Ladies and gentlemen, good day and welcome to the Archean Chemical Industries Limited Q2 H1 FY 2026 Earnings Conference Call. 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, or touch tone phone. I now hand the conference over to Mr. Ranjit Pendurthi, Managing Director of Archean Chemical Industries Limited. Thank you, and over to you, sir. Thank you. Good morning, everyone. A warm welcome to all of you joining on our Q2 and H1 FY 2026 Earnings Call. I appreciate you all taking the time today to be here with us. On this call, we are joined by Mr. N. R. Kannan, our Executive Director, Mr. Natarajan Ramamurthy, our CFO, Mr. Rajeev Kumar, DGM Finance, and the SG&A team, our Investor Relations Advisor. I hope you've all had a chance to go through the financial results and investor presentation that is available on our website, as well as notified to the stock exchanges. I will start with a brief overview on the recent developments and market trends. Post that, Mr. Natarajan, our CFO, will give you a financial overview for the quarter and the first half. To start with, I would like to inform you all that we have obtained the India Semiconductor Mission approval for our SiCSem project, a compound semiconductor project, which we believe is a major milestone for the company's growth. So I only thought it was important for us to mention this at the very beginning. Also, I'd like to inform you that the Income Tax Department conducted a search and seizure operation from September 4th, 2025, to September 9th, 2025, at various locations of the company and its subsidiaries under the Section 132 of the Income Tax Act, 1961. The company extended full cooperation with authorities and continues to do so. Moving on to the market overview. On part of the market overview, the chemical industry continues to see a mixed trend. As we look back on the quarter, it's important to recognize the complex global environment we are operating in. Persistent macroeconomic headwinds, supply chain disruptions, and geopolitical developments continue to influence strategy, demand trends, pricing, and overall operations across industries. We view these challenges as temporary, and the long-term growth story for India remains strong, and for the chemical business, it's no exception. As we navigate through this continuously changing environment, our focus at Archean Chemicals remains clear: building a strong foundation for sustainable long-term growth and meaningful diversification in line with our strategy. Now, coming to the performance, H1 FY 2026 performance. While we began FY 2026 on a steady note, the first half of the financial year grew by 10% to INR 5,232 million, despite all challenges. As you are aware, seasonal and uneven monsoon patterns also impacted business in terms of production, sales, logistics, etc. As a group, we are confident that the fundamentals of our business remain robust, and the team on the ground continues to focus on operational efficiencies, improving customer engagement, and execution across all key initiatives which we have taken over the last few years, and especially so over the last couple of quarters. Coming to our segmental performance, we will start with the first one, Elemental Bromine. Elemental Bromine contributed approximately 30%-31% of our total revenue in H1 FY 2026. Overall, Bromine demand was robust, and price was healthy. However, due to lower efficiencies in our plant due to some technical reasons, the production volumes were below target. However, we have already started taking the corrective measures and are implementing the action plan to improve the same. Performance is expected to improve in the coming quarters, supported by a gradual pickup in the subsidiary operations as well. In the near term, we do not see any major challenges on either the demand or supply side. On the pricing front, we are seeing encouraging trends. As we move forward, our performance will improve along with production. Just to reiterate, from the long-term perspective, any sharp movements in spot prices do not immediately impact us, as most of our contracts are long-term and bilateral in nature. Our strong customer relationships continue to support our business. Their consistent orders and confidence in our capabilities have helped us maintain our position as India's largest manufacturer and exporter in this space. Secondly, on Industrial Salt, for the quarter gone by, we sold nearly 1.9 million metric tons, which contributed to more than 65% of our total revenue. While the reported volume is shy below the quarterly guidance of 1 million, we would like to highlight that the shortfall is temporary and was mainly due to the prolonged monsoon season, which impacted the overall production and transportation. We have a strong demand visibility and long-term contracts in place with customers. We are confident to export close to the guidance we have given of 4.5 million tons in FY 2026. As I mentioned earlier, globally, only a handful of manufacturers can meet the highest level of purity at scale, and we are among them, continuing to be India's largest exporter of industrial salt, primarily to the eastern part of the world. On Sulphate of Potash, like I mentioned in the previous call, the pilot trials have been done, and they have been successful. Presently, we are working closely with the technology partner to progress from pilot scale to plant scale trials. Plant modifications have started and are under progress, and we are now preparing for plant trials in Q4. We are confident of replicating the pilot plant performance, where the trials have proved to be very encouraging in terms of results and recovery. Site work has started, and equipment is already ordered. We are one of the few global manufacturers of SOP, and the market remains very firm in terms of demand for this specialty fertilizer. As