Ladies and gentlemen, good day and welcome to the Chemplast Sanmar Limited Q3 FY26 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 phone. Please note that this conference has been recorded. 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 the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I would now like to hand the conference over to Mr. Ramkumar Shankar, Managing Director. Thank you, and over to you, sir. Thank you very much, and good afternoon, everybody. On behalf of Chemplast Sanmar Limited, I extend a very warm welcome to everyone joining us on our call today. On this call, we are joined by our CFO, N. Muralidharan, Dr. Krishna Kumar Rangachari, who heads our Custom Manufactured Chemicals Division, and SGA, our Investor Relations Advisor. I hope everyone has had an opportunity to go through the financial results and investor presentations, which have been uploaded on the stock exchanges and on our company's website. During the quarter, the company reported consolidated revenues of INR 835 crores and a net loss of INR 119 crores. This has been the most challenging quarter in the last three years, with multiple factors impacting our performance. The Suspension PVC business faced a challenging environment with the seasonal decline in demand, weather-related production disruptions caused by the inability of feeds tock ships to berth due to unusually rough seas during this year's northeast monsoon, and a sharp fall in import parity prices caused by regulatory uncertainty at the beginning of the quarter. We had setbacks on the regulatory side, with the anti-dumping duty recommended by the Director General of Trade Remedies not being accepted by the Ministry of Finance. The Quality Control Order on PVC, which was scheduled to be implemented in December, was also rescinded in November, along with the Quality Control Orders on various other polymers. On the Paste PVC side, we saw continued pricing pressure from imports originating from the European Union. However, we believe that Q3 represents the bottom of the PVC cycle, with an uptrend being visible in January continuing into February. Market sentiments are more positive, resulting in higher demand and better prices, boding well for the company in the days and months ahead. Getting into details, during quarter three, domestic demand for Paste PVC remained stable thanks to the footwear and automobile segments. The Cuddalore Paste PVC facility is operating at full capacity utilization, reflecting steady operations and market absorption. Post the end of the quarter, we see an uptick in demand for Paste PVC, which resulted in a significant drawdown of inventory in January. Some price improvements in Paste PVC are also being seen. The anti-dumping investigation on Paste PVC imports from the European Union and Japan is ongoing, with the final findings expected before the end of Q4 of the current year. On the Custom Manufactured Chemicals business, as highlighted during the earlier analyst call, the slowdown in agrochemicals impacted our quarterly performance. That said, our new product development and customer diversification initiatives continued in Q3. We now have 17 products commercialized with additional products under development. On the capacity expansion, work on MPB-3 Phase 3 and MPB-4 continued during the quarter. MPB-3 Phase 3 is expected to be completed in Q4 of the current year, with pilot commissioning also targeted for Q4 of this year, following which production is expected to ramp up gradually. Civil works for MPB-4 are targeted for completion in Q1 of FY27. On our refrigerant gas project, the R32 capacity expansion of 14 KTPA is underway, including two new R32 plants of 10 KTPA and 2 KTPA capacity, respectively, and conversion of the existing R22 capacity into a swing plant at Mettur. Commercial sales are expected to start post the swing plant commissioning by the end of this quarter. Moving on to our value-added chemicals business, our business portfolio in this segment, as you may be aware, includes caustic soda, chloromethanes, and hydrogen peroxide. During the quarter, prices and margins for caustic soda and chloromethanes remained under pressure globally. Caustic soda's domestic demand remained stable from key consuming sectors, including pulp and paper, soaps and detergents, alumina, and textiles. Sales volumes declined in quarter three, primarily due to lower production at the Mettur facility. Caustic soda output was impacted by technical issues, which in turn reduced hydrogen peroxide volumes as well. We expect the production to normalize by March 2026, in two months from now. Prices are expected to remain stable, barring any material changes in market conditions. On the Suspension PVC business, as mentioned earlier, the Suspension PVC business faced a difficult environment in Q3 with a perfect storm of adverse conditions, including weather-related production disruptions, lower import prices following the non-implementation of the long-awaited anti-dumping duty, and softer domestic demand due to both seasonality and uncertainty around regulatory action. A key positive development post the end of the quarter has been the decision by the Chinese government to withdraw the export tax rebate on Suspension PVC, effective from April 2026. This rebate, which amounted to 13% of the export price, or roughly around $70-$80 per metric ton, had been a