Good evening, ladies and gentlemen. We'll start the conference in a minute or so. Welcome to the Q2 and H1 FY27 earnings conference call of Ellenbarrie Industrial Gases Limited, hosted by Rathi Capital. As a reminder, all the attendees will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. If you have any questions, please feel free to press the raise hand button. We'll call you on in turn and unmute your line so you can speak. Important note, if you need to ask a question, please ensure Microsoft Teams has permission to access your microphone. When you log in, otherwise you'll not be able to unmute. Please note that this conference is being recorded. Kindly also note that the audio of the earnings call is a corporate material of Ellenbarrie Industrial Gases Limited. And cannot be copied, rebroadcasted, or attributed in the PR media without specific and written consent of the company. Please note that anything said on this call that reflects the outlook, towards the future, which can be construed as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces. A copy of the disclosure is available on the Investor Relations section of the website as well as on the stock exchanges to give you an in-depth understanding of the company. And answer all your queries. We have from the management side today Mr. Padamkumar Agarwala, Chairman and Managing Director, Mr. Varun Agarwal, Joint Managing Director, and Mr. Keshri Nivas Prasad, Chief Financial Officer. I now hand over the conference to Padam sir for his opening remarks. Thank you, and over to you, sir. Thank you. Good afternoon. Sir, your voice is echoing. Sir, uh, Shrinivasa ji, please unmute yourself. Yeah, please go ahead. Yeah. Yeah, it's working now. Yes, yes, better. Am I audible and clear? Yes, you are. Please go ahead. Yeah, yeah, thank you, thank you. Good afternoon. And thank you for joining us today for Ellenbarrie Industrial Gases Limited's Q2 FY27 earnings call. We are pleased to report an important quarter marked by the commissioning of our new onsite plant in Durgapur and the award of a major BHEL contract for a large air separation unit in Orissa. These milestones expand our operating capabilities and position Ellenbarrie to participate in larger industrial opportunities. As we complete the first half of FY27, Ellenbarrie is moving from capacity creation to capacity monetization. With recent investments becoming operational, our priorities are to improve utilization, generate sustainable revenues, and deliver stronger returns on invested capital. Against this backdrop, I would like to highlight 3 structural trends that reinforce our confidence in the opportunity ahead. The first trend is the growth and gradual consolidation of the industrial gases industry. Demand is expanding across major end markets while customers increasingly value scale, reliability, technical expertise, and cost efficiency. These trends favor established players with strong manufacturing and distribution, and distribution capabilities. And Ellenbarrie is well positioned to strengthen its role in this evolving market. The second trend is the shift towards outsourcing gas production. Large industrial customers increasingly recognize the benefits of partnering with specialized suppliers instead of operating captive facilities. This supports long-term on-site contracts with greater revenue visibility, an area where Ellenbarrie's operating experience positions us well. The third trend Sorry, uh, we had some technical glitches. The third trend is the emerging opportunity in coal gasification. Its development will require significant oxygen capacity and large air separation units. Our recently awarded BHEL contract is an important first step demonstrating our ability to execute larger, more complex projects. Varun will discuss the contract and its operational implications in greater detail. Together, these trends reinforce our confidence in the industry's long-term prospects and support our strategy of building a stronger, more diversified industrial gases business. Historically, we have built a strong presence in eastern and southern India. We are now expanding towards northern and central India to access new industrial clusters, diversify our customer base, and create a more balanced pan-India footprint. Looking ahead, we see significant opportunities across both our core gases operations and project engineering capabilities. Their commercial modules differ, but they are complementary through our technical expertise, customer relationships, and execution capabilities. Okay. That's Ellenbarrie's expanding footprint, customer relationships, and engineering capabilities provide a strong foundation for long-term value creation. We remain focused on disciplined execution, operational efficiency, and sustainable growth. I would like to thank our employees, customers, business partners, and shareholders for their continued support and trust. With that, I will hand over to Varun for the financial and operational review. Thank you. Thank you, Chairman. Good afternoon, everyone. I'll take you through our financial and operational performance for Q2 FY27. the key developments during the quarter and our priorities for the remainder of the financial year. Coming to our quarterly financial performance, revenue from operations stood at 1,143 million compared to 892 million In Q2 of FY20. 