Thank you. Ladies and gentlemen, good day, and welcome to the Best Agrolife Ltd. Q4 and FY 2026 earnings conference call. As a reminder, all participant lines will remain 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 the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectation of the company as on date of this call. These statements are not the guarantee of future performance of the company and it may involve risk and uncertainties that are difficult to predict. Today, from the management side, we have with us Mr. Surendra Sai, Executive Director, and Mr. Vikas Jain, Chief Financial Officer. I will now hand the conference over to Mr. Surendra Sai for opening remarks. Thank you, and over to you, sir. Thank you. Everyone. FY 2026 conference call of Best Agrolife Ltd. As a business year for the Indian agrochemical sector, FY 2026 was an average year with some unexpected and adverse weather conditions. The weather was unseasonal throughout the year. We had some areas experiencing lower than expected rainfall while other areas experienced floods. Due to this, there were some impact on the sales in some key areas such as Haryana and Punjab. Certain crop segments did not perform as well as expected, like chilli, pulses, rabi, paddy, and fruit crops. In addition to an average season, there was a buildup in the trade inventory, which also led to depressed sales. Our focus throughout the year remained on strengthening the long-term fundamentals of the business. We continue to strengthen our basics in terms of policies, pricing, inventory, and expenses control. Our strategy remains focused on building a stronger patented portfolio for a positive impact on the farmers' income. Our dipstick survey has shown positive feedback for our specialty products with overwhelming positivity and acceptance from the farmers. Farmers in Madhya Pradesh, Maharashtra, Rajasthan have been appreciative of our products like RONFEN, TRICOLOR, WARDEN EXTRA, and BEST MAN. We have also observed gaps in the branding at the farmer level, and we are addressing these with social media and WhatsApp campaigns. We have acted on the farmers' need for biostimulants and introduced five new products in this category. The new segment of bioproducts include SPRINK, RICHGROW GOLD, EMPROLE, TORNET, and PUNCTUAL. We are confident of strengthening farmer loyalty and enhancing our brand recognition. During FY 2026, we launched three patented products, namely BEST MAN, FETAGEN, and Shot Down. BEST MAN has received encouraging acceptance in key horticultural markets due to its strong efficacy against sap-feeding pests and borers in crops. FETAGEN and SHOT DOWN are also gaining strong market traction. FY 2027 will see us launch Fluzam, [Becontin], Cubax Power Extra, and Trishanku. These patented products are expected to further strengthen our positioning in the specialized crop protection market. Our focus continues to be on strengthening the IP portfolio. We received seven combination patents, one Nano Urea patent, and one process patent this year. The Synthesis R&D Center successfully commercialized the 18-stage propamocarb manufacturing process. FY 2026 saw the synthesis development and manufacturing process for new molecules. At least four new generation molecules will be produced this year at the Gajraula facility. This reflects our continued investment in research and development and reinforces our commitment towards an innovation-led growth and Atmanirbhar manufacturing. To improve the balance sheet health and maintain better market discipline, our key levers will be operational discipline, capital efficiency, inventory control, return policies, and expenses control. Looking ahead, while the external environment continues to require close monitoring, particularly with respect to the monsoon progression and, of course, we believe better position in FY 2027. The impact of El Niño this year has been carefully analyzed, and we are taking action to mitigate its impact on the sales. In our brand segment, we are implementing calibrated pricing policies, we are introducing new bioproducts, and our patented product portfolio will continue. This will support our improvement in profitability and the overall brand business performance over the continuing quarters. We are experiencing a surge in counterfeits, especially for our popular products such as Roundup. To tackle this, we are introducing high-security holograms on our key products to help our customers differentiate between genuine and counterfeit. Another problem we are addressing is that of pest resistance. When any product which does not work, the farmers generally use an alternative method of having another product which is having the same mode of action, and they hope for results. Globally, mode of action is displayed on label and is an important information for preventing development of crop resistance or pest resistance. Our new labels will display the mode of action based on IRAC, HRAC, and FRAC. We believe this transparency will help the farmers choose the right product. We are positive about ramping up the production from