Ladies and gentlemen, good day and welcome to the Star Cement Q2 and half-year end 2026 earnings conference call ending 30th September, hosted by PhillipCapital India Private Limited. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchscreen phone. Please note that this conference will be recorded. I now hand the conference over to Mr. Vaibhav Agarwal, from PhillipCapital India Private Limited. Thank you, and over to you, sir. Thank you, Sagar. Good evening, everyone. On behalf of PhillipCapital India Private Limited, we welcome you to the Q2 and Q2 FY 26 earnings call for Star Cement Limited. On the call, we have with us Mr. Tushar Bhajanka, Deputy Managing Director, and Mr. Manoj Agarwal, CFO of Star Cement. At this moment, I will hand over the floor to Mr. Tushar Bhajanka for his opening remarks, which will be followed by remarks from Manojji, and then we can have the Q&A. Thank you, and over to Mr. Tushar. Hi, good afternoon all. My name is Tushar Bhajanka, and I'm the Deputy MD of Star Cement. I welcome you all to the conference call of FY 2026 Q2. I will hand, you know, I will like Manojji, the CFO, to give his remarks regarding the numbers, and then we can start with the Q&A. Yeah. Hi friends, very good afternoon. I, on behalf of Star Cement Limited, welcome you all to our con call for discussing our numbers for Q2 FY 2026 and half-year ended September 2025. I would like to clarify that we are discussing on the historical numbers, and there is no indication to invest. Having said that, now, I will just take you through the Q2 numbers followed by half-year numbers. Starting from Clinker production during the quarter ended September 2025, we have produced 9.18 lakh tonnes of Clinker as against 6.58 lakh tonnes same quarter last year. So far as cement production is concerned, we have produced 10.83 lakh tonnes per quarter as against 9.55 lakh tonnes same quarter last year. Now, I will take you through the sales volume. During the quarter, we have sold 10.73 lakh tonnes of cement and 1.01 lakh tonnes of Clinker as against 9.62 lakh tonnes of cement and 0.15 lakh tonnes of Clinker in the same period last year. This is as far as cement and Clinker sales concerns. As far as geographical distribution of cement is concerned, in the Northeast, we have sold around 7.64 lakh tonnes as against 7.49 lakh tonnes during the same quarter last year. And as far as outside Northeast is concerned, we have sold 3.09 lakh tonnes of cement this quarter as against 2.13 lakh tonnes same quarter last year. In terms of buying mix, it is almost 50% of OPC, and the rest is PPC. These are the quantitative numbers of the quarter. Now, I will take you through the financials. The total revenue figure for this quarter is around INR 811 crore as against INR 632 crore same period last year. As far as EBITDA figure is concerned, this quarter we have done an EBITDA of around INR 194 crore as against INR 97 crore last year. Profit after tax is INR 71 crore as against INR 6 crore in the same period last year. On PAT and EBITDA front, it is INR 16,650 during this quarter as against INR 995 per ton same quarter last year. This is what our quarterly numbers of second quarter. The total revenue figure for the half-year end date September 25 is around INR 1,723 crore as against INR 1,893 crore same period last year. As far as EBITDA figure is concerned, during half-year end date September 25, we have done an EBITDA of around INR 424 crore as against INR 216 crore last year. Profit after tax is INR 169 crore as against INR 37 crore in the same period last year. On PAT and EBITDA front, it is INR 1,715 during the half-year end date September 25 as against INR 1,004 same period last year. These are the quarterly and half-yearly numbers. Now, I request all of you that if you have any query, you can ask the same, and then I will request Vaibhav to moderate the queries wherever it requires. Thank you. Vaibhav. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one to ask a question. If you wish to remove yourself from the question queue, you may press star and two. Please pick up your handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Amit Murarka from Axis Capital. Please go ahead. Yeah, hi. Thanks for the opportunity too. The first question I had was on your expansions, Silchar and Jorhat, like, could you kind of shed some light on the projects and the timeline for the same? So for the Silchar project, you know, we are planning to commission it in the next three months. So we should be able to commission it by January, you know, in the next calendar year. And for Jorhat, you know, we have acquired the land. We have applied for the permission. You know, but we are looking at the demand, you know, supply situation right now, and then trying to take a call about Jorhat. So it may, you know, we may announce a deployment of Jorhat project by a year. Instead of Jorhat, we have also started acquiring land in Bihar. And there is a very lucrative scheme which has come in Bihar, which is offering 300% SGST benefit in Bihar for whoever sets up their plant in Bihar. So we are looking at the east market of Bihar, specifically Central and East Market, and we have identified a plot in Begusarai, which we will, you know, pursue and try to put up a plant there. And we'll come up with a