Ladies and gentlemen, good day and welcome to Kajaria Ceramics Limited Q1 FY 2027 earnings conference call. As a reminder, all participant clients 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 this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pranav Mehta from Equirus Securities Private Limited. Thank you, and over to you, sir. Yeah. Thank you, Sumit. Good evening, everyone, and thank you for joining this call. From the management side, we have Mr. Ashok Kajaria, Chairman, Mr. Chetan Kajaria, Vice Chairman, Mr. Rishi Kajaria, MD, and Mr. Sanjeev Agarwal, CFO. I will hand over the call to Ashok sir for his initial remarks. After which we will have a Q&A. Yes, sir. Over to you, sir. Thank you, Pranav. Good evening, everyone. It gives me great pleasure to welcome you to the quarter one to FY 2027 earnings conference call of Kajaria Ceramics Limited. Joining me on this conference call is the senior management team of Kajaria Ceramics. In spite of the recent geopolitical disruption in the Mid East, coupled with a more favorable demand supply environment for the ceramic tile industry in Morbi, we remain optimistic about our business outlook for the year FY 2027. The performance in quarter one FY 2027 has broadly validated our expectations and provides a strong foundation for the year ahead. In quarter one FY 2027, we achieved a 6% year-to-year volume growth in spite of soft April. However, consolidated revenue grew by 20% to INR 1,328 crores compared to the corresponding quarter last year, mainly due to increase in selling prices because of fuel impact. EBITDA margin for the quarter stood at 19.60%. Apart from a brownfield expansion of 10 million square meter of our Srikalahasti manufacturing facility announced last quarter, we have also decided to put up a further 11 million square meters line at our Jodhpur, Rajasthan facility that will deliver cost-effective, high-quality products. Beyond tiles, two verticals are evolving from adjacencies into pillars. Kerovit, our bathware brand, is scaling with purpose. The decision to acquire the remaining 15% stake from Aravali Investment Holdings is an unambiguous statement of long-term commitment to building a market-leading bathroom solutions brand. Our adhesives businesses are trying to grow at a much faster pace. As the price differential between national branded players and their informal counterparts have narrowed, a consumer preference is expected to shift decisively towards branded products. A secular tailwind that positions Kajaria favorably going forward. Looking ahead, we remain confident that the company is well-positioned to sustain quality growth and create long-term value for all stakeholders. Let me review this quarter's segment-wise financial performance. Tile segment revenue grew by 18% year-over-year at INR 1,162 crores in quarter one FY 2027 compared to INR 986 crores in quarter one FY 2026. Bathware segment registered a 33% growth in revenue, reaching INR 122 crores in quarter one FY 2027 compared to INR 91 crores in quarter one FY 2026. Revenue from the adhesive grew to INR 45 crores in quarter one FY 2027 as compared to INR 25 crores in quarter one FY 2026. EBITDA improved in FY 2027 to 19.60% as compared to 16.72% in quarter one FY 2026. Profit before share of profit loss from JV, exceptional items and tax grew to INR 230 crores in quarter one FY 2027 as compared to INR 149 crores in quarter one FY 2026. PAT for the quarter grew to INR 169 crores in quarter one FY 2027 as compared to INR 109 crores in quarter one FY 2026. As of 30th of June 2026, the working capital cycle also improved by five days to 46 days compared to 51 days on 31st of March 2026. We will continue to focus on a lean working capital cycle going forward. With this, I take this opportunity thanking you for joining us today. Over to Sumit for questions. Thank you very much. We will now begin the Q&A session. Anyone who wishes to ask a question may press star and one on their touchtone 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. The first question is from the line of Praveen from PL Capital. Please go ahead. Thank you for the opportunity. Many congratulations for a very good set of numbers. My first question is related to the pricing. As you also highlighted, there is a price hike and overall 11% of increase in the realization. Can you give us some more color on that? How much is actually in the segment-wise the price hike you have taken and the way forward also where you are seeing these price hikes to continue at? See, two things have happened after the war on 28th of February. The prices of gas at Morbi went up drastically because GSPC is the only supplier. As far as Kajaria is concerned, we have three plants in Morbi. We have three plants in north and two plants in south. In north, we are taking the gas from GAIL. In south, we are taking gas from two CGD companies. One is