our technical manufacturing, converting the R&D successes into commercial successes. Our registrations abroad are ongoing, with two registrations in Mexico in the final stages of approval. In Sri Lanka, the registration of our patented molecules is in progress on a fast track, while we successfully received our first registration in Thailand. In Vietnam, we are expanding the registration portfolio with our local partners. Regarding orders, we continue to ship consignments to Sudan, where our products are being well-accepted. We are in the final stages of starting a subsidiary in Brazil. We are also continuing to see interest in our patented Nano Urea formulations abroad. We remain committed to creating long-term value for all our stakeholders through innovation, disciplined execution, and sustainable growth. With that, I would like to conclude my remarks and hand over to Mr. Vikas, who will walk you through the year's financials. Thank you, Sai-ji, and good afternoon, everyone. I will begin by taking you through the company's financial and operational performance for the quarter and financial year ended March 31, 2026. FY 2026 was an exceptionally industry. Uneven elevated channel inventory levels, weak dealer liquidity, and volatility in raw material prices. Despite these headwinds, the company remained focused on operational discipline, working capital optimization, and strengthening long-term business fundamentals. For FY 2026, consolidated revenue from operations stood at INR 1,257 crore as compared to INR 1,814 crore in FY 2025, reflecting a decline of 31% year-on-year. Gross margin for the year stood at INR 380 crore as against INR 531 crore in FY 2025. However, gross margin percentage improved to 30% compared to 29% in the previous year. This was supported by product mix improvement and calibrated pricing actions. EBITDA for FY 2026 stood at INR 100 crore as compared to INR 200 crore in FY 2025, while EBITDA margin stood at 8% versus 11% in the previous year. Profit after tax for FY 2026 stood at INR 9 crore, as against INR 70 crore reported in FY 2025, with PAT margin at 1% compared to 4% last year. Within the branded sales, even though the sales had dipped by 31%, within the branded sales reporting, the patented portfolio went down by only 7% and the generics were lower by 40%, indicating we were able to maintain our portfolio or rather improve it. Patented products now contribute up to 40% of our total branded sales, which till last year was about 30%. Coming to the quarterly performance, revenue from operations for Q4 FY 2026 stood at INR 156 crore as against INR 274 crore in Q4 FY 2025, representing a decline of 43% year-on-year. Gross margin for the quarter stood at INR 35 crore compared to INR 63 crore in corresponding quarter last year. While gross margin percentage stood at 23% this quarter as well as Q4 FY 2025. EBITDA for Q4 FY 2026 stood at negative INR 27 crore compared to negative INR 4 crore in Q4 FY 2025. EBITDA margin for the quarter stood at negative 17% as against 2% in the corresponding period last year. Profit after tax for this quarter stood at negative INR 37 crore compared to negative INR 22 crore in Q4 FY 2025, while PAT margin stood at negative 24% versus negative 8% in the same quarter last year. The fourth quarter was particularly impacted by weaker seasonal demand, slower channel liquidation, elevated inventory at the distributor level and sharp increase in raw material prices during March following geopolitical developments in the Middle East. In response to the sudden increase in input cost, we consciously calibrated during March as B2B segments. While this prudent decision impacted near-term revenue by approximately INR 50 crore-INR 70 crore, we believe it was necessary to protect medium-term profitability and maintain channel discipline. To mitigate rising input costs, the company implemented two rounds of price increases, one during April and another during May 2026. We expect these pricing interventions to progressively support profitability beginning in Q1 FY 2027 onwards. One of our key operational priorities over the last two years has been working capital optimization and inventory reduction. We're pleased to share that inventory levels have reduced significantly from approximately INR 958 crore in FY 2024 to INR 773 crore in FY 2025, and further to INR 651 crore as of March 31st, 2026. This reduction reflects tighter procurement planning, calibrated production schedules, rationalization of slow-moving inventory, and sharper channel management practices. As we move into FY 2027, our focus remains firmly on improving cash flow generation, strengthening balance sheet quality, enhancing product mix, and driving sustainable profitability rather than purely volume-led growth. While the external environment continues to remain dynamic, we believe improving inventory alignment, pricing actions already undertaken, and increased contribution from differentiated products should support gradual recovery in profitability over the coming quarters. With that, now we are open for question and answer. