quarter for the Flexible Packaging business, the volume grew by about 7.4% on a YoY basis. For Liquid Packaging, as I said, they grew by 18%. Holographic films grew by about 5%. That is not a very substantial business. The volume growth in the Flexible Packaging business is good, and the margins have also been better in this quarter on a YoY basis. Hopefully, that momentum is there. If we get a new announcement by the honorable Prime Minister that they lower the GST plans and there is an increase in demand for food and other consumables and all that, it will impact the packaging demand as well. Hopefully, we'll see better demand for this. Having said that, in the Flexible Packaging, we don't have, we've not done any investment in the last few years. In terms of what we can do, additional volumes still may be very limited. Maybe the strategy would be to move up the value chain and reduce your exposure on the low value-added products and do more pouches and similar other products rather than doing the roll form and all that. We don't have much capacity over there which we can utilize to improve our volume, revenues, and profitability. Sir, there is a lot of revenue there in the recycling business. They said we will see significant uptick in this business going forward because 40,000 is a reasonable quantity, but I don't think it's a very major quantity. Where do you see this business to grow going forward? 40,000 [Foreign language] 40,000 is just an initial number to test the water and to see how serious the regulations are in terms of implementation. These sort of paramount policy things take certain time to stabilize and then the results are seen. [Foreign language] 30% [Foreign language] 10%, [Foreign language] 10% [Foreign language] 25% [Foreign language] BOPET, [Foreign language], [Foreign language], [Foreign language], BOPP. [Foreign language] BOPET [Foreign language], I think, [Foreign language]. On having said that, there are companies who are already taking action in terms of finalizing their strategy as to how do they want to achieve this and all that. [Foreign language]? [Foreign language] end of the year [Foreign language] ready [Foreign language], we are, we have the production capability and by the time the thing gets more crystallized in terms of how the government reacts to any underperformance in the current year, because in the current year, because there is not much of a product also available. The company can also say, you know, the product was not available locally, so we could do this and all that. This is a sustainable business end of the day. [Foreign language] regulation [Foreign language], [Foreign language] regulation [Foreign language] extra [Foreign language], it is going to be there and this will become a formidable business as for the industry. And for UFlex also. Obviously for UFlex also, it will become a formidable business. Sir, do you think this BOPET margin has bottomed out? Now things will improve there onward. BOPET margins in India were improving, but in India we're seeing higher imports from Southeast Asia and China also. I think that keeps the prices in check. I think [Foreign language] sir, [Foreign language] import [Foreign language] import [Foreign language], I think they will think twice before importing any BOPET out. Do you think he right? Right over there because, you know, the industry's purpose is also that we should not look at the export-import route. And it's better for people. So everyone took a loss, now prices have come down again. I think if there is no certainty for traders that there is any merit in importing, you know, that will give a price advantage to the local constructure for sure. It will get better, I mean, as you said, it's bottomed out. I would say it's bottomed out. This was set by higher imports in this quarter from Southeast Asia and China. Sir, one last question that is BIS for the industry, whether industries are asking the government to implement BIS in packaging films. Is it that some check should not be put on imports? Industry is doing all that can be done to ensure that, you know, the local industry remains viable. They will do everything, don't worry. Okay sir, thanks a lot from this. Thank you. We take the next question from the line of Saket Kapoor, from Kapoor & Co. Please proceed. [Foreign language], thank you for sparing. Sir, firstly, sir, we have mentioned about this virgin PET resin business, and we have outlined some capacities for Egypt and Indian capacities at Panipat. Firstly, if you could just explain, is it only the EPR part of the story which we are playing through this segment? What is the revenue contribution going down when these will act when we're running at full inflation? Two things over here. They were initially planned during the COVID period, later part of the COVID period when the demand-supply situation was so bad that getting the raw material, PET chip for our packaging films, was becoming a very, very challenging thing. What had happened was during the COVID period, in the industry structure, if you see, all those people who make resins on the PET bottles, they have always some surplus capacity which they want to, when optimized using, they produce the film-grade PET chips also. Now, when the demand for the bottles also went up during the COVID period, they didn't have the surplus available. That is the time players like us who didn't have any capacity, internal capacity for this raw material, started suffering badly in terms of availability as well as in terms of the price. That's when we decided that we are a very formidable player. We are globally number one or number two, and we just can't leave business to the market. We have to have a better handle on our raw material. That is