Ladies and gentlemen, good evening and welcome to JK Cement earnings conference call for the quarter and nine months ended 31st December 2024, 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 conference call, please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital (India) Private Limited. Thank you, and over to you, sir. Thank you, Rutika. Good evening, everyone. On behalf of PhillipCapital (India) Private Limited, we welcome you to the Q3 and nine months FY26 call of JK Cement Limited. On the call, we have with us Mr. Ajay Kumar Saraogi, Deputy Managing Director and CFO, and Mr. Prashant Seth, President of Business Information and Investor Relations at JK Cement. I would like to mention, on behalf of JK Cement and its management, that certain statements that we've made or discussed on today's conference call may be forward-looking statements related to future developments and statements which are based on current management expectations. These statements are subject to a number of risks, uncertainties, and other important factors which may cause actual developments and results to differ materially from the statements made. J.K. Cement Limited and the management of the company assume no obligation to publicly alter or update forward-looking statements whether as a result of new information or future events or otherwise. I will now hand over the floor to the manager of JK Cement for their opening remarks, which will be followed by a direct Q&A. Thank you, and over to you, sir. Thank you, Vaibhav. Good evening and welcome to Q3 call. The Board of Directors met on 17th January to review the working for the quarter ended 31st December 2025 and nine-month period ended 31st December 2025. The major highlights are standalone. The net sales are higher by 14% over previous quarter at INR 3,132 crores as against INR 2,754 crores, and year-on-year, it is higher by 19% as the comparative numbers are INR 3,132 and INR 2,630. For the nine-month period, the net sales is higher by 19% at INR 8,555 crores as compared to INR 7,542 crores. The EBITDA during this quarter was INR 536 crores as compared to INR 440 crores in the previous quarter, an increase of 22%, and it is higher by 10% year-on-year, INR 536 as against INR 486 in the previous year. For the nine-month period, the EBITDA is INR 1,648 crores as compared to INR 1,232 crores, an increase of 34%. The comparative margins are for this quarter, 17.1%; previous quarter, 15.9%; previous year, 18.4%. For the nine-month period, the EBITDA is 18.4% versus 16.3% in the previous year. After deducting depreciation, finance cost, and exceptional item, exceptional item is towards the new labor code liability. The profit before tax is higher at INR 276 crores as compared to INR 261 crores, and it was lower by 5% at INR 290 crores, it was in the previous year. For the nine-month period, the profit before tax is INR 1,034 crores as against INR 637 crores, an increase of 62%. The EPS for this quarter is INR 23.30 as compared to INR 22.70. It was INR 25.80 in the previous year, and for the nine-month period, it is INR 89.10 as compared to INR 56.70. The EBITDA per ton is INR 928 in this quarter as compared to INR 902 in the previous quarter. Previous year, it was 1,022, and for the nine-month period, it is 1,022 versus an increase of 14% as compared to 896 in the previous year. As far as the consolidated results are concerned, the net sale in this quarter is higher by 15% at INR 3,383 crores as compared to INR 2,940 crores, and even as compared to previous year, it's up by 20%, and for the nine-month period, the net sale is higher by 19% at INR 9,565 crores as compared to INR 8,028 crores. The consolidated EBITDA is INR 558 crores versus INR 447 in the previous quarter, and year-on-year, it was INR 492. For the nine-month period, it is INR 1,692 crores, and previous year, it was INR 1,262 crores, an increase of 34%. If we look at the profit before tax, consolidated is INR 268 for the quarter as compared to INR 243 and INR 279 in the previous quarter, INR 1,000 crores for the nine-month period as compared to INR 707 crores in the previous nine-month period. This profit after tax for the quarter considers new labor code liability of INR 47.8 crores. If you look at the volume numbers, the grey numbers here, quarter on quarter, it is higher by 20%, and year-on-year, 23%, and the white business on quarter on quarter, it is higher by 15%, and year-on-year, 13%. As regards the project, the brownfield and 6 million ton expansion in Central India, out of this, the clinkerization unit of 3.3 million tons and 3 million tons of grinding, 1 million tons each at Panna, Hamirpur, and Prayagraj have already been commissioned. The Buxar greenfield grinding is in advanced stage of completion, and we feel that within the next 30 days, this should get commissioned. So with this, we are confident that all the remaining work of the project at Panna, OLBC, etc., would also get commissioned within February, and by end of February, the entire work would be completed. We have undertaken a greenfield