Ladies and gentlemen, good day and welcome to the Q2 and H1F526 earnings conference call for Sarda Energy & Minerals 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 touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ankit Jain from Stellar Investor Relations. Thank you, and over to you, sir. Thank you, Boomika. Good afternoon, everyone, and thank you for joining us today. To discuss Q2 and H1F526 business performance, we have with us the senior management team of Sarda Energy & Minerals Limited, represented by Mr. Pankaj Sarda, MD, Mr. Manish Sarda, Deputy MD, Mr. Padam Kumar Jain, Director and CFO, and Mr. Nilay Joshi, Executive Director. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risk and uncertainties. The company also undertakes no obligation to update any forward-looking statements to developments that occur after these statements are made. Documents relating to the company's financial performance, including the investor presentation, have been uploaded on the stock exchange and the company's website. I now hand over the conference to the management, and then we'll open the floor for Q&A. Thank you, and over to Mr. Thank you, Ankit. Good afternoon, ladies and gentlemen. The operating performance during the quarter was steady. We have achieved the highest-ever half-yearly production of iron ore pellets, captive power, hydro power, and coal in the Indonesian coal mine. The ITP thermal power plant ranked at 11th number in the all-India ranking of the capacity utilization for the half-year, against 125th rank in the previous year. The plant achieved a power load factor of 85.27% against 56.13% in the previous year's same quarter, and 90.21% in the quarter one of the current financial year. During the half-year, hydro power generation grew by 32% year-on-year to 482 million units, supported by above-average monsoon and commissioning of 24.9 MW Rehar hydro power plant in July. Rehar hydro power project of 25 MW commissioned commercial operation on July 8, 2025. The plant has 55.38 million units, achieving a power load factor of 110% during the quarter. We are supplying power to Chhattisgarh Power Distribution Company Limited under a 40-year long-term power sale arrangement at fixed generic tariff. Coal mines. During the quarter, the company was declared a successful bidder for Senduri coal block in Shahdol district of Madhya Pradesh. The company has received an allocation order on 8 October 2025. The mine is near our existing Shahpur coal mine. As per schedule, we have to start production by the end of the financial year 2033. This is an underground mine with an average grade of G9 coal. Now, we have six coal mines in our fold, including two in joint venture, of which one is in Indonesia and one is in India. Two coal mines are in operation, and one is under development, which is expected to come into production by the end of the next financial year. We expect to get permission to enhance the production of Gare Palma IV/7 coal mine from 1.68 million tonnes per annum to 1.8 million tonnes per annum in the current quarter, and we will achieve the increased production in the financial year itself. Power. As of now, we have a pipeline of three small hydro power projects of 25 MW each, totaling 75 MW, which are in different stages of approval. Captive solar power plant of 50 MW. Most of the equipment has been delivered and transportation is going on. Project commissioning is expected before the end of the current financial year. 30 MW PG shed replacement work is on schedule, with operations expected to begin by the mid of the next financial year. We will be taking shutdown of the unit in this quarter. During this period, we are seeking necessary approvals required for the expansion of our existing 600 MW ITP thermal power project. Financial performance. In quarter two, fiscal year 2026, we posted consolidated revenue of INR 1,500 crore - INR 1,128 crore, up 32% year-on-year and down 6% quarter-on-quarter. Quarter-on-quarter fall is on account of the seasonal factors. Profitability. EBITDA rose to INR 580 crore versus INR 393 crore year-on-year, with the energy segment contributing about 70% of the operating profit. Consolidated profit after tax grew 61% year-on-year to INR 328 crore. The company has exceeded the last whole year's profit in the first half itself. The seasonal fall in power price realization affected the profitability of the thermal power operation, which was partly offset by higher generation of hydro power. Debt and liquidity position. The company's net gearing, that is, net debt to equity ratio, is negligible, providing headroom for financing growth opportunities. Net debt to EBITDA is also well below one. Net debt as of 30 September stood below INR 500 crore on the consolidated level, as against about INR 1,000 crore as of 30 June 2025. On a standalone level, we are a net cash company. The outlook on the company's external credit rating, which is Crisil AA-, has been revised from stable to positive in November 2025. Long-term loans repayable within the next one year stand at INR 220 crore, and liquidity remains robust with about INR 2,200 crore in cash and liquid investments. I now hand over to Sri Manish Sarda to discuss the industry overview