Ladies and gentlemen, good day and welcome to DCM Shriram Ltd Q2 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Rangnekar. Thank you. Over to you, Mr. Rangnekar. Thank you, Ranju. Good evening and welcome to DCM Shriram Ltd's quarter two and first half FY 2026 earnings conference call. Today we have with us Mr. Ajay Shriram, Chairman and Senior Managing Director, Mr. Ajit Shriram, Joint Managing Director, Mr. Aditya Shriram, Deputy Managing Director, and Mr. Amit Agarwal, Group CFO of the company. We shall commence with remarks from Mr. Ajay Shriram and Mr. Ajit Shriram. Members of the audience will get an opportunity to ask their queries to the management following these comments during the interactive question and answer session. Before we begin, please note that some of the statements made on today's call could be forward- looking in nature. A note to that effect has been included in the conference call invitation that has been circulated earlier and is available on the stock exchange websites. I would now like to invite Mr. Ajay Shriram to give us a brief overview. Over to you, sir. Thank you, Siddharth. Good evening ladies and gentlemen and a very warm welcome to all of you. I hope you all had a great festive season. I will commence with perspectives on the business environment and the strategic updates, post which Ajit will share views on the financial performance. The global economy continues to demonstrate resilience amidst persistent volatility and evolving policy landscapes. While recent quarters saw growth holding above recessionary thresholds, headline risks such as higher tariffs, renewed policy uncertainty, and ongoing geopolitical disruptions remain critical factors continuously reshaping the outlook. Although inflationary pressures are set to moderate, further downside risks from the trade frictions, supply chain disruptions, shifting alliances, and fluctuating financial markets persist. India has stood out given strong anchors of domestic consumption and structural reforms. The GST 2.0 constituted in late September brings down tax burden on an array of goods, thereby enhancing affordability and stimulating consumption. RBI too is taking adequate steps to complement the government to spur growth. The growing confidence in the country's economic and growth trajectory, improved financial metrics, and modest external vulnerabilities is underlined by successive foreign rating upgrades. While U.S. tariff presents immediate headwinds, the crisis also gives an opportunity to driving supply chain upgrades, the push for value added manufacturing, and a greater alignment with alternate global partners. DCM Shriram remains well set to gain advantage in this environment given our augmented product mix in key business segments and attention to efficiencies and cost optimization. In today's fast-paced business world, we are focused on making our businesses more agile. We plan to grow our core and existing businesses by integrating our operations both by securing our supply chains and getting closer to our customers. This is making our business stronger, reduce risks, and give us a competitive advantage in a tough market. With a view on underlining long-term growth, we continue to support sustainability as a core principle across our initiatives, processes, and endeavors. I shall now invite your attention to industry dynamics across our businesses. First is chemicals. Globally, caustic soda continues to experience growth driven by demand from industries like alumina, textiles, and chemicals. The industry is, however, facing challenges like fluctuating prices due to economic factors, geopolitical uncertainty, and increased energy costs in regions like Europe, while demand remains strong in Asia Pacific. Supply chain disruptions and regulatory impacts are creating a mixed global outlook. Indian caustic soda market continues to be oversupplied with current capacity of 6.5 million metric tons operating at about 75%. Chlorine prices also have been under pressure with impacted demand of chlorine derivatives. U.S. tariffs are not likely to have a direct impact on caustic. However, an indirect impact cannot be ruled out due to chlorine downstreams and consuming industries like alumina, textiles, dyes, and agrochemicals. Overall, prices are expected to remain range bound. Domestic hydrogen peroxide demand is presently at 220,000 tons per annum and growing at a steady rate of 5%- 6%. Domestic market remained oversupplied with rampant commissioning of new capacities coupled with cheap import from Bangladesh of around 25,000- 30,000 tons per annum. Our hydrogen peroxide plant has stabilized, and we have now started working towards capacity ramp up and value additions in our products. We have commissioned 35,000 tons per annum epichlorohydrin facility at Bharuch in the current month. Further, we are confident of operationalizing balanced 17,000 tons per annum capacity shortly, and ramp up will happen in the next few quarters. ECH market is looking strong with good domestic demand and a strong sizable global trade across the geographies. We