Ladies and gentlemen, good day and welcome to Star Cement Ltd Q1 FY 2027 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Navin Sahadeo. Thank you, and over to you, sir. Thank you, Anushka. Good evening, everyone. On behalf of ICICI Securities, I welcome you all to the Q1 FY 2027 earnings call of Star Cement Ltd. From the management we have with us MD and CEO, Mr. Tushar Bhajanka, and the company CFO, Mr. Manoj Agarwal. Without any further ado, I hand over the floor to the management for their opening comments. Over to you, sir. 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 2027 quarter one. I would like our CFO, Mr. Manoj Agarwal, to give his remarks regarding the numbers. We can start with the Q&A. Thank you. Thank you, Tushar ji. Hi team, very good afternoon. I, on behalf of Star Cement, welcome you all to our phone call for discussing our number of Q1 FY 2027. I would like to clarify that we are discussing on the historical numbers. There is no invitation to invest. Having said that now, I will just take you through the Q1 number. Starting from clinker production, during the quarter ended June 2026, we have produced 9.10 lakh ton of clinker as against 8.90 lakh ton same quarter last year. Far as cement production is concerned, we have produced 13.08 lakh ton this quarter, as against 12.31 lakh ton same quarter last year. I will take you through the sales volume. During the quarter we have sold 13.02 lakh ton of cement and 0.52 lakh ton of clinker, as against 12.22 lakh ton of cement and 0.74 lakh ton of clinker, same quarter last year. This is as far as cement and clinker sale is concerned. As far as geographical distribution of cement is concerned, in Northeast we have sold around 8.71 lakh ton as against 8.67 lakh ton during same quarter last year. As far as outside Northeast is concerned, we have sold 4.31 lakh ton of cement this quarter, as against 3.55 lakh ton same quarter last year. In terms of blend mix, it is almost 15% of OPC and the rest is PPC. These are the quantitative number of this quarter. Now I will take you through the financials. The total revenue figure this quarter is around INR 902 crore, as against INR 847 crore same period last year. As far as the EBITDA figure is concerned, this quarter we have done an EBITDA of around INR 203 crore as against INR 230 crore last year. This is only on account of reduced subsidy, increase in packing material cost, and also shut down expenses which we have taken in one of our team. Profit after tax is INR 74 crore in this quarter, as against INR 98 crore last year. On per ton EBITDA front, it is INR 1,497 during this quarter as against INR 1,774 per ton same quarter last year. This is what our quarterly numbers are. Now I request all of you, if you have any query you can ask the same, and I will request Navin ji to moderate the query wherever it requires. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the questions queue assembles. We take the first question from the line of Shravan Shah from Dolat Capital. Please proceed. Thank you, sir. Just a couple of data points before question. Trade share, premium share, CC ratio, lead distance and KKL for this quarter. I think the premium sales is about 15.9% of the overall sales. The lead distance was about 210. The clinker factor was about 66.5%. What was the fourth parameter that you'd asked? Trade share. Trade share was about 80%. Okay. The KKL for this quarter? It was about 1.55. 1.55. Significant jump in that. Now, two things. On the volume. This quarter slightly on the lower side, so we were looking at 10%-12% cement volume growth and similar number of the clinker for entire full year versus FY 2026. Any change in there? Can we now say that from Q2 onwards the volume growth would be slightly better? In Q2, as we all know that Assam is completely flooded at the moment, so I don't see much of a respite in terms of volume in Q2. I think from Q3, Q4 onwards, I think we can see hopefully a double-digit growth. On the overall year, I think we expect to probably revise the numbers a bit from 11%-12% to about 8%-9%. Right. I understand. For the clinker sale for the full year could be similar of what we have done in the FY 2026? I think the clinker sale in FY 2027 would probably be stagnant or may degrow by about 5%-10% compared to FY 2026, because I think the clinker is also coming from outside now in Northeast. It may be a case that there may be a degrowth in the sale of clinker. Now on the cost [inaudible]. Given the fuel cost has sharply jumped up to INR 1.55 from INR 1.24 in Q4. Even we heard that there's some packing cost has also recently has gone up. Overall, how do we see the cost moving up in Q2? At the same time the prices are still holding on versus June average. The fuel cost in FY 2026, quarter four was about INR 1.33, which has gone up to INR 1.55. We expect in Q2 onwards, the cost should come down to about INR 1.45. Hopefully in Q3 and Q4 we can hopefully reduce the cost further on fuel. The PP bag prices are completely related to the international turmoil and war situation which is going on and thereafter prices are up. That I think really is hard to predict of how will it pay out. On the prices, I think if I compare, I think the prices are broadly stable in Northeast as well as in outside Northeast markets of Bihar and West Bengal, even in the quarter two. Okay. Broadly, kind of a INR 1,500 + kind of a EBITDA pattern