Ladies and gentlemen, good day and welcome to Gujarat Fluorochemicals Limited Q2 and H1 FY 2027 earnings call hosted by DAM Capital Advisors. 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, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Talwar from DAM Capital Advisors. Thank you, and over to you. Thank you, Ikra. Good evening, everyone, and welcome to the Q2 and H1 FY 2027 post-results earnings call of Gujarat Fluorochemicals Limited. On behalf of DAM Capital Advisors, we thank the management for providing us with this opportunity. Today from the management, we have with us Dr. Bir Kapoor, the Deputy Managing Director and CEO of Gujarat Fluorochemicals, and along with him, the other senior members of the management team. I would like to hand over the call to Dr. Bir Kapoor for his opening remarks, post which we can open the floor for Q&A. Thanks, and over to you, sir. Thank you, Karan, and good afternoon, ladies and gentlemen. I welcome you all to Gujarat Fluorochemicals Limited's quarter two and H1 FY 2027 earnings conference call. For this call, I have with me my colleagues, Mr. Akhil Jindal, who is Group CFO, Mr. Manoj Agrawal, CFO of GFL, Mr. Kapil Malhotra, Global Business Head of Fluoropolymers, and Mr. Rajiv Rao, who is the Business Head of our Battery Materials. Thank you for taking the time to join us today. I hope you had an opportunity to review our financial results and investors presentation, which are available on the stock exchanges and on our company's website. Let me begin by briefly touching upon the broader global environment. The world continued to navigate through multiple uncertainties, ranging from the ongoing conflict in Europe and developments in the Gulf region to evolving trade policies, tariffs, volatility in financial and bond markets, and climate-related uncertainties. Such developments have become an increasingly familiar part of the global operating environment, requiring businesses and economies to continuously adapt. Amid these challenges, it is encouraging to see how India has demonstrated remarkable resilience. Despite unprecedented external shocks and geopolitical uncertainties, the country has maintained its growth momentum, supported by strong domestic fundamentals, robust demand, and a resilient economic framework. India's ability to navigate this complex global environment while remaining firmly on its growth trajectory is particularly encouraging. Against this backdrop, at GFL, we remain firmly focused on strengthening our position as a globally integrated fluorine chemistry and advanced materials company. Our strategy continues to be anchored around three key pillars: strengthening our core fluoropolymers business, expanding our fluorochemicals portfolio, and building a scalable advanced battery materials platform as a future growth engine. During the quarter, we continued to make progress across all three strategic priorities. Our efforts remain focused on expanding manufacturing capacities, strengthening technology and product development, enhancing backward integration, and progressing customer qualification across our businesses. Let me touch upon chemical business first. Chemical segment revenue increased 42% year-on-year to INR 1,723 crore, reflecting a healthy demand across the fluoropolymers and fluorochemicals portfolio. EBITDA grew 33% year-on-year to INR 505 crore, with sequential growth of 10%. Demonstrating sustained operating momentum, chemical segment's PAT increased 46% year-on-year to INR 290 crore, outpacing revenue and EBITDA growth with increased PAT margin. On consolidated basis, our quarter two FY 2027 revenue stood at INR 1,760 crore, registering a growth of 45% year-on-year and 11% quarter-on-quarter. EBITDA for the quarter stood at INR 473 crore, registering a growth of 32% year-on-year and 11% quarter-on-quarter. The EBITDA margin for the quarter was steady and stood at 27%. The margin reflected the resilience of our operating performance despite the evolving market environment. Profit after tax for quarter two FY 2027 stood at INR 240 crore, representing a growth of 42% year-on-year and 10% quarter-on-quarter. Coming to the segment-wise performance, our fluoropolymers business continued to deliver healthy growth, while fluorochemicals witnessed a particularly strong performance during the quarter. Coming to our fluoropolymers business, revenue for quarter two FY 2027 stood at INR 931 crore, registering a growth of 22% year-on-year compared with INR 764 crore in quarter two FY 2026. On a sequential basis, revenue grew by 2% from INR 914 crore in quarter one FY 2027. As indicated in our previous interactions, we had guided for an annual growth of 17%-20% in our fluoropolymers business. We are pleased to have delivered 22% year-on-year growth this quarter, and we remain confident of sustaining this growth trajectory going forward. We continue to see healthy demand across several application segments, particularly in high-performance and specialty applications such as FKM in automotive sector and PFA and modified PTFE in semiconductors and data centers. Our strategy remains focused on moving towards higher-value products and specialty grades, which are