significant factor supporting Chinese exports to India. Its withdrawal is expected to reduce the price advantage of Chinese exports and indeed has already helped improve market sentiment in the last few weeks. Despite the challenging operating environment, we continue to execute our strategic priorities with discipline. Our Paste PVC expansion has seen precision in execution, with the new line reaching 100% utilization in quick time. With key capacity additions and Custom Manufactured Chemicals nearing completion, new products gaining traction, and the regulatory and structural developments supporting improved market sentiment, particularly in Suspension PVC, we believe that the company is well placed to emerge stronger from what has been a long trough and deliver sustainable growth going forward. On a personal note, after 13 years at the helm, I will be stepping down as Managing Director of the company with effect from the 1st of April 2026. I would like to take this opportunity to place on record my sincere appreciation to our shareholders, the analyst community, and all other stakeholders for the understanding, trust, and support you have extended to the company and to me personally over the years. Subject to requisite approvals, Mr. Ganesh Kumar will be taking over as Managing Director from April, and I'm confident that the company will continue to build on its strong foundations under his leadership. Now, I'd like to invite our CFO, N. Muralidharan, to walk you through the financial performance of the company. Thank you, Ramkumar, and a very good afternoon to all the participants on the call. Talking about the performance in Q3 FY26, the company went through a very difficult quarter. On a consolidated basis, the company recorded revenues of INR 835 crores, a 21% drop on a year-on-year basis. The net loss for the quarter stood at INR 119 crores. Now, coming to the quarterly segment-wise performance, the specialty chemical segment generated revenues of INR 336 crores, with volume increasing 13% on a year-on-year basis. The value-added chemical segment revenue stood at INR 105 crores for the quarter, down from INR 153 crores reported in the same period last year. Performance was impacted by price volatility and production-related challenges, as mentioned by Ramkumar earlier. The Suspension PVC recorded a top line of INR 394 crores for the quarter, down from INR 525 crores in the respective quarters of last year, mainly due to lower volumes on account of weather-related disruptions and adverse pricing dynamics due to unabated dumping, which served as a significant headwind throughout the quarter. Looking at the split of revenues for the quarter, specialty chemicals contributed 40% of revenues. Value-added chemicals accounted for 13%, while the Suspension PVC segment comprised the remaining 47%. For nine months FY26, the company reported revenue of INR 2,968 crores, with EBITDA at INR 4 crores, while the net loss for the period was at INR 234 crores. Coming to the segment-wise highlights during the nine-month period, while the value-added chemicals and Suspension PVC witnessed a drop due to pricing pressure and lower volumes, specialty chemicals registered a marginal growth. During the period, the company incurred a one-time impact of INR 2.68 crores due to the implementation of the new labor codes. As Ramkumar highlighted, we are seeing green shoots emerging, more specifically in the Suspension PVC space. This, combined with the traction that we are gaining for the new products in the custom manufactured chemicals business, will help improve the profitability of the company in the coming quarters. With this, we conclude the presentation and open the floor for further discussions. 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 your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Rohit Nagaraj from 360 ONE Capital. Please proceed. Thanks for the opportunity. For the first question on R32, you mentioned that the swing plant will be operational by the end of this quarter. So is it possible for us to operate the plant at its optimal capacity throughout FY27? And which are the markets that we are targeting for R32? Is it going to be domestic or a mix of domestic plus exports? Thanks. Thanks for the question, Rohit. The first swing plant would have a capacity of around 2 KT, and that should come in by the end of this quarter. It will have some ramp-up period. It will not operate at 100% from day one. There will be some ramp-up. Obviously, like we always do with all our expansions, we would aim to get to 100% as early as possible, as we had done in Paste PVC as well. And that would be our aim, but I would not say that it would run at 100% from day one. This 2 KT should be we should be selling it in the domestic market. But once we have the full 14 KT online next year, there would be a mix of domestic and exports. Thanks. The second question in our highlights, key highlights, you had mentioned that CMCD performance was impacted by agrochemicals slowdown. But our new product development and CapEx are on time. Here, in terms of setback, is it going to be still a short-term setback on the agrochemicals, and we expect that FY28, things should again come back to a large part to normalize business? Our earlier guidance of INR 1,000 crores for FY27 has been postponed by a couple of quarters. Is there any possibility of that getting