Ladies and gentlemen, good day and welcome to the JK Cement Limited Q1 FY 2027 earnings conference call hosted by PhillipCapital (India) Pvt. Ltd. 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 this conference, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital (India) Pvt. Ltd. Thank you, and over to you, sir. Thank you, Darwin. Good evening, everyone. On behalf of PhillipCapital (India) Pvt. Ltd. We welcome you to the Q1 FY 2027 call of JK Cement Limited. On the call we have with us Mr. Ajay Kumar Saraogi, Deputy Managing Director and Chief Financial Officer, and Mr. Prashant Seth, President, 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 may be 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. JK Cement Limited and the management of the company assumes no obligation to publicly update or alter these forward-looking statements, whether as a result of new information 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, Saraogi. Thank you, Vaibhav. Good evening, and welcome to Q1 call for April-June quarter. The board of directors met on the 18th of July to review the performance of the company for the quarter April to June. The major highlights are as follows. During this quarter, we saw good growth in the grey business, year-on-year, 19% growth in volumes. Even though the previous quarter was marginally lower by 2%. If we see the white business year-on-year, there is a growth of 11% in volumes, marginally lower by 5% quarter-on-quarter. The combined growth in volumes was 18% year-on-year and marginal 3% down quarter-on-quarter. As a result of this, the net sale during this quarter was higher by 23% year-on-year at INR 3,786 crore as compared to INR 3,068 crore. Also it was higher by 5% quarter-on-quarter, which was mainly on account of the product mix and some price improvement. The EBITDA during this quarter was INR 639 crores. This is a standalone position. Vis-à-vis INR 673 crores in the previous year, and INR 670 in the previous quarter. The EBITDA margin was 16.9% in this quarter, 18.5% in the previous quarter, and 21.9% in the previous year. The profit before tax was INR 423 crores as compared to INR 416 in the previous quarter and INR 498 in the previous year. After taxes, the profit after tax was INR 291 crores as compared to INR 345 and INR 333 in the previous year. The cost on EBITDA for the quarter was INR 982 a ton as compared to INR 1,229 in the previous year and INR 1,012 in the previous quarter. On the consolidated front, the net sales year-on-year grew at 22% at INR 3,962 crores as compared to INR 3,242 crores. On quarter-on-quarter, it was up by 4%. The comparative EBITDA for the consolidated is INR 648 crores for this quarter, INR 683 in the previous quarter, and INR 688 in the previous year. The profit before tax was INR 406 crores as compared to INR 444 crores in the previous quarter and INR 489 in the previous year. The EPS in this quarter was INR 35.90 as compared to INR 43.10 in the previous quarter and INR 41.90 in the previous year. If you see the work on the projects, the greenfield project at Jaisalmer is progressing well and we are confident that it will get commissioned within the targeted timeframe of first half of FY 2028. Even the grinding unit at Bathinda is progressing well. We have acquired the land for the second split grinding location in Punjab, and we are working out to start the work at that site as soon as possible. We had also taken up an expansion of the wall putty in Rajasthan. The work is almost on the verge of completion, and we expect that in Q2 this year, this will get commissioned. As far as the debt profile, as on 30th June, the gross debt stood at INR 5,551 crores as compared to INR 5,136 crores as on 31st March. The cash balance as on 30th June is INR 1,686 crores compared to INR 1,765. The net debt is higher at INR 3,864 as on 30th June, compared to INR 3,370 as on 31st March. If we look at the net debt to EBITDA as on 30th June, the same is at 1.69x, and net debt to equity is 0.53x. These are the major highlights. If you have any other questions, we will be pleased 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 their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Pathanjali Srinivasan with Sundaram Mutual Fund. Please go ahead. Hello, sir. Congrats on a good set of numbers. I have a couple of questions. Firstly, volume growth was very strong. Could you help me understand how much of this would be from new plants commissioning with respect to East, and some color on how regions are doing, how North is doing, how Central India is doing? Yes, the major volume growth is as a result of the expansion which we have done in Central India, including the grinding unit in Bihar. The major volume growth is driven by that. We continue as far as the existing markets of North and South are concerned. We continue to grow as per the market because, in any case, we do not have extra volume over there. Got it, sir. We would have gained market share, right? This quarter based on whatever volume growth we have done. Is that correct? We have gained certain market share definitely in