Ladies and gentlemen, good day and welcome to Q1 FY 2027 earnings conference call of Aegis Logistics Limited. Before we begin, a short disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in listen- only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touch-tone phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Raj Chandaria from Aegis Logistics Limited. Thank you, and over to you, sir. Okay. Thank you very much. Good afternoon. I am joined today by our CFO, Mr. Murad Moledina, and Ms. Payal Dave from our investor relations team. Let me start with our Q1 FY 2027 performance. We delivered a record quarter, crossing the significant milestone of INR 500 crore of profit after tax, in the first quarter of this fiscal year, compared to INR 175 crore in Q1 of FY 2026, reflecting an exceptional 212% year-on-year growth. We reported a normalized EBITDA of INR 727 crore in Q1, compared to INR 256 crore in Q1 of FY 2026, delivering a robust growth of 184% year-on-year. Earnings per share for the quarter stood at INR 13.80, which is approximately 54% of the full year EPS delivered in the whole of FY 2026, and t his reflects the strong operating performance and earnings momentum that we have carried into the new fiscal year. Our liquids division delivered its highest-ever Q1 EBITDA performance and has now recorded five consecutive quarters of EBITDA growth. As we have emphasized in the past, this division remains a well-diversified and stable cash-generating business for the company. We continue to invest in capacity expansion within this segment, enabling us to capitalize on growth opportunities while further strengthening its contribution to our overall portfolio. Turning to our gas division, I would like to particularly emphasize the exceptional performance delivered during the quarter. The division reported its highest-ever EBITDA, registering a remarkable 296% year-on-year growth. What makes this achievement more notable is that it has delivered this amidst a very challenging global backdrop marked by ongoing geopolitical tensions and disruptions arising from the war in the Middle East. It demonstrates the resilience of our logistics business. Further, LPG sourcing volumes also remained stable and recorded a marginal growth of 1% year-on-year, highlighting the strength and reliability of our sourcing capabilities. Our gas distribution business continued its strong growth trajectory during the quarter, delivering a 91% year-on-year increase in volumes compared to Q1 of FY 2026 and a 19% sequential growth over Q4 FY 2026. This performance was driven by robust demand across customer segments and continued expansion of our customer base. Over the last year, we have successfully added multiple private sector customers, and I am pleased to share that this momentum has continued into the current fiscal year as well. The ability to consistently onboard new customers and scale volumes is a direct outcome of our vertically integrated business model. What differentiates us is our presence across the entire value chain, from sourcing and logistics to storage and distribution. This deep integration provides us with the supply reliability, operational flexibility, and a stronger value proposition for customers, which has enabled us to respond efficiently to market opportunities while ensuring uninterrupted service levels. In fact, the volume growth we are witnessing today would have been difficult to achieve without a well-integrated business model. The seamless coordination across our sourcing, storage, and distribution operations continues to be a key competitive advantage and an important driver of our growth in the gas business. To summarize, the sharp increase in the EBITDA of the gas business was driven by two key factors. First, the resilience of our logistics and sourcing business, which maintains stable volumes despite the challenging global environment. And secondly, the outstanding performance of our distribution business, which achieved record volumes along with healthy margin expansion. If I can switch to the port-by-port operational performance. As far as Mumbai Port was concerned, it continues to operate at a high utilization level. In order to further strengthen our capacity and cater to future growth, we are developing an additional 64,000 cu m of liquid storage at an investment of approximately INR 125 crore, and I am pleased to share that the progress is progressing as per schedule, and with commissioning targeted during the first half of this fiscal year. Historically, this has been a high demand port, benefiting from its important location and strong customer franchise. Based on customer interest and existing demand trends, we are confident that this new capacity will ramp up utilization quickly once it becomes operational. Just to remind people, currently, Mumbai Port capacities comprise 334,000 cu m of liquid storage capacity and 21,000 metric tons of static LPG storage capacity. As far as JNPA port is concerned, for the