further stretched to maybe a second half of FY28? Just a broader view on this. Thank you. Hi. This is Krishna here, Rohit. As we outlined in the last quarter call, the global ag chem market remains mixed. The demand is picking back up, but there's a lot of price pressure due to low-cost generics in terms of from China. And while this is not impacting us directly in any way, the launch of new molecules by the innovators, the ramp-up is not happening as quickly as they had originally anticipated. And so we see this impacting in the near term, but not in the long term. The long-term projections and the demand for many of the molecules we have commercialized is very healthy and very strong. So from a guidance standpoint, we are still comfortable while there is a delay by a few quarters in terms of our ramp-up to INR 1,000 crore. We don't see any significant issues in realizing that by FY 2027, 2028. Sure. Thanks. Thanks a lot for answering all the questions, and all the best. Thank you. Thank you. The next question is from the line of Pujan Shah from Molecule Ventures. Please proceed. Yeah. Hi, sir. Thanks for the opportunity. Am I audible or the? You're audible, please. Please go ahead. My first question would be the consideration of we have seen a PVC price hike of INR 7-INR 8. And there is also a discussion on MIP, which is going on our industry forward. So first question would be on the MIP that how much tenure we have been looking in terms of government that they will allow us a leeway for MIP. And are we filing any ADD, refiling the ADD ex U.S., or we are still in the deciding mode that we want to file ADD or not? Okay. Thanks for the question. As far as that, you're right. There have been a few PVC price increases rolled out from January onwards, which was what I was talking about when I said that the sentiment has changed, and we are seeing a positive upswing right now. As far as the MIP is concerned, this is traditionally a short-term measure, which can be up to a year. And that is while this is a measure. It's a bridging measure that will give time to the industry to apply for any other longer-term solutions that we see fit. And the industry is looking at certain other longer-term measures that we have approached the government on. And we are confident that one of those will move ahead in the coming months. We'll be able to give you better details on this maybe in a few weeks' time. Any expectation on any timeline for MIP, or it is just right now industry discussions won't be able to justify the timeline? MIP is no. We wouldn't obviously, we would not be able to come here and give you a timeline on that. But all I can say is that the process started some time back, and it is at least halfway into the process. So I think and this is not a very long drawn-out process. So I think we should see some traction on that in a couple of months. Okay. Got it, sir. Then, sir, this R32 front. I just wanted to understand the current prices versus the last quarter prices. Is that a firm prices have been stayed along, or it has been cooled off on a large basis right now? It's stable. There is no major change in R32. So what I want to understand, the sustainable thing is that if you look at a break-even on R32, so understanding that it will take time to take to 14 KTPA. But if we want to understand a break-even point at which we have been able to sustainably generate at least a flat EBITDA margin, then what would be that break-even price, or would it be difficult to justify because right now the temporary scenario has been changing? We are very confident that this is a very short-term break-even for this project. We believe that it will not extend beyond a couple of years. Okay. Just wanted to understand on the anti-dumping front, are we seeing any improvement in PVC on the anti-dumping front, or is it just right now on the statute books only? No, there is a very concrete move on that front. In fact, the withdrawal of the Export Tax Rebate that I was talking about that was announced by the Chinese government on multiple products, including Suspension PVC, will take effect from the 1st of April, 2026. That is in a couple of months from now. And that is, in a sense, to remove the incentives that were being given for exporting all that capacity that had been set up without real economic justification. So what we expect this to fuel would be an advancing of the rationalization of some of the carbide PVC capacity. This could accelerate it. At least that is what we believe. Once this export tax rebate withdrawal is complete, that withdrawal comes into effect on the 1st of April, we do believe that some of those carbide PVC capacities, which are dependent on merchant carbide purchase, could be rationalized sooner than we thought. So I think this is one step forward in the anti-involution program of the Chinese government. Got it, sir. And if we look at the prices right now and this intake or this export duty incentive has been removed, do you feel that in a short-term, let's suppose in a February/March, there would be a dumping effect, which can be seen due to low prices start keeping on inventory will be filled by low pricing, and then eventually, it will reset to a new pricing? Is it a possibility that would happen right now, or it is now a far-case scenario because shipping time and all these delays will take time to ultimately reset to