and outlook. Over to Sri Manish Sarda. Thanks, Jain sir. During the quarter, the power demand remained subdued due to extended rainfall and below-average temperature. The weighted average price of power on IEX for the quarter fell to INR 3.89 per unit as against INR 4.37 per unit in quarter two, FY 2025. The Indian Coal Index also fell from 140 in September 2024 to 124.68 in September 2025. The compensation cess of INR 400 has been removed on coal, but GST has been increased from 5% to 18% with effect on the 22nd of September 2025. Still, it will reduce the cost of coal and consequently the cost of power generation. In H1 FY 2026, India recorded a growth of 13% in steel production as against a degrowth of 2% globally and a degrowth of 5% in China. In spite of the degrowth in production, China's export of steel rose by 9.2% in nine months ended September 2025 year-on-year. India remained a net importer of steel despite the imposition of anti-dumping duty on certain steel products. Iron prices remain range-bound but at a higher level of trajectory. Steel prices were weak due to seasonal effects and imports. In October, India lifted anti-dumping duties on certain steel products such as flat foil products and straight-length bars and rods imported from countries including China, Vietnam, and Korea. This move reflects a shift of trade policy influenced by factors like supply chain needs and comes after the expiration of previous duties. We have focused more on the domestic market for the sale of ferro alloys due to better realization. As a result, exports in Q2 dropped from 28,200 metric tons to 27,600 metric tons. Macro indicators remain favorable, with inflation remaining below target levels, providing RBI headroom for accommodative policy initiatives. Is there any investor misbehaving in the sense? Excuse me? Sorry, there was some disturbance. Post-monsoon and festive season, construction activity picks up, pushing up the steel demand. Prices of steel products are also expected to improve from current levels. Hydro power generation is also expected to remain better year-on-year due to the extended monsoon. Increased spending post-GST rejection is expected to support economic growth and trade expansion. That concludes the performance and outlook. Thank you. Should we open the floor for the question and answer? Yeah. Yeah. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the 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. A request to all the participants: please restrict yourself to two questions only so that the management can answer everybody's question. Should you have follow-up questions, please rejoin the queue. The first question comes from the line of Amit from MK. Please go ahead. Thanks for the opportunity, and congratulations on a good set of numbers in a difficult quarter. My first question is if you could provide some update on SKS power plant in terms of PLF realizations and cost performance in Q2, and then any guidance for the second half of the year, specifically with the targeted cost savings. What could be the FY2026 exit rate on unit cost? We had a PLF of 85% in the quarter, as stated in our initial remarks, as at least 90% in quarter one. The annual target rate, as we told, we should be able to achieve 80% of the PLF on average. This is what is the annual average. Okay. With the cost saving, where could we see the exit rate of FY 2026 unit cost? Unit cost, if you consider, we expect the coal prices to be down by about INR 200-INR 250 per metric ton. So, we should be able to save about INR 15 per unit of the power cost. Okay. Second, on the steel business, given that prices are soft and there is a growing supply by the primary steel makers, what kind of levers do we have on the cost side and product mix so that we can defend our margins? Manish? Can you just repeat the question again, please? Yeah. Yes, sure. On the steel business, the prices have been weak in the last few months, and there is a growing supply by the primary steel makers. New capacities have been put up by the large companies. What kind of levers do we have on the cost side and the product mix side so that we can defend our margins? If you have seen that the steel prices have been weak, and they have been weak in the last few years, we have never seen this kind of weakness which has happened. I think this is the bottom of the steel pricing structure. Now, the point which you mentioned that the steel companies are the primary steel companies have been expanding. At the same time, the secondary steel companies have also been expanding as the market is also expanding. There is a huge infrastructure push which is there from the government, which is delayed. It's a demand-supply gap that should meet up in some time. I don't foresee too much of a worry out here in terms of steel pricing. It's very cyclical, and it's just we are in that cycle right now. Once this extended monsoon is over, we will see the uptick in pricing as well. Because if you look at the raw material pricing per se, neither has coal gone down substantially, and neither has iron ore moved out. If you see the price band of iron ore, it has always been between $96 and $103 in China. We have seen that there is a