Good afternoon, ladies and gentlemen. I'm Akash, moderator for the conference call. Welcome to Avanti Feeds Limited Q2 FY26 Investors Conference Call. We have with us today Mr. C. Ramachandra Rao, Joint Managing Director, Mr. A. Venkata Sanjeev, Executive Director, Mr. A. Nikhilesh, Director of Avanti Feeds and Executive Director of Avanti Frozen Foods Private Limited, Mrs. Shanthi Latha, GM, Finance and Accounts of Avanti Feeds Limited, Mr. D. V. S. Satyanarayana, CFO of Avanti Frozen Foods Private Limited, and Mr. K. S. Reddy, CFO of Avanti Pet Care Private Limited. As a reminder, all participants will be in 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 a touch-tone telephone. Please note, this conference is recorded. I would now like to hand over the floor to Mr. C. Ramachandra Rao. Thank you and over to you, sir. Good evening, ladies and gentlemen. I am pleased to extend a warm welcome to all of you for this Investors Conference Call to review the Audited Financial Results for Q2 FY26 and for the period ended September 2025. Mr. A. Venkata Sanjeev, Executive Director of Avanti Feeds Limited, is joining from the factory, and Mr. A. Nikhilesh, ED from Avanti, will be joining from the factory. Along with me are Mr. C. Shanthi Latha, GM, Finance and Accounts of Avanti Feeds Limited; Mr. D. V. S. Satyanarayana, CFO of Avanti Frozen Foods Private Limited; and Mr. K. Srinivas Reddy, CFO of Avanti Pet Care Private Limited. To begin with, Mrs. C. Shanthi Latha will present highlights of the financial results of the quarter ended September 2025, Shrimp Feed Division and also consolidated financial statements of the company for the same period. Thereafter, Mr. D. V. S. Satyanarayana will present the financial highlights of Shrimp Processing and Export Division. Thereafter, Mr. K. Srinivas Reddy will present the status of the Petcare project. After presentation by all of them, we will take a question-and-answer session. Now, I hand over to Shanthi Latha to give her presentation of Avanti Feeds performance. Thank you, sir. Good evening. Now, I will take you through the consolidated and standalone financial performance highlights for the quarter ended September 30th and the period ended September 30th, 2025. The comparative performance of Q2 FY26 with that of Q1 FY26 and Q2 FY25, along with the comparative performance for six months ended September 30th, 2025 with that of September 30th, 2024, have been given in the presentation already circulated. First, we will review the consolidated financial results for Q2 FY26. The gross income in Q2 FY26 is INR 1,659 crores as compared to INR 1,657 crores in the previous quarter of Q1 FY26, an increase of INR 2 crores by about 0.2%. Compared to Q2 FY25, gross income of INR 1,397 crores, there is an increase of INR 262 crores by 18.75%. The PBT is INR 227 crores in Q2 FY26 as compared to INR 249 crores in Q1 FY26, a decrease of 22 crores by 8.83%. And compared to Q2 FY25, PBT of INR 162 crores, there is an increase of INR 65 crores by about 40.12%. Comparison of performance for six months ended September 30th, 2025 with that of six months ended September 30th, 2024. Gross income during six months ended September 30th, 2025 is INR 3,316 crores as compared to INR 2,932 crores in six months ended September 2024, an increase of INR 384 crores by about 13.1%. The PBT for the six-month period 26 is INR 476 crores as compared to INR 342 crores in six-month period of FY25, an increase of INR 134 crores by 39.18%. The consolidated results indicate net impact of several factors such as increase or decrease in income expenditure and exceptional item relating to feed, frozen, and petcare division, which have been discussed in the following divisional performance of these units individually. So, standalone financial results of feed division. Q2 FY26 results, the gross income of Q2 FY26 is INR 1,200 crores as compared to INR 1,279 crores in the previous quarter of Q1 FY26. A decrease of INR 79 crores is due to a decrease in quantity of feed sold by 10,920 MT, and also that being the main season, the Q1, the sales will be more. The gross income in Q2 FY26 increases to INR 1,200 crores from INR 1,113 crores in the corresponding quarter of Q2 FY25, an increase by INR 87 crores due to an increase in sales quantity by 19,747 MT. The PBT for Q2 FY26 is INR 180 crores as compared to INR 224 crores in Q1, a decrease of INR 42 crores by 19.64%. And compared to Q2 FY25, PBT of INR 145 crores, there is an increase of INR 35 crores by about 24.14% due to an increase in quantity sold, a decrease in raw material costs, and better overhead absorption. The feed sales decreased to 154,644 MT in Q2 FY26 as compared to 165,564 MT in Q1 FY26 and increased from 134,897 MT in Q2 FY25. Comparison of performance for six months ended September 30th, 2025 with that of six months ended September 30th, 2024. Gross income in six months ended FY26 is INR 2,479 crores as compared to INR 2,410 crores in six months FY25, an increase of INR 69 crores by 2.86%. The PBT is INR 404 crores in six months FY26 as compared to INR 298 crores in six months FY25, an increase of INR 106 crores by about 35.57%. The feed sales increased to 320,208 MT in six months FY26 as compared to 293,488 MT in