Think Gas, and the other is another CGD company. What has happened in Morbi, the gas prices went up from literally about INR 48 to INR 86 to INR 88 per SCM, whereas in north, the price hike was approximately about 10%-12%. As a result, the cost increase in Morbi was much more than what has happened in north. In Morbi, they have increased the prices by almost 40%-45%. In north and south from our plants, which we are manufacturing, we have raised the prices by anywhere between 10%-11%. As a result, the gap has come down drastically. That's the current situation. As we all know, gas market is very volatile with the war still on. One day there is no war, second day the war is on, and the situation is very volatile. Looking at that, we'll keep watching and see what happens. The situation as of today is very positive as far as Kajaria is concerned because of the multi-locational plants that we have. Perfect, sir. Second question related to that is the volume, 6% of the growth in the volume we are seeing, and still there is a lot of volatility in terms of the gas supply and all we are seeing. Where you are seeing this volume growth to be in the next nine months? You see, if you recall, last two quarters, we have not given any volume guidance. This year, with lot of confidence, we are saying that next nine months we'll have a double-digit growth. Double-digit volume growth. Okay. That's good to hear, sir. Last question is related to the CapEx, two CapEx announcement happened for INR 210 crore and INR 165 crore. Also there is a renewable acquisition of INR 12 crore. Can you give a 2027 and 2028 CapEx, how much is going to be out of INR 387 crore of total CapEx of all these, and also the maintenance CapEx, if you can give? This year we are looking at a CapEx of roughly INR 400 crores part of the CapEx which we are doing in two plants, partly will come here, partly will come next year. This year, the CapEx plan is roughly about INR 400 crores. Okay. There is some maintenance CapEx included in this? All included. Thank you, sir. All the best for future. I'll follow in queue. Thank you. Thank you. The next question is from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Hi, thank you for the opportunity. Sir, it's heartening to see you giving double-digit volume growth guidance after a long given some guidance. Just want to firstly understand from where this confidence is coming, what insights you are getting it from ground. Secondly, July also we have seen a similar trend. Hi, this is Rishi Kajaria. As we said, our April was little soft, May and June we did have a good volume growth, the same trend continues in July. At one side, we are strengthening our complete distribution strength, another lever for growth which we have now really started working on is projects, which will give us that additional volume. Just to give you the information that we have just had a major breakthrough with two of the very big builders of India, where we are getting a lion's share. Looking at the distribution strength of ours and this additional lever of projects, we feel that we are bound to do a double-digit growth this year. That gives us the confidence. Understood. Got it. Secondly, how are the margins looking this year? In this quarter, you have already hit the INR 250 crore EBITDA mark. Possibly can we hit a INR 1,000 crore mark this year? By then the promoter won't be taking the promoter remuneration, which you, a few quarters you take a call, we don't want to take it. We are looking at an EBITDA margin about 18%-19% for the entire year. First quarter, we already got a 19.6%. We are quite confident that we'll look at those numbers for the entire year. We are looking at a INR 1,000 crore plus EBITDA overall. Got it. Just a small clarification about EBITDA. You include other income or not? Secondly, as you hit INR 1,000 crore mark, possibly this or maybe next year, promoter will start withdrawing remuneration? We have already said. Other income is not part of EBITDA. It's operating EBITDA. Promoter in the last con call have already clarified that they are not going to take salary for this financial year. Understood. Got it. That is helpful. Thank you, sir. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on the touchtone telephone. A reminder, anyone who wishes to ask a question may press star and one on the touchtone telephone. The next question is from the line of Sneha from Nuvama. Please go ahead. Good evening, team, thanks a lot for the opportunity. Couple of questions from my end. Firstly, wanted to gauge how is the demand on ground. When you said April was weak and May and June recovered? Could you help us with the understanding where was the maybe region-wise break-up, Tier 1, Tier 2, Tier 3, or was it a broader slowdown? What are the reasons according to you, and are we seeing a pickup back again in the current month? April was soft for three reasons, and we all are aware why it was soft. One, there was the total shutdown of Morbi in the month of April. Number one. The Morbi manufacturing closed on 5th of March and was literally closed till 15th of April. Some plants started, only 10% of the plants started in the month of April, mid-April, 16th of April. Morbi, there was a total shutdown, number one. Number two, in the month of March, all the dealers across India lifted more quantities for a simple reason that they knew that the prices will go up from 1st of April. Third, there was a labor shortage across the country for two reasons. One was elections around in the country, and secondly, there was an LPG shortage. They all went back to their destinations and said, "Let this problem ease out, and we'll come back again." These are the reasons. Already in the month of May and June, things have started positively, and so is in the month of July, which is just about to close. Demand at the normal level in the domestic market is looking very optimistic. That's great to hear. Second question is regarding CapEx. We have seen your renewed CapEx. You all are putting up additional CapEx in your own facilities. Where is this optimism coming up from? Because earlier the thought was largely to take it from JV route from Morbi or even outsourcing. What is the current margin differential, let's say, between your own plants and JV, and which model is working better and why? Hi, Chetan here. We have two CapExes coming up, which we announced. First is the Srikalahasti expansion in south at a cost of INR 210 crores, which we announced in the last board meeting. Second is the expansion at our Gailpur factory in Rajasthan at a cost of INR 165 crores, which will happen in this financial year, and it's bill over to by April 27, it will be completed. These are the two major CapExes we are looking at for increasing our sales. What was the second question, Sneha? Chetan, I just wanted to understand why sudden renewed CapEx interest. What sort of a margin difference do we make between the Morbi manufacturing as well as the south or the north manufacturing? Sneha, the thing is that at this time, this is a new technology. This is the latest plant we are putting both at Srikalahasti and Gailpur, where the CapEx is much lower what we used to do earlier. The turnover which we'll be getting from both the CapEx will be more than two times. It will be not only the CapEx efficient, but also the OpEx efficient. The cost of production will also be lower. Incrementally, they will be highly ROCE accretive, and we'll get much more margin what we are getting even with our existing manufacturing facility. Understood, sir. This was quite helpful. Thanks a lot, sir. One more thing. Yes. The decision of putting up the plant and outsourcing is also based on the geography. We are finding good demand in north. To cater to the northern demand, we are putting up the plant. This plant, we are putting up 11 million plant for INR 165 crore, which will give us a turnover of more than INR 400 crore-INR 450 crore, but with a better margin. Outsourcing we will use to utilize our full capacity. Going forward, as we have to grow, we aim to grow in double digits, so it will help in meeting the sourcing requirement from these two plants. Understood, sir. Thank you so much. All the best. Thank you. The next question is from the line of Disha from Trinetra Asset Managers. Please go ahead. Am I audible, sir? Yeah. Thank you for the opportunity. Just a couple of questions from my side. How is the demand tracking across the retail channels and versus the institutional sales? Is there any real estate-linked demand that you are seeing is currently a key growth driver? Is there any signs, estimation or softness in this current quarter? As I mentioned before, the demand is coming from both retail as well as institutional. Our focus was less on institutional earlier, now we are focusing on both the segments together to get a better growth volume. We are strengthening our distribution and dealer network as well as we are being aggressive in projects to gather more market share. Got it, sir. One more question, what's the current export contribution to the revenues, is there any change in the strategy given that there is a global trade uncertainty and tariff uncertainty this year? Is there any going to be shift to the concentration to domestic? We are a domestic consumption story. We don't want to go to exports. Our exports is less than 1% of our overall turnover, we are very bullish on the Indian market, we want to focus all our energy and effort here. We are not looking at the export market at all. Okay, sir. Got it. Thank you. Thank you. The next question is from the line of Sagar from Marine Research. Please go ahead. Opportunity management. My first question is, the board has approved additional 11 MS and one capacity expansion at