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Sucrit D. Patil from Eyesight Fintrade Private Limited. Please go ahead. Good afternoon to the team. I have two questions. My first question to Mr. Surendra is, what type of strategic levers are you prioritizing in FY 2026/2027 to expand the company's crop protection portfolio, strengthen distribution network across India, and manage risk from regulatory changes and raw material price volatility? That's my first question. I'll ask my second question after this. Thank you. All right. Sucrit, let me try to answer it precisely. For FY 2026/2027, you would like to know what our strategy would be to increase the crop protection portfolio. In terms of a portfolio, there are two actions that we are taking, and which are important. The first one is that we, overall, while we have been taking the dipstick and feedback from the farmers on the field, there is interest in bioproducts, primarily biostimulants, and these are sort of growth enhancers and improve the yield. These products have been introduced. Currently, we have introduced five new products for FY 2026/2027. These products we hope will get good traction and will meet a farmer's need. While we had not introduced a new segment for quite some time, we felt this was the right time to introduce biostimulants into the market as these are important The second point where we thought we would be increasing our product portfolio is on the introduction of new patented products. We will be continuing to our products. We are having a couple of new products in terms of FLUZAM and Fomesafen. The third area that we do see that there would be certain requirement and demand is in the area of Nano Urea. I think this Gulf conflict will significantly impact the volatility and pricing of urea. As a part of this particular thing, we have already got a patent. We are progressing into the final stages of the completing of the registration on the Nano Urea segment. The second part of this question was on the distribution network. We did grow our distribution network to around 10,000+ people, hitting somewhere around 10,800 dealers and distributors. What we are seeing is that while the distribution network is large, there are a lot of good distributors and there are a lot of not-so-great distributors who delay in terms of both payments, as well as who are not able to effectively manage our sales and do proper distribution and keep our customers happy. We are taking some conscious decision to be able to identify and weed out non-performing dealers, and we will see our dealership network strengthening over a period of time. Your third question was on the management of risk. The two key risks which are going to impact not just the agrochemical and agricultural sector are the Gulf conflict, which is still dragging on after approximately 89 days, and this is leading to an increase in a lot of prices, primarily for solvents and formulation prices. We are actively working on trying to see how we can actually adjust our pricing, which is very agile, and if we see the prices dropping, we will be equally in a position to pass on the benefits to the farmers. Otherwise, at this particular point of time, we see there is an increase in the prices. The second aspect, which is major risk that we see in this particular year, is the effect of the El Niño. Potentially, while a lot of worry is there on the El Niño, our understanding is that the El Niño will kick in somewhere between September and October this year. We are hopeful that the primary monsoon, or the southwest monsoon for the current season, will hopefully be not long. We do probably becoming significant is October 4th, where potentially there would be a two degree-plus increase in the El Niño, This would impact the Rabi season. We are appropriately trying to be able to adjust our business to be able to take this into account. I hope I was able to answer all your points. Thank you. My second part of the question is to Mr. Jain. What type of capital allocation and risk management frameworks have been applied? Hello. ..in 2026/2027 I think we lost you. Sorry? Yeah. We need you to repeat the question. Yeah. My second question is addressed to Mr. Jain. Just want to understand a forward guidance on what type of capital allocation and risk management frameworks have been applied in 2026/2027 to balance working capital requirements with funding for R&D in new agrochemical formulations. Any hedge against forex and raw material volatility, and any liquidity buffers being put into place to sustain the seasonal demand cycles. Thank you. Yeah. Just to go one by one with respect to our earlier CapEx. We had guided to say that we will do some sort of CapEx, but that, as was previously mentioned in our board meeting, that we are postponing the newer CapEx, which we are supposed to do in our existing plant. That we are keeping it on hold. The other part is on the R&D front. To bring these patented products, obviously, our R&D keep on continuing its work. The general percentage, what we spend on our R&D and the patents will continue. Which is, for