Ladies and gentlemen, good day and welcome to Container Corporation of India Limited, earnings call Q2 FY26, hosted by DAM Capital. As a reminder, all participant lines will be in the listen-only mode, and there'll 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 Ms. Bhoomika Nair. Thank you, and over to you, ma'am. Yeah, thanks. Good morning, everyone, and a warm welcome to the Q2 FY26 earnings call of Container Corporation of India. We have the management being represented by Mr. Sanjay Swarup, Chairman and Managing Director. At this point, I'll hand over the floor to him for his initial remarks, post which we'll open up the floor for Q&A. Thank you, and over to you, sir. Yeah, good morning, Bhoomika. I'm joined by my directors, Mr. Ajit Kumar Panda, Director of Projects and Services; Mr. Mohammad Azar Shams, Director of Domestic Division; Mr. Vijoy Kumar Singh, Director of International Marketing and Operations; and Mr. Anurag Kapil, Director of Finance; Mr. Harish Chandra, Principal Executive Director of Finance and CFO of the company. I would like to make initial remarks, and then we can proceed with question answers. At the outset, I am glad to announce the dividend approved by the Board of Directors: INR 2.60 on a share of par value INR 5. That makes a total dividend this year of INR 4.20, which is 84% of the par value of shares. The performance of the company in Q2 has been the ever-highest throughput of 1.44 million TEUs, ever-highest operating income, and ever-highest PEG in the history of the company in any quarter. We have achieved throughput of 2.73 million TEUs in the first half of 2026. Throughput growth has been 11% year-on-year basis, in which EXIM is 10.2%, domestic is 13%, and in India's international trade also, merchandise trade has increased by 3% in the first half of this financial year. Total export was $220.1 billion, which is a 3% increase. Imports was $375.1 billion, which is a 4.5% increase in the first half of this financial year. Domestic demand, domestic throughput has been slightly less as per our expectations. The main reasons were the less demand in cement due to monsoon season, which is now picking up. Ghanibales also, there was less demand, and tiles traffic also, there was less demand. Now demand is picked up, and we are having good loading in domestic. Apart from that, tank container supply, we had given orders for 1,000 containers. We have already got 200 containers, and supply is now being smooth, and we will be getting good supply of tank containers, which will help us in the ramp-up of our loading in domestic streams. Market share, there has been an increase at JNPT, 178 basis points, and decrease at Mundra, 261 basis points. Increase at Pipavav, 178 basis points. The good thing is that we have increased the market share at ports, and at the same time, we have increased our margin also. Rail freight margin has increased from 26.17% to 27.80%. Operating margin has increased from 30.47% to 31.44%. Margin has also increased, and market share has also increased. Growth in operating income for the first half is 2.7%. Growth in PEG is 1.3%, and this growth would have been more, but because of two reasons, it is slightly not in conformity with the physical volume growth. First reason is the subdued demand in domestic streams for the first half of financial year, and second reason is the decrease in EXIM lead by 2.5% due to less demand in North India ICDs. There has been a good growth in double stack handling, almost 7.4% growth. Last year, we have handled 3,083 double stack trains. This year, it is 3,312 in the same year-on-year basis. My operations team has performed excellently, and they have planned the rakes in a rake movement and loading in a very nice manner, which has resulted in reduction in empty running of rakes and containers. EXIM empty running is down by 18%. Domestic, it is down by 6.7%. Overall, it is 10.2% on year-on-year basis. We are quite optimistic of the demand in future, which is now driving the infrastructure additions also. In the first half, we have commissioned 21 rakes, new rakes, high-speed rakes, which takes us total count to around 410 rakes. We have procured 3,000 containers, which takes our total count to around 56,000 containers fleet for CONCOR. CapEx, we have already spent INR 420.35 crore as against a budget of INR 860 crore. Board of Directors have deliberated, and most probably, we will be increasing the budget because we have to increase more infrastructure spending. Target for infrastructure for 2028 remains the same: 100 terminals, 500 plus rakes, and 70,000 containers for CONCOR. In EXIM, we are experiencing excellent growth, which is likely to continue. WDFC connectivity to JNPT is likely by March 2026. Initially, it was December 2025, but it has been pushed by some months. Export growth for the first half is very good in rice, almost 41% growth. Auto parts, 18% growth. Meat, that is buffalo meat, which goes in reefer containers, we have seen 18% growth, and aluminum ingots, 13% growth. Imports growth is quite good. In solar panel, there is a glass item, which is a component in solar panel. We have seen a five-times growth in imports in this particular commodity. Raw cotton, we have seen 100% growth, and auto parts, we have seen 46% growth in the first part of financial year. We have commenced new EXIM reefer road-cum-rail service from our ICD at Dadri to Mundra Port via Dadri. DPD movements will get a further boost, which will increase our volumes, and we have come up with a new liberalized policy of DPD, which will further bring us more business and more revenue. DPE movement from our terminal at Khimel has also grown many-fold. In last year, it was nil. This year, till now, we have moved 275 TEUs from Khimel to Mundra Port. Growth in imports has also been quite good at all the ports. JNPT, 17.5% growth, Mundra 2%, and Chennai Port 15%. Visakhapatnam Port, around 6% growth is there. In domestic, we have achieved a big breakthrough by signing MOUs with two giants in cement sector. First is Ultratech Cement, and second is Adani Cement