Ladies and gentlemen, good day, and welcome to the Q3 FY26 earnings conference call of Clean Science and Technology Limited. We have with us on call Mr. Siddharth Sikchi, Executive Director and Promoter, Mr. Sanjay Parnerkar, CFO, and Mr. Pratik Bora, President Commercial. As a reminder, all participants' line 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 touchtone 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. We thank you all for joining our conf call on a Saturday afternoon. I am happy to connect with you all to discuss the business performance of the company for Q3 FY 2026. Let me first start speaking about the business environment. There have been challenging conditions, which we witnessed in quarter two, have continued during this quarter as well. The current quarter was marked by challenging and uncertain business environment, driven by muted customer offtake, pricing pressure, and tariff-related uncertainties, along with incremental capacities of some of the products, especially in China. We remain focused on customer engagement, long-term growth, and operational discipline while maintaining the market share amid these evolving market conditions. On positive note, the HALS business delivered robust YoY growth of 55%, driven by a favorable product mix and higher contribution from cost-efficient, higher derivatized HALS polymers. With the commercialization of our new hydroquinone and catechol plant, we expect immediate margin benefit across the downstream products, such as TBHQ and Veratrole. Let me speak on the standalone business performance on QoQ basis. On QoQ basis, the revenue moderated to INR 180 crore, largely due to lower sales in certain established products. The EBITDA and PAT margins are at 40% and 29%, translating into an EBITDA of INR 72 crore and a PAT of INR 52 crore. The QoQ decline in revenue was primarily led by softer volumes in some of our selected products, which also led to temporary reduction in the contribution of our top four products. Consequently, top four products contribution to standalone revenue declined to 75%, as against 80% in the last quarter. Coming to the YoY comparison. On YoY, the sales declined by 21% during the quarter. This revenue decline was primarily led by decrease in sales volume. The profitability margins impacted on account of change in product mix. On 9-month YoY basis, the revenue declined by 10%, that is from INR 668 crores to INR 602 crores. It was, the reduction in revenue was attributed to a loss of a key customer in one of our products in cosmetic section. Also, pricing pressure and lower offtake in ag chem segment. We believe we are well positioned to protect market share and drive sustainable growth over the long term. On consolidated business performance: On sequential basis, revenue moderated by 10% to INR 216 crores, and the conso EBITDA and PAT margins are at 33% and 21% respectively, which stood at INR 72 crores and INR 46 crores. In the sales profile, the segment-wise, the performance chemical has been the largest, with 72%, pharma agro at 21%, and FMCG was 5%. The performance segment was most impacted with volume-led decline in sales across MEHQ and BHA. However, please note, we have not seen any domestic competition in these products. The FMCG segment witnessed volume decline in a product called as 4-MAP. Key business developments. In the HALS business, volume showed steady improvement during the quarter, driven by better demand traction and effective execution. The HALS business continued to grow sequentially, supported by a healthier product mix and increasing contribution from higher margin products. Building on this momentum, this quarter marked a meaningful milestone for us as we achieved EBITDA breakeven in the subsidiary, Clean Fino-Chem Limited. We are encouraged by the progress and remain confident in sustaining this momentum. A little on CapEx update. The Hydroquinone and Catechol was commercialized in the month of December, and customer trials are ongoing. With commercialization of these products, we will have immediate moderation in raw material cost of both the end product, that is TBHQ and Veratrole. The commercialization of the Hydroquinone plant and the expansion of TBHQ are strategically aligned with our purpose-driven growth and value optimization strategy, and are expected to enhance existing product margins. Further, CapEx timeline of Performance Chemical 2 is as per plan, and we expect to commercialize in Q1 FY27. With our reworked process, we have sent newer samples to customer for our pharma intermediate, DHDT. While the testing is underway, we expect to have clearer outcomes over the next coming few weeks. During the last nine months, the capital infusion in subsidiary has been INR 150 crores, with now the total investment in subsidiary around INR 700 crores. On account of corporate governance, in line with our commitment to dividend payout policy, the company has approved an interim dividend of INR 2 per share. We are also very happy to announce and welcome two new board members, Mr. Raj Kamal and Mrs. Pallavi Gokhale, as successors to our earlier retiring independent directors. With this, we continue to uphold the highest corporate governance standards. With this, I conclude my opening remarks and look forward to the Q&A. Thank you so much. 