our industry, the percentage doesn't look very high, but we continue to do it between around 1% or so. We already filed close to 100+ patents, and we are hopeful to see at least two to three new patent coming, at least for the next five years. For 2026/2027 also, we are going to launch three new patents, and this will continue for next three to five years. With respect to RM volatility, as we mentioned in our speech, the prime reason that the Q4 was not as per our expectation, because we thought in our earlier guidance that Q4 will have pretty minimal losses. This was little on the higher side because we had stopped our sales for the branded as well as B2B sales, which we resumed in March as a replacement till previous year. We wanted to capitalize on the situation wherein our existing inventories, which we already had, rather than selling at lower prices in March, where we don't have the clear picture of the prices, we thought we'll wait and sell closer to the season. Post that, immediately from first week of April, we increased the prices of most of the material, wherever the cost has gone up. Later on, for few of the other products, we have also increased in May. We have done two rounds of price increase. We are aware that the prices are pretty volatile, each and every purchase order or each and every raw material what we procure is being properly scrutinized to see whether the same can be passed on into the market by way of increasing the price. If we are able to do that, then we are procuring, else we are not going too aggressive on products where we feel that we might end up buying high-cost inventory and not focusing because now we are just ahead of the season, three, four months we would want to concentrate on our sales. For the liquidity, even the government is helping with respect to 20% additional funding. We might take some portion of it. We already applied to the banks. For this portion of the season, we'll be taking those fundings from the banks, which will take care of the coming season. Sucrit, does that answer all your questions? Yes, I'll just connect back. I think the connection was going in and out. It's all right. I appreciate and thank you, and best wishes. All right. Thank you. Thank you, Mr. Sucrit. Thank you. We take the next question from the line of Komal from Gojan Capital. Please go ahead. Yeah. Thanks for the opportunity. Sir, I have basic questions. Firstly, how much of sales are coming from the own manufacturing out of 100%? How much is own manufacturing sales? Yeah. Most part of it is coming from our own manufacturing because, as we said, the more we are going into patented products, the portfolio of patented product is growing. Presently, our patented product portfolio has gone up from 30%- 40% of our branded, which almost entire formulation, everything is done in our own factory. As of today, almost between 60%-65% of our sales are being produced in our own factories. 60%-65% is total sales is coming from own manufacturing, right? Yes. You say institutional sales is 40% of our revenue. That is B2B, right? Yes. That is trading. Okay. No, no. Just to clarify, B2B is not entirely trading because we have a technical manufacturing plant and formulation manufacturing plant. We do import and do value addition before selling to other B2B players. Those are not necessarily pure trading, but pure trading would be less than 10% of our business. Okay, that clarified. Currently, I just wanted to understand the manufacturing capacity we have. How much capital would be required to set up that whatever the manufacturing capabilities we have currently at this stage? What is that value? It is INR 200. What is that value? Yeah. In own manufacturing setup, mostly in the sense since we are in a seasonal business, we see our capacity utilization going up to 80%, 90% during the season, and off-season, we are around 50%, 60%. Just to answer, if it is our existing manufacturing capacity sufficing, if that's the question, yes, we are more than able to manufacture from our own production. My question was, if anybody wants to set up this manufacturing capacity, how much capital would be required as of today? If it is similar manufacturing capacity, then it has to be at least INR 80-100 crore to set up similar manufacturing facility. Okay. I'll just clarify. When we are talking about manufacturing facilities, there are a little bit more nuances and details. The first thing is that manufacturing facility is in terms of a formulation, where we are 100% doing our own formulation facility. The final packing and the formulation is all ours. Understood. The second part about is the technical. The technicals or the active ingredient part of it requires a significantly large technical facility. Our technical facility was built up over a period of time, and that lasts at least six to seven years, and it has gone through multiple rounds of expansion. Coming to the point about if I look at the end product, which is sold to the consumer, and we try to figure out what percentage of that end product is actually manufactured or requires certain inputs