finding increasing applications across semiconductor manufacturing, electric mobility, electronics, chemical processing, renewable energy, data centers, and other advanced industrial applications. During the quarter, our focus remained on capacity debottlenecking, with plans to undertake additional growth CapEx over the next one year. We also continue to focus on improving our product mix, enhancing operating efficiencies, and progressing with customer approvals for newer grades. Moving to our fluorochemicals business, revenue for the quarter stood at INR 607 crore, registering a growth of 135% year-on-year compared with INR 258 crore in quarter two FY 2026. On a sequential basis, revenue increased by 33% from INR 458 crore in quarter one FY 2027, largely growth driven by growth in refrigerants, particularly R-32. The full utilization of R-32 capacity will further strengthen our market positions through higher volumes. We are seeing healthy demand visibility for R-32, supported by the increasing adoption of R-32-based air conditioning systems across major markets, particularly as the industry transitions towards refrigerants with lower global warming potentials. Refrigerant demand and pricing remain stable in near term, providing a supportive operating environment. Our R-134a project is progressing as a part of our strategy to expand and diversify our refrigerant portfolio and is expected to commence production by quarter four FY 2027. The addition of R-134a will further strengthen our presence in the refrigerant market and provide access to additional customer segments and applications. We remain focused on building a comprehensive refrigerant portfolio, including R-22, R-32, R-125, R-410A, and R-134a, while utilizing our manufacturing capabilities and regulatory entitlements effectively. Our bulk chemical portfolio reported a revenue of INR 151 crore in quarter two FY 2027 compared with INR 158 crore in quarter two FY 2026, representing a decline of 5% year-on-year. On a sequential basis, revenue declined by 8% from INR 164 crore in quarter one FY 2027, primarily due to lower caustic soda prices and higher captive consumption of chloromethanes for R-32 production. One of our key strategic priority is building a globally competitive advanced battery materials platform through our subsidiary, GFCL EV. We believe the global battery materials industry represents a significant long-term opportunity, supported by the growth of electric mobility, energy storage systems, and the increasing localization and diversification of battery supply chains. Our objective is to establish an integrated battery materials platform, leveraging our core strengths in fluorine chemistry, manufacturing capabilities, process technology, and backward integration. LiPF6 sales is ramping up well, with sales to five major global electrolyte players. Production is being progressively ramped up along with new plants being added to meet strong customer demand, backed by multi-year order visibility. On CAM material, LFP plant samples are progressing through customer qualification programs globally, including India. We are now progressing towards development of higher-end LFP grades. In view of the strong emerging global market demand, further substantial capacity expansions is underway. Multiple PVDF and PTFE grades are at advanced stages of customer qualifications across both wet and next-generation dry electrode applications. Customer engagement remains strong, particularly in U.S. and Europe. With customer qualification programs progressing, commercial supplies under long-term supply agreements are now expected to commence from quarter four FY 2027. Electrolyte engagement continue to progress well, with domestic cell manufacture across EV and BESS applications. Customer-specific formulations are being developed and supplied from our commercial plant for evaluation and qualification. We expect domestic electrolyte demand to pick up towards the end of next financial year. As discussed in our previous interactions, the battery material business is transitioning from the development and qualification stage towards commercialization. The business has a significant growth opportunity over the medium- to long- term. However, the pace of ramp-up will be linked to the customer qualification timelines, commercial approvals, and capacity ramp-up. We believe our integrated fluorine chemistry capabilities, diversified product portfolio, and investments in emerging growth areas position us well for sustainable growth. The investments undertaken over the past few years are aimed at creating additional growth engines for the company. With this, I would like to conclude my opening remarks and open the floor for questions. Thank you once again for your continued interest and confidence in Gujarat Fluorochemicals Limited. I will now hand over the call to the moderator to begin the question-and-answer session. Thank you. Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use headsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ketan Gandhi from Gandhi Securities. Please go ahead. Hi. Sir, there is two question. One is, how adoption of dry process for cathode using PTFE is happening in the world, and what is your view on likely positive impact on our sales on PTFE? Yeah. Thank you. Thank you, Ketanbhai. Thanks for asking question. The dry electrode is been one of the holy grails, and various companies are trying to develop it. Some of them have progressed well. Of course, it's at the advanced stage of commercialization. What we believe is that the PTFE grades have a very strong role to play in this, and several of our grades are at the advanced stage of trial in this case. And certainly, it's a very huge upside for the PTFE business as a whole, because the demand, as more and more battery manufacturers move towards the dry electrode systems, the demand for PTFE will continue to pick up. Yeah. We are very optimistic about this to happen very soon, because this has several advantages from the manufacturing perspective, because there's no solvent evaporation, no solvent recovery, and it's environmentally a very positive step. Sure. You are seeing a lot of traction, right, sir, in the world? Yes. At least we are talking to few of the Because the research is going on, but there are one or two who are very close to commercialization. Fantastic. And sir, there is a second question on our plant coming up at Jhajjar for semiconductor, I mean, electronic chemical. Do you want to share at this moment something regarding WF6, C4F6, NF3, F2/N2, and PFPE? What are the asset, I mean, what are the likely CapEx, asset turn, and margin? I am okay if you do not want to share it at this moment. I mean, if you- We have not mentioned any of the chemical that you mentioned, so but let me tell you, I mean, we will probably share it in next few quarters, Ketanbhai. We are still, because it is at a very early stage of discussion and conceptualization. And obviously, you must have read it in the news, there is a very strong focus from the government to promote this particular sector. So we believe it is a very strong area to play in, and particularly with our expertise in fluorochemicals and fluoromaterials, there are several opportunities. And we will share it in due course of time. I cannot mention the product or the CapExes at this point of time. Sure, sir. No issue. This sector looks very exciting, sir, because only a handful of player is doing this, only one or two Japanese player. If India, if we are doing, then it will be a great. It's good for the company as well as good for the country. Indeed. All the best, sir. Indeed, [inaudible] Thank you. Thank you, sir. Thank you. Next question is from the line of Sanjesh Jain from ICICI Securities. Please go ahead. Yeah, good evening, sir. Thanks for taking my questions. I got few of them. First, on the fluoropolymer, if I see the export data, it appears that there is a sharp increase in the realization, and probably partly the 20% revenue growth what we have achieved is also because of this. Can you help us understand what is the volume and value growth, and how is the mix changing from PTFE to new fluoropolymer? So on a blended basis, how is the business moving? And this 20% growth, is it sustainable for next two to three years, or we are more looking at this year only? Thanks, Sanjesh. I'll request Kapil to take this question. Kapil, let's- Yeah. Hi, Sanjesh. Good afternoon. Hi, Kapil. Good afternoon. Thanks. Thanks for your question. Whatever growth of 22% we have seen from the last year to this corresponding year, it is a growth of the volume. Also, if you remember, I have been also saying that the conversion towards the advanced applications with a higher value, that has also started happening now. Last one or two quarters, it has started happening. The pace is also now developing faster. In every subsequent quarter, we are seeing that the high-value addition application where we got the approvals are contributing every quarter. That is why you see that one of the reasons for the higher value is also due to the higher volume, not all of, also because of the higher volume, but also the higher value which we have achieved for some of the application which we have been always talking about. This growth momentum, Kapil, do you think we can sustain for next few years? Yes, Sanjesh, we are absolutely positive on this. We feel the kind of traction which we are getting from the segments like EV, semiconductor, data centers, and probably green hydrogen will follow soon. We feel that the growth momentum which we have been advocating will continue for next couple of years. That is helpful. Second, on the refrigerant gas, Bir sir, you mentioned in your opening remark that we are yet to reach the peak utilization in R-32. Can you help us understand in this quarter what was the utilization rate, and when are we anticipating to hit the peak utilization in the R-32? Some timeline on R-134a production will also be helpful. All I can tell you, Sanjesh, is that in this quarter, the quarter going on, we will probably reach the full utilization of what we had planned initially. Having said that, we have not really stated the capacities yet, but the initial phase of capacity that we had planned in R-32 will get fully utilized by the end of this quarter, which is quarter three. Now, coming back to R-134a, I