stated earlier, we continue to believe that SOP will be one of the important business drivers for the company in the coming quarters and years. Number four, on Bromine Derivatives. Our Bromine Derivatives business operations are up and running, currently operating between 30% and 35% capacity utilization. Ideally, we would like to have been at a higher rate. However, the Clear Brine Fluid sales uptick expected after qualifications and approvals from end users are received. Going forward, we expect the utilization to improve gradually to at least 50% by the end of this financial year. We are confident of receiving the necessary approvals from clients, which is an ongoing process, primarily in the Middle East, where the oil fields are based, and have started engaging with them for the necessary certifications as well. Regarding the Flame Retardant project, as I mentioned in the earlier call, we continue to pursue this initiative actively, and we will provide an update soon in the coming months. Of the total direct CapEx of INR 250 crores originally envisaged for the Bromine Derivatives towards plant and machinery, to date, we have already invested close to INR 190 crores. On Oren Hydrocarbons, renamed as Idealis Mud Chemie post-takeover by us. As you're aware, we took position on the assets in the last quarter of the previous year. Since then, we have made progress in reviving and refurbishing the units. We are through with the trials in three units and are awaiting necessary approvals to start the production soon. Samples have been sent out to customers, and we're awaiting for the go-ahead. For the past few months, our team has been working through several on-ground challenges. As you know, we bought the company through NCLT to restore operations and improve output. This has caused some delays in our revenue contribution, and it is further affected by the lower global crude prices, leading to slow rig activity and delayed in the onboarding of new suppliers like us by the oil majors. Now, coming to our new strategic initiatives. Number one, Semiconductor. During the quarter, our Semiconductor business achieved a major milestone. Our project was among the select few approved by the Union Cabinet under the India Semiconductor Mission. The project underwent a thorough evaluation covering technical capabilities, specifications, and long-term planning. This marks a landmark year for our company, and I would like to thank our entire team and all our stakeholders for their trust and continued support. We are pleased to inform you that the groundbreaking ceremony was conducted on the 1st of November, 2025, marking the commencement of the plant's commissioning activity. We have outlined INR 2,067 crores investment in the first phase, which will include both the central and state fiscal support along with our own contribution. With the recent developments in the sector and the government's emphasis on building an entire semiconductor ecosystem, we are confident that this initiative is timed perfectly to harness the sector's growth momentum both domestically and globally. The second one on the Energy Storage Battery business. On the Energy Storage business, as you're all aware, we have invested in Offgrid Energy Labs, a Zinc Bromide battery innovator with a robust IP portfolio of over 50 patents and more across cathodes, anodes, and separators. In May 2025, we successfully acquired an 18.14% stake, with the remaining commitment expected to be fulfilled over the coming quarters. The company plans to set up a 10 Megawatt-hour demo manufacturing facility in the U.K. The work has already started, and further, its research and development in the pipeline for next-generation stationary energy storage solutions and commercialize its patented ZincG el batteries through certification, testing, and finalizing the blueprint for a giga-factory. Upon successful pilot execution, we shall plan to scale up to a giga-factory, which is expected to take 18-24 months to materialize. To sum up, our business fundamentals remain strong and robust. We maintained healthy margins, deepened our relationship with clients, and laid a strong foundation to invest in high-potential sectors like bromine derivatives, semiconductor, and energy storage. We continue to focus on our core business and improve efficiency and production and the overall numbers there as well, given the support we are getting from the market and healthy demand from the market. Importantly, we continue to be a net debt-free company, backed by a robust balance sheet and disciplined capital allocation. This financial strength ensures healthy cash flows and provides the strategic flexibility to invest confidently in long-term growth opportunities, and we look forward to the shareholder support in this. With that, I would now request our CFO, Mr. Natarajan Ramamurthy, to share the financial performance for Q2 and H1 FY 2026. Thank you, and a very good morning to all the participants on the call. We are pleased to report a notable performance for quarter gone by. To give you a summary of Q2 and H1 FY 2026 on stand-alone basis, Q2 FY 2026 performance, total revenue for Q2 FY 2026 stood at INR 2,317.8 million and 8% lower on a year-on-year basis. Our business mix are as follows in Q2. Bromine contributed around 33% of the total revenue, whereas Industrial Salt contributed around 67%. Sales volume of business are as follows. Volume sales of Bromine for the Q2 FY 2026 stood above 3,000 metric ton level. Volume sales of Industrial Salt for the Q2 FY 2026 stood at around 0.9 million. EBITDA for the company stood at INR 759.9 million in Q2 FY 2026, a 15% decline on a year-on-year basis. EBITDA margin stood nearly 33% for the quarter. Net profit for Q2 FY 2026 stood at around INR 384.6 million. H1 FY 2026 performance, total revenue for H1 FY 2026 stood at INR 5,232.3 million, a 