substantial reduction in production of steel in China as well. What we are foreseeing is that this was a very cyclical thing that has happened. In the next few months, we will be seeing the uptick of the prices. Because if you look at the raw material pricing also, it has not moved down quite a bit in terms of ferro alloys, in terms of coke, in terms of coal, in terms of iron ore. We don't see any further prices going down. In fact, from here, we are seeing an uptick that is going to happen in the pricing. One more point I would like to add. Whenever we find an opportunity, instead of using the captive power for production, we sell power so as to maintain our margins. Instead of producing steel, we divert the captive power for sale into the market. That also rescues our margins. Understood. Okay. Thank you. Thank you. The next question comes from the line of Shashwath from Agility Advisors. Please go ahead. Thank you, sir. Am I audible? Yes. Hello. Am I audible? Yes, you are audible. Please go ahead. Yeah. I just had two questions. First one is that, is the company planning to do any inorganic or organic growth in the next two years specifically for the power segment or any other opportunity that the company is looking to go for? The company already has plans in hand for three more hydro power projects of 25 MW each. In addition to that, a 50 MW solar power plant is already under execution. The company is also moving ahead with the expansion in our existing 600 MW IPP. The approval process is going on. It will take some time to start CapEx on the thermal power. Otherwise, all the other four projects, we are already on with the CapExes. In addition to that, we have been constantly looking for both organic and inorganic opportunities. Okay, sir. Apart from that, any other growth levers that we are seeing that could lead to the increased revenue and profitability for the next two, three years? Can you hear me? Yeah, yeah. Yes, I can hear you. Yeah. Yeah. So, another question I had is that, do you have any other growth levers that you can see that can lead to the increased revenue and profitability in the coming next two, three years? Yeah. We already have a few of the coal mines where we are spending CapExes, and one of the coal mines will start production in the next financial year. In the second coal mine, we will increase our capacity presently from 1.68 million to 1.8 million, then from 1.8 million to 3 million in the first quadrant, subsequently maybe on the further higher side. That is another area where we will start generating revenues. We have also participated in a few of the other acquisition opportunities, and that's an ongoing process. Whenever something gets clicked, that will be an additional opportunity. As we told, we hardly have any loan on our books. Our gearing is very, very low. That growth opportunity, if we find we have sufficient capability to acquire those opportunities, then go ahead. Sir, any update on the Supreme Court hearing? The Supreme Court hearing had taken place twice, and again, it's continuously going on. Next, it will be held on the 18th of this month. The hearing is going on. Okay. Thank you for the opportunity. Thank you. Thank you. The next question comes from the line of Manav from YES SECURITIES Limited. Please go ahead. Yeah. Hi. Good afternoon, and thank you for the opportunity. Sir, my first question comes, we are looking at the coal mines at 1.8 million tons. What runway should we see going ahead for the expansion up to 5.2? Could you give me some timelines and how, in the phase plan, are we going to grow this? In the first phase, we will move it from 1.8 million to 3 million tons approximately. It will also take time of two to three years to seek all the approvals. Before that, we do not have any expansion also in hand. Before we have expansion of our power plant capacity, we will have expanded capacity in place. Got it. So, basically, this coal expansion will take place around about in FY 2028, and that's when the coal will start flowing into our power plants. That would be the sentence, right? No, presently, also, coal is flowing to our power plant. I said with the expanded capacity of our power plant, we will require a higher quantity of coal. Before that, the coal mine will come up, and even we can go for merchant sale also in between if there is some time gap in commissioning of the power plant. We will have merchant sale of the power from our existing coal mine. Got it. Got it. Just an extension of this, we also have coal mines in Indonesia. Could you give me how the annual mining capacity is out over there and what sort of realizations and margins do we get? That is completely for merchant sales, I'm guessing. Tons. In Indonesia, we are targeting a production of 1.8 million tons. Let me brief you that our Indonesian coal mines are on what we call the backflow of the sea. The advantage is that we have a jetty, but the disadvantage is that many times there is a lot of flooding which happens because of heavy rains in that area. Also, the land acquisition is a bit troublesome because of the plasma plantation of rubber and palm oil. We are trying, and we have been continuously trying to seek the government intervention there, which