Ladies and gentlemen, good day and welcome to the Best Agrolife Limited Q1 FY 2026 Earnings Conference Call. As a reminder, all participant names will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. For your need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. The statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Today, from the management side, we have Mr. Vimal Kumar, Managing Director, Mr. Surendra Sai, Director, and Mr. Vikas Jain, Chief Financial Officer. I would now like to hand the conference over to Mr. Vimal Kumar for his opening remarks. Thank you, and over to you, sir. Thank you. Good afternoon, everyone. Thank you for joining us on the Quarter One Financial Statistics Farming Call from Best Agrolife Limited. This monsoon, we observed a mixed season that most parts of India is matching normal to above-normal rainfall with the exception of Telangana and Maharashtra. In certain regions, this variability impacted soil motility. Despite these regular climatic variations, this is a fair year for agriculture. We are pleased to report that our newly-launched fertilizer products are performing well in their debut season. This quarter, we have taken multiple steps to strengthen our sales performance from the Groupon, g iven our path to the disciplined approach in sales, we are reducing inventories and improving margins. As per our expectations, we have seen a margin improvement on a lower base of quarter-one revenue numbers when compared with year-on-year, quarter-on-quarter. We view this alignment with our strategic decision to implement revised sales policies with the aim to increase profitability, reduce excess placement, and reduce inventory levels across the value chain, and focusing on our patented molecules. We made a deliberate shift from early product placement to focus on more sales during this season. This, we believe, is a critical step towards building a learning, normal and more sustainable business model. While this has resulted in a dip in Q1 revenues, we see this approach toward a positive outcome in terms of lower sales returns and lower inventories. In addition to that, this year's season was a little bit delayed because of the monsoon delay in various states. Our patented formulations, Shot downs, packaging, Bestman, along with Hustler, Suflex, and Executive under the Sudarshan farm brand, establishing positive feedback from the field. Channel partners and farmers have found the products to be excellent. Over 5-lakh acres coverage was achieved by shot downs and Hustler in their very first season, which is again our patented molecule for soybean herbicide. Farmers are trusting our products and our innovation-based approach. Overall market feedback and sentiment towards the Best and Sudarshan brand is positive. We received two new patents in Quarter 1, both of which are novel insecticide plus fungicide combinations. One patent is for a novel formulation combining nitenpyram, pymetrozine, Dinotuferan and isopropylene. This combination offers broad-spectrum pests and disease control across key crops such as paddy, cotton, brinjal, groundnut, soybean. This formulation is designed to target multiple major pestilences: brown bullet, hopper, whiteflies, jassids, and diseases, including blast and powdery mildew. This second patent granted this quarter was for a unique combination of Flucythrinate, Iprobenfos, and Tebuconazole. This combination can provide comprehensive management of whiteflies, thrips, and fungal infections like leaf spots and blasts. This product will be applicable across a wide spectrum of crops such as chili, soybean, maize, mango, pea, and grapes. This quarter, we received new FIM registration which is called 9(3) FIM Registration for Cubax Power Extra which is a three-way formulation containing spiromesifen, hexythiazox, and abamectin. This product is useful against black thrips and yellow mites. Our product, Methyl 2, which is an advanced combination of Tolfenpyrad, Pyriproxyfen, and Acetamiprid, is now approved for crops like chili and cotton. This product targets aphid, black thrips, whiteflies, and jassids. Looking ahead, we remain optimistic about the current season and confident in our ability to sustain momentum through a combination of setup innovation, margin improvement, and operational efficiency. Now, I will hand over the call to our CFO, Mr. Vikas Jain, who will take you through the financial highlights. Thank you, everyone. Thank you, Vimal Ji, and good afternoon to all the participants. Let me walk you through the key financial and operational performance for Q1 FY 2026. As mentioned, coming to the first point, which refers to purchasing the sales, there were various events. The most important were shaped by our strategic shifting sales policy, which required a portion of our order placements closer to the season, along with the details mentioned by Vimal, wherein there was a considerable delay in season, especially in the south, and also our strategy to place less raw food during June and mostly to do it in cash sales closer to the season in the month of July and August. These were the reasons that we even explained in our earlier calls as well that we result in much lesser sales in June, but also that this will give us a good benefit and a good quarter for Q2. Despite this, the overall reduction in the sales was 25%- 27% year- on- year from INR 519 crore in Q1 FY 2025 to INR 382 crore this quarter. We were able to maintain profitability and improve margin metrics, a significant validation of our margin focus and decision strategy for this year. Even though we believe that we will have much lesser sales