Ladies and gentlemen, good day, and welcome to Carborundum Universal Q3 FY 2026 earnings conference call, hosted by DAM Capital Advisors Limited. As a reminder, all participants' line 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 this conference call, please signal an operator by pressing Star, then Zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kunal Shah from DAM Capital Advisors. Thank you, and over to you, sir. Yeah. Welcome to the 3Q26 earnings con call of Carborundum Universal Limited. From the management side today, we have Mr. Sridharan Rangarajan, the Managing Director, and Mr. G. Chandramouli, the Advisor. At this point, I'd like to hand over the call to the management for their opening remarks, post which we can take up the Q&A. Thanks, and over to you, sir. Good morning. I'm Chandramouli. Let us start the proceeding with a disclaimer clause. During the call, we may make certain statement which reflect our outlook for the future or which could be considered as forward-looking statement. These statements are based on management current expectation and are associated with uncertainties, and risk are more fully detailed in our annual report, which may cause the actual result to differ. Hence, these statement must be reviewed in conjunction with the risk that the company faces. Thank you. Good morning to all of you, and happy New Year to all of you. A warm welcome to our third quarter earnings call for the financial year FY 2026. Thank you for joining us today. We'll begin this call by providing an overview and then followed up by a Q&A. On a standalone basis, the standalone sales in Q3 FY 2026 was INR 769 crores, compared to INR 712 crores in Q2 FY 2026. This is a growth of 7.9%. Ceramics grew by 11.9%, from INR 228 crores in Q2 FY 2026 to INR 255 crores in Q3 FY 2026. Electrominerals grew by 7.9%, from INR 213 crores in Q2 FY 2026 to INR 229 crores in Q3 FY 2026. Abrasives grew by 4.9%, from INR 308 crore in Q2 FY 2026 to INR 323 crore in Q3 FY 2026. Standalone sales in Q3 FY 2026 was INR 769 crore, compared to INR 728 crore in Q3 FY 2025. This is a growth of 5.6%. Abrasive grew by 9.8%, Electrominerals by 8.9%, ceramics dropped by 3.8%. On a YTD nine months basis, standalone sales was INR 2,179 crore compared to INR 2,097 crore for the same period last year. This is a growth of 3.9%. Electromineral s grew by 7.3%, ceramic grew by 1.7%, and abrasive grew by 1.3%. At the standalone level, PBIT of Q3 FY 2026 grew by 32% compared to INR 87 crores in Q2 FY 2026. The PBIT for Q3 FY 2026 was INR 115 crores compared to INR 110 crores in Q3 FY 2025. This is a growth of 5.3%. Standalone PBIT margin increased sequentially from 12.2% in Q2 to 15% in Q3. This was compared to Q3 FY 2025 is almost flat. At YTD nine months level, standalone PBIT was INR 369 crores compared to INR 344 crores. This is a growth of 7.1%. PBIT margin increased from 16.4% in FY 2025 to 16.9% in FY 2026. Standalone profit after tax for Q3 FY 2026 was INR 85 crore compared to INR 64 crore in Q2 of FY 2026. There's an increase of 31% on a sequential basis compared to INR 81 crore in Q3 FY 2025. This is an increase of 4.9%. Profit margins in Q3 FY 2026 was 6%, compared to 2.8% in Q3 2025 and 5.8% in Q2 FY 2026. At the nine months level, standalone profit after tax was INR 294 crore compared to INR 260 crore in the same period last year. This marks an increase of 12.9% at the YTD nine months level. PAT margin in FY 2026 were 13.5% compared to 12.4% in the same period last year. Moving to the consolidated results. On a YTD nine months basis, consolidated sales was INR 3,760 crore compared to INR 3,635 crore in the nine months of FY 2025. This marks a 3.6% growth. Ceramics grew by 6.1%, Abrasives grew by 2.4%, and Electrominerals is almost flat. Consolidated sales in Q3 FY 2026 was INR 1,273 crore, compared to INR 1,241 crore in Q3 FY 2025. This marks a growth of 2.5%. Abrasives grew by 8.1%, and ceramic was almost flat. Electro minerals dropped by 3.6%. On a sequential basis, consolidated sales in Q3 FY 2026 was INR 1,273 crore compared to INR 1,287 crore in Q2 FY 2026. This marks a drop of 1.1%. Ceramics grew by 4.7%, Electrominerals grew by 0.6%, abrasives dropped by 2.5%. Coming to the bottom line performance, consolidated PBIT for Q3 FY 2026 was INR 109 crores, compared to INR 141 crores in Q3 FY 2025. Consolidated PBIT in Q2 FY 2026 was INR 111 crores, which is almost flat compared to Q3 