Ladies and gentlemen, good day and welcome to Q4 and FY25 Earnings Conference Call of Clean Science and Technology Limited. We have with us on the call Mr. Siddharth Sikchi, Executive Director and Promoter, Mr. Sanjay Parnerkar, CFO, and Mr. Pratik Bora, Vice President. 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 this conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Sikchi for opening remarks. Thank you, and over to you, sir. Thank you so much. Good evening, everyone. I am extremely happy to connect with you all to discuss the business performance for the company for Q4 FY 2025. Let me first start with the business performance. FY 2025 has been a milestone year in the company's history with extensive business transformation, which let me highlight: number one, the company recorded highest sales volume across its key products. Led by superior R&D capabilities, the company developed the highest number of products during the financial year. These include the entire HALS series, DHDT, which is a pharma intermediate, and DHT, along with two new products in the performance chemical segment, which are slated for commercialization in FY 2026. The addressable market is set to increase by over $1.5 billion, underpinned by commercialization of new products, which will position the company on a strong growth runway in the coming years. The company developed entirely new value chain and complex chemistry capabilities to launch these new products. Some of the key chemistries which the company developed include triphasic catalytic ring formations, which is also called condensation reactions, hydrogenations, esterification, polymerization, hydroamination, and chlorination. Let me talk on standalone financial performance. Starting with Q- on- Q comparison, on a sequential basis, revenues increased by a modest 4.5% to INR 238 crore. EBITDA and PAT increased to INR 105 crore and INR 79 crore, respectively, implying an EBITDA margin of 43.8%. On a Y-o-Y basis, the sales increased by 7% during the quarter, and the revenue growth is primarily led by an increase in sales volume. Let me speak on the consolidated financial performance. The company recorded INR 256 crore sales for Q4, which is 14% higher on an annual basis and 8% higher on a sequential basis. The consolidated EBITDA is INR 105 crore, implying a 41% EBITDA margin. Let me speak of the newer HALS segment performance. For the quarter, HALS sales value is broadly in line with the last quarter, and blended realization is approximately INR 425 per kg, while the RMC portfolio is around 65% level. For the entire full year FY 2025, the HALS sales volume was roughly 1,900 tons, which gave us a sale of roughly INR 80 crore. Successful validation by key customers based in the Middle East, Southeast Asia, and Europe are lead indicators pointing to sales momentum acceleration going forward. Sales profile, the revenue contribution from performance to pharma and agro and FMCG remains at 69%, 19%, and 12%, respectively. During the quarter, performance chemical sector has been the key revenue driver, followed by pharma and agro segment. On the CAPEX cycle, Clean Science invested INR 215 crore during FY 2025 in our subsidiary, Clean Fino-Chem. Construction for the new performance chemical product, which is expected to commercialize by Q3 FY 2026, is on track. CAPEX for performance chemical two has started, and we expect the plant to commercialize by Q4 FY 2026. On ESG, we are pleased to report that the board has recommended a final dividend of INR 4 per share. The total payout ratio is higher at 22% for FY 2025 compared to the previous year. Led by a strong focus towards cash conversion, the cash balance continues to be meaningful at INR 400 crore despite the increased payout ratio and sizable CAPEX in the new subsidiary. With this, I conclude my opening remarks and look forward to the Q&A session. Thank you so much, guys. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ankur Periwal from Access Capital. Please go ahead. Yeah, hi to that. Congratulations for a good set of numbers and thanks for the opportunity. First, on the HALS, you mentioned revenues were largely flattish Q1, Q2, but at the same time, seeing new product approvals coming in. Yeah, am I audible? Yes. Please repeat. Yeah, sorry. I was just saying on the HALS side, while the quarterly revenues were flattish, there have been sort of new product approvals, as you highlighted, from multiple geographies. Two questions. One, the distribution network tie-up that we had done earlier, how has been the progress there, and are you satisfied with that? Secondly, from a