10% growth on a year-on-year basis. EBITDA for the company stood at INR 1,717.9 million in H1 FY 2026, a 2% lower on a year-on-year basis. Net profit after exceptional item for H1 FY 2026 stood at around INR 903.1 million, a 28% growth on a year-on-year basis. On a consolidated basis, Q2 and H1 FY 2026 performance, total revenue for Q2 FY 2026 stood at INR 2,395.6 million. EBITDA for the company stood at INR 689.8 million in Q2 FY 2026. Net profit for Q2 FY 2026 stood at around INR 290.4 million. H1 FY 2026 performance, total revenue for H1 FY 2026 stood at INR 5,401.5 million. EBITDA for the company stood at INR 1,553 million in H1 FY 2026. Net profit for H1 FY 2026 stood at around INR 691.8 million. With this, we conclude the speech and open the floor for Q&A. Thank you. Thank you very much. We will now begin with the Q&A session. Anyone who wishes to ask a question may press star and one on their touch-tone 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 question queue assembles. Also, a reminder to all participants that you're allowed to ask two questions only. The first question is from the line of Sucrit Patil from Eyesight Fintrade. Please go ahead. I have two forward-looking questions. First of all, good morning to the team. My first question is, looking beyond this quarter number, I'd like to understand the bigger picture. Archean operates in a space where global demand for Specialty Marine Chemicals like Bromine and Industrial Salts keep on changing very quickly. Over the next one to two years, what is the one big thing or the one big change you are driving that will make Archean stronger and more trusted in the global markets? Just curious to know whether this is more about expanding the technology platforms or building deeper customer relationships or shaping the company in such a way that makes it hard for your competitors to copy your business. This is my first question. I'll ask my second question after this. So yeah, so thank you for that question. I think over the next couple of years, we continue, like I said, to focus on the core business most importantly, which is our Industrial Salt, Bromine, and Sulphate of Potash business. We anticipate enough and more growth available in those three areas. The Salt, of course, because we have been a market leader, we have a lot of customer engagement, and we will continue to do that. And we are also having new customers that we are approaching, and we'll continue to build the volumes. Quality always will be a primary concern, and as we scale that volume, we should ensure that the quality parameters continue to be the best in the world. On Bromine, we already have the capacity installed, so we want to increase the utilization rate. The quality already is among the best, which is why there's a continuous demand for our product both domestically and globally, so I think our focus will be more on the elemental side to increase the volumes that we are producing, which is one of the reasons why, as I mentioned in the last call, we're also doing certain capacity enhancements at the site in terms of field evaporation area, etc., to increase utilization rates, so the demand is not a problem there. The third one is the Potash business. Obviously, we have made good progress, and over the next couple of quarters, we should see those results coming in as well on the trial plant side, and then I think starting post-monsoon next year, we should be in a full-fledged state to start production and utilizing the installed capacity. So a large part of this doesn't require any real CapEx apart from regular operation maintenance. So on these three products at the core, we will continue to drive volume, quality, delivery, and expansion and utilization of existing capacities. Now, having said that, going down, of course, the Bromine Derivatives unit will play a big role in enhancing our utilization of in-house bromine. And there there's a deeper engagement both with customers on the application side as well as conversion of the bromine to various other inorganic and organic bromides. And additionally, the Flame Retardant project also should come online in the next 12-18 months, and that's what we are driving at. Thank you. My second question also a forward-looking one, specifically on margins and cost planning. Whenever cost rises, we see a collateral pressure on the margins, whether it is through raw materials, energy, logistics, or any compliance that you have to follow. I just want to understand how you think about protecting the profits without slowing down growth. Means like, do you rely more on smarter sourcing or pricing control, or is there any other USP that the company is following? And how do you balance these parameters in practice so that Archean stays strong and the profits keep on clocking even when sometimes things get out of control or sometimes when things don't go planned as they are supposed to? Thanks. Thanks. I think, as you rightly said, today in the business environment, volatility and uncertainty are a given. We have to be able to navigate on a daily basis since changes happen on a daily basis. But I think the macro environment is something we can't control. Unfortunately, we end up reacting to it. However, at our end as a company, what we can do is be very, very conscious of cost. If you see over the last few years, we've been able to manage that very effectively. It's a combination of both good practices as well as continuously trying to see where we can reduce cost. Logistics is a big cost for us simply because we are a remote location, so we need to necessarily move the salt, for example, by trucks. But I think the government has hinted that they're going to build a railway somewhere in that area, which may happen sooner than later. And if that does, then we would look at using a combination of that sort of