benefit of everybody, JNPA in Maharashtra has emerged as India's highest revenue-generating major port in FY 2026. At JNPA, the current liquid storage stands at 101,900 cu m, where we are executing a major expansion of approximately 318,100 cu m of additional liquid storage, 77,236 metric tons of LPG capacity, and an LPG bottling plant with 35,000 metric tons of annual capacity, with a total capital outlay of roughly INR 1,675 crore. The first phase of this liquid storage expansion of approximately 100,000 cu m is expected to be commissioned in Q3 of FY 2027 and will start contributing as soon as the capacity becomes operational. As we have mentioned during the last quarter, we were evaluating the addition of new LPG storage capacity to this port to further strengthen our infrastructure. I am pleased to share that the board of directors, in its recent meeting, has approved the development of a 52,000- metric- ton refrigerated double-walled steel LPG tank at JNPA. This expansion represents a significant strategic investment and will further enhance our gas handling capabilities on the West Coast. The CapEx reinforces our commitment to building world-class infrastructure and deepening our presence at the port and further consolidate our position as the leading logistics player in India. As far as Haldia is concerned, you know that we operate an approximately 25,000- metric- ton LPG terminal at Haldia. Importantly, this asset is backed by an exclusive terminaling agreement with HPCL extending through 2038, which provides a strong long-term revenue visibility from this asset. In addition to this LPG infrastructure, we also operate 226,890 cu m of liquid storage capacity at Haldia. Looking ahead, we continue to see growth opportunities at this location, and i n that context, we have acquired a further 3 acres of land, which provides us with the opportunity to expand our liquid business there. As far as Kandla is concerned, this remains our largest and strategically most important of the port terminal storages. It serves a vast hinterland across northern and western India, where we have 952,000 cu m of liquid storage and 48,000 metric tons of static LPG capacity. During last year, this port also became VLGC- compliant, and that is a very important step. The construction of the CRL-4 liquid terminal, which will add an additional 94,148 cu m of storage, is progressing well, with commissioning targeted for next year. We have signed a non-binding memorandum of understanding with Larsen & Toubro for potential joint development of ammonia terminals, which positions us well in the energy transition opportunity at Kandla Port. Let me provide you with an update on two important pipeline developments that we believe will be key drivers of volume growth at our Kandla and Pipavav terminals going forward. I am happy to share that, finally, the Jamnagar-Loni LPG pipeline is now complete and operational. In addition, the Kandla-Gorakhpur LPG pipeline is progressing well, and we expect this to be connected during the first half of this fiscal year. These pipeline connections will enhance evacuation infrastructure and will enable faster turnaround, better capacity utilization, and support the handling of higher volumes at both Kandla and Pipavav. At Pipavav, in fact, we have commissioned, as you know, a 48,000- metric- ton LPG terminal in June last year, of June of 2025, taking the total LPG capacity to 70,800 metric tons, and the ramp-up is progressing well. This year is expected to be a transformational year for our Pipavav terminal, with several important infrastructure improvements that will significantly strengthen the evacuation ecosystem, which is a critical enabler for handling higher volumes and improving overall terminal efficiency. There are three key developments that are worth noting. First is the jetty. APM Terminals, which manages the port, is developing a VLGC-compliant liquids jetty, which is expected to be completed during the year, and t his will enhance vessel handling capabilities and support larger cargo movements in the port. Secondly, the rail gantry. We are developing an additional liquid rail gantry and have already secured a 15-year take-or-pay agreement with a leading conglomerate for petroleum products. The committed volumes under this agreement exceed 0.5 million metric tons per annum, with operations expected to commence by the end of the year. Thirdly, the pipeline connectivity at the Kandla-Gorakhpur pipeline, as I mentioned, is now expected during this year. Once operational, it will definitely enable more efficient evacuation and distribution of LPG from this terminal, enhancing our throughput. With these developments, Pipavav is evolving into another highly integrated logistics platform comprising VLGC handling, liquid and LPG storage, bottling plant, LPG rail loading facilities, 16 truck loading bays, and pipeline connectivity into central India. This is really going to materially improve the operational efficiency for