Ladies and gentlemen, good day, and welcome to the earnings conference call for the quarter and year-end at 31st March 2026 of Star Cement, hosted by PhillipCapital India Private Limited. 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. I will now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital India Private Limited. for opening remarks. Thank you, and over to you. Thank you. Good evening, everyone. Sincere apologies for the delay due to some connection issues. On behalf of PhillipCapital India Private Limited, we welcome you to the Q4 and FY 2026 call of Star Cement Limited. On the call we have with us Mr. Tushar Bhajanka, Deputy Managing Director, and Mr. Manoj Agarwal, Chief Financial Officer at Star Cement Limited. I would like to mention on behalf of Star Cement Limited and its management that certain statements that may be made or discussed on today's conference call may be forward-looking statements related to future business developments and anticipated company outcomes by its management. Such statements stated on today's call will be based on Star Cement's current management expectations, and these statements are subject to a number of risks, uncertainties, and other important factors which may cause the actual developments and results to differ materially from the statements made. Star Cement Limited and the management of the company assume no obligation to publicly update or alter these forward-looking statements, whether as a result of new information or future events or otherwise. I now hand over the floor to the management of Star Cement for the opening remarks, which will be followed by the Q&A. Thank you, and over to you. Yes. Tushar. Hello. Yeah, hi. Hi, good afternoon, everyone. My name is Tushar Bhajanka, and I'm the MD of Star Cement. I welcome you all to the conference call of FY 2026 quarter four. I would like our CFO, Mr. Manoj Agarwal, to give his remarks regarding the numbers, and then we can start with the Q&A. Yeah. Thank you. Hi, everyone. Very good afternoon. I, on behalf of Star Cement Limited, welcome you to our conference call for discussing our numbers of Q4 ending FY 2026 and for the financial year 2026/2027. Now, I will just take you through the Q4 numbers followed by the financial year numbers. Starting from clinker production, during the quarter ending March 2026, we have produced 11.59 lakh ton of clinker as against 11.38 lakh ton same quarter last year. So far as cement production is concerned, we have produced 16.45 lakh ton this quarter as against 14.79 lakh ton same quarter last year. Now, I will take you through sales volume. During the quarter, we have sold 15.18 lakh ton of cement and 1.15 lakh ton of clinker as against 14.75 lakh ton of cement and 0.57 lakh ton of clinker in the same period last year. This is as far as cement and clinker sale is concerned. Far as geographical distribution of cement is concerned, in North East we have sold around 11.27 lakh tons as against 11.02 lakh tons during the same quarter last year. Far as outside North East sale is concerned, we have sold 4.91 lakh tons of cement this quarter as against 3.74 lakh tons same quarter last year. In terms of blend mix, it is 18% of OPC and rest is PPC. These are the quantitative numbers of the quarter. I will take you through to the financials. The total revenue figure for this quarter is around INR 1,174 crores as against INR 1,052 crores same period last year. For our EBITDA figure is concerned, this quarter we have done an EBITDA excluding exceptional items, it is around INR 324 crores as against INR 268 crores last year. Profit after tax is INR 147 crore as against INR 126 crore in the same period last year. On per ton EBITDA front, it is 1,871 during this quarter as against 1,748 per ton same quarter last year. This is what our quarterly numbers of this fourth quarter. The total revenue figure for the full year is around INR 3,776 crore as against INR 3,163 crore in last year, FY 2025. As far as the EBITDA figure is concerned, during FY 2026, we have done an EBITDA excluding exceptional items of around INR 955 crore as against INR 589 crore last year. Full year profit after tax is INR 390 crore as against INR 169 crore last year. On per ton EBITDA front, it is INR 1,738 crore during FY 2026 as against INR 1,245 crore per ton in FY 2025. These are the quarterly and full-time numbers. I request all of you, if you have any query, you can ask the same, and I will request everyone to moderate the same wherever required. Thank you. Ravona, it's over to you. 