happens from time to time in acquiring the land and the surface rights. Hopefully, we should be able to garner some strength in that and probably acquire some more lands. The expansion purely depends upon the land acquisition out there. That is one thing. Hopefully, we'll be touching 1.8 million tons in the coming 12 months. As far as profitability is concerned, right now, I wouldn't have the exact numbers, but Mr. P.K. Jain will get back to you on that. You can specifically ask for that on an email, or you can talk to Mr. P.K. Jain separately, and he'll be able to give you the exact numbers for the profitability. Decent operations have started taking place because of the volumes that we have been able to mine, and it's a profitable venture now. We are hoping with 1.8 million tons, it will become a little more profitable going forward. Got it. Got it. That is quite helpful. Sir, my second question is for the thermal power generation that we do. Earlier, we used to have in our presentations, we also used to include the CPP production and sales. If you could just provide me with that number, I think it was missing from this presentation onwards. Yes. CPP, generally, we hardly sell very minimal quantum. So far as sales is concerned, it's minimal. As we said, whenever we get opportunity and we have margins on the steel production is low, then only we sell the captive power. Otherwise, we don't sell. But so far as production is concerned, during the quarter, we had a captive power generation of 339 million units as against 355 million units in the last quarter. And corresponding quarter of the previous year, we had generation of 336. It is in the range of INR 34 crore - INR 35 crore units per quarter. Got it. Got it, sir. Sir, one last question would be on SKS power. I mean, we have seen that the Supreme Court hearing is getting delayed. I'm sorry to interrupt you, Mr. Manav, but please rejoin the queue for further questions. Sure. Sure. Thank you. The next question comes from the line of Prolin Nandu from Edelweiss. Please go ahead. Yeah. Hi, sir. Thank you for my question. I have a first question is on steel and ferro alloys. While you alluded that prices are quite low and cycles should turn, but is there a scope to, I mean, improve the product mix or probably think about getting into forward integration, right, so that we do not have to be dependent on cycle? Is there a thought process, maybe not the near term, but in a medium term to probably see how do we increase the share of value-add and get into some kind of a forward integration so that these cycles do not affect us as they have done in the past? Maniji. Sorry. Sorry. Can you just repeat again? Because the voice is cracking up and coming. I'm in a little low signal area, so I would request you to kindly repeat the same, please. Yeah. Yeah. Am I audible now, sir? Yeah. You were audible even before. It's just that beach where words were missing. I will repeat, sir. My question was on steel and ferro alloys segment. While you have answered the question that we are at a cyclically low in terms of demand-supply mismatch, my question was that how do we ensure that we improve the mix or get into forward integration so that such cycles in steel do not affect us going ahead? Is there a thought process maybe in the near term or the medium term to ensure that we work on mix or maybe do some CapEx to get into some kind of forward integration in these two segments? Frankly speaking, we've had the brainstorming, which is always ongoing as a process in the group. Right now, we don't have any immediate focus. If you look at it, we were producing 0.6 million tons of pellet. We have increased that capacity. We have increased our ferro alloys capacity in the last one and a half years. If you've seen that we have come out with a new furnace at Vizag. We will be expanding, but we will be expanding with a lot of caution. We will be expanding in a very strategic manner. Now, as Mr. Padam Kumar Jain has also mentioned, we are looking at a couple of assets in the NCLT. Primarily, it may not be in the steel or in the ferro alloys sector. It can be in power. It can be in hydropower. It can be any asset which is strategic to us and which makes more sense in terms of our stakeholders and shareholders. We are looking at expansion, continuous expansion, but may not be exactly in steel and ferro alloys. It may happen that we go into steel and ferro alloys as well. It has to be very strategic for us. We are already looking at an iron ore mine which we have acquired in Gadchiroli. If you are aware, the company has already got one mine in Gadchiroli. We are currently evaluating that as well. We are seeing what downstreams we can do in that project, in that iron ore mine, so that it actually creates value for all the stakeholders. Sure. That's helpful. Thank you for that. My next question is on the SKS Energy thermal power. Now, you are going to take a shutdown, right, is what you mentioned. This is going to be how long, and is it going to be for how much is going to be? I mean, is this the yearly kind of a thing, or is there something else that you intend to do? Also, can you help me understand how much of the capacity is en masse under PPA, and what