987 million. In Q1 FY27. This represents a growth of 28% year-on-year and 16% sequentially. Our longer-term guidance, however, remains of 20% growth in the core gases business. EBITDA margin for the quarter was about 36%. Compared to 39% in Q1 FY27. There are nuances beyond the headline numbers, so I want to take time to explain this for clarity. Performance of the core gases business was stronger than the consolidated margin may initially suggest. The consolidated EBITDA increased from $387 million in Q1 FY27. to $407 million in Q2. The segment margins for the gases business also increased from 38% in Q1 to 39% in Q2. However, for the company as a whole, the sequential decline in EBITDA margins from approximately 39% in Q1 to 36% in Q2 was driven by 2 main factors. First, the other expenses increased as a percentage of revenue largely due to higher transportation costs arising from increased diesel prices. and some longer-distance deliveries. We expect this to normalize over the next couple of quarters. Second, the employee expenses were higher during the quarter due to the payment of annual increment arrears relating to previous quarter and further build-out of our project engineering team. is like an investment to— into our future execution capabilities. For the first half of FY27, revenue from operations stood at ₹213 million, representing a growth of 23% over H1 of FY26. Coming to our core gases business, the revenue from gases-related products and services grew by approximately 27% year-on-year during the quarter. And as explained earlier, the segment margin remained approximately 39%. An important milestone during the quarter was the successful commissioning of our new 325 tons per day onsite plant in Durgapur, West Bengal. in September 2026. The facility operates under a 15-year onsite gas supply agreement, and the contract follows a take-or-pay structure and provides long-term revenue visibility. Commercial operations and revenue generation commenced in September 2026. As the plant became operational towards the end of the quarter, we expect to see the benefit of the full quarter of operations beginning in this quarter, that is Q3 of FY27. This is an important addition to our onsite portfolio and takes our total installed capacity for onsites to more than 1,000 tonnes per day. Another major development was the award of a ₹480 crore contract from BHEL towards the end of September. This contract involves the design, engineering, supply, erection, commissioning, and handover of a 1,200 tonnes per day cryogenic air separation unit in Odisha. This project will be executed over 8 quarters with commissioning expected in FY12. which means we will construct and commission the facility and then hand it over to the customer. It is therefore different from a conventional on-site gas supply business where we own and operate the plant under a long-term contract. At 1,200 TPD, however, this will be the largest air separation unit we have undertaken to date. It is an important endorsement of our engineering capabilities and positions us to pursue larger projects in the future. It also allows us to participate in India's emerging coal gasification opportunity. Coal gasification requires large volumes of oxygen, creating significant demand for large-scale air separation units as new projects are developed. The BHEL order strengthens our presence in this market. Our immediate focus will be on disciplined engineering and procurement, timely execution, and achieving contractual milestones. Revenue recognition will follow actual project progress Applicable accounting requirements. Our previously announced CapEx plans of approximately ₹4,500 million or $450 million for FY27 and FY28 remain on course. For the remainder of FY27, our focus will remain on increasing utilization at Olubiria 2. Stabilizing operations at our newly commissioned onsite facility in West Bengal, and progressing our planned merchant capacity additions in North and Central India. This is a key We will also advance the initial engineering on the BHEL project while maintaining close control over project execution, working capital, and cash