Ladies and gentlemen, good day and Welcome to GAIL (India) Limited Q2 FY 2026 earnings conference call hosted by Phillip Capital Private Limited. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Tiwari. Thank you, and over to you, sir. Thank you, Shruti. Good day, ladies and gentlemen. On behalf of Phillip Capital India Limited, I welcome everyone to GAIL (India) Limited's second quarter FY 2026 earnings call. Today, we have the pleasure of having with us the senior management team of GAIL, led by Director Finance, Sri RK Jain. I will now hand over the floor to the management for their opening remarks, which shall be followed by a question-and-answer session. Over to you, sir. Thank you, Nitin. Friends from the investors and analyst community, a very good afternoon and Welcome to GAIL earnings call for Q2 financial year 2026. At the outset, I thank you all for attending this meeting. Let me first begin with the latest business development updates. It gives me immense pleasure to inform you that on October 16, 2025, GAIL's Srikakulam-Angul pipeline, which is a 422 km pipeline, has been dedicated to the nation by the Honorable Prime Minister. Further, physical progress of the Mumbai-Nagpur-Jharsuguda Pipeline has reached 97%, and PESO approval for the Mumbai-Nagpur section, which is 693 km, and Chhattisgarh-Odisha section, which is 489 km, has already been received, and GAIL is under process. The remaining pipeline is in the advanced stage of completion and is scheduled for commissioning by 31st December, 2025. On September 9th, 2025, GAIL got PNGRB authorization to lay, build, and operate pipelines from Vijaypir to Bina. This will connect to the BPCL Bina refinery. The pipeline will have a capacity of 3 MMS CMD, and this is 105 km in length and involves a CapEX of INR 450 crore. The timeline for laying this pipeline is three years. This pipeline will become part of the Integrated Natural Gas Pipeline System of GAIL. As already informed earlier, GAIL has got authorization for capacity expansion of the GLPL-LPG pipeline from existing 3.25 MMTPA at present to 6.5 MMTPA. Based on current tariff rates, this will increase GAIL's revenue by approximately INR 700 crore. As you know, the tariff is also increasing every year by 3.4%, which will further add to GAIL's revenue. It will also improve GAIL's bottom line around INR 600 crore per annum at the EBITDA level, not bottom line at the EBITDA level. The increase of the tariff of 3.4% will have further addition to it. GAIL's results for the quarter ended 30th September, 2025, have been declared today. I will briefly touch upon the major highlights for this quarter. Thereafter, we may open the session for your queries. First of all, I will take you through the financial highlights of the quarter. GAIL's turnover in this quarter, that is Q2, is almost flat, which is INR 34,972 crore as against INR 34,735 crore in Q1 financial year 2026. Profit before tax stood at INR 2,823 crore as against INR 2,533 crore in Q1 financial year 2026. This is up by 11%. The profit after tax during the quarter increased to INR 2,217 crore as against INR 1,886 crore in Q1 financial year 2026. This is up by 18%. On a comparative quarter basis, that is quarter two of this financial year versus quarter two of financial year 2025, GAIL achieved turnover of INR 34,972 crore as against INR 32,810 crore in the corresponding period of last year, an increase of approximately 7%. Profit before tax stood at INR 2,823 crore as against INR 3,453 crore. This is down by 18%. Profit after tax stood at INR 2,217 crore as against INR 2,672 crore, down by 17%. Now, I will take you through the physical performance during the quarter. Gas marketing volume during the quarter stood at 105.49 MMS CMD as against 105.45 MMS CMD in Q1 financial year 2026. The natural gas transmission volume was 123.59 MMS CMD in Q2 financial year 2026 as against 120.62 MMS CMD in Q1 financial year 2026. The average capacity overall basis, if you take of the total capacity, authorized capacity is 59%. I will talk to the Integrated Natural Gas Pipeline System, which is the main revenue earning system. As per the capacity worked out by PNGRB, the applicable capacity for tariff determination for 2025-2026 is 150.46 MMS CMD. Considering the volume flow in this Integrated Natural Gas Pipeline System of 111.76 MMS CMD, the capacity utilization for this pipeline was 74.28%. Polymer production was back to normal level of 220 TMT in Q2 financial year 2026, which stood at 177 TMT in the previous quarter due to annual turnaround. Liquid hydrocarbon production stood at 221 TMT as against 199 TMT in the previous quarter. LPG transmission was 1,167 TMT as against 1,131 TMT in the previous quarter. The capacity utilization was approximately 101% during this quarter. Now, I will take you through the consolidated financial highlights for quarter two financial year 2026 versus quarter one financial year 2026. The consolidated