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 Harsh Mittal from Emkay Global Financial Services. Please go ahead. Yeah. Thank you. Good evening. I have multiple questions today, and firstly, congratulations on a great set of results. First question is on the volume. For FY 2026, Like 5.5 million tons. Any guidance for? Harsh, I'm sorry to interrupt you, but your audio is not clear. Could you please use your handset? Yes, I'm okay. Hello? Hello Harsh? Hello? Hello? Harsh, I would request you to please join back the queue once your audio is clear. Hello. Am I audible now? Yes, now you are. Please go ahead. Yes. Congratulations to the team for a great set of results. I have multiple questions today. My first question is on the volumes. We have achieved the upper end of the guidance which we have given last year of five and a half million ton in FY 2026. Any new guidance for FY 2027, sir? Year-on- year. Sorry. What we are looking for in the coming year is about 10%-12% growth. I think that is what we are expecting. Yeah. I think it should be the volume that we did, which is about 5.3% and 10%-12% growth on that. How is the current demand scenario in April and in May? Is it supportive of the run rate? I know it's too early, but how is the current scenario, sir? The current scenario right now, because of April and there was elections in April and May. Yeah. In Assam and also West Bengal. I think the demand was a bit sluggish because of that. I think we do see a pickup in May. April was a bit sluggish. It's like what you said, I think it's too soon to probably predict how the year would go. Actually, it depends on how June also goes, right? I think we'll probably be able to give a better estimate of how the overall numbers will turn up in the next quarter. Once we've seen four, five months, I guess. Sure, sir. Sir, the second question is on the incentives. We did see certain reduction in the incentive for quarter three and quarter four, given the cut in the GST rates. Yeah. Can we extrapolate the quarter four incentive accrual for full year FY 2027? I think the overall subsidies in FY 2027 would reduce by about INR 40 crore- INR 50 crore compared to FY 2026. Okay. Right. I think on an absolute level, that's what we can expect. Then it will of course have its own pertinent EBITDA impact on profitability. In absolute numbers, can we say around the INR 160 crore-INR 170 crore in FY 2027? No. Current year we have done INR 184 crore of subsidy. What Tushar is saying, INR 40 crore-INR 50 crore, somewhere around INR 144 crore, INR 145 crore-INR 150 crore sort of thing we can estimate for the coming year. INR 140 crores-INR 150 crores. Am I right? Yeah. Yeah. Also, sir, are we sticking to our CapEx guidance of INR 500 crores-INR 600 crores in FY 2027 and INR 1,000 crores in FY 2028, or is there any upside risk to this given that we want to commission I think right now what we're doing is that we've applied for our ECs and all the permissions, and we are acquiring land right now in Nimbol, in Haryana for a grinding unit, and also in Bihar for a grinding unit. I think in October around, we should be able to complete our approvals as well as the land acquisition in these three places, and then we'll start our CapEx. I think the estimate for FY 2027 will be about INR 600 crores-INR 700 crores, given we follow these timelines. In FY 2028, sir? In FY 2028, I think the estimate would be about INR 1,500 crores. INR 1,500 crores. Right. Okay. Sir, last question before I fall back in the queue. We have seen an increase of INR 240 crores odd in the non-current investments. Sir, what could that number be? Yeah, Harsh, that was because of bonding. This is a liquid asset sale, but as per Ind AS, you have to show it as a non-current asset. These are all the liquid assets less than one year, liable for less than one year. Okay. Got it, sir. Thank you. I'll fall back in the queue. Thank you. Thank you. Participants, please press star and one to ask a question. We take the next question from the line of Hardik Goyal from Union Mutual Fund. Please go ahead. Hi, sir. Thanks for the presentation and clarity. Maybe we'll stay till the end. Sir, a couple of questions. Hardik, I'm sorry to interrupt you there. Hello, is it better now? Hello? Yeah. Hardik, please go ahead. Sir, on the cost front, we are seeing that there's an industry-wide impact of increasing fuel costs, but how immune are we to the increasing fuel costs due to our agreement of coal purchase with Coal India and less dependency on pet coke and other fuels? I think right now, in quarter one, we would see an increase in the fuel cost. I think that is mainly because I think it's