think I mentioned that by quarter four of this financial year, we will commence the production. We are on track on that? Yes, we are. One on the battery chemical side for Rajiv. LiPF6, we have mentioned in our presentation that we have started supplying to the five customer, and we are also expanding the capacity. How should we see progression here in LiPF6 and probably PVDF, PTFE, which is the first set of revenues we are looking to book from the battery side? How should we see the progress? We expected the second half to be much stronger. Can you help us understand in the magnitude how big are we looking at in terms of second half being for us? Rajiv is on the call. Can I, Rajiv, can I answer this question? Yeah, yeah, sir. Please go ahead. The way it's happening is that by quarter one next financial year, whatever the capacities and what we had planned and solved, we'll see the impact of that next two to three quarters. Now you will see the ramp-up is happening very rapidly because, as I had said, it's happening because of two things. As the qualification, the order pipeline is very strong for us, and as we are ramping up the capacity of the existing LiPF6 plant, plus we are adding more plants. I think we'll see the full utilization of this more or less by quarter one next year, quarter one next financial year. So maybe two, three quarters from now, including this quarter. We are saying the expanded capacity, we will run full utilization. Is that the right understanding? That's what it looks like at the moment, yes. LiPF6 prices in China has significantly now come down in last one month from CNY 150,000 to now almost CNY 100,000. Will that have any implication on our pricing formula with the customer? I think this has to be looked in context of the lithium price as well. We need to look at the adder, where the adder is moving, Sanjesh. Okay? Oh, so it's all raw material-led deflation. Correct. If you look at it very closely, it has a lot to do with the lithium, because lithium is what the LiPF6 is dropping as a result of the lithium pricing falloff. In most of our cases, it's passed through. Overall, the margin remains protected, Sanjesh. Got it. One last one from my side. LFP, we have mentioned in the presentation that we are looking to expand capacity significantly. Is the effort on, or we will wait for the final approval and then only expand the capacity? How should we see the timeline for it? No, we are already. In fact, if you recall last call, I had mentioned that we are planning to set up a large capacity in Oman, which at the moment we have put on hold. Instead, we are shifting most of those capacities to India. So that we are, this project is going on at full swing right now. There's no hold. Because we have a very good traction. The current capacity that we have, Sanjesh, is very small. This is the capacity which is essentially to get our hands wet, to learn, and a lot of it is also to develop grades and products which we'll send for qualifications. So we are utilizing this capacity as of now for various grade developments, and the significant capacity will come up towards quarter three of next financial year, toward the end of next year. That capacity. We are going forward. We also have quite a few equipment have already reached the site, so we are progressing at full swing. That is clear, sir. Thanks for answering all the questions, and best of luck for the coming quarter, and happy Diwali for everybody. Thank you. Thank you, Sanjesh. Happy Diwali to you as well. Thank you. Thank you. Next question is from the line of Ankur Periwal from Axis Capital. Please go ahead. Yeah. Hi, sir. Good evening. Thanks for the opportunity, and congratulations on a good set of numbers. First question on the CapEx. We had guided for around INR 3,000+ crore CapEx for this full year, FY 2027, largely on the battery side and plus around INR 800-odd crore for the core standalone business. Going by their comments that there could be further expansion in terms of new CapEx getting announced across fluoropolymers and other segments, how should one look at this number? One, more from timelines and execution for the existing INR 3,000-odd crore CapEx. Going ahead, how should we build that number playing out across the battery and the non-battery segments? Let's talk about the non-battery segment first. We had indicated on this year. By the way, this included the investment in fluoropolymers. Fluoropolymer investments are not a separate investment. It's already part of that. That INR 800 crore CapEx is progressing well as per the plan. We are almost reaching the half point now, after this end of this quarter. Coming back to battery materials. Battery materials, we had indicated around INR 2,100 crore, roughly. Right now, we are slightly behind on that, but that is because that CapEx was planned looking at that execution of Oman project with certain timeline. Unfortunately, because of putting that project on hold and bringing some of that capacities to India, there has been a delay of quarter and a half. The plan of INR 2,100 crore is on, but it will not happen completely in this financial year. This financial because it will probably go, push