for movement of bulk cement in tank containers. This will be a very big driver of domestic streams in the coming months. Grain bales and cement demand are showing very good growth signs from Q3 onwards. CONCOR has been an integral part of new initiatives of end-to-end logistics launched by Indian Railways. Three initiatives have been launched by the Honorable Minister of Railways, for which CONCOR is an integral part. First is the assured transit time train from Delhi to Kolkata, which is being well patronized by trade, and it is moving to PEG. It is almost 80% occupancy there, and by this month's end, we will have 100% occupancy of this assured transit time. It's a big hit with the trade. Second is management of Sonic Goods Shed in Lucknow division. We are developing this Goods Shed into an integrated logistics hub, which will be a new line of business for the company. This has been given on pilot basis by Indian Railways to CONCOR for four years, and we will be demonstrating the positive impact of this move, and Indian Railways is quite inclined to give us more goods shed to CONCOR for developing into an integrated logistics hub, where we will be giving warehousing and logistics solutions to customers. This is a very big step for end-to-end logistics by Indian Railways. Third, the parcel service from Mumbai to Kolkata, in which we are giving first-mile, last-mile solutions also. This is, again, a very big hit with the trade, and mind you, these businesses are very high-margin businesses, which will be very keenly watched by all the investors in the coming months. Guidance, I would like to keep them unchanged at 13%, EXIM 10%, domestic 20%. We are quite optimistic and positive that we will achieve this guidance. Lastly, I would like to tell all the investors that we are securing the future of the company in a very nice way for long-term business growth. First is we have signed MOU with Vadhavan Port, where they have appointed us Common Rail Operator on nomination basis. We will be designing the rail yard, managing the rail yard, everything, rail operations at new Vadhavan Port, which is coming on north of JNPT, and it will be on DFC. It's a port of the future. It will be commissioned by 2030. CONCOR has become an integral part of Vadhavan Port by signing this MOU. Second, we have signed MOU with the Bhavnagar Port Private Limited. We will be operating the container terminals at Bhavnagar Port, which is, again, a port of the future. It is the nearest port for NCR area and very well connected by rail. Third is we have made serious forays into the shipping sector now. Our containers have crossed the shores of India. They are moving into the Middle East. We have signed an MOU with a Dubai-based company. Already, 200 containers have gone to the Middle East, and most of them have come back loaded. We are getting both-way loaded direction, loaded traffic, which is a very big boost to our business. We are in talks with some companies in Far East, and we will be very soon starting our Far East services also. This is also a very high-margin business. We are getting more than 30% margin on every container. This will be also a growth area as far as our top line and bottom line are concerned, and in the future, we hope that we will expand it exponentially. This is the opening remarks from my side. Now you can ask your questions, please. 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 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 comes from the line of Disha from Ashika Institutional. Please go ahead. Hello. Hi sir, thank you for giving me the opportunity. You did mention a lot of initiatives and a lot of MOUs that would help fuel the growth of CONCOR for the future, but my question is regarding FY26 that a 10% volume growth in EXIM and a 20% volume growth in domestic, how will you be able to fulfill it if you could just help us understand it in quantitative terms? Because for these growth needs to be fulfilled, we would need a minimum of low single-digit growth going forward for the quarter on quarter. That is what I wanted to understand. If you are observing it closely, in the first half of financial year, already we have achieved 10.2% growth in EXIM. As I mentioned to you, this growth is likely to continue, and maybe it will further increase now that busy season has picked up, and we are getting good volumes in imports as well as exports. EXIM, I am quite optimistic that it may exceed my guidance also. I gave the guidance of 10%. Already 10.2% we are achieving. I am hopeful we will exceed this guidance. As far as domestic is concerned, I gave the guidance of 20%, and in the first half, we have achieved 13%. There is a lag, and almost for the second half, we will have to go for 26-27% of growth in domestic to end the year with 20% growth. We are working on it. As I told you, we have good demand in bulk cement. We have signed MOUs with Ultratech Cement as well as Adani Cement, and then we are getting good demand in grain bales. We have good demand in tiles traffic. All these will be drivers for growth in domestic. I am quite optimistic that we will be able to end the year with 20% growth in domestic also. For domestic, could you help us kindly understand it in quantitative terms? If any numbers you can throw in, like how much volume boost you are expecting from MOUs with Adani and Ultratech, and how much from grain bales? At this moment, it will be difficult to tell the numbers to you, but we have made our internal calculations, and we are quite optimistic to achieve the target. Got it. So my second question is regarding the average revenue per TEU. While volumes have been increasing, our realizations have been going down since the past four-five quarters on a minimum basis, which kind of impacts our revenue. Should we assume that for the domestic business, 14,000 approximately, sorry, for the EXIM business, 14,000, and for the domestic business, around 22,000 per TEU to be the average realization that we are looking forward for? If you see in EXIM, it is not 14,000. It is in the range of 27,000 per TEU if you