Gailpur. Could you help us understand the key drivers behind this investment? Is this expansion based on the strong demand visibility the next few years, or is the company positioning itself ahead of the next housing and real estate upcycle? The driver is the market demand from the north and eastern markets, which Gailpur plant caters to. Due to the price increase of gas prices in Morbi, which is a cluster, the price differential from Kajaria and the Morbi price has decreased. This has given to an increased demand for our products in the northern and eastern markets. Seeing that demand scenario, we've decided to put up an expansion in our Rajasthan plant. Okay. Could you share the number of dealers added during the quarter? Pardon? No, it's confidential. Number of dealers added in the quarter? Because overall we have 1,800 dealers approximately, out of which 450 dealers are exclusive. As we go around in the year, with this change, we are expecting another 100 dealers to add, out of which this time 50 will be exclusive. We are focusing more on exclusive Kajaria dealers. Yes. How should we think about the dealer productivity over the next three, four years? Do you expect growth to come primarily from adding dealers or increasing sales per existing dealers? Automatically with the addition of their demand. One thing you're not able to get right now, the difference between Kajaria and Morbi has minimized. What was being sold from Morbi to a Morbi dealer and Kajaria dealer has minimized. If the gap earlier was 40%, today it has come down to 20%, number one. Number two, there are three kinds of customers in the country. One is a guy who's going for branded only. He will buy Kajaria, Somany, or Johnson. There is a guy who says, "I want sasta, cheap." He will buy a Morbi product. There was another set of people who were saying, "Where do I go? Where do I go to branded or I go to Morbi?" Difference being minimized. They prefer a branded because you make a house once in five years, 10 years, 20 years. They will go for branded. As a result, our sales have started going up, which we are seeing as a result, which is resulting in what we are talking about. As a result, we felt it is the right time to go for such a massive expansion, number one. Number two, as you might have heard just now, in Gailpur, we are talking about an increase of 11 million square meters at INR 165 crore. If I take you back two years back, 5 million square meter used to cost INR 150 crore. This is a big change which is happening with the latest technology that we are putting up the plant. In Nepal side, tiles market estimated around INR 200 crore and INR 500 crore. Historical Indian tiles, around 6% growth. What is the expectation for the next five years market share is Kajaria targeting in Nepal? Please, come in the queue again. Let other people ask the question. You already asked the question. Okay. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on the touchtone telephone. Reminder, anyone who wishes to ask a question may press star and one on the touchtone telephone. The next question is from the line of Pankaj from ICICI Prudential Asset Management. Please go ahead. Good evening and congratulations on good set of results. My first question is that, when I look at the last three years, the sales growth for us has been uninspiring 3%-4%. I see a very renewed confidence in the commentary of growth. In order to visualize the size and scale of the company, Ashok, it will be great if you can give a slightly medium-term outlook, where you see the size and scale. My second question is, when I was looking at social media a few weeks back, I think you guys had a sales meet and there you could see INR 6,000 crore number on the top line for this year or, I don't know, next year. Some granularity on what is giving the confidence of growth and how the size and scale of the company will look like in the next three years. Last three years has not been great. What are the big changes internally, externally you are seeing, which is giving us the growth confidence? It will be really helpful. Thank you. Thank you very much. I take you back to April 2025, when the big change happened at Kajaria. What happened? We did the job of unification. We had three different verticals, ceramics, Polished Vitrified and Glazed Vitrified, we combine into one. What happened last financial year was there was a lot of cost cutting at various heads, but volume did not come because there was a lot of correction is to be made. The real volume growth came in the quarter four, when we grew at about 11%. As a result, what happened? Two things happened. One. The organization become much leaner than it was. A lot of people went because there were three verticals operating. Instead of three verticals, now there is only one vertical, that is tiles. It is now started yielding results. That is the confidence which