Ladies and gentlemen, you're connected to the earnings conference call for JK Lakshmi Cement. The call will begin shortly. Please stay connected. Ladies and gentlemen, you're connected to the earnings conference call for JK Lakshmi Cement. Call will begin shortly. Please stay connected. Thank you. Good day and welcome to the earnings conference call for the quarter and half year ended 30th September 2026 for JK Lakshmi Cement Limited, hosted by PhillipCapital India 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 call, please signal an operator by pressing star then 0 on your touchtone phone. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital. Thank you, and over to you, sir. Ladies and gentlemen, Thank you, Leo. Good evening, everyone. On behalf of PhillipCapital India Private Limited, we welcome you to the Q2 and H1 FY27 call of JK Lakshmi Cement Limited. On the call, uh, from JK Lakshmi Cement, we have with us Mr. Arun Shukla, President and Director, and Mr. Sudhir Bidkar, Executive Director, Corporate Affairs, and CFO of the company. I would like to mention on behalf of JK Lakshmi Cement Limited and its management that certain statements that may be made or discussed on this conference call may be forward-looking statements based on current management expectations and also something that relates to future expected business developments by JK Lakshmi Cement's management. Such statements are subject to a number of risks, uncertainties, and other important factors which may cause the actual developments and results to differ materially from any management projections made on this call. JK Lakshmi Cement Limited and the management of the company assumes no obligation to publicly update or alter these forward-looking statements, whether as a result of new information, new business information, or future events, or otherwise. Also, the participants on the call can download a copy of the Q2 FY27 results presentation from the company website. I will now hand over the floor to the management of JK Lakshmi Cement for their opening remarks, which will be followed by interactive Q&A. Thank you and over to you, sir. Yeah, thanks, Vaibhav. Good afternoon, good afternoon everyone to this call of JK Lakshmi Cement Q2 and H1 2026-27. We have already uploaded the presentation over the website, and perhaps all of you are having that presentation with you. But before that, I just want to give some Uh, you know, context of this call. JK Lakshmi Cement operates in geographies of northwest and part of east. July, July-September quarter 2 typically is, you know, impacted by cyclicality, and in our geography particularly, like Gujarat and Chhattisgarh, typically they receive much more rain than, you know, other parts of India. So, uh, yes, Chhattisgarh was particularly inundated because of rains, heavy rains. During July-September. And same was with, you know, coastal part of Gujarat, which is, you know, south part of Gujarat. Cost, I think all of you are aware that all of us are reeling through cost increase in cost on account of fuel, particularly coal, pet coke. And also, uh, during this July-September, uh, we take shutdowns, uh, because we plan our shutdowns in a way that, that coincides with low demand months. So that is what we have done, and that also impacts our cost, right? Though we try to mitigate, you know, cost increase by changing our fuel mix in our integrated plant of north, but still the kind of, you know, cost increase which has happened, industry has not been able to pass it on to customers. The reason was, of course, I think we were through low demand months of July and September. September, the latter part of it, and October, now we see that demand is improving and hence prices are also moving upward. So this is just— I wanted to give you a, you know, context of this call with respect to JK Lakshmi Cement. All other details are there in the presentation. You can go through that, and any questions you may have, you can ask. All of us are here to respond to those questions to the best of our capabilities. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and 1. The first question is from Amit Murarka from Axis Capital. Please go ahead. Uh, hi, uh, thanks for the opportunity. Uh, so thanks for the opening comments. Uh, so while it is appreciated that the 2nd quarter is generally a seasonally weak quarter, But like essentially it is also in the context of relatively weak performance that we had been seeing in the last few quarters. So in that sense, the EBITDA per ton like going down to ballpark like 510, 520 per ton in the quarter, I mean, still seems honestly a little weak in the context of even the weak 2Q seasonally. So, so just wanted to understand, on top of that, there is further cost inflation that, uh, that is, that is impacting the sector. So in that context, just 2 things. Firstly, Um, Uh, what is your fuel cost outlook for 3rd quarter and 4th quarter? How much more inflation are you expecting? And secondly, uh, what is your expectation of NSRs Uh, again, in the context of the recent price hikes as well as your geographical mix as well. Yeah, I'll just start with that, then