FY 2026. At the nine months level, consolidated PBIT was INR 301 crores compared to INR 444 crores in FY 2025. Consolidated profit after tax for Q3 FY 2026 was INR 76 crores compared to INR 35 crores in the same period last time. The profit after tax of Q3 FY 2025 includes an exceptional item related to VAW at the Q3 FY 2026 level. The PAT margin was 6% compared to 2.8% in Q3 FY 2025. On a sequential basis, consolidated profit after tax for Q3 FY 2026 was INR 76 crores, compared to INR 75 crores in Q2 2026. At the YTD 9 months level, consolidated profit after tax was INR 212 crores, compared to INR 264 crores in the same period last year. Profit after tax for the first 9 months of FY 2025 includes the exceptional item related to VAW. At the YTD 9 months level, the PAT margins were 5.6% compared to 7.3% in the same period last year. I'll move now to Abrasives. Standalone Abrasives. Standalone Abrasives recorded the sales of INR 323 crores in Q3 FY 2026, compared to INR 294 crores in Q3 FY 2025. This is a growth of 9.8%. The growth was broad-based, driven by retail, industrial, and precision. On a sequential basis, compared to the sales of INR 308 crore Q2 FY 2026, this is a growth of 4.9%. And on an YTD basis, the FY 2026, INR 917 crore is the total sales in FY 2026, which is a growth of 1.3% compared to INR 905 crore in the same period last year. Consolidated Abrasives Q3 FY 2026 consolidated sales was INR 569 crore, with a growth of 8.1% compared to INR 526 crore in Q3 FY 2025. This growth was contributed by stand-alone business, which grew by 9.8% compared to Q2 FY 2026. Consolidated were lower by 2.5% compared to moving from INR 584 crore in Q2 FY 2026 to INR 569 crore in Q3 FY 2026. Stand-alone business grew by 4.9%. Rhodius Abrasives had a small drop, which is in line with the seasonality. Consolidated sales for YTD nine months in FY 2026 was INR 1,660 crore, with a growth of 2.4% when compared to INR 1,621 crore the same period last year. At the YTD level, stand-alone Abrasives grew by 1.3%. Now I will move to Rhodius. In Q3 FY 2026, Rhodius achieved net sales of EUR 14.8 million, which is a 3.5% drop over EUR 15.3 million in Q3 FY 2025. On a sequential basis, sales declined from EUR 17.4 million to EUR 14.8 million. Normally, Q3 is a lower quarter, two and a half months quarter because of the Christmas vacations, etc. At the nine months level, FY 2026, Rhodius recorded the sales of EUR 45 million compared to EUR 49 million. You might remember that we lost close to EUR 5 million sales in Q1 due to the shifting of warehouses in Q1. Q3 FY 2026, the loss after tax was EUR 0.84 million, compared to the loss after tax of EUR 0.78 million. On a sequential basis, loss after tax increased from 0.57 to EUR 0.84 million. At nine months level, FY 2026, Rhodius incurred a loss after tax of EUR 3 million. This is after a PPA write-off of EUR 2.1 million. The loss of business due to shifting of warehouse is a predominant reason for the higher losses. The nine-month loss after tax in FY 2026 was 0.89 million. So on a full year basis, we said in the last call that Rhodius will do same as last year in Q2, Q3, and Q4. So this means an annual sales of EUR 62.6 million. We now expect the full year sales to be about EUR 60 million. We expect the full year loss to be in the range of EUR 4.5 million, after write-off of PPA, about EUR 2.8 million. Awuko, at the YTD nine months level, Awuko recorded a sales of EUR 7.9 million euro, compared to EUR 7.6 million in the same period last year. This represents a growth of 4.6% for the quarter. Awuko recorded sales of EUR 2.4 million, which is a 3% growth over sales of EUR 2.3 million in Q3 FY 2025. On a sequential basis, sales dropped by 19% from EUR 2.9 million in Q2 FY 2026 to EUR 2.4 million in Q3 FY 2026. In Q3 FY 2026, Awuko recorded a loss before tax of EUR 2.7 million, compared to the loss before tax of EUR 1.4 million in Q3 FY 2025, and the loss before tax of EUR 1.5 million in Q2 FY 2026. The higher loss is primarily due to no production during this period to optimize the inventory, and hence, ability to recover the fixed cost was lower. Besides this, there was also a small one-time expenditure that they incurred. At the YTD nine months level, FY 2026, Awuko incurred a loss before tax of EUR 5.1 million, compared to the loss before tax of EUR 3.7 million the same period last year. Now, I'll cover the bottom line performance of the Abrasives