six months FY25. The major raw materials in the feed are fish meal, soybean meal, and wheat flour. The noticeable development in this quarter is an increase in the kind of two major raw materials, that is, fish meal and soybean meal, resulting in profitability when compared with the previous quarter. The prices of these raw materials keep fluctuating since their production is based on agriculture and fish catches from the ocean. The price of fish meal increased to ₹97 in Q2 FY26 from ₹93 lakh in Q1 FY26 and decreased from ₹105 lakh in Q2 FY25. In case of soybean meal, their prices increased to INR 42 per kg in Q2 FY26 from INR 38 in Q1 FY26 and decreased from INR 49 in Q2 FY25. However, the wheat flour price increased to INR 33 per kg in Q2 FY26 from INR 31 in Q1 FY26 and INR 32 in Q2 FY25. The present purchase price of fish meal is INR 125 per kg. Soybean meal, the high-grade soybean meal which we procured, is around INR 47 per kg, and wheat flour is between INR 32,500 to INR 33 per kg. While on one hand, the raw material prices are instrumental in determining the margins, on the other hand, the status of agriculture activity, conditions such as climatic changes, diseases, etc., determine the consumption of feed in terms of volume, which will have an impact on the overall performance of the company. As you noticed, the nine months of calendar year 2025 has been a good profitable period. However, the forecast for the next three months of this year is challenging due to factors like the gradual increase of raw material prices and the threat of reciprocal tariffs by the U.S. To sum up, in general, FY 2025-26 is expected to be a mix of favorable and challenging seasons for the aquaculture industry, both in respect of shrimp production as well as exports from India and global demand for shrimp exports. Update on fish feed. As reported in earlier phone call, the company is in the process of importing fish feed from Thai Union Feedmill Public Company Limited and is conducting trials under Indian conditions and also commercial viability. Once the product performance is proved and viable, the production in India will be taken up for domestic sales. Shrimp feed consumption, production, and feed consumption in FY25 and complete plans for FY26. Shrimp feed consumption. On the basis of estimated shrimp production of about ₹7 lakh- ₹8 lakh metric tons in calendar year 2025, the feed consumption is estimated to be about ₹12 lakh- ₹13 lakh MT. The company's feed sales during the six months FY26 is 320,208 MT against 293,487 MT in six months FY25. It is estimated that the feed sales during FY26 would be around 575,000 metric tons. Shrimp processing and export. The export of frozen shrimps during 24-25 was to the tune of 1,041,529 MT, $5,177 million. USA is the largest importer with 3,948 MT of frozen shrimp, followed by China 136,164 MT, European Union 9,310 MT, Southeast Asia 58,003 MT, Japan 38,917 MT, Middle East 32,784 MT, and other countries 64,403 MT. Frozen shrimp continue to be the major item of export in terms of quantity and value, accounting for a share of 43.6% in quantity and 69.46% of the total US dollar earnings. Frozen shrimp exports during 24-25 increased by 8.3% in value terms and 6.06% in US dollar terms and 3.56% by volume. The company's shrimp exports during the FY25 was 14,149 MT as compared to 13,444 MT in FY24 and increased by 682 MT. It is estimated that the exports during FY26 would be around 17,000 MT. Now, I hand over to Mr. D. V. S. Satyanarayana to present highlights of shrimp processing and export division. Thank you, ma'am. Good evening, everyone. Now, I would like to take you through the financial highlights of shrimp processing and export division. Shrimp processing division Q2 FY26 results. The gross income for Q2 FY26 is INR 462 crores as compared to INR 378 crores in Q1 FY26, an increase by INR 84 crores, which is about 22% growth, mainly due to an increase in sales quantity by about 639 metric tons, which represents 15% growth. The gross income in Q2 FY26 increased to INR 462 crores from INR 284 crores during Q2 FY25, an increase of INR 178 crores, representing 62% year-over-year growth. The sales volume during Q2 FY26 increased to 4,862 metric tons from 3,423 metric tons in Q2 FY25, an increase of 1,439 metric tons. Higher sales in Q2 FY26 were driven by majorly volume growth, an increase in average selling price realization, and favorable foreign exchange rates. Profit before tax, before exceptional item for Q2 FY26 stood at INR 53 crores from INR 25 crores in Q1 FY26 due to higher sales volume, increase in average sales price realization, and there was a marginal decrease in ocean freight rate actually. The profit before tax in Q2 FY26 was INR 53 crores, an increase from INR 23 crores in the corresponding quarter, that is Q2 FY25, primarily due to higher volume, better sales price realization, favorable foreign exchange rate, and also there was a decrease in ocean freight rate. Comparison of performance for six months ended September 2025 with six months ended September 2024. The gross income for six months during FY26 was INR 841 crores as compared to INR 527 crores in the corresponding six-month period of previous year, that is FY25. An increase of