the port and strengthen its competitive positioning for Aegis Logistics. An update on the ammonia terminal, which was under development at Pipavav Port. I am really pleased to announce the commissioning of our specialized ammonia storage and terminalling facility at Pipavav Port with a static storage capacity of 36,000 metric tons. This marks a significant milestone in our infrastructure expansion journey. This state-of-the-art terminal strengthens our position in the specialized chemicals and gas logistics sector, enhances India's ammonia handling capabilities, and provides critical infrastructure to support the growing demand from the fertilizer, industrial, and emerging clean energy value chains. The successful commissioning underscores our commitment to developing world-class logistics assets and creates a robust platform for future growth in ammonia and related energy transition opportunities. In this context, we have signed a 15-year take-or-pay agreement with Hindustan Zinc to service its upcoming DAP, that is diammonium phosphate, plant for part of the capacity, providing long-term revenue visibility and a strong foundation for the asset from day one. However, what excites us most about this opportunity is that the ammonia terminal is not just a storage asset. Much like our LPG business, it creates an opportunity for us to participate in the distribution of ammonia to industrial customers, enabling us to move further along the value chain and capture margins that are significantly higher than traditional storage revenues. We believe this project has the potential to create a new growth platform for the company, leveraging our expertise in sourcing, logistics, and distribution while expanding our presence into an adjacent and strategically important product segment. The attractiveness of this opportunity is also reflected in the confidence shown by our strategic partner, ITOCHU Corporation, which has acquired a 10% stake in Aegis Terminal (Pipavav) Limited. ITOCHU representatives have come on board, sorry, with a long-term strategic vision, and they have expressed their intention to increase their stake over to 25% over the next three years. This partnership brings together the strengths of a leading global trading house, Japanese trading house, and our integrated infrastructure platform, further validating the long-term potential of this Pipavav asset and the opportunities that lie ahead. If I turn to Kochi Port next, the Kochi terminal, where we operate 82,545 cu m of liquid storage. As I have mentioned during our previous call, we were evaluating the development of additional storage capacity on newly allotted land at this port. I am pleased to share that the board has now approved this expansion, and the construction of an additional 49,577 cu m of storage capacity at this site. This new capacity is expected to be commissioned by early in the next financial year. We will then, upon completion, our total capacity at Kochi will increase to 132,122 cu m. At Mangalore Port, we have commissioned an 82,000- metric- ton LPG terminal last year in June of 2025. We are developing there an LPG rail loading gantry and bottling plant infrastructure with an investment of INR 52.5 crore. Furthermore, the 75,000 cu m of liquid capacity that was added last year is now fully operational with full utilization, bringing the total liquid storage to 193 cu m of capacity. I am pleased to say that we have secured additional land and are evaluating a further addition of 60,000 cu m of liquids here as well. As far as new ports are concerned, you are aware that we have signed a non-binding memorandum of understanding to participate in the development of Vadhavan Port with a potential investment of approximately INR 20,000 crore, subject to the necessary approvals, land allocation, and other regulatory clearances. This opportunity aligns well with our long-term vision of building large-scale, world-class infrastructure assets across India's energy and logistic value chain. If taken forward, the project would enable us to develop really modern liquid and gas handling facilities and significantly expand our infrastructure platform and presence on the West Coast. In my closing remarks, I would say that over the last five years, we have delivered a strong and consistent growth trajectory with earnings per share compounding at over 30% annually while maintaining a healthy and consistent dividend track record. This reflects not only the quality of our asset base, but also our disciplined approach to capital allocation and execution. Overall, at the company level, the strong start to FY 2027 and our performance in the first quarter reinforce our confidence in the growth trajectory of the business over the coming years. We continue to see multiple growth drivers taking shape. The investments we have made over the years, coupled with the capacity expansions currently underway, really position us well to capitalize on the increasing demand and deliver sustainable