see the originating volume. As I already explained, EXIM, there is a drop of lead by 2.5%. This is the basic reason for drop in realization. It is not 14,000. Kindly correct your numbers. For domestic, sir? Domestic, it is in the range of 57,000-58,000. So there is a slightly in domestic, sorry, in domestic, it has increased from 56,000 to 57,000. So there is a growth in realization per TEU. What exactly is your question? There is no drop in domestic realization per TEU. I am looking at it in terms of total volumes handled. That is where I'm trying to understand. Kindly divide by originating volume, not by handling. All right, sir. Understood. Thank you. Thank you. The next question comes from the line of Bhoomika Nair from DAM Capital. Please go ahead. Yes, sir. Could you first just share the originating volume numbers for this quarter? Yeah, I'll tell you. For this quarter, originating volume in EXIM is 586,011 TEUs. Domestic, 135,440. Total, it is 721,451 TEUs. Okay. Sir, when you give your guidance for the 10% growth in EXIM and 20% in domestic, is that on handling or on originating basis? It is on handling. Okay. So how should we look at because the profitability, everything is pretty much on the originating basis. How should we look at the originating volume growth for both these segments for the year? Normally, all of you are very seasoned people, so you already know that from handling, very easily, you can derive originating. It is almost 65% of handling. Sure. Roughly, if you see ballpark, it is 65% of handling, originating. Okay. So in terms of. You can easily derive. Yes, sir. Yes, sir. In terms of EXIM, you did mention there's been some improvement in ports, etc. If you can talk about how are you seeing the outlook in terms of the shipping lines and uptick in the volumes from both export-import perspective, and then within that, how is the rail coefficient also kind of playing out at all the three ports, particularly once the DFC is operational? How do you see that further improving? If you can just give some qualitative comment on that. The rail coefficient is seeing an increase in all the three main container ports. JNPT also, it has increased from 15.68% to 15.83%. Mundra, it has increased from 23.82% to 24.9%. Pipavav, it has increased from 57.42% to 58.14%. All the ports are showing a growth in rail coefficient. When DFC comes, then definitely there will be further boost in rail coefficient at JNPT, and which is at present, it is in the range of 16%. I am hoping that overnight, of course, that miracle will not happen. It will take at least one year time. It will double up in one year. I'm quite sure of that. Right. Will that drive more double stacking and more balance of trade, in your opinion, which will help further in terms of the margin improvement, or do you think there will be enough competition from road and other operators, which will restrict the margin profile, and we may need to pass it on to the customers, the benefits of the efficiency improvements? You are right. Double stacking will further get a boost when DFC is connected to JNPT. Secondly, we will be able to run assured transit train also from NCR area to JNPT. Maybe in 24-25 hours, train will be reaching Nhava Sheva, which is at present constrained because of the line capacity in various sections. This will give a very big boost. In double stacking, in the upper deck, normally it is light cargo is carried, and light cargo at present is economical to move by road. When double stack comes, then upper deck, we have to pay less haulage charges. We will share the benefits. As I had mentioned earlier also, we do not sacrifice our margins. Whatever savings we are doing, part of that saving we will share with our customers so that it becomes very economical to them to move by train. It becomes a transit assurance kind of thing will also be there. Basically, transit assurance and cost, these are the two things in logistics which are extremely important for a trader. Yeah. That helps us. Can you just share the lead distances and also the empty running charges? Yes. Lead distances were 87 km in EXIM and 1,326 km in domestic. Total, it is 785 km for this first half. I'm telling you the figures for the first half of this financial year. Similarly, empty running is for EXIM, first half, it is INR 52 crore, and domestic, it is INR 132.53 crore. Total, it is INR 184.53 crore. Last year, it was EXIM INR 63.47 crore, domestic INR 142 crore, total INR 205.47 crore. Okay, sir. This helps. I'll come back in the question queue. Thank you so much. Okay. Thank you. The next question comes from the line of Mukesh Shah from Evindus Park. Please go ahead. Yes, sir. Thank you for the opportunity. This is Mukesh Shah here. Sir, the first question is on market shares. You had alluded that there is some improvement in market shares. Could you kind of give the number for EXIM market share currently for you? I had mentioned that we have increased our market share at ports, but overall market share, we have seen a slight dip. In EXIM, it has dropped for the first half of the financial year. It has dropped from 55.9% to 54.1%. In domestic, it has dropped from 58% to 55.7%. Total, it has dropped from 56.5% to 54.5%. Almost 200 basis points it has dropped in total. Okay. So this is again only because you're kind of not taking the lower margin and the shorter lead distance businesses? Or is there some competitive intensity change that we are seeing in terms of pricing or services offered by others? Basic reason is that we have consciously decided not to pick up low margins business, which are low lead also. The second thing is there is less demand in domestic. Now we are working to recover it. One more thing is that we were actually one commodity, waste paper in North India, which is coming from Mundra Port. Our competitors had given some competitive rates, and it has moved from us. That is the reason for decrease in market share at Mundra. Now we have done our work, and we have offered good rates to customers, and it is likely to come back to us now. Got it. Got