segment. Consolidated Abrasives PBIT was, in Q3 FY 2026, 20 crores, with a drop of 28% compared to PBIT of 28 crores in Q3 FY 2025. This was on account of PBIT drop in Awuko. On a sequential basis, PBIT of consolidated Abrasives declined from 33 crores to 20 crores. This drop is again, mainly on account of Awuko. At the YTD 9 months level, consolidated PBIT in FY 2026 was INR 65 crore, compared to PBIT of INR 118 crore for the same period last year. The drop is contributed by Rhodius, Awuko, and the standalone Electrominerals. Standalone Electrominerals recorded a sales of INR 229 crore in Q3 FY 2026, compared to INR 211 crore in Q3 FY 2025. This marks a growth of 8.9%. The growth was driven by export segment, which is a very substantial progress that we have made. On a sequential basis, sales of INR 229 crore in Q3 FY 2026 represents a growth of 7.9% compared to sales of INR 213 crore in Q2 FY 2026. Sales for the YTD nine months period was at INR 654 crore, which is a growth of 7.3% compared to the INR 609 crore. Consolidated EMD sales for YTD nine months FY 2026 was INR 1,204 crore, with a growth of 0.5% compared to INR 1,119 crore the same period last year. At the YTD level, standalone Electrominerals grew by 7.3%. Foskor grew by 16.6%. VAW dropped by 25%. Drop in VAW reflects due to the U.S. sanctions, which was imposed in January 2025. Compared to Q2 FY 2026, sales was almost flat, moving from INR 319 crore to INR 401 crore. Standalone business grew by 7.9%, and I think there was a decline in Foskor as well as in VAW. Q3 FY 2026 sales was at INR 401 crore, with a drop of 3.6% and INR 16 crore. Standalone business grew by 8.9%, and VAW dropped by 28%. Foskor grew by 6.5%. Now, going to VAW at the YTD 9 months level, VAW recorded sales of RUB 4.8 billion compared to RUB 7.6 billion in the same period last year. This represents a 36% drop over last year. VAW came under sanction since January 2025. For the quarter, we achieved sales of RUB 1.4 billion, which is a drop of 46% compared to the last year same period at RUB 2.6 billion. On a sequential basis, sales declined from RUB 1.5 billion to RUB 1.4 billion, almost flat. At the YTD 9 months level, VAW recorded profit after tax of RUB 404 million, RUB 414 million, compared to profit after tax of RUB 35 million in the same period last year. To move to the Foskor, at the nine-month level, Foskor recorded the sales of ZAR 336 million, compared to ZAR 308 million in the same period last year. This represents a growth of 9% over the last year. Sales volume went up substantially, 28% growth. At the same time, the realization fell by 13% because of the price pressure from Chinese competition. In addition to this, rand appreciated by 6%. Very strong appreciation because of the rand appreciation, coupled with you know the price drop and the volume increase, the net result is a sales value increase of 9%. In Q3 FY 2026, Foskor achieved the sales of ZAR 101 million, which is a 4.5% decrease over ZAR 106 million in Q3 FY 2025. Again, volume went up. However, the realization dropped by 13%, volume went up by 22%, rand appreciated by 8%, and so that's the basic reason for the again impact. On a sequential basis, sales declined from ZAR 114 million in Q2 of FY 2026 to ZAR 101 million. The volume remained flat, and the sales drop is due to the rand appreciation in the same period. At the 9 months level, Foskor recorded a loss after tax of ZAR 66 million, compared to loss after tax of ZAR 22 million in the same period last year. Q3 of FY 2025, Foskor made a profit after tax of ZAR 10 million, which therefore, this became a loss after tax of ZAR 24 million. This drop in profit is predominantly due to the drop in price and appreciation of rand, and the sequential basis also, tax was almost flat. Now I'll cover the bottom performance of the segment. On a sequential basis, PBIT of consolidated EMD increased from INR 33 crore to INR 34 crore in Q3 of FY 2026. This is 16% increase sequentially. Consolidated Electrominerals PBIT for Q3 FY 2026 was at INR 35 crore, a drop of 48.7% compared to INR 68 crore in Q3 FY 2025. Mainly on account of the PBIT drop in VAW and Foskor. At the nine months level, consolidated Electrominerals PBIT was INR 72 crore, compared to INR 168 crore in the same period last year. At the nine months level, margins have declined from 14% to 6.6% on a YTD basis. I'll move to ceramics now. Consolidated ceramics sales for