we got, number one, the confidence is not that what we got, the confidence we got is the sales Resulting in larger sales. As I said just now, in the month of April, it was slow because of three reasons. In the month of May, June, now July, which is also just reflected in last year of the July, things have started improving. We are seeing a double-digit growth. Looking at that, we see that next three years is going to be very positive for Kajaria, that is why these expansions are coming. Okay. On the external front, Morbi was very competitive all throughout. With what is happening around in terms of pricing, do you see a structural change there where the shift from unorganized to organized has started to happen? Anything which is also happening as a tailwind there? Can you help us on that front as well? Even wait and see. You see, the gas market is very volatile today. One day there is a war, next day there is no war. You have to understand this thing, that in Morbi, there is only one gas supplier, that is GSPC, which is partly importing on spot and partly taking gas from GAIL and Indian Oil. Here, we are getting gas from GAIL, which is a much bigger player as far as gas is concerned, and then CGD companies in South. Right now, that situation, how it will come, how they will become more organized and all that, it's too early to say. Right now they are in a trouble as it is, because they do not know what gas prices will be tomorrow, whereas there is some certainty from GAIL side on the gas. That's helpful. Last question was that when I look at the market feedback at the ground level, the demand for slabs has been going up at a much faster pace. In the initial time, we had missed that opportunity. How do you see that going forward for us in terms of our capacity, capturing market share there, where somewhere Simpolo has done a great job. From a slab perspective, how do you see our opportunity and that becoming a large portion of our product mix? That will be my last question. I fully agree. I fully agree with you. That is why we are putting up these two large capacities. See, your question is a very valid question, that Kajaria missed out. We do agree. This is why we are putting up these large two capacity to meet the requirement of bigger sizes. A state-of-the-art plant, both are state-of-the-art plant. Fantastic. Wish you all the best and looking forward for optimism turning into execution. Thank you. Thank you. The next question is from the line of Ritesh from Investec India. Please go ahead. Hi, sir. Thanks for the opportunity. Sir, my first question is, just wanted to understand why is the difference in CapEx intensity between the two plants that we have indicated? The CapEx difference is because in Gailpur, the shed is already there, so that's why the cost is less. It is exactly the same plants which we are putting in both the factories. In Srikalahasti, we are putting up a brand new shed. We have to make a 8.5 lakh square feet new shed, whereas in Gailpur, it is a extension of the existing shed. That is the difference of the CapEx. That would be almost like INR 45 crores? Yeah. In Srikalahasti, we're spending almost about INR 80 crores on the shed, INR 80 crores-INR 90 crores, and in Gailpur, we'll be spending about INR 40 crores-INR 50 crores on the shed. Okay. My second question is just a continuation of what Pankaj sir was asking you. If you could highlight basically what is the technology or any different type of tiles or sizes that we are looking at this particular expansion. Is it the historical Sacmi and Continua+ lines, or is it something else that we are looking at it from a technology standpoint, which will actually help us on differentiating the product incrementally? I tell you, the biggest differentiating factor is the volume. Earlier, as we just mentioned, a 5 million-6 million square meter plant used to cost about INR 150 crores-INR 160 crores. Now in INR 370 crores, we'll get almost 22 million square meters. We are focusing on capacity as a number one point. With that, we'll have the flexibility, whatever machinery we buy, whether it is Sacmi, whether it is Chinese, we'll have a mix or combination of both. We'll produce the best quality tiles where we'll have an option of all the sizes. Is there anything different from a printer or a kiln standpoint, wherein which will differentiate our products versus what we have currently? Or is it just scale basically that we are referring to over here? What's happened is the kiln size has increased. Earlier we used to put a 200-m kiln. This time we are putting a 340-m kiln. That's one. With either a Continua+ press or a hydraulic press, number press, that doesn't make a difference. Based on that, our technical team is working on all those things. Our first priority is to go for a higher volume capacity. Okay. That is the way we'll get a very good cost where we can get