expansion at Jaisalmer mill. So here, the work has already started in full swing at the integrated site. The orders for main plant and equipment have already been placed, and the civil work has already started. And we are hopeful that by September 27th, within September 27th, this should get commissioned. We are soon going to start work at both the grinding locations in Punjab and Rajasthan. So that also, we are confident that by September 27th, we should be able to commission the same. As regards, we have also taken up a greenfield wall putty plant in Rajasthan, and the work on the same has already been started, and we expect that by 26th September, we should be able to commission this 4 lakh ton additional wall putty plant. These are the major highlights for the quarter. If you have any questions, we'll be happy to address the same. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Murarka from Axis Capital. Please go ahead. Yeah, hi. Good evening. Thanks for the opportunity. Just on incentives booked, could you give that number for Q3? Q3 number of incentive is lower on account of the GST rate cut, and the impact is around 25 crores. So last quarter number was 86 crores, and this quarter it is. It's 60. Yeah. It's 60 crores. It was 86 crores in Q2, you mean? Yeah. Okay. And it's 60 now. Okay. So 60 should be the 100, or it will go up now with the Buxar unit starting in this quarter? I think, see, Buxar first. We would be taking the project GST credit. So in this fiscal, we don't see. So this 100 or 60 should be there in this quarter. Okay. Also on non-cost, so in this quarter, your other expenses have declined quite sharply while you had explained in Q2 that it was a bit elevated in Q2, but Q3 seems actually a little bit lower than what was generally expected to come through. So is it like some marketing spend kind of being lower in the quarter or anything like that, which led to this lower number, or is this normal rate to think of? So, there's been some marketing spend is lower because it was taken up in September. It was higher, especially in the white business. Also, we see that there's a dip in the grinding cost, but in this quarter, this is, I think, it will be higher than Q3. Okay. And just the last question for Panna Line 2 commissioning. So your capacity mentioned in the press release is 3.3 million tons, but you have been saying that it has potential to do four. So by when can we expect that four million ton potential to kind of get unlocked? Will it be through debottlenecking, or how will it happen? See, it takes some time. One year, I think we don't need the extra splitter immediately. I think we would be seeing once we run the capacity at optimal rate for about six months or so. So maybe in the next fiscal, it is end of next fiscal that we will see the possibility how we accelerate it to higher capacity to about four million tons. But at this point of time, we take it as 3.3 million. Sure. But some additional equipment will be required to be added to get to four? No, no, no, no, nothing. Okay. No major CapEx. Oh, okay. Thanks a lot. I'll come back in the queue. Thank you. Ladies and gentlemen, to ask a question, you may press star and one. The next question is from the line of Kunal Shah from DAM Capital. Please go ahead. Yeah. Hi, sir. A couple of questions. So beginning with the mid-teen sort of a base of volume growth which we have achieved during F26 or will be achieving, what sort of growth now are we targeting over F26 to 28 from a volume perspective? Pardon, I didn't get you. So with the mid-teen base of volume growth that we will achieve during FY26 on the grey cement, what sort of a growth are we targeting for FY27 and FY28? See, again, we expect the growth to be in double digits. Mid-teens, it may not be possible, but definitely in FY 26, we end up at 20 million. We are seeing maybe early teens, maybe closer to 23 million tons, 22.5-23 million tons. 25.5, as we go, there should be anything ranging between 12-15% growth. Hello. Yeah. Yeah. Sorry. Yeah. And secondly, on the CapEx bit, we had mentioned that roughly INR 2,000 crores of net debt would be the addition during FY27 due to the JSMA CapEx broadly. Now, would that be the peak number, or there are chances of that going up as well during FY28, given we would need or want to sort of fast-track our south expansion? So all I'm just trying to understand is how the management is thinking between balance sheet over 27, 28 versus growth. No, see, as far as we are confident, yes, definitely, post-commissioning of Panna, we would like to take up the further brownfield expansion, and maybe it looks like more, as you mentioned, in Karnataka, where we are mostly almost sold out. So that looks, but as far as if you see our debt profile and Net Debt to EBITDA, as of 31st December, we are at 1.41, and I think by March, it could be around 1.6 or something. Next year also, FY 27, it should be closer to 2 or at least 2, I think, and we would get incremental volumes, yes, because our greenfield capex is higher. We are not concerned, but we will not delay. We'll