Central India, in major of the regions, and we have been able to maintain the market share in the all other regions in North and in the Southern regions. Got it, sir. Sir, I have two more questions. One is on cost. There's been a very sharp increase in terms of fuel costs, diesel costs, and all of that. Could you give some color on how much this would go up for us in the next quarter from the current quarter numbers? See, the cost should go up by about, say, INR 150 in Q2 as compared to Q1. One, some fuel cost increase would be there. There's also been, like in the cost, some packaging cost, which was higher in Q1. That will go down in Q2. Overall, with diesel and everything, we expect that the cost should go up by INR 150 a ton. Q1 had a timing difference. We had taken out the maintenance through a preponement of some of the maintenance. That way, in Q2, the maintenance would be lower what we had earlier projected. Got it, sir. Okay. Sir, just one last question, sir. With respect to our expansion, I think we are trying for 40 million tonnes in FY 2028 and 50 million tonnes in FY 2030. Just a confirmation here that there are no plans or anything that we are trying to reschedule or push away a bit, because a lot of competition has been talking about taking a step back with respect to capacity expansion. I'm assuming that we are not planning anything like that. Would that be a fair understanding? Yeah. As of now, we have no plans. We are on schedule. Once the 40 million tonnes is already in progress, and immediately we are already working out on the next phase of expansion, and at an appropriate time keeping our targets for 2030, we shall be putting up before we'll be going to the board for their approval. Got it, sir. Thank you so much. Good set of numbers, sir. Congratulations again. Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Pinakin Parekh with HSBC. Please go ahead. Thank you very much, sir. My first question is, can you kindly give us some color on pricing? Where are pricing today versus your June quarter average? Monsoon is traditionally a quarter where prices generally fall very sharply Q on Q, but this time there's a context of higher energy prices. How do you see prices in your key markets? As of now, there's no major variation. I think if you look at an average of Q1, the prices would be more or less same because some of the price increase took in between Q and Q1. Keeping that in view, I think the prices are more or less same, flat as of now. We expect that this time in the monsoon, because of the cost pressures, because of the geopolitical situation, we should not be seeing any price drop, in spite of doing some low volumes because of the seasonality. Got it, sir. Sir, second question, just coming back to your very strong volume growth in the first quarter, which you attributed to the new capacity in Bihar and market share gains. How should we look for the remainder of the year if industry environment remains the same? Do you expect this volume growth of around 16%-17% to be sustained and market share gains to continue through the year? Yeah. We are expecting closer to INR 22.5 million-INR 23 million in this year. We are working towards that. We will have definitely a good double-digit growth in this fiscal. May not be that we sustain if the demand continues. Presently, the demand is also supportive, if support and demand continues and we would be growing. Again, today we have some restriction in terms of availability of capacity in the north and south. Had today, if we had that capacity, we could have grown even more. Because the growth opportunities presently with us are only in the central India. Got it, sir. Lastly, sir, you mentioned the 2030 timeline for the next phase of million MTPA. Should we expect the company to take those expansions to the board this year? Or do you see here and the spending to start FY 2028 second half? See, we will watch. I think it's a bit too premature now to give a date of going to the board because we already have a large CapEx ongoing. Normally, we are ready, we are doing our base working, definitely as the project is about to nearing completion and looking to the overall business environment situation. See, because we are in an uncertain geopolitical situations are there. If that situation really aggravates and has some impact, it's very difficult to say anything now at this point of time. Otherwise, we are not feeling that any postponement or any delays in our plans. Got it, sir. Thank you very much, sir. Thank you. To ask a question, you may press star and one. Our next question is from the line of Navin Sahadeo with ICICI Securities. Please go ahead. Yeah. Good evening, sir. Good evening. Thank you for the opportunity. Sir, my first question was on your white segment. If I look at more from an annual perspective, FY 2024/2025 were fairly muted for this segment. Last year there was a good 11% growth. In Q1 I observed a very healthy, I think almost 28%-29% kind of a growth. That too it is coupled with reasonable realization increase as well of almost about 4% quarter-over-quarter. I would just