INR 314 crores in the gross income during six months of FY26 was mainly due to an increase in sales quantity by about 2,880 metric tons, which represents 46% growth. The PBT in six months FY26 was INR 78 crores as compared to INR 49 crores in six months FY2025. An increase in PBT by INR 29 crores is mainly on account of higher sales volume, better sales price realization, favorable forex rates, and also there was a decrease in ocean freight rates. So with this, Avanti Feeds results are completed. So now, I would like to hand over to Mr. Srinivas Reddy to update the status of the pet food project. Thank you. Thank you, Mr. D. V. S. Satyanarayana. Now, I would like to update the pet food project. As already informed, the company commenced trading in cat food from January 2025. In first product range under Avanti Petcare brand, that is Avanti First, in cat food, Ocean Fish Flavor. In July 2025, the company expanded its cat food portfolio with the addition of the second flavor, Tuna. In August 2025, the company launched a dog food, which constitutes the largest share of the pet food industry at around 65%. Starting with Chicken and Vegetable Flavor, and more flavors will be planned in the due course. The response from the pet owners from both cat and dog food has been highly positive and market acceptance across all regions. During Q2 FY2026, the company recorded sales of ₹95.08 lakh, reflecting a strong growth from ₹38.17 lakh in Q1 FY2026. The sales movement was driven by the continued increase in penetration to our cat food products as well as the newly launched dog food segment. In the market expansion, the company continued to strengthen its presence in Tier 2 cities and has initiated expansion into Tier 2 and Tier 3 markets. E-commerce operations have now commenced. Our products are available on the Supertails platform. Additionally, the company is ready to start trading on Amazon, targeting go live before the end of November 2025. The company continues to focus on building a strong brand visibility for Avanti First through the ongoing digital marketing campaigns on Instagram and Facebook. The idea is Avanti First, enhancing consumer awareness and brand engagement across our target audience. As informed in the previous phone call, the company has purchased land and converted from agriculture to non-agriculture, approximately 30 acres near Hyderabad, for setting up a state-of-the-art manufacturing facility. Presently, project technical work is discussed with the Blue Fellow team, and land development works are in progress. Upon receiving the required technical inputs, the detailed project report will be prepared and obtain necessary government approvals to commence the construction. This is about the Petcare project. Now, I hand over to JMD Sir for closing remarks. Thank you, Mr. D. V. S. Satyanarayana. I am sure that the investors are all happy with the performance of all the three units, which is feed, frozen products, and also Petcare during this period, financial year so far. And with that, I would like to just throw some light on the recent developments in this sector so that it will be updated on the future performance of the company. As you know, in spite of the recent challenges, including major setbacks caused by U.S. tariffs, the aquaculture industry continues to demonstrate strong and sustainable growth. This stability is supported by several key factors. The first and foremost is the market diversification. Producers are actively expanding into new geographies and reducing dependence on a single market, which helps stabilize demand and mitigate external risks dependent on one market. The second one is the consistent global demand for shrimp. Shrimp remains a high-demand protein worldwide, supported by steady consumption trends in both established and emerging markets. The third one is about value-added products and sustainability initiatives. The ongoing shift towards value-added products and sustainable farming practices enhances the competitiveness, improves the markets, and strengthens long-term industry viability. As all of you know, our company, Avanti Feeds, has been focusing more on the value-added products so that we would be able to take the advantage of the emerging markets favoring value-added products where the margins are high. The fourth one was lost but not reduced, encouraging domestic markets by the government of India. Recently, the Union Cabinet on 12 November 2025, very recently, announced the long-pending Export Promotion Mission for five years with a total outlay of about INR 25,000 crores to help exporters deal with US reciprocal tariffs and increase their competitiveness in the turbulent global market. Under the EPM, priority support will be extended to sectors impacted by the reciprocal tariff escalations, such as textile, leather, gems and jewelry, engineering goods, and marine products. The intervention will help sustain export orders, protect jobs, and support diversification, and also help the promotion in the new geographies. Further, Honorable Prime Minister Modi's government is promoting domestic shrimp consumption to support farmers and create a stable market driven by rising export tariffs from countries like the US. Key initiatives