flows. Overall, we enter the second half of FY27 with Our assets are progressively moving towards higher utilization. Another onsite facility has begun generating revenue, and our engineers have secured a major new project. We believe the combination of higher utilization, recurring revenue from onsite operations, and execution of our engineering order book positions Ellenbarrie well for the next phase of growth. Our focus will remain on translating these developments into sustained revenue growth, healthy profitability, and stronger returns on our investments. With For joining us, and we can now open the floor for questions. Thank you. We will now open the call for questions. Kindly raise your hand to ask a question. We will unmute your line. Please announce your name and organization name before you ask a question. As a reminder, we request all participants to restrict themselves to 2 questions and come back in the queue. We'll wait for a minute. Okay, fine, uh, we can start. Uh, the first question is from Mohammad Uzair. Mohammed, please go ahead. I'll mute your line and go ahead. Yeah, hello, am I audible? Yes, you are. Good evening, my name is Uzair Lari. I'm from Avexite Financial Advisory. freight cost. And you also mentioned in the PPT itself that to mitigate it, we are planning to pass on the freight cost to the clients as well as So congratulations on good set of numbers. So my first question is that, uh, in the investor presentation you mentioned the dip in margin was mainly due to the increase in increase the price. So are we going to do both or either one of them, just to confirm? Uh, Varun. Ellenbarrie Industrial Gases Limited. I couldn't hear that question clearly. Could you please repeat? Sure, sure. Uh, in the investor presentation, you mentioned that the dip in margin was mainly due to the transportation cost, and you also mentioned that to mitigate it we are planning to pass on the freight cost to the customers as well as to increase the price. So are we going to do both or either one of them, just to confirm? Yes, I think a part of the, uh, margin, um, uh, was hit was due to the transportation cost. And, uh, You know, we have long-term contracts with most of our customers where we are able to pass on the increase in our cost to the customers. So this As we mentioned, we expect this to normalize over the coming quarters. Okay, and, uh, like My next question is like, what is the— if you could quantify the percent of total cost which, uh, out of which power contributes? Like, for us mainly raw material cost is power consumption. So what is the percent of total cost which power consumption contributes to, if you could quantify it? Just to get an idea. I, I mean, if you look at, uh, financials, uh, in both Q1 and Q2, power was about, uh, 22 22-odd percent of revenue from Sealock Gases. Okay, understood. And we also produce this ultra-high purity gases, right, sir? That's right. Uh, so it is mainly produced through hydrogen electrolyzer, if I am correct. And this hydrogen electrolyzer, like, do we have this on all of our plants or any, like, specific plant only, the older one or the new one? Yeah, let me answer that. I think there's some stability issue with Varun ji's number. Uh, we have hydrogen electrolyzer at our Olomiriya unit close to Calcutta. From where we are making ultra-high purity oxygen. Uh, we also make ultra-high purity oxygen for spectrometry, etc. Sorry, ultra-high purity argon for spectrometry, etc. So that is being made in, uh, most of our plants. Electrolyzer is for a very small turnover of our total business. It is used for generating hydrogen. So as a percentage, I'm unable to comment on this. It's a very minuscule of our total cost as well as total revenue. To answer your question, So the price realization in this is comparatively much higher, sir, correct? Yeah, it's a different product altogether. Okay, okay. It's a different product from the, from the commercial oxygen or commercial argon. These are different products. And, uh, there is extra effort for, uh, quality analysis, certification. And, uh, things like that. So naturally, I mean, uh, those extra efforts have to be covered by much higher prices. Understood. So we have this electrolyzer on both of the Lubaria plants? Like, we have 2 plants, correct? The old one and the new one which has been— no, uh, we have only on the one plant. Uh, the first one. No, no, this is, uh, this unit is in our earlier plant. Okay, okay. And so what is the trend of argon prices these days? Yes. Please, this should be the last question. Maybe you can come back in the queue. There are many other participants waiting in the queue. Sure, sure. So if you could share the argon price trend, like what has been the price of argon