request, what is driving, first of all, this kind of a volume growth and how is the pricing also the industry, I mean, company is able to pass it on. Is it fair to say that the competitive intensity which earlier was there has reduced? How should one look at this segment incrementally overall? Navin, what has happened in the white business, this geopolitical situation on the white business per se had some positive impact for the company in terms of a lot of volume was coming from UAE. The imports which were coming from UAE, that did not come in. As a result, we had that opportunity for extra volumes in case of white cement and putty. Because the white cement availability was limited, we could do some extra volume. Having said so, the competitiveness in the white business will continue. I would say that this is a very good impact, positive impact in the first quarter, may get something also in the second quarter. As things would normalize, the competitiveness on putty and all will continue to be there. Understood. My second question was on your RMC business. I think last year we exited with about five plants. What is the outlook there? How much revenues did we clock in this particular quarter? For the full year, how should one look at overall RMC revenues and profitability? As we say, we have a plan to have about 100 RMC plants by FY 2028, 50 by FY 2027. As we speak, we have 17 plants operative now. The top line would be anything between INR 35 crores-INR 40 crores for Q1. I think by this year-end, we should be touching a base of about definitely maybe INR 100 crores quarterly. If this quarter is INR 35 crores, we should be by exit of maybe INR 100 crores per quarter. Great. Just to clarify, sir, the cost related to RMC, would that be largely under the raw material cost consumed, right? Yeah. Okay. That's it from my side, sir. Thank you so much. Thank you. You may press star one to ask a question. Our next question is from the line of Siddharth Mehrotra with Kotak Securities. Please go ahead. Thank you for the opportunity, congratulations on a good set of results. Sir, just wanted to understand, on a structural basis, we have some coal blocks which we plan to operationalize. Could you tell us more about the timing? What sort of output do you expect from them? What sort of cost savings do you expect from them? Perhaps if you even plan to sell some of this coal externally. We have two coal blocks, out of which the larger coal block, which is at Mahan, where because we had made a good progress, and I think by end of FY 2028, we should be able to have some coal starting coming from end of FY 2028 from this coal block, one of the coal blocks, and definitely following maybe one year later from the other coal blocks. We have option to sell the fuel also. We will evaluate as we go, what should be our plan and strategy for sale of coal. As regards the saving, yes, there would be substantial saving. There are two things. One, this exposure will reduce substantially because if not that with the like of current geopolitical situation, if you have for the domestic fuel, which is the cheapest fuel as of now, you had access to more quantity, we could have used more domestic fuel, especially for the north plants. In central, we are still using domestic fuel, which we use against our linkages as well as from the open market. I think the fuel from our own coal block will be much cheaper than what is available in the market. Understood, sir. Secondly, sir, just on the paint segment, since it's been some time since we've sort of been in this segment, what would you say have your learnings been? What has the market evolution been like? What are the long-term plans we have in this sector? How much do we plan to scale? What are our aspirations? Basically, your thoughts on the segment and how we plan to be positioned within it, sir. See, our entry and a limited allocation to paint business because putty was already there on the paint counter. We were losing our customers because to survive on one product, it was becoming difficult. That is why we entered the paint business. Having said so, since our priorities on the core business, the board did not approve, we limited our expenditure to INR 600 crores. We have been growing this business in last three years. Last year, we did about INR 380 crores. We are expecting over INR 500 crores net top line. We expect to be breakeven in third year of operations. Definitely, I would say that it is helping our putty business. We are showing a continuous good growth in the putty volumes. I do not know whether that growth would have been there if we had not entered into the paint business. It is very difficult to say, "Oh, this is the extra volume we got because of the paint." Definitely, it has helped. That cannot be ruled out, and I think this will help. In the medium term or long term, again, our commitment is, and our capital is reserved for the core business. We will try to develop this business on the earnings of the business going forward. Got it, sir. For this quarter, what would be the revenue and EBITDA losses be like for paint? For the