are our plans to get more PPAs on that particular power plant? Part of the shutdown will be in this quarter, maybe second half of December, and part will be in January. The shutdown will be spreading over. That is routine annual maintenance shutdown. That happens every year. Last year, it was in the month of September, October. This time, it is in December, January. Depending upon the demand-supply scenario, we move this here and there by one or two months. That shutdown is planned based on the market conditions of the demand and supply. Second, so far as PPAs are concerned, presently, most of the power we are selling is in the short-term arrangement where we are tying up power for one month, two months, three months. Now, we have entered into a few of the contracts for medium term, and we are also in dialogue for one long contract for part of the capacity. What we have, our plan is that to have at least 50% tied up for medium or long term, and out of 50%, some for maybe 20% for the short to medium term, and the remaining 25% in the open market. This is our long-term strategy for the project. When do you intend to reach that strategy, sir, this mix? Pardon? By when do you intend to reach this mix, sir? Reach? How much time will it take, sir, for our mix to be what you intend, right? I mean, 50% long and medium? As I told, we have already tied up one medium-term contract for about 100 MW, 125 MW is under negotiation, and 100 MW for long-term is under negotiation. We are already moving ahead, and I think before the end of this year, we should be able to achieve those targets. Our long-term strategy is that partly we have long-term, partly medium-term, and partly short-term for the open market conditions so that we have advantage of all the markets and average out the realizations. Got it, sir. Thank you. I'll join back in the queue. Thank you. Thank you. The next question comes from the line of Manav from YES SECURITIES Limited. Please go ahead. Yes. Hi. Thank you once again for the opportunity. Sir, my question is regarding the Supreme Court hearing. I think you mentioned it's going to be on 18th of November this month itself. We have seen constantly that the dates have been getting shifted. I mean, are we facing any challenges, or how should I, I mean, what's your take on the same? No, we are not facing any challenges. It's a legal process which takes its own time. Two hearings have already taken place. One hearing, detailed arguments have already taken place. On the second day, this could not happen because of other engagements of the court. Next hearing has been fixed on 18th. It's a normal legal process, and it takes its own time. Otherwise, we are not facing any hurdle as such. Got it. Got it, sir. Sir, my second question would be, could you? Just to clarify, I think we are at the fag end of the court case, and there is absolutely no hurdle whatsoever. You guys can be rest assured on that. Got it. Got it. That is quite helpful. Sir, my second question pertains to what sort of CapEx can we look at FY 2026 and FY 2027? Hello? Hello? We have lost you. Hello? GenSab, they are asking for CapEx. [Foreign language], but they are asking for CapEx for FY2026 and FY2027. FY2026, we have estimated CapEx of INR 500 crore-INR 600 crore for next three years. As we stated, we are already lined up CapEx of INR 500 crore-INR 700 crore every year. That is what is already committed. In addition to that, whatever opportunities we get. Now, we will start working on the expansion of the IPP that is in addition to these things. CapEx, I have explained to you, relates to the iron ore mine, coal mine, and the hydropower projects. Got it, sir. Thank you so much. I'll rejoin back. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Rajesh Bhandari from Nakoda Engineer. Please go ahead. [Foreign language], sir. And congratulations for both regions. [Foreign language] expectation [Foreign language] down [Foreign language] region [Foreign language]. Thank you, Mr. Rajesh. Your voice is breaking off a little bit. Hello. Yeah, can you hear me? Yes, sir. Yes. Can you hear me? Can you hear me? Can you hear me, sir? Ha, we can. Please go ahead. Ha. Yeah, yeah. Sir, congratulations for the good results. Of course, [Foreign language] down {Foreign language] reason [Foreign language] main point [Foreign language] on that [Foreign language] expansion [Foreign language] thermal power plant [Foreign language] approval process [Foreign language], sir, [Foreign language] time [Foreign language] approximately? Sir, कम से कम दो साल लगते हैं minimum side में. [Foreign language] to [Foreign language] BTG [Foreign language], sir, boiler turbine aur generator. [Foreign language] to[Foreign language] peripherals to [Foreign language]. [Foreign language}. Approval [Foreign language] environmental clearance [Foreign language], forest clearance [Foreign language], government approval [Foreign language]. Ha. [Foreign language]. Plant setup [Foreign language] government approvals [Foreign language]. [Foreign language]. Okay, okay. Two years. [Foreign language] plant. [Foreign language] time [Foreign language], sir? [Foreign language] plant [Foreign language] delivery schedule [Foreign language] depend [Foreign