the new prices? It's a very fair question from your side. I think that the possibility definitely is there. Since this was announced, we have also been tracking it. Will there be a sudden flood of imports coming in to beat the April deadline? So a lot more comes in right now, and then it settles into the higher level. But actually, what we are seeing is that the prices have only gone up in January, and they continued to go up in February. And we heard that even some of the older orders placed on Chinese supplies have not been shipped out. So I guess there is some logistical issues as well that the Chinese exporters are facing. And therefore, since we are already into mid-February, we have hardly 6 weeks now. So the risk of it coming in after the 31st of March deadline is there. There could still be some increase in quantities coming in in March, but we believe that it is manageable, especially given the fact that the demand has come back strongly. Got it, sir. I will just take the next cue. Thank you for the detailed answer. Thank you. Thank you. Before we proceed with the next question, a reminder to the participants, in order to ask a question, you may press star and one on your touch-tone telephone. We take the next question from the line of Nikhil Gandhi from Bajaj Life Insurance. Please proceed. Hello. Thank you for the opportunity. Am I audible? Yes, Nikhil. Please go ahead. Yes. Yes. Yeah. Yeah. Sir, considering the current trajectory, how should we look from the fundraising perspective? Should we expect any kind of fundraising in the form of equity or debt in the next one year, two years, kind of a time frame because currently, we are facing some losses? And the second question, which I just wanted to understand, is key. At what price, since we have seen around INR 6-8 kind of price increase in S-PVC, and at what price would we expect a break-even for S-PVC as well as for Paste PVC? This is more on the fundraising part. Actually, fundraising is an ongoing exercise both for projects and also for our short-term requirements. I think those will go as per our plans that we have done over time. As for equity raising is concerned, we don't have any plans as of now. I can't amount about the next two years, but we don't have any plans as of now. The question on the Suspension PVC break-even, actually, we look at it more from the contribution. That is, the contribution that we get rather than the prices because the prices may move up and down. But what really matters is the margin gain that we get from the Suspension PVC after all the variable costs. That's what we look at. That generally varies between somewhere around INR 11,000-INR 12,000 per tonne. Sir, for Paste PVC? Paste PVC, it's slightly difficult to sort of say because Chemplast is an integrated entity. It has Paste, Paste, chloromethanes, CMCD. All that has an integrated operation. So it will be difficult for us to look at the EBITDA of individual products and then look at the break-even. But I think in Paste PVC, the price increase has only been, we've just rolled out one price increase of around INR 2,000 very recently. And I think we have some way to go there before we can say we are comfortable. Suspension PVC, I think we are in the comfort zone. We are heading into that comfort zone. When we talk about break-even, we are talking about the break-even of the PVC level. Okay. Okay. So at the current pricing scenario, should we expect it is a break-even kind of a thing for Suspension PVC? Suspension PVC by February and March, yes. The answer is yes. So if we expect INR 1-2 kind of price hike in the PVC prices, so we will be at a break-even kind of a thing? I think with the current numbers, we would already be at the break-even level in February and March because it's not just the visible price increases. There are also some discount schemes that we had to give in December, which have been rolled back now. Okay. Thank you, sir, for the interview. Thank you, Nikhil. Thank you. We take the next question from the line of Jash from Dalal & Broacha. Please proceed. Yeah. Good afternoon, sir. Thank you for the opportunity. Sir, just time forwarding the last question. You're saying that we are now breaking even in the Suspension PVC at the contribution level. How much more price increases will we require now to break-even at the EBITDA level? Okay. No, when we said break-even, we were talking about the PVC level, not contribution level. So that is really what it is. Obviously, given the investment that we have, you would need to get a decent return on the investment. You would need to earn more. So this is really at a break-even level. But this is the first step. That's what I would like to make a point. We still need to ensure that we can't take our eyes off the ball in terms of preventing unfair trade practices. We need to ensure that dumping is stopped. But this is a good first step. Got it, sir. Sir, one last question. Assuming the Chinese prices move up post-April rather post-March because of this withdrawal of 13% export rebate tax, how much more price increases are possible? I think you spoke about INR 7, INR 8 rupees already being increased. So does that equate to 13% rollback, or there is still more room for the prices to go up? See, you can't really relate that Export Tax Rebate to the current price increases. It would be difficult to draw a direct correlation