paints, the revenue was around INR 125 crores. It was breakeven. We've already achieved breakeven this quarter. That's good to know, sir. Understood, sir. Just, sir, one clarification. The entire paints business, sir, is it carried out through JK Maxx, which is our wholly owned subsidiary, or is there a component which is also sitting within the standalone? No. What we are doing is that the JK Cement platform, the putty platform, is being used because you can't have two platforms to sell paint, the customers being common. It does appear part of the sale. We have two brands, the Acro brand and the JK Maxx brand. The JK Maxx brand sale is included, also shows in the top line of the standalone results. Overall, when we project, we analyze what is the top line of paint, and what is the EBITDA of the paint. Sir, basically this INR 125 crore, this is sitting in standalone entity. Is that understanding correct? Most of it, partly is also in the Acro brand is a direct sale from the subsidiary. Okay, sir. Most of this is in the standalone. Got it, sir. Thank you. Thank you. To join the question queue, you may press star and one. Our next question is from the line of Tejas Pradhan with Citigroup. Please go ahead. Yeah, hi. On the cost increase guidance that you had mentioned earlier of INR 150 per ton for second quarter, just wanted to clarify because we have higher maintenance in the current quarter. Is this 150 adjusting for the benefit that next quarter would have that lower sort of maintenance expense or? See, the second quarter would have a similar maintenance cost, maybe marginally lower. Some of our major maintenance has been done, few maintenance is still pending, which will be taken up in the second quarter. There will not be any further increase Q on Q in terms of maintenance cost. The impact will only be shown in terms of the fuel cost and the other cost, and the diesel cost which is having an impact. Meaning this 150 will be like a variable cost. It is not linked to the maintenance. Okay. In any way, there will be some sort of operating deleverage impact also, right? Yeah. The operating deleverage will definitely be there. That impact would be there also. Over and above this thing. Okay. Just a second question on the RMC revenue. You mentioned INR 35 crores-INR 40 crores recorded in first quarter. Can you just share what was it in the fourth quarter? Fourth quarter, this number was very low, around INR 5 crores. Okay. Understood. Just one last question on the thermal substitution rate and the green power mix. You have a target of 35% in FY 2030, but last couple of years it has been in that 11%-12% rate. Similarly also on the green power mix, you have a 75% target for FY 2030. Just wanted to get a sense on the timing of when this increase might be reflected. For green power, I think we will definitely be able to achieve that. We could have had a higher number, but because of certain delays in the approvals for the group power housing from the state level. There were certain delays, that has resulted in some lower solar power. Green power, and we are working out on other green power projects. We are hopeful that green power, we have to achieve get another 2025. We should be able to from maybe next year, about 4% or 5% annually, and we should be able to reach that number. As far as thermal substitution is concerned, that target is given, but we have to rework out on those, because of the changes in the fuel mix. When it was done, the expansions which had been done had not been considered. It was based on the existing capacities. We are working out on that, and based on the revised number with the fuel mix because of the location, we will work out on that. Hello? Hello? Sir, the current participant seems to have dropped from the queue. Okay. Thank you. Our next question is from the line of Ritesh Shah with Investec Capital. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, would it be possible for you to provide some color on regional utilization levels and profitability for us? No, sorry. We do not share the regional profitability and the numbers. Sir, even utilization levels? No. Sir, how would- Given that on the numbers that major growth is related to Central India, and in the North and South, we have grown as per the market. Beyond that, we are not sharing. Sir, you did indicate that we have run out of capacity in two regions. Would it be fair to assume that we are closer to 90% plus utilization level in those regions? Yeah, effective capacity, yes, we can say 85%-90%, definitely. Okay. Sir, from an understanding standpoint, how different will be the fuel cost across regions? Because you indicated that if we get more of linkage, the better it is. I would presume that is the case more for Eastern India, wherein the petcoke component will be significantly lower. In case of Central India, we are consuming only the domestic fuel. We are not using any petcoke or imported fuel for Central India. The petcoke or imported coal, the U.S. imported coal had also become cheaper when we had the geopolitical and sudden spurt in the petcoke prices and its