YTD nine months in FY 2026 was INR 917 crore, with a growth of 6.1%, and compared to INR 864 crore in the same period last year. At the YTD year, standalone ceramics grew by 1.7%. Compared to Q2, sales were higher by 4.7%, moving from INR 301 crore to INR 316 crore. In Q3 FY 2026, sales was INR 316 crore, with a growth of 0.4% compared to Q3 FY 2025 at INR 315 crore. Standalone ceramics. Standalone ceramics recorded sales of INR 258 crore, which is a growth of 11.9% compared to INR 228 crore in Q2 of FY 2026. In Q3 of FY 2026, sale of INR 255 crore dropped by 3.8% compared to INR 265 crore in Q3 FY 2025. At the YTD level, sales was INR 721 crore, which is a growth of 1.7% compared to INR 710 crore in the same period last year. Now, total debt position. There was no debt in our standalone books. The total consolidated debt was about INR 290 crore compared to INR 210 crore in the same period last year, and INR 108 crore at the same period last year. The debt-to-equity ratio is 0.007 at the consolidated level. Cash and cash equivalents at the consolidated level was consolidated level without VAW was INR 385 crore. CapEx. During the first nine months, the CapEx investment was of INR 248 crore compared to INR 209 crore same period last year.... We said we will spend INR 350 crore for the full year, and we feel that we should be completing the three hundred and fifty crores of CapEx. I'll come to the guidance. During the last call, I said growth in consolidated sales, sales could be 5% and up to 6.5%. I maintain the same guidance. Consolidated ceramics, we communicated a sales growth of 16%-18% in the beginning of the year. We marginally bring this down to 13%-14%. Abrasives sales in our last call, we communicated 4-4%, 5% for the year. I maintain the same. In consolidated EMD, we gave a guidance of 1%-2% sales growth. I maintain the same. Margins in the ceramic segment, we communicated PBIT margin of 23.5%-23.7% on a full year basis. We are likely to be 21%-22%. EMD, in the last call, we said 4.5%-5.5% is the PBIT margin. We maintain the same guidance. Abrasives, last time we said PBIT margin could be 6%-6.5% on a full year basis. We now revise that to 4%-4.5%. We said the last time the overall consolidated PBIT margin could be 8.2%-8.5%. This could be 7%-8%. On the CapEx side, we said we will spend INR 350 crore on a full year basis. We spent so far INR 248 crore on a nine-month basis. We maintain the full year guidance of INR 350 crore of CapEx. I now open up for your Q&A, and then we will conclude the call. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their 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. The first question is from the line of Amit Anwani from Prabhudas Lilladher Capital. Please go ahead. Hi, sir. Thanks for the opportunity. So first question for the reduced guidance in ceramics, and we can see that even standalone business is kind of 4% down. So could you explain what went wrong? And within that, is that the exports from ceramics which has also been impacted and versus the technical and refractory ceramics, how the situation in ceramics since we are expecting some recovery after Q1, Q2, and we are again revising down the guidance for ceramics? Yeah. So I think, we are not again revising. This is the first time I'm bringing it down. We feel that, I think, ceramics, Q4 will be a strong quarter, first of all, because we feel that ceramic, on a full year basis, the projects are getting delayed, and that is what is causing us this, challenge of Q3. But I think, if you look at sequentially, we have done well on a standalone basis. We feel that Q4 will be a very strong quarter based on the order backlog that what we have. However, we expect that there could be delays in some of the projects. Like, for example, while we have an order, the ability to ship depends on the inspection by the customers, and there could be some delays. Hence, we are, cautiously bringing this down. We felt that, you know, there could be some challenge, hence we are bringing it down. So that's what, I would think so. It is not anything at this point in time we feel otherwise. Okay. What's the kind of exports contribution in ceramics for first nine months? Overall, if you see a blended rate, it could be in the range of around 50%-55%. Industrial ceramics, it could be as high as 75%, because it's a combination of two businesses. Right. So second question on the recently concluded