between the two. It is a mix of economic conditions and the change in sentiment, the return of demand in India, and so on. However, we would not be able to draw that direct correlation. As to how much more is possible, that is not something that we can predict with any certainty at this point in time. Okay. Okay. Yeah. Thank you, sir. Once again, sir. Once again. Sir, just in case that the prices move up by, say, INR 8-INR 10, how much the contribution will move up from here? From, say, INR 11 thousand-INR 12 thousand? That depends on how the feedstock prices also move. So it's not just the contribution is a result of both the product price and the feedstock price. So we would expect that the feedstock price would also start moving up as the PVC prices move up. But obviously, in a rising market, as we've always said in these calls, in a rising market, we would get the benefit of the time lag between the product price movement increase and the feedstock price change. Whereas in a falling market, we would always be hit by that. The last three years, unfortunately, have been the latter case. Hopefully, going forward, we would get the benefit of that. Okay. Sir, perfect. Thank you so much. Thank you. We take the next question from the line of Bharat Sheth from Quest Investment Advisors Private Limited. Please proceed. Hi, sir. Good afternoon, and thanks for the opportunity. Sir, my first question is, you said that PVC price has already moved up by INR 7-8, and hence, we are at a break-even. Can you give some more color on EDC price, which is a feedstock, how much it has increased, and how are we seeing the availability and demand scenario over a period? All right. EDC prices have been at around less than $200 right now. If you look at the last few months from January onwards, from around $225 by around April or end of March, prices are right now, by end of January, it's come down to $194. These are all CFR Asia prices. For us, EDC is relevant only for Paste PVC because we do not use and a little for our Suspension PVC, we import VCM straight away. So both EDC and VCM prices have been soft over the last nine months in keeping with the softness in PVC prices. But supposed to increase in this PVC price, how are we seeing currently ruling in February, and March, and forward? If you can give some. Yeah. If PVC prices go up, definitely, VCM prices will follow because VCM is a one-trick pony which is used only for making PVC largely. So therefore, it should follow PVC. But like I was explaining to the previous caller as well, there will be a lag in a rising market which would work to our benefit. EDC dances to a different tune. It is equally dependent on power price, energy price economics. There's also Paste PVC realizations. We believe that EDC prices will also slowly move up, and ethylene will also play a role in that. But it's not going to move up sharply unless, of course, there is some major supply-side constraint that develops all of a sudden, which we don't. Sir, typically, can you give some color on the spread between the Paste PVC and VCM price? Can you give some sense on the spread of Paste PVC and VCM? Normally, the VCM price, you can say that the spread between VCM and Suspension PVC right now is around $200. It usually moves between $175-$200. And Paste PVC is another around $200 above suspension. Okay. This is with the most, as you said, that price of Paste PVC is we have seen increase by INR 3,000 per ton. Correct? INR 2,000 so far. How is the demand in Paste PVC in the domestic market as well as PVC, if you can give some more color? The demand of Suspension PVC until December was actually a little flat. In fact, marginally negative. If you look at April to December 2025, the apparent consumption in India is around 3.2 million tons as compared to 3.3 million tons in the same period last year. This is largely because of this year, there's been a far more extended monsoon and a pretty strong monsoon at that, as also a lot of uncertainty on price volatility and regulatory uncertainty. There has been a holdback in demand, and destocking happened. We believe that from January, with a lot more positivity around prices and the return of positive sentiment in the market, we are seeing a good, strong demand returning. Therefore, for the year as a whole, I believe that we would make up this very small negative in the first nine months, and we'll end up either at the same level as last year or maybe slightly more than that. As far as Paste PVC is concerned, actually, the demand has been pretty strong. There's been an 8% increase in the first nine months of the year on a year-on-year basis. And we are seeing a very strong pull in January and February as well. Sir, on CRM, I mean, custom manufacturing, I missed the initial remark. So we were targeting around INR 1,000 crore kind of a top line by end of 2026, 2027. So where are we in that journey? Or will we be able to achieve that, or there will be some quarter lag will be there? Hello, Bharatbhai. Good afternoon. So we indicated last call that we anticipate a delay to quarters, and we continue to hold that projection. So just a deferment primarily because the ramp-up of some of the new molecules are not happening as quickly as we anticipated. The pipeline continues to be strong. Our engagement with all our customers in terms of what we are working on, new projects, continue to be strong