returns this year, we have done provision for sales returns on a higher side on a conservative basis. For this quarter, we have made close to INR 50 crore plus sales returns provision, which is there, even though we believe that this sales return will be much, much lesser than this. Despite the year-on-year decrease in revenue, the company's profitability improved driven by a different product mix and discipline pricing. Gross margins stood at INR 111 crore with the margin percentage improving to 30% from 24% year- on- year. EBITDA for the quarter came in at INR 46 crores compared to INR 55 crores in the same period last year, with EBITDA margin expanding by 125 basis points to 12%. Profit after tax remained stable at INR 20 crores, resulting in a cash margin of 5%, up from 4% in Q1 FY2025. On a sequential basis, operating efficiency improved significantly, with EBITDA margin expanding by 960 basis points and cash margin improving by 1,300 basis points, highlighting a strong turnaround from Q4 FY 2025. We believe the implementation of our revised sales return policies will yield further benefits, with a significant reduction in sales return in the upcoming quarters, contributing to improved inventory hygiene and enhanced profitability. Strategic restructuring across regional operations has also led to reduced operating expenses and tighter cost control. Our pivot towards in-season execution continues to prove effective, enabling us to respond more accurately to real-time demand, minimize exposure to excess placements, and enhance working factory efficiency. This has resulted in much lower sales return in this quarter itself. Last year, a similar quarter, we had close to INR 35 crores- INR 40 crores return, whereas during this quarter, it was only INR 13 crores. Looking ahead, we anticipate a revenue pickup in Q2 aligned with seasonal trends and a delayed selling swing. We are targeting a conservative annual revenue for FY 2026/2027, which can be in the range of INR 1,600 crores- INR 1,700 crores, with an annual EBITDA margin expected to exceed 15%+. We expect our strong margin profile to be supported by the growing contribution of patented high-margin formulations. For this quarter, our patented portfolio within the branded sales was close to 45% as compared to 29% last year. Accordingly, we foresee continued improvements in the operating leverage as a result of optimized field operations and more efficient marketing spend. These factors collectively position us for sustained growth and profitability in the coming quarters. In closing, Q1 results underscore our ability to deliver profitability and margin expansion, even in a transitional phase. We are confident that the operational foundation laid this quarter will translate into stronger performance in the coming quarter. I will now hand over the call to Mr. Sai, who will take you through the international business highlights. Thank you, Mr. Vikas, for the update. We thank you for your efforts to improve margins through financial decisions. We continue to work on developing the international business payment. We have successfully completed three assignments in African nations with advanced payment terms, and we are expecting repeat business based on our service quality. We have received interesting registration of purchasing products in African countries, which is including rumpen, and we will be pursuing registration with our customers. Looking ahead, we are looking to register manure as well as biofertilizers and biodiesel in Mauritius, which happens to be a gateway to the next neighboring African countries. The registration process for our purchasing products has been initiated in Sri Lanka, while the export registration for manure is underway in Australia, where we have an approved label. Our customer and field demonstrations are ongoing as we speak. We have ongoing trials of our products in countries like Thailand and Cambodia. Additionally, we are commencing the registration process for our patented formulations in South America, starting with Bolivia and Brazil. Our active ingredients and formulations are also brought to fruition through registration in multiple countries, including Taiwan, Mexico, Thailand, Sri Lanka, as well as other global regions. We have made global filings for patents in this quarter in jurisdictions such as the U.S., E.U., U.A.E., Brazil, Vietnam, Egypt, Indonesia, and others, reinforcing the company's focus on innovation and international growth. The potential manufacturing units strategy is aligned with these global potential markets. With this, I will conclude this short update. We thank you all for your participation and time to attend this quarterly earnings call. We now welcome your questions. 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 touchstone telephones. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets when 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 Hemant, an individual investor. Please go ahead. Hi, sir. Good afternoon. My first question is related to just the sales for this quarter. I understand that we are trying to stabilize our branded sales, but in this space, why aren't we not concentrating on technical sales to be on par with our business? It's point I'm not understanding. Thank you, Mr. Hemant, for your question. Definitely, your question is relevant when we have a brand we are changing from for positive for in the brand business, and we are doing some big change in the brand business. That is mainly because last year and last last year we have learned because each four quarters, you know, in the first two quarters is very strong and has two quarters comparing from, you know, because of sales returns, because of managing. We have changed that policy. Now come to your question like why we are not into the technical sales. Definitely, technicals we have, we are also selling some of technicals, but the main thing, technical doesn't have that much of margins. If you see our total margins is around 29, 30% as a gross margin. If we talk about the technical sales, their margin will be very low. We are now moving towards a profitable organization rather than to receive only the sales revenue. That is our idea for this sale. Okay. Sir, we were supplying this product to other B2C players, right, five or six B2C players, and they were selling this product with their brand name. When will you start supplying other patented products to other B2C players? Definitely, because any new products, either we have very few products in the agrochemical industry, then any of the companies, whatever they spring out, whether MNCs or Indian companies or any of the companies, when they spring any molecule, it needs tested trial with the commercial, you know, the commercial reviews of that product. Only then does the farmer have confidence, dealer distributor has confidence. Of course, in the last four or five years, we have many, many new products which are really, really commercially very good for the farmers as well as for the distributor dealers because of the margin they are having on this, and they have, of course, monopoly because of our patented products. In this way, if you see, to give to any B2C plan quarters, which generally requires principal to principal sales, which we are talking, in that sense, we are not in very high because first we have to sell it and make it as a stick, brand in the farmers and distributors, then only we will give to some of the co-partners like big companies. Many small companies, many mid-sized companies are asking us, but we are only aiming, you know, for the MNCs company. That is our vision. Will this happen in coming years, sir? Definitely. Definitely, it will. Sir, most of the patents, whatever we have today, those were mostly used in chili and cotton, right? If we see the cotton acreage in Q1, it was down 3% year on year, and sentiment for chili is also very, very bad this year, particularly in South India. How do you see Q3 and Q4 this year? Definitely, your question is relevant, of course, and you have good knowledge about the semester. This is a quarter one generally don't have any kind of sales in South India. That, of course, you know, because you are aware about the some right information. Quarter one, they didn't have any kind of focus sales in the South India. It will go in Q2 and mainly in Q3. That we are balancing. In my commentary also, I said we are not doing any kind of dumping. We are not doing any material to any distributor dealer for sales. Just we are selling whatever we are selling. That is what we have said. Chili prices has some issues in the market and cotton acreage has less, but that doesn't make any difference because the market still has a big scope for both the products, cotton and chili. Is this the main reason, sir, for decreased targets of our stock line this year or in years ago? Not at all. On the finance, it's not like that way because our total market share is usually as a better or not that big. That reason is not at all. Sir, arrange the return number, whatever sales return number you told for Q1. Can you repeat that, sir? I could not understand in your commentary. I added the previous quarters, after all, sales are down by close to 27%. Our patented portfolio compared to Q1 2025 is higher by 14%. You can understand the patented portfolio keeps on growing. The other materials, the other differentiated alternative products, which we used to create since last year, first, we have been done Q2. Otherwise, patented products have gone up by 14% this quarter compared to previous quarter. For the sales return, last year we had a sales return of close to INR 35 crore- 40 crores in Q1, and this quarter in Q1, you have only INR 13 crores, one- three. INR 13 crore. There is a provision of INR 15 crore, right? The provision was only 50, 50. 50, sir. Okay. You are hoping that does not come, and that provision you will have to reverse in this quarter. Tell me what happened to your returns? Have to have average of whatever has happened in the previous history. Now, since we have changed the policies this year, the history doesn't support to say that, okay, we are going to get lesser. We have been told to keep a little higher sales provision, but we are confident that our lesser placements and sales provision will help us to have much lesser sales return. Sir, one last question from my side. If you compare your B2C revenues for your distributors with competitor, it seems to be very less on a year-on-year basis if you compare to other companies like Dhanuka and Insecticides. Where do you see this number moving towards maybe in the next two, three years? What was your first sentence? What sales you mentioned? I said whatever sales you are doing per distributor per year, if we compare that with other listed players like Dhanuka and Insecticides, they were doing more than INR 20 lahks/ distributor/ year. If you see our branded revenues, we were doing only INR 10 lahks- INR 12 lahks/ distributor/ year. Where do you see this revenue going towards maybe in the next two, three years? Yes, Mr. Amin, you have right information. Definitely, this company has generated products which is accepted by farmers and by like 40, 50 years. What we are doing is mostly patented molecules, and this is a