which come from outside. The inputs which come from outside are in form of either you might call it as a bottle for labels, or you might call it as the solvent, or you might even call it as the raw materials which are used in the manufacturing process. Some of the raw materials are certainly imported from China because India's chemical industry is not yet geared up to be able to supply all raw materials, and that's where, to a certain extent, our imports come into picture. Now, to be able to understand that what we have been doing consciously over the period of years is that we have been able to try and bring in the manufacturing capability in-house. That is where Vikas-ji was mentioning that our patented products will be using newer molecules, which we will be manufactured in-house in our technical manufacturing facility so that we have a much better control over both in terms of quality, our ability to be not dependent upon supply chains and insulate ourselves from completely impossible to manage situations like the Gulf conflict. Understood. My another question is, currently the branded whatever we are doing, what are the margins and working capital cycle there compared to institutional? Can you break up those also? So between- institutional. Yeah. Between branded and institutional, for example, if I take with respect to the larger part, which is inventory and receivables. Inventory days for the branded is little higher. It's anywhere between 120 days- 150 days, and for the B2B business, it is 90 days- 120 days. With respect to receivables, again, on the receivable side, it is around 120 days, and B2B side it is 90 days. We have a gap of almost around 50, 60 days if I combine both the inventory as well as receivable days. On the margin front, there's a huge difference. Margin front, if I take branded, the margin, especially portfolio now is in place, and on B2B, we are on an average at around 15%-20%. Sorry, branded, your voice was cut. How much for branded? On branded, depending upon product, but since our portfolio of patent is going up, we are on an average at around 40%, whereas on the B2B, we are at around 15%-20%. This 40% is gross margin you're talking about? Yes. Gross margin. What is the EBITDA margins in these two business? EBITDA margins, again, it depends upon the kind of sales we are doing. For example, this year our sales were little lower, if I have to tell you on the ideal situation that next year if we are going to perform well, and based on that sales number, the EBITDA margins for the branded should be anywhere from 18%-20%, and on the B2B, it should be around 8% or so. Okay. Sir, if I understand your business right, branded you want to do more because the margins are good, but it is little working capital heavy when compared to institutional sales. Now, I see your balance sheet. You have receivables worth of INR 500 crore, and the sales are roughly INR 1,000 crore. I mean, 50% are into your receivables. I mean, you are in a deep trouble, sir, I would say, because the banks won't lend you more, and for to grow and service the working capital, you need more cash. The receivables also, if I deeply check, over six months, more than INR 200 crore are above six months. The possibility of write-offs are also heavy. I mean, you have to structure your balance sheet in order to save your company. That's what I can read about the balance sheet, whatever you have. Any thoughts on those, I mean? Just to clarify on this business wherein if we are going in a B2C segment, especially on the retail. Within B2C also, there are different channels. You can go up to big wholesalers and wholesaler and distributors, or you go into retailers. The retailers, the behavior pattern is the outstanding comes at the lowest in the month of June and July. They have a habit of paying just at the time of the season. If you see March, obviously, you might look that it is little elevated, but most of the payments comes by June because they need to buy again for the next season. This is not only for us. Anyone doing a lowest level dealer kind of business, they will face the same thing. The March will look higher, it will look at six. This is my last three years. My overall doubtful debts are just about less than 0.7%. We are not even 1% in my doubtful debts. That logic to say that INR 200 will suddenly become doubtful doesn't work because we generally collect most of it by the end of June. You had asked one more point. Yeah. On the bank side. Banks do understand because they don't just see one single number during March. We are in constant touch with them, and we are giving them the stock statements every month, so they see the movements throughout the year. Once I submit for my June, July, they'll see that my outstanding, especially the old outstanding, will be much lower. The outstanding more than 180 days are anyway not considered by them for their calculation. Based on that, already we have enough liquidity in our system to manage this. This happens as a cycle in our business every year. How much of this you would think that you have to write off? How