ramp-up perspective, what timelines are we looking at? Okay. With respect to the distribution setup model, we set up some distributors over the last two quarters. However, out of some of those distributors, we realized that some of them are not effective as we had expected. In those geographies, we are relooking and refining some of the distributors. This is part of the business cycle. You appoint a few distributors, but you realize at a later date that they are not as effective as you would have wanted them. They were also keen to partner, but eventually, for whatever reason, for resource problems, they also decided that maybe they are not able to allocate enough time. Hence, that process in some of the geographies has restarted. However, some of the distributors have become very active and are trying and have also got approvals in some of the large accounts globally in their particular area. To give you a little flavor, in FY 2024, we did about 600 tons of HALS sales, whereas in FY 2025, we did roughly 2,000 tons of HALS sales. This is approximately 3x. Going forward in FY 2026, our target is to touch 4,500 tons of sales. When I'm talking, it's cumulative with all together. From INR 25 crore of FY2024 revenue, we came to roughly INR 80 crore, and we ended in FY 2026. Sorry to interrupt, sir, but your voice dropped in the middle. If you want to repeat just the last. Okay. Ankur? Yeah, just the last sentence. So from INR 25 crore, we went to INR 80 crore in 2025 on 2026 in business number. For 2026, we are expecting closer to INR 210 crore. Okay. That's helpful. Our earlier target of full ramp-up in HALS, so give us a run rate. We are broadly looking at FY 2027- FY 2028 for that at the current capacity. FY 2028. The total capacity is 10,000 tons. Correct. When do we decide to go for, let's say, the phase two of HALS expansion? Will you wait for more approvals coming in or a ramp-up, actual sales happening, maybe 2026 end? What's the thought there? See, once we start getting the majority of approvals globally, once we start seeing a decent ramp-up, when we start seeing that, okay, we are seeing about 60%-65% capacity utilization scenario, that is the time we should go for phase two. Phase two will be far more pointed because we will not get into products which are lower margin accretive compared to the higher series. So phase two will be a little more optimized. Sure. Your voice got cut in the end, but I understood. Focus will be on the high-margin products there. Absolutely. Sure. When we look at the international markets, especially the ones wherein the distributors are working, what is the typical product approval cycle that we are seeing? Obviously, it will vary from product to product, but on an average, three to six months. Product to product, three to six months. Okay. And just lastly on this, the breakup, 600 tons in 2024, 2,000 tons in 2025, what will be the export breakup here for both the years? See, export is not as large. Domestic is large, but going forward, there will be more export coming into it. Okay. Okay. Fair enough. That's helpful. Secondly, if I do your consol minus standalone numbers, Q4 looks like a positive EBITDA versus negative EBITDA for the last two, three, whatever quarters. Am I looking at the right that we are breaking even, and this is largely HALS, right? Yes, yes, yes. This is largely HALS. The new other products have to ramp up. Got it. Okay. Lastly, on the balance sheet side, working capital has inched up a bit for the full year. Is it largely because of your product mix changing or higher contribution from HALS versus earlier years, especially the receivable parts? What is happening is we have started producing HALS on a larger scale. So the stocks are higher, but the sales are comparatively lower. Okay. Okay. So when. Because the plant is built for 10. Yeah. Yeah. Produce a minimum quantum. Fair enough. So fair to say that once we see a ramp-up in our HALS volumes, let's say by FY 2026 end, the working capital should come back to the normal range, 22% - 23% range. Yes. Right. Right. Okay. Great. Sounds good. Thanks, Siddharth, and congratulations once again. Thank you. Thanks, man. Thanks a lot. Thank you. The next question is from the line of Arun from Avendus Spark. Please go ahead. Thanks for the opportunity. Good evening, Siddharth. First is. Louder, louder. Yeah, sure. Hopefully, it's clear. Yeah. So when we said the majority of the 2,900 tons volume that we sold is in domestic, does it mean that we have largely saturated the domestic demand? And from here. Correct. Okay. We have still got, I think, only 50% of the domestic market. There is still 50% of the domestic market left. Of course, we are not envisaging that we will get all the domestic market, but there is still quite a bit of room to capture in the domestic market itself. What is the reasonable share that we can expect from the domestic market? 