different kind of product and a kind of revolution, I would say, which some Indian companies are doing like us. I will not put the name, of course, all companies have their industry and they are doing well in their area. If you talk about as a Best Agrolife, definitely, our total sales is 10% less for distributors. Average is coming. Definitely, it is growing too much because if you talk about the total number of customers, we have hundreds of customers which are doing more than INR 1 crore sales/ distributor. That level we have as of now, but definitely, gradually, it will grow in the next two, three years. Definitely, it will grow. Okay. Sir, there is a lot of commentary about the international businesses also. Where do you see Best Agrolife Limited maybe in the next five years in terms of revenue? Thank you for this question. I really appreciate it. It just gives a little background on this thing. While we see that the Indian internal consumption business is there, we also see that there is a potential that needs to be exported across the world. The reason is that there are good products that we are doing in terms of the patented formulations. Also, to be able to support our patented formulations, what we have been doing is to be able to align the technical manufacturing for these products. To be able to do that, we have been identifying new processes for our patented policies and to be able to create a portfolio of technicals which will be useful for our patented molecules as well as across the world. Of course, as you know, this is a heavily regulated field where multiple registrations are required. Our registrations are required for both packaging molecules which come into the category of new molecules as well as the technicals which are just of patented and very new. Some of the technicals that we are working on are right now yet to be registered in large geographies such as the EU. Over the next four to five years, we do feel that there is a place for excellence for this. In terms of an absolute number, it will be a little premature to be able to make any predictions. We do hope to see that this will be our strategy and contribute to a percentage of our revenue in the next four to five years. We are very hopeful on that, and we are taking all the relevant and reasonable steps to be able to meet this particular goal in the future. Okay. Okay, sir. That's it from me. Thank you, sir. The next question is from the line of Nishant Bhat from Equity Works Limited. Please go ahead. Am i audible, sir? Yes, sir. Yeah, yeah. Thank you. First of all, I want to congratulate the management on the improvement in margins. If I understand right, sir, we have actually recalibrated our business model from a fixed to a full model. That's why there has been a decrease in revenue, right? Because of the focus on patented, it takes a little bit of time to have a ramp-up. I just wanted to ask this question: in the coming next quarter, I think even in that quarter, we should see a little bit of reduced revenue compared to previous years because of this recalibration which you have done in the business. Is my understanding right, sir? Yes, Nishant. Yes sir, your question is relevant. When you say there is a Q1 decreasing sales, you can say that another quarter, how it will be. In our understanding, what we understand from the market, that we normalize how we change because earlier, any company, if you talk about best agrochemical companies, generally, they do placement in Q1. Directly, if you talk about insecticide and fungicides, there is no direct sale in Q1 in entire India, only except some vegetable bags. If you talk about, there is no direct consumption at the farmer end in Q1. If you talk about all fungicides, insecticides, and, of course, some of the herbicides, like I told you, we sold down, that also liquidated tracking on the July end. It will be the quarter two. If we delay and we are not placing that material in Q1, in my understanding, it doesn't make that much of a difference. That sale has to come in the quarter two, which is not coming in quarter one. That is my understanding. No, I understood. I understood, sir, because you see, this was a management's decision, right? If the first model is we were kind of, you know, pushing sales, and now we are going into, you know, improving the quality of earnings. That's why we have been focusing on, you know, patented products and everything. I think the rewards of what we are doing could be actually visible in FY 2027 onwards. If I think that's where the business is going, this particular year should be a little bit muted compared to the previous year because of the change in the models. Even the quarter- on- quarter, there might be some improvements, but some growth will start coming onwards of FY 2027. Is that understanding right, sir? Yes. For this year, what will happen is when we did this recalibration of our top line over the quarters, for example, as we just mentioned, Q1 was heavy because the expenses were not good. There will be recalibration because in Q3 and Q4, we usually use sales returns, which used to reduce our sales drastically. You might see different numbers coming. It might be possible that Q2 we might be similar or even lesser than previous Q2. Still, for the full year, even though we will not have the growth, what we will have is a drastic increase in our gross margins and a huge improvement in our profitability. The impact of that, I think, this year itself, because once we have much lesser sales return, it will give an immediate impact on the cash flow as well by way of lesser inventory, where we can manage our