transportation method to reduce cost. And then in terms of bromine, I think it's about efficiency. If you're operating at X- efficiency, the idea is to be able to extract more from the given raw material. So I think that helps to bring down cost as well. So there are certain factors that are in our hands that we will continue to tackle as we have been, but certain things are market-driven. For example, the price of fuel. Fortunately, I think it's been pretty consistent over the last couple of years, but that may change. We don't know. But I think when that happens, we'll have to find other places to become more efficient. I think that's good guidance from your part, and I wish the entirety best of luck for Q3. Thank you. Thank you. The next question is from the line of Vinay from Hathway Investments. Please go ahead. I have just one question. If I have to look at the volumes of if somebody can just give us the sales volumes in quarter in Industrial Salt, Bromine, and SOP? Sure. Mr. Natarajan. Okay. In quarter two, the sales of industrial salt is 889,193 metric ton. Bromine is 3,160 metric ton. SOP 26 metric ton. And corresponding last year? Corresponding Q2 last year? Yes. Yeah. 792,365 metric ton industrial salt. Bromine 4,683. SOP 26. Okay. Now this SOP for the last such a long period that we have been looking at, it's still not getting on. Though we are it's an extremely promising category. How long do you see this extending now? When will you start seeing the commercial production and the sales coming in? Yeah. So as I mentioned, I think the trials have been finished, and the pilot plant is being erected as we speak. So, that will come into the trial production, which will start in Q4. Like I said, the work has already started on the ground, and equipment has been ordered. And we are confident that it should be successful as it has been in the lab scale. And we believe that we will start production of this post-monsoon next year because generally during monsoon, you don't ideally run an SOP plant because the material is very hygroscopic. So we generally don't avoid monsoon. But that has been the plan, and I think we are sticking to that timeline. So we'll see Q3 FY 2027, the sales of SOP getting into our books? Yes. And this is a margin-accretive business, right? The highest margin among the three products? Assuming that the current prices hold, it's likely to be because the capacity is already installed, and we have about 130,000 tons that we can put to production and sales because the market is there and the prices are pretty firm because being a specialty product. Okay. This is 130,000 per annum? Yes, per annum. Yeah. Okay. So what kind of roughly margins are you looking at? Can you share that, or is it confidential? Well, I think one, it's confidential, but more importantly, I think we'll probably provide a better update once the pilot plant's up and running in Q4 because then I think we will also be giving you a fair idea about where we should end up on margin front. Great. Thanks a lot. Thank you very much. Thank you. Thank you. The next question is from the line of Archit Joshi from Nuvama Wealth. Please go ahead. Hi. Good afternoon, everybody, and thanks for the opportunity. So a couple of questions. First one on Oren Hydrocarbons. I mean, now that we've already done quite a lot of work here, what are our expectations in the second half? Are we deriving any revenues from there? Have we seen any ramp-up? If you can throw some number, if possible, what to build in second half and expectations for FY 2027? So thank you, Archit, for the question. On Oren, it has been disappointingly slow. Ideally, we should have already been able to start sales by now. But I think the fact that we have bought the company from NCLT. I think we underestimated the challenges on the ground in terms of dealing with regulatory authorities, etc. So there has been a delay. Even though the two, three of the facilities are up and ready, we're still dealing with some of the challenges coming over from the acquisition. But having said that, I think we've been able to start sending samples to customers, and I think the products are coming out well. So there is momentum there. For the rest of the year, I would not really consider any meaningful contribution from Idealis, ex-Oren simply because I think we would like to start showing some results on the ground in terms of sales before we start giving an idea on that. But yes, there's been a delay, and I think we are six months behind than where we want to ideally be. But nevertheless, I think the encouraging part is reception of the products being made and the ability to make them. I think that's something that we are happy about. So FY 2027 and onwards, the ramp-up should be strong. Should that be a good assumption in Oren? Yes. I think FY 2027, we expect some of those products to definitely start selling. And apart from, I think, the earlier question that was asked, what happens with the core business and SOP, etc., I think FY 2027, we'll see a lot of additional revenues and products coming in from Oren, from the core business as well as the derivatives. Understood. So secondly, on the INR 2,067 crore CapEx that you are planning to deploy within the semi-confis, how should we number it in the model? How do we see it being deployed? Is it like a two, or three-year thing? Can you give some broad timelines as to what amount of money will be spent in FY 2026, 2027, 28, in that manner? Fair question. I think it's a bit early to commit to that spreadsheet you want to build. But I can tell you this: that we kickstarted work on it. We have finalized the consultants who have come on board last week for the construction project management, for the go-to market, for the technical evaluation, for the bidding, etc., and for other support on documentation and other things. So the