availability. All petcoke and imported fuel is being used in the North plants and in the South plant. Actually, in South plant, we only use petcoke and alternate fuels. We are not even using Indian coal there. The Indian coal is also not very viable. In the South plant, it is only petcoke and alternate fuel. In the North plants, we do get certain Indian coal because road movement is not economical to get by road. Whatever we can get by rail, the Indian coal we get for the North plants, and balance, we use petcoke and alternate fuel. Perfect. Sir, just last question. How should we look at power and fuel cost and packaging cost into the next quarter? Packaging cost should be more or less flat or marginally lower in Q2 vis-a-vis Q1. Fuel cost, we should definitely see an increase of around INR 75- INR 100. Sure. This is very helpful. If we talk about INR 150 increase, it may have about INR 100 towards fuel cost and INR 50 for other increases, diesel related. Perfect. Sir. Thank you so much, sir, for the answers. Thank you. Thank you. Our next question is from the line of Harsh Mittal with Emkay Global Financial Services. Please go ahead. Good evening, sir. Thank you for the opportunity. A couple of questions. Sir, what was the exit utilization of Panna line 2 in the Quarter One FY 2027? Actually, see, Panna for the complete plant as a whole, we can give the utilization because we do not see separately the clinker or the cement dispatches for line 1 or line 2. Yeah, no issues, sir. You can give it to me. Panna overall utilization is above 65%. Okay. Sir, what was the incentive income which was accrued in this quarter? Incentive income was around INR 50 crores. Okay. Sir, last question. What was the maintenance cost which we incurred in this quarter? Maintenance cost we incurred around INR 50 crores-INR 60 crores of the extra maintenance in this quarter. This is what we will also spend in quarter two as well, number eight? Yeah, it may be marginally lower. Sure, sir. These were my questions. Thank you. Thank you. Thank you. Our next question is on the line of Prateek Kumar with Jefferies. Please go ahead. Good evening, sir. I have a couple of questions. Firstly, on RMC revenue of INR 35 crore-INR 40 crore this quarter, the related cost, which is in RM cost, is it also similar cost or segment is in EBITDA loss for the quarter? Marginally. See, as we are ramping up, the capacities are coming up. No significant loss. Some marginal loss is definitely there. I think, see, as the plant set up, the initial costs, some of the costs are maybe appearing also in some fixed cost is also there. We do monitor, but RMC will stabilize over a period of time as we set up the plant. Because each plant takes about, to get into a break-even situation, about three months' time. Is the first time we have reported RMC revenues for the quarterly basis we are discussing? Yeah. As such it is part of the top line. A separate number it was because earlier we had about five plants exit March, so it was just insignificant. Now we have 15 plants going to 50 by end of this year, then 100 year after. Yeah. This is our plan. Hopefully, we should be able to achieve that. Other question is on fuel cost, which was reported 1.53. How should we look at this cost in Q2, and is that expected to be peak cost in the current fuel environment? Q2, it will peak out. Definitely what we are looking at that it should go up by, say, around INR 100 per ton in Q2. What will it discuss on a fuel kilo cal basis? INR 1.53 per million kcal what we have for last quarter, Q1. Mm-hmm. It could be around, we have to see. I think it will depend on a mix. Could be around INR 1.75 per million kcal or something, closer to that because domestic fuel is less. Still, during monsoon it is a bit higher because of excess moisture. Okay. Irrespective it is going to be peak cost and we should see decline thereafter. Yes. Sure. These are my questions. Thank you. Thank you. Our next question is from the line of Rajesh Ravi with HDFC Securities. Please go ahead. Hello, am I audible? Yeah, Rajesh. Hi, sir. Good evening. First question pertains to the paint business. After three quarters of INR 100 crore each, we have seen a sharp jump to INR 125 crore. Could you explain this jump and what is the target for full year? When you mention break even, you meant it at EBITDA level in Q1? Yes. All break even when we talk, it is only at EBITDA level. Okay. We said that the target for FY 2027 is anything between INR 500 crore-INR 550 crore. That is the target for FY 2027. Okay. In the RMC segment, you said you exited with five plants March and now it has crossed around 17. Next year when you would be running at 50 units, 50 plants, any unit economics which we can work with because incrementally it will have a sizable contribution in top line and EBITDA level, or at least cost level. See, we have to see, RMC is not a very big EBITDA margin business. Right. RMC is a requirement, either the margin, whether in cement, RMC standalone, and as a business, it is 4%-7% EBITDA margins. Correct. It is not that because you have to be in RMC business because certain