inventory as well. Otherwise, to put much heavy inventory, we have to bring a lot of inventory earlier and then wait for the season to happen. Now we are buying just closer, not even buying, but selling closer to the season. The sales return also are expected to be lesser. We use improvement in the gross margins and the profitability. This is what will happen. With respect to top line, there will be recalibration of the top line throughout the quarters. Okay. Basically, the thing is like in Q3, usually, there was the sales high. Maybe in Q3, usually, it's a little bit subdued. Going forward, that will change if I'm getting it right. Plus, obviously, there will be improvement in, you know, gross margins. Even on a distinct basis, revenue basis, going forward, there will be a significant dip in Q3. Yes. Yes, sir. Continue, sir. Okay. Yes. Okay. Okay. I'm there. Absolutely. Absolutely. You are very clear. Thank you for that. This is what your observation is. I would say it will be really, really, I would say you are incorrect because in other sense, you can see, generally, what is sold in quarter one, we go some later in quarter two. What is sold in quarter one and quarter two or quarter three, you can see the last year was badly impacted because of these other reasons. This year, we are just keeping it for the first measurement, that inventory management and our cycle, our procurement cycles sacrifice. That we are improving. For that, somehow for one quarter, we have to do that. According to the seasonality and the demand of our products, that has increased a lot. That will enter, you can say, in quarter two, quarter three, and of course, in quarter four also. We are balancing this year. The other time, two quarters are very good and two quarters are bad. Definitely, this year will be better for the company that it is today. Okay. Okay. That clears a lot of questions. Another point I wanted to ask is, you have received an award also this year in the chemical, right? Congratulations on that front because your focus on R&D is improving. Currently, how many scientists do we have in our R&D team? Thank you. Thank you for your question. As of now, if you talk about scientists, there are two kinds of scientists. One, we talk about the synthetic and the technical, or maybe that whole integration when we talk about N-1 and N-2. In that area, we have around 45 numbers which are really, really highly qualified and most are PhDs. If you talk about that level, and if you talk about that formulation where we do patented molecules, there are more than 46 people who are working for the formulation R&D. There are two different forms of R&D. Got it. Thank you. Thank you both. That's from my side. Thank you. Thank you, sir. The next question is from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Mr. Saket, your line is on. [Foreign language] नमस्कार, सर. Yeah, [Foreign language] सर. Yeah, can you hear me now? Yeah, yeah. [Foreign language] Namaskar, sir. Sir, thank you for this opportunity, sir. My first question is for Mr. Jain. When you are referring to the number at 1500- 1700, what are you factoring in in terms of the actual sales return for the year? How do we arrive at this number? See last year, we are expecting that our new products, which have already shown, that is a good acceptance. For other products, which are because of the re-products, where it is, where our sale will be it is lesser. Why? Because we are not pushing too much on the products. We believe our patented products will, portfolio will go up. The other portfolio, because we are expecting our sales team not to push too much and not to take sales return. MIG, it is every time in placing full flair, but sale will it is lesser. We believe even though patented portfolio will go up, the other products portfolio will go down a little bit. We might might be similarly, or little lesser. That's why we are giving a guidance of INR 1600 crores-INR 1700 crores. For sales return, since last two years, we have been facing this issue of anywhere between 20%- 24% of sales return. This year our target is not to have more than 10%- 12%. We want to just about half our sale return from previous years. That is why there is huge change in policies what we have done this year from last year. OK, so 10%, 10% of it, that means we are closer to say INR 1,700 crore. That is factoring in 10%, comes down to INR 1,600 crores. That could be a fair judgment that you are factoring in? INR 1,700 crore after reduction of all the taking considering sales return. OK, So that previous year, we had INR 1,800 crore. After reduce all the 20%+ sales return, this year we are saying INR 1,700. If you after reduce this 10% sales return, this would be much better because we have much better control over profit. OK, as you mention, EBITDA margin of 15%, whereas for the first quarter, we are at 12%. Do you think that overall on the remaining nine months, our margin will improve higher than 15% so that the average comes out at 15%? Is that understanding correct? Yes, for example, we said Ronfen will place much. In Ronfen and other patented products, there are potential is much higher. We were conservative in placing this in June. If you are not placing much in June, now all this place will happen this quarter. This quarter, we will see a huge jump in the gross margin as well as EBITDA, much higher than 17%-18%. This will take care of the 15%+ for the year. Okay, the product you mention, sir, I will the name. I am, please, closer to the mic. Hello, Ronfen. Okay, okay, sir. Sir, you are agree to the fact that with the product name, this you mention, and the higher sales