for the past quarter? That's all from my side. Thank you. So look, while we don't want to comment on quarterly realized prices, what we have you know, reiterated is that the long-term trend of argon demand, uh, remains intact. And, uh, you know, Argon is obviously a high-margin product for us, and we see the long-term trend because the demand is increasing at a faster pace than supply. The long-term price trend remains positive. Having said that, you know, argon prices have remained healthy. I would say around, uh, the average realizations in the recent past. So, you know, we, we are very constructive on, on this going forward as well. Thank you so much for your answer, sir. Appreciate it. Thank you. The next question is from Nilang Jain. Nilang, please unmute your line. Go ahead and announce your organization name. Yeah, hi, thanks for the opportunity. Nilang here from GreenGen Family Office. Uh, just wanting to understand, one is on the new EPC contract of the BHEL business. So what kind of margins can we realize over how long, and what would be the working capital requirement for such a contract? And would we see— continue to see such kind of contracts in the future as well? As a strategy for the company? Because I'm assuming that then the margin profile can change for the overall consolidated basis, right? Uh, yeah, thanks for your question, Nilang. Absolutely right that I think overall margin profile, uh, will change because these EPC contracts will carry a lower margin than our core gases business, and that's Obviously, on account of the fact that we are not really employing any long-term capital here, it's only working capital that is required. And that's why I think it's important to look at our segment margin for gases rather than the margin for the company as a whole. And, you know, obviously we'll So you, you will give disclosure segment and disclosures of asset, you know. Okay, so you will, you will in the future— yeah, I mean, as a, as a part of a Yes, yes, even now we have segmental reporting for the gases business and the what we call project engineering, right? This kind of project will come in the project engineering revenue. So, you know, uh, it's, it's important that you highlighted this I want to also reiterate that in Q2, even though the margins of the company as a whole appear softer, but the margin of our core gases business is actually increased compared to Q1, uh, you know. And yes, um, and this, this kind of contract typically, you know, has a significantly lower margin, um, You know, probably high single digits, low double digits, um, kind of a margin profile. And, um, you know, uh, having said that, obviously, uh, it, it generates a strong absolute cash flow return and high ROC because there's the— and there's zero long-term balance sheet risk. So, you know, in that sense, it's, uh, it's quite, um, I would say complementary to our core gases business. Our focus will continue to remain on our core gases business though, because ultimately that is what drives the long-term recurring revenue Uh, we will Uh, certain opportunities in this front which of the execution capabilities. Ellenbarrie Industrial Gases Limited is one of those projects because it was in a very strategic sector which has a very, very long-term and significant addressable market. Um, and you know, even though this is an EPC contract, but it kind of opens up the room for us to gain you know, long-term contracts where actually we own and operate the asset for other coal gasification projects. So it's very important. us into the league of companies which have— which are able to execute and which have orders to execute plants with over 1,000 tons per day capacity. opting for. So our larger aspirations, long-term aspirations, will be to have a 1,000 TPD+ kind of an on-site project eventually in a similar space. Sorry, Nilan, could you repeat that? Our long-term aspiration can be to own an on-site project of 1,000+ TPD. Absolutely, yes. Once we have demonstrated the capabilities. have typically been able to execute. Right, right. And what about secondly, just about the current CapEx of the 2 bulk plants like North and Central India? So what time of the next year do we see either of them going live? And, you know, how much time to ramp up? Yeah, because a lot of customers want that credential, you know, that these guys have executed a plant which is of, you know, size, because about 1,000 tons per day size is typically, you know, only the industry leaders I mean, we typically assume about 6 to 8 quarters for the ramp-up of merchant plant and these plants, uh, to start contributing in the second half of the next financial year. Okay, both should come around the similar time. Hello. Yes, I think both, uh, we expect