EU FTA, and we have exposure to Europe. And in fact, when we acquired the subsidiaries, we were talking about synergies and cross-sell. So any reading you have for your businesses from this FTA, and if you could explain more. Could it be beneficial- Yes. Or benefit to you, yeah. So I think right now it's so you know early at this stage, so I feel overall FTA will be beneficial to us. You know right now we are under the MFN category, so hence definitely compared to that rate, the MFN FTA rate will be definitely lower. At least to the extent of about 4%-5% lower is what our which is definitely increases our competitiveness, hence it is more beneficial to us. Hello? Am I audible? Hello. Now, now you are audible, yes. Again, you are not audible. I think there's some line issue. Amit. Is it better? Go ahead with the question. Amit, if you have- We can take the next question- Yes. And then let him come on the queue. Okay. Thank you, Amit. The next question is from the line of Harshit Patel from Equirus Securities. Please go ahead. Hi, sir. Thank you very much for the opportunity. Sir, firstly, on Awuko and Rhodius, while you have outlined your performance so far in the nine months of FY 2026, can you broadly highlight how we should think about revenue growth and margin development for both these companies for the next year, that is FY 2027? I will share these details more in the next call, Harshit, because we will be doing the roll-up at that time. We'll be able to share at this time. I strongly feel that the current challenge of Awuko, which is like, you know, a marginal top-line growth, is our key concern, and I think we will reflect on that and when we meet in the next call, we'll share this more. Yeah, okay. Yeah, in terms of the next quarter, which is the fourth quarter, will it be broadly on similar lines as to what we have seen in the third quarter, or would there be a material improvement sequentially for the January to March quarter? This is for the... You're talking about Awuko? Correct. Yeah, both. Okay. Both Awuko as well as Rhodius. Yes, yes. Okay. So Awuko will be on the similar trend, is what our reading, you know, is what. And, we feel that, the current trend would continue, and, it could be better compared to the profitability because of the, you know, the expenses getting, spread over the, you know, production process, because last quarter we did not manufacture, so hence the fixed cost absorption was practically zero. So that was the cause. But, you know, going forward, that would be a slight benefit on that. But top line, we are expecting to be on the, similar trend. As far as Rhodius is concerned, I feel normally Q4 is better quarter compared to the Q3, because Q3 is a Christmas quarter, so that benefit I expect that it would come in terms of the top line. Understood, sir. Sir, secondly, on domestic abrasives, China has recently removed the export rebate on abrasive products, including grinding wheels, from 9% to 0%. This will be in effect from April onwards. Can this translate into a tangible improvement in the domestic market share for us over time? So this is the, the positive news as far as, the Indian market is concerned and across. I mean, abrasive is one such product, but many products, the export benefit drop would benefit this. So we think that, you know, this is a positive information, and it would definitely help us to strengthen our position. Understood. Sir, lastly, on Foskor Zirconia, this particular business has continued to impact our margins and profits negatively. Even in the first half of FY 2026, we have incurred a PBT loss of around INR 25 crores in INR terms. On top of that, there is further loss in the third quarter as well. So what is the outlook on this business, and how do we plan to improve the performance here? I remember a few years ago, we had also planned to divest this particular business, but I think since then, nothing has happened on that front. So if you can provide some outlook on this business, that will be very helpful. Yeah, I think it's a good question. So, Foskor does trouble us a lot, and definitely impacting us. So right now, what we are doing is, we have two products, ZC and Z450, and ZC is having higher losses, so we have closed down that operation, and we are only focusing on Z450. So the Q4 will have only Z450 operation, and we want to see how that performance is. If it is going to improve, that is fine. If not, we