definitely keep a watch on the balance sheet, but I think our journey for 50 million, still, I don't think so many headwinds coming against that. We should be on track for that. Understood. This is helpful. Lastly, just one bookkeeping. So during the third quarter, you lost about one and a half, 2% odd realization. I mean, just adjusting with the incentives also. But how much of that have we been able to recover during the first 15, 20 odd days of January, I mean, through these various price hikes? If you could just help on that. Also, the price hikes have been there, but we don't gain on incentives. No, no, which is fine. I'm just talking of adjusting for the incentives. Pardon? Adjusting for the ex-incentives, I'm saying. On the grey cement, ex-incentives, the realization that you've lost, how much have we been able to recover, if any, during the first fortnight of January? Yeah, we have been able to recover that. I think we'll have the numbers, but I think there is good because the major recovery has been in the non-trade sales. So that should definitely be there. Understood. Sure, sir. Thanks. This is very helpful. Thank you. To ask a question, you may please press star and one. The next question is from the line of Akshay Shetty from Mirae Asset. Please go ahead. Good evening, sir. Thank you for taking my question. I have only one question, mainly on the industry trends. Sir, from an industry perspective, how are you seeing demand trends over next two to three quarters across key regions? And also, with the multiple players announcing capacity additions, how do you see the supply situation evolving? Do you expect pricing discipline to sustain, or there could be some pricing pressure increase in certain markets? So presently, as you said, regarding demand position in the next two, three quarters, we are seeing definitely a good demand in this quarter. So the March quarter, I think it could be one of the best quarters what we have ever seen. So it looks like the March. And then definitely, as the cycle goes with the March hangover, though it is a good construction period, but marginally in April, the volume builds because there is a lot of inventory of March, which is there in the market. But we do expect that year on year, because the volumes have been lower in the April, June, and July, September quarter, this year, the volume should be better year on year. Definitely 7%-8%, that is for the industry. So this quarter, the growth, because the base is also high, so year-on-year growth may not be 8%, could be 6%-7%. Yeah, thank you, sir. That's all from me, sir. Thank you. Participants, you may please press star and one to ask a question now. The next question is from the line of Harshil Mehta from Asian Market Securities. Please go ahead. Hi, sir. Thank you for the opportunity. Three questions from my end. First, in terms of you've seen over the couple of quarters, a lot of expansions being announced, especially from FY 23 and FY 29 perspective. So how do you see industry pricing discipline and pricing trend? That was one. Second, in terms of booking, what is our current CC ratio? And do we see any negative in terms of clinker shortage for H2 FY 27? That was second. And lastly, in terms of non-trade, we have seen a very sharp jump this quarter. So do we expect our non-trade share to remain at these levels, or we expect it to inch up back or inch down back basically to earlier levels? That was the third question. So on your first question, a lot of capacities which are coming up, yes, a lot of capacities have been. And if we really see, if we look at a demand growth and say 7% or 8%, not being one of the best markets, so even not requires an incremental 10-12 tons incremental volume every year. So yes, depending on the capacity which is coming up, it takes time. I think there should not be much pressure unless one or two capacities bunching up come up one time. At a time, it may have some pressure for a quarter or two, not beyond that. But still, we do not see any major concerns as of now. So, on the CC ratio counted, if you can help with that. And do we have any risk of clinker shortage in H2 FY27? CC ratio is like 67%, and we do not have the clinker shortage. We have a complete clinker backup for our cement capacity. Hello? Sure. And on the non-trade part, if you can help with that. So non-trade, yes. See, again, non-trade was muted for some time. Now, also at the year-end, at every level, the annual budget has to be exhausted. So this is also one of the reasons for a spurt in the non-trade demand. And last year, it was also muted because of the elections, the budgets have to be reapproved. Now, most of the states, election cycle is over. So I think the non-trade demand going forward should be good. It should go in tandem with the cement consumption growth. Thanks, sir, and all the best. Thank you. To ask question, you may press star and one. The next question is from the line of Patanjali Srinivasan from Sundaram Mutual Fund. Please go ahead. Thank you for the opportunity, sir. So I just wanted to know