out, I would say, by quarter and a half or so, Ankur. The project that I mentioned about LFP adding substantial capacity is the same. It's part of the INR 2,100 crore that we had. Sure. We are still targeting what we had indicated earlier on battery materials, which is investment of INR 6,000 crore. It is part of that, and we will continue to do that. INR 2,100 crore this year probably will spill over to quarter and a half, and then obviously, the remaining part of the CapEx out of that pool will go into FY 2028. Sure. INR 800 crore on fluoropolymers should be executing within this financial year? INR 800 crore is part of the entire GFL CapEx. Got you. Including fluoropolymers. Including fluoropolymers. Fluoropolymer, in fact, I had said earlier also, in fluoropolymer, we have significant capacities of monomer available. Now, the capacity is being added, is through adding polymerization capacity, which is reactors. That is already on as we speak. Sure, sir. Second bit on the fluoropolymers, wherein we are seeing a good sort of traction across, you mentioned both volume and pricing. Is from a current gross block perspective, what could be the peak revenue now from fluoropolymers given the higher realizations that we are seeing? Secondly, are we seeing any traction in terms of new client additions or new geographies getting added? Where is the demand uptick coming from? Ankur, the thing is that it's an ongoing process, okay? We will not wait for the CapEx investment to peak out and then plan, because we have already indicated and promised that we will achieve growth of 17%-20%. Typically based on, as our CapEx are planned according to that, okay? Sure. Keep that results, and as Kapil indicated, that there's a strong traction from the market. As we see capacity getting utilized, and as I said earlier, that monomer is already in place, so adding reactors or polymerization capacity is relatively short on. Okay, it's a downstream, it's a short cycle, eight months, 8-10 months at the most. So we will keep on adding CapEx and continue to add CapEx in terms of products and trying to optimize the product mix to achieve that 17%-20% growth, Ankur. That's, I think, is probably if you have taken a model, you can take that growth and CapEx would follow that. Sure, sir. That's helpful. Thank you and all the best, and wishing you all a very happy Diwali. Thank you. Thank you. Wishing you a happy Diwali as well. Thanks, Ankur. Thank you. Thank you. Next question is from the line of Archit Joshi from Nuvama. Please go ahead. Hi. Very good evening, sir, and seasonal greetings to the entire team. Firstly, sir, just touching upon the CapEx once again. If I can see from the presentation, we have planned out for almost INR 4,000 crore, including the INR 2,100 crore for this year. I just wanted to get a sense of what all is getting covered in this. We know for sure that electrolyte salts, there's a small electrolyte capacity, and the existing expansion of LFP. Is there anything beyond this, and will it be fair to assume that by doing simple subtraction, INR 2,000- odd crore is the balance CapEx left? Would that be entirely dedicated towards anode, wherein I believe we haven't done much progress on the construction activity? If you can clarify that. Yeah. It will not be entirely on anode because I think some time last call, we had also mentioned very clearly that we had certain CapExes planned for electrolytes and salts. India market has been behind in terms of its progress. The battery plant that were announced in India have been behind, and lot of electrolyte and salt catering to that will come now, which will probably come in the next financial year going forward, depending upon how the market situation improves. Okay. It's not entirely on anode, okay? Still there is more investment to come in salt and electrolytes going forward. Got it, sir. When do we expect the start of the anode plant, and any timelines around that? One more point to add, Archit, of course, is that there will be some CapEx that we had allocated for backward integration as well, and that will come as well. Once our downstream product capacity is up and stream and utilized, some of the CapExes will go into the backward integration. Got it. Sir, if you can address the anode part, which I asked, in terms of timelines and when do we expect to begin that project? I think anode project is going on. Right now, it is slow because we have put some sort of a hold on that, looking at because we are putting all our focuses right now on LFP, electrolyte, and salt, trying to get these qualifications out of the way. Right now, as I said earlier, we have a second opportunity available in LFP. So, our focus is to get the LFP grade developed and also ramp- up the capacities as fast as possible. So, I think anode will come subsequent to that. So right now, it is behind the entire set of other products. Got it, sir. So just one last question. We have mentioned in the PPT that we expect domestic electrolyte demand to pick up towards the end of next financial year, and I believe we already have a smaller set of capacity that we have already constructed. The operationalization timelines for this and the CapEx