I have a few more. Yeah, thanks, uh, Amit, for asking these questions. And yes, of course, I think industry has been through this cost pressure because of fuel, and same goes with us as well. Now if you look at our fuel costs for quarter 2, was 1.82 per 1,000 kilocalories, which has moved up from 1.54. So you can understand the kind of increase which we have, uh, with respect to quarter 3. We see that this is going to touch, you know, 2 or even little more than 2. per 1,000 kilocalories. This is what we see quarter 3. Quarter 4, I think, is very difficult to, uh, kind of, you know, give any projection because things are so uncertain and volatile. That is very difficult to, uh, kind of, you know, forecast. But still, I see if this kind of situation we are in, if that persists, then this may go up to about, you know, 2. 1.5 to 2.2 even, right? So, uh, quarter 3 we see around 2, and quarter, uh, 4 around 2.15 to 2.2. If situation is going to persist like this, though we have taken a lot of steps in terms of changing the fuel mix, particularly in our north plants of Sirori and Udaipur. But there also there is a limitation because, uh, you know, you know that pyro process, there is something, you know, ash content and sulfur and things like that. Right, so there is a limit also to what extent we can use, you know, domestic coal, but we have tried quite a bit and we have got some benefit out of that. But the challenge is now Indian coal or domestic coal also is, you know, prices are increasing like anything. If you have seen the recent auction, I think the auction price has been more than 200%, right? So domestic coal also is getting dearer as we progress. But I hope— I am being optimistic— I think things may get settled out. Because of the, you know, geopolitical situation of the progress which is happening. So, but nevertheless, I think this is what I see as on today, around 2 in quarter 3 and 2.15 to 2.2 in quarter 4. In the given situation. If something changes, then yes, accordingly, I think we also kind of go along that. So This is part 1, Amit, of your questions, right? Yes, yes, and about the pricing as well. Thank you. Pricing, as I said, my— in my opening remark, July, September, typically we have not seen price increase. But this time, I think September onward, we have seen some kind of, you know, prices moving up, and particularly in non-traded segment. October also we have seen that prices have gone up in trade and non-trade both. I am hopeful that once Diwali is over, prices are going to inch up. Because demand also will improve. So I am hopeful that part of this, you know, cost increase, definitely we are going to recover from the market. So we are going to see good demand and also price momentum going forward because After Diwali, there is no, uh, I would say impediment in terms of, you know, external factors. Like there is no major, you know, festivities, rain is over. Typically, I think we are entering into good demand months. If you have seen that, you know, previous historical data, uh, H2 has always been good in terms of, you know, demand. And prices. If you look at, you know, FY25-26 also, you will find the same trend. So I think now we are entering into some good months with respect to demand and also price. But of course, I think cost is something which is unpredictable, and we have to really face as it comes. Understood, thanks. And also on CapEx, how much has been spent on Durg so far? One, two, please. Expansion, we have spent about, uh, in the current 6 months we spent about 200 crores, but overall we have spent about close to 450 crores. And what is the projection as of now? Planned CapEx, is there any change or remains the same? Broadly, that remains the same. We expect in the current year about 1,000 crores, and then currently— sorry, 1,500 crores. And then 2,000 crores for the next 2 years. This is for the overall company, right? Yeah, yeah. Okay, thank you. I'll just come back in the queue. Thank you. Participants who wish to ask questions, please press star and 1. The next question is from Nilesh Sharma from Monomer Capital. Please go ahead. Thank you, sir. 3.5. Okay, so last question. Our volume increase only 5%, but industry volume is 9 to 10% somewhere. How much price increase we need to get back those 700 levels of Gupta? Yeah, so though your voice is not clear, but I got your question that how we are going to reach to 700 plus. So, uh, I think we are on track. Kind of, you know, price momentum is there right from September, latter part of September to in October. Probably I think we'll be reaching there. So whatever I think shortfall we had in quarter 2, that will be making it up then. Okay. And so what is your planning for net debt? Which is rising, net debt to EBITDA level has also increased significantly. Net debt to EBITDA has increased, but going forward We will keep, uh, ensure that our net debt to EBITDA doesn't cross 3.5 going forward. So how much volume we are targeting for coming 6 months? Yeah, so, uh, for H1, our volume growth is about 7%. Uh, quarter 2 was 5% and overall 7%. And as I said that our 3 major geographies are there— Gujarat, Rajasthan, and