it. In one of the comments, you had mentioned about this assured transit trains that you'll start to Nhava Sheva, obviously once DFC connectivity comes. Currently, are you not doing this already for, say, Mundra or Pipavav ports from NCR? Because a large part of that is already connected on the DFC. Yes, of course, we are doing for Mundra Port. In my earlier conference calls, I have already told you. It is a very big hit, freight express trains from our mega MMLP at Dadri. We are running trains to Mundra Port, which has helped us to ship a lot of cargo from road to rail. Sir, any sense you can give us maybe just approximately what proportion of volumes we are moving on these assured timetable kind of trains in this route? Just to kind of help us understand how much more improvement can come once you start offering more of this service. You mean shift in volume from road to rail? That is almost 12%-15% shift is there in from road to rail. Okay. You'll also, I mean, you'll also be offering the non-assured services right now, sir, on this route? The non-timetable. That number, I don't have with me right now. I can give you later on here. Understood. Understood. All right, sir. Thank you. I'll get back to you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Achal from Nuvama. Please go ahead. Good morning, sir. Thank you for the opportunity. Sir, if you could give us some sense about the opportunity size for the bulk cement. I'm not seeking for the volume guidance on that, but just an opportunity, how large is this? Currently, it is moved by road or by Indian Railways, if you could clarify that. What is the cost-saving proposition to the customer when they are shifting to the tank containers? It's a very big growth area, and I can only say that very less is moving by rail. Most of the quantity is moving by road only. My Director, Domestic, Mr. Azar Shams, will give all the details. I will pass on the phone to him. Hello. I am Mohammad Azhar Shams, Director, Domestic. With respect to bulk cement, whatever you raised the question as of now, you know that in total, the total production of cement in India is around 400 million tons. Out of this 400 million tons cement production, 70 million tons is being moved by road. That is in bulk condition. Out of this 70 million tons, railway is moving 7 million. And only 10% of the bulk cement is being moved as of now by Indian Railways in their specialized wagon. We call it DCCW and DCFC. Okay? The remaining 63 million is moving by bulker on road. We all have been saying on road that bulk cement going on bulkers. We want to tap this gap of 63 million tons whatever is being moved by the bulkers. Because the containers offer very door-to-door service. For example, in one bulker, 35-40 million tons cargo is going. In one train of 90 containers, we are moving around 2,500 tons. Keeping in view the infrastructure project and development and the focus of the government on different infrastructure projects, the demand of the bulk cement has increased like anything. We have been in touch with Ultratech, Adani, our CMD, sir, just on the line. This movement of bulk cement is just to multiply. To get those business, and the sky is the limit. You know that 63 million tons is a huge quantity. If we start getting 1 million, 2 million, or 3 million, the only constraint is availability of the tank container. As of now, we can't import the tank container from China. As the Atmanirbhar Bharat Initiative of Government of India, we have given 1,000 container orders to Indian companies, 500 to Braithwaite, and 500 to the open market, that is Basant Container Manufacturer in Ahmedabad. Out of 500 orders given to Braithwaite, that is the railway PFUs, we have got 200 containers, which we are moving in three circuits from Hyderabad area. The 500 container order we gave to Basant Manufacturer, they are likely to start giving us deliveries by mid-December. As soon as we get the container, the constraint only is the availability of the container. As soon as we get the container, we are having agreement in place. Cargo is available. We will start immediately moving the cargo. The limiting factor is availability of the container on which we are focusing on just ensuring that how quickly we can get those containers. Just to clarify, in terms of the profitability of this tank container, will it be similar or it could be better than the existing margin per TEU? Actually, it will be certainly more than our margin will increase because as of now, we are not moving much of cement. We are moving just batch cement, that is, 50 containers, whatever we are allowed. In that, our margins are very limited. With bulk cement, whatever three streams we are running from as of now, our margins are certainly on the higher side, and which are likely to increase. The agreement, whatever we have entered with Ultratech, the quantity is around 100,000 tons per month. Similar with Adani and other parties. Our margin in this bulk cement will certainly be on the higher side as compared to our existing margin in domestic. Got it. The second question, sir, if you could help us with the port mix, please. And the port-wise market share, please. Okay. Yeah. It is JNPT, it is 35.5%. Mundra Port 35%. For the quarter or first half? Sorry, sir. I'm interjecting. Is this for the quarter or first half you're saying? It's for the first half, actually. First half. Okay. 35.5 JNPT. Mundra 35.3%, Pipavav 8.18%, Visakhapatnam 5.3%, Chennai 4.5%, Vallarpadam 5.3%, Ennore 2.1%, Kattupalli 1.6%, and Tuticorin 1%. If you could help us with the market share as well. Market share at ports. Ports. Yes, sir. Market share at ports at JNPT, it has increased from 57.5% to 59.4%. Mundra Port, it has decreased from 38.8% to 36.2%. Pipavav Port, it has increased from 48% to 50%. Two out of these three large ports have seen a market share expansion. Yet you said the market share has actually come off. If you could clarify. That's okay. Two have shown increase, but Mundra Port, we are down. Mundra Port is a major contributor. Almost you have seen 1/3 of our volumes