65-odd%. All right. So basically, around another 300-400 tons, we can hope to saturate the domestic market. And of course, that also grows at a certain. Yes. That is also growing at a certain rate. Yes, absolutely. Right. Specifically on Q4, when we said sales is almost same between the Q3 on a sequential basis, but why is it subsidiary revenue is higher than almost double of December quarter? Any particular reason? INR 10 crore going to INR 20 crore. Because 7,000 we sold from subsidiary. That we took that other product. Yeah. So Arun, that subsidiary revenue, you are right, has gone up from INR 10 crore Q3 to INR 21 crore in Q4. I mean, at a group level, that sales is in that range of INR 22 odd crore. That's just because we have facility for 7,700 in the parent and the subsidiary company both, right? We produce more from the subsidiary company, and that has led to higher sales from the subsidiary company for HALS. At a group level, it's close to INR 22. Less volume sales in the parent level. That's a reason. Yeah, that's correct. Okay. We thought we have saturated the capacities in unit four, sorry, unit three. Does it mean that it's not? Is there any reason for such rebalancing? No, we are taking certain products in the parent company in the unit three for the HALS facility where the hydrogenation chemistry is available. That is why we moved 7,700 in the subsidiary company. We are pivoting to some new products. We are just trying it. Right. Okay. Understood. On the export market, I think we are focusing more on the distributors. Siddharth, what about the direct sales to the big enterprises? No, no, no. I meant, distributor is important business for larger accounts. There are big companies in Israel, some big accounts in Greece, some big accounts in Europe, or in other parts like the Middle East. We are talking directly to them. There is, again, same network, larger accounts, plus all these larger accounts also want to deal directly with the manufacturer. In that case, we are talking direct, but also trying to set up distribution network because that is very important in these businesses because there are even small customers in quite a part of the world, which has to be catered only by distribution network, I mean, by stock and sale. Okay. This is mainly because of the being export, because in domestic, if I'm right, we have done largely direct sales, right? This we can't replicate in the export markets? Not possible, boss, because different languages, different geographies, different time zones. People want just-in-time. In India, it is possible. I mean, we can ship material anywhere within a four-day window. That we cannot do in some part of America or some part of Europe or any other location, right? Okay. Understood. In your presentation, even in your opening remarks, you mentioned that record sales. Does it mean even in MEHQ and BHA, in our traditional products also, it is a record sales for the distribution? Yeah, all our traditional products is what we mentioned. Yeah, traditional all our products, other than HALS. Okay. So. HALS is also highest, actually. Yeah, all segments. How much room do we have in MEHQ and BHA to further increase sales in 2026? 70% - 72% capacity utilization. So we still have window there. Okay. Any market share gain which is possible in this year, given that competition has also said that they will also be placing their volumes in the market, export markets, mature markets? Still, we have not seen the competitor product, but I think it's still premature to say. I think let us wait for another quarter to decide what's going on, actually. Okay. Thank you. All right. And that's it from me. Thanks, Siddharth. Thank you so much, Arun. Thank you. The next question is from the line of Abhijit Akella from Kotak Securities. Please go ahead. Yeah. Good afternoon. Thank you so much for taking my questions. First one, just a clarification on the opening remark regarding the expansion of addressable market by $1.5 billion that you alluded to earlier on. This is exclusive of HALS, right? Just to understand. No, no. Inclusive of HALS and inclusive of the performance chemical which are about to commercialize in this financial year. Both of them, inclusive of both of them. Okay. Okay. So this is the total global addressable market. HALS alone. Equal for both Clean Science. HALS