where we set up a plant in India and then in Egypt. We also knew that when you are producing at these plants, since most of the capacity is going to be utilized internally, it will not add to any revenues, but it will add to your profitability, margins. It will also give you a certainty of the raw material quality because earlier you were procuring from various sources, whichever was the cheapest and quickly available. That would have given more certainty to this business. That was our whole intention. In India, we also kept a provision that if we want to convert these into a bottle-grade chips also, we have a provision in the plant for doing that. Depending on the market prices, bottle-grade chips [Foreign language], we buy this raw material from the market and produce a bottle grade so that we get better margins over there. [Foreign language] what we are saying is because we have a capacity to make [Foreign language] 70-30 [Foreign language] 70% [Foreign language] 30% [Foreign language] and all that [Foreign language] [Foreign language] EPR [Foreign language] Yes, yes, yes. Sir, sir, [Foreign language] test series [Foreign language] mention [Foreign language] 18,000 multi ton [Foreign language] CPP plant [Foreign language] Mexico, take for quarter one and two, in terms of its revenue contribution, what should we look at it as on an annual basis? Also, sir, we have spoken about CapEx and coming off, I think, the fourth project about that, it's one, a debottlenecking as compared to the WPP for Mexico, and already we have spoken about the Noida recently. [Foreign language], the full benefit [Foreign language] FY 2024 [Foreign language] full project contribution [Foreign language], what kind of revenue addition are you expecting from this CapEx when they are streamlined? I think I had already said that in my call. In this year, we will not be able to get any benefit from this. [Foreign language] January, February, March, we achieve about 1 billion packs a month, then definitely a benefit will come. As I said, in this quarter we did 2.3 billion packs. If in January, February, March, after this expansion, we do 3 billion packs, which is a season time also, then that gain, that benefit, will come in turnover and profitability. Other than that, all the other projects, their benefit will go to FY 2027. The Aseptic Packaging plant in Egypt, its benefit could be that, because even in India when we set up the plant, it took us some time for product approval. It's not that you set up the manufacturing facility today and immediately get the benefit. Definitely, we have export quality from India, and we will get its benefit, but it may take a little extra time because, you know, in the product, we have seen in the past, it takes a bit of time. Yes, Yes, we will be ready to serve the market from FY 2027. WPP will come, recycling will come, and aseptic Egypt will also come. It may take a little more time to increase capacity utilization level and to produce the product. As I said, the total planned CapEx for all the four investments is about INR 2,000 crore, and we have already spent about INR 1,100 crore up to 30th of June. That's the point what you mentioned. On a revenue side, I said that there's a potential of about INR 3,000 crore for the first line and EBITDA of about INR 600 crore EBITDA potential. Its total. CapEx is INR 2,000 crore, top line expected supply INR 3,000 and EBITDA at 20% to INR 600 crore. That is what the math should be. [Foreign language] INR 1,200 we have already spent and balance INR 800 will be spent within the next two quarters only. The net debt/EBITDA will go up? [Foreign language], but [Foreign language] P&L [Foreign language] impact [Foreign language] interest [Foreign language] because the interest that you insert on the borrowing taken for this, this all gets capitalized as part of the project cost. [Foreign language], but debt number [Foreign language]. Net debt to EBITDA [Foreign language] [Foreign language], peak [Foreign language] 3.90 [Foreign language] [Foreign language] 4.1 [Foreign language] Okay, but sir, if we take the road map going ahead, what are the outline outlining after this? CapEx and earlier and now and the IRR were also worked out. Now going ahead from 2020, the next financial year, how should the debt strategy look like? Means whether this 4.1, where it will go down or where it will be for the next financial year. [Foreign language], 4 [Foreign language] 4.1 [Foreign language], [Foreign language] [INR 600 crore] [Foreign language] EBITDA [Foreign language] EBITDA [Foreign language] INR 1,900 crore, [Foreign language] EBITDA [Foreign language] INR 2,500 crore [Foreign language] INR 2,500 crore [Foreign language] INR 1,300 crore [Foreign language] INR 7,300 [Foreign language] INR 7,300 crore [Foreign language] INR 2,500 [Foreign language] 2.92 [Foreign language] I am saying [Foreign language] scheduled [foreign language] INR 1,300 crore [Foreign language] with the new, with the new project [Foreign language], we will, we will surely be under three. You will be going down to three? Yes. Going down to three. Sir, I didn't listen to your opening remark carefully. Sir, there was a blind disturb. If you could just give me firstly the operating landscape in terms of, I think so, a lot of time, I think so, I've spoken by other players also how the film segment margin moved up and then there because of less import, they have now again selling lower. Taking the end both things into play out force, that event in the month of end of May, how are things currently planned for our film business segment in terms of the contribution margin per kg, eta per kg? If we look at the project, how is it looking with the market right now? What I am saying is two things. One