customers are there. Otherwise, you will lose that volume of cement. You cannot address or you will lose that project. RMC helps, one, to enter into project, you start with RMC, then there is a cement requirement, there are other building material requirements. You can really address the requirement of the entire project. Agreed. For full of FY 2027, what sort of revenue you are looking from the RMC segment? See, we are just working out. This is, I think, as a ballpark number, if you see, maybe we have about INR 250 crores top line in this fiscal from the RMC business. Sorry, how much? I missed it. INR 250 crores as a top line. As we grow the business to INR 300, maybe we can touch INR 300, but I think an INR 250 crore number is something we have achieved INR 35 in this quarter, Q2. Every quarter would be better than the previous quarter. As we are setting up plants and the plants get stabilized. This is how we see the numbers growing. From a full year perspective, you would be EBITDA positive with these numbers, INR 250 crore? Yeah, I think so we should reach to a level of a breakeven on North. The losses, no, it's a single digit loss. Right. It's nothing. Understood It is anything significant. Understood. Sir, on the costing front, Q2, you mentioned around INR 150 increase. Like you're factoring in INR 100 increase in fuel costs, there will be some increase because of the diesel, you'll also have the benefit of the railways, bulk discount, as well as the fall in the packaging cost, which would offset your off-lift loss. Between Q1 and Q2, there would be an off-lift loss because of lower volumes. You are factoring in everything in your INR 150 cost increase? We factor in everything because, again, railways cost is limited only to the North plants. Okay. Where we have facilities. In the Central India or in the South plant, everything is by road. Understood. Okay. In the Sapco expansions plan, would that be taken up later beyond FY 2028? What is the thought process over there? The first thing that we are working on Sapco, and we are able to utilize the full capacity. We'll see and we get all the approvals, and thereafter, we will see what are the input, go to the board as of now, whether it is FY 2028, we will go or not, it is not very clear. We have a plan. We will work out with all the approvals. We will see that the existing business starts making profit and then we will plan the rest. Understood. Just one last question on the RMC business. You mentioned the imports were impacted and that helped positively for Indian players like Indian white cement producers like JK Cement. What is the scenario in Q2? Has the volume picked up from UAE units, exports from UAE units or domestic sales in UAE? Some imports have come in from the competition, competitor. Some clinker and cement has come in. Still some is yet to come, not the normal quantities as yet. Definitely some quantities have started coming. We have to see, wait and watch. Understood, sir. That's all from my end. Thank you and all the best. Thank you. Our next question is from the line of Girija Shankar Ray with Nirmal Bang. Please go ahead. Hi, thank you for taking my question and congratulations on good set of numbers, sir. I have couple of questions, many questions are answered. On a consolidated basis, if I see our raw material cost has increased. Is that the impact of diesel prices, industrial diesel prices or what is linked to it? So- On standalone basis. On standalone in terms of consolidated? Yeah, in raw material cost. Okay. See, again, that is a mix. If you see standalone and consolidated, you are dividing by the same number. You are dividing factor. Consol. includes dry mix mortar. The dry mix mortar which we do in U.A.E. is part of the raw material cost over there. The dividing factor remains the same because there is no volume per se of the dry mix. It is in a different volume mix, so that volume number is not included. Therefore, the pattern will show a higher value. Is there any higher diesel price also linked to this pattern cost increase? Not in the overseas. Yes, in Fujairah, the freight costs have increased because, one, we could not dispatch anything, so as such, the sale has only been in the GCC region at Fujairah. As far as dry mix is concerned, it is a local-based business. There is no freight cost impact. Okay. Thank you, sir. Thank you. Our next question is from the line of Raghav Maheshwari with Equirus Securities. Please go ahead. Sir, the plant maintenance shutdown which we have taken into the Q1, is it the planned plant shutdown or sudden shutdown? No, it is a planned shutdown. It is like some postponement. In postponement, what happens in case of kiln? Whenever you see the red spot, you expect that it will come on a particular time, but when you see partial you have to do, then you take that maintenance. So in always a kiln, one month variation, one and a half month variation could always be there. Got it. Basically it means if that is on a scheduled time, that volume growth can be more higher for the quarter. No, there is no volume loss on that account because we were