growth. We remain confident in our growth trajectory and committed to creating long-term value for all our stakeholders. That concludes my remarks. I would now like to hand over to Mr. Murad Moledina, our CFO, who will take you through the financial performance for the quarter in greater detail. Thanks, Murad. Thank you very much. As Mr. Raj highlighted earlier, we began FY 2027 on a very strong footing, delivering record financial performance across all key metrics. Revenue from operations for the quarter stood at INR 2,357 crore, registering a healthy 37% year-on-year growth. Our operating performance was even stronger, the normalized EBITDA increasing 184% year-on-year to INR 727 crore, reflecting the benefits of higher volumes and better margins. Profit after tax for the quarter grew by 212% to INR 545 crore compared to INR 175 crore in the corresponding quarter of the previous year. As a result, earnings per share increased to INR 13.80 as against INR 3.74 in Q1 of FY 2026, underscoring the significant improvement in profitability and value creation for our shareholders. Let me give you a segment-wise breakup of the performance. The LPG segment reported an EBITDA of INR 591 crore, representing an exceptional 296% year-on-year growth compared to Q1 FY 2026. On a sequential basis as well, EBITDA grew by a healthy 8% despite an already strong performance in the previous quarter. Let me briefly touch upon the volumes across the segment. Our distribution business achieved a record volume of 2.77 lakh metric tons, registering a 91% increase over Q1 FY 2026 and a 19% growth compared to Q4 FY 2026. This strong performance was driven by robust demand and continued customer additions across the market. In the logistics business, throughput volumes remained resilient at 1.124 million metric tons, holding steady despite the geopolitical challenges and disruptions arising from the global war-led uncertainties. This demonstrates the strength of our infrastructure platform and the reliability of our operations. Meanwhile, our sourcing business continued to maintain stable performance, with volumes increasing marginally year-on-year to 1.21 lakh metric tons. Let's move on to liquid division volume. Turning to the liquid segment, we delivered another quarter of strong and consistent growth. Revenue for Q1 FY 2027 stood at INR 178 crore, representing a 24% year-on-year increase. The segment reported an EBITDA of INR 136 crore, up 28% compared to the corresponding quarter last year. As I have consistently emphasized our earlier interactions, I would like to reiterate that cumulative CapEx is to reach approximately INR 1.2 billion in this fiscal year, reflecting the pace of expansion across our port network. Looking further ahead, we have identified a CapEx pipeline of approximately INR 5 billion through the financial year 2030-2031. Investments are aligned with both traditional energy infrastructure and energy transition value chains. We'll pursue this growth with disciplined funding through balanced mix of equity, internal accruals, and debt, targeting a gearing ratio of approximately 0.6x. Low leverage, strong cash generation, and a resilient fortress balance sheet gives us the financial flexibility to move quickly on opportunities. Thank you. I will now request the moderator to open the floor for the question- and- answer session. 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 the touch-tone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use headsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Vibhav Zutshi from JP Morgan. Please go ahead. Yes. Hi, thanks for the opportunity and congratulations on a very strong performance. The first question is on distribution segment. You mentioned multiple customer signings. The first question, is the volume growth surpassing your own expectations? And, obviously, there is some disruption due to the war, but do you think that these volumes are sticky, these customer contracts are sticky, and how do you see growth now from the 280 KT levels that we saw in this quarter? Thank you. Yeah, Vibhav. What I can tell you is that we have always had aim to reach 2 million tons in distribution in coming times ahead. That's not because of the war, but because of the infrastructure layout that we are executing in LPG business. Last year, we commissioned two very big cryogenic terminals, Pipavav 48,000 metric tons, 82,000 metric tons Mangalore, which gives us the flexibility and the [inaudible] to undertake distribution business in addition to catering to our customers, handling the product of our customers. It's like if you have [inaudible] and more locations, your distribution geography increases, new customers come on because there is a product which you can make available for the industry. Of course, it helped that these geopolitics made things more difficult. We were poised with our partnership and the whole presence in the entire chain, vertically integrated from sourcing, shipping, terminals, and