work has started, and very soon, we hope we'll be able to give, I guess, a notification to stakeholders on the commencement of construction. Sure. Just one follow-up on the same one. The subsidy that we are expected to receive from the state and the central government with regards to this. I just wanted you to rejoin the queue for the follow-up. Is there more participants left in the queue? Sure. Sure. Thank you. Thank you. The next question is from the line of Aditya Khetan from SMIFS. Please go ahead. Yeah. Thank you, sir, for the opportunity. So just a couple of questions. Sir, when we look at the bromine volumes, so we are sitting at some 10-12 quarter low. Has structurally changed in bromine? I think, sir, in last year also, there was one run-off in the Salt business. This year, we are witnessing salt volumes are picking up, but bromine is going down. Although your initial commentary suggests that there are no challenges on supply and demand side, so why is the volume low? And our target, are we on track to meet by this fiscal FY 2026 of 25%, which we have stated earlier? Thank you for that question. So I think two things. One is, as you pointed out, on the supply and on the demand side, right? In fact, bromine, I think, is holding steady, and there has been no fall in demand. And as I also mentioned in my commentary, the price trend is encouraging. It's moving up over the last quarter or so. And I think we are witnessing that coming through to us as well. Primarily on our side, it's been a production challenge. There has been a bit of a prolonged monsoon, not to mention erratic. Even as recently as October end, it has been raining, including places like Bombay, the Coast, and up in Gujarat. So that's obviously not helping our production. But having said that, there are certain steps that I mentioned in my commentary as well we are doing. And you'll see these coming through in the next quarter onwards. We are fixing certain problems at the equipment level, but the demand stays robust. In fact, I think we have almost 10,000 tons plus backlog in orders. So yes. So I think it's two sides of the same coin. Got it. Sir, onto the Bromine Derivatives, can we share the volume figure and the revenue share in this quarter? And what is the outlook for FY 2026 and FY 2027? Sure. I'll have Mr. Natarajan give you the volumes for the derivatives. Just give us a second. Yeah. One second. Yeah. In H1, we have done 3,135 metric tons. And the value of INR 43 crores. INR 43 crores. Okay. Okay. Sir, my next question is onto our SOP. As you have highlighted earlier, that SOP trial runs have concluded. So how bigger business this can be, whether it can be a INR 500 crore or INR 1,000 crore top-line business? Earlier, because when we look at the capacity size, the figure can be this big. But what is the plan at the initial by FY 2027, 2028? How big this can be? So this is Kannan. I'm answering it on behalf of our MD, so Ranjit. Basically, this has got a potential to reach the kind of numbers which you mentioned. But the clarity will emerge once our trials are completed. The process, it goes through certain changes. Our old process and the plant, there are some changes which are required in that. And once those changes are completed, we will be able to kind of definitely say what's going to be the rating of the existing plant. But as a potential for this product, definitely, it's got that capability to reach the kind of numbers which you mentioned. Got it. Sir, in your initial commentary, you mentioned about the 50% utilization. This is for Oren Hydrocarbons, right? This is for Acume. Okay. Okay. Got it. Thank you, sir. Thank you. I'll request each participant to ask two questions. The next question is from the line of Sunaina from Chola Securities. Please go ahead. Yes. Hello. Thank you so much for answering the question. My first question is relating to the bromine production that was there. Could you speak on why the efficiency was lower? What was the internal difficulty that was there beyond a prolonged and erratic monsoon? And the initial target that was given of 22,000-25,000 would this be lower for the next year? Do you see build-up of the order book of about 10,000 tons that you were speaking about? Would we be closer to 20,000 metric tons, or would it be lower? So I think this is Kannan again responding on behalf of Mr. Ranjit, our Managing Director. I think during the call when Mr. Ranjit was speaking. It was already mentioned that there were some technical challenges, primarily contributed by the heavy rainfall, unseasonal rainfall, which led to dilution of the bromine concentration in the brine and consequently, lower efficiency of the assets. So those aspects are being addressed, and they are being worked around. To your point with respect to what the volumes will look like from going forward, certainly, this year, we will need to overcome these challenges. So to that extent, we are looking at definitely more than H1 performance in H2 for this financial year, FY 2026, and definitely looking forward to the kind of order of volumes which we had indicated in our previous guidance for FY 2027. So this will be a progressively ramping-up activity, and that's how we see the whole thing. Okay. Thank you. And my second question is relating to Offgrid Energy Labs. What is the updates over there? Would this be something that's coming into play into FY 2027, 2028? The investment I know would be done in FY 2026. If you could provide a bit of color over there. Rajeev, can you take this call? Yeah. Sure, sir. Yeah. So thank you for the question. See, Offgrid Energy investment is a long-term investment. The idea there is twofold. One, of course, once the pilot plant is set up, the 10 Megawatt-hour pilot plant, which is being set up by the Offgrid team in the United Kingdom, that should take at least 12- 18 