turnover in Q2 financial year 2026 stood at INR 35,594 crore as against INR 35,369 crore, almost flat. The PBT in quarter two financial year 2026 stood at INR 2,565 crore as against INR 3,029 crore in quarter one financial year 2026. The profit after tax in Q2 financial year 2026 stood at INR 1,972 crore as against INR 2,369 crore in Q1 financial year 2026. As you know, GAIL also has got six geographical areas authorized as city gas distribution. I will also share the performance of these six geographical areas. GAIL has an infrastructure of 213 CNG stations and 4.5 lakh DPNG connections. During the quarter, 13,700 new DPNG connections were added. The physical volume stood at 0.46 MMS CMD. In the next two years, GAIL targets to add around 85 new CNG stations and around 150,000 new DPNG connections. As you know, GAIL also has got 100% subsidy, exclusively dealing in retail business. Now, I will also briefly touch about the financials of GAIL Gas Limited. In Q2 financial year 2026, turnover of GAIL Gas stood at INR 3,235 crore as against INR 2,927 crore in Q1 financial year 2026. PBT increased by 1% and stood at INR 148 crore as against INR 146 crore in Q1 financial year 2026. Profit After Tax was up by 3% and stood at INR 111 crore as against INR 108 crore in Q1 financial year 2026. The physical volume stood at 7.72 MMS CMD. During Q2 financial year 2026, GAIL Gas, along with its JV subsidiaries, has added 44,512 new DPNG connections and one CNG station. GAIL Gas, with its JV subsidiaries, has an infrastructure of 1,174,000 DPNG connections and 665 CNG stations. I will also touch upon the ongoing projects with GAIL. Pipeline projects: LCPL, as I already shared, is commissioned, and MNJPL, GSPL, KKMBPL, phase II are scheduled to be completed during this financial year. Gurdaspur-Jammu pipeline is scheduled for completion in financial year 2026-2027. Petrochemical projects: I will first share about the 60 KTA polypropylene at Pata and 1,250 KTA PTA plant at GMPL are scheduled to be commissioned in the current financial year, whereas 500 KTA PDH PP plant at USAR is expected to be completed in financial year 2027. CapEX for quarter two financial year 2026: During the quarter, a CapEX of INR 1,662 crore was incurred, out of which INR 784 crore was incurred on pipelines, INR 514 crore was incurred on petrochemicals, INR 226 crore is operational CapEX, and remaining approximately INR 138 crore was CGD, E&P, renewables, and equity investments. Now, I will share also the segment-wise outlook for short to medium term. The profit before tax from gas marketing business during the quarter stood at INR 1,227 crore. The gross margin during the quarter stood at INR 1,551 crore. The PBT from gas marketing margin during H1 financial year 2026 stood at INR 2,221 crore. The gross margin during the H1 financial year 2026 stood at INR 2,866 crore. At PBTA level, we are on our path to achieve the annual guidance of INR 4,000 crore -INR 4,500 crore from the gas marketing segment in financial year 2026. In the gas transmission segment during quarter two financial year 2026, average transmission volume improved to 123.59 MMS CMD as compared to 120.62 MMS CMD during Q1 financial year 2026. Average transmission volume for H1 financial year 2026 stood at INR 122.11 MMS CMD. From a gas transmission point of view, the current financial has not been so good for GAIL. We had to revise our guidance earlier. The main reason for this downward revision was delay in pipeline connectivity to refineries, unplanned shutdown and tripping of fertilizer plants, leak of demand from power sector due to moderate summer, early onset, and above-average monsoon. The situation was further worsened by higher than usual pricing of natural gas in the spot market, which impacted the consumption in the domestic market as refineries and industry switched to alternative fuel. Further, due to extreme monsoon and flash floods in northern India, GAIL suffered pipeline disturbances at four places, which are expected to be restored by the year-end. Currently, the services are being managed partially through alternative arrangements. This also has impacted the transmission volume, which will be replenished as soon as the pipelines are operational again. Due to above-unforced circumstances, the annual transmission volume for financial year 2025-2026 is expected to be at the level of around 123 MMS CMD- 124 MMS CMD. However, considering that most of the other sector may not be there and there will be normal growth and commissioning of new pipelines, that is, GLPL-LPG pipeline and MNJPL, GAIL expects transmission volume to be increased by around 8 milion- 10 million, and we expect our volumes to be around 133 MMS CMD - 134 MMS CMD in financial year 2027. Polymer production stood at 220 TMT as against 177 TMT in the previous quarter. There is a loss of INR 299 crore during quarter two financial year 2026 due to increased input gas cost. The segment