that we are talking about even for the electrolyte formulations, would that be closer to when we think that demand will pick up? If you can guide something on electrolyte's contribution into our P&L, when do we expect that to start in terms of sales? See, electrolyte business was particularly meant for domestic market. Right, sir. And if you look at the current battery manufacturing in India, it is quite behind in overall. Overall, in terms of gigawatts hours, the battery production is still at very, very low levels. Okay? Right. And the way typically what our understanding is based on our interactions with OEMs is that when the battery plants are started in the initial period of stabilization and performance guarantee test runs, these plants are typically run based on the electrolytes which is supplied from the technology supplier or through one of its directed suppliers. Subsequently, once this plant reach some level of stabilization, the localization effort is taken place. So, looking at the trajectory that we see right now of ramp up, we expect that the localization efforts and the demand for electrolyte in India will start ramping up towards the middle of next year, and you will see the reflection of that towards the end of the financial year. Now, having said that, at this point of time, we have capacities which we are using to making samples, develop formulations, and also using it for qualifications. So, at this point of time, we will, for next six months or so, we do not have any plan of adding more capacity in electrolyte. But probably toward the end of next financial year, we will be required, as the market pickups, we will have to have more capacity being added. Electrolyte is normally a CapEx light, as the turnover is very high. And the timeline for setting up these plants is much less compared to either LiPF6 or LFP or anode. So, coming back to your next question that when should we see the revenue from electrolyte coming in, I think we will probably see that towards the H2 of next financial year. Got it. So it will be salt, LFP, electrolyte, and then anode in terms of revenue recognition timelines. That would be a fair understanding, right? That's correct, Archit. Absolutely. Got it, sir. Thanks for— Thank you. —answering all the questions. Yeah, thanks. Thank you. Next question is from the line of Rohit Nagraj from 360 ONE Capital. Please go ahead. Thanks for the opportunity, and congrats on strong set of numbers. Sir, first question is, for the battery chemicals CapEx of INR 6,000 crore, how is the funding now looking like in terms of equity fund infusion by external investors, by parent, and then debt, and probably some cash flows from the EV part of the business? Yes, Rohit. I will request Akhil, who is our Group CFO, to take this question. Yep. Rohit, basically, we have got external investors like IFC who have funded close to INR 500 crore. We have got additional equity round that we did a couple of years back, almost INR 1,000 crore. Plus the GFL contribution itself, which was around INR 800 crore. So if I add up all three of them, it was nearly around INR 2,300 crore of equity that was being put into the system as of now. Plus there is a loan of almost INR 900 crore that we have taken from two banks. One is the Sumitomo Bank, the other is the ICICI Bank. Sumitomo, we have taken INR 600 crore. ICICI, we have taken another INR 300 crore. If I add up again, INR 2,300 crore plus INR 900 crore, it makes it almost INR 3,200 crore already raised in the system. Now, this money is enough to sustain us for, I would say, a good part of this calendar year. A little bit more in the next 2027. Having said so, there are advanced discussions going on with many investors of similar repute as IFC, who are looking at this funding. This is a purely green funds and green funding, as you would recognize that we are one of the pioneers into the energy transition zone as a group, not just as a GFCL EV, but as a group. To that extent, there are many climate-oriented funds also, environmental funds, which are keenly looking to support us in this equity round. My estimation is that we will be able to tie up another INR 500 crore to INR 700 crore over the next three to four months. We will do it gradually. I mean, obviously, the plan is to reach INR 6,000 crore, but the entire INR 6,000 crore will not be funded out of debt or equity. Partly it would be through the internal accruals. So my estimation is that we will have around INR 1,500 crore of loan. We will have around INR 3,000 crore-INR 3,500 crore of total equity. The balance INR 1,000 crore odd will be through the internal accruals as we go along. As I mentioned to you, the equity raise will be gradual. After IFC, which is a very, very, I would say, marquee investors, and they have given us a lot of visibility in terms of the corporate governance and ESG and so many other things. There are similar sovereign funds and similar climate funds that we are targeting. Just to repeat what we have said in the earlier call, we have not provided any put or any backstop from parent or promoters for any such funding. We will continue to do so as we go along. There are sovereign funds, there are