timeline for the next quarterly meeting. What will be the size of the Bihar plant? I'm sorry? What will be the capacity of the Bihar plant? The capacity that we're planning to put up is about 2 million, so what really happens is that rather than putting up more capacity in the Northeast, immediately, you know, we will be able to cater to a larger market of Bihar, and given the SGST benefit that we get along with it, it becomes decently viable. Sure. So just a quick question. Given the Bihar market right now being in intense competition, like with participants entering the market and competitive pricing in the market has been unreal since. Why is that? I try to understand. Yeah. No, so of course, like Bihar market, because it is the fastest growing market in the East India, it is, you know, people have anticipated that and of course put up capacity accordingly. So because of the size of the market, you know, first of all, we are only putting two million, and we already sell, you know, we already sell about 6-7 lakh in Bihar market. So, you know, so we will try to create a market using a grinding plant in Bihar and then put up a grinding unit in Bihar so that our capacity utilization from the very first year is better. And also we're talking about two years later. So, you know, the scenario of the market right now may not be the same after two, three years. So I think that is also a function. Sure. And what is the incentive that you mentioned that you'll get with this? So, you know, Bihar has come up with a new industrial policy where you are eligible for 300% SGST benefit. So whatever you sell in Bihar, you'll get the SGST benefit of it. Okay. Sure, sure, and just quickly also on the incentive that you booked in the quarter. Yeah. Yeah. So we had booked about INR 56 crores in the quarter as mentioned. Thank you. I'll come back and look at that. Thank you. You may press star and then one to ask a question. Next question comes from the line of Navin Sahadeo from ICICI Securities. Please go ahead. Yeah. Good evening. Good evening. Good evening. Hello. Good evening. Hello. Yeah. Good evening. Good evening. Good evening. So I just wanted to understand, in terms of your capabilities now, what is, you know, if you can just help us understand the priority, is it the Jorhat grinding unit? Is it the Jorhat grinding unit? It's like, you know, whatever brand that you're looking at, that is a priority? Or the North region that we are looking, that is where we had, I think, had some lines in mind, that is a priority? So could you just help us understand that? So I think, no, thank you for the question. So right now, you know, after we commission Silchar, which is in the next three months, you know, so hopefully by the time we are having our next call, the Silchar plant should be commissioned. You know, our priority will be to, from a Northeast perspective or East perspective, our priority will be to put up the Bihar grinding unit. And we have already acquired the, we have already gotten the approval from the government. We have already acquired the land also in Jorhat, but we are getting the project for a while because we are already getting a Silchar project up and running. And I think, you know, that will give us enough capacity for Northeast. So we are looking at Bihar just from a better capacity utilization of Clinker perspective and also, you know, expanding our geographical reach perspective. You know, coming to Rajasthan, you know, in North, we had acquired mines in Jaisalmer, which was actually one of the largest mines in Jaisalmer at the lowest, one of the lowest premium as well. Then we had also acquired, you know, mines in Nimbol area, which is Central Rajasthan, right? And we are, you know, acquiring land also in Nimbol. We are trying to acquire the plant land also, the mines land also. And then we are looking at some other mines, which are non-operational mines in Nimbol, you know, so that our cost of, you know, limestone will be lower once we start the plant. And we plan to put up about four million tonnes in Rajasthan and Haryana, right? So that is a natural expansion, you know, that we are working on. Right now, you know, we have not come up with a very decisive presentation, mainly because we are still acquiring land. We're still trying to figure out the difficulties of the terrain. But, you know, in the next five years, if you ask me what the plan is, I think our plan involves putting up a plant in Bihar for sure, also a plant in Jorhat eventually. Our plan involves 4 million tonnes of Clinker plus blending in Rajasthan area. And then it of course involves, you know, eventually to put up another Clinker plant in Northeast, which will be most likely in Umrangso area, which is Assam. And for Umrangso area, we have already acquired the land. We have already acquired the mines land. We have already acquired the permission for mining. Understood. So just to confirm, in the scheme of things, your first priority now is a grinding unit in Bihar. Second will be Rajasthan. Third will be then Jorhat meanwhile, or Jorhat can possibly be the number two priority. Yes. So I think our plan is, like what you said, Bihar. Along with Bihar, around the same timeline, you know, we are also trying to work on Rajasthan so that we can, you know, break ground