are working to expand our sales network to competitive markets like the U.S. and EU. We have taken full control of Hindusthan Specialty Chemicals Ltd in August 2025. HSCL acquisition will accelerate our growth into advanced material segments while also supporting caustic capacity utilization. The Board has approved a proposed acquisition of a saltworks with an installed capacity of 210,000 metric tons per annum in the state of Gujarat, closer to our Bharuch plant, at an investment of approximately INR 175 crore. This will also involve certain regulatory approvals. The acquisition presents a strategic opportunity to backward integrate one of the key raw materials for the business, and it will meet around 13% of our total salt demand. We will continue with our endeavor to explore more such opportunities. These acquisitions and projects exemplify our strategy of integrating our business operations with the objective to capture larger value chain through forward and backward integration. Work on aluminum chloride, calcium chloride capacities at Bharuch and the 68 MW green power project at Kota continue as per Board approval. Vinyl global demand for PVC remains sluggish driven by limited growth in residential construction and infrastructure requirements, and pricing stayed soft. You saw soft demand in line with. Summer holidays with largely stable prices. Chinese sentiment also stayed soft given weaker downstream requirements. India demand was lower by 8% in the quarter versus last year owing to the wettest monsoon in over a decade. The imports during the quarter were impacted in view of impending anti-dumping duty announcement. The DGTR has released PVC anti-dumping duty final findings in the month of August proposing varying duties on PVC import resins with the duty ranging from $122- $177 per metric ton. The implementation may take about a month or two to get notified by the Ministry of Finance. With the end of the monsoon season, domestic demand for PVC and carbide is expected to improve with the resumption of construction activities and agricultural demand. Sugar and Ethanol Global sugar supply over demand for sugar season 2025-2026 is expected to be a surplus of approximately 4 million metric tons mainly due to expected surplus production in India by about 3 million metric tons. The Indian sugar season 2025-2026 is expected to end with a stock of 8.5 million metric tons with production estimate of 31.5 million metric tons after diversion of 3.5 million metric tons for ethanol production and consumption of 28.4 million metric tons. Current prices are around INR 4,070 per quintal and expected to be range bound. The Government of Uttar Pradesh has announced the SAP increase of INR 30 per quintal of sugarcane for the next season. This will support sugarcane farmers and improve crop economics. Given the inventory levels and increase in costs in the next season, there is a need to support sugar prices with incentivized exports as well as minimum selling price of sugar along with reducing the country liquor obligation. On the ethanol front, as of 30th September 2025, ethanol blending in petrol has reached 19.17% and is on course to achieve targeted 20%. The industry continues to contest the export levies on ethanol which is exported outside Uttar Pradesh with the matter being heard in the courts. Further, the industry is taking up the matter of lower allocation of ethanol by OMCs for sugarcane-based ethanol at 28% vis-à-vis 34% in the last season along with increase in prices and ethanol blending. Fenesta Building Systems We are strategically increasing market presence by enhancing our portfolio in the building material space and increasing our reach to ensure everlasting experience for our customers. Fenesta continues to deliver volume growth while the margins are seeing a realignment on the back of change in the product portfolio. Our recent acquisition of DNV Global allows us to expand our range, placing us as an integrated solutions provider within the building material space. Meanwhile, our aluminum extrusion plant project at Kota is advancing as per schedule. Moving on, the agri input business portfolio comprises Shriram Farm Solutions, Fertilizers, and the Bioseed businesses. Shriram Farm Solutions first, the SFS business continues to deliver double-digit top-line growth with healthy margins. The growth is driven by volumes across the crop protection and seeds vertical, with our research seed further strengthening its leadership position. Our continued focus is on innovation led by the launch of seed new products in Q2, including two developed through our in-house R&D under the specialty plant nutrition segment. With improved soil moisture owing to heavy rainfall towards the quarter end supporting Rabi sowing, farmer sentiment remains positive. We continue to maintain focus on R&D collaborations and exclusive partnerships to bring global new age products to farmers in India. Fertilizer urea business continues to be stable, and the company continues to make efforts towards improvements in energy consumption, maximizing