Chhattisgarh. And the worst which happens in the— our geography is during monsoon. So that has happened, and we are confident that we are going to match up with the industry growth in coming, you know, 6 months' time. Okay, okay, sir. Thank you, sir. Thank you. Thank you. Participants who wish to ask questions, please press star and 1. The next question is from Rajesh Ravi from HDFC Securities. Please go ahead. Hi sir, good evening. Uh, my first question pertains to the CapEx. Uh, you mentioned that in H1 we have done ₹200 crore towards the DURG facility. And, uh, total we see from the balance sheet, uh, we have done close to— your voice is feeble, so if you can really— is it better now? Yeah, okay, great. So my first question pertains to the CapEx. Uh, in H1 we have done some, uh, something close to ₹500 crore, and you mentioned that out of that ₹200 crore we have spent towards the expansion. Okay, so just wanted to understand, uh, the breakup of this, uh, you know, the remaining CapEx, uh, which has been done in H1. And also, given that you are targeting ₹1,500 crore CapEx in FY27, and the run rate so far has been muted in H1 at ₹500 crore. So what are the plans, you know, how is the CapEx bifurcation in Q3, Q4? And similarly, uh, you know, uh, for FY28, what is the guidance? Yeah, as I mentioned in response to our earlier question, we are talking of a CapEx of ₹1,500 crores in the current year and next 2 years 2,000 crores, close to about 2,000 crores. So out of that ₹1,500 crores, almost ₹1,000 will go for the DURC and remaining for our some land acquisition at Prachand Nagaur plus Northeast project and also some normal CapEx. And this 800 crore which you are targeting to spend for, uh, in second half, so, you know, yeah, yeah. Correct. No, no, you mentioned that for DURG total target is to spend ₹1,000 crore, and you also mentioned that you have spent ₹200 crore so far in H1. So it is 400, 200 in the quarter, 200 in the previous quarter. So 400 is the current half, half year. Prior to that, in the previous year, we had spent ₹200 crores. So total, we have already spent close to about ₹600 to ₹650 crores on the project. Understood, understood. So 400 crore has been already spent and the total another 600 crore, yeah, targeting for the— okay, that explains. Okay, understood. And sir, on, uh, realization, I see your cost structure is already efficient in terms of, you know, even the market leader Ultratech in Europe, that in cost, if I strip out the non-cement revenues and costs Uh, cost structure was broadly in line, but where we, uh, we fall short on the margin is this sharp pricing gap which we see, you know, from the reported Ultratech cement realization and yours, there is a difference of almost ₹300 per ton. So, you know, what are the steps being taken to narrow that gap versus a market leader? Yeah, so Rajesh, we have taken some steps, particularly in eastern part of India. Our gap is not that much, and even West Gujarat also, we have really squeezed our gap with the leader. Right, yes, there are few markets where we need to work on, and we do have actions in place to reduce that gap. The gap has reduced from before, but yes, I agree with you, in some of the market of north, I think gap is higher than East and West, which we have in them. So we are taking some actions, and one of the major actions what we are taking is improving our premiumization, selling more of a premium product, and Hence, we are trying to kind of, you know, anchor our mother product price with— by placing our premium product in the market. So this is what the strategy which we have. Understood. And sir, uh, on the realization front, uh, sorry I missed your comment, uh, the recent price hikes which have happened in September and October, how much if they were to sustain in the, uh, in the month of November and December? Or rather the average pricing currently, this is on the current price hike in September and October, how do they stack versus your average realization in Q2? So, uh, what I see in the month of November post Diwali, definitely I think some ₹10 price increase which I see that will happen based on again demand which is there in the market, and another ₹10-15 around in the month of December. October non-trade prices have gone up in almost all markets. Trade was not that much, but trade also has gone up in majority of the market. So on an average, if you look at then about Uh, you know, ₹10 in October, then November, and then ₹15. December. That is what I think I see. Okay, so, so far you're looking at on the October price improvement around ₹10 increase versus Q2 average, right? Okay, and, uh, could you share the non-trade— uh, sorry, not non-trade, uh, the non-cement revenue and the RMC revenue and margin numbers? So non-cement revenue was 183 crore in the last quarter. 86 करोड़ वाला रेंज है। Okay, and RMC was how much? RMC and the other AC, RMCN. 86 करोड़ ही जा रहे हैं MCN, uh, AC was how much and other? 70 crore. And what is the blended margin here, sir? Blended margin is 5%. 