Ladies and gentlemen, good day, and Welcome to the earnings call of Aegis Logistics Ltd, Q2 and 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, on your touch-tone telephone. Please note that this conference is being recorded. Before we begin the call, I would like to give a short disclaimer. This call may contain some forward-looking statements, which are completely based upon our beliefs and expectations as of today. The statements are not to guarantee your future performance and involve unforeseen risks and uncertainties. With this, I would now like to hand the conference over to Mr. Raj Chandaria for his opening remarks. Thank you, and over to you, sir. Okay. Thank you very much, and welcome to our Q2 FY 2026 conference call. This evening, I'm joined by our CFO, Mr. Murad, and Ms. Payal Dave from our investor relations team. We really appreciate you taking the time to join us today to review the company's performance for the quarter and discuss our ongoing strategic developments. We are really pleased to share that Aegis Logistics continues its strong growth momentum, driven by both volume expansion and operational efficiencies across our key business segments. For the second quarter of FY 2026, our consolidated revenue grew by 31% year-on-year, increasing from INR 1,750 crore to INR 2,294 crore. The normalized EBITDA improved by 46%, rising from INR 237 crore to INR 347 crore, and profit after tax increased by 61% from INR 152 crore to INR 244 crore. This growth reflects the benefits of operating leverage, improved utilization across the terminals, and the company also remains focused on optimizing costs and enhancing throughput across all the ports. I'll now take you through the key operational and project updates port by port to give you a comprehensive overview of our ongoing infrastructure developments under Aegis Logistics Ltd. At Mumbai Port, our current liquid storage capacity stands at 334,000 kiloliters, and LPG static capacity stands at 21,000 metric tons. We are developing, as mentioned previously, an additional 64,000 kiloliters of liquid capacity, which is expected to be operational by Q1 of FY 2027, with a total project cost of INR 125 crore. At JNPT, the liquid capacity currently operational is 101,900 cubic meters, while an additional 318,100 cubic meters of liquid capacity and 77,286 metric tons of LPG capacity are under development, along with an LPG bottling plant of approximately 35,000 metric tons per annum capacity. This large-scale project, which involves a total CapEx of INR 1,625 crore, INR 75 crore is progressing well, with part of the liquid capacity expected to be commissioned before the end of FY 2026. We are also exploring the addition of a 36,000 metric ton cryogenic LPG tank at this location, which will further strengthen our presence on the West Coast. At Kandla Port, our liquid capacity stands at 952,276 cubic meters and gas capacity at 48,000 metric tons. The port is currently operating at improved utilization levels, and we have received PNGRB approval for the Kandla-Gorakhpur pipeline connection, and we expect the connection to the JLPL pipeline also to become operational by Q3 FY 2026. We expect a significant increase in volumes once these pipelines become operational. Additionally, VLGC berthing is also expected to commence in Q3 FY 2026, enabling larger cargo unloading and enhancing operational efficiency. A new liquid terminal with a capacity of 94,148 cubic meters is planned at the CRL-4 plot, which is expected to be operational next year. I want to remind everybody that we have already announced the signing of a non-binding memorandum of understanding with Larsen & Toubro to develop an ammonia terminal for their upcoming green ammonia project at Kandla. At Cochin Port, our liquid capacity of 82,545 cubic meters continues to operate at higher utilization levels, and we plan to develop an additional 60,000 cubic meters of capacity on newly allotted land, which will further support growth and optimize terminal efficiencies. At Pipavav Port, our liquid capacity stands at 116,620 cubic meters, and LPG capacity at 70,800 metric tons, and ammonia capacity expected to be 36,202 metric tons. Our liquid terminal's utilization remains high, and plans are underway to set up a rail gantry for the efficient evacuation of liquid products. The construction of India's first ammonia terminal, with, as I mentioned, 36,000 metric ton capacity, is progressing well, and this is expected to be completed before Q1 of the next fiscal year, or during Q1 of the next fiscal