are through Mundra Port. Mundra Port, our market share has come down. At other places also, JNPT, there is a growth in market share, but we could have managed more because of the low margin things we are not. All these have contributed in less slight dip in market share for us in EXIM. Got it. And just last question. With respect to JNPT, whatever 8 to 9 million TEU gets handled, how much is actually going to North at this stage, sir, according to you? JNPT is not sending, I don't have the numbers with me right now, but not much is coming to North. It is catering to Maharashtra area and a lot of volume is going there. Apart from that, a lot of volume is going to Hyderabad area. We have an ICD there in Hyderabad, and it is getting good exports from Bangalore also for mainline vessels going to Western countries. By Bangalore, we are running three services in a week, which are very well patronized by trade for JNPT. North India, of course, a lot of volumes are not coming. Mostly, it is catered by Mundra Port. We will change the scenario. That would be because of the timetable, because of the cost proposition, because from a time perspective, it will be a little longer distance, right? As I told you, transit time and cost are the two main factors which determine the choice of the traders, what port they will use. Both these things will be quite positive for JNPT. Got it. Thank you. I'll fall back in the queue for further questions. Thank you. Okay. Thank you. The next question comes from the line of Krishn edu Saha from Quantum AMC. Please go ahead. Yeah. Thanks for taking my question. Just quickly, just on the container tanks for cement, just trying to understand one tank can take in how many? Suppose they're going, as you said, they are going by trucks. So one tank container takes how many trucks, or is it the same amount of quantity of volume? One tank container can have 31 tons of cargo. Truck means what? 35. Truck can carry 35. Same to same. Just a clarification. Just to understand on the rail freight. Just one minute. Actually, the USP of tank container is that it is limited depth, and this can directly go to the project site and the RMC plant. It is not the case with the bulker, whatever the bulk cement is being moved in those kind of arrangement. Okay? That is the hit. Because USP, it is very handy. You can take the tank container to whatever place you want. Suppose 31 tons cement is there, you can offload 15 tons at one location, 10 tons at other locations. Similarly, you can serve the industry or the project. This is not the flexibility with respect to bulkers. And. This time. One more point which I would like to underline is that in containers, we are giving free time, and they can around 20-30 days. Cement manufacturers can store or remain to keep their cement in tank containers for 20-30 days. That saves the unloading and then their housing kind of an arrangement. This is again a very big plus. This is a very big plus because it eliminates the requirement of secondary warehousing by the consumer. He can use the container as a warehouse. As Director Domestic has explained, after free time, we charge a very nominal rate from the customer. He can use, suppose 31 tons cargo is there, he wants to use 15 tons today, and he wants to use the rest of the cargo after 15 days. He can keep the container with him and pay the nominal charges to us. This will eliminate the otherwise, he will have to hire another warehouse to keep the cargo. Right. That way, it is very beneficial, and traders and customers are very happy with this kind of arrangement. I see. In spite of all giving 30 days, 20 days free time, we are still above the company margins for this business. Yeah. Yeah. That care we have taken, it will be good margins for the company. On this, the cement tankers are not fungible. They can only be used for cement. That's the understanding, right? Just from my knowledge. Fly ash can also be transmitted. Food can be transmitted. No, no. Actually, with these cement tank containers, we have experimented with fly ash also, and we have experimented with alumina powder also. So our focus is to first move the cement. As I told you, we will try to get both way traffic, either alumina powder or fly ash. As you know, there is a huge demand for fly ash in the cement industry. Okay. So the whole value chain. Yeah. Right. Thanks. Thanks. That's a good clarification. Just on the rail freight, if I might ask, just for my knowledge, this is the first quarter. If I divide it by the handling volume, it's just basic mathematics. It is INR 8,700 roughly. This is the lowest I've seen in the last whatever quarters and going back to the years. With the double stacking coming in and things getting better for us, how do you see the rail freight per TEU moving for us? You can give some direction on that if it will be helpful. And LLF, do you think this is a rate, a quarterly rate which is there? INR 1,000 or sorry, INR 110 crore is the rough rate per quarter. Will it stay out there, or it can improve or increase as we expand more? Just these two on the cost side, please, if you can help me. Thank you. Now, I would suggest you use the originating volumes and not the handling volumes. Okay. Yeah. They are not the proper indicator. For your kind information, rail freight margin, in fact, has increased year-on-year. For the first half of last financial year, it was 26.17%, and now it has become 28.0%. Sorry, it has become 27.80%. There has been a good increase in rail freight margin on year-on-year basis. Now, what was your second question? No, my first question on the handling. Sorry, the handling rail freight with the cost, the haulage cost. So the haulage cost we saw is on the lowest side. So you clarified you should divide the originating volume. Exactly. Yes. Yeah. The second question on the LLF, which is running at INR 110 crore per month, is that a number I can take for the next two-three years, or should you see some increasing LLF also? See, LLF, as you know, it is increasing 7% every year, and our LLF is in the range of INR 400 crore-INR 