alone would have billions. One billion out of that, right? Okay. Okay. Yeah, close at the time. Got it. For HALS, the average realization of INR 425 that you're making at this point, should we expect that to improve significantly in the next couple of years as the business ramps up 100%? Of course, it has to improve because the higher range products which have now commercialized will start being sold in the market. Right. So what would be a good number to work with for full actual utilization? You can assume about INR 500, INR 495, INR 500. For FY 2026. For FY 2026. Yeah. There is scope for further improvement. Yeah. At peak, I mean, still looking at, say, INR 700 crore - INR 800 crore from HALS overall, or is that a bit on the higher side? A bit on the higher side. We are looking at about INR 560 crore - INR 570 crore. Got it. Thank you. And did DHDT contribute much in this past quarter? Not. Zero. Zero. We still are facing some teething issues. The product, the chemistry which was done in lab and pilot is behaving very differently on plant scale. Every day, we are learning a lot of new things about it. Probably it will take at least four weeks more to saturate the process before we get into commercial scales. Fair enough. Just last thing from my side, on the two new projects, performance chemicals, I guess one is coming up in 3Q, and then the other one is. Yes, about August. You can expect that we'll start by August this year, so about three months from now. Other, we are expecting to start by February 2026, so additional six months from that day, from August. Got it. This is a very exciting year. I mean, a lot of new products are coming online. Yeah. Just wondering if it's possible to share a little more detail on these two, especially there was one product that was catering to water treatment. Any sense of the capacity over there, the addressable market? They both are around 10,000 ton capacities. Okay. Closer to commercialization, I think in the next con call, we'll give a little bit more picture on the performance chemical products. Okay. Great. What sort of market share will we be targeting? I think next con call, we'll have far more better clarity on commercialization, actual dates, volumes, and also what markets. We will give more detail during that period of time. All right. We'll wait for that. Thank you so much, Siddharth. All the best. Absolutely. Thank you so much. Thank you. Before we take the next question, we would like to remind the participants to press star and one to ask a question. The next question is from the line of Naushad Chaudhary from Aditya Birla AMC. Please go ahead. Hi. Thanks for the opportunity for your clarification. On the R&D side, if you can share how much we have spent in this financial year on R&D, the recurring. INR 5.5 crore. INR 5.5 crore. And we have roughly 90 staff in R&D, right? 95. Yes, sir. Okay. INR 5.5 crore, this entire is recurring expenditure, right? Around INR 3.5 crore is the revenue expenditure, and balance is capital expenditure, which is one time. Okay. So with this, the rough calculation suggests roughly INR 400 lakh - INR 450 lakh average cost per staff in R&D. Is this the industry standard? Because if we look at the other companies like SRF, PI, even at very large scale, their R&D cost per staff is substantially higher versus our number. How should we read this? You should be happy. We are saving more money with higher productivity. Despite nine PhDs we have and smaller size of R&D team, shouldn't this be at least at par of industry? Because in terms of percentage of PhDs also looks 10% of the R&D staff, which is quite. I think important is output rather than quantitative. I think you should focus more on qualitative rather than quantitative. I'm just trying to understand how are we able to manage it at substantially low cost versus how the industry operates? The number which you calculated, this is an average number. However, there are resources which are, I mean, cost-wise, at much higher number than what you have calculated because this is an average number. There are chemists, so basic chemists. Yeah. Work pressures just passed out from college. That is also getting included in your 90 account. That is also pulling down the average. Okay. I was talking about the average cost of the peers as well, but anyways, we'll take this offline. Thank you. Sure. Sure. It will be nice. Thank you. Thank you. The next question is from the line of Prasad Vadnere from HDFC Securities. Please go ahead. Hi, sir. Thank you so much for the opportunity. Sir, I wanted to get more understanding about which type of HALS we are