months. Once the pilot plant is up, the idea is to create a blueprint for a giga-factory and then see the possibility of setting up the giga-factory in India. And the second rationale is the electrolyte for Offgrid Energy is zinc bromide. One of the products that Acume, the subsidiary of Archean Chemical, is making or going to expand is zinc bromide. These are the two rationales for that investment. We would see pilot being done after 12- 18 months. Would the investments or the expense that would be there for this be margin dilutive for the parent company? No. The investments are already made. Just so that it is clear, the investment is already done. Archean Chemical has made the investment. That investment has given them around 21%-22% stake in Offgrid Energy. And the investment proceeds will be utilized by Offgrid to set up these giga-factory. And the investment proceeds will also cover the CapEx and OpEx for the next two years for the pilot plant. Okay. Great. Thank you so much. Yeah. Yeah. Thank you. The next question is from the line of Rohit Nagraj from 360 ONE Capital. Please go ahead. Thanks for the opportunity. So first question is on the Odisha investment of almost INR 2,000 crores. What would be our contribution given that there will be state and country support in terms of subsidies? And what could be the timelines in terms of funding our equity for the project? Thank you. I think Rajeev is available to take that question. Rajeev? Yes, sir. Thanks, Rohit, for the question. See, INR 2,066 crores is the overall capital expenditure for phase I. We are currently in the process of signing the fiscal support agreement. As you know, this is the first compound semiconductor fab approved by India Semiconductor Mission under the Ministry of Electronics and Information Technology. The fiscal support agreement signing is currently under progress, and it's in a very advanced stage. Once we sign that agreement, we'll have a fair idea about what will be the overall funding mix of the project in terms of equity or subordinated debt support from Archean and also the support from Government of India and Odisha state. But it will certainly be around 60%-65% of the overall capital, the INR 2,066 crore. And the funding pattern will be pari passu in the sense that whenever the project fundings are infused, this will be funded by all the three parties in proportion. Sure. That's helpful. So we'll wait for more clarity on this. Second question in terms of the first half performance and then what we are expecting from FY 2026 perspective. I think most of the people have asked this question, but just to get a little more granularity, industrial salt, we continue to maintain about 4.5 million tons. Bromine, first half, we have done about 7,300 metric tons. Second half, are we likely to make at least last year's volumes of 18,000 tons? And then similarly for bromine derivatives and Oren Hydrocarbons, what could be the absolute number of revenue that we are looking for FY 2026, given that there have been delays and probably even the scale-up will happen in second half and more so in FY 2027? So just a little more clarity in terms of how the numbers will shape up for FY 2026 and FY 2027 from volume perspective and from the absolute revenue perspective from derivatives and hydrocarbons. Yeah. So I think on the remaining part of FY 2026, we are at the moment seeing how to balance the pricing in the market vis-à-vis our own intention of keeping the margins intact. I think that is being discussed internally, and we want to ensure that the volumes are not hampered on the salt. On bromine, our endeavor is to at least meet last year's production volumes. However, as I said, the erratic monsoon has played a bit of a spoil sport. Generally, as you know, in Gujarat, rains end in September, but even in October, it has rained. It hampers production only because of the dilution of the concentration in the brine. As such, that affects the efficiency. However, I think all efforts are on to meet the figures that you have mentioned. On Oren, I think I answered this with an earlier participant who asked me about what FY 2026 looks like. The real numbers will only come in through FY 2027. The plants are ready. Certifications are ongoing. So meaningful revenue will come from FY 2027 because all the CapEx we had to go in is already done. The same with the bromine derivatives. The rest half of the year, I think we will do a little bit more than we've done in the first half of this year. But that one also is a bit of an R&D and a gestation period in terms of getting certifications from the end users. But having said that, I think the first hurdle we had to cross was establishing ourselves as a producer. Second is being a reliable producer, and the third is quality. So I think the oil majors through the various distributors we are working with, I think, are convinced, and the volumes obviously will grow in FY 2027. Now, specific what it will be, it will definitely be better than FY 2026, for sure. And how much better, I think over the next couple of quarters, we will have a better picture on that. Sure, sir. Thanks a lot and all the best. Thank you. Thank you. The next question is from the line of Ranjit from IIFL Capital. Please go ahead. Yeah. Hi, sir. Thanks for this opportunity. First one is just a bookkeeping one. You shared your revenues for the second quarter on the bromine derivatives, which is around INR 43 crores. It would be helpful if you can also provide the same figure for the Q1 FY 2026. And the 33%-67% revenue mix that you have shared, was that for the first quarter? Sorry, the second quarter or the first half? That is my first question. Ranjit, sorry. Can you repeat the question? What did you want to know specifically? The INR 43 crores of revenue that you have mentioned for bromine derivatives, which was for the 