that we were previously looking at for at least two, three years once our Rajasthan plant comes in. That we are still seeing that is kind of a still manageable given whatever the new capacity will come up in the Northeast. Still it will have a time we should be having the similar kind of a INR 1,500 kind of a EBITDA pattern can be doable. Yeah. I mean over the entire year, yes it can be doable. I think INR 1,500-INR 1,600 is still a good estimate. Only for quarter two because the shutdown cost also gets added in the cost in quarter two. Also because in Northeast it rains more, so for the fixed costs are getting absorbed by a lower volume. It may be about INR 1,400 for quarter two, I think we'll catch up in quarter three and four there. Okay. Thank you sir. All the best. Thank you. Thank you. We take the next question from the line of Jyoti Gupta from Ashika Institutional Equities. Please proceed. Thank you so much for taking my question. Good set of numbers. I just wanted to understand how does the pricing and demand scenario looks like in the second quarter, what should we expect, given the kind of situation on the EPC and especially roads and highways. Do you see demands weighing down in the third or fourth quarter or it's likely to remain stable in the second half as well? I think that because of the lack of demand in the first two quarters, like quarter one, quarter two, and because of the floods which have completely enveloped Northeast at the moment, I think that when the floods subside, which is basically quarters three and four, I think there should be some pent-up demand which gets released in those two quarters in the second half of the year. I would expect a bit higher than usual growth in those two quarters. Of course, the demand in the first two quarters have been quite mute. Yes sir. Sorry, I missed you. Hello? Yeah. I was just saying that in second half of the year, we would probably see a pickup because of the pent-up demand. Right now there is heavy rain and flooding going on in the entire Northeast. Of course, the demand for cement is quite mute, but as soon as the situation gets better, I'm sure there'll be a pickup in the demand as well. When should we expect the Rajasthan plant to come on stream, and by when do you think it will be in step-up phases, maybe start with 30% utilization level? Should we expect in FY 2028 ends? Basically we have now gotten the plant plan for the clinker and the integrated grinding unit plant. We have applied for the public hearing and for the EC. By, I think about September end or October, we should be getting our EC for the plant. Between mid-October to November is when we plan to start our work on ground on the Rajasthan project. Effectively 26 months for the plant to come up or 22? It could be about 18 - 20 months from November onwards, I guess. It means about quarter one of FY 2029 or quarter four of FY 2028. Okay, great. Thank you so much. That's it. Thank you. We take the next question from the line of Rajesh Ravi from HDFC Securities. Please proceed. Hi, good evening. Am I audible? Yes. Yeah. My first question pertains to demand in the Northeast. I understand we have seen a similar decline in the Northeast sales. What do we attribute that to? It's all because of elections, which impacted sales in months of April or also because of the rising competition from Dalmia's capacity ramp-up in the same market? No, I think it's not because of the competition. I think because in Q1, the best month is, of course, April because from May and June in Northeast, monsoon starts playing a role. In April, we had the election in Assam, which is almost 60%-70% of the Northeast market. I think that is why I think there is a bit of a dip. I don't think it's because of the competition, and I don't think we have lost any market share in Northeast compared to last quarter or same quarter last year. Yes. On a full year basis, what is your estimation in terms of growth in the Northeast sales on a year-on-year basis? The growth rate in Northeast on a year-on-year basis. You are talking about, Rajesh, market growth or about our growth? Yeah, Star's growth and growth for industry as well as for market FY 2027. Industry is 2%, whereas our growth is more or less flat or maybe minus growth. For FY 2027, you're saying our industry will grow at 2%? For us, I think the growth was about 0.4% in Northeast, and I think the industry may have grown by about 1% or 1.5%. It was flattish. For full year, what is the expectation we are looking at? I think we still are hopeful that we can catch up in the quarter three and quarter four. I think for the industry, I would say that the growth rate should be about 7%. For us, I hope that we can do about 8% to 9% in Northeast. Fuel cost you mentioned INR 1.55 was for Q1 or in Q2? No, 1.55 is the estimate for Q1. I think in Q2 we should bring it down to probably about 1.45. Yeah. Understood. Okay, sir. I'll come back. Lastly, on this NOC project, are equipment ordering is already in place or after the EC is just being received? We have just completed the purchase of our plant land. Our public hearing is end of the month in August. EC should come in first week of October. We have already started calling vendors for quotations, and I think we should be able to lock those by, I think, end of August or start of September. Then we'll start with the engineering work. Understood. Okay. That's all from