is likely to be at a similar level for the remaining part of the year. However, various measures like construction of dedicated pipeline, that is, C2, C3 pipeline, installation of advanced process control, debottlenecking, and 60 KTA PP plant are being taken for cost optimization and improvement of efficiency. Since HS gas is being used as an internal consumption by PATA PC plant, and HS prices have been unusually higher during this year, which is expected to be softened in the coming financial year, these factors may hopefully start giving positive results from the next financial year onwards. LHC production stood at 221 TMT during Q2 financial year 2026 as against 199 TMT in the previous quarter, with a PBT of INR 112 crore. There is a drop of 45% in PBT from LFC segment as compared to the previous quarter, which is primarily on account of reduced price. As you know, the LFC price on an average basis has gone down by approximately INR 4,600 per metric ton. GAIL's new gas allocation for LPG shrinkage has been reduced from 0.32 MMS CMD - 0.2 MMS CMD with effect from 1st October, 2025. Estimated impact on production will be around 33 TMT for H2 financial year 2026. GAIL management is constantly taking up the matter for further allocation of domestic gas or LFC to enhance the capacity utilization of our LPG plants. In addition to above operational and financial performance, I would like to highlight that the company is taking proactive measures to implement initiatives for maximizing profit and make our company future-ready with the introduction of advanced technologies and AI-based projects. Project Sanche II, our flagship project, is focused on maximizing profitability across four business segments through targeted improvements enabled by advanced data analytics. Under the above project, GAIL is implementing 30 use cases leveraging advanced technology with an estimated CapEX of INR 146 crore. These use cases together are expected to provide the operational savings of approximately INR 600 crore on a five-year NPV basis, in addition to huge quantitative benefit in optimization of process, manpower, and material. That's all from my side regarding the overview of performance and projects. The management of the company is available, and we would be glad to address any query that you may have. Now, I hand over to you, Nitin. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use hands if 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 Prabhul Sehan from ICICI Security. Please proceed. Thank you for the opportunity, sir. Am I audible? Yes, very well. Sir, the first question was with respect to the volumes. Because of the way that the rains have gone, obviously, demand from the power sector has been a major factor driving the slower demand. Any guidance you can give us of what H2 looks like, given the very long tail of monsoons we have seen in the country this year? I shared in terms of average volume for this financial year, which is around 123 MMS CMD- 124 MMS CMD, and we expect in H2 we will be around 125 MMS CMD. Not much change in terms of segmental demand, which we're looking at, at least for this year. Actually, yeah, you're right. Not much change, but quarter one, we saw. We are not going to see those things because in quarter one, as we shared, fertilizer plants went for shutdowns. The power demand was not there. Our petrochemical plants were also under shutdown. Quarter two onwards, we have started seeing the normalcy, and we will see some kind of growth in terms of commissioning of new pipeline and the normal growth. Got it, sir. A couple of more questions. One was about the Dabhol LNG with respect to the progress on getting it to full utilization. Any guidance for FY 2027 in terms of the terminal utilization that we can get? As we shared with you, Dabhol terminal is now full-weather terminal, right? The nameplate capacity of that terminal is 5 MMTPA, but only one constant still we are experiencing that we do not have the heating system. Whenever RDPPL runs, we are able to take the advantage of the heating system available there. In the absence of heating system, we are expecting to utilize around 50% of the capacity, and the heating system will also be available sometime in 2026-2027. Got it, sir. Last question from my side. You had, I think, mentioned in previous interaction that the last leg of that Kochi-Bangalore-Bangalore pipeline is imminent in terms of completion. If you can kindly refresh us in terms of the latest timeline for both the legs to be fully operational. I shared with all the pipelines. Actually, including KKMBPL, the last leg, which is pending, Jagdishpur-Haldia and MNJPL, all the pipeline GAIL is constructing, excluding Gurdaspur-Jammu pipeline, will be commissioned during this financial year. All right, sir. Thank you. That is very helpful. I'll come back with more questions. All the best. Sure. Thank you. Thank you. The next question is from the line