as well. But as you are aware, the whole agchem industry has been going through a very difficult cycle for the past couple of years. And each one of them, one by one, is coming out of that, which is impacting many of their pipeline launches and ramp-ups. Are we seeing somewhere in the bottoming out of their inventory earlier, which was piled up, destocking, as well as those new launches, is bottoming out, and we are seeing any uptick? Correct. So what we hear is that the demand is starting to take off. So that inventory correction, as you pointed out, it's behind. However, the price pressure continues in terms of some very high capacity of generic manufacturing put up in China. So that's impacting at a price level, which in turn is impacting some of the new molecules because the tendency is to use the older chemistries and chemicals which are now available at much lower prices. So the incentive to switch from a farmer standpoint, that incentive is not as good as it could have been. Can you give some more color? R32, how much potential do we have when we start to manufacture the same? And does it reflect in INR 1,000 crore revenue? R32, like we mentioned, we are targeting a total capacity of around 14,000 tons. There will be three units. We are first converting our R22 plant into a swing plant of maybe 2,000 tons. That will get ready before the end of this financial year itself. Then there is another new plant of another 2,000 tons, and that will get ready by the first quarter of next year. And then the last 10,000 tons, which will get ready by the end of this calendar year. So overall, in the first full year, I think we target to make around 11,000 tons, and we should have around annual revenue of this how much would that be? INR 550 crore. Okay. Great. Sir, yeah. Bharatbhai, part of the INR 1,000 crore CMC we target, that's a separate sort of line. This is not part of that INR 1,000 crores. Okay. Sir, in last I mean, how much is currently late debt? Okay. Okay, ma'am. I would request you to join back the queue as the second participant waiting for their turn. Thank you. Thank you. We take the next question from the line of Kiran Gadge from Knightstone Capital Management LLP. Please proceed. Hi. Good afternoon. Apart from Westlake Corporation rationalizing some PVC resin capacity, are you observing any more shutdowns? This is an interesting question. Actually, we did see some rationalization that has happened in Europe. There was one Netherlands plant around 230,000 tons that shut down towards the end of last year. Then a few other plants of the same company in different parts of Europe have gone into receivership. I think there is a lot of stress, especially in Europe in terms of the PVC industry there. There could be some announcements. We do not know further announcements. As far as China is concerned, like I mentioned earlier in the call, once this withdrawal of the export tax rebate plays out, there could be an acceleration of rationalization of the carbide PVC capacity, which is dependent on purchase of calcium carbide. That could be some rationalization there as well. How much capacity are you expecting for carbide base? These are not things that we can put a number on. All I can say is that China has around 20 million tons of carbide PVC capacity, of which around 4-5 million tons depends on purchase of calcium carbide on a merchant basis. How much of that and all of this is operating at maybe around 75%-80% operating rate right now. So how much of that will shut down and what impact it will have was yet to be seen. Okay. Thank you. Thank you. Before we proceed with the next question, a reminder to the participants, in order to ask a question, you may press star and one on your touchscreen telephone. We take the next question from the line of Praneeth from Samarthya. Please proceed. Yes. Thank you for the opportunity. In terms of the new FTA with the European Union, do we see any green shoots from this, or do we see any negative factors? Can you explain how the company sees it? With the European Union, the way we would see it is that I am not sure, the details are yet to be seen because the detailed schedules are yet to be released. So we would need to figure that out when it is officially released. And anyway, the approvals from the European Parliament and on both sides will also take time. So it is not something that is going to impact us tomorrow or next month. But assuming that the automobile imports into India increase from Europe, and a lot of the artificial leather that is made from Paste PVC is PVC-based, and a lot of our customers are exporting the leather cloths to European car manufacturers, that could result in some positive demand pull in the market. On Suspension PVC, I don't see much. On CMCD, I'm sure there would be some benefits. Exactly. Yeah. We will have to wait and see what is included and what's captured there. But there should be some advantages because on the CMCD, 100% of our sales or our products are exported eventually. So there should be some benefit there as well. Understood. In terms of the ADD, could you repeat? I think I missed it. So we are not going to have the ADD for this anymore, right, from the European Union? The ADD on Suspension PVC was not implemented. The ADD on Paste PVC imports from the European Union and Japan, that case is still ongoing. We are expecting the final finding