plants to come online in the second half of, uh, the next financial year. Okay, okay, I'll join back. Thank you. The next question is from Dixie Jain. Dixie. Please unmute your line and go ahead. And, and we can hear you, Dixie. Just increase the volume. Unmute your line, Dixie. Hello, am I audible now? Yeah, yeah, you're much better. Yeah, please go. Uh, sorry, can you repeat, uh, what time are we expecting the, uh, North India and the Central India plan to go live? I, I believe it was in the first half of FY28 mentioned earlier. Hello. Yeah, Mr. Dixit, you're right, we expect Yeah, go ahead, Varun ji. Go ahead, Chinu. I was saying we revenue contribution to come in, uh, from H2, uh, and we expect these plants to sort of, uh, come live, uh, around the middle of the year. Okay, and, uh, also, can you, in, uh, in value, can you quantify how many, how much was the total effect for, uh, employee expense for the project engineering division that we've, we've had in this particular quarter? Yeah, let me take this one. This was about, uh, 11 million for the quarter. 1.1 crores. Okay. Yeah. And how do we see the, uh, rest of the year panning out? Do you think that, uh, going back to normal from these, uh, power and freight cost, um, will take another 2 quarters and will continue on the same margin lines for the rest of the year as well. So my question was, how, how much delay is there in the pass-through usually if the freight costs have been up for, say, 3 months? Uh, does it take another quarter for the pass-through to happen and you see a margin dip for, uh, more or less 2 quarters? Yeah, uh, you see, talking about freight cost, it's linked to diesel. That part will be a pass-through. to the customers. But the other part which— yes, uh, so Um, I mean, um, practically what happens, there's a time lag, 2 to 3 months time lag. between the cost increase and the pass-through. Okay, okay. Okay, thank you for taking these questions. Hello? Yeah, thank you for taking the questions. Yeah, thank you, Dixie. Uh, the next question is from Pritesh Chheda. Pritesh, please go ahead and unmute your line. Yeah, hi, uh, so just, uh, first clarifying on the capacity bridge and the utilization of the assets. So, you know, what I happen to understand is that last year you guys started, uh, a 220-ton merchant plant. And now this year in H2 of '27, there is this 320-ton on-site, uh, plant which is getting operational. So first, uh, until the capacity that you had until Q2 and whatever revenues we see, What kind of utilization is those capacities on? And once you, uh, operationalize the on-site plant which has come in Q3 of '27, uh, what will be the uh, the revenue potential on the assets which have come until, uh, Q3 '27? If you, you know, if you could tell us that part. So I think we, you know, broadly want to reiterate 20% sort of a revenue growth guidance. Um, on an annualized basis. Uh, we, we don't, uh, sort of provide plant-wise, uh, revenue, uh, breakup. Uh, but having said that, I would say, uh, of course there will be incremental revenue coming in from the on-site. Uh, there is also some amount of spare capacity available in our recently commissioned, uh, merchant capacity. Um, those are things which can add to the revenue of the company. Sir, I am sorry, but we are currently, uh, implementing, uh, that's on the, on the gases segment side. Um, and fees of revenue So pardon me, but for the last 35 minutes, your line is not clear at all. Um, let me just check. See, now I see you. I'm sorry. Hello, is it better now, Prateesh? Yeah, but sir, it is going midway and that's happening for the last 35 minutes. So in between, then the words go, you know, words go jumbled up or, or mute. So we hardly can comprehend what you say. Okay, the Oleria 2, which you are referring to, came last year, right? Uh, let me just, uh, try to answer again. Uh, so what we were saying was, uh, that, uh, there'll be incremental revenue in Q I am H2. from, uh, the new on-site plant, and there is also some spare, uh, capacity available in the recently commissioned merchant plant, uh, Olavaria 2. So we expect revenue growth to come in from these 2 units. Uh, however, you know, we don't provide a plant-wise breakup. No, we expect 20% revenue growth on, on an annualized basis and Uh, the next phase of growth— so the growth from these 2 units, meaning the spare capacity in recently commissioned merchant plant here too, as well as the, uh, new on-site will drive our revenue growth until the new merchant plants come online. But on a longer-term basis, we expect a 20% higher on the revenue Hello. Yeah, it is. That came online in Q4 of last year. Okay. And the next 2 and the 450 crore CAPEX that you have mentioned That is for the next 2 merchant plants