the distribution network. We were able to reach products when times were really, really difficult for the industry. I'm sure the fact that we have increased our presence in geography and the fact that we have delivered when it mattered the most to the industries, and the fact that there will be an increase in the usage with industry year-on-year, I think all the three facts, increase in demand, delivering when it mattered, and [inaudible] and infrastructure layout that we are consistently doing across the geography of India, I think will always take us ahead in this distribution business, doing and growing healthy volumes year-on-year. Now, the fact that we have also commissioned our ammonia terminal adds to the gas business by one more product, which we can now handle as we now have the infrastructure to support this distribution business. So, we are very, very excited and positive about this business way ahead. Got it. Great to know. Just a follow-up here. Is it fair to say that profitability in terms of EBITDA per ton kind of peaked in this quarter? There was a commentary where even you talked about Pipavav will become VLGC- compliant this year. I mean, going forward, there should be considerable freight cost savings as well. I mean, you talked about INR 6,000- INR 7,000 being a comfortable level. But how to think about profitability, say, from a near-term basis and medium term structurally? Thank you. I think the INR 4,000 margin, which we were earning till 2024-2025 is history. We have already said that the blended margin, please do not look at it quarter to quarter. It has to be looked as a year, as a whole blended rate, and we believe the margin of INR 7,000 looks sustainable. Of course, in 2025-2026, it was driven, and we have achieved, probably on account of the geopolitics and the uncertainty and the difficulty that has come in this business, because we are vertically integrated and we are in the entire value chain, we have been able to deliver this kind of margin up from INR 4,000, which in the past was a standard margin in distribution business. But going forward from 2027-2028, because of the volume ramp-ups, because of what you have just said, VLGC jetty, multimodal evacuation, and the [inaudible] that we are creating along, will enable us to get procurement efficiencies, which I personally believe that will lead to a more stable margin around INR 7,000+, that we have delivered in 2025- 2026, and expected to deliver with the kind of performance that we have done in Q1, and looks almost a certainty for 2026-2027. So yes, I think we should now look at distribution margin to be in the range of INR 7,000+ going forward. Got it. Second question is on the logistics segment. Just related to the KGPL pipeline that you were talking about. How should we think about throughput enhancement in basic terms? If your throughput is, say, 70- 80 turns, how much faster can the evacuation happen in terms of turns or, say, volume guidance? I mean, it gives a better sense on your utilization potential. Vibhav, what we do is we put up the enablers. Okay? We do the pipeline hookup. We try multimodal evacuation by filling up lorries, filling up rail wagons, trying to hook up in cross-country pipeline, trying for VLGC-compliant jetties. We do multiple things, and these are enablers. But mind you, logistics business is that you store for others. Yes, the distribution division is a customer, but then there are other customers who have to then use it. We believe that year-on-year, we would always clock a worst-case scenario growth in logistics volume of around 25%. But if these enablers are delivering on account of customers using these enablers, there would probably be a step-up kind of growth you will see when customers start using these enablers, assuming that normalcy comes up and the geopolitics situation normalizes. I believe it is very exciting for us. I cannot tell you for sure that this is what we will achieve, b ut the enablers are what we can put in place, which will deliver step-up growth. Step-up growth, which is more than the normal 25%, which we always push hard to achieve year in, year out. Great, sir. Congrats and all the best. Thank you. Thank you. Thank you. The next question is from the line of Yash Desai from Dalal & Broacha. Please go ahead. Yeah. Hi, sir. Thank you so much for the opportunity. Sir, if you could just give us the full year FY 2026, because it has been changing quite a bit, t he per unit margins for sourcing logistics and distribution business. I understand you just mentioned that the distribution business is currently at INR 7,000- odd, hence wanted to have a comparison on a last year basis. And also, in case of the liquid business, how much would be the per unit EBITDA margins? And then, I will follow up with a question. Yes. So, liquid is very simple. You divide the EBITDA by the capacity that we have, 2 million, you will get the per- CBM EBITDA margin as far as liquid is concerned. Right? If you come to