climate funds that we are talking, and as per the needs of the company, we will not be raising all the money at one go, but yeah, gradually over the period of next 12-18 months. This is extremely helpful. Second question is on FY 2028 revenue scale up from battery chemicals business. So in terms of not the absolute number, but percentage, how much of the revenue is expected from exports of salts, domestic sales of salts, and if there is any electrolyte component also from the domestic sales perspective? Just a broader perspective in terms of percentages would be helpful. Thank you. Yeah, I think as I said earlier, Rohit, our currently planned salt capacities will be close to full utilization by quarter one or quarter two around next financial year. Initially, a big part of our revenue, of course, will come from salt. LFP smaller capacity that we have will, of course, give us certain revenue, but that capacity is small. But the larger capacity of LFP would only get commenced by the, toward the quarter three of next financial year. So impact of that, we will only see toward the end of FY 2028 or probably beginning of FY 2029. If I have to say in terms of percentage mix, initially, a lot of our revenue will be from LiP F6 and, of course, electrolyte, because I expect to see electrolyte coming in towards the end of next financial year. And right around as once these two get ramped up, the larger capacity of LFP will kick in. Okay. That's the rough sort of timelines of revenue ramp-up. Just one clarification. FY 2028, largely the revenue pie will be from the exports, or will there be some component from the domestic market as well? There'll be some component from domestic market because I expect toward the middle of next calendar year domestic market to slowly ramp- up. But still it will be driven mostly by export. Sure. Thanks a lot for answering all the questions. All the best and Diwali wishes to the entire team. Thank you. Thank you, Rohit. Same to you. Thank you. Thank you. Next question is from the line of Akash Patel from Akash Securities. Please go ahead. Hello, sir. Good evening. Previously participant already answered my question, so thank you. No further questions. Thank you. Next question is from the line of [Moksh Jain] from Niveshaay. Please go ahead. Hello. You are audible, [Moksh]. Yeah. So actually, I have three questions. My first set of question is, actually, what is our overall thought process on the backward integration in the LFP cathode business, especially on the side of iron phosphate? Like, there are now very much specialized players, including in India, which are building it at a much larger scale than a captive line inside the cathode plant. So would you rather buy from them and stay focused on cathode or integrate into the iron phosphate yourselves? And also, if you integrate, then what cathode volume do you expect, and over what timeframe would it make sense? As I said earlier, that once our product capacity start getting utilized, we will have the development of the backward integration. Similarly, once we have the large LFP capacities in place, our plan for LFP will commence. So, FP, of course, we will get into FP production as well because that is part of our backward integration. But we will time it according to the LFP sales so that we have the backward integration is ready when the entire LFP sales speak up or the volumes speak up. Okay. Okay. My second question is, like, what percentage of cathode cost can we bring down if we do backward integration as compared to buying from an Indian supplier? Like, a rough estimate. I do not think we can give you that because even the backward integration part to us is a standalone project, which should have its own sort of returns. Okay? I cannot really give you that number. Okay. Sure, no problem. Thank you so much. Thank you. Thank you so much, [Moksh]. Thank you. Next question is from the line of Aditya pal from MSA Capital Partners. Please go ahead. Hi, am I audible? Yes. Yeah. Thank you so much for the opportunity. Great set of results to the team. Congratulations and season's greetings. I have a two-part question connecting to what Akhil sir was highlighting on the sources of funds to a previous participant on battery material business. If I see, we have invested roughly around INR 1,800 crore-INR 2,000 crore of gross block, creating a gross block. And we have highlighted that we want to take this to INR 6,000 crore of gross block. So, how should I look at the trajectory towards the incremental INR 4,000 crore in terms of sources of funds and in terms of timeline? And sir, the second part of the same question would be that now that we have decided to shift our project to India, can we see that there could be some bit of an upside in terms of asset turns that we had guided for 2x and 25% EBITDA margin that we had guided on this business? Aditya, we are still holding on to our earlier guidance, which is 2x and 25%. Now, coming back to the funding part, we have INR 2,100 crore we had planned this year, and Akhil had given a complete breakup in terms of where this funding is going to come from. Because roughly, at this point of time, I would say roughly maybe