how the lead distance would change for us and how logistics costs will change post-commissioning of Buxar plant because I believe we have been seeding this market for some time from Panna. So can you give me some color on this? So after commissioning of Buxar, yes, the lead distance for central plant should definitely reduce because we have been feeding from Nimbahera and other sources and clinker directly to Buxar. So that will give us definitely a benefit. Even if we are seeing there has been a reduction in lead distance, but the freight per ton per kilometer is different in different states. So actually, in this part, the per ton per kilometer freight being higher. So all this may have an impact. It depends on the mix, but definitely, with the Buxar commissioning, we should see both reduction in lead distance as well as some reduction in the freight costs. Got it, sir. And was there any volumes from Panna line to this quarter, or was it only from the existing plants? There's been some in this quarter itself. There was some clinker production of over 1.5 lakh tons from Panna line too. As we had already commissioned Hamirpur, so there were some dispatches, incremental dispatches from Hamirpur also in this quarter. What is the timeline we can expect for this ramp-up for the plant? Because I believe there's some small works are still pending, so. Pending where? At Panna line too. Yeah. So Panna line too, I said the waste heat and the OLBC is pending, which all the other remaining work at the plant site will get commissioned within February. Got it. Sir, and incentives for next year, what will be our expectation? Actually, incentives will definitely go down on a per ton basis with the increased volume and everything and reduction in. But we expect that once we have the eligibility and all the new units start getting with Buxar eligibility there, our annual amount, which had on the present had reduced from 300 plus to about 240 crores, should again go up to 300 crores. Got it. It may not be fully in FY27. It may be a bit later or quarter or two difference could be there. But our exit run rate of FY27, that could be 75 crores quarterly. Got it, sir. Sir, and just one last question. Our volume growth has been very good. It has been significantly higher. Any particular region where we have been able to do better or where we have seen that growth is stronger versus other regions? Could you give some comparatives here? No. See, major growth is coming from Central India. And as we are doing an expansion, definitely, we need to build up our customer base and our sales across all segments for even non-trade. So planning for a long-term relationship with long-term players also, we have built up those relationships, which has resulted in a higher volume growth. But wherever, yes, in this journey, somewhere there are non-trade prices being under pressure, the overall realizations have been marginally lower. Got it, sir. And just one last question, sir. Guidance for 26, we are not changing. We're sticking to 20 million. And any reason why? Because we seem to be doing very high in terms of nine months. We are not changing any guidance on the volume numbers for FY 26. Okay. Got it. Thank you. Thank you. The next question is from the line of Navin Sahadeo from ICICI Securities. Please go ahead. Hello? Yes, sir. You're audible. Please go ahead. Yeah. Good evening, sir. And thank you for the opportunity. Sir, a couple of questions. So first was that I think for nine months, our volume growth is already 18-19%. Should we look at it only from incremental sales from new markets or new regions that we got, or we got benefit or we could increase our market share in the existing markets as well? That was my question, sir. So if you look at, yes, the major gains in the market has been from Central India. So where we are reaching out, we are going to new markets. And as we had entered when looking to Bihar and expansion, so we had already started making our footprint stronger in Eastern UP and Bihar. So these are the and again, we will continue to grow over there because we feel that we are still not a major player in the market. So we would like to consolidate our position and as soon as possible get into, if not double-digit market share, at least mid-high market share in all of the in the entire market. So that has been the major areas where we have grown. And when we have grown in the south, the demand was good. So our numbers are higher in the south. So we have also grown in the north, but in tandem with the market. Okay. So in north, you are saying our market share remained intact while we would have gained in center, south, and east, of course, but altogether a new market. Is that correct? East is a new market, and it was not there. It's a very small number. So that is definitely the small number of Toshali. But it does help in increasing the percentage. But again, it is not material. Right. Sir, for the north market, our analytics were basically suggesting that December was probably a record month in the sense that we could see volumes