both. I think the cost increase in the fuel and also the shortage, right? All the rakes right now from the railways have been diverted to the power plants, right? Thermal plants. I think the availability of coal is in short supply, and I think that is leading to the increase in the price of coal as well. I think there would be an impact of, I think about INR 0.10-INR 0.15 per GCV cost in coal. I think that should be a short-term increase. I don't think it should be a long-term structural increase, but there will be increase because of all the rakes being diverted, and then we have to arrange coal from elsewhere and then that increases the cost. That should be probably quarter one, quarter two, and then I think it should again come back to where it was in quarter three, quarter four. Okay. This is on your expansion and what is your priority right now in the Bihar, Nimbol, and Haryana? For the Bihar unit, what is our expected timeline, and will we source the clinker from the Meghalaya unit only for the Bihar plant? Yeah. I think our timeline for the Bihar plant is roughly about two years from now. This includes the land acquisition and then putting up the greenfield. The clinker would be going from Meghalaya itself. What we are planning to do is that we have a Silchar unit which also has a railway siding, which is about 57 km away from our clinker plant. We will send the clinker to the Silchar railway siding, and we'll load our clinker from there, and we'll send it to Bihar. That’s how we have planned the entire logistics around it. Initially, definitely, till the time we don’t have any opportunity of putting up a clinker plant in east Bihar, we're blending it with the coal from Meghalaya. Okay. Thank you. Thank you. Thank you. Participants, please press star and one to ask a question. We take the next question from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. A couple of questions, sir. When we said 10%-12% volume growth, this is on pure cement we are talking and not including the clinker? Yeah. The estimate that I was suggesting of 10%-12% was mainly on cement. It did not include the sales of clinker. Clinker sales broadly would be the similar INR 3.5 Lakh that we have done in FY 2026, similar run- rate will continue? I don’t have a necessarily a good estimate of that. Probably it should be similar numbers. It should be quite flattish. I don’t think we’ll see a growth in the sale of clinker. What we are now focusing on is basically sale of cement only, and we’re just trying to make sure that we realize a better rate in clinker. Rather than on the volume of clinker, I think what we’re trying to optimize is on the realization that we’re getting by selling clinker. Okay. Three data points, sir, Trade share, CC ratio, lead distance, and Kcal cost for fourth quarter. Trade share is about 78%. Last year, same quarter, it was 81%. There was a growth in non-trade as compared to trade relatively. I think the second thing you had asked for was the lead distance, right? Okay. Which has reduced from 229 last year to right now about 220. It has reduced by about nine kilometers. The third thing you had asked for a Kcal cost, right? Yes. Which is about INR 1.24 per GCV. What was the fourth thing that you asked? CC ratio for fourth quarter. CC ratio for the fourth quarter is about 66.2%. Okay. Another just to clarify. Broadly now, the three upcoming plants are the Rajasthan one, Nimbol, and the Bihar one in Umrangso. We were looking at close to 6 million ton clinker, 9 million ton cement, and INR 4,800 crore overall CapEx, and this broadly will be starting by H2 FY 2029 to start of FY 2030. Just in the previous answer, you said that the Bihar grinding, which will be I think 2 million ton, will be coming two years from now. Shall it mean by FY 2028 or maybe Q1, Q2 FY 2029? Yeah. I think it means like first quarter of FY 2029 or second quarter of FY 2029. Right. Around that time, we should be getting the Bihar blending unit. What we’ve done is that we’ve prioritized Nimbol, Haryana, and Bihar. Okay. Then we’ve also, of course, applied for permissions and everything in Umrangso and in Jharkhand, and that CapEx will start a bit later than this CapEx. In the next four to five years, I think we plan to do all these five CapExes, which includes Nimbol clinker plant. It includes a massive clinker plant in Assam. It includes a grinding unit in Chhapra. It includes a grinding unit in Bihar, and it includes a grinding unit in Haryana. Thank you. Yeah. For Rajasthan particularly, so broader, whatever we discussed last time, the 3 million ton clinker and 5 million ton, both