include the government committee and the National Fisheries Development Board, NFDB, to develop a robust local market suggestion to integrate shrimp into government food supply chains like military, and also a proposal for promoting shrimp as a healthy, lean protein through nationwide initiatives. The reciprocal tariff situation is expected to stabilize in due course as the United States and India are making tangible progress in their long-awaited trade negotiations, particularly around tariff structures and oil imports. We have recently seen the U.S. proposing to reduce some of the food items, dairy products, reducing the tariff almost to zero, so we expect that in the course of time, the aquaculture sector also will be taken care of in respect of tariff balancing it, and this positive momentum provides optimism that current ADD challenges will ease over time, supporting smoother trade flows and greater market stability. We expect demand for shrimp to continue growing and remain sustainable across both global and domestic markets. Consumption trends remain strong, supported by shrimp's position as a versatile, affordable, and widely accepted protein. Additionally, rising health awareness, expansion of retail and food services channels, and increasing preferences for value-added seafood products are further driving demand. These factors collectively reinforce a positive outlook for sustained market growth in the near and long-term sustainability of the sector. With this, my remarks. I would like now to take the question and answer session, and I request the investors to give their questions. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on the telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any questions, please press star and one on the telephone keypad. The first question comes from Mr. Akhilesh Rao from V edanta Vision Private Limited. Please go ahead, sir. Hello. Am I audible? Yes. Yeah. So first of all, I'd like to congratulate the management for such a great result in this turbulent environment. And I have two set of questions. So my first question is, if the 50% reciprocal U.S. tariff continues through Q4, so what is your quantified expected impact on financial complex processing volume and EBITDA versus, as you mentioned, that 17,000 MT guidance for shrimp processing? So what impact you will see in terms of margin and volume? I think, Akhilesh, Nikhilesh, will you take up this question? Yes, sir. So hi, thank you for the question. You're asking for the full year, right? Full year 2026? Yeah. Okay, so as of now, we're in Q3, so the first few quarters continued to be good. The performance has been good, and for the rest of the year, we're actively working on diversifying into other markets. However, if it doesn't, things don't normalize on the duty front from January, then we might relook into the outlook for the year. Right now, we continue to have it stable, hoping that everything falls into place. Okay. So can you give a number or kind of volume reduction? If things don't stay the same, like the tariffs are? It's difficult. It's very speculative, and it's everyone's own opinion. So what we've given is 70,000 is going to be the current forecast. So that is what we stick with. Okay, so my second question is, as you mentioned in the Q2 financials presentation, that EBITDA improvement was supported by higher other income. So could you break down the key components of this other income? And importantly, how much of it is indicative of sustainability going forward? Yeah. The break-up, so we will be breaking other income into two. So we are following up with the break-up currently. Break-up of other income. What is the operational income and what is the other income? No, he's asking the breakup of other income. Is that what you're asking? Where is that income coming from? What are the sources? So the major income is on the two fronts. One is in respect of fees. We have deposits on that. We are getting income on mutual funds, FDs, and various portfolios that we are investing the reserves. That is getting the income. That is treated as the other income. And as far as the frozen is concerned, it is the foreign exchange gain that by booking the forward contracts, we have been able to make significant income out of the fluctuation foreign exchange. That is the other income that is shown in the frozen division. Okay. Okay. Thank you. That's it for my side. All All the best for upcoming quarters. The next question comes from Mr. Ronak Shah from Equirus Securities. Please go ahead, sir. Yeah. So thanks for the opportunity. So my first question is regarding just a clarification that in the earlier comment, when sir was highlighting that FY25 overall feed consumption can be in the range of ₹12 lakh-₹13 lakh metric tons. And when we are guiding FY26, what is feed sales into the range of ₹5.75 lakh metric tons, are we expecting a decline in CY26 considering our 51% market share? Yeah. See, what happens is with the whatever the consumption that has been there during Q1, Q2, Q3, Q4 gradually reduces because of this seasonality. So what we estimate is that it will not be on the same level as in Q1 and Q2. So that is the reason why we are estimating at 5.75. It is significantly