urea production, as well as control on fixed costs. Subsidy payouts are regular as per budget allocation by the Government of India. Bioseed business has taken a strategic domestic channel shift by reducing focus on low margin institutional business. We continue to focus on research-driven portfolio of hybrid seeds. This year, with excessive rains, Kharif corn volumes were impacted. Cotton was also significantly impacted due to low prices as well as another unregulated variety in the market. The business is positive towards Rabi crops owing to healthy rainfall in the current monsoon. I will now request Ajit to provide their financial perspectives. Ajit, over to you. Thank you. Good evening everyone. I'll now take you through the financial highlights of Q2 and H1 FY 2026. Net revenues net of excise duty for Q2 FY 2026 were at INR 3,272 crore versus INR 2,957 crore in Q2 FY 2025, an increase of 11% year- on- year driven by the Chemicals, Fenesta, and Shriram Farm Solutions businesses. EBITDA for Q2 FY 2026 was at INR 408 crore versus INR 235 crore in Q2 FY 2025, an increase of 74% year- on- year. Chemicals, the business, reported an increase in revenue of 50% year- on- year led by caustic soda volumes that were up 22% on account of the new 850 TPD, tons per day, and plant capacity utilization and also better prices. New projects commissioned in the recent years, that is, hydrogen peroxide, aluminum chloride, and refined glycerine, also supported the growth. EBITDA increased by 195% owing to lower input prices coupled with operating efficiencies that led to the improvement in cost structure. The segment continues to see good demand of caustic; however, excess capacity in India is creating pressure on products, especially chlorine. There was a significant positive impact of INR 76 crore on account of subsidy from Government of Gujarat in relation to projects that were commissioned in FY 2017. Vinyl, the revenues increased by 15% year- on- year on account of higher volumes despite subdued prices. In the current period, EBITDA was lower at INR 12 crore as compared to INR 16 crore last year due to lower prices despite better operating efficiencies and due to power and carbon material. Sugar and ethanol, Sugar and Ethanol businesses, business review, revenue net of excise duty was lower by 6% year- on- year. Volumes of both sugar and ethanol were down by 9% and 13% respectively; in both the cases it is a timing difference. Prices of sugar were up 5%. EBITDA for the segment came in at INR 33 crore as against INR 14 crore last year. In Q2 FY 2026, there was a significant positive impact of INR 15.5 crore on upward revision of power tariff by UPPCL with effect from April 1, 2024. Fenesta Building Systems, Fenesta Building Systems revenues increased 28% year- on- year with project vertical leading the growth. EBITDA for the quarter was slightly up by 2% and margins were lower. This was due to the product mix and higher fixed expenses for setting up of new revenue platforms, higher marketing expenses, and enhancing capacities. Shriram Farm Solutions, Shriram Farm Solutions revenues increased by 27% year- on- year supported by volumes in research wheat and crop production verticals. Prices were also better across the verticals. PBDIT for the quarter was higher by 47% on account of better margin in research wheat. Despite higher marketing expenses focused on strengthening of the Shriram brand and higher research and development expenditure, there was an early start to the research wheat sales. Hence, this has an element of timing difference. Fertilizers revenue was down 8% year- on- year. Volumes were up 2% while realizations were low by 10%. Gas prices were down at $13.3/ MMBtu in Q2 FY 2026 versus $15.3/ MMBtu last year. Consequently, PBDIT was also down 18% in the quarter. Outstanding fertilizer subsidy was at INR 187 crore on 30th September 2025 as against INR 12 crore last year. Bioseed revenue for the quarter was at INR 86 crore as against INR 159 crore last year. Being a seasonal business, it should be analyzed on a half yearly basis wherein the revenue stood at INR 370 crore versus INR 377 crore in H1 FY 2025. PBDIT for H1 FY 2026 stood at INR 35 crore versus INR 47 crore year-on-year. The decline in PBDIT is partially a timing difference as well as lower volumes of cotton and corn. Coming to the highlights of H1 FY 2026 for the half year ended 30th September 2025, revenue net of excise duty was at INR 6,534 crore, an increase of 12% year-on-year contributed by all the businesses, with slight moderation in Sugar and Ethanol and Bioseed businesses. PBDIT came in at INR 734 crore, an increase of 44% year-on-year led by chemicals and Shriram Farm Solutions businesses. The company's net debt at INR 773 crore as of September 30, 2025 as against INR 302 crore as of September 30, 2024 and INR 1,395 crore as on March 31, 2025. The year- on- year increase was because of capital expenditure over the last one year, acquisitions made during the period, and increase in ultra subsidy over March 2025. The decline is primarily because of reduction in sugar inventory. Return on capital employed for September 2025 came in at 15%, similar to the levels last year. The board announced an interim dividend of 180% amounting to INR 56.14 crore. As our key investments in the chemical segment approach completion, our strong balance sheet, robust cash flows position, as well as to pursue value chain opportunities aligned with our core businesses, we are optimistic about maintaining healthy and stable growth in the future. That concludes my opening remarks and I request the moderator to please open the forum for Q& A. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your 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 on the line of Ahmed Madha with Unifi Capital. Please go ahead. Yeah, thanks for the opportunity. I have a few questions to start with the Shriram Farm Solutions business. The Q2 was very strong. Is it? I assume there is some pre-buying or channel inventory filling for the next quarter's performance in Q2. Has there been pre-buying? That sort of a trend has been playing out, or is this organic for Q2 and the season is ahead of us? Shriram Farm Solutions actually are wheat seeds. Every year we do have a presale that is part of the strategy we adopt because we have to do three. We give an advance even for the purchase of seeds from the farmers who source and grow it for us as well as from the entire dealership network whom we sell the seeds to. We do have a presale which is part of our business strategy. Okay, understood. Regarding the Hindusthan Chemicals acquisition, can you give some sense of the contribution? I know there's been just one month of consolidation, but what was the contribution in Q2 from the business in terms of revenue as well as I'm assuming there will be some losses, so that contribution will help. Secondly, how do you see the ramp up happening for the epoxy plant in the near future and even probably. Next year or so? Ahmed, the acquisition was completed on. The 26th of August 2025. The company was with us for only about a month, and as informed earlier, the company was making losses under the previous management. It will take us some time to turn it around. We do expect that by this year. We should turn around and we. Should be breaking even by the year end. Understood. What will be the run rate of losses? One should assume for next two quarters. Roughly marginal, not very significant. Ahmed. Okay. In terms of utilization levels, we should be operating at 40%, 50% utilization or higher, lower, any range. The capacity itself is currently not a very large capacity. With a strong leadership team that we have in place, we expect it to reach close to full capacity utilization of its current capacity. We are working on the internal plans. Once the board approves, we will then further look at expanding the pump. In terms of salt fields we have acquired, can you give some sense of what kind of cost benefits can we achieve from this? Also, what can be the peak production of salt for us? Unit economics in terms of advantage you get per ton, something of that. Ahmed, what is most important to. Understand in this salt acquisition is that. Given that we see, we foresee that in future salt will be scarce. Objective is to protect ourselves from the. Price volatility as well as to secure the supplies. That's the fundamental thing. Now coming to marginality, one, it is. Still a very small salt acquisition, because. As we mentioned, it is covering only 13% of our total requirement. Still, answering your question, the ballpark. Margins as we saw, because we are. New to this business, but lower margins. As we saw, if I remember correctly, the margins that they earn are in. The range of around 30% types, 30%- 40%. We still have to see what the actual is. I mean, we're not even acquired, we. Just signed the definitive agreements. We should get any cost advantage. For us, the current cost of acquisition for salt will be what realization? It will be somewhere around INR 2,000 per ton, something of that sort. Yeah. The current prices of salt, if you go take it from the market. I'm getting INR 2,300 per ton. Yeah. Lastly, on sugar business, if we consider everything around, the probability economics would be better for next season. Again, the sugar cane prices have gone up. Would you like to give some sense. How you are looking at kids' sugar. Business as a whole and in terms of exports. You have mentioned the call in the press release. Considering the prices in the exports market, do you think exports will be remunerative? This broad sense on your views on the sugar business as a whole will be. Thank you, sir. Given the additional production or surplus production. This year, we do expect government to allow an export of about 2 million tons. That is one which will also. Give support to prices. Our request to the government is that they will need to incentivize the exports as well. Given that the export prices are ex-works today, they would be around INR 38-INR 39. Therefore, they are lower than domestic prices. That also needs to be incentivized. These developments are