5%. Okay, I'll come back and cue. Thank you. Yeah, thanks, Ritesh. Thank you. Other, I think small, small, you know, numbers are there. So, but major is this only, and maybe AC block about close to 70 crore. Participants who wish to ask questions, please press star and 1. The next question is from Parth Bhavsar from Investec. Please go ahead. Hi sir, thank you for the opportunity. Sir, I have a couple of questions on your Northeast expansion. Uh, so first of all, like, when are we like targeting the commissioning of this plant? Uh, we are targeting somewhere around March 29th. Got it. And sir, how much is the CAPEX, uh, for this, for this expansion? ₹1,500 crores, if I'm not wrong? Around, around ₹1,500 crores. ₹1,800 crores. Got it. And so like, uh, what sort of incentives have been approved for, for, for, for the— not this expansion? So we discussed— I think maybe we can have a separate discussion on this. So let's connect with me, I'll tell you. Okay, and so how do you see the competition? Because a lot of, uh, players are, you know, adding up capacity. Uh, so do you think like everyone will come through? I think Ambuja has also announced, and even she has, you know, started groundwork. So how do you see competition shaping up in the region? I think, as I said during my last, uh, call also, that particularly North is a supplier market. Now, whatever supply, you know, capacities which are being put in Rajasthan Uh, that is going to cater to central part of India as well. Right, so see, if you really look at that entire geography of India, where you are going to set up the plant, where limestone is there— now the major limestone resources are where? One is Rajasthan, second is Chhattisgarh, third is if you go to Andhra area, and fourth may be Northeast. I think all other places, I think limestone is not there. So in going forward also, you'll see that, you know, these are the places where you will find, you know, some capacities are going to be added. And if you look at the capacity of all those major, uh, you know, players who are who have announced that these are the places they are going to put up the capacity. So I think, see, intensity of competition is going to be there. Now the important is to really kind of, you know, understand where we stand and how we are going to really hedge our market, our channel, and our market share. And if you look at our strategy, we have not been spreading ourselves thin. We are consolidating ourselves in, uh, north. We are consolidating in east. We have consolidated in west also. Surat, we have expanded, and Kutch, now we are going to come up with So we are not spreading things wherever, whatever markets here we are holding on to, we are going to be relevant player in those markets. So rather than looking at, you know, competition which is coming, we are consolidating our position and trying to place you know, in the market in a way that we are going to really face them with the capacity channel and our, you know, selling strategy. Okay. So, so basically, sir, are you saying that you will be selling even outside of Northeast? So, uh, is the demand big enough for— right. What I say, not immediately, but perhaps, you know, now this is going to be supplier point for eastern part of India, and particularly North Bengal, or, and even Bihar. North Bihar, North Bengal, I think this is going to be supply point because see Bengal and Bihar, Jharkhand, where from they get cement or the clinker? Clinker either is from Chhattisgarh or from MP part of it. MP, you do not have much of a clinker, you know, available. Right? So all those supply points are getting kind of, you know, uh, exhausted. So now this is going to be supply point going forward, not immediately, but definitely I see maybe after 7, 8, 10 years, you know, onward, I think you'll see that people are going to put up, you know, clinkering plant in Northeast and supplying to that place. Perfect. And even, you know, for you also, I think, uh, where from you get the supply? Either from MP or you go from north or Chhattisgarh cluster? So I think this is what the, you know, projection I see. Let's see how this, you know, pans out. Fair enough, sir. So thank you so much. Fortunately, I think we have got, you know, good reserve with us. We have now, you know, 4 mines with us in Northeast and Yes, we are quite optimistic about our, you know, strategies in Northeast. So what is it, if I just, I may like, what would be the landed cost of a clinker at, uh, Northeast, uh, versus our North or existing plants? No, this— I think we have not done that calculation because what we discussed just about is a Far Quest thing, right? Okay, so maybe I think that, you know, calculation and operating plan has to be made. But as of now, what we have seen is that, uh, yes, being there in Northeast is going to make that particular player competitive and also will have that access to the, you know, some hinterland of Northeast, which is not that easy. Got it, got it. So thank you so much for answering my questions. Thank you. To ask questions, please press star and 1. Next question is from Shravan Shah from Dolat Capital. Please go ahead. Uh, hi sir. Uh, sir, first, uh, 2-3 data points. Uh, CC ratio for this quarter and lead distance. Yes, sir. So CC ratio, uh, can I have a talk? One point is It's about, you know, 1.48 or something. Okay, so it is, uh, okay, it has increased from 1.43 in the previous quarter, 1Q. Yeah, okay, yeah, because our blended has gone up. To now a little higher percentage. Yeah, and the lead distance? It is 366 kilometers. 