better than last year's consumption and also our sales. As far as the market share is concerned, definitely we are above 50. It is ranging from 51 to 53, 51, 52. That is the range which we are now operating, and I think we will continue to hold that position at 52%-53% in future also. Yes. So my second question is regarding how the market is responding, because the upcoming cultivation season, which will start from the end of January to February. So what are your senses based on the on-ground feedback, how the farmers are taking all these tariff situations? Yeah. See, it's a good question because as you generally, the feeling is that the farmers are very much worried about this tariff. But the situation is not like that. The farmers are very confident because they have been able to get their farm gate prices comfortably, and they are making money. And more so, the tariff has not really over a period of time, slowly the situation is getting adjusted to the market corrections, what we can say. See, not U.S. market, why not other markets? So as we explained in our note earlier, that we are diversifying into other markets as well as we are focusing more on value-added products. And also, we are going for the domestic markets. The government is giving support to that. So with all that, the demand for shrimp continues to be growing sustainably. It is not that suddenly there will be a drop. So that is the reason why we do not see we have not seen, rather I would say, that in the last maybe six months or so, more than that, since the tariff has come into force, there has not been a big difference in attitude of the farmers. Though there was a knee-jerk reaction on the farmers apprehending for a deep fall in the prices and all, but that is no longer there. They are very confident of that, and the prices are also good. We don't see any; there has not been any fall in the as far as the aquaculture is concerned. The farmers are pretty confident of continuing the situation for the next year also, for the sixth also. Got it. Got it. Sir, my next question is regarding the diversification strategy. So when we are seeing that we are trying to diversify, but when I see in the presentation, our saliency for the North America was around 66.4% in Q2 FY25, which is largely similar or rather increased to 66.9% in Q2 FY26. So can you elaborate the strategy how or in that part? Yeah. I'll make that very easy. North America as a country, as a region, diversified that way, but U.S. in general, our total share volume is coming down. Okay. Okay. Got it. Got it. And sir, last question regarding the processing division. So there are two very solid numbers in terms of the 41% plus kind of the growth, but I assume there is some appreciation when considering the tariff situation. Now, when we are seeing around 17,000 metric tons target for FY26, are we assuming that in this case, that the tariff is likely to go out in the fourth quarter of FY26? So there was some front loading, but the tariff is already out starting from April, multiple revisions, the last one coming probably September. So it's been some time, but we continue to ship across our customers all across the world. And the 17,000, we just made a scenario on where we felt we would end. But frankly speaking, right now, the momentum continues to be strong as it was in the earlier two quarters. Okay. Okay. And sir, last question regarding the recent policy which you are highlighting. So can you quantify how, in terms of quantum, how it can positively impact the Avanti or the shrimp industry? That's the last question from me. Thank you. This is export commission. Yeah. I think, right, yeah, this has been announced very recently that they are yet to formulate the mechanism how they would like to give this support, the INR 25,000 crore set apart in the budget for this expenditure. We are expecting sometime in maybe next couple of months, one or two months, we should be able to get the which will be, I think, coincide with the next season, 2026. That will be helpful for us to take away the benefits, whatever that is going to be announced by the government. Okay? Yeah. Thank you, sir. The next question comes from Mr. Kamal Sharma, an individual investor. Please go ahead, sir. Much, and sir, congratulations on the amazing performance. I have a very quick question. We just heard from the Supreme Court of the U.S. I think they are also reviewing the petition. And in case they find or declare that the tariffs were invalid or illegal, are you going to get any kind of refund in that case at all? I mean, is that the final verdict from the U.S. Supreme Court? Nikhil, would you like to take this question? I think, yeah, this is quite speculative to be very frank. So nobody really knows where this is going. In terms of refund, see, as an Avanti, we've been able to pass on the tariff. So whether getting the refund, I'm not sure. I don't think we'll actually get the refund. We have to give it back to the customer, I guess. Yeah. Unless I can add just that unless these, whatever that illegal or whatever it is, with the retrospective effect, whatever is done already, very difficult to regulate that. As Nikhilesh said, it's very difficult. It's a remote possibility. So