new. SAP came in only day before yesterday. Things will evolve, so we'll get to. Know how things will pan out in the business. Yes, we will have to look at more policy advocacy to help the business. Thank you, Mr. Madha. Please rejoin the queue for more questions. A reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of Nirav Jimudia with Anvil Wealth. Please go ahead. Yes sir. Good afternoon and thanks for the opportunity. I just wanted to understand from you, since we have recently commissioned the 800 TPD caustic soda plant, I believe they would be all comprising of newer electrolyzers. I just wanted to understand how frequently we need to change the electrolyzers for the older ones because as they become old they start consuming a higher amount of power. On that, and if we change those electrolyzers whenever they are coming up for the change, what sort of advantage do we get in terms of savings in power cost? Also. The fixed cost once our caustic soda capacities are ramped up, if you can share your thoughts here. The electrolysers have a critical part called the membrane, and these membranes are replaced every four years. That is standard practice across the industry, and the rest of the electrolyzer components, which is known as the cathode as well as the anode, is replaced every eight years. Again, this is standard practice for the industry. You're absolutely right that there is some increase in power consumption as time goes by. Whenever we do this replacement, it has a good return of its own in doing that replacement. In any case, the team is technically working on how to optimize and ensure that the power efficiency is as optimal even over the course of the four years. Sir, generally because we have a total capacity of let's say close to around 2,750 TPD of caustic soda spread across both the locations, when can we see, let's say, out of that, because 850 has been recently commissioned, for the balance capacity, when are those old membranes or, let's say, cathodes and anodes coming up for replacement? Normally, when we do such exercise, what sort of CapEx do we need to incur to replace them? Yeah, see these are very operational aspects. Right. Will depend on, frankly I don't have the number right away. You know, membranes are changed periodically. We've got at the moment between both the plants you would have almost, I think, 30, 35 electrolyzers. The changeover happens periodically depending on the aging of each electrolyzer. It's an ongoing process and this. Is a cost, which is like a. Replacement cost which one has to do to maintain the plant efficiency. One doesn't do it based on return, one does it based on the efficiency one is getting. When you know you reach a particular level, you just have to change it. These are ongoing activities which is there across the board in any caustic soda plant. Got it, sir. Fair point, sir. Secondly, let's say out of our current requirement of 225 megawatts for our caustic soda current utilization, last time you mentioned that we were around 25 megawatts so far as the renewables is concerned. How do we do this, how do. We see this share of renewable power moving in FY 2027 and 2028, and generally, what's the difference between, let's say, the grid power or our captive power generation through coal and what we source through renewable power? You can share your thoughts here. Fundamentally, sustainability is a very key part of our thought process. In all our efforts and businesses, we are always seeing how to be more and more sustainable. The direction of increasing renewable energy, whether it is through wind, solar, or whether it is through use of biomass in the existing power plants, we are continuously focusing on that. Whether it is at our Bharuch site or at our Kota site, we are actively exploring further tie up. We have already tied up approximately 68 MW, approximately 68 MW of power which is due to come into our Kota site. We are actively exploring further opportunities. As and when that is approved by the board, we will be able to share that. Got it. What difference, if you can share, in terms of per unit cost between let's say the grid as well as coal and the renewables? I'll give you. The order of priority. Obviously, the grid is most expensive, followed by coal, and then renewable is the cheapest. One has to remember that when. We take renewable, we also need to take grid power. The average has to be looked at. That's the flow of cost. Sir, one of the statements in your opening remarks, you mentioned that we have seen a strong ECH demand in India, more possibly because of maybe the commissioning of, let's say, the recently commissioned Cochin Epoxy plant as well as by the existing two players who also expanded their epoxy capacities. I just wanted to understand from you, with the filing of anti-dumping duty request with DGTR, can you share your thoughts in terms of the demand for epoxy in India as well as how much of the cheaper imports are coming to India which is actually pursuing us to file that anti-dumping duty? I think there's a clarity here. The anti-dumping