language]. Ha, ha, ha. Time [Foreign language] generally [Foreign language]. Ha. Total normally [Foreign language], our cost is going to be much lesser than a normal plant for 600 MW? Yes, definitely. Because we have ready infrastructure. Ready infra. Yeah. By that time, our coal requirement also will be done by coal mining expansion? Ha. Coal mining expansion [Foreign language] government [Foreign language] concessional rate [Foreign language] we are in the coal belt [Foreign language] plant. [Foreign language] Ha, ha, ha. That power selling will not be a problem. Right. The [Foreign language]. Sir, Rajesh, I request you to rejoin the queue for further questions. Yeah. Okay, okay. No issue. No issue. Thank you, sir. Ha. The next question comes from the line of Prolin Nandu from Edelweiss. Please go ahead. Again, a similar question to previous participant. In terms of expansion, right, is this going to be an 800 MW expansion or 600 MW expansion? You mentioned that you have started the process of approvals, right? Is it like we are, it's more in our hand as to when do we execute, or are we going to time it? Are you waiting for maybe Supreme Court's this thing to come before we expand? Just wanted to understand where are we? Because I'm sure wherever you order your BTGs, right, they will have their order book full. It's sooner to probably, I mean, better to place the order sooner rather than later. Just wanted to understand, are we waiting for some milestone to get done before we push on the pedal for this new expansion, or what is it? Hello? Yeah. Hello? No, approval is the preliminary requirement. Unless we have approvals in our hand, we are not waiting for anything. We have already gone ahead for approvals. All studies have to be carried out. DPR preparation is going on. All those things we are evaluating, all those options. As you told, shall we go for 660, 600, 800? All those studies are going on parallelly. We will take a final call to set up 600 MW, 660 MW, or 800 MW, depending upon the final recommendation of the experts on the viability study. Because all the sizes have their own both advantages and disadvantages. Looking to the peculiar location of the plant and all other things, based on the recommendation of the experts, we will go ahead with the capacity. We have already moved ahead and taken steps for approvals. We are not waiting for anything. Nothing we are holding back for something or like that. That process is already on. Understood. What you said to the previous participant's answer was that once you have decided which configuration to go with, after that, it will take two, two and a half years for the plant to get commercialized, right? Is that understanding correct in terms of timeline? No, it's not only that. Because hopefully, by end of one year, I may be able to finalize my configuration. Unless I have approvals in place for going ahead with the project, I cannot start work on the ground. That is an independent aspect. First, we have to have the forest approval, forest clearance. That will take some time. After that, only we can start work on the ground. Got it. It's a combination of two, three things, right? Of we taking decision as to what we need to do, simultaneously approvals are in place, and then we place the order and whatever time it takes, right? Yeah, yeah. Okay. One last question, sir. You mentioned that apart from this expansion of your existing coal mines, another mine which you have acquired recently will also come to production sometime next year, right? What is the capacity of that coal mine? That is 0.6 million tons per annum. That is Shahapur in the state of Madhya Pradesh. Okay. It will come in the second half of? It will be settled and prepared. Sorry. I didn't catch that. Yeah. That will come up in production in the next financial year. That is a high-grade coal mine. That is a better quality coal mine. Okay. Okay. That's it from my side. Thank you, sir. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead. Sir, my question is, which is the best quarter for thermal power, and which is the best quarter for hydro power? Sir, for hydro power, generation-wise, second quarter, that is July to September, is the best. Gee, gee, sir. For thermal power, generally, it is from February to mid of July. It covers. From? February to mid of July. Okay. January to July. Okay, okay, okay. [Foreign language] demand [Foreign language], sir? [Foreign language] thermal power [Foreign language] demand [Foreign language] because rainy season [Foreign language] climatic conditions [Foreign language] better [Foreign language] Hydro power generation decrease [Foreign language] But. Agriculture. October [Foreign language] pick up [Foreign language]? Ha. October [Foreign language] pick up [Foreign language]. But because [Foreign language] air conditioning [Foreign language] demand [Foreign language]. [Foreign language]. Correct, correct. Ha. [Foreign language] hydro generation [Foreign language] comparatively better [Foreign language] Better [Foreign language]. Ha, ha. Gee. Best part is February to July. Gee, gee. [Foreign language] mineral fiber [Foreign language] production [Foreign language], sir, what is the turnover we can expect? Sir, [Foreign language] initial