maybe I'll just restate my answer. It's quite speculative, and we need to see what happens because right now, there's not enough information on how it's going to go forward. Once it does, then the government, the U.S. government itself, will give directions first that we need to go with. So we need to wait and watch. So it's too early to speculate right now. Sure. Thank you. Thank you, sir. We have a follow-up question from Mr. Ronak Shah. Please go ahead, sir. My question is regarding the CVD or the anti-dumping duty. So first, I want to know the update on what is the current prevailing rate based on India and the relatively larger competitors? And second question is regarding how we are realigning our costs. So from the numbers, I can see that EBITDA per kg has improved significantly over the last four quarters, which shows that we have passed on a certain part of that to the end consumer. So can you clarify on that part as well? Okay. I'll take this question. So on the first point, I think this information is quite publicly available. What are the CVD rates of India versus other countries? So a simple Google search or ChatGPT can help out on how we figure, and it'll give you the demarcation for ADD and CVD and the total, etc. Yeah. So, sir, my question is regarding that, is there any update because the government is likely to review the rate on that part? Yeah. No update right now to give. There's only preliminary assessments done. So the final review hasn't come out yet. Okay. From our end, how we are adjusted or the passed on to the end consumer, can you highlight that? So to the end consumer, so the duty itself, 50% is too high. So it's not possible for the supply chain to absorb so much percentage. So essentially, we've been able to pass on the cost to the consumer till now. We just are waiting and reviewing how it affects the consumption. So, sir, just to build upon that, can you highlight how the order process goes on? So for example, for the third quarter or the fourth quarter, whether the U.S.-based customer has placed order or if yes, then how the pricing has set up? So the final and the whole tariff part has been embedded into the order cost or how it works? Yeah. That's essentially how we did it. So whatever orders we had on our books, and so we worked with our customers to add on the tariff rate. And whatever new orders that we've confirmed since the tariff were on the rates that the U.S. government kind of levied. So that's why we did not, in general, everything that we priced was including the tariffs. Okay. Understood. Understood, and sir, last question is on. Sorry, Ronak Shah, sorry to interrupt you. Requested to join the queue again for more questions, sir? Just the last question, if you permit. You can go ahead, sir. Yeah. So, sir, last question is regarding our ventures into the fish and the pet feed part. So, sir, in terms of the quantitative terms, can you highlight because it's been a few quarters since we are evaluating the market? Have we got certain feedback from the market or the research reports which you were evaluating what is the market, how large is the market, and how we can position ourselves? Yeah. See, the first part is about fish feed because the fish feed is a bit challenging area because the fish feed keeps the prices keep fluctuating, and there are different species, and the feed also differs for each species. So we'll have to keep trying and see the areas which type of fish is being really cultured. We have to give the feed according to that. So there are a lot of efforts that are being made by importing the feed from Thai Union and making trials here to find out which suits the Indian market. That is number one. Coming to the pet food, see, the pet food is a very challenging market, and we have started, I would say, that with a very good beginning because the first we launched our cat food with the rate which has been accepted by the market right from day one. So we got very good response. And as you know, these are the products which take time, and there are very strong players, long-term players in this like Mars, which is Pedigree and Royal Canin. These markets, these players are very strong, and it takes time for us to really build the market because we are making all efforts that different types. So we could do about seven to eight months of cat food, and then later on, we started with dog food, and dog food has also very good response. And there are several channels, marketing channels that we are now trying to explore each and everyone, not only the simple distributors, but e-commerce and the different types. Yes. All those things, we are working out on that. And so we are very confident that though the initial expenditure is more and we gradually increase the sales volume, and also by the time we start our manufacturing unit by end of the 2027, FY 2027, so we should be able to fully have the market and substantial market to our company. And this is a time-taking process. I think initially, we'll have to do a lot of work for marketing our products, withstanding the competition from the long-term players. Thanks a lot for all the. Thank you, sir. Participants are kindly requested to restrict with two questions initially and