LPG EBITDA, it is very standard that the throughput or the logistics volumes that we do delivers close to INR 1,000 EBITDA. And then, what is left, you divide by the distribution margin, leave out sourcing. Sourcing hardly matters as far as EBITDA is concerned. It is a very low contributor. Then, you will get the EBITDA margin for distribution business. Okay. So sourcing, I believe we used to mention about $85- $90 sort of a number. Is that fine to work with? Yeah. Still fine. You can do that. Okay. Sir, you were mentioning this current distribution margin of INR 7,000- odd is sustainable. Sir, this quarter per se was no doubt, even in the last quarter, you had mentioned around INR 5,000, if I am not wrong, t hat was sort of an abbreviation because on account of the geopolitical situation. But still going ahead with the INR 7,000 number, what gives you the confidence on the short to medium-term period for this, sir? Yes, we have not delivered INR 5,000 margin in Q4 and Q1. It is 3x than what you have just stated. What we say is when you look at the whole year, it gets blended. Yeah. Then, you look at INR 7,000. We feel because we have delivered much more in Q1 as we had delivered in Q4 of last year, the blended margin will definitely be around INR 7,000+. I am not saying INR 7,000, I am saying INR 7,000+. Let's see how we end the year. We believe that this INR 7,000, which is an upgrade from INR 4,000, which we were doing up to 2024- 2025, is likely to sustain in the years ahead because of the volume growth that is happening in distribution business and that volume growth brings procurement efficiencies by way of shipping, by way of at what rate you procure. Therefore, we believe that the uncertainty and the difficulty margin that we had achieved in Q4 and Q1 in 2027- 2028 will get substituted by the procurement efficiency profits that we will be able to get on account of the volume ramp-up that has happened in the 24-month period from 2024- 2025 to 2026- 2027. Okay. Good to hear that, sir. And, sir, this year, the overall volume, you did mention about a 25% CAGR growth. What kind of an upside do we see to that number? Or is that an upward cap or how do we see that number? If you are talking of volume, we have already said 25% is the benchmark we always try to push and achieve. Anything above is a step up on account of the enablers that we are putting in place. So, let us see how much those enablers help us achieve step-up growth over and above the 25% which we always strive for. We have said that as far as EPS is also concerned, in spite of the larger base, we have already grown from INR 6 EPS to INR 26 EPS. Even from this larger INR 26 EPS, we expect to continue our CAGR growth, which we have delivered last 10 years, 25%+. So yeah, we remain positive on that account, and we like to perform and deliver this year and every year in coming times. Okay. Yeah, sir. Fingers crossed. All the best to you. Thank you. Thank you, sir. Thank you. The next question is from the line of Vinith Jain from Siddh Capital. Please go ahead. Yeah. Hi, thank you. Sir, my first question is on the ammonia distribution. When do you start the distribution for ammonia, and what will be your EBITDA return on that? Also, what are the means of delivering ammonia, sir? Immediate. We commission, we start, so it might be a week, maybe a month. I mean, weeks, and we would start a distribution. Distribution of ammonia will happen by industrial distribution. We do not pack it in cylinders, nor do we put up gas stations for that. It will only be industrial distribution to begin with, and we expect to start soonest. Margins are likely to start in the range of, I do not think I should be saying anything on that. Let us start off, and then we will start saying that what are the margins that we are delivering when we get into it. I think wait for a quarter, and you will see some action on that. Absolutely. Okay, sir. Great. Sir, staying on distribution, has Morbi restarted with LPG distribution, or is it still not? We keep delivering to Morbi wherever we bring value for them. But Morbi is not be all, end all for Aegis. The market is much bigger. The geography is the whole of India. We have been delivering all over the place now. I think it is now life beyond Morbi, I think. Let us get on with life. Certainly. Let us not just keep talking about Morbi all the time. My reason for asking, it was a very large market, and it was closed completely for in between. No, it has started, but they also will work on what energy they can get at the cheapest rate. They are doing great work. They are fighting competition world over. They have to deliver value, right? So whenever we deliver value, they buy from us or our counterparts, whether it is national oil companies or other LPG players. Whenever it gives value where they can work with natural gas, they do so. I think energy market is big. It is all over, and there is place for, I think, everything and everyone. So we focus on our