of Balaji Das from Allianz Services. Please proceed. Hi. Good evening. Am I audible? Yeah, yeah. So I have basically two questions. First question is, what is the latest status on this integrated tariff, which is pending from the PNGRB? We heard that there have been frequent discussions, and there is some difference of opinions in the tariff billing and etc. Could you please provide the latest progress on this integrated tariff pipeline, actually? Actually, as you know, we submitted our integrated pipeline tariff way back in August 2024. All the processes have been completed. Now, with regard to various information, news which are going around, we don't bother about these news because we are very clear whatever tariff we have submitted, that is INR 78. Which is in terms of the regulations. We shared that even if PNGRB, based on past moderations PNGRB does, we were sharing sometime in March that our tariff will be around INR 70, INR 71. In between, one development has happened. PNGRB has changed its regulations with respect to sharing of revenue, above 75% utilization of pipeline, 50% to be retained by entity, and 50% to be passed on to customers. That regulation is also giving some kind of increase to tariff. The amount of delay it is happening in the processing of tariff, that is also adding to the tariff. Maybe INR 2 per month is increasing. Our guidance that on a conservative basis of INR 70 was past. That should increase by INR 2 -INR 3. Now, coming back to specific answer to your question, when it will come, we expect it can come anytime from now, maybe in November. Okay, okay. Thanks. Thanks, for that. The second question is on the listing of the GAIL Gas IPO, actually. Did any further progress on the consultant, and when are the future plans, actually, for GAIL Gas, actually? Because we heard that we are hiring consultants for the analysis of listing and etc. Can we close from there? Yeah. You You heard rightly. GAIL Gas is one of the biggest companies in the country in terms of city gas distribution. I shared in the brief that currently it is marketing 7.26 MMS CMD volumes. GAIL Gas has got most of the geographical areas any city gas distribution company has. We have one of the geographical areas like Bangalore. It has already reached 1 MMS CMD. We in GAIL believe that now it is high time that we start the process of listing GAIL Gas. In that regard, we have already started the process of hiring of consultants. As I understand, the consultant has already been selected. The order may have been given. We may be giving in very, very few days from now. Either it might have been given or may be given. We are on our path to. Study about listing of GAIL Gas. After conclusion of that study, certainly that study is very important for us. We expect a one-year timeline or so should be good enough. Thanks. Thanks. Thanks for the opportunity. Thank you. Yeah. Thank you. The next question is from the line of Amit Murarka from Axis Capital. Please proceed. Hi. Good evening. Just a question on petrochemicals. What was the input gas cost in Q2? If you could just tell that. Input gas cost in Q2 was around $10.6, $10.5, $10.6 delivered at PATA. This is expected to go up given that Henry Hub has actually increased? Actually, Henry Hub has started softening now. I also briefed you that we have experienced unusually high Henry Hub price. If you compare last financial year, Henry Hub prices were 50% of the current price level. It is already peaking, and it started softening. Currently, Henry Hub prices, we do not believe that it will further go up. Rather, it will be softened. That's how we expect that in the next financial year, a lot of good positive things should happen with us. What is the outlook on OpEx? The OpEx also looks like it has increased a bit in the quarter on the transmission side. Transmission side, OpEx, I will have to come back. Explain why. Has it increased? I don't think. I don't think. I don't know from where you are arriving at. Rather, gas consumption has gone down. Anyway, we can offline ask you for specific details. During the quarter, it has reduced as compared to previous year. Yeah. That's what I was telling you. No, no. Not against previous year. I was looking at versus Q1. Q1, it was actually INR 836 crore, which is INR 905 crore in Q2. We will be giving this very, very small. There There is no big difference. What you are sharing, we'll be giving you offline this answer. You can connect our IRT. Okay. Lastly, what is the outlook for gas transmission volumes for FY27? This year looks like we will do close to 124 MMS CMD or so. Next year, earlier, you were talking about 135 for FY27. Do you think that could also be at risk now with weaker numbers we are seeing in FY26? Actually, this year, we were expecting last year, we transported 131. We were expecting that we will beat this number. Whatever events which have happened during this year, I narrated. Like in terms of