and start our commissioning. At the same time, you know, we are acquiring, you know, getting our permission for the Umrangso Clinker plant. You know, it may take one and a half years to get those permissions. So we have already applied for it, you know. And so first we'll put up the Bihar, and we'll, you know, start working on the Rajasthan plant. And after that, we'll put the Umrangso plant along with the Jorhat plant. Understood. So basically, for Jorhat now to happen, we need a potential Clinker plant from Umrangso. As of now, existing Clinker will use towards Bihar grinding unit and existing other units. Correct? Yeah. And for that Umrangso plant, we have already also acquired the land, the full land of the mines, full land of the plant. And we've also won an auction mine, which has about 180 million tonnes reserved at about 57% premium, which is not very high given the margins in Northeast. And we have already started with our work, with basically getting other permissions, the ECs and other permissions. Understood. And as far as your Rajasthan expansion is concerned, I believe Nimbol will be a priority over Jaisalmer, right? Yeah. Or is there other way? So, you know, we are also just, you know, still deciding. We are, you know, on the face of it, Nimbol does seem to take priority over Jaisalmer, mainly because we wanted to enter, you know, North from a geographical location, which is a bit more central, right, so that we are able to cater to market more effectively. And Jaisalmer, we had gotten that mine just from a future prospect that our second or third line could be in the future in Jaisalmer because Jaisalmer in the next three or four years, you know, like you may already know from other commentaries of other cement companies, is going to be a big hub. And, you know, it's the future deposit for serving the entire North. So we just thought that, you know, if we can, we should lock a mine in Jaisalmer as well. Understood. My second question then was about your job. In terms of, like, in the GST rate set regime, of course, there is, can there be a decline in the annual accrual of GST? So if you can just try to understand what was the GST drift in Q2 of FY 2026? And then if you could just take us through what, how should one look at this accrual now from a quarterly run rate or from an annual perspective? And also just a clarification, if the fuel also gets shrink because of this GST rate cut, or we can get an extension period over there, it will be the time lag and not the total incentive pool which gets compromised. Clarity will just really help. Yeah. So, no, I'm happy to provide the clarity on that. So basically, of course, the GST percentage came down, right? So because the GST percentage came down, the SGST percentage has also come down. And so hence the reimbursement of that benefit has also come down, right? So the impact that we feel that we'll have on the overall volume will be of about INR 130-INR 150 per tonne. So that is the impact that we feel that we'll have. So, like, so that is the impact. Of course, the quantum of the benefit, you know, which is fixed, this is the CapEx that we do, it remains the same. And I think the pace at which we consume the benefit anyway is five years and we have gotten time for 15 years. So, you know, the benefit that we would have otherwise accrued in five years may get postponed to sixth or the seventh year. So, you know, we don't have to get any extension on the timeline of the benefit because anyway we have 15 years, which is more than enough for us. Understood. Understood. So roughly 130-150 million tonnes impact is all that will come to us. That's what time lag impact and not the total impact. Yeah. So it's more of a time lag impact, yeah. Excellent. Thank you so much. I think I have more questions. Thank you. Thank you. Before we take the next question, a reminder to all the participants, you may press star and then one to ask a question. Our next question comes from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Just to again clarifying on what right now we have discussed. So first, on the CapEx front, so now in one year we have been INR 211-12 odd crore. So for full year of FY 2026, FY 2027, and maybe possible for FY 2028, what kind of CapEx we can look at? And there also, if you can specify, if we go for Nimbol 3 million Clinker and 4 million grinding, so previously I think we have INR 2,400-2,500 crore. So will it remain the same? Sorry, can you repeat the last part? I said that for Nimbol, if we go for 3 million tonnes Clinker, 4 million tonnes grinding, last time I think we were looking at INR 2,400 crore-INR 2,500 crore CapEx total. Will it remain the same? Yeah, sir. That roughly remains the same, about INR 200-500 crore for Nimbol. But again, you know, I'll get back to you with the actual projections and everything else, right? And, you know, once we are completely decided at the promoter level, we'll also share a presentation of what we're thinking. The investors really, you know, really transparent to the investor how they plan to take this. But, you know, I think of the question regarding the CapEx that we plan to look at in FY 2026, the meaning of FY 2026, we plan to entail. You know, we plan to talk about INR 500 crores of CapEx in FY 2026. In the remaining of FY 