much of the numbers currently are in balance sheet? How much of the percentage you see as a write-off that might happen according to your base case estimate? Last three years business, if I take, we have just about put legal cases on around INR 22 crore worth of business. Right. This is consolidated for three years. If you take these three years number and on the overall top line, this is less than 1% of the business. This cycle will continue that every time after one year, we put a legal case. The previous year also, I had more than INR 200 crore, which was more than six months ago, rather INR 270 crore, INR 280 crore, which was fully collected this year and just about, say, INR 70 lakh or INR 1 crore, which actually goes into legal. Post July, that is what we evaluate, and we go for legal cases if required. You see these receivables, whatever over six months are there, which will come towards this June, July, and in the six months balance sheet, we should see that number going down. Yes. Okay. You have to make sure that your balance sheet is strong. For that, you need more capital. Are we looking for any fundraiser or rights issue so that we just get enough capital to survive? If anybody reads the balance sheet, they are just doubtful that if company is going to survive or there might be black swan event going forward. Just from the investor perspective, I wanted to understand how management thinks about this. We are. ...capital. Yeah. [audio distortion]We are in a full-fledged production time, our capital requirement is higher. Even at this present time, if you see our utilization of the bank facilities, it is at around 85%, 90%. That means still 10% facilities we have, which we can avail and we can utilize. This additional help which has come from the central government, those also we will take. As and when we also start collecting advances from this May, June, July from the customers. You will see that the requirement goes up for the initial six months till September, and once the collection starts coming from September, October, the loan balances also goes down. If you see my last three years' loan balances, we have been constantly reducing it. If you see my cash flow for the year FY 2025-2026, even though we have made a profit of INR 8 crore after tax, my cash flow from operations is INR 90 crore. I had a cash flow. I have a positive cash flow last year as well. Sir, in the cash flows also, I see you have not paid INR 260 odd crore. That's why we are positive. If we leave out that's not a healthy state. Cash flows wise, it is doubtful, but I just wanted to make sure that the management is grounded and make sure that we are well capital funded and maybe if it is required to do any rights issue or any fundraising also, that would give confidence to investors, I would say. Otherwise, looking at the balance sheet, the growth and investor confidence is very low right now. Yeah, that's all from my end. Yeah. Yeah. Let conclude this discussion. Let us be fair enough to say that we have been definitely putting steps to be able to ensure that our balance sheet becomes better and better and to be able to ensure that we have a path forward for growth. One of the points that you mentioned, and I think that is a relevant point, is the fact that when we are doing on the B2C, the payment cycles are very long. The reason is very simple, that you start from a raw material, and then you make a technical, and then you make a formulation, and then you take it to the market, and then you wait for the farmer to pay that. B2C cycles are quite long. Right. Previously, our B2B segment was a little bit on the higher side, and we were able to get money on a much more shorter cycle when compared to the B2C cycle. Right. In essence, it certainly helped us a lot. Which is the reason why this particular year you will see our [audio distortion] effect. Your voice is breaking. Able to do that is that we will be manufacturing certain active ingredients in technicals, which will be available for B2B markets. This is one change in our strategy where we are looking at, where we are trying to focus more on the manufacturing, which is not just for captive consumption, but for a B2B segment. I am sure that, without putting additional working capital stress, we will be able to improve both our top line as well as our bottom line. Okay. We wish that we thrive and wish you all the best. Yeah. Thanks a lot. Yeah. Thank you. Thank you. We take the next question from the line of Varun Sharma, an individual investor. Please go ahead. Hello, sir. Yes, Mr. Varun. Sir, you have repeatedly missed the guidance each and every time. Even in last quarter, you mentioned we are trying Q4 to be without losses, but you have even doubled the losses compared to year-on-year. If you look at other listed companies like Dhanuka, Dharmaj, et cetera, they have met the guidance as well as exceeded them. What would be your guidance for the next financial year? Mr. Varun, again, for next year, we are not giving any specific number on the guidance part, but whatever has happened in last two years were