for, uh, West and North, correct? Or Central and North, whichever you mention it. Hello, can you hear me? Yeah, there's some— no problem, sir, you can answer this, it's okay. Yeah, can you, can you just take it? I'll just sort out the connection from my side. Yeah, same, same problem this side also. Pitesh ji, can you repeat the question again? So the question is, uh, the next 2 plants of 450 crore which you are referring to is the merchant plant for the north and the west which is incrementally going to come next year. Yes. Okay, on all these plants put together, if you had to put, put a peak revenue— I, without asking when that peak revenue is coming, but what should be the peak revenue on full utilization or, or on optimum utilization? Uh, it should be— you see, current— currently we are looking at about, uh, at current run rate, it's about 400 CR. So you can add the incremental revenue to this plus full year FFF, um, Uh, Utilization effect for the new 2 plants would be about, uh, 300 CR. So you can go around 450 or 500 to 800. Okay, and, uh, the, the BHEL contract which you have got for EPC, what should be the net margin or an operating margin for this contract? And this 500 crore contract should be executed in how many months? And beginning which quarter we will start seeing the execution? Uh, you, you must have referred to the press release we released on this, uh, topic. Yes, I have. Uh, subject to that, I think it's about 24 months. And we received this award, uh, in September. Then what should be the net margins of this? Margins and all, we cannot Okay. Yes, sir. Okay, and, uh, sir, one more thing, uh, Yeah, uh, any reason why, uh, the, the merchant plants which are supposed— which were supposed to come this year, which is H227, have been postponed by 1 year? And has moved to H228. So these merchant plants at the time of IPO was slated to come in FY27 end, now they're coming in FY28 end. So any reason? Uh, we'll have a lot better discussion. So these have been delayed rather Uh, mainly due to the land allotment where the respective state commits. And statutory approvals. Okay, and once 1 or 2 quarters is normal for this kind of size of project. Unfortunately, governments do not work at the speed of industry and business. So there, whatever we factor in, okay, sometimes goes out of hand. So the peak utilization that we are referring to at about ₹800 crores based on these all assets we should— once the plant comes next year, so FY29 will be the year 1 of operations, FY20— FY30 will be the year 2 of operation. So, you know, if one has to assume a peak, will it be FY30 or it can go beyond that? So 2 years or it takes beyond that? For a merchant plant, it's very difficult to comment right now. It all depends on market situations that point in time. There are a lot of new industries coming up in that area. Uh, based on which we have taken an investment decision. So, uh, we do not really know how much time it will take to load. up front. Okay, industries have announced their plans. Upcoming industries have announced their plans. They may be in time, they may be delayed. So all those issues are difficult to project, uh, uh, in advance. Okay, okay. Okay, sir. This was helpful, sir. Thank you very much. Thank you. Next question is from Noel. Uh, Noel, please unmute your line and go ahead. Yes, uh, good evening. Can I be heard? Yes, you can. Yeah. Yes, uh, yeah, so I'm sorry, but the audio kind of cut off in one point. Uh, what exactly is the quantum of the higher fuel costs— I mean, higher power costs and transportation costs? Uh, do we at least have some kind of a thing on that? Yeah, Noel, let me clarify. You see, gas margins have gone up, okay? And, uh, What has happened is we have protected our margins as such, but in the meanwhile, the costs have gone up, uh, to some extent, like your diesel price. which is a sort of transition cost. And, and of course, there is some cost associated with delivering the liquid to longer distances. So having said that, while our margins are absolute margins, also have gone up. But if you look at the cost and revenue, though both simultaneously going up, it has an impact on the EBITDA margin compared to revenue. So that need to be appreciated. Otherwise, power costs are going up because of increase in the volumes also. Uh, yes, but if we are talking about it, I mean, the pass-through that we're looking for, uh, I mean, uh, what is the rough percentage or some kind of a guide you can give on that? I mean, we're not a specific figure, but if you can give us a guidance on broad guidance. Yeah, uh, you can say more or less will remain same as year-to-date. Percentage, if you look at— if you Q1 and Q2 average, if you look at Okay. Okay, fine. Yeah, that is one thing. Second