2026, mostly we'll be going and completing the Silchar project. And then we are also putting up a solar power plant, which is of about 42 MW in Assam. We've already acquired the land for that as well. So I think, so that 500 is broadly split between Silchar and the solar plant in Assam. Sir, just to also clarify, so in 1H 2026, we have done INR 211.12 odd crore. Another INR 500 crore means second half of another, INR 710-720 odd crore that we are looking at for full year of FY 2026. Yeah. If we can just include, you know, the major items in this, it's the Silchar plant, right? And it also includes the solar plant. And it also includes the land that we have bought in Umrangso, in Bihar, and in Jorhat. Okay. Okay. And for next year, FY 2027, and maybe for FY 2028, given, let's say, if we go by what we have seen of 2 million tonne and then 4 million tonne Rajasthan and maybe Jorhat also. So in that sense, how much one can look at? So for that, you know, I have to, like you just said, I have to first quantify my expansion plan. And then only will it be fair for me to give numbers and throw numbers out. So I think, you know, we will, what we'll do is that in a month, you know, I think we should be able to gather up information and make a presentation. In a month, month and a half, we'll post the presentation, right? So that which will have all these details, which will have a lot of other details as well. So that your question is answered. Right now, I don't think it will be fair for me to do. Okay. But still, on a broader level, 3 million tonnes grinding in Bihar would probably be how much? INR 300 crore? No, I think if it's for two million tonnes, it's more than that, so I think it would be about INR 500 crores for sure, including the personal land. Okay. Okay. And then in terms of timeline, if we start, let's say, whenever in the next three, five months, it should be commissioned by FY 2026 or FY 2028, two years down the line? Yeah. That is what the target is. Okay. Okay. So now coming to the volume side, so last time we said we are looking at 5.4-5.5 million tonnes for this year. So we have already done a decline of 16% kind of growth. So in that number, will it remain, say, or is there a possibility of some upgrade in volume? No, I think the number broadly remains the same. October was a good month. So that gives us some confidence that going forward, probably the numbers will be good. You know, again, I think on a conservative basis, I think we'll be able to meet the target. We're also given an, you know, EBITDA estimate as well of about INR 1,500-INR 1,550 per tonne. So given how it is going, I think the EBITDAs are a bit more healthy than what we had. Okay. And then in terms of now, full year, though you said 130-150 per tonne incentive impact will be there because of GST, but on an absolute basis, if we have to look at full year of FY 2026, I think last time we were looking at INR 130-150 odd crore. In one year, we have already done close to INR 118-120 odd crore. So how much one can look at on an absolute basis? You're talking about EBITDA? No, incentive, sir. I think maybe looking at about, you know, about INR 180-190 crore. You know, I think that will be like a case of INR 180-190 crore. Yeah. Lastly, sir, a couple of data points: trade share, premium share, lead distance, kcal cost, and if possible, fuel rates. Okay, so trade share is 20% as well. Sorry, sorry. I Sorry, sorry. I didn't get it. Yeah. Trade share is 80%. Yeah, INR 120 crore. Premium share is about 14.1%. Okay. Lead distance is about 230 km. Okay. And kcal? Fuel cost is INR 1.25 per day. Okay. There is a decent decline from 1.35 to 1.25 QOQ. This number will remain in third quarter similar? Yeah, I think in third quarter it should be broadly similar. I don't think there's a reason to change. Okay, and in terms of fuel mix, what's the FSA and Nagaland hold? Yeah, mainly it's the FSA only. I think 80%, and then that's where broadly, you know, I don't understand, you know, another total of all. Yeah. Okay. Okay. Okay. Thank you. Yeah. Thank you. Thank you. Before we take the next question, a reminder to all the participants, you may press star and then one to ask a question. Our next question comes from the line of Parth Bhavsar from Investec. Please go ahead. Yeah. Hi, sir. So thank you for the opportunity. So I have questions on the Northeast region. So I wanted to, like, so basically, Ambuja, you know, for a new one in the region. So I wanted to understand, like, how do you see the competition, you know, coming up over the next two years? And have they, like, you know, acquired any land to, you know, build a plant? And are they eligible for an incentive scheme in the region? So, you know, what I know is that they have one mine auction, you know, I think about five to six months back. And, you know, and the land is owned by the district council. So I don't know if they have been allocated the land or not. But I think, and I'm sure they may have their plan of putting up a plant. But it normally takes about two to three years, you know, to put up a plant because it's a greenfield and also in a very critical terrain. So, you know, so that is my expectation of the competition. And I think, you know, Northeast generally, you know, it has been, you know, us as the largest