from the DGTR before the end of this quarter. After that, of course, it will have to go to the Finance Ministry for notification. We'll have to wait and see how that is received. Understood. But as China is getting less competitive because they're removing the subsidies, that's a green shoot for us overall for Suspension PVC side. Is that the right understanding? That is right. On Suspension PVC, the removal of the export tax benefit that they had, the rebate that they had, is going to be a definite positive for the Suspension PVC industry here in India because China was the significant exporter to India. It was flooding the Indian market with low-priced exports. Let's say in terms of imports broad-based, how much would China contribute versus EU and Japan? Okay. EU and Japan is in Paste PVC. China's position is in Suspension PVC. So I think we should the EU and Japan are not so much. Japan is a player in suspension as well. EU, not so much. On Paste PVC, China is not so much a player because there is already an anti-dumping duty that is in place. So let me just tell you the broad numbers for suspension first. Out of the total import arrivals of around 2 million, 2.1 million tons in April to December, the nine-month period, April to December 2025, China accounted for around 52% of the arrivals. Japan accounted for 14%. Taiwan accounted for 9%. And Korea accounted for 6%. So these were the four large exporters to India as far as the suspension is concerned. If you look at Paste PVC, out of around 62,000 tons of import arrivals in the nine-month period ended December 2025, European Union accounted for around 45%, Korea for 22%. And then you had Malaysia for 8%, and then Taiwan and Thailand, 7% each. So this is really the import arrival breakup. Understood. So that is actually interesting. But in terms of price parity, what would be, let's say, import versus us, the price parity in terms of cost of production? Landed price for them versus cost of production for us. What would be the parity between that? Okay. That is really the subject of the anti-dumping duty and the DGTR. That is exactly what they calculate. That is how they work out the injury margin and the dumping margin. That's something that we can discuss offline. Understood. Thank you. That's been interesting. Thank you for your answers. Thank you very much. Thank you. We take the next question from the line of Nikhil Gandhi from Bajaj Life Insurance. Please proceed. Thank you for the opportunity again. I just wanted to understand R32 quota and how should we look into that 10,000 MT capacity which we are planning? Given the fact that we have resized our ambition and our plans in this product to 14,000 tons, and given that we had also a presence in the R22 production in the 2009-2010 period, we are quite confident that we would get the quota for this volume that we are going ahead with. Okay. Okay. Okay. The second thing is relating to the CMC business. For the CMC business, though we have highlighted that we will be achieving that target with a delay of 2-3 quarters, should we expect 20%-25% kind of initial margin that is which you have given to be the same? Yeah. In the longer-term guess, like we had mentioned in the earlier calls as well, when we are sort of pushing through a number of new products, there is a learning curve. So the margin level will be slightly lower in the initial years. But on a steady-state basis, we still hold that number. That's what the industry is making. So we believe that we will also be in that range. Okay. Is there any tentative number which we can model in for FY27, for FY28, H1, H2, or something of that sort? We would prefer to avoid giving any specific guidance. We have already sort of said that we'll be somewhere around; we would look at the target of INR 1,000 crore by FY28. Beyond that, I wouldn't like to sort of get into specific guidance. Okay. Thank you so much. Thank you. We take the next question from the line of D.R. Jain from Sapphire Capital. Please proceed. Hello? Yes, please. Am I audible? What kind of revenue are we expecting from the R32 plant? No, no. Can you repeat that, please? I lost that. What is the revenue that we are expecting from the R32 plant? The first full year, we should have around INR 550 crores, INR 600 crores, roughly around INR 600. I did say INR 550 earlier. My team just corrected me. It should be around INR 600 crores. Going forward? That would be the full year. I'm talking about a full year of production after the ramp-up, etc. All right. Thank you. Yeah. Thank you. Thank you. We take the next question from the line of Pujan Shah from Molecule Ventures. Please proceed. Thanks for the opportunity again, sir. First, I wanted to understand the caustic soda pricing. As we became the net exporter, and we see that once the additional forward integration capacity comes up, eventually, it also falls out by coming the caustic soda capacity as well. So do you feel that the price will remain range-bound over here due to the scenario of already having a surplus capacity, or it is difficult right now to comment because of the muted demand? So what's your thought on Caustic? Caustic soda, you're right. India, from being a net importer for a very long time, turned into a net exporter in the last couple of years. Today, I think we export around 500,000 tons of caustic soda a year. Prices are range-bound right now. As