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 touchtone 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. Operator, your request has been initiated. If you'd like to cancel this request, please press star zero again. The first question is from the line of Jason Soans from IDBI Capital. Please go ahead. Yeah, sir, thanks for taking my question. Sir, first question just pertains to, you know, the, I mean, the two CapExes which we had mentioned. Now, you have spoken about Performance Chemical Two and One. So, going back, of course, you were investing INR 1.5 billion in both of these projects. So just wanted to know, sir, I mean, according to your internal, I mean, calculations, how much revenue do we expect, these, both these projects to, you know, to generate in 2027 and 2028? Just, as a broad outline. I know you have spoken about an asset turnover 2 for both these projects, but just 2027 and 2028, just if some specifics could be given. Typically, in these fluid market conditions, we would avoid giving any- forward-looking statements. But to just pinpoint with the Performance Chemical One, because of the prices reduction overall, at 180% capacity utilization, we are looking at a- -Revenue of INR 260 crore, which was earlier INR 320-odd crore. And, Performance Chemical 2, the CapEx is under... I mean, we are still under CapEx phase, and the facility will only begin by May, June. And we expect- After teething issues, customer approval, we should only see revenues in Q4. Okay. So Performance Chemical 2 will be commissioned by May, June, and then probably Q4 you'll get some revenue from the, that, right? Not full revenue. Of course, staggered revenue, yes. Yeah, staggered revenue. Okay. Okay, okay. Okay, sure, sir. And sir, again, now, with regards... Yeah, and with regards to HALS, I'm sorry, the hindered amine light stabilizer. Just wanted to understand, you know, you know, how much volumes and realizations are we targeting for 2026 and 2027? Now, 2026 is almost done, but how much volumes and realization in dollars are we targeting for 2026 and 2027? From HALS, I mean, for this year, we are already at 2,000- -Tons of volume for nine months. And I mean, I mean, you'll be happy to note that year-on-year, we have reported a 55% growth in HALS sales- for this particular quarter. Right? And our target remains like, Yes. That's typically with any new product which we are commercializing, at least around 60% of utilization over 2-year period. Now, HALS has been a different case because this is a totally new process zone which we have entered into, but our endeavor continues to remain to stand by that guidance. Okay. Okay. And just, realization would be around $5, that range, or $5-$5.5, or are we looking at a lesser realization? Our blended portfolio realization for this quarter has been INR 425 a kg. INR 425 per kg. Okay. Yeah. Because dominantly the sales is being driven by HALS 770. Okay. Okay. Sure, sure. And just lastly, sir, I just wanted to understand, I mean, you did spoke in your initial comments about, I mean, probably losing a customer in the cosmetic segment. Just, I missed that comment. Was it in the performance chemical segment or what segment was that in? FMCG segment. Okay. -where a product called 4-MAP, where we've lost- Okay the customer in China, and, due to secondary impact of tariff of our end customers in India, they have lost their business in United States, and hence we are impacted by them as well. Sure, sure. Thanks. I have more questions. I will come back in with you. Thank you so much. Thank you, sir. Thank you. Yeah. Thank you. The next question is from the line of Sanjesh Jain from ICICI Securities. Please go ahead. Yeah, good afternoon, Siddharth. Thanks for taking my questions. Yeah, I have a few. Let's go segment by segment. First on the Performance Chemicals, you did mention two things: One, you said MEHQ and HALS has a lower volume, but you also mentioned that there was no competition in the domestic market. At the same time, in the opening remarks, you said that China has started producing some of these molecules. Can you give us a complete roadmap on Performance Chemicals established molecules? It is China which has got aggressive, and hence we have seen MEHQ, BHA volume decline, or was it general demand slowdown? What's your take on MEHQ and BHA? Well, first, let me speak on MEHQ. So the reason of price drop, is reason is because overall pricing of Hydroquinone, which is in the old process, the conventional process to make MEHQ starts from Hydroquinone. Now, because the Chinese have lowered the prices of Hydroquinone all-time low price, and