420 crore every year. In this year also, you may be seeing an increase in LLF for this particular quarter from INR 66 crore to INR 105 crore. If you see on a yearly basis, every quarter of INR 100 crore, INR 105 crore is quite a nominal figure. Our LLF payout is going to remain intact because every year we have to increase it by 7%. At the same time, we are surrendering some terminals not by losing any business, but we are coming up with our terminals at those locations. We are surrendering the railway line. Like, suppose, for example, in Jodhpur. Jodhpur, we have a terminal at Bhagati Koti, and we are coming up with another terminal at Salawas. We have purchased the land from state government, and we are going to start in this financial year only. We will be bringing double-stack trains. At our present terminal, which is on railway land, we cannot bring double-stack trains. In the new terminal at Salawas, we will be bringing double-stack trains also. This will bring further boost to our business. As soon as we commission the Salawas and traffic is started, we will surrender the railway terminal. That will be saving for us. 7% growth is also there. Net will be in the same range only it will remain. Okay. Thank you very much for your time. Thank you, sir. Okay. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Jainam Shah from Equirus Securities. Please go ahead. Thank you for the opportunity, sir. Sir, just one question from my side. When I look at the depreciation number for this particular quarter, it has gone down. Of course, there has been some impact of the LNG truck useful life. We have increased from 8 to 15 years. Other than that, is there any runoff or anything in this quarter, or is this the normal run rate we can take into account? Because our CapEx is already there, then why it would have reduced? Depreciation. My CFO, I will request him to take this question. You have rightly said. Depreciation, we have changed the rate for LNG trucks, which has some impact in this quarter. In the last quarter, there was some capitalization which was done retrospectively for one of our DR sites which was commissioned. There was some little depreciation on that account. That is why last quarter it was higher. Now it is balanced in this quarter. That is why you can see in the first quarter, there is a little higher depreciation which is appearing. Got it. Thank you so much. Thank you. The next question comes from the line of Koundinya from Jefferies Group. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. A strategy question and a couple of big quick questions. First thing, I mean, if you were to look at it from a company strategy standpoint, I do not know. We understand that the competitive interest obviously is rising. Would your preference be for volumes vis-à-vis margins? What will be your first priority if I may understand your thought process on that, please? As I already explained in the earlier calls also, we will increase volumes. At the same time, we will not sacrifice our margins. That is the company's strategy for so many years, and it will continue. Whatever savings we receive, we get, that we will share with our customers. I demonstrated in my opening address also that we have increased our share at the ports without sacrificing our margins. In fact, our margins have also increased. Our share is also increasing. Margin is also increasing. That will be the strategy of the company which will remain in future. Okay. Fine. Sir. Okay. Then a couple of other questions, sir. I mean, firstly, if I look at the empty running cost, right, and specific to the quarter, the domestic seems to have run ahead of the volume growth. I mean, what is happening here? If you can help us understand a bit better there, please. Yeah. Domestic empty running has also come down. What exactly is your question? I'm not able to understand. Domestic empty running has come down from. Last year, it was INR 67 crore. This year, it is INR 66 crore. It is less. Okay. Maybe something is wrong with my math. Fine, sir. Yeah. Domestic also, it has reduced. EXIM also, it has reduced. Okay. Fine. Sir, lastly, if I may ask you, what% of your volumes come from Dadri and Tughlakabad? I mean, what were the volumes from Dadri and Tughlakabad in FY2025, maybe? See, Dadri and Tughlakabad combined total volume, you are asking of the company? Yeah. Yeah, sir. In all volume terms. Total volume will be, I think, 7-8%. Okay. 7%-8% of total volumes. Understood, sir. No, no. Seventy-eight. Seven to eight. 7%-8%. 7%-8%. 7% to 8%. You are speaking in terms of originating volumes only, right, sir? I mean. No, I am speaking in terms of handling volumes. In terms of handling volumes. Okay. Understood, sir. Thank you and all the best. Thank you. The next question comes from the line of Neelotpal Sahu from JM Financial. Please go ahead. Hi, sir. Good morning. Am I audible? Yeah. Congratulations, sir. A good set of numbers. I wanted to check on the profitability levels, especially on the EXIM front, which have been quite good this quarter. The rail freight margin also, we have seen a significant improvement. I wanted to understand what is driving this thing, and is it sustainable for the year? Probably, if you could give an outlook for the medium term. See, in EXIM, as I told you, my operations team has done a very good job. They have planned the movement in such a manner that empty running is minimized. There is a saving of around 18% year-on-year for the first half of the financial year in EXIM itself. 