get back to the queue for more questions. We have another follow-up question from Mr. Akhilesh Rawat from Aridhan Foundation Private Limited. Please go ahead, sir. So my question is, as we have seen that fish meal, SBM, and wheat prices, raw material prices are rising after quarter one. So can you quantify the feed margin sensitivity for every 1 kg increasing key raw material prices? So based on current raw material level, should we expect our FY26 feed EBIT margins to revert towards historical 10%-12% or remain closer to H1 levels? It will be around. See, it's very difficult to tell for the next Q3 and Q4 because the prices of these raw materials are increasing very significantly for various reasons. See, for example, fish meal is going up because Peru has very less catches this year and even Chile. So when these countries, Chile and Peru, are the major countries supplying the fish meal, so when the production reduces, automatically global fish meal rate increases, and the demand for Indian fish meal for export increases. So the Indian fish meal manufacturers prefer to export because they get a better price. For example, the fish meal with the locally 60% protein is being sold at 125-130, whereas they are able to get 160-175 rates they are able to get. Moreover, they get some incentives also for exports. But this is no, they are tempted to export than to supply to the domestic market. And we expect that Chile has not yet announced its total quota available for the export. Once it comes, I think we are expecting that prices get stabilized around. It will not be less than about INR 2,513 crore. That is the fish meal situation. Coming to the soya, soya has two phased impacts. One is that this year, because of the excess rains, the production has come down by about 10%. So that is the one reason there is likely to be a slight shortage of soya seed production. At the same time, the Government of India has announced an increase in minimum support price by about INR 3 crore per kg. So these two factors have really influenced to increase the prices to go up. Particularly, the states like Maharashtra, they have made it a mandatory thing for all the processes, soya processes, to buy from the farmer only at the MSP, and they are not allowed to buy less than MSP. So that is the impact. So we see that soya now, for example, the best quality which you use is about 46,500 per metric ton, which was around 42, 43 has gone up to 46,500. Similarly, normal soya as well as high-pro, all the prices have gone up, and we'll have to see how now the government will start procurement from now on. So when there is a procurement, definitely the market availability, open market availability of soya will be less. So when the government procures for their food security, then naturally, the prices will go up. So we can expect the next couple of months, the prices will keep on the high side. And thereafter, we'll have to see once the government exhausts its quota of purchase, the prices also may likely to stabilize, and we'll have to wait for that from maybe around February, March. That's what we are expecting. And similarly, the soya-dependent market, products like Soya Lecithin will also go along with the price. And coming to the wheat flour, the wheat flour also is having the same situation because normally the wheat, this crop comes in the month of February, March. So we'll have to see. But as of now, there is a lot of the expectation of a high production of wheat this year. But very recently, in fact, a couple of days back, the government has, in principle, permitted 1 million tons of wheat products for export. But till now, it was banned. The wheat and wheat products are banned for export. But a couple of days back, the Government of India, the Agricultural Department has permitted, in principle, 1 million tons, and the Director General of Foreign Trade to prescribe the procedure for export of these products. So as we know, once you start the production exports, then the prices again will go up. So we are now around 32,000-33,000 per metric ton. And we'll have to wait and see what is going to be the impact of this export permission given by the Government of India. So cumulatively, we see that these things will definitely increase the price of the raw material cost, the raw material cost. But at the same time, the chances of increasing the feed price is not there. It's very remote. Generally, it's not possible to increase the price of the feed. So the margins are naturally, it's likely to come down to maybe around we are expecting around it to be nine and ten. So ten is a good achievable profitability for this current year overall. Now, till now, we have been doing very well, but we'll have to see the next two quarters and see how the profitability would be depending upon the raw material prices. Thank you, sir. That's a very elaborate description, all the variables for upcoming quarters. Thank you, sir. Thank you, sir. Thank you, sir. There are no other further questions, sir? Okay. Ladies and gentlemen, this concludes our conference for today. Thank you for your participation and for using the services of our conference call services. You may disconnect your lines now. Thank you and have a pleasant day.