INR 3,600 crore is out of that INR 6,000 crore is remaining. And Akhil had already given an indication for the sources of funds with the visibility of next six quarters or so, five to six quarters. Aditya, is there anything specific that you are looking for beyond what No, sir. So, I am looking at the FY 2026 balance sheet. We have invested roughly around INR 2,000 crore. We have INR 600 crore of debt, INR 640 crore of debt. INR 640 crore has gone to INR 900-odd crore of debt, which you have gotten from Sumitomo and ICICI. So, I am still trying to get a handle on how do we go from this INR 2,000 crore of gross block that is being funded for towards INR 6,000 crore, which you are saying that INR 400 crore of capital we have invested for, so INR 3,600 crore. Where does that INR 3,600 crore? So, that is what I am trying to understand, because the current It has been gradually. INR 2,000 odds crore that you're seeing as on FY 2026 Correct will become close to INR 4,000 crore as on FY 2027, by the end of this financial year. It will become, say, around INR 6,000 crore by, say, FY 2028. I'm just making things easier for you to understand. As I mentioned to you, the overall plan is to fund INR 6,000 crore, if you minus INR 1,000 crore from the entire accrual, it's INR 5,000 crore. Out of INR 5,000 crore, our plan is to raise around INR 3,500 crore of equity, of which we already raised INR 2250 crore. We already have INR 800 crore from GFL, INR 1,000 crore from investors, INR 450 crore from IFC. Close to INR 2,300 crore we already raised. Another INR 1,200 crore need to be raised over the next 18 to 24 months. The debt will be around INR 1,500 crore, of which INR 900 crore is already raised. That is a broad INR 6,000 crore investment plan. Understood. Makes sense. If you have any further question, I'm happy to receive a separate call from you and explain to you each and everything. You can call me Yeah, actually, if I have multiple questions, I will do that. Thank you so much for offering that. Thank you. Yeah, thanks, Aditya. Thank you. Thank you. Next question is from the line of Hansal Thacker from Lalkar Securities. Please go ahead. Festive greetings and congratulations on a lovely set of numbers. I think you said the fireworks before Diwali. Two questions from me. First question is on the LiPF6. You mentioned multiple-year order visibility for LiPF6. Could you indicate how much of this is under volume-binding long-term contracts and how much is spot purchase? See, a lot of it is actually the, when I say volume binding, these are volume binding with a price formula-based pricing. Okay? There is very little spot, because lot of it is ongoing customers who have indicated their projected volumes, and we are qualified there. So there is a formula, in terms of, based on the lithium, what the price should be. This is how it is mapped out. Okay. Rajiv, you want to add anything to this? Can I assume that the long-term capacity is pretty much bound with these plants? Yes. Rajiv, please. Yeah. Generally, we have either annual contracts or longer than that. Our volume is therefore bound for at least for the next financial year with our customer, and for some of them, it is even longer. Great, sir. That's encouraging to know. Sir, the second question was on the electrolyte. On the domestic business, I'd just like to know how many cell maker programs have reached the line validation stage, and whether they're EV or BESS, or both? They are both. Currently, we are engaged with. The three of them have been at a production level in India, and we are engaged with all three of them. This is a sample where we have sent it to them, and they are at the early stage of evaluation. Okay. At this point of time, my understanding is there are only three battery manufacturers operating at certain capacities. Got it, sir. Great. Great. All right, sir. That's all from my side, and congratulations again. Thank you. Thank you so much, Hansal. Thank you. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference back to management for closing comments. Yeah, thank you very much. As we have indicated in this call, we continue to move on in the growth journey with a positive bias on the margins. The advanced battery material segment is a long-term strategic initiative with large CapEx committed. We believe this segment will yield substantial value in the long run. While the segment beholds huge opportunity, the long approval cycles and gestation period is a critical entry barrier. We have successfully crossed all the hurdles and are on the cusp of a major growth journey ahead. The nature of the business is such that one has to commit a large CapEx in commercial plants before start of revenue. Fortunately or unfortunately, our revenues are tied up to the end product ramp-up, where we have seen some delays. However, we are most excited about the opportunities from this segment, while our other segments continue to do exceedingly well. With this, we would like to thank you all for interest in Gujarat Fluorochemicals, and we would like to wish you all a very, very happy Diwali. Thank you. Thank you very much. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines. Thank you.