looking to push in domestic market apart from HALS 770. All 622, 944, 119, 783. All of them have domestic market as well, right? Okay. Okay. Thank you. Thank you. The next question is from the line of Rohit Nagraj from B&K Securities. Please go ahead. Thanks for the opportunity. On the HALS front, we've said that we've touched about 2,000 metric tons, and domestic demand will be about 2,500 metric tons. Which and all are the key markets for exports that we are looking at? In terms of competition, how is the strategy placed for the sale? Europe, U.S., Middle East, South Africa. These are some of the markets which we are aggressively getting into, apart from India, of course. India is a home ground. Yeah. In terms of competition, what are we looking at? Because I think the competitor would already be present there. From our perspective. Price advantage. Okay. Okay. Price advantage, non-Europe, non-Chinese. Right. Got it. Got it. The second question is, now next year, you alluded that we are expecting about INR 210 crore from HALs. What is the kind of EBITDA margins that we are looking at? In FY 2027, when we further scale up, what is the kind of EBITDA margin we probably will be based on the operating leverage? At company level, we look for 40% EBITDA margin because it's not only HALS, the pharma intermediate, and performance chemical one, which are more margin-accurative compared to HALS, which will lead to better margin at the company level. We look forward to around 40% EBITDA margin at console level. Right. That's for FY 2026, FY 2027 as well, right? That's for FY 2026. Okay. And consolidated? Yeah. That's on consolidated basis. Right. On console level, next year, FY 2026, what kind of growth are we looking at? At console level, for the parent company, it's existing products which are growing at industry growth rate of 5% - 6%. For the new product launches, there will be a significant growth in terms of sales value, which will absorb these overheads and depreciation cost. I mean, the growth rate could be in line with what we have recorded this year, which is in the range of 18% - 20%. That's on the consolidated level you're talking about? Yes. Okay. Okay. Right. All right. Fair enough. That's all from my side. Thank you so much and all the best. Thank you. Thank you. The next question is from the line of Krishan Parwani from JM Financial. Please go ahead. Yes. Hi, sir. Congrats on the setup numbers and breaking even in the subsidiary. Just a couple of points from my side. First, have you started production of barbituric acid? We will start by August, month of August. Okay. On the BHT, have you seen any contribution or not yet? We have already sold some quantities in the US, and you will see progressively the volumes are increasing over the next few quarters. Okay. That's great. Coming to HALS, I wanted to understand at this point of time, which grade do you think could go in phase two? Sorry, go again? I'm just saying at this point of time in the HALS, which grades do you think you could go for expansion in phase two? It could be the higher one, like 944, 119, and the newer ones which we are trying to make, which are 2020. I mean, these are all high polymeric HALS. Okay. So basically targeting like the $8 - $9 per kg kind of products, right? Absolutely. Okay. And just one clarification on HALS. I think I missed your earlier comment. You highlighted 10,000 tons of sales with probably about INR 570 - INR 580 a kg realization. That comes out to about INR 580 crore sales. Is that the peak for HALs by FY2028 from the INR 300 crore CAPEX equity? Yes. More or less. Current realization. At current realization, of course. If the realization increases over the period of time, then this realization will also improve. Got it. Plus whatever capacity that we have, probably INR 30 crore - INR 40 crore of HAL capacity in unit three. That is all correct? Yeah. Yeah. Okay. Okay. Got it, sir. Thank you for answering my question, sir. Wish you all the best. Thank you so much, Krish. Thank you. The next question is from the line of Shivani from Monarch Network Capital. Please go ahead. Hi, Siddharth and Pratik. Good evening. Congrats on good set of numbers. Most of my questions are asked, but a couple of them is one, could you give a split between price and volume growth in FY 2025? Yeah. So around 17%, around 25% was the volume impact. And realization and low realization offset that impact were around 8%. That is how you see around 17% growth in the sales for full year FY 2025. Sure. I just wanted to reconfirm that for the three new products, which are DHDT, BHT, and barbituric acid, we haven't