hence, the conventional process of Hydroquinone to MEHQ makes MEHQ also at a lower cost point. To attribute to this, we have no choice but to lower our prices of MEHQ to compete with these emerging players of Hydroquinone-derived MEHQ in China. That is point number one. Go ahead. Are we clear on this? Okay. Yeah, but, but we said that there is still no price decline. What you're mentioning, the price decline in MEHQ is yet to hit our PNL or it's already there in Q3? It is already mentioned in Q3. So the- It's already, we have already taken cut in Q3. We have taken that hit. We have taken that. We have taken that. We have reduced the prices because the endeavor was to keep volumes intact. But, so this has happened. BHA, no, there is nobody in China. When I mentioned about domestic player, I was pertaining to the players which announced coming in MEHQ or BHA or Guaiacol and 4-MAP. That is what I meant, that we have not seen any competition from these players. So there is no volume loss to these players, is what I wanted to mention on the call. Reason for MEHQ, BHA being slow for us, is it pricing driven or it is more volume driven unlike MEHQ? The BHA we've reduced, it went lower probably mostly in quarter three. It is a very typical standard because the drop has happened in North America. There was some tariff-related concern and also because a lot of customers prefer to have lower stocks at the end of December month. So that impact is not as huge as the other products. You mentioned about China starting certain product, you mentioned about HQ and MEHQ value chain? Yes, and format. And format. Customer in China and also indirect tariff, which has hit our customer and hence we are hit by them. Got it, got it. Now, we forward integrate MEHQ to make BHA. Can that be possibility in China as well, now that they have started manufacturing MEHQ? The possibility in China is very difficult to mention today. I agree. I agree, Siddharth. I know it's very, very, open-ended, but have you seen any sign, is my question? Sorry. No, not yet. It's open-ended. No, no, there is nothing today. There is nothing today. Got it, got it. Now, coming to the FMCG. Last quarter, you mentioned that probably the major customer is also looking to backward integrate, or it's purely the U.S. thing which has hurt or the customer not going to backward integrate. So, can you come back or that possibility is ruled out? No, I mentioned even in the last con call, and I'm re-repeating it again, that customer I think is dead. I mean, it's lost for us because they have backward integrated. Okay. So that remains for China. However, the Indian customers and the customers in other parts, the reason is because, say, our end product of format is Avobenzone. Now, Avobenzone from India has a tariff of 55% in the United States. So all the Indian customers who are buying have slowed down dramatically because of this severe impact of tariffs from the U.S. What is the revenue hit from the Chinese customers, so we know that there is a permanent loss and remaining can come back? Product-wise or customer-wise? Sanjesh, product-wise or customer-wise, we are not comfortable sharing. No, that's fine. I was just from modeling perspective, see how much should I take as a recurring loss and how much is recoupable, but, but that's fine. That's fine. But yeah- Uh. It's to anchor that you can take probably this quarter as a run rate going forward at a company. This quarter is a right run rate to look at, right? Yes, yes, yes. Okay. We're not factoring in any- Got it. Further customer loss in this run rate. Got it. Now, switching to HQ and catechol. HQ we will use obviously for TBHQ and, the agro intermediate. How much will be captive demand for HQ for us? That's number one. Number two, catechol, what are we planning with that product? ... So catechol, the current plan is to, of course, make our own in-house Veratrole, which anyways we are making. We are also talking to companies within India who are buying catechol to make some of their derivatives, because if you, there is no current, I mean, no current production happening of catechol within India at the moment, at the moment. So we are also talking to these customers within India, whether we can have a contractual arrangement with them. So that are the two applications, and also we are started to export. We have recently got some orders from China to export catechol, and that you shall see starting from February itself. It largely goes into making vanillin. I think Camlin used to make it in a large quantity. It doesn't make it anymore in India? No, I'm not aware of what is happening with them, but I just think, probably, I mean, I have no comment on the competition, but I don't see lot of catechol available in, the market available, and all is imported currently from China. If you see the import data, currently, all the catechol is imported either from China or by Solvay. So this is a market which we want to, capture first, being the local