duty is for PVC. Also, I think epoxy also we have filed an anti-dumping, you know, industry has initiated. I was just trying to understand from Epoxy point of view because ECH ultimately depends upon the utilization levels of epoxy. Just wanted to have your thoughts. On the Epoxy part. Yes, so the current domestic demand for LER liquid epoxy resin is in the range of 200 kilotons and we expect it to reach 300 kilotons by FY 2028. We see a healthy demand growth in the Epoxy in the advanced materials business. What we have done with an ECH plant and an acquisition in the Epoxy space is we are getting more and more vertically integrated and we expect that with the demand increase, as you rightly mentioned of existing epoxy players as well, the demand for ECH will continue to be robust. We will be completing our commissioning of the entire capacity. There might be other competitors who will continue to put up capacity of ECH as well. We expect it to be absorbed in the market with this increase in the epoxy demand. Thank you, Mr. Jimudia. Please rejoin the queue for more questions. Next question comes from the line of Pujan Shah with Molecule Ventures, please. Thanks for the opportunity. Sir, my first question, previously, so recently. We have been hearing about this. Anti-dumping policy from Chinese. Can you kindly just repeat what you're saying? I'm sorry, we can't understand if you're on speakerphone. Can you just get onto a handset or something, just to understand? Am I clear now? Sir, please go ahead. Yeah. Sir, recently we have been hearing about this anti-dumping policy by these Chinese and we have also been hearing that they are also including PVC. Do you see a long-term structural change in terms of pricing stability going forward? We have been witnessing dumping by the Chinese guys and just want to understand the context that if it happens, what percentage of capacity will be able to get shut down which will help to at least stabilize in terms of pricing. This you are referring to PVC? Yes, yes. Actually, speaking today, India imports almost 60% of its PVC requirements. Our production, our local manufacturing, is fairly low. You may have heard in the next three or four years we expect Reliance as well as Adani Group also looking at putting up PVC plants. I think then the domestic production capacity will go up, but it will actually still not meet the total requirement because the PVC requirement was going up 7%- 8% a year. With that sort of a growth, I think the efficiency of industry is most important. You are right, what we are. Taking up also, as I mentioned earlier. There is something going on with PVC. That's where they have moved with the government very aggressively to have anti-dumping duty. Hopefully, that will come shortly. That will give the domestic industry some protection from dumping. That is what they sell in their own markets. I would say frankly with geopolitics of the world it's very difficult to predict what's going to happen in a commodity business down the line with the duties, structures, taxes, and each country looking at what's best for them. I think the government of India is fully aware; also, that's how the anti-dumping duty issue has come up for PVC and expect that to come into force hopefully in the near future. Okay, got it, got it. Can you just quantify what is the chlorine negative pricing currently per kg? Chlorine? Yes. The current chlorine price is in the range of -INR 7,000, -INR 8,000. Okay. - INR 7,000, -INR 8,000. Okay. Okay. Should we expect to remain range bound because ultimately as we have been flooded with the capacity and we are operating at 75%? If we ultimately go to 80%, we will ultimately have a challenge to disperse the chlorine. Do you feel this INR 7,000-INR 8,000 would remain range bound, or do we expect much more negative to go once the capacity gets ramped up by other players? We actually expect that over time the demand for chlorine downstream products is increasing, broadly linked to the GDP growth rate. We expect the demand for chlorine to increase. Over time, we actually expect the prices to improve. They might still remain in the negative range for some time, but it will be a lower negative number that we expect going forward. Okay, thank you so much. Thank you. Thank you. Next question comes from the line of Rohit Nagraj with B&K Securities. Please go in. Thanks for the opportunity and congrats on. Good set of numbers. The first question. Sorry for interrupting, we cannot hear you. Can you come a little closer to the range and talk? Yeah. Mr. Nagraj, can you hear me? Yes, yes I can. Please go ahead. Can you hear me? Sorry. Yeah, you sir. Louder and clear, please go ahead. Sure, sure. Yeah. The first question is on PVC. In our presentation, we have mentioned that the imports were impacted during the. Quarter because of the impending add. Normally what we see is that before the anti-dumping duties come into force, there is incremental dumping, and that usually keeps the inventory build-up in the system. What is your understanding of the current inventories in the