having the huge clinker stock. Okay. We have not lost any volume. This 18% growth would not have been possible if it is because of the post shutdown. Got it, sir. Because of maintenance, we had purchased some clinker in case of South. That's to a minimal quantity. Sir, just last question from the incentive side. When the FY 2028, when are all the units of Jaisalmer, Bikaner and Bathinda will get operationalized? What are the incentives we are expecting from FY 2029 onward or the annualized rate from the FY 2029? FY 2029, what we see today is about anything between INR 225-INR 250 region, because we are also having a capital when we are taking the input credit, so we are not able to take the subsidy because we are taking the input credit. FY 2029 onwards, I think, this number should come to the number of about INR 300 crore annually, which we were getting earlier. Got it, sir. Thank you. All the best. Thank you. Thank you. Ladies and gentlemen, this will be one final reminder, there will be no further reminders, to press star and one to ask a question. Our next question comes from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Thank you. I thought I will not be allowed to ask a question, despite pressing star one 13, 14 minutes before the start of the call. Nevertheless, I will go ahead with my question. Sir, when we mentioned that we are looking at, on the grey front, a 22.5-23 million tonnes kind of a volume for this year, that means we are looking at a very subdued growth for the next three quarters, maybe close to 6.5%. Given already this 6 million tonnes, which on YoY basis, if I look at 0.95 million tonnes, so kind of a 1 million tonnes is incrementally we have done. Last time we were looking at close to 2.5 million tonnes incremental volume in FY 2027. Given the strong number, don't we think we should be at least doing a 3 million tonnes extra volume in this year and maybe last time also we said in FY 2028 we will be doing an incremental three million. That number should be inching 3.5 million tonnes incremental volume. Shravan, if the demand is there, we have the volume, we will definitely do so. We had an annual number. We are working on that annual number. We revise annual number every quarter, plus or minus, it doesn't make. Our effort is to maximize. We will not leave any stone unturned, and we will not lose our market share in any of the regions. Major volume, as I said, is going to come from Central India. To grow, you get all the volumes from Central India. We also have to ensure that we maintain our pricing position and grow profitably. We cannot be very aggressive in getting to a top line, even if we have volume, we have to plan out in a very strategic form that the long-term benefit we get in establishing of a brand and a market position. Okay. Got it. At least we should be definitely will be growing a kind of a double digit- Of course, we will be growing double digit. I'm not saying that we'll be growing single digit or anything. You have to see that in the South and in the North, we have a limitation. We don't have that volume, so the growth will be restricted. Even if we had an opportunity to grow there, we don't have the volume. Okay, got it. On the white front at a consolidated level, a kind of a double digit there also is doable for- On a consolidated base in the white, it may not be possible because in the first quarter, in the UAE region, we have lost 50% of the normal volume because of the restrictions. There were no loading available. Because of the geopolitical situation as of now in the Middle East, our white cement sale is only restricted to the GCC countries. We are not able to export to any other region because we are not getting the ship load. We have the volume, but we have everything, but we are not getting. True, sir. Once this 0.6 MTPA wall putty in Nathdwara will come in this quarter, Q2, definitely, despite we losing in the UAE this quarter at a consolidated level, we are already at 11%+ kind of a growth is already there. That's what I was looking at and plus 0.6 million ton wall putty. That's why I was looking at kind of a double-digit volume growth. Why we have put up at Nathdwara, we are already to reduce our dependence on toll manufacturing. As a capacity peak demand, we had challenges in this quarter, we had to get lot of material from the toll manufacturers. We have to be there, the wall putty. We have a plan that we should be growing that business, in double digits year-on-year. Unless and until we have a capacity, we cannot make that plan. Okay. Got it. Secondly, sir, on the paint front for this year, you have clearly mentioned. For next year, FY 2028 on a INR 550 odd crore kind of a revenue base of FY 2027, how one can look at, now this year we will be breakeven, can we start seeing a kind of a 5%-7% kind of a EBITDA margin in FY 2028 on paint front? Definitely, we are working towards that, and we will come out with a number when we are about to close. Yes, as whatever you said, this is a broad number. We would be working out on some EBITDA positive, good EBITDA 5%-7% in FY 2028, definitely from the