18% saving is a huge saving. Double stack has also helped us. Our double stack has grown by 7.4% in the first half. I should say better planning by our team has resulted in very good margins in EXIM. All right. Sir, thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Bhoomika Nair from DAM Capital. Please go ahead. Yes, sir. Sir, just wanted to ask on this double stack. If I see our double stack numbers are broadly now kind of stabilizing around that 1,500-1,800 rakes on a quarterly basis. Is it that as of now, we've kind of reached the peak capabilities or abilities to kind of double stack given the market environment? Now the next improvement in double stack will only happen once the DFC is operational or better improvement in infrastructure per se? Yeah. You are absolutely right. Next growth in quantum jump in double stack will come when DFC is connected to JNPT. As far as Mundra is concerned, you can say that it will be growth like this only and not much growth we can expect now in double stack till the JNPT is connected to DFC. You are absolutely right. Ms. Bhoomika, do you have any further questions? Yes. Sorry, I was on mute. Sir, between export and import, how is the trend in terms of the outlook? Is it more balanced, or are you seeing imbalance continuing in terms of the outlook per se? If you see on pan-India basis, I should say it is almost balanced. For our key ports like JNPT, Mundra, Pipavav, which is bulk of our volumes? See, Mundra is always export-heavy, and Pipavav, it is almost balanced, and Nhava Sheva is import-heavy. It is a normal trend. That still continues. Okay. In domestic, as we do more of these bulk containers for cement, etc., will the empty running tend to see an increase out here because of that, because of the imbalance? See, empty running also will be there. You are right. We are trying, as Director Domestic already explained, we are trying to get business on empty direction also. Because apart from cement, we are examining other products like fly ash and alumina. If we are able to tap that, we will bring down the empty running. In empty direction, railway gives us some discount also. We are availing of that facility. Okay. Okay, sir. I'll come back in the question queue. Thank you so much. Okay. Thank you. The next question comes from the line of Sumit Kishore from Axis Capital. Please go ahead. Good afternoon, sir. In your opening remarks, you had mentioned medium-term growth focus areas of your shipping sector for a. You mentioned the Bhavnagar container terminal. What exactly will be CONCOR's role there? You mentioned goods sheds that you are taking over from railways to develop these logistics sheds. Over the next two to three years, what kind of revenue potential do you see from each of these areas? If you could deliberate on this, thank you. Yeah. Good question. As far as shipping sector is concerned, already we have started moving, and it is fetching us good margins because it is both-sided loaded movement. It is more than upward of 30% margin per container we are getting in shipping. At present, I'm not able to give any numbers to this because I don't have with me. They will be insignificant as far as the total numbers are concerned because it's a very small number. We have made the beginning, and there is good demand from trade, and we have got good fleet of containers. 40-foot containers are also arriving, and 20-foot already we have a good fleet of containers. Far East service also we are starting. This is a forward integration for our customers. Our customers have welcomed this initiative of the company, and they are giving us more and more business. The second initiative that we have taken is Bhavnagar Port. We have signed an MOU. We have experience for port operations, and we are a minority partner at one of the terminals at Nhava Sheva, which is called GTI. We are running it in partnership with the APM Terminals. The second is the terminal at Vallarpadam that we are running in partnership with DP World. At both the places, we are junior partners. At Bhavnagar, we will be senior partners. We have signed an MOU with them where we will be operating the container terminal. We will be designing the terminal and then operating the terminal also. We will have a consortium with the leading international port operator. We are in talks with some port operators on this subject. Very soon, we will tie up the deal with them. This terminal will be functional from 2030 only. Before that, we will be doing all the necessary work. We will be placing the cranes and all, and rail line will be laid. All these will be ready, and in 2030, this port will start functioning. Third is the good shed initiative. Indian Railways has given one good shed near Lucknow, which is called Sonic, on trial basis to CONCOR. For two years, extended it by another two years. That is a total four-year period to develop the good shed into integrated logistics hub where we give warehousing facility to our customers. We give first-mile, last-mile services to them. Everything we will do for the customers. We are developing that also on a pilot basis. Once we send the report to railways after one year, what all we have done, what facilities we have developed, how much traffic we have increased, the railway board will decide it and analyze it and take a decision. They are very keen to give more goods shed also to CONCOR after one year, after seeing the result of this particular goods shed. This is also a very high-margin business, and altogether a new area for us, and it's a high-margin business where we will be giving end logistics to the customers who are bringing their cargo to Indian railway rakes. This is a diversification, I should say. Railway has taken initiative for end-to-end logistics for which they have entrusted CONCOR. Okay. So just one follow-up. What is the size of the Bhavnagar container terminal that you are planning in terms of whatever TEUs and what kind of CapEx would be required for the terminal and the railway line that you mentioned? See, they have a berth of around in their phase one. Actually, they have two phases. In phase one, I think around 700-800 meters berth will be there. How much land, I do not remember the number. CapEx also, we are working out, actually. We have not finalized how much CapEx we will be spending there. Rough numbers are available, but they will not be of much use to you. Once we work out the CapEx numbers, we will definitely share it with you. Sure. Thank you so much, and wish you all the best. I think this should be the last question now. Sir, there are two more questions. Okay. Thank you. The next question comes from the