obviously difficult situation, wherein not only it was price crashes earlier in China or seasonal factors. We are like a startup wherein it's been just three, four years in the branded business, where we are bringing newer products and trying to put our foothold in the market. Obviously, we are spending little higher on the marketing and the numbers sometimes might not describe what actually efforts we are doing. Yes, what we feel is the difficult phase should be over this year, and next year should be obviously a better number. For month of this quarter, where we had given a guidance that we'll have a little lesser loss because we had already indicated Q4 is generally a softer quarter. It's not that some big business would have come and we would have got higher profitability. We had guided that, okay, this is a softer quarter with we might have small profit or little loss. Loss was higher because it is a conscious decision not to sell our inventory. Since the prices were going up and we wanted to take, because earlier we lost because we had higher inventory and the price had crashed. We wanted to take benefit as well this year to keep our inventory and better to sell at higher price closer to the season, rather than to show top line and to put higher numbers in Q4. Yes, with respect to comparisons with other companies, what you mentioned, you are right to that extent that they have shown better numbers. Generally, I feel that two reasons. One is obviously they are much established players with more than 10, 15, 20 years of presence in the market, and we are just about four years in the branded business. The next part is many of them have capacities for exports as well. If you see Q4 is a seasonal for India. What happened commentary, most of them will say that, okay, the local markets, obviously a little softer and facing seasonal issues. Yes, they would have benefited on the export part, and many of them obviously would also have done little better in local market because of their presence since long. Sure, sir. I would recommend one thing. Every time you are doing con call, like after half of quarter or if you see now how you are doing after two months. You would better some discipline and from the management. I have been investor in this company from three years. On a lighter note, do you think I will get an exit? Surely next year would be a better year. That's what we can say. I think it has been a tough couple of years. We agree to that. While we do not make a comment on the market situation and other things, be rest assured that one of the fundamental things is that, in terms of an IP portfolio, in terms of newer technicals, in terms of the effort which is going on on the ground, that is tremendous. Yes, it has been a little tough time that those numbers are not reflecting into our overall balance sheet or overall into the share market pricing and other things. I would say that there is a confidence that we have internally and that there are better times which are coming, and this company will be something which will be a company to look out for. Thank you, sir. Wishing you all the best. Thank you. Thank you. We take the next question from the line of Saket Kapoor from Kapoor & Company. Please go ahead. Yes, sir. [Non-English content] sir. Hope I'm audible. Hello. Yeah. Mr. Saket. Yes, sir. Thank you for the opportunity, firstly. Sir, I think so, your answers have been inaudible to many of us throughout the call in bits and pieces, and have been repeatedly mentioned about by the speakers also, and I just spoke to the operator also mentioning that there has been various inaudible part in our conversation, which you will see in the recording itself. Many parts of the questions answers are not very clear to us. Mr. Sai, you were mentioning about, I think so some B2B business part of the aspect wherein we will be garnering better margins going ahead for this year. If you could just explain how will this year be a different year in terms of the- Mr. Saket, I missed your...On the B2B. You are mentioning, yes, about B2B. What was your question on the B2B? Sir, my question is that how will this year be different in terms of, you have mentioned that this will be a different year in terms of we will be doing more of B2B work in terms of, I think so, the technical part, and thereby we will be having a better top line and bottom line. If you could just explain to us how will that work out. Sure. We have been trying to mold our manufacturing facilities and our complete production line to be able to meet the requirements of the brand business. Fundamentally, certain strategies were there in terms of reducing our dependence on China, reducing our dependence on raw materials. One of the strategies that the whole last year that we did, which was under R&D and for propamocarb, extremely great molecule. The great pricing, which started off at somewhere around $250 per kg, but the price crashed like anything for that particular molecule. This particular strategy of being a feeder channel for the brand business and for the patented portfolio was one way