player and, giving services like just in time to the customers. That's fair. On HQ, that entire HQ, we will use in-house or we will also have HQ to sell in the market? No, no, we will have a lot of MEHQ to sell. Probably, we will be only using about 15 odd% for our own captive, and the balance will be sold in the market. That is both international and local. Got it. Got it. That's great. That's great, Siddharth. I think I got all my answers. Just one comment on EBITDA. I know you mentioned that it's quite fluid and uncertain time, and you don't want to give any guidance. But at the start of the year, you mentioned that, 40% EBITDA margin at Consol was something we were aspiring for. We are at 33. What should one look at an EBITDA margin for this year at the Consol level? I know, I know, I understand. But with the way the pricing are being driven by the Chinese, the way things are also with the tariffs, the uncertainties which we are seeing, you know, it would be appropriate to wait for at least a quarter to really understand where we stand. So probably in the next quarter or the end of the next quarter, we can have this discussion, please. No, that's, that's fine, Siddharth. Thank, thanks for answering all those questions so patiently, and best of luck for the coming quarters. Thank you, Sanjesh. Thank you. The next question is from the line of Abhijit Akella from Kotak Securities. Please go ahead. Yeah, hi. Good afternoon. Thank you so much for taking my questions. So, maybe just to start with the volume versus price breakdown, you know, of the revenues this quarter, if it's possible to share that, please, on a QoQ and YoY basis. So on a QoQ basis, the volume decline... So out of the 13% decline, majority is by volume decline. And on a YoY basis, out of the 21%, the volume decline is 19%, whereas the price realization is 2%. So majorly it's volume decline. Got it. Thank you. And, just on HALS, on a sequential basis, what would the volume trajectory have been like, Q2 versus Q4? So, Abhijit, on sequential basis, we have witnessed 6% growth in volume. So this quarter, we have almost crossed 800 tons in volumes, almost 810 tons is the sales volume. And just to add over that, the product mix has also improved, meaning 944 is now almost contributing 20% to the HALS portfolio. Okay. So on a revenue basis, how much would, could the growth have been sequentially in HALS? Sequentially, 5%-6%. Revenue as well, is it? Volumes as well as revenues. Volume last quarter was 760 tons. This quarter, it's close to 810 tons. Yes. Okay. And, just to understand, you know, this tariff impact, which is happening because of, destocking, I guess, that primarily by customers. So across the major products that we have, you know, what categories of customers are these exactly? I mean, in any HQ or, you know, I don't know, BHA, guaiacol as well, but what categories are these? And are we seeing any, maybe green shoots in terms of their, demand in, in the, new calendar year? So I think, I mean, there are multiple factors there. I think there are some reasons are also impacting the sales in North America as well as in Europe also because their end product could also be impacted by competition from the Chinese. Okay? So that would have also led them to cut down their production, which implies that their offtake has also reduced, which is, I mean, that is what it completely impacts us as well, because if their contribution or their sales has reduced, purchases have reduced, so that impacts our sales. That is one level, and of course, the second is with the uncertainty which remains on our products on tariff. The customers are very careful in deciding when to order and how much to order. So these are two impacts which we are seeing. Whether this will improve, I think, with tariffs not going anywhere, so that impact of tariff still remains... And the prices which currently we are seeing in the chemical market segment, primarily led by the Chinese, is also, I think, might remain for the quarter or two. So the impact would be at least continue for the next two quarters, if not more. Mm, that's clear. Understood that. Just last couple of ones from my side. One is with regard to this format. You know, as and when maybe demand comes back from you know, the customers that have been impacted by tariffs, would that be adequate to sell out our full capacity despite the loss of the customers we have had? Or would we sort of need to, you know- So, no, a lost customer will... I mean, whatever volumes we used to make for him, for that customer, that volume is lost, is lost. Others might not be able to recover their volume as well as that volume. So I think we would be seriously evaluating what can we do out of that facility, which of course, we are working on, or making something interesting out of these products so that we can keep utilizing these facilities. Got it. And, the last one from my side is, actually regarding the, promoter slide in the presentation. You