need to take a firm call. So this is what our current approach is. Understood, sir. Thank you very much. I will come back in the question. Thank you. Thank you. Participants who wish to ask a question may press star and one at this time. To ask a question, you may press Star and One now. The next question is from the line of Harshit Patel from Equirus Securities. Please go ahead. Thank you very much, sir, again, for the follow-up. Sir, in the domestic Electrominerals business, what is the mix between domestic revenues and exports within our standalone business? Also, is there any material difference in margins between these two? Yes, the mix is improving more towards the export. That is helping us a lot. I think our aim is to have a 30% mix, that is 30% export mix, on a long-term basis. But the current trend shows that even now we are very close to that. Understood. Sure. Sir, secondly, in our standalone ceramics business, which has barely grew by around 1.5%-2% in the first nine months of FY 2026, so could you highlight the performance and growth rates of different sub-segments, mainly refractories, wear ceramics, industrial ceramics? So if you could give us a flavor on which of the segments have grown and which haven't, and based on your assessment, how FY 2027 will look like for all these sub-segments? Yeah. I think, so, we have, two broad, you know, segments within that, which is, ceramic and refractories. But, you know, the way we discussed in the last few calls, the set of businesses where engineered ceramics, some of the fired refractories, all that growth, we are looking at, north of 20%. Our challenge continues to lie in the wear ceramic and also the project-based, fired refractory business. Bunching of the product, and that is happening or that's going to happen in Q4, is one of the reason that we are looking at a muted nine months one. So we expect, you know, the full year basis, they will be strong. Wear ceramics continues to have this challenge. Largely, we feel that, you know, one, the ceramic business in U.S., particularly in the last two quarters, were sluggish. The end customers on many projects have delayed and deferred because of the uncertainty in the tariff. Not just because of us, I'm just saying as a project. We are only a small supplier in that, but they are. Because they are also going to face many import costs. So a lot of them have deferred this, trying to get clarity in terms of how it is going to happen. So that two quarters is causing this challenge. We think the information we are getting is that people more and more now start, you know, firming up their project and start moving ahead. So that should come back. So this is how I read, the ceramic business as a whole. As we guided, you know, you know, the ceramic business—we have given a guidance at the consolidated level, but in the ceramic, obviously, India becomes the forming a major portion. We expect that overall growth rate, we know that the current rate is 1.7%, but we expect this to be in the range of about 9%-11% at a full year level. Understood, sir. Thank you very much for answering my questions and all the very best. Thank you. Thank you. Anyone who wishes to ask a question may press Star and One. The next question is from the line of Jonas Bhutta from Birla Mutual Funds. Please go ahead. Hi, sir. Thank you for the opportunity. I hope I'm audible? Yes, yes, please, please go ahead. Yeah. So, you know, I would appreciate your comments, you know, while you said that you'll give out a separate guidance for both the businesses, the Awuko and Rhodius, probably with the Q4 results. And just like Foskor, so do you sort of have a timeframe as to when you will keep evaluating these businesses, whether they remain or, you know, are something that are sort of meeting the targets that you'd set out at the time of their acquisition, as in you'd bought them for a particular reason. And I know maybe three years or four years is not a good enough time to sort of evaluate these businesses because we buy it for the long term. But, you know, just curious to know as to, you know, what are the steps that you're taking to sort of see that whether these fit probably, just like you're going to take a call on Foskor. So what is the timeline that you've given yourself, on this? Yeah, I think again, a good question. Foskor, as I communicated, probably one quarter to two quarter, we will take a call. Awuko, we