will contribute to higher gross margin. That will, that will result in better profitability. What we are anchoring for this current quarter, that is what the understanding from you. Yes, yes, Sir. Please speak, sir. You speak, sir. Yeah, and moreover, I would say, if you talk about our portfolio, according to the herbicide, insecticide, and fungicide, our major product, which is in use for the farmer, that will come into Q2 and Q3. The major our portfolio product and our patented one, which is the liquidation and the real sale, will come into the quarter two and quarter three. [Foreign language] ओके, तो सर, जिस प्रकार से आप मैप कर रहे हैं अपने बिजनेस स्ट्रेटेजी को, उस अनुसार ही, सर, पहला महीना उसी प्रकार गया है कि अभी भी चीजें कंट्रोल में नहीं हैं। मने फॉर द मंथ ऑफ जुलाई, जो स्ट्रेटेजी आप अभी बता रहे हैं, उसी अनुसार हम सेल्स कर पाए हैं। दैट अंडरस्टैंडिंग यू कैन शेयर नाउ? Definitely, definitely, definitely, what you are thinking, that is in the same line. In July, we have got good response. In August and September, also, we are getting the good signal from the market, especially from the brand. Just to come to the point, that when we are, I think, it is the sales return component only, that is differentiating our numbers to the other companies. Is that understanding also correct? Because when we see, whether firstly correct me, whether our earnings are comparable to people like India Pesticide and they also came up with the number yesterday and the numbers were starkly different for both the entities. Are we, are we being comparable with the entity firstly? I can put forward my next question. Yes, we are comparable. To your previous, what I understand your question is too, it's even though sales return was a problem because it's hitting our inventory and profitability. That action we are doing. When you compare on the product-wise, the potential of our product is much higher. It's only that we have been coming to the market with this patented product last two to three years. Other players are there since 30, 40 years. They might be, and we have put our brand in last two to three years and marketing spend. With respect to our numbers, yes, we have a great potential. Year-over-year also was higher since last two years because we had to spend a lot in the marketing. This year, not only sales return, we are taking care of our operating expenses as well. We are more considerate and trying to manage our OpEx much lesser than previous year. You will see a stark reduction and well in our OpEx as well. Sir, can you dwell more on this OpEx part? Sir, I think so for this quarter, we have seen the finance cost. I think so, going down. The other expenses are also down with the down in turnover. There is also always an impact of forex translation in our numbers. If you could just look, where do we stand there? Also, in your opening, we may timely cover the point of forex. I think so, our entire ECC, the foreign currency, the entire loan is on that. Its impact will remain in every quarter. We don't have a foreign currency loan. Okay, sir, correct. We have been doing both from China. from China. The payments happen during the due days. There might be sometimes foreign gain or sometimes forex loss. Year, this three years. Other than that, for OpEx, we already give a clear guidance to share that our last year spend on the marketing was on the higher side because we were coming up with a lot of new products, especially patented products. This year, from this quarter itself, we saw that we will be coming up to INR 8 crore- 9 crore reduction in our OpEx. We believe for full year, our OpEx will be lesser by, we will be seeing INR 30 crore-INR 4 0 crore compared to last year. OK, INR 30 crores-INR 40 crores. What was the last year number, sir? With line item, we will take reference for? for all, all OpEx, including depreciation and interest, put together was close to INR 420 crores. This year, it could be anywhere in the range of INR 380 crores. OK, can you give the number for that number, the inventory number? One more point is, you mentioned about EBITDA margin at 15%. What should be the trajectory for the PAT margin? How should we look at the PAT shaping up? Since that is also the number which investing community can be looking into. Mostly, more or less, if you see our EBITDA margin being 15%+, our depreciation and interest is more or less fixed at around INR 100 crore/ annum. Accordingly, we can calculate what will be our PAT margin. This will be our numbers. The debt number and inventory, you can share, sir? Yes, sir, sir, interest and depreciation is close to INR 100 crore. That is how 8%- 10%- 9% of PBT, PBT margin. Our income tax is on a range of around 20%- 22%. Sir, I was looking for the absolute net debts numbers in rupee terms and also the value of inventory, which we are carrying as on 30 June. Last year, the inventory was pretty high because 2023-2024 was a bad season condition. We had to carry higher inventory. This year, across all the quarters, we see a drastic reduction in our inventory compared to 2024-2025. Already, we saw in March itself, in March 2024, we had an inventory of around INR 950 crore. In March 2025, we had around INR 750 crore. Since our season is beginning, we had around INR 800 crore as of June. Most of the inventory, we get liquidated during this quarter itself. OK, and my next question is for Mr. Sai. In terms of the strategy outline for, especially for the patented, patented part and looking into the new geography and the overall change to improve the profitability. Where are we, sir, at today's juncture and what are the remaining steps, remaining things that