a much better share in the market. Sure. My last question is, would it be possible for you to quantify INR per SCM for North, West, and South? I think for Q1 we are given numbers of INR 55, INR 47, and INR 49.6. Please correct me if I'm wrong. If you could help us with the numbers for Q1 and likewise what it is on a spot basis. You are talking about the gas? Yes, sir. Fuel price? Yes, sir. Average fuel price is around INR 71 in this quarter. The west was the costliest, Morbi, as our plant was Morbi. That was around INR 85. Rest, south and north are much lower than the west. Sir, would it be possible for you to quantify corresponding to INR 55 in north in Q4? How much was it in Q1? Oh, sir. Okay. It's around INR 64, and for south it is around INR 72, INR 73. sir, on spot basis, how much would it be? I mean, this is too much detail. Spot is about INR 85. Spot on a blended basis corresponding to INR 71, it is INR 85. Is that right? The spot is INR 85. You see, gas is not that simple. Gas is a combination. When you talk about gas in north, it's a combination of various gas that we get from GAIL, number one. In Morbi, it's straight GSPC. In Srikalahasti again, it is a combination of various gases, which Think Gas gives. It's not that simple that just give you the price. It's a combination of various gases which go into the final number. Correct. Sir, what I- Yeah, sorry. Yeah. Sir, what I was trying to understand is, if we look at the indicated increase, basically, what is the price increase required after Q1, given the gas prices, if they're higher versus Q1. No, there is no- Is it? See, first of all, please understand, gas prices are very volatile. I cannot give you that what will happen tomorrow, nobody knows. Even GAIL people do not know what will happen tomorrow, because now the entire parameters are decided by Ministry of Petroleum, depending on how the war takes place. Whatever it is today, we are ready to share. What will happen tomorrow, nobody knows. We should leave it at that correctly. Sure. That's helpful. Yeah. Thank you. Thanks. Thank you. The next question is from the line of Dhananjay from Centurion Broking. Please go ahead. Yeah, thanks for the opportunity. What is the status of Morbi export as of now on monthly basis? See, exports have come down in the first three months of the year due to this war, Gulf War. Lot of exports have been going to America, to Russia, to U.K., to Gulf, all these. That is where the freight rates have gone up by almost one and a half to two times. As a result, exports have come down. Average exports in the first three months is about INR 3,000 crore, INR 1,000 crore each month. This year, instead of INR 16,000 crore of 2025, 2026, as of today, the run rate is lower. The run rate is INR 1,000 crore per month. In terms of outsourcing, we are going to achieve 35%-40% numbers for us? You talked about exports just now, right? Yeah. You talked about exports. Yeah. I'm talking about outsourcing for us, Kajaria. Yeah. We were at 29%- 30% number, in terms of outsourcing, and we were targeting to reach close to 40% in next 12 month or so. Yeah. Last year we sold about 118 million square meters of tiles. This year we are looking at about 130 million square meters of tiles. That's why I said the growth plus. This, as I said, the growth will be double-digit plus for the next nine months. In the first quarter, which we shared just now, we have grown at 6% volume growth. If you look at those numbers, overall, our manufacturing capacity this year is not going up. Whatever we are doing, we are doing for next financial year. Looking at that, we have to do more outsourcing to meet that requirement of sales. That is for this year. Next year, the percent will go down when the manufacturing facility will come. Thirdly, one understanding I wanted to share, if you look at real estate launches data, in 2019 and 2020, there was a huge jump in terms of launches, and I think our numbers got impacted because of that. In 2023, we had a big, sharp jump in revenue in 2022 and 2023. Likewise, if I see, we have seen 2024, 2025 there is 60%- 70% jump in launches in real estate. Can we assume that those launches is going to, in terms of tile demand, is now coming up, and that is why you are seeing good demand from institution side? See, let us not confuse ourselves with all this data. I have already shared lot of data that why our demand is going up. The first part is unification, which I said very strongly. Secondly, the price difference between Morbi and Kajaria or let's say Morbi and Somany or Morbi and Johnson, which is because they have multi-locational plants just like Kajaria. With that, we are looking at the positive scenario. What real estate launches and all that, you will confuse the issue. There's no use of talking about that. Also, just to clarify a point, when a project is launched, to the point the tile gets