is India and the other is overseas. In India, after this event, clearly the market dynamics have changed for the better, more better for the BOPP players. Even for the PET players, this has been better also, but later this was said by higher imports from Southeast Asia and China. As you know, it is a known fact that those traders have incurred losses because the domestic players also adjusted their prices accordingly. The impact of the capacity which is now not available in India will be seen in the medium term for sure. We have seen it more profound in the BOPP and less profound in the PET industry because of import settling. Now, simultaneously, if we also link it to the global thing, while India’s story was different because of this fact, this incident, that is how the market dynamics changed. In the overseas market, the dynamics changed because of the tariff by the U.S. With the domestic incident, the export of the packaging films from India to Europe has come down already in the months of June and July. If they keep on coming down, we will definitely see better pricing in the Europe market. In the U.S. market, because there was before, in anticipation of the tariff, the customer had already, you know, stocked the films and all that. We saw, you know, hesitation on the customers to book, to give more orders till they are clear, you know, as to how the tariffs are going to settle. There has been an uncertain impact because of the tariff. That is why in the quarter, the demand in the North American markets remained a bit off and new. I also said that we still have an advantage because we produce films in Mexico and our export from Mexico to the U.S. are very substantial. Whatever Mexico produces, 70% is exported into the North America market, largely to the U.S. If there are duties on all other nations, obviously it will put us, give us an advantage and we will have hope for better margin when we are exporting from Mexico to the U.S. This has to settle down over the next two quarters. Only then, you know, the things will be, the final plan will be before all of us. Right sir, and sir, if we look at the P&L part, I just conclude also P&L. When we look at the nature of our other operating income, if you could just explain what are the major key components and how are these other operating income are generated. Also sir, when we compare June 2024 versus June 2025, what kind of, I think, the volume, volume and you have given volume and this revenue increase pattern is good. The efficiency part in terms of whether power and fuel or employee cost, everything has gone up higher than what the incremental revenue has been. Where have we slipped in on this point sir, and what steps are we taking to realize or lower these costs. Sir, other operating income component and employee cost, power, fuel cost, everything just moved up significantly. So other operating income largely is the business income only. Like export incentive is there or in your business the scrap that is generated, that is sales. It is very much part of the operational income only. I have not gone through as to the rise in the other expenses proportionate to the higher revenue as well as the profitability. Because to a very large extent, it's market dynamics are also playing. Obviously, you will find that if the revenue has come down or if the profitability is lower and you measure those costs in relation to these two factors, they will look higher as compared to the comparison period. That does not mean that you can reduce the cost just like that, that in one quarter my volume has come down due to labor or due to some local factor, so my employee cost will also come down. These sort of expenses are mostly fixed and semi-fixed in nature only. Yes, when you work out the percentages and per ton and all that, you will find it a bit higher. More or less, you cannot do much unless you structurally see that your business, you have excess manpower and your manpower is, and if you have done a project where you have hired the manpower, but right now the capacity utilization is low. Those two factors you have to take in your side. I don't think so. We keep on reviewing our manpower from time to time as to what is the cost and what are the other things. Nothing to worry about on all those panels. Sir, [Foreign language], wo that strategy still hold drum post the edges of the first quarter in terms of the different margin der realization. How are those things sir, [Foreign language] in terms of the revenue strategy, agi strategy, the margin strategy, what's the exit of the quarter one? How confident are we that given the current business environment, we will be able to meet those trajectories as outlined earlier. This EBITDA margin or the EBITDA wich we have done for this Q1, how sustainable and how are the market factor contributing to the sustainability of the thing? If you could just give us more color on the same. [Foreign language] 10% [Foreign language] EBITDA [Foreign language] INR 1,900 [Foreign language] INR 2,100 [Foreign language] EBITDA [Foreign language] 6.4% [Foreign language] 10% [Foreign language] 10% [Foreign language], Q4 [Foreign language] Q2 [Foreign language], Q1 [Foreign language], Q4 [Foreign language] 0.7 [Foreign language], 0.5 [Foreign language] 0.7 [Foreign language] Q1, [Foreign language], Q2 [Foreign language]. Sir, only depend on the film segment realization and cushion margin. In that aspect, sir, right now we are on fact for the end of what the June quarter and what acted over. It's not fully on track. Q1 versus what we had planned for the full year, there is a little bit of a setback in that. We will achieve that in the next three quarters. That is what we are hopeful. [Foreign language] BOPP [Foreign