my end. Thank you. Thank you. Thank you. A reminder to the participants, in order to ask a question, you may press star and one on your touchtone telephone. We take the next question from the line of Navin Sahadeo from ICICI Securities Limited. Please proceed. Yeah. Good evening, sir, and thank you for the opportunity. My first question was Assam comprises what percentage of our sales volume? Also if you could throw some color on volumes, if at all we would have done in Q2 or at least in the month of July. I mean to just ask, is there a risk of a negative YoY growth because of the flood situation? In quarter two in July, of course, the volume de-growth was about 12%. The reason was because July was completely flooded in Assam, and Assam was completely shut down in many areas. I think we are seeing a marginal growth in August. Last year in September, there was GST revision from 28% to 18%. Last year September numbers for us were very bad. This year September we expect to be without much of floods and without any regulatory changes. I think whatever volume de-growth we have done in July, we hope to catch up in September month. Understood, sir. My second question was about the grinding units. Is there a plan that we see some grinding units proposed or planned in West Bengal with the change in government or some industrial policy around it? We are actually waiting. I think about 15th of August is when West Bengal is supposed to come up with their industrial policy. Looking at the industrial policy and looking at the potential benefits that one can accrue, I think we will take a call. Of course, in case the benefits are favorable, I think the CapEx in West Bengal, especially in the Siliguri plant may make sense because it will be a brownfield expansion and will cost much lesser in terms of CapEx and will also give us benefit of SGST in our existing. Is there a possibility, sir, that we would contemplate or compare it between a Bihar grinding unit and West Bengal for us to take a call if the industrial policy is out or as and when, whenever we get clarity, we will be able to decide based on that? I think what we are in the short term, at least considering is West Bengal and Bihar, as alternatives that we can probably invest in. If there is a favorable policy in West Bengal, then we may have to reconsider our CapEx in Bihar and probably may redirect it to West Bengal. That I think we can probably have a longer discussion after the policy is out in the next investor call. I think we'll have more clarity. Regarding the north region, I wanted to understand if there is clarity on the incentives that we will likely or potentially get, or what is the status on that front, sir? Yes, I think we have already gotten the standard approved package in Rajasthan for the Nimbol clinker plant that we plan to set up. I think I will share a slide of those benefits in the next presentation. It involves a degree of capital subsidy along with SGST benefits. The exact quantum is not in front of me at the moment, but I will just add it to the slide so that everyone can see it. Sure, sir. Thank you. Thank you so much. Thank you. Thank you. We take the next question from the line of Shravan Shah from Dolat Capital. Please proceed. Sir, just to continuing that, if the West Bengal policy phase is favorable and if we find fit, we will then entirely 2 million tonne grinding that we were looking at Begusarai, Bihar, this entire 2 million tonne we will be shifting to West Bengal, or it could be a 1 million tonne in West Bengal and 1 million tonne in Bihar? We will get back with the details. I do not know what the policy will be. I hope it is favorable and I think it may make sense for us to put a plant in West Bengal. I don't think it makes sense to put 1 million in West Bengal and 1 million in Bihar because the overall CapEx of a grinding unit along with the railway siding in a greenfield project sometimes may need economy, which may not come with a 1 million tonne grinding unit. That I think we'll have to redo the working depending on the demand scenario. Right now, the demand in West Bengal has been quite good. I think if demand continues like that, then we'll have to, in the next two, three years plan to commission either one of them, for which we'll get back to you in the next call after we have analyzed the industrial policy of West Bengal as well. In the existing grinding unit in Siliguri, we already have plant land enough for another grinding unit. We also have railway siding in Siliguri, and we are planning to put a wagon tippler for the movement of clinker as well as for the movement of fly ash. I think the economics of Siliguri grinding unit will be changing and the CapEx decision we'll let you know in the next call. Okay. Got it. Understood. In terms of now, I understand this is pending, but broadly in Q1, how much CapEx we have done and for full year for FY 2027, FY 2028, how much CapEx are we looking at? Out of that, particularly the Nimbol, how much we want to spend this year and next year? Sir, this quarter we have spent around INR 93 odd crore. Our planning what we have given INR 500 crore for this quarter, this year, that will continue. That will still holding on the same. Okay. Next year, FY 2028? That we have already that same thing. There is no change as such right now. INR 1,500 odd crore kind of a number we should be looking at in FY 2028. Yeah. Okay. This will be