you said, we are at anywhere between INR 30-INR 34 per metric ton. It is hovering anywhere in that range. In different months, it could be slightly higher in the higher end of that range. Sometimes, it's at the lower end. One advantage that maybe we could claim to have is the fact that we are located in the south, whereas most of the capacity is concentrated in the west of the country. Caustic soda, by nature of the product, is transported. It is sold as a 50% solution. So the transportation cost over long distances adds significantly to the cost of the product. Therefore, it is largely a regional market. Therefore, we are a little better, definitely, than the rest of the at least producers in the western region. New capacities coming up, especially again in the western part of the region associated with new PVC capacities, would add to the export from India. There is, of course, definitely some demand improvement also happening on the end-user side of the caustic soda industry given the fact that caustic soda is a significant chemical used in the refining of critical minerals that are used in the EV industry, etc. So there will be an improvement in demand as well. But yes, to some extent, prices, we expect, would remain range-bound. We'll have to wait and see once the new capacities start coming in. Thank you, sir. The second question is just to have a thought on can you just I am new to the industry, so please spare me if I am asking a very new question. I just want to clarify. What is specifically R32 when we speak about the quota? So what is that specific quota? Is it allocated by the government? How it works, the dynamic, how it works? Is it that it is a protection for the domestic industry? It is about the environmental concerns. That's why they have allotted it the quota. What is the key metric where we will look at the specific quota thing? The entire quota is not for protection. This entire quota is arising out of an international agreement among various countries. This is a quota that will be decided at the national level and indicated by the government. On the exact details of this, may suggest that you contact us offline, and one of us can take you through the genesis of this entire quota and the protocol and so on. That would be so. Please do contact us. We would be more than happy to take you through that. Sure. Sure. Sure. My last question is, if you can you spell out the QOQ prices of R32 and R22 in percentage terms? You can help us just that wanted to understand the brief how the prices form up last quarter. Actually, R32, like Raman mentioned earlier, they had to commission the plant. So we are not in the market for selling R32 currently. The R22 price for the last quarter was around INR 305,000. R32 prices currently are at around $7.5 per kg. Okay. And it is improved from any previous price? If you look at it one year back, it was at $4 a kg. Okay. Okay. Okay. Okay. Got it. Thank you so much. I will just connect you up. Thank you. Thank you. Thank you. We take the next question from the line of Rohit Nagaraj from 360 ONE Capital. Please proceed. Thanks for the follow-up. One question on the CapEx front. For this year and FY27, what could be the CapEx and probably if you can split in terms of segment and the maintenance CapEx? Thank you. Apart from maintenance CapEx, actually, the announced CapEx is the R32 share that we have announced. And whatever residual out of the CMCD expansions that we have announced. And the rest is only maintenance CapEx. So if you want details of the maintenance CapEx, and those details, we can always take offline and provide you the details. So broadly, we don't see any large CapEx, at least as of now. Sure. That helps. Second, just theoretically speaking, considering the current raw material or VCM pricing environment, if after 1st April, the price goes up in the international market by $70-$80, would that contribute to the spreads entirely barring maybe some discounts for domestic production? Would that be the right assumption to work on? This will not go down completely into the margin because there would be some increase in the feedstock price as well because feedstock prices do follow the finished product prices. There will be some improvement, we believe. The reason being the feedstock VCM price is largely determined in Asia by the PVC price in China. If the quantum of exports out of China falls until such time that the capacity rationalization happens, that could be pressure on the PVC prices within China. If that happens, then VCM prices could get impacted downwards, which could be favorable to us. I think it is a little early right now to talk about how much of it would flow down to the bottom line. Let us just wait and see how it rolls out. We believe that there are certain positives there. Thanks, sir. And all the best. Thank you very much. Thank you. Ladies and gentlemen, due to time constraints, we take that as the last question and would now like to hand the conference over to the management for closing comments. Thank you, everyone, for joining us again today on this earnings call and for all your probing questions. We appreciate your interest in the company. If you have any further queries, please do contact SGA, our investor relations advisor. Thank you and good day. Thank you. On behalf of Chemplast Sanmar Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.