which were similar to even March for some of the players, March 2025. Yeah. So practically, it has been good. All our plants, mills, and things have been operating. Of course. So my question is. I think, yeah, it's a good market. The demand is good. And it would be not only for us, I think for most of the North players, it should be this quarter could be sort of a sold-out situation as was in the last year. It's better with. My question was around pricing, that if that was the kind of record numbers we saw, but I think pricing failed to impress in the month of December, and January, I believe there is some price hike. So my question was, what convinces us that we'll be able to see a better pricing in January and February if it failed to impress in December? Yeah, definitely, that's a big possibility, and I hope it does happen because one, in the last few months, the non-trade pricing there had been a lot of pressure on the non-trade pricing, so the difference between non-trade had increased a lot, which was putting pressure on the trade pricing. Still, the trade prices did not fall despite the huge difference, but now, since the non-trade with the improved demand, the non-trade prices have improved. This should definitely platform for a possible increase in the trade prices, and looking to the demand, there is all possibility that the trade pricing should increase. Understood. And just one more question, if I may. From your presentation, I mean, I'm looking at the data on petcoke and fuel costs. So my observation was that while your monthly petcoke cost in dollar terms that you are reporting is increasing, and of course, on an average basis, it is certainly going up in Q3, and there has been a rupee depreciation as well. And despite that, our cost per KCal or the fuel cost that we give has fallen down sequentially. So what different are we doing to get a lower cost? No, Navin. Actually, it is because of the mix because Indian fuel consumption has increased. Central plant is actually basically more on closer to the mines. It is more on Indian coal, which is cheaper. The petcoke is mainly used in the northern plants and in south plant, but in the central plants, it's a reverse situation where we are using the petcoke as only as a blending fuel, about 20%. And then CFR is also higher, so these are the two factors. So as we ramp up the new kiln, which is again in Central India, we should get further benefit of domestic coal or we should stay insulated that much more? Yes. We have linkage domestic fuel. And even as of now, even the open market domestic fuel is cheaper. So see, this is the advantage to be closer to the coal sources. So we are closer to the coal field, so we have an access to cheaper fuel. Understood. And just again, one broader question, if I may. So in this quarter, as you rightly pointed, non-trade prices went down, and I can see it across your mix also changed in favor of non-trade. And so my question was, post GST rate cut, I thought the expectation was of seeing benefits towards premiumization, so to say. But that seems to have been on the other side, in the sense negative. The non-trade are falling much more, and the share of trade is also falling. So how should one look at it from that point of view? Oh, no. See, yes, I mean, the non-trade sales, incremental volume has gone into non-trade. But our premium brand volumes, in absolute numbers, the trade numbers have increased. They have not gone down. And the premium product percentage has also increased. Quarter on quarter, if we see from July-September quarter, it was 14.9%, against which we have done 17.3% of premium products in this quarter. And so there is an increase. Even if you say July-September is a lean period, if we take it year on year, it was 15.8%. Again, 15.8%, we are 17.3% of premium products. Understood. My only, if I may say, fear was that as we ramp up our Panna line too, at least in the first year, our exposure to non-trade then could be much higher than what we saw in Q3, or you think it can come down? No, not as a percentage. It will not be. This has been so. I don't think as a percentage it will increase further. Understood. That's helpful, sir. Thank you so much. Thank you. The next question is from the line of Sanjeev Singh from Motilal Oswal. Please go ahead. Thank you for the opportunity, sir. Just one clarification. So when you're saying 20 million tons of volume, that implies only 1-2% kind of a growth on a year-on-year basis. So does it mean that given the clinker utilization rate of 97% in 3Q, probably volume growth from existing plants could be flat, and the incremental volume could be from the Panna plant? Because at the same time, you mentioned that industry growth could be at 6-7%. And given JK Cement's historical growth rates, we would assume that the volume growth could be higher than what the industry is doing. So just needed one clarification on this. And secondly, if you can put out some number on what has been the pricing improvement in January so far, both in trade as well as non-trade segment. So on the