largely for the Nimbol. There overall CapEx what we previously talked about INR 2,400 crore-INR 2,500 crore, that remains the same? Yeah. I think in that, the CapEx that we have planned for Rajasthan is about 3 million tons of grinding and 3.3 million tons of clinker, about. For that we are still finalizing the exact specs of the machine, and 2 million tons in [inaudible]. The overall CapEx of this thing is about INR 2,600 crore-INR 2,700 crore. Is that what we're expecting? I think we are focusing in the next two years to primarily get this CapEx going in north. That will be the primary focus of all the CapEx that we do. Yeah. The last latest presentation what we have, there we were saying that INR 2,250 crore for integrated Nimbol and INR 650 odd crore for Haryana. That is close to INR 2,900 odd crore that we were looking for. I'm also talking about the combined amount. I think it may be about INR 2,700. We are still doing the math. It may be INR 100, INR 200 crore up or down. I think once we start finalizing the machinery, we will be able to give clarity in our presentation as well, and I think we'll be able to take a definite budget for the expansion. I think it will be about INR 2,700 odd. With the GST, it may be about INR 2,900. I think the difference in numbers because the GST which I may not be including in my number, but the presentation includes. Okay. Got it. For the QIP previously, which we are looking at INR 1,500 odd crore. Is there anything that we are now looking at? Once we have 1.5 x net debt EBITDA, then we will go for it or anything change in there? I mean, right now, because we're only focusing on Rajasthan and north for the next CapEx for the next two years, and I think if our tools are healthy then we should be able to manage it with about 1.5, 1.6 times debt EBITDA. We are not at the moment actively thinking of QIP. We will do it at the opportune time in case there are opportunities available for which we need to further raise money. It may be organic or inorganic. Okay. Got it. This year for full year in terms of incentive would be INR 130, INR 140 odd crore? I think it should happen, there is a restriction that the Assam government has come up, where they are dividing the overall subsidy benefit across the number of years that the subsidy is valid for. What I expect for this year is not about INR 145, but about INR 115 crores. Okay. Got it. In this quarter, what was the green share and by this year-end where we can be reaching? Green shares for this quarter was about 30%. This of course, includes the WHRS as well. Yeah, true. We are planning to introduce solar as well, or some group captive opportunities. That we're evaluating. I think in quarter three or quarter four, we will also share the details of those contracts. Okay. Lastly, the fuel mix for Q1 will be, in terms of the FSA, AFR, and biomass, will be how much? Fuel mix for FSA would be about 45% from FSA. The other source was spot contract. What has happened in quarter one is that all the coal has been directed to the power plant because I think there was a surge of power requirement. All the Coal India coal was diverted. We did not have that many rakes come in of FSA, and we had to focus on buying spot contract of coal, which are of course, at a higher price, and that is why the fuel cost has gone up. Now I think that we will be able to get few rakes from FSA more frequently, and that is why we expect the fuel cost to go down to INR 1.45. Okay. I got it. Still you said the FSA was 45% in terms of the fuel mix in Q1. What was the balance? The balance, about 30% was spot contract of coal, which is basically we buying off the market. Right? Then there was a component of biomass. Then there's the component of biomass. I think this was the broad fuel mix. Okay. Got it, sir. Thank you. Thank you. Thank you. We take the next question from the line of Prateek Kumar from Jefferies. Please proceed. Yeah. Good evening, sir. I have more of an industry question. Can you discuss the cement demand for FY 2026 or maybe estimated FY 2027, clinker capacity and grinding capacity for 2027, and how do you look at it somewhere in three years? In FY 2027, I do not see any clinker capacity come in. The demand seems to be a bit muted in the first two quarters, primarily because there was election, now there's a tremendous amount of flood. In the latter quarters, I expect the demand to improve. In terms of capacity additions, I think in the next three years, I would expect capacity addition of about 1 million each of two players, and besides that, I am not aware on ground of any other capacity addition happening. Okay. These are clinker capacities you're mentioning, 1 million each of clinker and similar grinding, right? Yeah. Proportionately, I think grinding. Okay. What will be maybe FY 2026 ending clinker and grinding capacity of the region? That number I'll have to get back to you on. I don't have it offhand like that, but I think it should be about 15.5 million-16 million. That should be my estimate of the clinker capacity in Northeast currently. Do you have estimate for your grinding capacity as well? Grinding capacity would be about 23 million. 