including the split grinding and the INR 2,100 crore-INR 2,500 crore CapEx + 10% variation. That number remains intact, and broadly, we are looking at to kind of a start by September 2028. Similar kind of a 1H 2029, the same way we have to both would be coming together. That’s the way we are looking at it. Yes. I mean, that’s the target. It just depends on when we get all the approvals. What we’re expecting is that we should be able to get all the approvals by October. We should hit the ground. If there’s any delay by a month or two on the start date of the CapEx, then I think in the next con call, I’ll inform. Okay. I would request you to please join back the queue for follow-up questions. Thank you. Participants, please press star and one to ask a question. We take the next question from the line of Janam Shah, an individual investor. Please go ahead. Hi, sir. Thank you so much for this opportunity. I just wanted to ask that previously we had maintained around four to five years that it would take for a new competition to enter. What we see is that Shree Cement, Ambuja, all have come up with plans to enter into Northeast region. Do we still stand by that timeline? I think broadly it should take about three to four years for someone to enter. I think that is still what the assumption I have in mind. I think we’ll just have to see in the coming quarters how things change if they do. Right now, I think that is the estimate that I have in my mind. Okay. Because we have to some extent, extended our timelines for the project that we had. Do you think that with all the things that are going on currently, companies would prefer entering into new regions where the pricing is better, EBITDA is better? Do you think that is a risk now for new companies, mainland players to enter into the Northeast region? Sorry, can you repeat that question? What I was saying is that with all the West Asia disruptions that are happening right now. Yeah provide better EBITDA in the market, do you think that the companies will try to fast-track their expansion into different regions, for example, Northeast? I think they would just go with the place which is practical on ground, they would try to do their best. I don’t think the West Asia crisis really pushes them to come to Northeast. I think irrespective, the margin was good for them to try to come to Northeast. Yeah, I think the Northeast as a market overall compared to the market that they’re serving is relatively small. I don’t think that their overall numbers will change by entering Northeast that way. Correct. sir, the other question that I had is that we are planning to enter into north. At what point do we start marketing our product? Because we would be quite a new brand there. What would be the timeline for that? When do we add more dealers for that particular region? I think we will start creating brand awareness, I think at least about eight, nine months before we actually start the commercial production. Right? I think any branding that we do before that may be a bit premature. Understood. Thank you so much. Thank you for your time. Thank you. Thank you. Participants, please press star and one to ask a question. We take the next question from the line of Amit Gupta from ICICI Securities. Please go ahead. Good evening, sir. Am I audible? Yes. Sir, my first question is, what is our premium cement share for this quarter? The premium cement share for this quarter was 15.1%. Okay. Second question is, how has the pricing trend in April and May as compared to the March exit? Has it improved, flat, or what has been the trend basically? I mean, in Northeast it has improved slightly. In outside also, I think there is a INR 10 improvement which has happened. Yeah, I think that's what has happened. Outside, I mean basically West Bengal and Bihar. Okay. In Northeast and outside also INR 10 per bag has been the increase. In Northeast, I think maybe about INR 6-INR 7. Outside Northeast was about INR 10. Okay. Thanks. These were my questions. Thank you. Thank you. Participants, please press star and one to ask a question. We take the next question from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah, sir, just again to clarifying on the CapEx front. Can you clarify the CapEx? Right now we are researching for Rajasthan, Bihar, and Umrangso individually. In terms of if we are planning to start by 1H FY 2029, how we will be individually and total will be spending in FY 2027, FY 2028 I don't have the individual breakups of the CapEx per project by year. What I can do is that in the investor presentation, I can attach a slide