had any significant contribution in FY 2025. Am I correct? Barbituric acid is in Clean Science, which we expect to start in August. BHT, yes, it's a small product. I mean, a small contribution this quarter. And DHDT, as I mentioned, we still are facing some teething issues in the facility. So hopefully in the next couple of weeks, we expect the plant to start commercial production. Sure. That was helpful. Thank you so much. All the best. Thanks. Thank you. The next question is from the line of Abhigyan Srivastav from Marsilius Investment Managers. Please go ahead. Hi, sir. Congratulations on the good set of numbers. I have two questions. The first question is, why has COGS gone up this quarter? Hi. The reason is the product mix. That has led to a higher RMC as a percentage of sales during this quarter. If you note, there has been a meaningful growth in pharma segment, where the margin contribution is lower than the performance segment. That has led to a slight increase in the RMC as a percentage of sales. Awesome. The second question is, what are the key cost items that are driving up the other expenses? Are these cost items recurring? Also, actually, if you see sequentially, it's CSR expense, which has led to a higher other expense. That is the only item which has led to an increase in the other expense. Otherwise, the other expenses are in line with last quarter. Okay. Okay. Thank you. Thank you. The next question is from the line of Rohit Nagaraj from B&K Securities. Please go ahead. Thanks for the follow-up. For FY 2026, given that the two performance chemicals projects will be capitalized, what is the overall CAPEX number that we are looking at? 300 crores overall. For FY 2026, could be between INR 200. FY 2026, 300. FY 2026, INR 300 crores. Sorry. Okay. Beyond that, we do not have currently any projects which are slated for FY 2027 as of now. No, no, no. We have, but we will announce once these two big products come online, and then we will announce the subsequent CAPEXs. Right. No announcement. Sorry? No announcement. No announcement. Right. Generally, from announcement to the actual commissioning, it is 12. Nine months. Okay. Okay. Fair enough. That's all. Thank you so much. Thank you. Thank you. The next question is from the line of Jason Soans from IDBI Capital. Please go ahead. Question. Just wanted to. Mr. Soans, you are not audible. Could you please repeat your question? Yeah. Am I audible now? Yes. Yes. Yes. Sure. So thanks for taking my question. Just wanted to understand, sir, before we started HALS, I mean, we used to clock in margins of around 43% - 44%. Okay? Now I understand with the new HALS and all, our margins have taken a slight dip, which is in line with our strategy. Now coming from 42% - 43% to 40%, is that fair enough? I mean, going ahead, 40% should be maintained. I was just under the impression that when you stock earlier HALS, you have probably clocked targeting margin of 15% - 25%. I actually expected a sharper margin drop on a console level. It seems like we are doing better than expected. Just any reasons for the same? Maybe. So Jason, we have never alluded to any sharp dilution in the margin. We have always maintained that EBITDA margin could remain in that narrow range of 38% - 42%, plus minus 1% or 2% to 40%. As these new performance chemical and pharma intermediate products scale up, we expect margins to improve because these are more margin-accretive compared to HALS. HALS is important from a point of view. It will give us scale benefit. The TAM of HALS is the largest. The ramp-up is, I mean, each block can give equivalent of INR 500 crore revenue, whereas the other block TAM are smaller. Sure. Plus, sorry, plus HALS has exposed us to a very different variety of customers, different chemistries, which will be useful. Like for instance, on hydrogenation chemistry has been useful to getting into newer products. Sure. Sure, sir. Yeah. I got that. Just, sir, I just missed the volume and the realization breakup for if you could give it for the year also if possible. Yeah. Yeah. That is what for full year FY 2025, 17% increase in sales was led by volume. But 25% impact was volume, while lower realization offset the positive impact was around 8%. That is how you come to a 17% increase in sales. Okay. Okay. Sure. Yeah. Okay. Thank you. Okay. Thank you. Thank you. Those are all my questions. Thank you so much. Thank you. Participants who wish to ask a question may press star and one now. The next question is from the line of Rohan Mehta from Ficom Family Office. Please go ahead. Hello sir. Thank you so much for the opportunity. Am I