2Q, if you can get a similar figure for first quarter FY 2026. The 43 crores is for H1. It's H1, not Q2. It's H1. Okay. Then if I can get it for 1Q and 2Q, that would be helpful. Sure. It is INR 23 crore in Q1 and INR 20 crore in Q2. Sure, sir. The second question is largely if you can update on the investment that we have or rather had at IIT Bhubaneswar for silicon carbide thing. Have we made any progress on that one? Yeah. We invested close to about INR 65 crores, and we have successfully demonstrated and produced silicon wafer ingot. I think what we set out to do in IIT Bhubaneswar at the Research Park with our investment, we have achieved that and also demonstrated it. So I think we are happy with and lots of, I think, people are impressed from the community, semiconductor community. Many people have come and seen ingots, proprietary. So I think we're happy with the outcome there. And that is what would be translated or used in the new facility that you will set up? It will be one of the future phases where we will set that up because the starting point is silicon carbide wafer, as you may be aware. And I think the fact that in India, we've been able to demonstrate that, it reduces a large dependence factor on this raw material. Sure, sir. Thank you. And one last bit. The 33% and 67% revenue, is that for first half or second quarter? Can you repeat? Revenue mix? It is for first half. It is 31% and 68% for first half. Can I get that for the second quarter? I will get back to you separately. We'll break it up and send it. Yeah. Thank you. Thank you. The next question is from the line of Mohit Mishra from ICICI Securities. Please go ahead. Hi, sir. Thank you so much for the opportunity. Hello. Am I audible? Yes. Yes, sir. I just had a small bookkeeping question. I wanted to know if you could help me with the revenue figures for all the segments during the quarter. Quarter one? Q2. Q2. Second quarter. Q2. Yeah. Already given. So 889,193 metric tons of industrial salt, 3,160 metric tons of bromine, and 23 metric tons of SOP. Sure. Just Just the revenue numbers, not the volume. Yeah. Industrial salt is 148 crores, bromine 72 crores, SOP small amount, 14 lakhs. Okay, sir. Thank you so much and all the best. Yeah. Thank you. Thank you. Thank you. The next question is from the line of Krishan from JM Financial. Please go ahead. Yes. Hi, sir. Thanks for the opportunity. Sir, did you mention the derivative revenue of 23 crores in 1Q? Because I think in the previous call, you had mentioned 194 crores salt, 84 crores bromine. So the balance comes out to 14 crores. So what's the difference? You're talking about the Q1? Yes. Just give us a second. We'll clarify Q1. Yeah. And just a request because I think in every call, we need to check the volume and the revenue number anyways you give it out, right? So maybe just put it out in a presentation as a request because we have to keep asking for it, and then there is always a confusion. So volume and revenue numbers, if you could put out in the presentation, would be very helpful. Sure. Point noted. We'll take that into account for sure. Thank you. Yeah. Okay. No worries. I mean, if you find the question later on, if you find the answer later on, you can. So I can just go ahead with the second question. So just the second question is, I mean, we're seeing that the company has been struggling to ramp up bromine derivatives or start Oren Hydrocarbons. Oren Hydrocarbons is rather recent, but derivatives is almost like two and a half, three years since we have actually started the work, maybe one and a half years since we actually completed the construction. But there is a struggle. There's a holdup. And even our existing products, there is always a holdup, probably. It's the rain. It's the logistics. So what gives us confidence that you'll be able to commercialize semiconductor chemicals, which is probably rather a new area for you altogether? That is a fair question. So I think on the semiconductor front, obviously, we work with both the state and the central government. So in one sense, everything is far more time-bound and far more detail-oriented, which is why, as I said, we have brought on three consultants on board that bring the required expertise along with our own skill set on handling large projects, right? The type of the industry is different. Hence, we have used the outside help to do that. So for example, we have one of the Big Four on the project management side. We have one of the world's leading semiconductor consultancies helping us on the go-to-market, technical evaluations, etc., as we build the plants, right? So we have taken due care, and I think we are confident this is the right approach, using the right set of people with the right talent to bring on board and complement our own skill set of executing difficult projects. Okay. Understood, sir. So just a clarification on that. So have you chalked out a CapEx plan for the full company for FY 2026, 2027, and 2028? Because I think you mentioned INR 2,067 crores. You'll have 60%-70% government support, but you'll also be spending some amount on Oren, Acume, and your semiconductors. So can you just chalk out the plans for us? It will be helpful. Sure. I I think on Oren and Acume, we don't have any large CapEx plan. The only one may be the Flame Retardant project, which is only accounted for in our initial investment plan of INR 250 crores, give or take maybe 10% with inflation. And the only other CapEx, the large one that will start, will be on the semiconductor project. That I think, as Rajeev mentioned, that will become clearer over the next quarter once we sign the fiscal support agreement with ISM. And then we will start looking at the funding options available once the number is frozen in terms of who contributes how much, Center, State, and us. Understood. Thank you. Very helpful. And