player, then Dalmia, and then, you know, we have three or four smaller players in Northeast which are not listed, which are not there. So I think once that entry happens, you know, there will be a bit of a competition, I guess. But at the same time, there may be some consolidation for smaller players. And then, you know, I think it will just go as it will go there. Okay. Okay. So sir, how do you, like, in the, you know, Ambuja scenario, you know, region, so how do you see the possibility for the Northeast region to, you know, share like? So what would be your stance? Like, would you, like, go after the market share or would you, like, you know, give up, like, try to manage, like, improve your possibilities? No, so I think. Our EBITDA value, yeah. Yeah. So I think the strategy basically, you know, so right now about 18% of incentives coming from outside Northeast. That's a big number. That is mainly coming because of profitability and margin in Northeast is quite good. So I think, you know, so it has to be a combination of both. One has to hold their market share at the same time, hold the prices, and to, of course, you know, reduce the amount of incentives which is coming from outside. And probably from the smaller players, right? So I think that is an adjustment phase. I don't know how exactly will it go. But, you know, we think that the market still has a decent level of concentration, right, which will definitely help us in the longer run maintain the margin. Okay. So you think the incentives will increase profitability even going ahead, but the competition remains? See, for the past year, I can't predict, you know, after two or three years when the competition does come, what the intensity would be and what's the background price and so on and so forth. But I do understand that, you know, anyone who's getting into business, right, is in the long run better on, right? So that is true for incentives also and that's true for the incumbents also. Thank you so much for answering my question. Thank you. Thank you. Participants, you may press star and then one to ask a question. Our next question comes from the line of Uttam Kumar Srimal from Axis Securities. Please go ahead. Hi Sir, thanks for the opportunity and communication on good stats numbers. Sir, can you highlight current tracking both in Northeast and Eastern India? I have two questions on current tracking in both Northeast and Eastern India. Sorry. Yeah, so Northeast, the price was about INR 493. Okay, so it has gone down or it is at the current level of Q2 and Q3? No, so are you talking about prices right now or in Q2? Compared to Q2, is it gone down how much or it is on the same level? No, so between Q1 and Q2, the prices have gone up by about INR 8. Currently compared to Q2 price? Yeah. Right now, the prices are broadly similar to Q2 prices in the GST. Okay. Yeah, in Bihar, you know, the prices in Q2 had fallen by about INR 5 compared to Q1. I think the price in Bihar right now is the same as Q2 prices. West Bengal has also fallen by INR 7 in Q2 compared to Q1, but the prices right now in West Bengal also should be similar to Q2. Okay. So sir, what is the current status of our AAC block? Because I think that has already got operational. So what kind of revenue we have derived in Q2 and how this is going to be targeted for the year? Yeah. So, you know, from AAC, you know, we have just started it three or four months back, and we've been ramping up the capacity. Last month only, we were able to produce at least 1,900 CBM. And the capacity of the plant is about 16,000. So we've already ramped it up in the off-season to about 60% capacity utilization. The revenue that we have gotten from it is quite minimal. It's about INR 13-INR 14 crore. But I think we're going ahead because we only had a full production last month. But going ahead, we do expect, you know, a revenue of about INR 50-INR 60 crore to come from it. Sir, what would be the margin in this particular business? Sorry? Margin for AAC Block, what is the margin in this particular business? So margin would be quite, you know, I think it would be normally it should be about 12%-15%. That should be the margin, right? Because it is a low asset turnover decent EBITDA margin for business normally. But it also depends on the competition. You know, the reason why we got into AAC is mainly because one of the largest raw materials is fly ash and the other one is cement. And the second reason was because the distribution is very similar to cement in Northeast, right? So it adds as an extra product for our Northeast customers as well as dealers. We have also launched the construction chemical segment, which is, you know, just in this month only that we launched it. You know, you'll see the revenue numbers for that also in the next weekend. And we have also gotten into R&D. So, you know, we're trying to get into, like, forward, you know, trying to, like, just forward integrate ourselves. Because that's where we see the market could be moving, right? So that's what we are thinking of. Sir, last one. Recently, we have a company that's filed a resolution to raise funds. So if you can highlight on the. I'm sorry? The company has filed some enabling resolution to raise funds around INR 1,600 crore, so if you can highlight on the screen. Yeah. So