are there, that is start to flow into the numbers and the profitability going now. Yes, thank you for the question. This is a forward-looking question and that is something that will be done in the coming years. These are the actions that we have been taking in this particular direction. What we recognize is that there is a significant global market for off-patent molecules, especially in the fungicide and the herbicide segment. The insecticide segment is quite strong in India. The initial patented products that we have been able to get some success are having days from the India consumption. We see there is a significant interest on patented insecticide-fungicide combination in the global market. The question I would like to mention is that the time for registration of this is a little bit longer than our normal registration process. The reason for this is the fact that these are new molecules and new formulations. They take a longer duration and longer time of field trial. The markets I have already previously mentioned where customers have shown interest in patented formulations continue to be Sri Lanka, Vietnam. There are ongoing ones which are going around in Thailand. They are ongoing the registration process in the same places like Australia. We are focusing on the new edge and other. The Brazilian market is something that no agricultural company can avoid. We are focusing on that and we have started work on that particular geography. This is as far as a patented formulation is concerned. There is the second part of the portfolio as far as the international market is concerned and that is related to technicals. I will come back to the initial statement that the fungicide, poison, herbicide size in the international market. Technical study, there is a good demand for, I will tell you, low volume technicals. This is an area which requires significant amount of R&D in terms of profits and also in terms of being fully backward integrated. That is why the technical plants are completely developing itself to be able to produce this technical at off-patent model of the kind that is becoming off-patents. To be able to have good partners and customers to be able to take this to the greater market. We see good exciting times in the coming years to come. We have been taking small steps in the registration process as well as in terms of doing some patience in terms of both synthesis as well as we are being able to identify new product. I I hope I was able to answer your question. Sir, I will try to get the things, written down because you have spoken a lot. Let me reconcile the same. Sir, two, my small question for Jain. Also, firstly, on the CapEx part, how much are we spending for this year on CapEx? On the new facility, I think so, some CapEx which we have done the earlier years. When are the new facility getting commissioned? Third question is, sir, this INR 50 crore, that sales return provision which we have taken by, which quarter we will be getting the actual sales done and the reversal happening? Will it be in the second quarter itself? If you could just give us some understanding on the same? On the CapEx part, we should be starting any time. It's a project of INR 90 crore, wherein for it we get financed by INR 60 crore. That we will start any time now. For the other sales return related part, this INR 50 crore, since there is a little delay in the season, what we are expecting, it should be, either it should be by September or October. We should have an idea about this sales return, excess return. Okay, sir, and on the CapEx, I missed your comment, sir. INR 90 crore will get what, what kind of asset turnover is flow for this year, sir? Whether for backward integration? Or whether, if you could just give some more color on the sales? This is an additional plant in our existing facility itself in Gajraula. Here, if we take close to one year for us to get this completed, the benefit of it will only come in 2026-2027. Okay, right, sir. Sir, I will join the queue, sir. Most thanks, sir, because we and Vimal ji, the investors, all investors look for modeling pattern, where in the predictability with variations is what a market is all about. That is what gets cut into the earning. It could be, it could be very, it could be very graceful if the steps which you people have outlined will give us an industry comparative, predictable number and not haywire as has been the case earlier. Sorry for my words, but that is what is not allowing investors to model out how will Best Agrolife earning a suggestive would be. If you take the comparison with other listed companies and the type of valuation that today we are commanding, would request all three of you and the other team to take those steps where in the predictability model starts to play out in the mind of the investors and hence giving us the respect in terms of the enterprise value, which is absent today. I hope that I have tried to convey what my thought process is and hope it, hope it, it makes you deliberate on the same and hope it makes some sense also. Hope, this is our endeavor for this year. It's what you see, whatever we have made, because we want to have a predictable result where in the investors will be confident and accordingly the valuation also is fine. Okay, sir, and hope that next quarter also, when September results are there, we do not remain at the fad end part, because at that time, we will be also coming up with our balance sheet and cash flow. Last year, I think so, because of some issues or some internal meetings, we had late result declaration. Hope that this. The line for the current participant is