know, the title says, Strong Visibility on Longevity of Promoters' Engagement in the Business. So, you know, just wanted to seek your perspective on, whether we should interpret that to mean that, even after the expiry of the three-year lock-in period, that, you know, there will not be any further, OFS, from the promoters or, you know, any comment you could offer on, that point? Of course. So of course, the promoters, I mean, though there was a three-year period or so, but of course, I mean, all of the promoters are equally engaged in the business, and all want to work towards the well-being of the company. So there will not be, in my view, any further dilution by the Boob Family in the next couple of years. Yeah. But, I guess the lock-in was anyway for three years, so I guess the question pertains to beyond that. So, any thoughts beyond that as well? See, it is a very subjective decision by the family, I mean by the Boob Family. I cannot really comment, but, but- Unlikely. But unlikely that they will even sell beyond three years, and not in these markets, which I am sure you understand. So I think it is a... It can be a delayed process by them. Okay. No, thanks, sir. Really appreciate your frank answers to that. Thank you so much, and wish you all the best. Thank you so much. Thank you. The next question is from the line of Ankur Periwal from Axis Capital. Please go ahead. Yeah. Hi, Siddharth. Thanks for the opportunity. First question, you know, on the geographic breakup. If I look at the Q3 numbers in specific, domestic demand slowdown probably was a bigger factor here. If I look at nine months, obviously China has also contributed here. So any thoughts from a, you know, demand uptick, both in the international markets as well as on the domestic side? So domestic, first let me understand the international. International, yes, definitely both in Europe and U.S., we have seen, decent, decline closer to 15%-16%, in these markets. As I mentioned, right now it is because of two factors. One is tariff and other is, whether they're being impacted by the global acrylic acid prices, which have come down and they are at its all-time low point. So if that is the reason, that is why the Europe and the, sales are down. In terms of, India, these were just campaign-related cycles, I think, which have moved or postponed, and it is a very, customer-centric thing. So, when these action cycles come back, probably these volumes will again come back. But we have not lost the volumes. I just want to repeat this: the volume is not lost, it is postponed. Sure, Siddharth. Just, you know, on the volume bit, is it largely the macro or is there a risk of, you know, the backward integration, what we saw in FMCG, also playing out in some of our, you know, leading products there? See, the leading products, there are... You have to understand, these are performance chemicals. So these are, again, as I mentioned, these are performance chemical, which are- So Acrylic Acid is the biggest example where, MEHQ, 1,000 PPM MEHQ or 2,000 PPM Hydroquinone is used. So a backward integration to these would not make any sense to the buyer, I mean, to the customer. This was particularly in a particular example of, 4-MAP, because Avobenzone has 60% of the cost of raw material depends on 4-MAP, and hence it made probably logical sense for them to do so, but not in other segments. Okay. So, it's largely the end product driven demand, which is slowing down, and possibly maybe a couple of quarters, and then there should be some leg up there? Absolutely. Another thing on the pricing bit, you know, given, you know, what you shared on the China bit as well, the pricing and the overall, let's say, HQ value chain. Uh, right. Presuming these prices are what they are, let's say even one year down- Right. How, what will be your thoughts in terms of, you know, the cost economics for us, or probably the pricing and whether, you know, these margins probably can hover, you know, in this range only going ahead? If everything remains the same, then this is what is going to happen. I mean, if your question is if prices of finished goods is going to remain at this point, assuming the raw materials are also at the current, I mean, the oil prices are also at low point. So if this continues for two quarters, then the number remains the same over the next two quarters as well, right? So my question was more like, let's say, you know, let's say 3-4 quarters out, the volume growth recovery comes back, but the pricing is what it is. How much further is there sort of, you know, scope for us to probably improve our costing in terms of improving the margins? Or probably it's only the operating leverage which will play out on those front. It will play out. We will try and optimize some of the costs. So these are initiatives which we are taking constantly on trying to improve the prices. But again, I mean, whatever we do, we cannot... I mean, because these are so squeezed out products for us, that I don't see anywhere that we can do some magic and reduce the prices by 10%. So it will be very marginal what I can do, but rest, the prices are currently driven by the, the world market itself. Sure, fair enough. And, just lastly on HALS, how has been the geographic mix now? You did mention, you know, the higher end products, you know, seeing some pickup, which is driving their better breakeven as well. How should we see- 70% is domestic currently, Ankur. 