as I mentioned to you as well, you know, as mentioned in that circular, we had taken a resolution to raise about INR 1,500 crore, right? We do not know if it will be in what form, right? So if it will be preferential allotment or QIP or some other form. That is mainly to kind of fund the expansion that we may have in Rajasthan, which we will circulate the details of. When we do circulate the details of the entire expansion project, we will also circulate how we are raising the funds to fund that project. And I think that is why we have made the resolution itself. That's all from my side, and wish you all the best. Thank you. Thank you. Thank you. Participants, you may press star and then one to ask a question. Our next question comes from the line of Navin Sahadeo from ICICI Securities. Please go ahead. Yeah. Thank you for the opportunity. So coming from the demand scenario in Northeast, is the government-led infrastructure focus there going to continue? Or you see there is some, you know, slowdown or some sort of, what do you say, shortage of funds which is being shifted, which could amp up demand? Can you speak to the current demand scenario and your maybe outlook as well? How are you seeing it going there? Thanks. So honestly, like, I think that the current demand scenario is, you know, compared to other areas in India, they're quite robust. You know, so I think the market is growing at about 8-9%, you know, which is a bit higher than the market outside. And so that's one. The second is that the infrastructure investment, you know, is yet to come in a significant way. I think there's a lot of, you know, initial inquiry about the land project, the hydro projects which are coming up in Arunachal. And I think once these projects are in full swing, we'll see a big demand coming up from there, which has still not started, right? So, but there are expectations, you know, as we read news and otherwise, you know, there are expectations of these projects starting soon. So once these projects start, I think it'll become a great source of absorbing. Having someone to answer your question? Yeah, exactly. Thank you so much. Thank you. Our next question comes from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Good afternoon. Am I audible? Yes, sir, you're audible. Please go ahead. My question pertains to this announcement of Bihar grinding unit. So just wanted to understand. Sorry to interrupt. Rajesh, just give me one moment. The line for the management person. Give us a moment while we reconnect the line with the management person. Ladies and gentlemen, we have the management reconnected. Rajesh sir, you can proceed with your question. Yeah. Hi sir. My question pertains to, you know, announcement of Bihar expansion. So I understand you currently have a post-3.0 Clinker expansion, 6 million tons of Clinker. And post-Jorhat, you would be already having operating at 9.7 million tons of cement capacity, all being placed from the Northeast. So, and then you have the Silchar is already coming up and the Jorhat fixed land next year, which will be 12 million tons. So what is the plan? Because this Bihar will add another 2 million ton, which is almost 15 million tons of cement capacity. So is there any concurrent Clinker expansion plans which are already in pipeline or you would be operating at surplus Clinker capacity? No, so actually, you know, we plan to put up the 2 million tons cement which comes in future will make a capacity to 9.7. And then we plan to put up the Bihar plant, you know, to basically make sure that our utilization of the Clinker plant that we just put last year is a positive factor, right? And also because of the other benefits that we are getting in Bihar. And, you know, and our plan to put up a plant in Umrangso is intact. So, you know, so we have also gotten the mines in Umrangso, right? And we've already started our work on ground to get all the approvals. We have the land, we have the mine, we're looking to, you know, get the ECs and all. And then we'll slowly start making our base, doing the, you know, getting the road, the power, and all those things. So that whenever we do need Clinker in one or two years' time, we are able to put up a plant and get the Clinker supplying through in Northeast and the East region from there. So this, sir? Sorry, please go ahead. No, Bihar will be coming along with the Clinker plant in Umrangso broadly. Okay. So Umrangso Clinker, by when do you look at that, you know, coming up? And what quantum are you looking at? That again, you know, I think, but, you know, we haven't put a date to it right now, but I think 2028-2029 is what we are anticipating. But it really depends on the demand. So what we are doing now is just preparing every single thing. We're getting all the ECs way in advance. We are acting as if we are putting a plant now, right? And getting all the approvals. And just before the construction phase, we are waiting and seeing how the demand is turning out, right? So if the demand is coming across very well and, you know, the Bihar market is also surging, you know, consuming a lot of Clinker for us, then we will go for a quicker expansion in Umrangso. Otherwise, we may wait for a year or two, right? Only then you will concurrently put up the Jorhat grinding. Is this understanding