language] BOPET [Foreign language], [Foreign language]? [Foreign language], [Foreign language] [Foreign language], [Foreign language]? Sir, I am asking about how are the global capacity addition? SRF is doing it in India. Then you have one or two other players who are adding BOPP in India. In BOPP, because the void has become big, I think Nahar is doing it. And one or three players have done something. Dhunseri is also coming up. Okay. [Foreign language]. You know, it is not supporting. [Foreign language]. [Foreign language] realization [Foreign language] point [Foreign language] miss [Foreign language]. What you meant? How are realization [Foreign language]? [Foreign language], I think, better than the PET. On a gross basis, value added [Foreign language] 35% [Foreign language], depending on the [Foreign language] base [Foreign language] film [Foreign language], [Foreign language] 35% [Foreign language] margin over the raw material cost in the BOPP. Right. Lastly, sir, this single-pallet solution you mentioned in your press release, what is its significance? In the press release, sir, if I just take your attention, from page number 14 onward, sir, you have mentioned product-wise chemicals, Flexcote, and then UV LED. What are we trying to explain out of this slide in terms of how will our profitability and the business, meaning incremental business, how much comes from this? I think for four or five slides we are mentioning, where we are mentioning about special properties and all those stuff. What spelling? Some product capabilities, things that we are telling you basically to make you understand that, you know, we are not a dominant company. We are an evolving company. [Foreign language] we remain one of the best players in the industry. Now, having said that, [Foreign language] single-pallet [Foreign language], [Foreign language] single-pallet [Foreign language] already explain [Foreign language] customer [Foreign language] 30% mix [Foreign language]? [Foreign language] customer [Foreign language] option [Foreign language] option [Foreign language] virgin [Foreign language] recycle [Foreign language] mix [Foreign language]. [Foreign language] better product [Foreign language], [Foreign language] at a manufacturer and also, if he gets a product in which there is 70% virgin material and 30% recycle content, it will work better for him. Otherwise, [Foreign language] mixing [Foreign language] quality [Foreign language] maintain [Foreign language]. We We are offering this to our customer [Foreign language] single-pallet quote [Foreign language], where you will get a pre-fix with the free mix thing, [Foreign language]. [Foreign language] machine [Foreign language]. All are for the EPR story? Yes. [audion distortion] Correct, for investor I think so for our side, it is only how the down the day debt category heads up going ahead. I think so, when we started conversation to one and half year, Surajit, they mention about some low hanging fruit, which we are trying to capture. If Surajit is online and if you could just comment, where are we in getting those low hanging fruit for the investing community? If any comments. [Foreign language] I think [Foreign language] contact what you are saying on the call. Sir, in the call he had mentioned about. about. I think maybe I may be incorrect also. I think. That is what I am saying. I have no reflection of that. Surajit is the best person to talk to. If he is not able to give you an answer, you know, we can always engage or contact her. Right now, I do not understand any contact regarding this. There is more. Fine, fine. Sir, we hope just for a relocation exercise for schedule. That is not actually happening. That was the reason why my question was. That call from my side. Thank you for all the elaborate discussion. Only one suggestion is that, sir, when the presentation is uploaded, if that could be done a day before the call, that will surprise a lot of things. A lot of effort goes into the presentation. Kudos to Manoj ji, Surajit sir for preparing a very exhaustive report. Please provide us enough time to go through those. Also, 40 minutes are not sufficient. That is not in reference to the same. [Foreign language]. [Foreign language] [Foreign language] I am very, very, very grateful to the team that goes and works for it. That's all from my side. Sir, I have spoken enough and thank you, sir, for giving me the exchange of opportunity for putting forward my request. I hope we have someone. requested that somebody from the promoter also join the call and listen to investors' feedback and give their input, if any, sir. We have requested earlier also. In the team next lineup, or maybe once during the year, if somebody from the promoter team also participates and answers or listens to the investors and analysts, that would give us a confidence-boosting measure also, and that goes well in the investing aspect of my humble feedback, sir, if that would be deliberate also. We'll surely work towards this and see if that can happen. Thank you. Thank you, the entire team. Thank you. I've heard no further questions from the participants. I would now like to hand the conscience over to the management for closing comments. Just one, sir. Thank you for joining us today. We appreciate your time, questions, and continued support. The transcript of this call will be made available shortly on our website at www.uflex.com. We value this platform as it enables us to engage meaningfully with our investors and stakeholders and look forward to keeping you updated on our progress in the coming quarters. Wishing you all a pleasant day ahead. Thank you. On behalf of Dolat Capital Markets, that concludes this conference. Thank you for joining us, and you may now disconnect your line.