70% is domestic, 30% is international. But you will start seeing as we move in quarter four and then subsequently in 2027, this mix will start, will start changing, and we expect the exports to quickly start ramping up. Yeah, we were waiting for some product approvals to come in from Europe and other countries, so. Yes, we have got some of these approvals. And, in fact, in the month of January also, you will start seeing a lot of shipments happening in the United States. But, yeah, you will start seeing more action in the export markets. Okay. That's it from myself. Thank you, and all the best. Thank you so much, Ankur. Thank you. The next question is from the line of Archit Joshi from Nuvama. Please go ahead. Hi, sir. Thanks a lot for the opportunity. So first question on MEHQ. I mean, you did explain quite well as to how MEHQ prices have come off. But sir, the entire letdown in HQ prices would also be a function of phenol prices coming off. Would it be right to assume that with phenol maybe pricing cycle going higher, HQ prices will also eventually be on the higher side, and you will have the MEHQ prices also going upwards? So is this like a very transient situation? A slight extension to the same question like you mentioned before, HQ also is used as a polymerization inhibitor. So, is there a downtrading that is happening from MEHQ to HQ, which might have aided into this volume loss? No, no, no. Okay, there are a couple of questions you asked. Let me start by the last one. Yeah. See, these processes of interchangeability of performance additives is not—I mean, I'm sure people would have done this in the past, but these are now set rules of the game. So I don't think those shifts has happened, that. No. People have replaced MEHQ to HQ. So that has not happened, number one. Number two, yes, the phenol prices has come off, but I have seen these phenol prices couple of time in my 20-year of working career. But the prices of HQ and MEHQ, which I am seeing today, are the prices which were not even... These are not even- I mean, they are below 20 or low prices. So what I'm trying to mention is just raw material play is not playing out. There is also competition, and the prices of- lower prices of hydroquinone is also pushing, lowering prices of MEHQ, and hence we have to lower the prices to keep our volume up, in these markets. Got it. Got it. That's why the fluidity in the situation. I get your point. So, secondly, on the hydroquinone catechol plan that you have had, and I believe we did have plans to have better yields of HQ and catechol as compared to the competitors. Where would we be in that learning curve, or have we already achieved that, you know, yield that we had expected earlier? So, we... I can say that probably we are better than the competition, but we are still a little away from where we had expected to be. And probably all the endeavors, we are still trying to figure out how to reach at that point, which we had anticipated. So actually we are in midpoint. Between the competition and the perfect scenario, we are actually in a midpoint, and probably in the next couple of months we should reach the better yield process. Sure. Understandably. Sure. Sir, the same question on HQ and catechol. On an overall margin basis, would we be at par to what we are doing in terms of EBITDA margin, or- No, no. Yeah. No. No, I don't think that- No, that EBITDA margins will not be at those extent. They will be- Lower. That they will be lower. I think they'll be better than health, lower than the parent business. So again, they will be like midpoint. And with these current prices of Hydroquinone, which we are currently seeing, and because they have declined quite a bit, so I think it is again a very fluid... conditioned to mention really on the EBITDA front. Probably another quarter or so to understand where it all stabilizes, how our plants also stabilizes, and I think we will have some better picture. Sure, sir. One last on HALS. I believe in the previous quarter, a few global majors have taken a price hike in HALS. Is the overall global situation in HALS improving by that price action that they had taken? Anything that you would like to comment on how margins and prices can be in HALS, let's say, one year down the line? Those announcements were made, yes. We have also seen those public announcements, but they are not really translated into reality. We have to just keep a wait-and-watch scenario. They have not been implemented by the competition yet. Understood. The