drawn. The next question is from the line of Sanjay, an individual investor. Please go ahead. Hello, good afternoon, [audio distortion]. Yes, First of all, congratulations to your team for a good operational performance. The top line was, I mean, let’s compare to last year, but really the margin has improved. Good work and we are hoping that this will really help in future quarters, mostly in Q2 to get better margin. My My question is about, you mentioned that there is some default placement happened in Q1. What exactly is there and how is that going to impact in Q2? On the Q2 side, are we seeing that the margins are really going to be greater than last Q2 of last year? Yes, so with respect to different placements, what we meant was that since previous years, for example, as Vimal Ji mentioned, the change of insecticides and fungicides, the consumption, the liquidation exceeded, the farmer level happened in the month of August and later on. We used to place all this material in June itself, the previous year. Now we are going to do all this closer to the season. If it is of August, then we will do it in July. If it is September, we will do it in August. This is the absolute meant, what we meant by default placements. With respect to margins, meant by default placements. With respect to margins, as you mentioned, that even though sales is going to improve, because for Q1 itself, as I mentioned, our patented product portfolio, even though my sales has gone down by 25%, my patent portfolio has gone up by 14%. That means I am improving my sales in the patented products, and that's why you see the increment in the margin itself is hotter from 24%- 30%. Also, since we are doing a lot on the OpEx part, lock and store expenses, you will see a drastic improvement in the profitability for full year. Thank you, and we used to get a lot of press releases about new product releases and any patent granted. In last quarter, there was not a single press release. Correctly, I launched multiple products and even we got a patent. Is there any strategy or has changed to not have more like press releases, or anything has changed there? We continue to put all your series in the market. Whenever we get the patent, for example, for our three products which we have launched, we have done enough, not only the press release, but also in the field itself, doing all the trial and all, because trial and all, that will actually bring us more revenue. We have done all the work, and we only see good response to our product, as soon as it is short down. It is a side, which was a little different in our portfolio, which we have had. The response was pretty great, and we see good sales of short down in this year itself. Sir, I mean, the sales is happening. I'm just talking about, they're informing to exchange, and doing a press release. They short down, and there are multiple two to three products launch in Q1, and even some products are going to get launch in Q2, and patents which sealed. There was no press release. I think, I have not seen any press release into the exchange. So is there any strategy? Going forward we will take care of it. Okay, okay. The last question is about, as now, things are really improving. The margin, I mean, the operational performance is improving. Are there any going to be efforts to get the more, I think, investor. I mean, institutional investors on the board, and having more connect with institutional investors, and HNI, to get more on this with the company. We generally continue to have our investor engagement. What we do is, after the end of quarter and after our earnings call, we generally do a business in Mumbai. That That is also in form of exchange. Two to three days, we are in Mumbai, and not if else. As most you can understand from almost all the investors, they are waiting for us to do all the changes, to be improvement. Possibly, people are on the sidelines, and we are hopeful that investors will show confidence this year. We continue to engage with them. After few, we can see within the next two weeks also, we will see that they will be coming to Mumbai, and we generally meet a lot of investors on every quarter basis. OK, that's great. I just last question about, are we plan to launch any new products in Q2 and Q3? Yes, I have said that. Thank you, Thank you, this is a quarter two. Definitely, we are launching our Shot down, and in fact, we have launched, but sales will start in the quarter two, only for our Bestman product. That is again, our patented molecule. [Foreign language] ओके, ग्रेट। After this, I mention there is one more product that we will going to launch in quarter three. That's really great. Wishing you all the best for the remaining of the year. Thank you. Thank you, sir. Ladies and gentlemen, due to interest of time, that was the last question for today. I now lend the consent over to Mr. Sai for closing comment. We thank our partners, customers, and investors for their continued support. In an uncertain geographic political environment, we feel that our current focus on internal consumption as well as backward integration will help us be able to be immune to these changes. All of us are seeing how the tariff changes are going around between India, U.S., and others. We will continue our part of financial discipline. We will be continue to take short-term action, as well as we will continue to focus on a medium and a long-term strategy. With this, I will conclude. Thank you all, and thank you for the time. Thank you, sir. On behalf of Best Agrolife Limited, that concludes this conference call. Thank you for joining us, and you will now disconnect your end.