paint business with the top line also increasing by another INR 150 crores or so. We have to really work out the numbers, and we will definitely work out and then share the numbers. Yeah. Sir, lastly, on the CapEx, just if you reiterate the number, how much we have done in this and for FY 2027 and FY 2028. Yeah. FY 2027, we have a plan to do around INR 3,500 crores of CapEx. In FY 2028 also, it will be around INR 1,200 crores. If we take up the next leg of expansion, that would be additional. Thank you. Ladies and gentlemen, due to time constraints, we request that you please restrict yourselves to one question only. Our next question is from the line of Anurag Gaikwad with Shree Bahubali Stock Broking. Please go ahead. The current participant seems to have dropped from the queue. We will proceed to the next question, which will be from the line of Siddharth Mehrotra from Kotak Securities. Please go ahead. Just one quick bookkeeping question. What was our fuel mix in this quarter? It was 40% petcoke, 45% Indian coal, balance alternate fuels. Sir, are we using coal also in the northern plants? Are we taking steps to sort of just increase the cadence or the salience of coal in our overall mix given the petcoke pricing currently? We use some portion of Indian coal also in the north. We have also imported some U.S. coal, which is because it's cheaper, it's a high calorific imported fuel. That also we use when we see the economics vis-à-vis the petcoke. Okay, sir. Has it really changed for us? Say, for example, over the past one or two quarters when we faced this cost inflation on the petcoke front. Basically, I want to understand how are we changing the fuel mix. That is the intent of my question. See, again, we had a different plan up to February. We had a plan what we need to import, and the fuel mix was more or less frozen. You have to keep on changing and evolving with the change in the scenario of availability of the fuel. As you know, we cannot fuel something with this geopolitical situation, it's affecting the availability and the pricing. Unless you have a stable scenario on pricing, you can't have a fixed thing. You continuously need to evolve so that your fuel cost is most cost effective. Understood, sir. Thank you. Thank you. We will now take the last question, which will be from the line of Amit Murarka from Axis Capital. Please go ahead. Thanks for the opportunity and congrats on a great result. My first question was on clinker. I understand that the nameplate clinker capacity at Panna Line Two is 3.3 million tonnes, but you had said that it will be de-bottlenecked to 4 million tonnes subsequently. By when we are expected to achieve that, one. Secondly, given the high growth rates that we are seeing, is there any possibility of seeing clinker constraints in the peak quarter, which is Q4 FY 2027? A, when we are working the kiln on an expanded capacity of 4 million for Line 2, we have been working on that, and I think we will be able to achieve the same in this fiscal. As of now, we do not foresee any clinker shortage for the volumes in Central India. Also, once Jaisalmer is up and running, will the decision for the next clinker line be taken post that, or do you think you'll be able to start working beforehand now that you are at a much bigger base? One clinker line actually may kind of that way restrict your growth rates in the future. Yes, you are right. We have a much larger base which can support an additional CapEx, and we are working in light of that. Since it is a greenfield and a large project, we may not wait till the full-fledged commissioning, but closer to when we see that the commissioning is there in the next few months, we may take a call because we have to justify to the board. We have to see, we will look at the total company's balance sheet, the position, everything, take a stock, and then we will be able to decide. Maybe we are in a better position to know some timing by end of this year or maybe beginning first in the last quarter of this fiscal. Sure. In the order of priority, next one will be Muddapur? Should be, as of now. Okay. That's it from me. Best of luck. Thank you. Thank you. I would now like to hand the conference over to Mr. Vaibhav Agarwal for closing comments. Yeah. Thank you. Sir, just one thing, sir, from my end. On the call, I missed it. Did you mention the number for the prepayment of expenses from Q2 to Q1? How much was the quantum? By any chance, have you said that quantum? I missed that number. Yeah. Maintenance? Yeah, the maintenance which total from Q2 to Q1 you have preponed. It was in the range of INR 50 crores. INR 50 crores. Okay. Thanks. That's it. Thank you on behalf of PhillipCapital (India) Pvt. Ltd. . We thank the manager of JK Cement for the call, and also many thanks to the partners who joined the call. Thank you very much, sir. You now conclude the call. Thank you. Thank you. Certainly. Thank you everyone for joining the call. Thank you, sir. Thank you. On behalf of PhillipCapital (India) Pvt. Ltd. that concludes this conference. Thank you all for joining us. You may now disconnect your lines.