line of Achal from Nuvama Wealth Management. Please go ahead. Yeah. Thank you for the follow-up opportunity, sir. Sir, first, on the contingent liability in the annual report, page 446, the contingent liability has gone up from INR 1,377 crore to INR 2,120 crore. Can you help us understand what does this pertain to, sir? Is it pertaining to the LLF? Is it pertaining to something else, sir? I'm very sure it will not be LLF. My CFO can attempt. Otherwise, we will get back to you. You are talking about the last year's contingent liabilities, which we have discussed. Yes, FY25, sir. Yes, sir. These are related to various court cases and claims mainly, and some customs bonds and all that. Maybe on account of that. The details I'll have to see, but it is mainly our contingent liabilities are related to these elements only. Exact numbers we will share with you. It's difficult to tell now. Right. Because in the notes, it's mentioned that one of the sentences is the amount of contingent liability, including LLF demand from railways for few terminals. That's why the question. Sometimes for some terminal, they might have raised the demand, which we are contesting that may have been included in that. That is not an actual liability which is payable. Like for some terminal, they might have raised some demand, which we are contesting. It could be on that account. Major contingent liabilities are related to claims and. Some of these. Yeah. Okay? Got it. Sure, sir. Just a clarification on the market share. If you could give us once again, sir, one-hedge market share for EXIM, domestic, and the total basis. EXIM, it is 54.1%. Domestic, 55.7%. Total, 54.6%. For this. Last year same time? Yes, sir. Last year, how were the numbers? Yeah. Last year, EXIM 55.9%, domestic 58%, total 56.5%. Got it. This is very helpful. Thank you and wish you all the best. Thank you. Thank you. The next question comes from the line of Krishn edu Saha from Quantum AMC. Please go ahead. Yeah. Thanks again. Just a little clarification. How much is value? We are target of having value-added services, which is high-margin business for us. What is the portion of that? The percentage of revenue right now? At present, I don't have the numbers for that. We will get back to you. Oh, thanks. Thanks. Thank you. Sir, there's one last question. Would you like to take it? Yes, please. I will take it. Thank you. The next question is from the line of Amish Kanani from Knowise Co. Please go ahead. Yeah. Hi, sir. Sir, the same question that you had answered for the Bhavnagar, I had a question on this Vadhavan port. It's a very, very large port that is emerging out of Maharashtra, and JNPT is the operator. Whatever little we understand, if you can give us some sense of both Bhavnagar and Vadhavan port put together. Beyond 2030, it's a very long, short horizon. But both these ports together, does it change the trajectory for a long-term growth? Normally, we have a delay with the expectation. These two ports put together, does it increase our long-term growth potential? Whatever initial thoughts of yours, sir, that will be helpful. Thanks. Yeah. Definitely, it will increase our growth potential for the company. Port operations is a very interesting field for the company. Vadhavan Port, as you know, it is the port of the future, designed for around 24 million TEUs handling. We will be bidding for terminals also. Very soon, bids will come out when they will be going for bids for terminal operations. We are in talk with very big reputed players, port operators, international port operators. We are in advanced stage of talks, and they are very keen to partner with CONCOR. That is the bidding thing. As far as the Common Rail operator, for which we have already signed MOU with Vadhavan Port, that is a Common Rail operator, they have given our nomination to CONCOR. They have not invited any bids for that. They thought CONCOR is a big player in rail-based logistics. They have chosen CONCOR and given it to us. For that, we will be designing the railway yard for Vadhavan port, which will be for receipt and dispatch of trains. After the design and commissioning, we will be executing. We will be operating the rail yard also, which will be responsible for removal and placement of rakes, various rakes for Vadhavan port. That will be a very big business, actually. It is a futuristic port, modern port, and 2030 is not very far. Already, 2026 is going to start. We are ready to take up these challenges. These are the challenges, and they are the bright spots for the company for the future. Company has got a great future, I should say. All these initiatives will help us to propel our revenues. We are in logistics sector, not only confined to rail-based container logistics. This is demonstrated amply by giving good shared operations also to us by Indian Railways. Port operations, we are going. Shipping also, we are going. We are not confined to one particular stream of business. We are expanding to various fields of logistics so that we give maximum satisfaction to our customers and increase our business. Thanks a lot, sir. Very reassuring to hear. We will wait for some CapEx and potential volumes, numbers emerging maybe by end of the year or whatever. Thanks a lot, sir. You have all the best. Thank you. Thank you. As there are no further questions from the line of participants, I now hand the conference over to the management for closing comments. I just want to say that we are standing on very strong fundamentals. We have a huge infrastructure, which we are expanding. Ambitious CapEx plans are there. Already, I have for futuristic growth, for long-term growth also, I have shared my vision with all of you. I should say that the company is on a great path for progress, and we will have lots to come in the near future and in distant future also. Short-term, long-term, both, company has got a very bright outlook and very bright future. We have good connect with customers, which is helping us in a very big way. Thank you. On behalf of DAM Capital Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.