to look at it. This year, we are diversifying a little bit from being only the feeder for the brand business and being a provider to other companies also in terms of certain important and key technicals. We hope to be able to get some good business in this particular front, and that's a little difference in our strategy. I had mentioned also that there were around four new off-patent molecules that we had been working on for the whole of last year, and R&D was able to succeed in the synthesis methods of these four molecules. These four molecules will be in production. In fact, they are already getting produced in this particular Q1. We hope to accelerate the production of these new molecules into Q2 and going forward into Q3. These new molecules will open up B2B segment and B2B opportunities for us. We will try to capitalize on that, and B2B generally has a very fixed payment schedule, and that should help the business in all aspects. Right. I hope I was able to answer your question. Sure. As my earlier participant friend has also mentioned, and for investors like us, there has been only disappointment all throughout the last two years in understanding and modeling out what can a company like Best Agrolife deliver in terms of financial results. Even this time also, we were not expecting these numbers. Anyway, sir, two points from Surendra Number one, you mentioned that we hold on to our sales for the last some part of March, which has resulted in our sales not happening to the tune of INR 50 crore-INR 70 crore. That is what is getting deferred to the next quarter, or how will that work out? Sorry. Yes, Surendra first you answer. Yeah. Saket Kapoor, I just missed your last 10 seconds because again, there's network issue going on. I was just asking you, sir, that you mentioned that for the month of March, some period, we stopped our sales because of, I think so, higher pricing, price revisions, which we were expecting for the month of April onwards. Yes. Taking that into factor, that sales have been deferred to the first quarter. First quarter would see a better top line in that sense, or how will that sales deferment will translate into ordinary sales? Yes, both with respect to top line as well as bottom line, we'll see better numbers because already the prices have been increased and the placements which have started are at newer prices. You'll see a better both in terms of turnover as well as profitability. Okay. In terms of sales return, how have that factored in? I think so, Surendra, when we spoke earlier, third quarter, you said that, rather you mentioned to us that we have done majority of the sales provision and now we won't be expecting any more of the same for the fourth quarter or some bit in that sense only. How have sales returns worked out for the fourth quarter? Yes. Sales return as compared to because we faced huge challenge in 2024/2025, we didn't want to face same issues in 2025/2026, we had changed our policies a little bit. That's also one of the reason you saw that our generic portfolio went down a little bit as compared to our patent portfolio, because we were not placing heavily and taking it back. The sales return as a percentage came down by 10%. Earlier we were close to 20% or 30% of sales return. Presently, we are at around 20%-21% of sales return, and we are pretty comfortable at this. Continuing, we will try to go down less than 20% for the next year. Sales return, we have been able to achieve our objectives. Also other two which we had planned was the OpEx reduction. They will also be reduced close to 15% of our OpEx. Okay. Sir, only hypothetically, if we have even factored that INR 50 crore sale number, our losses would not have trimmed to a larger extent. I want to only understand the qualitative aspect of this INR 48 crore loss. If I take the depreciation out of it is still a INR 38 crore number. How would one explain? Yeah, please. Yeah. This INR 50, 70 crore would have clearly bought us, considering both branded as well as our B2B segment, would have brought anyways around INR 20 crore-INR 23 crore of profit [audio distortion]. Now, I cannot hear you, sir. It is going inaudible for several seconds. INR 37? INR 37 would have been less than INR 15 crore or so if you would have sold this INR 50 crore-INR 70 crore of sales. Okay. Thank you. Ladies and gentlemen, we take that as the last question. I now hand the conference over to Mr. Surendra Sai for his closing comments. Thank you all for taking part in the FY 2026 earnings call. Thank you for the valuable questions and continued support. Let me be very frank. Despite the challenging FY 2026, we remain focused on improving profitability and strengthening our operational efficiency. We are scaling up on the differentiated product portfolio, and we remain confident that the strategic and tactical actions that we are undertaking during the year will definitely lead us to a stronger and more sustainable performance going ahead. Thank you all for joining us today. Thank you. Thank you. On behalf of Best Agrolife Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.