year. The KGPL pipeline connection is also expected to become operational by Q4 of this current fiscal year, further improving throughput and logistics efficiency. At Mangalore Port, you will recall we have an LPG terminal with 82,000 metric tons of static cryogenic capacity, which was commissioned in June of 2025, and the first LPG vessel discharge was successfully completed using our new loading arm. The liquid capacity at Mangalore stands at 194,382 cubic meters, and we plan to add another 60,000 cubic meters of capacity on newly allotted land in the next phase. At Haldia Port, our liquid capacity is 226,890 cubic meters, and gas capacity is 25,000 metric tons, now proposed to be consolidated under Aegis Vopak Terminals Limited, with a proposed acquisition of our 75% stake in Hindustan Aegis, proposed to be divested from Aegis Gas LPG Private Limited. Both Aegis Gas and Gopak India, of course, and subject to a shareholder approval. Operations continue at higher utilization levels, and we have acquired approximately three acres of new land to expand our terminal capacity at Haldia. The LPG terminal at Haldia continues to perform well, showing a steady increase in utilization. As far as new ports are concerned, we continue to explore expansion opportunities at two new ports. We have signed a non-binding memorandum of understanding to invest in the proposed Vadhavan Port, with a potential project outlay of INR 20,000 crore. We are currently awaiting land allotment and formal approvals, after which the development of new liquid and gas capacity will commence. As far as the strategic overview is concerned, as of now, Aegis Logistics and AVTL together, Aegis Vopak Terminals together, have achieved a capital expenditure outlay of $1.2 billion, with a long-term plan to reach $5 billion by 2030. Our capital expenditure plan will continue to be funded through a mix of internal accrual and prudent debt, maintaining a conservative debt-equity ratio of 0.6 x, capped at 3.5 x EBITDA. We remain committed to our long-term strategy of building world-class infrastructure across India's key ports, while maintaining operational excellence and strong financial discipline. Our integrated value chain, backed by a robust balance sheet, positions Aegis well for sustainable growth and long-term shareholder value creation. With that overview, I will now hand over to our CFO, Mr. Murad Moledina, to present the financial highlights in detail. Murad? Thank you. Coming to the operational parameters of the business, both the Aegis segment, LPG, and liquid performed strong growth in quarter two of FY 2026. Revenue from operations during the quarter increased by 31% year-on-year to INR 2,294 crore. Q2 FY 2026 normalized EBITDA stood at INR 347 crore, a robust increase of 46% year-on-year. Profit after tax increased by 61% to INR 244 crore for the second quarter of this year versus INR 152 crore in Q2 last year. For the first half of the financial year, revenue from operations stood at INR 4,013 crore, achieving a growth of 20% year-on-year. H1 FY 2026 normalized EBITDA stood at INR 602 crore, a robust increase of 24% year-on-year. Profit after tax increased by 35% in H1, INR 419 crore versus INR 310 crore in H1 of FY 2025. Now coming on to the individual segments, liquid revenue in Q2 FY 2026 stood at INR 155 crore compared to INR 130 crore year-on-year, increase of 19%. Liquid division EBITDA in Q2 FY 2026 stood at INR 116 crore, a growth of 25% year-on-year basis. LPG business revenue delivered a strong 32% growth to INR 2,139 crore. Gas EBITDA grew sharply by 60% to INR 231 crore, driven by record volumes. H1 FY 2026 liquid revenue, again, stood at INR 298 crore compared to INR 273 crore year-on-year, an increase of 9%. Liquid EBITDA in H1 stood at INR 222 crore, a growth of 11% year-on-year basis. LPG business revenue in H1 registered a 21% growth to INR 3,715 crore. Gas EBITDA in H1 grew by 33% to INR 380 crore, as I said earlier, driven by record volumes. Now volume details. We handled all-time high throughput volumes. LPG volume handled at all our terminals was 1.41 million tons versus 1.06 million tons in Q2 of FY 2025, an increase of 32%. The distribution volume grew by 49% to a record all-time high of 1.92 lakh metric tons in Q2 of FY 2026, against 1.29 lakh metric tons in Q2 of last year. The sales volume of sourcing was also up at 2.08 lakh metric tons versus 1.94 lakh metric tons in the same quarter last year, a growth of 7%. Half-year volume details, again, was 2.57 million tons versus 2.08 million tons in H1 FY 2025, an increase of 24%. The distribution volumes grew by 31% to 3.3 lakh metric tons in H1 FY 2026, against 2.58 lakh metric tons in H1 FY 2025. The sales volume of sourcing for H1 was 3.27 lakh metric tons in FY 2026 H1 versus 3.18 lakh metric tons in H1 FY 2025, a growth of 3%. The financial position of the company remained robust, with low debt, strong cash flow, and a solid balance sheet. Continuing the trends to do many firsts, we also achieved the highest-ever Q2 revenue and EBITDA in both liquid and gas segment. With this, I hand over this line to the moderator to start the question and answer session. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 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. The first question is from the line of Mr. Vibhav Zutshi from JPMorgan. Please go ahead. Yes, hi. Thanks for the opportunity, and congratulations for a very strong quarter. The first question is basically on your profitability in the gas division. If I just look at EBITDA on a per ton basis, it's looking quite high at around INR 1,280. Obviously, distribution volumes have gone up, which I think is a better profitability. It has better profitability. Could you just help explain? Is this sustainable? What was the reason for such high profitability? Thank you. Yes, I'll take that. See, gas distribution EBITDA was better than previous quarters. Of course, with increased volumes, you also get cost advantage when the volumes increase. This time, it was around INR 4,000, and we expect, I think, to sustain in ensuing quarters also. Okay, got it. That is very helpful. Just a follow-up here, this volume growth of 30% and 1,800. Is it fair to say that this is broadly going to be sustainable given the expansion that will happen? Yes, I think the distribution volumes would keep growing up, as I've said in the past, that now we have the capacities, spare capacities. We have new two cryogenic terminals up and running in Mangalore and Pipavav, and now we are also consolidating our Haldia LPG terminal into AVTL. A lot of synergies will come, and there is always now a room to step up on distribution volumes going forward. Great. Just second question on your new projects, and if I just remember correctly, the Vadhavan Port that you talked about. Any timelines, broad timelines that you can share? Also on ammonia, beyond Pipavav, you also mentioned about Larsen & Toubro. Just some timelines in terms around the ammonia projects and the Vadhavan Port will be really helpful. Thank you. I think Vadhavan Port is just starting off, probably five years, but not everything is going to come at the end of five years. As the port development begins, we will also be geared up to set up our facilities as the port comes up. We are very excited. It is in our backyard and Western region and, I think, the largest port probably going forward in India. Very excited to be there doing some great infrastructure work. As far as ammonia is concerned, I think we are starting off very well in Pipavav ammonia. Let's take that first in our stride. Very quickly, in the next six months to eight months, we will be up and running at Pipavav ammonia. I think everything else will follow thereafter. It also gives us a very good room to get vertically integrated in ammonia business, as we have done in the past for LPG business. That is not just storing, but sourcing, storing, and distributing ammonia going forward. Shipping also. We are very excited in case of ammonia. This is not only green or we have to wait for green ammonia to happen. We are starting off with gray, but we are geared up to quickly switch gears in case green picks up. Kandla would be more of green ammonia. At present, it is a non-binding MoU. Once it translates into a binding agreement, if at all we are able to, both the parties are able to work towards it, you will see again one more avenue of starting putting up infrastructure in green ammonia as well, in addition to the gray ammonia that we are starting off in Pipavav. Pipavav, we are there, almost there. Very excited to get into this new business and with a huge potential. That is what we believe going forward. You will see a lot of investments coming into this as we progress. You know we always try to follow demand and not just do flat planting. We take our time, but when we see and we are confident and we see the demand, we would be very quick to set up the infrastructure. Great. Thank you and all the best. Thank you. Thank you. The next question is from the line of Mr. Vishal Mehta from IIFL Capital. Please go