situation broadly is, you know, status quo on the total supply-demand dynamics of HALS, let's say? Yes. So we have to keep working and keep improving our wallet share, and that is what we are doing. Despite of those low prices, I think the improvement has completely happened because of our improvement in our process efficiency, and of course, because these higher grade HALS have also started picking up. So I think this will keep improving over the next few quarters. Understood. Sir, would it be fair to assume that our cost competitiveness in HALS will be better than our peers globally? Are we still in that learning curve to improve our, you know, yields or maybe cost to that extent? See, it is very difficult to understand the competitive processes of the other competition and what their yields and norms are. But what I believe is we are still not at the most optimum situation, because I think we are still improving. Like, if you can see between Q2 and Q3 also, there is an improvement in the process efficiencies, and I believe there is still more scope for us. And, I think that is what makes a little difference, that because these products are all created in-house, we have an ability to improve the process further, and the endeavor is to further improve these so that it'll start meaningfully impacting our EBITDA levels. Got the point, sir. Thanks a lot for answering all the questions, and wish you all the best in these, tough times. Thanks. Thanks a lot. Thank you so much, Archit. Thank you. The next question is from the line of Balamurali Krishna from Oman India Joint Investment Fund. Please go ahead. You can go ahead with the question. You are on mute, Bala. As there is no response from our side, we move to the next question. The next question is from the line of Jason Soans from IDBI Capital. Please go ahead. Yes. Yes, sir. Thank you so much for taking my question again. Sir, you explained very much detail about the HQ prices and how you know that those prices are going down. Now, I understand that, that they are at an all-time low. Just wanted your take on, sir, I mean, there's a lot of talk about this China anti-inflation drive going on, where, you know, they'll basically focus on getting back to market dynamics. Do you expect, by any chance, this drive to basically, at least gradually, there'll be some uptick in those HQ prices, and it will help you gain pricing advantage? See, I mean, I have also been reading a lot of articles, but I think... Right ... It's better to see in reality than to make assumptions. Because, you know, what is said and what really happens is absolutely two different scenarios. All our costings and all our pricing currently, we are based at the current market situation rather than speculating of any price increase from the Chinese competition. Sure, sir. Sure, sure. Okay, okay. And, sir, just the next question, I mean, I understand both these INR 1.5 million CapEx, which they have been a little bit delayed. I understand tariff thing, and you have explained that the situation is fluid. Now I just wanted to understand, sir, the Performance Chemical 1 at least must be ready. Are we expecting it to generate revenue? By when do we expect in 2027 to, for it to generate any revenue, and how much? We will start seeing... So, the plant started. Currently, we are using, of course, because there are teething issues, the product is slight off-spec, but we are currently consuming all the products in-house. So where I was importing, say, probably around 70-80 tons of Hydroquinone per month, you would have seen that those imports have stopped completely. Same is the case with Catechol, which we were importing, to make our own Veratrole. So these imports have stopped completely. All these current products are being serviced by our own subsidiary to the parent company. That is point one. Point 2 is, we'll start seeing sales starting in the month of February, and of course, gradually increasing in March. Of course, we expect decent numbers coming in FY 2027. Okay. But Performance Chemical 2, sir, you expect revenue only in the last quarter. That's been a little bit delayed from that perspective, right? Yes. I think we had anticipated that we will start the production in March- But now I feel with the current scenario, we'll start by May. There has been a 2-month, a 60-day delay. Probably another 15 odd days for water trials and commissioning. So yeah, there has been a quarter delay. Yeah, you are right. Right, right. Okay, okay. Sure, sir. Thanks. Thanks a lot for taking my questions. Thank you. Thank you. Thank you. We'll take the last question from the line of Manish, an individual investor. Please go ahead. ... Hey, hi, sir. Can you hear me? Yeah, we can hear you, Manish. Hello? Yes. Hi, sir. Sir, I'm a retail investor. I have, I have written a mail to you as well. So, so what I understand from the layman term, as a layman term, that we have some loss from China because of some customers, and we have some loss