question which I had is, uh, so argon contribution in your gas mix is about 16% for this quarter. Previous quarter it is about 10-odd percent. Uh, in terms of this overall increase of about 600 basis points, I'm not asking for something specific, but what exactly is the volumetric contribution? What is the pricing contribution? roughly. Sorry, we lost you for some time. Uh, yes, argon has been a higher contribution compared to 1Q. Yeah, I, I would say it's a combination of, uh, volume and price. Uh, I would say about half and half, broadly speaking. But volumes have also gone up as, uh, you know, uh, our capacities— the new Uluberia capacity, uh, ramp-up has happened. That's also producing. Um, uh, it is incremental argon. So as we ramp up capacity utilization more available for us to sell. Uh, okay. I mean, I didn't hear anything. Uh, ठीक है आह या आई थिंक आई जस्ट आह विल आई गेस्ट आई लव टू जस्ट टेक अ टॉप लॉन्ग मूव यू थैंक Yeah. Thank you. Next follow-up is from Nilang. Nilang, please go ahead and unmute yourself. Yeah, thank you. Uh, so just wanted to understand on the East India on-site which just got commissioned in the last quarter, so for that do we need to ramp up anything or it's a fixed inflow every month here onwards, and, uh, what kind of inflow is this, and, you know, the money that we make on this. Fine, fine, no worries. And are we able to get any mix of these gases and sell it outside? That's a fixed, uh, I mean, it's a fixed amount that we make every month, um, and there's no ramp-up required there, you know. As I mentioned, we don't, uh, Uh, there will be some small quantity available for external sale, uh, but that will be available as we ramp up, uh, production, um, you know, so, so that again depends on how the customer ramp-up happens, but the The bulk of the revenue will be from the, uh, long-term contract, which is of a take-or-pay nature. Okay, and anything on the, the storage business, like those electronic gases for like helium and all for semiconductor? Any thoughts on that? Like, are we looking to— since there's the competition was talking about this opportunity. So are we pursuing anything on that front? Um, so, uh, you know, nothing, uh, significant there on the helium side. Uh, helium is primarily like a sort of a traded gas. So, you know, we don't really— we can't manufacture it in India. It's bought and sold. On the solar gases, we do have a plan to sort of, you know, in a central India location to have solar gases available. So not quite electronic gases, but solar gases, which is also an addition to our portfolio. And you know, that sort of adds in terms of our capability to cater to the solar customers. And that's a That's a portfolio of about, uh, 4 to 5 gases. Okay, and lastly, this, this quarter we saw Argan and others at about 16%. So what my understanding was, Argan is a larger margin driver for the overall consolidated EBITDA. So do we see these levels to continue, and how would it play out? Like, we, at this level of Argan and other gases, do we land up hitting 40-42% EBITDA in the future? Yeah, I think, you know, again, long term, uh, you know, we had sort of indicated that, uh, we'll have about a 40%, uh, margin. for gases, the gases segment, which we are very close to at 39%. We had also indicated the contribution of Argan will go up which, which it has, I think we'll be, you know, again somewhere around the mid-teens there, you know, in the region of let's say 14, 15, 16, that sort of range. Um, and, uh, we expect, uh, we expect this trend to continue. I think, um, in Q2— uh, sorry, in H2, we will see the revenue contribution from the on-site, which will also, you know, meaningfully improve the margin profile, uh, because on-site revenue typically has a higher margin profile than the bulk revenue. And last question from my side would be, how is, uh, how is our conversation with our industry folks? Like, you know, where are— how is the industry? Because we have a very diversified spread of industries. Uh, so just to capture the overall sentiment, uh, so a large part of our business is on-site where I feel we are fairly covered, but on the bulk side, uh, how is the industry sentiment like across, you know, those 3-4 key industries that we deal with? I think, um, look, uh, on-site is primarily steel, right? So, uh, you know, we don't really have any on-site plant, uh, for any industry other than steel. But then when you talk of the bulk and the, the bulk or the merchant customers, then, you know, it's across a wide variety of industries. We've Uh, obviously after steel, the most important industry for us is pharma, where, you know, the conversations have been very encouraging with our customers. We see you know, a lot of them enhancing their capacities