customers, we focus on the value we deliver to our customers, and we are very positive on this business. Oh, okay. My next question was on the EBITDA per ton, which you said is very large, much higher than INR 7,000. I understand which figure you are talking about. But as we get to settled days, maybe three months down or six months down, we never know when Iran war stops, do you think INR 7000 is the, y ou said that we take the average for the year, but what will be the normal EBITDA? Just to have an understanding. We are targeting 2 million tons of volume. But to understand the normal EBITDA, we understand all the things happening there. Yes. I have already said earlier that till 2024- 2025, it was a very standard kind of INR 4,000 EBITDA margin business. But now, after 24 months, in these 24 months, the uncertainty margin has come in, right, which has taken up the blended rate for the year to INR 7,000. We expect this 7,000 not to come down to INR 4,000 again when everything is normalized, say in 2027- 2028 onwards. We expect that this INR 4,000 will be topped up by the procurement efficiency gain or margin additional that we will have on account of better shipping cost because the volumes have increased. So, instead of getting it on a medium gas carrier, which have probably a freight of $50, we would get it on a very large gas carrier, which has a freight of, let us say, $15. So, this $35- odd, I am just quoting approximate numbers, p lease don't take me on that, but t hat gives you that top-up of another INR 3,000, and therefore the INR 7,000 margin, we believe will in the next year also sustain. Okay. Riding on the back of increased volumes that we have achieved by more geography, more customers, more terminals that we have commissioned doing distribution from all over the place, from all of our facilities. Will you be able to give in the distribution of how much do you supply to industrial and what percentage you supply to HoReCa? Oh, we don't do that. We give logistics volumes, and then, we give sourcing volume, and then distribution volume all put together. Okay. One last question. You said India at the national level is still at a deficit of 15%-20% to pre-war levels in terms of LPG. So, what stops us from, because our throughput is much higher than what we are doing, so what stops Aegis from filling up more or the tanks more, because you have ITOCHU as a partner who can do wonders. What stops you from doing more? We don't want to be driven by greed. We don't want to become traders. It's not greed because [crosstalk]. [crosstalk] positions. Yeah. We can fill up the tanks and try and sell them, b ut it is an industry which is very volatile. We cannot take positions where if you are left-footed, then you end up really taking a big fall. We are distributors. We do it month on month. These are not inventory gains on which we are riding. We are doing hard-core distribution every month. The cargoes do not come six months in advance in our store just because we have [inaudible], and then try to take price advantage, which you never know may or may not happen. Again, repeating, we are not the global traders like Trafigura or Glencore or Vitol. We are distributors. We get material where we see demand, and then we distribute it or reach out to those customers. It is not taking positions either on inventory or on price or anything else. One more thing on the Mumbai port. You have an LPG here, which is not cryogenic and a very small storage. Is there a future plan to replace it with a larger cryogenic storage? We already have a cryogenic in Mumbai. That was the first cryogenic terminal in India that was built in 1997. Yes, but expansion, always possible if we find the land. If we are able to find the land, yes. That is always a possibility. Yeah. Okay. Thank you. Never say no to anything. Thank you. Thank you. The next question is from the line of Chirag Vakharia from Budhrani Finance Limited. Please go ahead. Sir, just wanted to get a sense from you. In the distribution segment, sir, don't you think that 25% growth is conservative, the way the volumes are moving? No, I have never said 25% for distribution. That was logistics. Where I am coming from is generally the. That was for logistics, we said. Yeah. In the throughput side, you said that 20%-25% volume can grow. Right. Wouldn't it be more in distribution side? Absolutely. It will be more. Sir, can you give some insight what and where? We cannot say for sure, but yes, I've already said that it will definitely be more than 25%. We have ourselves said that we want to reach 2 million in probably next year or the year next. We are aiming high. We already, like I said, had delivered from 500,000 to 750,000 in last year. This year, we are expected to cross 1 million. Next year, maybe cross 1.5 million. So, the rate is definitely more than 25%, maybe closer to 50% is what we look at. Okay. This will happen via getting more and more into industrial distribution, correct? With more presence. Yes, you