and there I think you'll probably have a more comprehensive view of the different CapExes or different projects by years. I think that chart we can give in a week's time, and we can post it on this. Yeah, got it. Second, Manoj sir, the cash as per you because the non-current investment has increased. What's the cash as per your gross rate? We have as per the balance sheet, but cash- We are talking about total INR 5 crore is the gross total debt is there and the debt is INR 200 crore. There's INR 383 crore out there that we have a cash in the form of bond or mutual fund. It is all fixed deposit with the bank. It is exact INR 300 crore INR 383 crore. INR 383 crore is a cash- Yeah, liquid. You can say the liquid asset. Yeah, I got that thing. Second, sir, you mentioned that in Q1 and Q2, whatever the rake shortage and some increase, we are looking at INR 0.10-INR 0.15 increase in the fuel cost. This will be till through Q4 or only just July, August, it will be coming back to the normalized level? No, it already closed because now we are whatever facing that auction prices have gone up. Now the rake availability is also an issue to the capacity in the power because they are supplying the power plant. How much impact will be there? We are just estimating that it will be INR 0.15, INR 0.20. How the thing moves now the fuel prices have also, diesel prices have gone up. It is very difficult to predict right now what will be the impact, overall impact. We are just make for best say we can estimate that currently it is INR 0.15, INR 0.20. How the thing will move, it is difficult to tell right now. Okay, got it. Broadly in terms of EBITDA pattern, what we are normally looking INR 1,600-INR 1,800 odd that we will be able to maintain till the time the Rajasthan will come and then still we will be able to still have a INR 1,300-INR 1,400 kind of EBITDA pattern. I think in this, I think for the next three years till when we get the Rajasthan project, I think the EBITDAs because it is only North East sales, the EBITDA should be between INR 1,500-INR 1,700, right, at least. Once we get the Rajasthan, of course, for the first one year because we'll be absorbing fixed cost and because we'll be ramping up our sales, the EBITDA pattern may fall. I think in the long run, we should be able to maintain it at about INR 1,300, INR 1,400 blending. That is what we expect. Yeah, of course, they absolutely pretty much more because the overall volume growth will be much more than Rajasthan. Got it. Sir, can you share the fuel mix for this FSA, GFR, biomass, spot, and other contracts? Yeah, for FSA, this quarter it is 28.5% and biomass is 21.5%. Okay. The spot would be about 3%? The spot this quarter we are not done. Okay There's any spot. Okay. Sir, now in terms of the green share, how we want to increase the green share and what's the current green share? Whatever because Q2 presentation after that there is no presentation 24.3 MW WHRS and 51 MW TPP and that's the right now we have how we want to increase WHR solar and in terms of the green share and what's the current green share? The current green share last quarter it is around 33.8%, okay? WHR has generated more power than compared to the last quarter as well as last year. It has this quarter it was around 33.8%. Okay, how we want to look at for the full year FY 2027 this going now? Maybe we can configure because both kilns are running. It may be made configure somewhere 32%, 33% whatever level we are seeing. Okay. Got it. Because actually what we have done is that we have not necessarily right now invested in any other sources of green energy like wind and solar, though we had planned to. I don't think it makes more sense to kind of invest in non-core activities at the moment. Probably we are trying to have a group captive power agreement. I think in case we do end up signing one, which should be in this quarter, then we'll inform you the next quarter. Yeah. AAC block and other non-cement revenue for this quarter and for full year FY 2026 and how we want to look at FY 2027 and maybe the margin also if you can specify? This quarter will be around INR 17 crore. INR 17 crore of this quarter in AAC block, and whole year is around INR 43 crore. We are targeting about INR 150 crores. INR 100 crores. That includes the AAC, RMC, and allied products. I think the margin that we're looking at is about 7%-8% to start with, and then gradually we like to expand on the margin. Right now we're trying to create the market first. Okay. Got it. The QIP for Rajasthan that will be the last time to stand once the net debt EBITDA will be reaching 