ahead. Yeah, hi. Congratulations on a good set of numbers. Firstly, two questions on the business side, and then I have two questions on bookkeeping. What we hear from the APM Terminals on call for this quarter is that they seem to have maxed out on their liquid berth capacity handling at Pipavav Port, and their new berth will probably come somewhere in November, December of next year. Does that limit our volume handling capacity at the port? Just wanted some sense there. Yeah, Vishal, I think I have explained on calls earlier that it all depends on how a port looks at the capacity of a jetty and how, as a terminal company, we look at the capacity of the jetty. We are very particular on how we set up our ancillaries. It is not just the tank. What is my pipeline with which I hook into the jetty, the MLA, the pumps? If now that VLGCs, even though it is partly loaded as on date, if they come in, how quickly can we unload and get the ship off? If we are, let's say, if we can unload at a speed of 1,000 tons an hour, in a day, a partly loaded VLGC can be unloaded and set out. A new VLGC can come the next day. With that as a calculation, 20,000 tons into 365, you make your calculation what can a capacity of jetty be. I'm not saying that that is how it actually will happen, but it's all how you look at things and how. We are very careful in how we put up our ancillaries, which enable us to unload and evacuate as fast as possible so that the turnarounds happen. We are confident that there will not be a constraint till the new jetty comes in to handle the increased volume. We have already, after the cryogenic, stepped up by 10%-15% in spite of KGPL hookup still to happen. It is, yeah, I would say in fact, we are really waiting for KGPL hookup to happen because that is going to clear the hurdle, which is evacuation rather than unloading. Unloading is not yet a worry for us as of now. It's the evacuation that we are really, really focused on. Okay, okay. Got it, sir. Sir, second question is on our land allotment at Haldia. Now, what are the plans here? Anything that you would want to elaborate further on? Yes, the plan in Haldia, three acres, we can do only liquid. Liquid is what we got this allotment for. Obviously, in three acres, somewhere around close to 60,000 metric tonnes-100,000 metric tonnes, depending on what kind of products we are planning to handle, should come up very quickly, yet not being taken up to the board. We have just got the allotment of the land. The process of handover will happen, and then we would immediately do that. Yeah, we keep building up. This will be the sixth Haldia terminal. Already five are operating in Haldia, and we expect more allotment of land in Haldia and more capacities to come up. Lots of opportunities as far as the east of India is concerned. Okay. Sir, going to bookkeeping questions, other income seems to have seen quite a jump this quarter. Any one-offs here, or it's normal treasury income? No, of course, if you can look at the segment results, you will see the interest received. Out of the other income, interest, I believe, if I remember correctly, must be INR 520 million-odd. The balance would be other income. Those include a lot of income which are actually also related to the business. Most of it is expected to continue, yeah. Okay. The other expenses in our EBITDA in our PNL statement, which we gave in our presentation, the other expenses seem to have gone down quite a bit. Any reason? From INR 72 crore to INR 51 crore this quarter? No, maybe. I mean, I really don't recollect, but I think in the last quarter, it could be the reason. I think the last year quarter, other expenses may not be that high. Sorry, I did not get it. Last year quarter was INR 72 crore. This year, it's INR 51 crore. Last quarter was June quarter, if you have it before you. June quarter was again INR 75 crore. No, I don't think there is anything exceptional in this quarter which has reduced. It might be some one-off might have happened, but no, there's nothing abnormal out there. Okay, okay. Because it has gone down from INR 700 million level to INR 500 million-odd level. That is where I am. No, nothing abnormal. Sure, sure. Yeah. Thanks. Thank you. That was all my questions. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. Anil Sarin from K16 Advisors. Please go ahead. Good afternoon, gentlemen. Congratulations on the fantastic performance. I had a few questions. Before I ask the question, I just had a kind of a request. I've been tracking your company from calendar 2016 onwards. Always, there has been a challenge before the company. How do we explain the business? The format of the presentation has been changed in order to provide greater clarity, and things have moved along quite a bit. There is much more understanding now. My request would be that when you give capacities and capacity increases, you give it port-wise or you give it location-wise. In addition to that, my request would be if you could give a console, like, "Total liquid is so much, and this much has increased in this quarter," or, "This much we plan to increase it over the next X, whatever, time period." That is a one-shot kind of an understanding where people, without getting into Pipavav, Kandla, Haldia, Mangalore, etc., just one shot, we can know, "Okay, liquid is growing by this much%, and gas is growing by that much%." That would be a request you may consider. Noted. Great. Also, obviously, distribution has been a positive surprise, not only the quantum but also the margin per ton. If you could advise, this margin is sustainable, INR 4,000? I think if we keep on selling more, margins would be sustainable. We expect we are very confident and bullish on distribution margins as well as volumes to continue. I think if I can just add one comment, in our last earnings call or even possibly the one before, we had mentioned that the operationalization of both Mangalore LPG terminal and continuing capacity increases at Kandla and Pipavav LPG terminal will give a big boost to the distribution side, which actually has materialized in this quarter as we've really upped our game on the logistics efficiencies and so on, which has resulted both in increasing volume and in a, we think, a sustainable increase in the margin. It is really the addition of these two large cryogenic terminals along with the shipping efficiencies and so on that has resulted in this. Yeah. Okay. Great, great. Thanks for that elaboration. I had a question relating to Mangalore itself, and thanks for answering part of it already. The remaining part is that, look, the capacities in Mangalore are unlike any other port. They're very, very large capacities. Considering the previous quarter was a rain-affected quarter, can we expect a very decent jump in distribution volumes ex-Mangalore and thereby for the whole country to see a substantial increase in distribution in the coming quarters? Oh, we really are working towards that. Again, I think what is also important for all of these LPG terminals, especially Pipavav, Kandla, and Mangalore, there are five critical multimodal evacuation we are trying to hook into. One is KGPL in Kandla and Pipavav, JLPL in Kandla, then Mangalore-Hassan-Cherlapalli pipeline in Mangalore, rail gantry for LPG in Mangalore, as well as Kandla being enabled to berth very large gas carriers. These things are really going to shift the gear, and these are expected in very near term. I think that will also mean higher volumes and more business, of course, in throughput. I think distribution also will benefit when these are in place because the faster the product evacuates, the more space you get to do distribution business. It is very critical. We expect all of these to come up in very near term. In addition, we are also getting an LPG bottling plant up and running in Mangalore. Do not forget JNPT. JNPT is also not far off. That would be an additional LPG terminal, additional bottling plant, additional hookup into pipeline, etc., etc. We are working very hard to become a very dominant and a very critical player as far as logistics of LPG is concerned. I'd just like to just re-emphasize one point which Murad made, that I think the addition of the rail gantry at Mangalore, which he mentioned, I hope people pay attention because the addition of the rail gantry at Pipavav had completely transformed the performance of that terminal. People may remember those who follow the company closely, like you do. It really has transformed the LPG business at Pipavav. We've recently started working on the rail gantry in Mangalore, and I suspect we are sitting here 12 months from now, we will be shouting from the rooftops about how wonderful the rail gantry at Mangalore is. Fantastic. Coupled with the fact that the capacity over there is really substantial and south is virgin territory for our company. Correct. Yeah. Thank you for that. Also, just one last point. Hassan-Cherlapalli, when do we get the connectivity? Everything takes time. This is infrastructure. Like I said, it's not very far. We are working towards it, and you can expect by next year's end for it to be operational. Next year's end, as in fiscal 2027? Yes. Yeah. Great. Thank you very much and all the best. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. [Vineet Jain] from Sidd Capital. Please go ahead, sir. Yeah. Thank you very much. I have just a couple of questions. The first thing is, again, on the distribution, just as you had the last discussion, I want to understand the current jump in the volumes. Is it still mostly from Gujarat and Morbi? Are we just getting started at other places, or is it the other way around? No, Morbi would not be more than 15%-20% of this. It's all over. It's all over the It's all over the place now. Now it's all over the place. Okay. So. As you mentioned about the ammonia distribution, which might come maybe a couple of years down, is that going to be again part of the existing distribution business, or? Yes, very much. Part of Aegis Logistics distribution business. Okay. Sir, the second question is on the Vadhavan Port CapEx, which you said earlier, which is likely to be around INR 20,000 crore. This has already been included in the $5 billion CapEx plan, or is it apart from that? Part of it, yes. Okay. Fine. Thank you very much. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Dr. Amit Vora from the Homeopathic Clinic. Please go ahead. Good afternoon, everyone. Good afternoon. My question is good afternoon, Murad sir. Good afternoon, Mr. Chandaria. Good afternoon. My question is regarding these proceeds that we get from Aegis Vopak regarding the sale of Hindustan Aegis and the previous sales. How are you planning to use those proceeds in Aegis Logistics? We continue piling up cash in anticipation of the opportunities that we are seeing. As of now, I can't say that this is where we are going to use it, but I can say for sure that there are a lot of opportunities which we are looking at. As and when they materialize, the cash will be very useful. You saw Vadhavan Port, INR 20,000 crore. There is another new port we are trying to get into. There is new energy called ammonia we are expanding. There is already LPG expansion and liquid expansion that is going on. There are industrial terminals. There are jetties to do. We have a lot on our hand and opportunities that we are looking at. Cash will never be enough, and this will definitely help us. Like I have said, this transaction is not going to affect us by in spite of diluting 51%, we indirectly continue to hold 34%. The 17% that dropped is compensated by the surplus, INR 7.00 billion, whatever is going to come in our hands. Even if we earn very low returns on that, it is going to more than make up the change in the holding of Hindustan Aegis. It will be very positive on the EPS of our sub. It is a very good consolidation strategy, and we are looking forward to have it executed very quickly. Okay. Thank you so much, sir. Sir, one more question about the update of KGPL was already given, but are you sure that it can start by the last quarter of this financial year? If I would have been executing it, I would have said for sure. Yeah, we are hopeful, and we see on ground enough progress for us to expect Q4 commissioning of KGPL. We are very pleased to say that we have crossed the hurdle of PNGRB. We have got the approval of PNGRB for Kandla Port. Pipavav, we already had. Pipavav is not a problem, but Kandla, we got PNGRB approval to hook into KGPL also, which is just very short distance from where our hookup point is. Yeah, we are looking forward to start off in KGPL in Q4 this year. Okay. In December 2022, you had given a guidance of 25% annual growth CAGR, which has been maintained all these last three years. Can we see further in the next four or five years also 25% CAGR, or do you expect even more than that? We have already said from 2022 - 2027, so that's for sure. I think I am now feeling fairly confident, or we are feeling fairly confident that we should definitely more than do that. We would exceed the 25% CAGR, which way back we gave as a guidance to our investors from 2022 - 2027. Watch, I think we are working very hard to more than deliver this particular promise. Thank you so much, sir. That was all from my end. Thank you. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of [Niloth Pal Sahu] from GM Financial. Please go ahead. Am I audible? Yes. Yeah, [Niloth], you are. Congratulations on a good set of numbers. Pardon if this is a repeat since I got disconnected in between. Any outlook on distribution volumes? They have come pretty strong in this quarter. If you could give us a sense of how is the price differential going on in this quarter and how do you see the volume ramp up for this year and for next year if possible? Yes. Distribution volumes, we did 1.9 lakh. I think we are on course to do good in this year as far as volumes and margins are concerned. The more the volumes, the better the margins it will always be on account of procurement efficiencies that we get. Yes, I think next year also, I have said, I think in the past that we work towards 30% CAGR growth as far as distribution volumes are concerned. I think this year we would more than achieve that. In ensuing years also, we expect to continue delivering at least the 30% growth. Thank you. An expectation from KGPL, we are to achieve this action this quarter. I'm sorry to interrupt. Ma'am, your voice is breaking. Could you please come again with your question? Sure. Is it better now? Yes, please go ahead. Yeah. So So the KGPL pipelines, have we achieved connectivity? Is there any capacity constraint that we have? I understand the overall port has been allocated a 6.5 million ton capacity. Is there a specified allocation that we have? How do you see the volume ramp up from the pipeline? 6.5 million, you are talking about Kandla? Yes. No. Kandla, we have enough where we can do. As you know, we can achieve a turnaround, and we can do 4 million from our side. KGPL, IOC is also connected, and also Adani Port is connected. We all three together have enough capacity to be able to deliver 6.5 million, which has been a year mark for Kandla Port. I do not think that there will be enough constraint. In fact, I personally feel that in a couple of years' time, we may, like you said, need to put up additional capacities in Kandla to do more of distribution in addition to KGPL and JLPL. Probable, but not in short term, not in next two years at least. No capacity addition. After two years, yes, I think we would be in a position to do that. Okay, sir. Understood. Thank you. Those are my questions. Thank you. The next question is from the line of Mr. Romit Nagpal from Terrapolis International Private Limited. Please go ahead. Good afternoon. Congratulations on a great set of numbers. Just a couple of questions regarding the capacity capital that you're going to spend, which is about $5 billion. Most of it is probably going to be spent to build capacity for AVTL. How does this work practically? You spend the money and then do a fixed cost plus margin and recover it from AVTL? Yes. This will be housed, we call it, this is all going to be housed in AVTL, of course, subject to all approvals. We do the infrastructure development at arm's length basis. Generally, the margins are 25%. In consolidation, it gets eliminated. Of course, being independent companies, Aegis Logistics as a standalone receives cash of the margin that it gets for the infrastructure development. On consolidation basis, it will be seen in ALL also because we do line-by-line consolidation. It will be housed, of course, in AVTL vehicle. We have explained that a number of times in the past. The second question is regarding what you had mentioned earlier about the large amount of cash, and you're looking at opportunities which are plenty. As and when you are able to fix in such an opportunity, whatever you finally spend the money on, does that also eventually somehow result in it being housed in AVTL? It could. It may not. Depends. Yeah. Okay. That's it. When we do for AVTL, what happens is the cash used comes back. It actually does not go out. Only when it remains in ALL, then the cash is, in effect, used. For AVTL, if we develop, then obviously AVTL pays for the entire amount, including our margin. We recover back whatever we have spent, and the addition, the margin remains in cash. That is how it is. If AVTL takes up, the cash does not go away. No, no, that's fair. But as an Aegis Logistics holder, obviously, I'm only concerned with Aegis Logistics for now. Thank you anyway. Right. Whether it stays with us, of course, or it goes down. If it goes down, we earn upfront 25%, and then we are also a 40%-44% shareholder of AVTL. So we earn out of the operations also. If it remains with us, of course, it is a typical 20%-25% EBITDA margin business. We earn likewise, even if it remains in ALL, depending on what kind of asset and what kind of infrastructure it is, will determine whether it is housed in AVTL. If it is a terminal, yeah, every chance that it will be housed in AVTL. Okay. Thank you. That's it. Thank you. The next question is from the line of Priyankar Biswas from