clinker, I mean, yes, definitely. See, the clinker, the major volumes is going to come from Central India. And in the north, it will be at par with the market. We're not going to lose any market share because, again, some of them, there are twin markets, and all that can be serviced accordingly. So we're not going to lose any market share either in the north or in UP and gain. And we will definitely be growing overall more than the market in this quarter also. Any number to the pricing improvement which we have seen in January 2026? I think, see, what we are seeing from the latter part of last week of trend, which we have seen now, is on the non-trade pricing, definitely about in terms of 15-20 rupees improvement in the non-trade pricing. And in trade, definitely, that has helped one, two, I mean, it has released the pressure on trade. We are really not seeing any signs of any increase in trade. But definitely, since the pressure is off, it will help in restructuring our discounts and further and increase some of trade prices wherever possible. Okay, sir. Thanks a lot. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, we would request you to please limit your questions to two per participant. The next question is from the line of Ritesh Shah from Investec. Please go ahead. Hi, sir. Thanks for the opportunity, sir. Couple of questions. Sir, first is, would it be possible for you to dissect the fuel mix, given you hinted on the linkage? So what is Petcoke? How much is linkage? How much is non-linkage? And any indication of how that will play out in the next quarter? No, see, presently, the petcoke consumption was around 60%, and the balance is the Indian coal and AFR. Okay. And sir, how much will be linkage over here? In case of, I mean, I think about 70% of the Indian coal is linkage coal and 30% is open market. This helps, sir. Thank you for this. Sir, my second question is on exceptional items. How should we read this number of 46 crores? Is there a retrospective element over here? How should we understand it, and why is it under exceptional? See, this is an exception item. This is under the new labor code, which has been effective from 21st of November. So on the new labor code, where they have spelled out the new wage and the definition of how the gratuity and the leave encashment has to be calculated, where they have said the gratuity of the total payment, 50% has to be the basic amount and the leave encashment. So there is not so we have broadly reviewed that, and we are still doing the fine working. But we have tried. We see that this could be our. Actually, this could be the liability on account of this revision. Though we are still discussing and freezing the numbers, but this is the number. This is how we have arrived at the number. Sure. Sir, last two questions. Sir, CapEx number, if you could highlight for full year 26, 27, 28. And if you could just dissect Jaisalmer out of the CapEx number, annual CapEx numbers. CapEx number in this year should be 2,500-2,800. And out of that, Jaisalmer would be 600 crores. So actually, as you see, whatever number we are given without Jaisalmer, which was around 2,000 for FY26, that remains as it is. The incremental CapEx in this year will be on Jaisalmer, which is around 600 crores and another 50-60 crores on the Nathdwara wall putty plant. Otherwise, we are broadly in line with what our earlier plan, which we had given of the CapEx. And next year, CapEx would be around 3,500 crores, which would include around 3,000 crores of the CapEx on the 7 million ton expansion. Sir, 28? FY28 will be the spillover CapEx in the range of INR 1,000-1,200 crores. Okay. This is helpful. And sir, any update on Toshali Limestone? I think we were engaging with the government. Any update over there? And. No, see, it takes time. We are still in dialogue with the government. They are considering our request. And so, when any plans on that, what we need to do as a next step will depend when they really we have the order. We have everything in hand. See, one is a positive indication. That is definitely there. But till we do, when we are working with the government, unless you have the order and everything, the agreement in place for the long-term supply with the fixed rate, we cannot, but still, I mean, there is no discussions and the dialogues all in the positive manner. Sure. Sir, if I can squeeze one question, if you allow. Yeah, please. Yeah. Sir, can you give some indication on the trade and non-trade price gap across regions? So now, with the improvement, I think the gap would have come down nearly now at INR 20-INR 30. Maybe in certain pockets, still remaining at there at INR 40, but it has come down. I mean, it had gone up to, I mean, INR 60, INR 60, INR 70. So that was the position. Sure, sir. This is very helpful. Thank you so much. All the very best. Thank you. The next question is from the line of Rajesh Ravi from HDFC Securities. Yeah. Hi, sir. Good evening. My first question pertains to your cost-saving project. Could you quantify how much we have achieved so far in FY26? And