1.5, we'll go for a QIP. I think that decision we still not have taken at the board level. We have, of course, taken the permission for raising money in the board. I think in quarter three we did that, but we haven't planned it also because the markets were, of course, a bit weak as well. I think whenever we do, we'll inform in advance and then, of course, we will do it. Okay. Got it. Thank you. Thank you. Participants, please press star and one to ask a question. We take the next question from the line of Iqbal Singh from ISM Global. Please go ahead. Iqbal, good afternoon. I just wanted to know, for your Rajasthan unit, which you're planning to, I think from the conversations that I've heard, start from FY 2029. When are you planning to breakeven on that CapEx and operational cost? When will you breakeven on those CapEx? This is the first question. Yeah. The second one is regarding the realizations per ton, are you forcing some kind of improvement going forward with the unit that will be set up in Gujarat? I believe that in Gujarat and western areas, the realization might be a little higher in case you set up. We are not thinking of Gujarat actually. I was saying Jharkhand, not Gujarat actually. Oh, sorry. Jharkhand is in [Ratan]. Yeah. In Ratan. Yes. Just these two questions. The breakeven on the CapEx in Rajasthan unit and the scope of increasing realizations per ton. I think, see, breakeven from an operating cost perspective or from an investment perspective, that is one thing which needs to be clarified. I think what we plan to do is that in three and a half to four years' time, we want to run at 80%-90% capacity utilization. Okay. We would want to, of course, price our product in a way which is at a premium. What we'd want is that the highest price seller, we would want to peg it at INR 5-INR 10 lower than that. That's how you build a top product. I think what we'll have to do in the first initial three years is invest in the brand. Create a kind of a pull, which is a bit more natural than push. Then maintain a price and take a four and a half, three and a half year horizon to take the capacity to 80%-85%. What we will also want to do is that we will I think because the capacity that we initially launching is about 5 million compared to the size of the market, it is manageable. What we'd like to do is create a dense distribution, focus on branding and push for sales. Breakeven automatically will happen. Okay. The capacity for this unit will be how much, sir? For the Jharkhand unit and Rajasthan unit? Capacity for the Jharkhand unit and Rajasthan unit. The capacity for the clinker plant will be about 3.3 million tons in Rajasthan, along with a 2 million-2.5 million ton grinding. Another grinding which will be supported by the clinker from Rajasthan will be in Haryana, which will be another 2 million-2.5 million ton. That is a 5 million ton setup in north. Jharkhand will be coming around the same time as Umrangso, and that will be basically about 2 million tons. 2 million ton of clinker unit. Grinding. Jharkhand has no limestone. It will be only grinding. Okay. Amlanchu has limestone. We can produce clinker in Amlanchu. Okay. Perfect. Thank you. Thank you. Participants, please press Star and One to ask a question. We take the next question from the line of Harsh Mittal from Emkay Global Financial Services. Please go ahead. Yeah, thank you for the follow-up. Am I audible? Yeah. Yeah. I wanted to understand the CC ratio for FY 2026. It's about 66.6. Sorry, full year, sir. Full year FY 2026. For the full year, I don't have the data for full year, but I have it for quarter three as well. 67.5. I'm assuming that the clinker factor would be between 66.6-67.5, I think, for the full year. Because I think you can get in touch with us and I'll give you the full year data as well. Sure. Sir, the second question is, once we commission the Bihar grinding unit at Begusarai, will be, as you alluded to, the fact that you'll be shipping the clinker from the [Kagal] plant to Bihar. What would be the incremental freight cost that would be bearing on that? Correspondingly, the incentives, what we wanted to accrue from the Bihar branding unit, will it kind of offset that incremental cost, is what I wanted to understand. We are still catering Bihar market. We cater in the east side of it. What we do is that we serve it from Siliguri. I think the freight, you cannot only look at the clinker freight and how much incremental clinker freight that you'll be paying, but it also has to be looked at from the cement freight, and how much of the cement freight we'll be able to