JM Financial Limited. Please go ahead. Yeah. Am I audible? Yes, sir. Congratulations, gentlemen, first of all. The quick question that I have for you is you were highlighting that with the connection of the Kandla-Gorakhpur pipeline, there should be a ramp-up in volumes more in the second half. What I assume is even Mangalore should be also ramping up as well. On that basis, can we get a broad idea where we can end FY 2026 around from an LPG volumes perspective? That's not what guidance we give. It all depends on a lot of things. But surely it is that Mangalore will keep increasing, Kandla also, because we definitely are going to get hooked into Jamnagar only in Q3. You will see the benefit of JLPL in Q4. KGPL, because it is getting hooked up in Q4, you may entirely not see the benefit, but it will be in the ensuing year that you will see the benefit. Also, there will be a benefit for VLGCs berthing from Q4 in Kandla carrying LPG cargo. Pipavav, KGPL, and Kandla, KGPL, yeah, partly in Q4, but most of it next year. JLPL, Kandla, and VLGC Jetty enabling, yes, in Q4. Mangalore, Q3, and Q4, you will see. It's all multiple kind of scenarios. Yeah. Essentially, the run rate that you are doing now, I mean the quarterly run rate, that should meaningfully increase at least in the fourth quarter, if not in the third quarter. Would that be a right assessment? Yes. Yeah, right. If I can squeeze one more in, sir, you are also investing in ammonia terminals. What are the current status of the projects? I think you are doing two of them, right, Kandla and Pipavav. We have started development of infrastructure, that is Pipavav ammonia cryogenic terminal. That is underway. That should finish in Q1 in the ensuing financial year. Kandla, we have not yet started because we still have to get into a binding agreement. We are just waiting for the 2QC and get some commitments. It will immediately start. Not yet started, but planned, yes. It may be very soon that we may start. That also may come up in the next year, in the later half of next year, if we are able to start in a couple of months' time. Okay, sir. That's largely from my side. Thank you. Thank you. The next question is from the line of Mr. Anil Sarin from K16 Advisors. Please go ahead, sir. Yeah. Thank you. I just wanted to know about the JLPL. When does JLPL connectivity happen? Yeah. We are trying to get that done in Q3, so it should start from Q4. Okay. This is for Kandla or also for Pipavav? Only Kandla. Okay. Great. Also, you had given a disclosure a few days ago regarding the J2 project. What is the extent of this J2 project? I mean, all the numbers are given, but what is the CapEx relating to the J2 project? We are setting up 318,000 odd CBM of liquid storage terminal and 77,000 odd metric tons of cryogenic LPG terminal. In addition, 35,000 metric tons per annum capacity bottling plant. Construction is underway. We expect some of the capacities to come up in Q1 of next year as far as liquid is concerned. We expect all of that to finish by December 26th. You will see some of the benefits of JNPA infrastructure development that is happening in the next financial year. Okay. That's helpful. What is the CapEx relating to this particular project? INR 1,675 crore. Okay. So there's also a portion of the disclosure which says that ALL, that is the parent company, stands to receive INR 500 crore from this project. Is that included in? Yes. No. We received 30% when we signed the framework agreement, which is essentially the order to develop the infrastructure. Then 70% is paid when the infrastructure is completed and operational. This INR 500 crore is 30% of the INR 1,675 crore infrastructure cost that we are building in JNPA, which we call J2. INR 500 crore is an advance for this infrastructure development that ALL is doing from AVTL. Got it. Once it is completed, then you hope to make a margin of roughly 20%-25% on this INR 1,675? Am I right? Yes. Okay. Great. Thank you very much. Thank you. Thank you. As there are no further questions, I now hand the conference over to the management for closing comments. Okay. Thank you very much. I think everybody has appreciated the excellent performance of ALL. As mentioned, we hope to be able to sustain this level of performance over the next few quarters and next few years. I think with that, I'd like to conclude the conference call, and we look forward to speaking with all of you at the end of January. Thank you. Thank you. Thank you. On behalf of Aegis Logistics Ltd, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.