can say that. Okay. Thank you, sir. Thank you. The next question is from the line of Kunal Mehta from InCred Equities. Please go ahead. Hi sir. A very good evening. Sir, in the presentation you have mentioned about liquidity reserves in excess of INR 5,940 crore. I just went through the financial statements of different subsidiaries of Aegis. On the standalone, there's a cash of INR 2,700. On Sea Lord, it's INR 410. Aegis Gas, which is a packed cylinder, it is INR 840 crore. Aegis International has about INR 306 crore. How are we going to be using this cash reserve for the CapEx that we have planned? Because it's in different entities. How are we going to probably? So, Aegis Vopak is self-funded. Aegis Vopak has. Yeah. Its own funding, which is by equity. Okay. We have already agreed to dilute so that the funding happens, so that the CapEx happens. Of course, when the equity comes in, you are also then eligible to borrow more. Then, you do your journey of $5 billion. That's there. We also like to maintain a fortress balance sheet. This business is a difficult business. We like to maintain a very healthy cash balance, and that's how INR 5,900 you can see. We have even given where exactly in balance sheet it is placed on a consol basis. Obviously, you will not see this cash balance in AVTL where the CapEx is happening. Also, by maintaining this cash balance, we are also then looking at ways and means to deploy this, but we are never in a rush. It is not that we just simply use it. We like growth, but we like growth which results in profits, because we are a very bottom-line- driven company. As and when we will get opportunities, whether organic or inorganic, other than AVTL, because AVTL already has its sources of funds, and we will deploy, otherwise we will hold, because this is what we believe in, a fortress balance sheet, which then enables you to do things which are truly big, huge, and remarkable. Okay. Thank you, sir. Any CapEx in the downstream segment, especially in the, let's say, gas stations or in expanding distribution, since Aegis Gas has about INR 840 crore of cash on the balance sheet? The best part is the distribution business is a franchise- driven business. The distribution assets is financed by the franchisee. The beauty is that there is no CapEx, hardly any CapEx in distribution business, and also absolutely very low working capital. Yes, wherever it is required, we will of course, as we have enough firepower by way of cash to do so. But let the opportunity come. Sir, what was the INR 870 crore of other income in Aegis Gas for FY 2026? INR 800 and? INR 70 crore of other income in Aegis Gas. That is because Aegis Gas had sold off its holding in Hindustan Aegis. Probably. Okay. The capital gains arising of that, but that gets eliminated on a consol basis. Okay. And sir, I think in June, there was an article that I read which said that Indian imports from the U.S. has almost reached 1 million metric tons. That shows that there is a mix shift towards long haul VLGCs. I think Aegis also is moving in that direction, making every port compliant. Does this help us gain market share in terminaling volumes? Oh, yes, b ecause, you know, you have made a very good point. When it comes from U.S., it is very large ships. When it used to come and when it comes from Middle East, very large ships as well as small ships. There are terminals in India which can only handle small ships because their static capacity is less. But we stand in the market with very big capacity terminals, especially at Mangalore and Pipavav and even Kandla, for that matter, that we can unload an entire ship in one shot. Obviously, it helps because then it reduces the waiting time of the ship, it reduces damage, it reduces the freight cost. Everything adds to the subsidy bill of the customer, in case the efficiencies are not taken into consideration. Okay, then sir, this year, I think in Aegis International also, there was a particular of EBITDA. Usually, we have around a single digit. This was probably because of better sourcing and the geopolitical. Correct. Sell scenario, right? Yeah. So going ahead, we should maintain it at around INR 4 crore or INR 5 crore. Yeah. Do not go overboard, just do standard projections. And sir, how much is the, probably revenue at the Mumbai terminal for liquid and LPG? If you can give some bug number, at what terms, because it will help us to just probably get a sense of how much Mumbai terminal, because I know it is operating at 95% utilization, but probably what is the current tariff or the current terms that we get from there? Tariff is the same all over. Okay. We don't give splits and we maintain that. We don't do that. Is it at around 70 tons? No. Historically, it has done 90+ tons. Okay, sir. Thank you so much. Thank you. Thank you. As that was the last question for the day, on behalf of MUFG Intime, that concludes this conference. Thank you for joining us and you may now disconnect your line. Thank you. Thank you.