domestic market, and why particularly have these imports been impacted during this quarter? Thank you. See, I would not have the inventory. In the system right now. However, the key reason why the imports. Got impacted. One was that there was shrinkage of demand, and as was mentioned in the CMD's message as well, because of the rains. Second also was because ADD was supposed. To be imposed if the if. They enter the country, right, and it is imposed, then there is a challenge. It was largely from that perspective that it was very close to the date of the imposition of ADD is when people were apprehensive to import. It is more about, not about. People supplying from China, it is more. About people importing in India over apprehensive. Therefore, they were not placing orders. Sure, that's helpful. A second question on ECH, given that domestically there is an overcapacity and probably all the players will have to find some export markets, which in all are the geographies where we are looking at in terms of the exports for some of our quantities. Thank you. Currently, ECH is not in oversupply in the domestic market. There is adequate demand in the domestic market. We expect demand for ECH to continue to grow, as you mentioned earlier, due to the epoxy growth rate as well. I think it is in a favorable position for the times to come. However, we are still exploring all markets, and there will be some export opportunities as well. We are exploring globally and wherever we are able to get the right kind of pricing, we will look at that. Thanks a lot and all the best, sir. Thank you. Thank you. Next question comes on the line of Vignesh Iyer of Sequent Investment. Please go ahead. Hello. Thank you for the opportunity. My question is on the chlorine utilization. If you could share what our chlorine utilization was for due to our pipeline utilization plus our downstream. Chlorine utilization or chlorine integration is a very core part of our strategy because that often becomes a constraint across the industry. We are focusing very actively on that for that purpose. We have already commissioned aluminum chloride plant. We have commissioned our ECH plant in Kota. Of course, we have PVC and SDP, and further, we are expanding aluminum chloride and we are also building up calcium chloride capacity, and the ECH capacity will also become fully operational. In the coming two quarters, we actually expect our chlorine integration to reach a level of about 45% across both our Bharuch and Kota sites. In addition to that, we have grown over the last many decades along with our pipeline customers, along with their growth as well. It's a very strong strategic partnership that we have. Our pipeline consumption therefore is also approximately 30% in our Bharuch site. Overall, about 3/4 of our chlorine will be integrated in the form of either captive use or pipeline use or strategic contracts. Okay, got it. 75% utilization is more or less what is the levels as of now, right. Combined? Yes, we will reach that. We will reach that level in a couple of quarters, right, couple of us. Right, got it. My second question is on Shriram Farm Solutions. You know, wanted to understand, I mean there is a 27% growth in this quarter on the revenue part of it. For the H1 part of it, just wanted to understand what can we share the data on what is the, you know, contribution coming from the new products versus contribution from the, you know, other products. I mean a mix of. If you could share the mix. Yeah, yeah. See the new products which we have launched in the last two to. Three years, almost 20 products is what. We have launched across categories, whether seeds, plant nutrition, crop care. Out of that, the good part is. Eight products have been from our own research in our plant nutrition business. That is the kind of launches that we have made in the last two, three years. The revenue from these new products is in the range of around 20% of our total revenue. As we understand from the industry, that's a good benchmark to be at. 20%, 25% of the new product introduced. Got it. That's all from my side. Thank you. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, we have reached the end of the question and answer session. I would now like to hand the conference over to the management for closing comments. Thank you. Ladies and gentlemen, thank you very much for your participation in our earnings conference call. As protectionist policies rise across developed economies, Indian corporates must respond not with resistance, but with reinvention. The long-term answer lies in building strength from within through digital transformation, innovation, self-reliance, and global adaptability. We as a company continue to evaluate investment opportunities in adjacent businesses, areas that support innovation and which enable us to capture a larger value chain while keeping sustainability as the core principle of investment. Thank you very much once again. Thank you on behalf of DCM Shriram Ltd. That concludes this conference. Thank you for joining us. You may now disconnect your lines.