463. 363. Okay, got it. And, uh, we said that in the second half we are looking to match the industry growth on the volume front. Uh, so, uh, it would be a— we are looking at an industry at 7-8% kind of a growth. Right, right, Shravan. Yeah, so 7-8% kind of growth we are seeing here. Okay, okay, got it. And, uh, uh, sir, in presentation we have, uh, FY28, I understand the Durga expansion, the 4.6 million ton. And then in FY29, 1 million ton will be added and 1.5 million ton in FY30 to reach 25.1. So this 1 million ton in FY29 will be the northeast one and 1.5 million in FY30 will be which Uh, plant. So this is going to be— we have, you know, 2 plants which is— which will get commissioned in '29-'30. One is the Northeast which I mentioned. 1.5 and 1 million ton West Bengal media also we are going to come up with, right? So, uh, these are the 2 places. 1.5 plus 1, 2.5 million ton will come in the year '29 and '30. Now that depends, you know, which comes earlier, maybe 3-4 months here and there. So that will happen. Okay, but both of them will come around, you know, that time. Okay, okay, okay, okay, got it. So, and, and apart from the pet coke that we have mentioned that, uh, it will be rising in the 3rd quarter. Uh, what other cost do you think, or it would be obviously one would be the operating leverage will be there, uh, lower shutdown cost in the 3rd quarter, so that would be supportive. So just wanted to understand in terms of the packing bag, or is there any other cost which where we can see an increase or a decrease, uh, in, in the 3rd quarter? So, uh, I think 2 things I will not comment because things are so uncertain. One is, you know, coal pet coke and Another one is the bag cost, because, you know, that again depends on this, uh, how things are moving in that petroleum space, right? But other things, I think I definitely see an improvement. One is, you know, renewable energy front. Second is, since our shutdown is over, then our power cost will go down. So WHRS will improve. Uh, third is all those existing solar, because July, September you don't get that, you know, that much output. So now since the rainy season is over, then there also I think we'll get good, you know, uh output from all those installed solar. And probably I think last quarter we'll have some— our solar power plant which is we have invested in captive mode. That also will come, you know, partially in quarter 4 of this year. So all these things are going to help us. Of course, I think, uh, our Power cost also, specific power will go down because now there is no shutdown, no on and off auxiliary consumption. Consumption is going to be lower side. So all these help— will help to reduce our specific power consumption, one. Absolute power cost, second. Third is the renewable proportion improvement. And fourth, operating lever. So I can leverage. So these are the things I see a positive side of it. Uncertain is, you know, synergy, which I mentioned. So this green, sir, 48% in second quarter, uh, how much it will increase? And this solar that we are adding in fourth quarter, or maybe 1Q28, uh, uh, Uh, how much is the capacity? So different places, different— like, uh, at Udaipur we have, you know, 40 megawatts. At, uh, Durg we have about another, you know, 20-25 megawatt. Then, uh, zero E also we have about, you know, 40 megawatt, right? But that depends, you know, that will come partially maybe quarter 4, right? Not full advantage you are going to get this year. Okay, so once it will be there, so this 48% green share can reach to, uh, where it will inch up to 49. Because production also will improve, no? All those logistics will, uh, production also will go up. Okay, okay, okay. And lastly, the clinker sale in the second quarter, uh, how much it will be? Clinker sale, uh, I'll just tell you. So this is about, about a lakh fifty thousand tons. Okay, 1.5 lakh. Yeah. Okay, thank you, sir, and all the best, and happy Deepavali. Thank you, thank you, Shravan. Thank you. Happy Diwali to you as well. Thank you, sir. Thank you. To ask questions, please press star and 1. Next question is from Sarthak. Sheeta from DSP Asset Managers, please go ahead. Uh, can you speak a bit louder? I'm not able to hear you. Hello, am I audible now? Hi, good evening. Um, just one question from my side. So, um, so actually I was going through the balance sheet and I could find that, uh, the ₹130 crore receivable, I am assuming, uh, from the Yeah, better. Yeah, um, so I'm, I'm, uh, I saw that on the balance sheet side, ₹130 crore of refund that is receivable has moved from current to non-current. Um, and, uh, um, so that has deteriorated a bit. So I just wanted clarity if at all we are providing something on that, uh, and what— I don't know how— where have you got that ₹130 crore has moved? That has remained there where it was