think that, you know, we should take a firm call in a year's time. Understood. You know, just out of curiosity, sir, again, you know, what is the cap? You know, while we bought it for, I think, EUR 5million-EUR 6 million, what has been the total loss funding that we've done so far, or the losses that we would have incurred in the last 3-4 years, ever since we acquired them? Yeah. I think, we have incurred a loss of close to about EUR 30 million, and that this is over the last 4 years period. Sure. Sure. My second question, sir, was on ceramics. You know, in about 2 years back, so we've seen a phenomenal growth and for the past 4-5 years, up until maybe fiscal 2024, you know, and predominantly driven by these new age applications in SOFC cells, et cetera. The business of the company that was giving us those orders seem to be booming. Is it already reflective in the sales of ceramics for the past 2 quarters? Or, you know, that is something that's the upside that's potentially going to come going forward. Because, you know, again, the communication was that the intensity of ceramics in these products is likely to go up, and, you know, our wallet shares will sort of tend higher. I'm just, again, wanting to know whether that's already reflective of the upside in, in the last two, three quarters? So I think your appointed observation is well noted. I think on the ceramic side, the businesses that we are serving to SOFCs and some of the high-end one, they are growing pretty high. You know, as I said, it's north of 20% is the growth that we are having. And we also have a very sizable good order book. In fact, we bagged the highest ever order in the last quarter from them, so we seem to be doing fine there. Our challenge, as I explained to you, comes largely from the wear ceramics side, which is what is causing. And probably once the project starts kicking in, in America, I think this should start getting better. And then you will start seeing the overall growth would also start looking better. So two broad reasons. One is that side, the other side is the refractory projects bunching that is happening in Q4. So that these are the two broad reason why we are seeing a muted growth up to nine months. Still, I'm, as I guided on standalone, 9%-11% on a basis ceramic. We will still do that because you will see a strong Q4 on that. And then you will start seeing a better growth in FY 2027. And, some of the businesses that you are hinting are really supporting our growth well. Got it. Fine, sir, appreciate your responses and all the best, sir. Thank you. Thank you. Thank you. Thank you. A reminder to all the participants, if you wish to ask a question, you may press Star and One at this time. To ask a question, please press star and one now. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Good. I think, thank you all for participating. I would like to summarize as follows. I think, of course, you don't have the business plan, but we are tracking to the business plan at nine months level. We think that, you know, we have worked on all the major efforts in depths of our long-term strategies for ceramics, Electrominerals and abrasives. Capacities are being created and, we are. Our investment progress is very much in line. That's why we are also maintaining the guidance of INR 350 crores. All the programs in terms of, technology tie-ups, working with, you know, partners in, two broad areas are all progressing well. People, addition, getting, you know, key leaders part of this, new and, improved programs that we are looking at are all also happening in parallel. So I would say, while we focus on the current and future also, we are securing well. Abrasives growth in Q3 is encouraging. We think that this trend should continue. We feel Q4 will be a strong quarter for ceramics because, based on the projects that they have tied up. Electro minerals is showing a good comeback, very good margin recovery that they have shown. Their ROCEs are also looking good. So overall, standalone has done an exceptional job. We think that Q4 could be better in standalone. We do have challenges at Foskor Zirconia, Awuko, and I think we would take appropriate actions on this. Rhodius is doing fine, but I think we need to we can get better at it. We will do work on that. With that background, I thank you for all your patience and time in attending this call. Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.