used, it's a four to five-year cycle. Even if the real estate projects got launched in 2024, 2025, 2026, this is not the time that the tiles will get used in those launches. Our growth position has nothing to do with those launches. Those are independent of those real estate launches. As already said in the meeting, we are also breaking on projects, which earlier Kajaria was leading due to various reasons. Now we are also embarking on retail as well as projects. With these breakthroughs, definitely we are looking at a very positive scenario going forward. Okay. What will be the share of institutional and retail? Any rough idea going on? It's too early to talk. Let us do a few things. It's too early to talk. Everything can't be replied in one day, no? Okay, sir. Okay. Thank you, and all the best. Thank you. Thank you. The next question is from the line of Anu Parakh from Anand Rathi Investments. Please go ahead. Yeah. Hi, sir. My first question is, you said that the incremental demand in FY 2027 will be met from outsourcing. Is the price gap between the- You are not clear. Am I audible now? Yeah, you are okay now. Yeah. We said that the incremental demand will be met through outsourcing for FY 2027, the price gap between the company and Morbi here is having narrowed down. Is it still lucrative for us to outsource? We have no choice. See, this year, because of the production constraint, we will outsource from Morbi because that is the only option. Once the plants come online, onstream in the next financial year, in the first quarter, our dependence on Morbi will be drastically reduced, we will have 22 million of our capacity in-house. Okay, understood, sir. Sir, last question is, what would be the share of ceramic PVT and GVT in terms of both volume and value for Q1 FY 2027? See, the share of ceramic and GVT- Now it is one big- you know, now it's a very irrelevant question because you are making everything, you're selling everything, right? We honestly don't calculate how much ceramic we sold or how much PVT we sold or how much GVT we sold. We are selling our complete volume of tiles, and whatever the market demands, we make that and sell. Overall, just for your information, GVT tiles are sold more in the country now, PVT is sold less, and ceramic tiles are mostly used for wall tile, more for wall. Understood, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Ashish from Motilal Oswal. Please go ahead. Yeah. Thank you for taking my question. I have two questions. One is on the pricing side. You mentioned that the price hike was more driven by the increase in fuel cost, which we now saw during April, May month. There was a big difference in the cost increase in the Morbi region and the rest of India. My question is that the 11% kind of realization growth which we are seeing on a Q-o-Q and Y-o-Y basis, was this uniform across country? My assumption is that we have a unified price on a pan-India basis, but just for a clarification. If that is the case, then what is the price gap narrowed vis-a-vis Morbi as on today? The second question is it safe to assume that in FY 2027 we'll have a 20%+ kind of revenue growth driven by about 10% growth in volume and 10% from value? Correct. Your first question, the price is not unified and uniform. It varies from geography to geography. As was said earlier, we have three plants in north, two in south. There the price increase was roughly 12%-13%. Morbi, in our plant, the price was much higher because the price of gas there was increased by much more. The price is not uniform. It varies from geography to geography. Earlier, as was said, the price differential between Kajaria and Morbi was 40%, which has come below 20% as of now. I hope that answered your first two questions. Also that- Yeah. Yes. What is your confidence of achieving a double-digit growth with a 20% value growth? Okay, sir. Thank you so much and all the best. Thank you. Thank you. Reminder, anyone who wishes to ask a question may press star and one on the touch-tone telephone. The next question is from the line of Anubhav from Cosma Ventures. Please go ahead. Yeah. Hi, sir. Sir, I just had one question, just a follow-up on the previous question. Sir, the blended price hike you would have taken since the war broke out. Sir, is it today sustaining at that level? What is that number and where would it stand for players in Morbi? I understand the situation is quite volatile. Just the update as of today. Yes, the price is sustaining as of now because the situation is quite volatile as of now, also the oil and gas prices, and it was average 13%-14%, the price hike which we took. See, you have to differentiate the Morbi products and our non-Morbi products because Morbi product, the inflation is more. We are just adding our similar margin and selling in the market. Morbi, we cannot give you any average realization. Our own non-Morbi plant, we