correct? Yeah, exactly. Because, you know, because our whole point of putting up Umrangso early would mean that the demand in North and Northeast and East is good, right? So we'll also have to put up a grinding unit there. So in four years' time in the Northeast, East, Silchar, what you said is right, that in four years' time we should have the Bihar plant, probably Umrangso and Jorhat. So we'll be 14 million tons with nine million tons of Clinker capacity. And then whatever we do in Rajasthan is extra. Understood. Understood. And Rajasthan would also take at least three years whenever you start work on that project? I think once we start work, once we have acquired our basic plant land and all, and we're already on the surplus, I think it should take two years. Because mainland, I think putting up a plant is a relatively quick and always a bit easier. And there's also less rainfall and things. So, you know, those problems aren't there. So my expectation will be that it would be less than, you know, less than two years or two years. Understood. So somewhere in April 2029, you will have both the Rajasthan as well as the Umrangso and Jorhat, all considering around 29? Yeah. 2020, yeah. Like, probably one may come before the other, but yeah, broadly by 2029. Broadly. Yeah. Yeah. We expect that, you know, we should be around that capacity. That's in the plan, you know, of that plan has to be discussed thoroughly. Right. Right. Right. Right. Generally, and then only can I make a bold statement about it. But this is what we're thinking, yeah. Broadly. So next year, your major CapEx will go only towards the Bihar grinding unit? Yeah. Majorly towards Bihar grinding unit. I think some CapEx will start going in the civil work and groundwork in Rajasthan as well. If we go ahead with the Rajasthan project, yeah. Understood. And what is the status with Dalmia's Clinker plant ramping up? What sort of pressure is expected? October you mentioned has been quite heavy in terms of demand. So do you look at any pressure on volumes or pricing given Dalmia's major capacity now ramping up? No, I don't think so. I think, you know, I don't think there is a pressure on pricing or anything like that. I think, you know, because the capacity that we both have set, you know, we have to kind of be cognizant of the fact that, you know, the market is still the size that it was last year broadly, right? So I don't think there's any point in the pressure in pricing, right? So I think that is something that we'll have to just, I hope everybody understands that and things work out accordingly. I don't think it's stabilized now, but I can't predict the future. No issues, and lastly, on this fuel cost, which you mentioned, INR 1.25, is arguably the lowest in the industry. So how sustainable is this? Because I know this is a costing takeaway for paying today's cost, you know, and you're on a blended which is operating at that cost. So is that sustainable over the next few quarters? Or do you see there was some one-off in terms of 80 pieces of, you know, local coal which gives you that? What is the outlook on next few quarters on this fuel cost base? Book stock. Coal. So you know, I think, you know, the book stock that we have right now, because what happened was that there were a lot of rakes of last year's SSA, which we did not get, right? Which was, we were supposed to, you know, it was carrying on, carrying forward. Okay. This year, actually, we got all those old rakes along with the new ones, along with the ones that we were supposed to get this year from SSA in quarter two. So our stock and bookstock of coal is about 283,000 right now. Okay. Right? It's a stock of almost about five to six months, right? Okay. Right? So what, and the cost of that stock is, I think, at 1.25-1.3 GCV, right? Gotcha. So that would be flat. The The next five months, you know, I don't think the cost is going to increase of coal. You know, it came over between 1.25-1.3. Great. That's good to hear. Thank you and all the best. Yeah. Thank you. Thank you. Thank you. Our next question comes from the line of Harsh Mittal from Emkay Global. Please go ahead. Thank you. Good evening, Harsh. So I have one small question. Given that the election starts due in March next year, is there any possibility of demand being slow in quarter four, or is this business as usual? Thank you. This is my only question. No, I think the demand right now, like in October, I think we had a very good growth in Northeast itself, right? So I don't know, like right now, I don't see a sign, but it may be the case, but I don't have anything to validate it. Okay. Thank you. Thank you. Final reminder to all participants, please press star and one to ask a question. Next question comes from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi sir. Thank you. Sir, so next year, 20 million tons FSA by FY 2030, that's a broader target than we can get. Sorry? 