earlier. Uh, I think it has moved from financial current assets to the non-current assets. Uh, but yeah, I think that current asset increases on account of fixed deposit with banks. Nothing to do with that 130 crore. Okay, we are seeing— if you are talking of an increase from 57 to 187, that increase of 130 is not on account of that movement of 130 receivable from non-current, uh, current to non-current. It is on account of increase in the fixed deposit with banks. Of, uh, maturity more than 12 months. That's, that's the increase, right? It has nothing to do with that shifting. Perfect, got it. That's why you assume that it is there, that has not shifted. Fair. This was very helpful, sir. And, uh, have you provided anything, uh, against this receivable because this has gone into arbitration or to— no, there's no need. We have management fees. We have a good— confident that we have a good case to have recovery, so we have not provided. Okay, perfect. Great. This was it from my side. Yeah, thank you. Thank you. Thank you very much. Before we take the next question, a final reminder to participants that you may press star and 1 to join the question queue. No further reminders will be announced. The next question is from Amit Murarka from Axis Capital. Please go ahead. Oh yeah, yeah, thanks for the opportunity. So, uh, firstly on, on, um, the Durg expansion. So while you've shared some updates in the presentation about the preheater installation and status of that. Just wanted to check, like, what is the status of the split grinding units that you are planning along with this clinker expansion? Yeah, so we have given some update in our presentation also, but I'll just give you a brief update. At Durg, where we are putting up 2.3 clinker and 1.6 cement, 50%— more than 50% civil job is already over. So this, you know, clinker silo, cement silo, preheater, WHRS— I think all those, you know, civil jobs are kind of above the ground, and 50% civil job is over. Fabrication also we have already done about, you know, 20-25%, right? Uh, now all civil mechanical contractors have already been mobilized, and the way we had planned this time was that we completed all those, you know, below-the-ground job before monsoon sets in. So that has helped us to kind of, you know, move a little faster. So this is what the status, and we are right on track of achieving this by March 2028. So this is about Durg clinkering unit of 2.3, and cement of 1.6 million tons. At Madhubani, Bihar, there also we have all clearances are in place. Piling job, we are putting up, you know, pile foundation there based on the soil conditions. So 80% piling job is over. Uh, we have already, uh, kind of, you know, done quite a bit job on multi, uh, multi-compartment silo. So that is also being done. So that is also progressing well. Uh, Prayagraj, all clearances are in place including environment clearance. Boundary wall we have already done. Equipment ordering has already been done. Now, uh, we have mobilized our civil and mechanical contractor in place. Temporary power connection is also there. So I, I think all these 3 places things are happening concurrently and on track. So we are— will be completing all these, you know, projects by March 2028, the latest. Sure. Earlier there was a plan for Patrahatu as well, uh, so is there any change to that? So we have changed because of the fact that, you know, we had some issue because Jharkhand, we have one act, perhaps all of you know, that Chotanaku Tenancy Act. So things were a bit getting, you know, delayed, and cost-wise also it was, uh, you know, acquiring land and kind of— so we had some challenges. So we decided to kind of, you know, reconfigure our capacity in all these 3 locations to achieve this 4.6 million ton and moving, you know, Patrahatu 1 to now Media, which I mentioned during my call. So Media, we have already land available, clearances are already there in place. So Media is going to be much quicker than Patrahatu would have been. So the decision which we take was that to go to West Bengal Media along with this, you know, uh, 3 places which I mentioned. And as I said in response to one of the, you know, questions by one of you that we'll have an opportunity to take clinker from Northeast also going forward in West Bengal. So that was also a little bit, you know, I— we see some synergy in that, right? So we moved Patrahatu to Media, and along with this, you know, 4.6 million ton at these 3 places. Understood. Just for like getting the numbers right, would you be able to give a split of the 4.6, uh, now in terms of Durg and Malubani and others. Yeah, so 4.6, the breakup is like this: 1.6 plus 1.5 plus 1.5. Got it. 1.5 at Madhubani, 1.6 at Durg and 1.5 at Vijay. Okay. Right now we are at 18 million tons because a lot of places I see people are mentioning 16, 16.5, but we are at 18. 