stage [Foreign language] time [Foreign language]. Because [Foreign language] product [Foreign language], marketing [Foreign language] Rajesh [Foreign language] turnover [Foreign language], it will be full-fledged [Foreign language] production [Foreign language] it will be roughly around INR 130 crore - INR 140 crore. Oh, [Foreign language] application [Foreign language], sir? [Foreign language] various different products [Foreign language], different price levels [Foreign language] Gee, sir. [Foreign language] product INR 40 [Foreign language] product INR 75 [Foreign language] Gee. We are still in the process of getting approvals, etc., etc. Ha. [Foreign language] time [Foreign language] exact assessment [Foreign language]. But INR 100 crore plus [Foreign language]. [Foreign language] [Foreign language] full-pledged [Foreign language] Ha, ha. Gee, sir. Gee, sir. Gee, sir. [Foreign language] application [Foreign language] It is more on, please understand that your group, Sarda Energy & Minerals Limited, has gone in terms of reducing their carbon emissions, getting green tags, getting green council approvals for a circular economy within the plant premises. Ha. Primarily, if you look at it, it's a product that we have started producing to be more carbon neutral, to mitigate the risk of CBAM to a certain extent, and to reduce the carbon footprint of the company overall. The application of this product is in industries. In various industries, it is required. It is also required in all the buildings, commercial buildings, industrial buildings, residential buildings. Basically, it is insulation material which goes into panels, and then it is applied into the building outside facades and the roofs. Also, this material is used for insulation in industries like pharma, steel, power plants. Gee. Ha, ha. [Foreign language] insulation [Foreign language], sir. Insulation [Foreign language] application [Foreign language] I'm sorry to interrupt you, Mr. Rajesh. Thank you. Thank you. The next question comes from the line of Manav from Yes Securities. Please go ahead. Yeah. Hi. Thank you so much, sir. Sir, one question in regards with Shahapur West Mine in Madhya Pradesh that we are speaking of, the 0.6 million ton. You mentioned that this is a high-grade coal mine. I just wanted to know, are we going to be using this coal for power generation, or is it for steel-grade coal that this mine is going to be producing? This will be for the steel and ferro alloys, not for power. This is high-grade coal, which will be used to replace our imported coal application. Got it. Got it. Sir, one question on hydro power. Considering that we had sort of extended monsoons, do we expect a higher PLF for this quarter, Q3, as compared to the last Q3? Yes, yes. Okay. Can the pricing also be seen in the same range, or do we have some subdued side on the pricing? I didn't get same range, means? Like, as per the last year also, or on a quarter-on-quarter basis, how is the pricing shaping up for the hydro power? Oh, quarter-on-quarter generation will be lower because the second quarter is the peak season, full rainy season. If you compare YoY, year- on- year, there will be reasonably good growth in the generation. No, that I got it, sir. How is the average selling price per unit going to be on a quarter-on-quarter basis from Q2 FY2026 to Q3 across the power segment? If you see, for the two hydro power projects, we have long-term tie-up. We have a fixed price irrespective of the quarter. For the whole year, we have a fixed price for 2 x 25 megawatt hydro power projects. For Sikkim hydro power project, we are selling in the open market. Prices will be better than the second quarter because second quarter, we have the lowest price because of rainy season and lower demand. Third quarter prices move up, and fourth quarter prices are much better. Fourth and peak is in the first quarter because that is April, May, June, which is the summer season. There you get the highest power realization. February, March also, you get very good price realization, but lowest price realization is in second quarter in November, December. These are the low price periods in power sector. Got it, sir. Got it. Thank you so much and all the very best. Thanks. Thank you. A reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for the closing comments. Thank you. The operation of IPP and newly commissioned Rehar hydro power projects are fully stabilized, which is reflected in their capacity utilization. Solar power plant is expected to start operation by the end of current financial year. Shahapur coal mine will also commence operation in the next financial year. All these will add to the performance of the company in the ensuing quarters. We remain confident of delivering record results for financial year 2026 despite sectoral challenges in the steel sector. Our strategy of reinvesting surplus cash into diversified future-ready projects provides visibility on the growth perspective. Thank you for joining us today. For any queries, please feel free to reach out to us or our investor relations team. Thank you. On behalf of Sarda Energy & Minerals Limited, that concludes this conference. 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