with which will hopefully lead to higher volumes for us in the future. Um, you know, on the, uh, on the healthcare side, uh, meaning supply to hospitals, it's a pretty stable and, you know, consistent growth. So, you know, all in all, um, Uh, you know, conversations are encouraging. Uh, it, uh, there are certain cases where, you know, implementation of new CapEx by our customers as well is taking longer than originally envisaged, but I think things are moving in the— in a positive direction. Thank you. Thank you. That's it from my side. Good luck. Thank you, Nela. Thank you. The next question is from Darshil Zaveri. Uh, Darshil, unmute your line and go ahead. Uh, it's a very big project for us, right? So the execution usually in EPC is more towards the H2, right? So could we see some meaningful chunks of revenue coming Hello. Hi, uh, thank you so much for taking my question. So firstly, congratulations on a good set of results, right? So I just wanted to know, like, with regards to our EPC, sir, in H2 for us, for this project? There's some problem with the network. Uh, hello. Yeah, yeah, that's it. So, uh, yes, yes. So to answer your question, I think this is an 8-quarter execution cycle. Right, so, uh, More of the revenue will obviously be booked in the, uh, second half of this project compared to the first half. So you're absolutely correct. About that. So, you know, quarters 5 to 8 of this project is where you would see larger revenue than quarters 1 to 4, and quarter 1 basically is Q3 of FY27. For reference purpose. Okay, so, so because of this, optically our consolidated margins might look a bit damp because we would be investing our costs, right? Like, that's a fair way to look at it. So I'm so sorry, sir. I think there's a huge network issue because I'm trying to decipher what you're trying to say, but I think I got the gist of it. Uh, Just also wanted to know, like, in H1, please overperform the 20% thing, right? Uh, I think somewhere we are getting Yes, so I think the, the key number to look at, I think, on a sort of long-term recurring basis is the segment margin for gases, right? Because This revenue will come in a separate segment, which is project engineering. So, you know, you will have a clear, you know, Not how much. significantly lower. than the segment margin for gases. So, you know, the revenue will be clearly bifurcated. So that— I don't think there'll be any confusion there even going forward. The sort of numbers as a whole, then yes, there will be a change in the help from our value also. So the value growth in our products, right? So the 20% growth that we are saying is mostly volume, right? So the value can be add-on and we can overperform our 20% growth guidance. Is that a fair way to look at it? Yes, I think most of the growth will come from volume. There will be value growth in the sense that, you know, from greater contribution of argon, which has already sort of gone up from, uh, you know, closer to 10% to mid-teens. Okay, okay. Uh, as this last question from my end, sir, the CapEx that we are doing will be, you know, will it be mostly funded via debt or You know, uh, we are planning to, you know, raise some more capital for also. Also, currently we have cash on the books, and, uh, you know, we will take on some debt, um, as required. Uh, at the project level, uh, but at the moment there is, uh, nothing imminent in terms of a capital raise. I'll just pop one last question from the project execution. We've got a very prestigious order right now. Are we looking to do it in, you know, Uh, somewhere outside India also, or something like that? Are some talks going on for that? I think at the moment our focus is on India. I think there's significant opportunities here. We are obviously still at a, you know, single-digit market share here and So a lot of room for growth here itself, but nothing imminent internationally at the moment. Okay, okay, fair enough. That's it from my end. Thank you so much. Thank you. Thank you. Uh, the next question is from Ashish Pari. Ashish, please unmute yourself and go ahead. Ashish, please unmute your line. Ashish, maybe you can come, um, in the queue. Uh, next follow-up is from, uh, Dixie. Dixie, please go ahead. Dixie, please unmute your line. My questions have been answered. Thank you. Okay. Uh, we'll try Ashish again. Ashish, please go ahead, unmute your line. I think Ashish is not able to unmute his line. Um, that was the last question for the day. Thank you once again for your time and participation. On behalf of Ellenbarrie Industrial Gases Limited, This concludes today's conference. For any questions, please feel free to write to us on the email IDs mentioned on the invite. We appreciate your engagement. You may now disconnect your lines.