save and the freight that we pay on fly ash. I think it's a bit more complex than this incremental freight that we'll be paying, and if it gets offset by the incremental subsidies. Yes, we have applied for our subsidies in Bihar. We should be getting the SC/ST benefits, and we have applied for it under the policy. I think the benefit is up to about 150%-200% of the investment that one makes. I think once we do get the confirmation of the benefit from the Bihar government, we will be sharing it with you in the next call. I think with the subsidies and with optimized clinker transportation and fly ash sourcing, I think it can be a model, which of course will not give you EBITDA of 1,300, 1,400, but it will help you utilize your capacity while also leading to entering new markets and creating your geographical footprint. Sure, sir. Thank you. That was my question. Thank you. No problem. Thank you. Participants, this is a final reminder. No further reminders will be announced. To ask a question, press star and one. As there are no further questions from the participants, I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital India Private Limited for closing comments. Yeah. Thank you. I believe there are no further questions from participants. Tushar, I had a few questions. Firstly, on the war impact, the West Asia war crisis. Most of the companies in India, what they have been talking about is kind of a INR 400 overall impact in terms of operating cost by end of H1 FY 2027. As far as Star Cement is concerned, I believe the impact will be limited to packing cost, the diesel cost, and maybe the fuel cost may not be equally impacted because of our less dependence on imported fuel, and also we are safeguarded from the rupee depreciation. From that perspective, what is your estimate of the broader cost impact which could be there in H1 for Star Cement per se in terms of impact? I think it could be about INR 250-INR 300 impact, I think mainly because of the packing bag and the fuel cost, because for us, of course, we do not depend on imported fuel, coal or pet coke, but we do depend on our FSAs being supplied on time. Right now, because of the rake shortages, the FSAs are not available, and that is creating a crisis in terms of fuel sourcing. I think because of that, we have to go for higher rates of sources, I think that is what is leading to a cost impact. I think it should be a INR 250-INR 300 impact. I think there have been a few, I think about INR 7 increase in Northeast, about INR 10 increase in North Bengal, basically to kind of partially, not fully, but partially nullify the impact which is coming in terms of the cost. Is it fair to say that we are kind of INR 100 better off versus the mainland peers in terms of cost escalation? Maybe INR 50, INR 20 better off because of our less dependence on imported fuel? Yes. I think it really depends, because I don't know if other people have forecasted a further increase in the fuel prices or not, and sorry, in the diesel prices or not. It really depends on those assumptions and how the diesel prices behave, because I think Northeast is also quite heavily dependent on the fuel price, and the per PTPKM in Northeast is a bit higher because of the hilly terrain. The fuel cost equally impacts us as well. I think it really depends on how much does the diesel prices go up further. Of course, if there's a significant increase in the diesel prices, then that will have to be absorbed by the market as well. Okay. Tushar, you just mentioned that we have partially passed on the cost push impact. Is it fair to say that Q1 we are kind of EBITDA diluted because of the cost inflation? It's not neutralized yet in terms of the profit? I think Q1, there will be definitely a pressure on the EBITDA because of the cost. As we're going, I think April was quite heavy on the cost. I think May is turning out to be a bit better. I think by June, I think it should normalize. There will be a decent impact of whatever is going on the EBITDA per ton as well, and overall EBITDA as well. You stick on the guidance of 1,500+ for Northeast operations per se, which you gave on the call, right? Yeah, I think that was more from a year-long perspective. Yeah. That's what I'm saying. Yeah, I think year-long we should be able to average that. In quarter one, we'll have to see. Tushar, my second question was that basically this is from a more of a long-term perspective. Recently, maybe two more players have in total, JK Lakshmi Cement, Shree Cement, and Ambuja Cements from mainland have now announced their entry to Northeast. When we interact with our