did you get the verification for the first quarter or no? First quarter. We'll send it to you separately. No worries. No worries. Thank you. Thank you. I wish you all the best. Thank you. Thank you. I request each participant to ask one question from now on. The next question is from the line of Rupesh from Long Equity Partners. Please go ahead. Yeah. Hello, sir. Thank you for the opportunity. And I think, first of all, let me congratulate you on successfully demonstrating the growth of the wafer, which we did in collaboration with IIT Bhubaneswar. I mean, what an amazing achievement. So let me just congratulate you with that. So most of my questions are on SiCSem because time is very less. So this IIT Bhubaneswar project, my understanding was, was for 200 mm. If you can just confirm that, then whatever 60,000 wafers per year project we are doing, that is a 150 mm line. If you can confirm that, then this INR 2,067 crore CapEx, what is the timeline? How much time will it take once we achieve financial closure? And then in that CapEx, I mean, which part of the line or the entire line will be doing? And will we be growing wafer as well, or will we just be doing epitaxial deposition, or will we be setting an ATMP line? Some split, I think, would be very helpful. And then the final in that area is, what is the involvement of Clas-SiC in the CapEx execution? How many 150 mm fabs or 100 mm fabs do they have? How is their track record? How involved are they in this? If you can give some color around this. So these are some questions around SiCSem. Yeah. So thank you for congratulating us. I will start backwards. So Clas-SiC, as you know, is a strategic investment for us because we have an access to technology, both current and future, by virtue of the equity stake we have and sitting on the board. We also have a licensing, royalty, and consulting agreement with them, which provides not only for technology but also training manpower, both at their facility in the U.K. as well as coming to India and training our people here as and when the construction and the operation of the plant starts. Number two is the work we've done with IIT Bhubaneswar, as you rightly said, is a 200 mm project. I think the idea was to demonstrate that we can produce 200 mm on our own as SiCSem stroke Archean. And I think that's what we demonstrated. And as you rightly said, our line is for 150 mm in SiCSem, the project, 60,000 wafers. But I think the way the technology works is 150 mm. If you're able to do a 200 mm, you know what? Bringing it down to 150 mm is anyway being provided by Clas-SiC. So we're just thinking ahead of the future as well, concurrently to what we already have a license for. Okay. Okay. And then the timeline and the split between various areas? The timeline, we have a pretty aggressive timeline. But as you know, it's better to be conservative. So at the moment, we're looking at around 30-odd months. Three-zero? Did you say three-zero? Yeah. Three-zero. Okay. Okay. And the split also, sir? Split of the funding? Yeah. Yeah. I mean, this INR 2,067 crore, how much will be for wafer growing? How much will be for epitaxy, epi wafer? How much will be for process fabrication? So at the moment, that information is not publicly available simply because I think we are yet to sign off on some paperwork. So I think that will become clearer once we get that done over the next quarter. Okay. Okay. Thank you. Thank you. Yeah. Okay. I'll come back and look at it. Yeah. Thank you. The next question is from the line of Sanjay Kumar from ithought PMS. Please go ahead. Hi, sir. Thanks for the opportunity. Just one question on SiC CapEx. Given that we are still in an R&D phase for growing boules or the wafers, have we sort of signed agreements to secure wafer supplies for 150 mm for our line? Because what's happening in the sector is every global player is securing long-term contracts and agreements with the wafer manufacturers. So what is our plan for securing wafer supplies? Second, on Clas-SiC, I believe they have a 1,200-voltage product. What will be our product mixture in terms of voltage? Will we be around 1,200 and sub-1,200, or do we plan to go to the higher voltages of, say, 3.3 kV and more? So I think both the questions you've asked are pretty confidential. And the way I will answer it is, it is meant to just, it's not meant to be evasive, but give you as much as I can publicly disclose. I think we are comfortable where we are in terms of supply of wafers. We don't see a problem with that. We've taken due care. And on the second part, I think Clas-SiC has a range of voltage products. And obviously, now we continue to work with them on both their present portfolio as well as future products because it continuously evolves. Different applications have different voltage needs. So I think we are in step with Clas-SiC on that. And apart from that, the other people also we're working with, which in due course, we will disclose. Okay. Okay. Thank you, sir. Thank you. Thank you. Due to time constraints, we will take that as a last question for today. I now hand the conference over to the management for closing comments. Thank you, everyone, for joining us on this earnings call. We appreciate your time and showing interest in our company. We will work through the challenges we have right now, but as I said, the market remains robust. We are well placed in the marketplace. And I think with all the initiatives you've taken, the business will continue to grow and show good returns. In case of any queries, you can get in touch with us or SG&A, our investor relations advisors. We look forward to meeting all of you over the next call. Thank you very much. And although it is early, wish you all a very happy New Year in December. Thank you. On behalf of Archean Chemical Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.