audible? Yes, you are. Perfect. Firstly, I wanted to understand what your outlook is for BHA and TBHQ from a global standpoint. Secondly, are you evaluating customized antioxidant blends for, let's say, some key clients, basically forward integrating into antioxidants? If so, what is generally a margin profile under these blends? No. We are not getting into blends. That's what our customers do. We don't like getting into our customers' shoe. Okay. Okay. What is your outlook on TBHQ and BHA? TBHQ is a decent, I mean, both the products are decent products. I mean, they are growing at about 4% - 5% industry standard. TBHQ is quite an edible oil business. As edible oil production increases, TBHQ consumption increases. BHA is more about pet food consumption. As that increases, BHA increases. BHA plus BHT go hand in hand. Yeah, there is a decent and good outlook for both the products. Both have different avenues, different markets, but both are growing at 4% - 5% industry norms. Perfect. Perfect. Thank you so much. Thank you. Thank you. The next question is from the line of Agam Shah, an individual investor. Please go ahead. A quick question. Can you talk on the CAPEX for this year as well as for FY 2027? This year, CAPEX, we just mentioned two performance chemicals, one starting in August, one starting in February. FY 2027, we will announce probably six months later or. In terms of amount for this year, it will be INR 150 crore? crore. INR 300 crore. INR 300 crores. Okay. Okay. And so altogether, this year, CAPEX plus FY 2024 and FY 2026. When can we reach, let's say, the inflection point and all the products start kicking in and the growth kind of shoots off? All put together is what you are asking us? Yes. So all put together where we can know the growth really takes off. It should be close. I mean, in terms of revenue? Yeah. Revenue. Two and a half thousand tons. INR 2,500 crore - INR 3,000 crore. That should be reaching possibly in the next three years. How should we look at it? Too much forward statement. We are trying our best. Okay. And the margins can also increase at that time? No, no, no. I mean, these are only, I mean, if we would want to maintain similar margins, it would be a. One year at a time. I mean, it will be great to hold such margins already in the business. Okay. Thanks a lot. Wish you the best. Thank you so much. Thank you. The next question is from the line of Jason Soans from IDBI Capital. Please go ahead. Thanks for taking my question again. I just wanted to know, sir, I mean, sometime back, MEHQ, we were seeing some weakness in demand for MEHQ. Of course, realizations were down. I believe they are still kind of soft and we are more volume-driven. Now, just wanted to understand, are there any tailwinds for MEHQ to grow ahead in conjunction with more consumption of acrylic acid? Any tailwinds you see from that perspective? Again, sometime back going, we had. We are based on volume. Opening remark, that our volumes have been the highest in the history of the company. Okay? Prices have been the lowest. That is why you are seeing these numbers. In terms of growth, I think for MEHQ, it should be around 4% - 5% on a year-on-year basis. Sure. Sure. And so. Volume growth. Yeah. Previously, again, in some few calls back, we had alluded to those issues around Guaiacol due to the cough syrups and etc. Have those been? That's all been ironed out, right? All resolved. All resolved. Okay. Great. Great. Those are all my questions. Thank you so much. Thank you. The next question is from the line of Shiwani from Monarch Network Capital. Please go ahead. Thank you for taking my follow-up question. I just wanted to get sense of the two performance chemicals which will be commercialized in FY 2026. What is the asset turn we are expecting? I think in FY 2026, there will not be any significant revenue contribution. In FY 2027, how are we looking at contribution from these two performance chemicals? I think we will talk about these performance chemicals closer to the date. We will take one product at a time. I think the first one, as I said, is going to start in August. In the next call, we will talk a little bit more on the product. Sure. Okay. Thank you. Thank you. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the consents over to Mr. Siddharth Sikchi for closing comments. Thank you so much, all of you, for your time to attend this phone call and understanding more about the company. I think with this, I close the meeting. Thank you all and have a great week ahead. Thank you. On behalf of Clean Science and Technology Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.