investors, et cetera, so we get a feedback that they have a notion that Northeast EBITDA per ton versus profitability per ton will dilute substantially once they enter into the market. I know that may not be the case because of the very high CapEx and Northeast is a very difficult geography to operate. That is what I have figured out. What is your say in terms of maybe three years down the line, it's a more of a long-term kind of a question, but maybe three years or four years down the line once they come in, do you see EBITDA per ton or maybe profitability of Northeast getting impacted heavily, given, first, keeping in conjunction the high CapEx which they are spending in terms of their overall plan? People have announced upward of INR 160, INR 170 CapEx per ton in Northeast. How do you read the situation once they come into the Northeast market from a long-term perspective? See, in the long run, once they do come in, I think there will be a significant pressure in the market, right? Everyone will be running for the same capacity. Sorry, for the same market, and the market is relatively small. Even a 3 million ton plant in a big market makes a big impact. I think people who then are coming in, they also need to then think, right? Unlike North and unlike South, where they put up capacity without caring about their impact on the market. Everyone who comes into Northeast will have to think about their impact on the market and their own profitability. Why are they entering in Northeast in the first place? It has a charm of a higher margin. What would be the point of entering and putting in all that effort, if you cannot enjoy that higher margin because volume will limit from now onwards. No, the question was that now they've already announced. Shree Cement has announced, JK Lakshmi announced, Ambuja announced. Yeah, no, completely. I think once they will enter also, because the impact of their sales will not only impact the price decisions. My point was that do you see that they will take a such a price decision where it can impact because the kind of CapEx which they are spending, like a $ 170, $180 kind of a CapEx on initial CapEx? Yeah, I don't know. I honestly don't know. I think it depends player to player, because I think some players have a strategy to just cut and aggressively sell and not care about their price positioning compared to ours. There are other players which are much more sensitive to it. I do not see that there'll be significant because I think there has to be rationality which everyone follows. That's what I was trying to figure out. I don't think it should be bad. Of course, there'll be pressure. There's more competition, there'll be some pressure on price. I think it's something that probably may happen for a year or two, but then I think it should normalize because everyone's there to earn, I guess. In terms of the trade penetration, will Star Cement be the highest in terms of all the Northeast players in terms of the trade market penetration? Yeah, I think we sell like majority of our sales is in trade only. Out of all the players, we have the highest penetration in trade, by far, by a big margin. I think that is something that we want to maintain, because I think that's beneficial. That will also safeguard the profitability, right? Yeah, I think to an extent, because I think the trade market doesn't go by just setting the markets. I think it's much more nuanced than that. Last question to Manoj sir. Manoj sir, did we have any kind of one-offs in the quarter in terms of donations, et cetera? One-off is there. Last quarter, this INR 5 crore was there. This quarter is INR 10 crore. INR 10 crore is a one-off, you can say. INR 10 crore is a donation or what is it? It's a donation. It is a donation. Major donation. Okay. Now this one also will stop, right. From Q1 onwards, there will not be any one-off. Yeah. Because you can't foresee what will come. Yeah. No, in terms of donations, I'm asking. Yeah. All day. Yeah, I think in Quarter One, there may be a few. Yeah, there will be. I think in Quarter Two, you should not be expecting any significant one. Okay. Thanks a lot, Tushar, and thanks a lot, Manoj. There are no further questions from participants. Thank you. On behalf of PhillipCapital India Private Limited, I'd like to thank the management of Star Cement for the call and also many thanks to the participants joining the call. Thank you very much, sir. Thank you. Thank you, Manoj, for the call. Thank you. Thanks. Thank you. Thank you. On behalf of PhillipCapital India Private Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.