have taken in a price increase of around 10%, so that seems to be sustainable as of now. Morbi price may fluctuate. If the prices may go down, our prices will also go down. If their prices go up, our prices may also go up. There is no weighted average price we can tell you now because situation is dynamic. We will be having the same margin for the Morbi product, whatever even we were buying at INR 20 and selling at Now we are buying at INR 30, we are having the same margin. On revenue it looks high, but the margin percentage would remain the same. Our margin should not change with the increase or decrease of raw material price. Hello, Mr. Anubhav. Your voice is not audible. Hello. Am I audible? Yes, please go ahead. Sir, just wanted to get a sense on the geographical mix, like how is the split like for Tier 1, Tier 2, Tier 3, and which particular geography where we are seeing high traction, sir? The split is like this: North has 35%, South is 30%, East is 20%, West is 15%. Metro sells 15%. Tier 1 and 2 are 30% each, and Tier 3 is roughly 15%. That's our geographical split. The good part, what is happening is the entire India is growing. There's so much work everywhere to be done. We were in Maharashtra recently. We are opening showrooms there, all dealer showrooms. Wherever you go in India, there's so much work to be done. We are very bullish about the entire situation. If we keep on doing our job well, where on one side we keep on strengthening our retail network. What I mean by that is opening the dealer showrooms in the remotest parts of India, and on the other side, the additional lever which we are talking about, where we are being aggressive in projects. With a combination of both of them, we are very confident of achieving our numbers, both in terms of volume and value. Okay. Sir, just like you mentioned about adding dealers, just on the design part, what's our strategy? Because that is also one USP which we can develop and so any particular thought there, like how we can expand our SKU and the designs and stand out in the market? What we do is when the dealer, let's say for example, a place like Ahmednagar, Kolhapur, Amravati, all these places, when the dealer wants to make a showroom, we work with the dealer, give them all the design. Our person goes there, makes the showroom, helps them in designing the showroom. See, in a person's life, the guy buys tiles two or three times in a lifetime. Our design philosophy is to make the showroom so good for our dealers that when a customer comes, he's completely bowled over and he doesn't look at anything else. Okay. Any strategy, like how many experience center we have currently and want to expand? I personally visited and obviously it's great. We have our experience centers in all the major towns, about 24, 25 of them. We put about one or two experience centers every year. Our focus is on strengthening our dealer network and giving them the best product designs. We do a lot of R&D in our factories to make sure that we are always keeping up with designs and making sure that our dealer shows those designs for the end customer. Sir, next on the sanitaryware and faucet. We had around 33% growth this year. Could you just quantify how much was volume driven and how much was because of the pricing there? It was a mix of both. I think we increased the price about 15%- 16%, and the rest was volume growth. Looking for this entire year, we are definitely looking at about 35%-40% value growth, which will be a combination of both price increase and volume growth. Okay. Any color on the margins because now that we've crossed a critical scale and I think we'll cross INR 500 crore mark, yeah. For Kerovit, the bathroom division, this will still be a little tough year. Tiles will have good margin, but bathroom will still be a little tough because we're still correcting a lot of things. We just hired a new chief business officer also in April, and we're still restructuring a lot of our areas. I would say this is a year where, yes, we'll do our growth, but we'll also have to do a lot of corrections. Next year, we'll look at a much better number, both in terms of value and in terms of profits. Okay. Any color on the margin? It's just close to break-even or something? I would not like to give any margin guidance on sanitary and faucets this year. Okay. Thank you, sir. As you say, blended for the company, we're talking around 18%- 19%. Yeah. That's great. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question. I will now like to hand the conference over to the management for closing comments. Thank you, Pranav. I think a good set of questions have come. On behalf of our entire management and myself, I thank you all of them for being with us in this investor conference and thank you once again. Thanks a lot. On behalf of Kajaria Ceramics Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.