23 million-24 million. besides yourself and Dalmia Bharat, other smaller players, have they been able to expand or most of expansion is from the top two players in the region past three years? besides us and Dalmia, we are the two people who have majorly expanded. I think other companies are doing brownfield expansion, and they're trying to de-bottleneck of about 0.5 million, 0.6 million. I don't think there's anything significant lead that they're expanding at the moment. Sure, sir. This was my question. Thank you. Thank you. Thank you. We take the next question from the line of Harsh Mittal from Emkay Global Financial Services. Please proceed. Yeah. Thank you for the opportunity. Good evening team. I have only one question. How have the prices behaved in the past 1.5 months, basically, the post 1Q exit given the flood situation in Assam? If you can give color on this. Yeah, I think the prices have broadly been flat. From Q1 to now, I think there's almost like a INR 2 increase in the price. It has broadly been flat. I think because the demand has gone, I don't think there's any reduction in the price. There's a cost pressure, we had to maintain the price and that's why the price is a bit flat. I think ideally because of the cost pressures, I think once the demand opens up, I think there will be a requirement to increase the prices a bit to absorb the cost. This flat prices, it stays in both of your markets, this Northeast as well as in outside Northeast. Is this assumption correct? Yeah. I think in Bihar the price is a bit higher, up by about INR 10. In West Bengal and Northeast, the prices are up by about only INR 3. Okay. Sir, any number if you can give about what could be the cost per ton reduction in quarter two, or you're saying it may be flat? If any indication you can give on the operational cost per ton. Operational cost, besides the fuel cost, which may go down to about INR 1.45, I don't see a lot of costs going down because the bag prices are also high at the moment. I don't see that also going down. Depends on the war and the crude oil prices and bunker prices. That is beyond our control. I think from a longer horizon, we are introducing a few things which should help us in reducing our cost. I think, by October, November, we will get a railway siding in Silchar. We start operationalizing our Silchar capacities fully. I think there will be a lot of operational logistics saving that we may be able to accrue because of that, because that will help us in serving the South Assam market more effectively along with other states in Northeast. We are also planning in the next five, six months, also planning to introduce EVs in some typical routes. I think that would also lead to significant savings. We are planning to introduce a wagon tippler in Siliguri, which will reduce its clinker transportation costs and fly ash costs to Siliguri significantly. We expect about INR 150 savings from the sales that we make from Siliguri after we do introduce wagon tippler there. I think these are just a few cost initiatives that we're taking, which will materialize in the next three to six months, basically. Harsh, in addition to that, because there are some one-off in the detriment of donation and some incentive, that will also reduce in the next quarter. That anywhere INR 60-INR 70 savings will be there as compared to this quarter. Got it. Last question from my side. Are we staying at our guidance of INR 150 crore of non-cement revenues this year, or there is some downside risk on that? Sorry, can you repeat that again? Sir, my question is, in the last call, we gave a guidance of INR 150 crore revenue guidance for the non-cement part business. Are we staying intact? Is this guidance intact, or is there some downside risk to this number? No, that INR 150 was not actually the EBITDA increase. That was a revenue increase that we had suggested that we will do about INR 150 ARR by our building solutions division, raised by AAC and RMC, and that is actually a revenue estimate. That's not an EBITDA estimate. I said that this is a revenue estimate only. I said about revenue estimate. Yeah. That revenue estimate, I think, again, because the demands have been a bit sluggish, we are not right now at the ARR where we touch INR 150, but we are increasing our RMC plants. We are focusing on AAC, and I think we should be able to reach that ballpark figure. At least on a ARR basis, we should be able to reach that INR 150 number by the quarter four. Got it. Thank you. These were my questions. Thank you. Thank you. Thank you. We take the next question from the line of Navin Sahadeo from ICICI Securities. Yeah. Hello? Hello, am I audible? Yes. Right. Sir, a couple of questions. My first question was that if North as a project is certain, from a strategy point of view, are we contemplating entering the region with some RMC units because you already have some experience for RMC in your home turf, and given the way North is typically a OPC market, incrementally, I think other companies are also talking about RMC increase. As a strategy, would you be contemplating putting more RMC units in the region to begin with so as to make brand visible or indirectly seed the market, and then probably once your product is launched or once your factory is launched, that could help us gain a better traction. Is that something on the card? That's a good suggestion. We had not got down to thinking about that yet, but I think it's a good suggestion. I would ask my team to evaluate it, probably we can have a discussion about it in the next earnings call. We've read the market. I agree with you that a lot of cities have the RMC culture, we'll