what is the guidance for FY full year and next year? As we said, we had a plan of about INR 150-INR 200, anything in ranging. FY 25, we had already done a particular journey of INR 50-INR 60. We had a plan, I think, exit of March, we should be at around mostly everything done at around INR 125. Maybe we have another INR 25-INR 40 for next fiscal. Okay, so the 150, you've already done 100 INR or? 125 should be the exit of March 2026. Sorry. Sorry, I didn't get you. FY 25, you achieved 50-60 rupees. And this year, saying another 25 rupees? FY 26? Another INR 50-INR 60 this year, which means the exit of FY 26 is around INR 120-INR 125. Okay? Okay. Understood, and the rest for next financial year, looking ahead. Yeah, yeah. Okay. And second, on this labor cost provision, whatever you factored in as an exception, what would be the recurring impact on a quarterly basis here on? So we are just working out on that. There's not much clarity because, A, there would be some we would be the present other practice was in the industry was on a CTC basis. So the CTC used to be very flexible. So now we need to restructure the salary and then try to work out what would be the impact. Having said so, there could be some impact. We have no exact number, but not something substantial. Maybe monthly INR 3-4 crores at the month. This is what we see as of now. This quarter, everything has been exceptional. There is nothing which has been built up in the employee cost. The employee advisory also. I mean, so we have not put in any. None of the labor code liability has been included as part of salary in this quarter. Understood, and just two clarifications. Yeah. Yeah. Two clarifications. Incentives, last quarter for last call, you had mentioned for Q2 was INR 70 crores, which you said is INR 86 crores. Now Q3 is INR 60 crores. Q2 was INR 86 crores or INR 70 crores? No, INR 86 crores was the same quarter last year. Oh, I was asking for. It was YoY. It was not QoQ. So, Q1, what is the number in Q2? 70 crores, and this quarter, it is 60 crores. Is this understanding right? Yes. Okay. And the INR 60 crore run rate will continue, but exit FY 27, you are looking at going back to around INR 75 crore run rate. Yeah. At the end, so because you'll have more incentives on new plants. But on per ton, it will be lower. The absolute amount we expect that by last quarter could be INR 75 crores and up. On the pricing, you mentioned non-trade, INR 15-INR 20 improvement has happened so far in January. And trade, what was the number you mentioned? I said there's no number on trade. It has removed the pressure on pricing to a point. And it may help us in certain discounts. We have to see how the marketing gets back to us and what is the competition doing. Understood. So basically, that only trade prices may go up if non-trade prices remain firm. Yes, yes. Understood, sir. That's great. And all the best. Thank you, sir. Thank you. Ladies and gentlemen, a final reminder for questions, and no further reminders will be announced. Anyone who wishes to ask a question may press star and one now. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi. Good afternoon, sir, and thanks for taking my question, so two questions from my side. What was the realization this quarter? And second, any comments on the paint business will be helpful. Thank you. Rail share was 9% in this quarter. Sure, sir. Paint turnover was 103 crores in this quarter. For the nine months, it is 285 crores. Anything about profitability, etc., by when can we achieve a break-even here? On the paint, what we see that we should end the year at around closer to INR 385-390 crores, maybe INR 400 crores. I'm not too confident on INR 400 crores, but definitely between INR 380-390 crores. This year, we should have a lower loss as compared to last year because we are seeing the loss to be lower. Now, since we have already worked out on, we have an improved gross margin. We have worked out on the product. Next year, what we see when we cross the INR 500 crore number with a higher gross margin, that FY27, we should see a breakeven in the paint business. Thank you. The next question is from the line of Siddhartha Bera from Kotak Securities. Please go ahead. Hi, sir. Thanks for the opportunity. Just wanted to check. When you say that non-trade prices are up approximately 15-20 rupees per bag, is it similar across regions, or is it largely confined to the north region when you give this particular comment? No, it is across all regions. You must have seen the reports. It's across all regions, even in South, Central, East. Okay, sir. Okay, sir. Understood. That was all from me. Thank you, sir. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi. Thank you, sir. Sir, a couple of questions. So first, in terms of the next expansion, so post Jaisalmer, we will be going for the Muddapur 5 million ton expansion. See, this is in all probability. I cannot say firmly this is we are going through. It depends upon the situation and what the finally board approves. In all likelihood, as a plan, yes, it should be there. We are still working out. So that is the position. We are not announcing that this is after Jaisalmer, we are taking up Muddapur. This is the most likelihood, as we have said, and it will depend on situation. Yeah. Got it, and most likely, by end of this year, we should be announcing that, or it would be in FY27, we will be starting with? I think that announcement will come post commissioning of Jaisalmer. I think. Okay. So then. Project. It's a big project, and it's a greenfield large project. But having said so, again, it's true if the market is different, it depends on how the market is, what is our balance sheet. We want to prepone something by two, three, six months. It all depends on how you see the market at that point of time, how you see your balance sheet. Because then we need to do at least we have to start announcing two projects simultaneously because we need at least 12 million ton. I know that. But see, as I said, once we see you're confident that yes, as we announced Jaisalmer before commissioning of Panna, was only for a reason that we were the balance sheet was in order, the project was well under control. We were confident that we would commission the project well within time, well within cost. And our balance sheet was supportive. So we announced Panna a big project before completion of Panna. We announced Jaisalmer before completion of Panna. Yes, there could be an announcement before completion of Jaisalmer, but we have to wait and watch, see that everything is in our control, and then make a call. Thank you. The next question is from the line of Milind Raginwar from BOB Capital Markets. Please go ahead. Thank you for this opportunity, sir. May I request you if you can share the clinker production number for the quarter? Yeah. The Clinker production for this quarter is 3.6 million tons. 3.6 million. Yeah. Sir, if you can just give us some idea on the fact that what would be the cost differential for North vis-à-vis the Central and East, just a ballpark number? Maybe not. Oh, see, broadly, actually, it is more or less the cost factors. There could be sometimes a variation of about 100 hectares. Where in the Central, we get advantage of low fuel. In the North, we get we can use more AFR. So it is different, but not much of a difference. Okay, sir. Okay, sir. Thanks. Thank you. Thank you. The next question is from the line of Pushkar Jain from Mille Capital. Please go ahead. My question is already answered. Thanks a lot. Thank you. The next question is from the line of Harsh Mittal from Emkay Global. Please go ahead. Hi. Good evening, sir. Thank you for the opportunity. So my first question is that what is the fuel consumption cost? Fuel consumption, the average rate, you mean for the fuel or? Yes, yes, yes. It's around INR 7,900. In terms of per Kcal? ₹1.50. Okay. So this is flat compared to the quarterly average? Quarterly average means? So I'm asking for this quarterly current. Current means for January? Yes. No. See, currently, petcoke prices are still a bit higher than what we are holding. But since we have an inventory, it will not have much impact. But yes, all the new shipments should be higher because mainly because there have been an increase in the fuel in petcoke by $7-$8 and the rupee devaluation. Sure. So my second question is that what would be the expected utilization for the Panna line two for the December quarter? Exit utilization? Yeah. So, exit utilization, see, clinker, again, depends. Since we will not be able to fully utilize the plant, so clinker, we would be definitely in a position to optimize the kiln by end of the quarter. Two, as far as all the grinding capacities are concerned, it is a seasonal. It's very difficult when all the output warranties would be completed. But utilization, very difficult to say what would be the utilization, exit utilization. It's very difficult to say what would be that number. Okay. So last question, can we assume commissioning of the grinding in Rajasthan and Punjab to commission simultaneously with the Jaisalmer project? Or will there be a lag? At least one should definitely be there at the split location. If not, them both. But let us see. But still, since there would be a grinding at the integrated plant, even if there is a delay, we would be able to manage. Sure, sir. This is very helpful. Thank you. Thank you so much, sir. Thank you. Ladies and gentlemen, due to time constraints, that would be the last question for today, which is from the line of Parth Bhavsar from Investec. Please go ahead. Yeah. Thank you. All my questions have been answered. Thank you. Ladies and gentlemen, as this was the last question for today, I now hand the conference over to Mr. Vaibhav Agarwal for closing comment. JK Cement for the call. Also many thanks to the partners joining the call. Thank you very much, sir. Rutika has now joined the call. Thank you. Yeah. Thank you, everyone, for joining the call. Thank you. Thank you. Ladies and gentlemen, on behalf of PhillipCapital (India) Private Limited, thank you for joining us, and you may now disconnect your lines.