4.6 is east expansion which we discussed. So that makes 22.6, and in presentation we have given that how we are going to kind of Look at, you know, presentation also. FY27, we are hitting the limit. Understood. And on Northeast, by when do you expect to place the equipment orders? Equipment order for Uh, Northeast plant. Uh, initial, I think we are just, you know, in the, the, in the process of ordering equipment now. Already. But yeah, that's all from me. Thank you. Thank you. Thank you. The next question is from Rajesh Ravi from HDFC Securities. Please go ahead. Hello, am I audible? Yeah, yeah, very much. Yes, sir. Uh, so what is the blended power cost, uh, at JK Lakshmi level? Per unit, 6.24. And what was this number Q on Q and year on year? 5.52 was, uh, last quarter, means quarter before, quarter 1, and 6.24 is quarter 2. Understood. So that's all from my end. Thank you. Thank you. Next question is from Shravan Shah from Dolat Capital. Please go ahead. Uh, hi sir. Uh, so just a question on the, uh, trades here. So obviously now for last almost, uh, 3 quarters we are at 58-59%, so even Uh, this quarter and the entire, uh, 1H also, if you look at the, the growth in the trade is, is 14-15% kind of a growth versus the overall growth. So The, the 2 point is, uh, given the non-trade, the price hike is on the higher side. So we'll again, we'll be focusing on, on the non-trade again. Or how, how one can look at it? No, so we'll not change our strategy so frequently because what we see that, you know, trade is something which is, you know, consistent long term, right? Non-trade is something which is, you know, not— because different projects, different customers, different, you know, demand cycles. So I think still our focus is going to be there in trade fully. Right, though I think non-trade is quite remunerative as of today because, you know, prices have gone up in the recent past, but the strategy remains. There is no change in that. Okay, and then in terms of the premium share, which is obviously is increasing 27%, so how one can look at by March or maybe next one year where we want to reach Uh, this premium share 27%. Uh, someone I think will be around that only, 27-28% times. I think this is the level I think we see that will be there, 27-28. So I think effort is to go to 30%, but I see the 28 around, that is what the number which I look at. Okay, okay, okay. And, and because lastly, given the, the CapEx will be, will be higher in the second half, and obviously we need even the working capital needs to be released because there in the 1H also we have seen a decent one, 460 odd crore is stuck or extra has went into the working capital. So how one can look at this working capital and Uh, net-net in terms of that date level for, for end of this year, March? Yeah, you're right. We'll, uh, in the second half, we'll certainly get the release from the working capital which has got blocked in the first half. And then based on the CapEx and the loans we would be peaking at around 2.5 in this year, by the end of this year. Okay, okay, got it. Thank you, sir. Thank you. Thank you very much. That was the last question in queue. I would now like to hand the conference over to Mr. Vaibhav Agarwal for closing comments. Thank you. So just one question from my side, sir. We have revised our target from 30 to 25 by FY30. So earlier it was 30 by FY30 and now it's 25 by FY30. Can you just brief on the The, the new market. So when, when we target 30 million and then the rationale behind doing so, you can just speak on that. Yeah, we wanted to make sure that our balance sheet doesn't go, uh, awry. So to keep those prudential norms of our net debt, we better not crossing those prudential norms of 3.5. We have tapered the pace of expansion that we have been consistently mentioning in our, in discussion with the investor, that will not go for expansion at the cost of overleveraging the company. So maintaining balance sheet discipline is more important than just reaching a figure of 30 by 30. Right, sir. And, uh, Arun sir, just one question to you. Uh, you, you told that non-trade profitability— so what is the scenario of non-trade profitability in the current markets versus trade profitability? And here are some brief questions. Is better in some of the market, definitely, because some of the market trade prices have not gone up to that extent. Right, so, uh, if you really look at, you know, what is the basic of, you know, categorizing trade and non-trade, one of the, you know, classification criteria was, you know, Uh, the margin which we get. And historically, non-trade margin was lower than trade, uh, before. So that is why people started kind of focusing on trade and non-trade. But my thought is that, you know, trade is something which is long-term consistent and some kind of instability is there. But yes, today if you really look at majority of the market, you find that in a non-trade is as good as, you know, trade, and maybe in some of the market even better. That was a good question from my end. Thank you very much, sir. Uh, thank you. Yeah, yeah, on behalf of Philip Capital India Private Limited, thank you, manager, JK Lakshmi Cement, for the call. And many thanks for joining the call. Uh, thank you very much. Thank you. Thanks, thanks, thanks everyone. Thank you, thanks for joining. Thank you very much. With that, we conclude today's conference. Thank you for joining us. You may now disconnect your lines.