from US, right? So that's the reason, we have because of the tariff, so we are losing revenues. On, on top of it, because of the Chinese competition, we are losing revenues, right? So we are hit from all ends. Now, what message do you give to a retail investor who have been invested in you since long? When can we see the margin that we used to do around revenue growth that we had around 21-23 to come back? So, Manish, thank you for your question. Of course, the endeavor for us is always to keep making more profits, but alongside, the endeavor is also to retain our market share in the segments, because it has taken us 20 long years to build these markets, to retain these customers. But the macroeconomics is something which is very difficult and which is beyond our control. So a tariff of 55% in the United States was never anticipated. The overcapacities in China was never anticipated, and all this has led to margin reduction. However, the endeavor is to come up with new products. The endeavor is to de-risk from couple of products to more products. The endeavor is to keep performing and doing R&D and to get more and more products online so that the revenues built up keep happening. The endeavor is to not lose a customer to a competition. So these are some things which I, as a promoter, have to do, to make sure that my business does not... I mean, you know, it's not a quarter business, but that we run for a couple of years. I mean, we have to look for a five-year strategy in the company. So with all this, yes, there has been a hit, but, we are there. I mean, we are healthy in terms of cash flow. Company is still sitting on INR 450 crores of cash. The projects which we had mentioned, have all happened within, probably less than a quarter delay, but all the CapExes have happened at the project cost, which we had anticipated, despite of all these volatile times. So, I mean, we are trying our best, I can only say that. And even our endeavor is to reach those profitability, but with the macroeconomics in hand, I mean, we have, I mean, some things which we cannot control, we cannot control. I agree. I agree. Sir, I've read about you a lot. You know, I'm a great fan of yours. How you built up this company along with the Boob family. So I respect that. You know, but, I was just coming from a retail point of view, you know, many, many retailers, I've seen many friends of mine, everyone is scared. Everyone is scared what will happen next. Okay, so that's the reason I thought of asking you. And second, one more question that I want to ask you is, you know, the, the trade deal that we had, right, as of now, with Europe, that might help us, right, sir? That might help us to negate some tariff or that might help us, if you compare to China. Yes. China has some tariff. If you see, China has some tariff in the EU, Europe, EU- Yes. but we not have that tariff. Yes. So do you see that playing around? And, and why... Sorry, sir. Yes, I agree with you. That would play, but of course, our... I mean, this, I think this will only start in 2027. I think it's still a lot of- Yes. -Paperwork has to be done between the two countries, so it is not going to... I mean, you will not see anything on immediate basis. This will, I think, only start in 2027, and the trade impact would have a 5.5%-12% is the tariffs which we pay versus the, and also the Chinese. So if those will come out, then of course it will help the Indian chemical industry for sure, versus the Chinese, of course. Yes. So we have one, what do you say, positive for next year. And also, why don't we capture the market of Australia? We have any plan to do that or Canada by any chance? Because, you know, by the political condition going on, Canada is anti-U.S. Sorry, sir. No, so point is, sir, Australia or Canada, they don't have such Acrylic Acid plants. Even for that matter, even India does not. India has only one Acrylic Acid plant. Plus all these blends of pet food industries where we supply, they are users, but they are not producers. Hence, Australia is not a market for our products at the moment. Okay, sir. Okay, sir. Thank you, sir. All the best. We, we hope to see, we hope to grow with, Team Science. Thank you, sir. Thank you so much, Manish. Thank you so much. Thank you. I now hand the conference over to Mr. Siddharth Sikchi for closing comments. Over to you, sir. So thank you all for spending time with us on Saturday. I understand there has been, I mean, it has not been a greatest quarter for us. I think we have had a glitch in our quarter three also, as well as in quarter two. But I can only assure that we are working towards improving the margins, improving the revenues, bringing new products online as quickly as possible, trying to maintain our CapEx cycles. And I think we are trying to do as a team, whatever best can be done. And I think that's all from our side. Thank you so much. On behalf of Clean Science and Technology Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.