have to eventually get to it. We haven't really modeled it out, we haven't really explored it in detail. We'll do that, we'll get back. Sure. Will look forward. My second question was about the incentives. You mentioned Assam government did some change wherein from the earlier payout, they would now do a much more equated kind of a payout. Two things here, wanted to understand what is the amount outstanding, and are there any receivables there from the Assam government which will take longer than expected? Manoj, do you have the numbers? Currently, we have around, because we have received this quarter also, we have received INR 50 odd crore, INR 140 crore we have received. Till June, we have a total of INR 165 crore, and we have received INR 140 out of it and INR 25 we are left with. Up to June 2025, everything will be cleared. After that, just let me give the number. Then INR 85 is the accrual till March 2026. That is, suppose it will be INR 85 plus INR 25. This is INR 110 crore is outstanding till March 2026. Further this quarter, we have accrued around INR 16 crore, that is outstanding. INR 130 crore is outstanding from Assam. INR 130 is outstanding. I'm sorry. How many years now? What is the total book size or incentive amount that we can get irrespective of the period? I believe they have changed the period now. What is the total duration in terms of years and maybe the annual amount? Total was INR 794 crore. Okay. That has to be, we will get. Okay. Yeah. I think it was INR 794 crores that we were supposed to get. Earlier there was no restriction of how fast you will get it. It depended on the amount of SGST that you gave to the government. Correct. Right. I think the net SGST used to get deducted from that amount of the overall subsidy. Right? Now what they’ve done is that they’ve divided the amount of subsidy by 12 years. Right? Out of that, two, three years have already gone. Whatever remaining subsidy was there, they divided it by the remaining number of years. Right? As per this new circular. The impact of that is about INR 20 crores-INR 30 crores, which is why I said that the estimate of overall subsidy will reduce from INR 145 to INR 115. Understood, sir. Sir, my last question, because there was a change in the government in West Bengal, and whatever local articles that we were reading through some friends maybe, I could just understand that there was a big crackdown on the illegal sand mining in West Bengal, so to say. Do you have any idea if the upcoming industrial policy will have any proposal by the state to formalize the sand mining, which will also then, in a way, lay ground for having more organized RMC business in West Bengal as a state? I think you're right. In West Bengal, there were problems because of the illegal sand mining and the crackdown on it. That is also the reason why the demand for cement has also been a bit mute, I think, in that area. I do not know if the government is trying to formalize this and what steps they are taking to counter this. I think that once the rainy season gets over, I think they will, in some form or the other, open the sand mining because I think it will be critical for them to do that. Right now they can't do it because anyway it's raining. It won't be possible for them to do it right now. Understood. Thank you so much. Let me again congratulate you for still being one of the highest EBITDA per ton companies, even excluding incentives. We look forward to similar such leadership or that margin gain going ahead as well. Thank you. Thank you so much. Thank you. Thank you. Participants? As there are no further questions from the participants, I would now like to hand over questions to the management for closing comments. Navin, we have to hear the closing remarks by Tushar, as no management is there. Yeah. I think she said the same. Anushka requested the same. No, sir. I think I'd like to just say that, of course, quarter one was not as per any of our expectations, I think because of unforeseen events globally as well as in the state. I think quarter two seems to have a similar trajectory. This is also because the GST has been significantly revised. I think first hit on the subsidy side was because the GST had reduced from 28% to 18%. I think in quarter one alone, INR 40 crores was a hit because of that. If we actually exclude that hit of INR 40 crores, then I think we were positive EBITDA in terms of percentage in absolute terms, which shows that there was resilience. I think from September onwards, any way the subsidy impacts, last year had also already hit us. I think from quarter three onwards, we will see that there's not much of a loss that we're making because of the reduction in the subsidy, and that part in the books would seem to be taken care of. I think the profitability also in terms of the percentage growth in EBITDA will start reflecting in the books. The first two quarters, because last year till September 2025, the GST rate was 28%, and now it is 18%. Right now we are absorbing the hit of the subsidy. I think from September onwards, last year also it came down to 18%. I think the hit that the books are facing because of the subsidy will stop being felt after September onwards, and we'll start seeing a growth thereafter. Thank you. On behalf of ICICI Securities Limited, that concludes today's conference. Thank you for joining us, and we wish you a good afternoon. Okay. Thank you.