20 million tons FSA that we want to reach by FY 2030, how do you think that? So, yeah, I think the target that we have by FY 2029, FY 2030, given that we go ahead with the plan that we do, is of about 18-20 million tons. Like, 20 million tons is the target. By 18 million tons, I can see that the plan that we try to make may get us there. So at least 18 million tons is what I would say. And then if something else also comes up, then probably 20. Got it. Got it. And sir, just on AAC block, construction chemical RMC, so all put together, and in FY 2026 and FY 2027, how one can look at in terms of revenue? Yeah. I think overall, in next year, complete year with some production, I think we should be targeting about INR 80-90 crore of revenue from it. You know, the reason why we did it is not a lot relating to the revenue or anything. I think these were just futuristic products that we had to get into as a cement company, right? From a branding perspective, marketing perspective, and also from a distribution perspective. And that's why we bought into it. So my expectation would be INR 80-90 crores next year. Okay. And sir, currently, in terms of Q2, the profitability in East versus Northeast, for us, it would be how much broader? The East would be INR 400-INR 500 odd rupees? That number, I don't have it as job listing right now. But, you know, I can probably, you know, you can reach out to Manojji, and, you know, we can try to give you the information. But I don't have it right now, sorry. No, no. Why I was trying to ask is because now we are talking of Bihar. So just trying to understand that structurally going forward, and once even Rajasthan also comes up, so obviously this will have a much lower profitability versus Northeast. So in that sense, I was trying to understand how we are looking at profitability and at the same time volume growth. And even for volume growth, sir, for next year, how one can look at it? Because now, except this 2 million ton, I think everything will be in terms of practically from the volume perspective, would be FY 2029, they will be contributing. So in that sense, wanting to understand how one can look at the volume growth for us for next year also, FY 2027. So I think the volume growth that we expect for next year, because we're still ramping the, you know, the Silchar plant, right? We do not have to start for two years. So we will first slow down the Silchar plant. So next year also, I think we expect a 12% growth in volume, right? And as what you said, we're not anticipating the recovery on anything else or any other thing. So for next year, also a decent growth next time. Okay. Thank you for all the rest. Thank you, Ji. Thank you. Next follow-up question comes from the line of Navin Sahadeo from ICICI Securities. Please go ahead. Yeah. Thank you for the opportunity, sir. Sir, I was just looking at the distance from Umrangso to the Begusarai grinding location, or Begusarai basically in Bihar. It's a good over 1,050 km. Just wanted to get a sense that how are you planning to move Clinker? Will it be by road or still 20% by road and thereafter by rail? Do we have any subsidies or freight in that sense? Or the 300% of the SGST benefit is what we are banking on to be, like, you know, ensuring that this unit dynamics stays, like, you know, IRR is profitable and in the comfortable zone. So around how are we planning to move Clinker will be very helpful. Thank you. Yeah. So I think we plan to move around the Clinker through Silchar, you know. So we'll take the Clinker to Silchar, then through rake, we will take it to Begusarai. In Begusarai, you know, we are, you know, looking for locations to set up a grinding unit so that we can have a grinding unit in our plant. So the entire distance, you know, from Lumshnong to Silchar is only 70 km. And the rest of the entire distance is going to be covered through rail. And the benefit of Bihar, you know, Bihar state policy, you know, will probably give us INR 4,500 per ton benefit in terms of the margin. So I think this is time to use it. Understood, sir. Very helpful. Thank you so much. Thank you. Thank you. Participants, you may press star and one to ask a question. There are no further questions from the participants. I now hand the conference over to Mr. Vaibhav Agarwal for closing comments. Yeah. Thank you, sir. Sir, Tusharji, just one question. So you have any one-offs in the Q2 numbers? And if you have. This is because shutdown has been taken this quarter. So INR 13-14 crore is there in the PM. What? One-off or it's a non-recurring maintenance or like it's a? We got shut down. Generally, we check in the. The shutdown is normally annual in nature. So we have taken the shutdown in quarter two this year. And last year also, we took in quarter two only. So the big difference between quarter three and quarter two will be that INR 14 crores, INR 15 crores of the. So to that extent, this is not a one-off, right? This is a recurring maintenance. Yeah. This is an annual thing. But, you know, of course, you know, it does affect the per ton EBITDA of. So this quarter's per ton EBITDA is down by INR 100 because there's a shutdown cost involved in quarter two, which will not be in quarter three. Yeah. Understood. Thank you. Thank you, Thank you, Tusharji. Thank you, Tusharji. Tusharji. Thank you, Tusharji. Thank you. On behalf of PhillipCapital, we'd like to thank the management of Star Cement for the call and many thanks for joining the call. Thank you very much. Tusharji will now conclude the call. Thank you. On behalf of PhillipCapital India Private Limited, we close this conference. Thank you all for joining us, and you may now disconnect your lines.