power demand, which has significantly gone down. Nobody would have expected that the monsoon, there will be early onset of monsoon. The summer will be below average kind of summer. The spot prices will be higher. Therefore, the refineries in particular have shifted to alternative fuel. Handicap prices were also higher. Our four pipelines got impacted due to heavy monsoon. All these are the unique and one-off kind of situations. We maintain that next financial year, we will be having 134 MMS CMD - 135 MMS CMD kind of volume. Okay. Sure. Thanks, sir. Thank you. Thank you. The next question is from the line of Sabri from Emkay Global. Please proceed. Yeah. Good afternoon. I just missed your opening remarks. I think you mentioned something about tariff for the first two, three minutes. Can you please again touch that upon? You are talking of tariff approvals? I mean, initially, you started with the tariff part, right? I joined four, five minutes late. That's what I was like. It's not speaking about tariff. I only answered with respect to the question which earlier participant had asked about the tariff approvals, when it is likely to happen. If your question is that, I can repeat that answer. No, my question is on the opening remarks. Before you touched upon the results, you were updating something 2%, 3% which will be growing. I was updating about commissioning of various pipelines, not tariff. Okay. So that would lead to some sort of blended increase in tariff. Were you touching upon that? No, no. That will not increase. On company basis, it will change the tariff. Those are the MNJPL, [Kumar Mangal] are without pipelines. Their tariff is fixed. Overall company level, certainly it will change the blended tariff. Right. Okay. Got it. The second question is on this new pipelines only. I think these are bid-out pipelines, right? But Srikakulam-Angul is not bid-out, right? Srikakulam-Angul is also bid-out. We got three pipelines under bidding. One is Srikakulam-Angul. Second is Mumbai-Nagpur-Jharsuguda, and third is Gurdaspur pipeline. Right. I think the tariff is above INR 100 per MMBTU in each of them. That's a good tariff. Yeah. So I just wanted to know, given that you have got capacity left in the integrated network also, would you be able to push volumes in this tariff? I know Srikakulam-Angul is a specific route, but Mumbai-Nagpur has to be somewhat parallel to Jagdishpur-Haldia. What's the strategy? How is it parallel to Jagdishpur-Haldia? Jagdishpur-Haldia, eastern pipeline. There is a west-east pipeline. It's not parallel. I mean, it's connected only. I mean, that way, I think Hazira- Vijaipur, Jagdishpur-Haldia. It connects the terminal, yes. The market is different. Okay. Okay. How much volumes are you expecting in these new pipelines, say by FY 2027 or FY 2028? Anjana, do you have a rough? Around 2 million? Around Around 2 million? 2 MMS CMD. Next year, we expect around 2 million volume from these pipelines because these are beginning to start marketing or transmitting volume. Next year, we expect 2, then it will ramp up. Okay, sir. Thank you so much and all the best. Thank you. Thank you. Before we take the next question, participants may press star and one to ask a question. The next question is from the line of Yogesh Patil from Dolat Capital. Please proceed. Thanks for taking my question, sir. Sir, in Q2 FY 2026, our gas transmission segment per unit tariff realization has declined compared to Q1 FY 2026. Any particular reason in a reduction in tariff realization? Yeah. Actually, in Q1, we got INR 133 crore on account of tariff reconciliation on unified tariff, right? Which is not available this quarter. That is how the weighted average tariff or total tariff, weighted average tariff, rather, of Q1 was higher. This quarter, since that was one-off kind of thing, it is not available. Quarter on quarter, the average tariff will continue to change. Sometimes it will be higher, sometimes it will be lower. The major reason is that it depends which zone has transmitted how much volume because zonal tariff rates are different. One is the reason I shared about INR 133 crore. Second is also how much? Around INR 50 crore on account of weighted average. Okay. That INR 50 crore is on the weighted average basis. Yeah. Okay. Weighted average tariff is also not much changed, 60.68 to 60.11. Okay, sir. Sir, second question is regarding our upcoming petrochemical projects, which are expected to complete in FY 2026 and FY 2027, which you guided. Can you guide us what quantum of EBITDA contribution one can expect from these petrochemical facilities in the next one to two years? Any numbers you can share with us? If we talk first of the small capacity addition at PATA, I think which may not be very significant from your point of view, that is 60 KTA capacity PP we are putting at PATA. By this year-end, it will start producing. Since it is a facility at PATA, it will remain around the same level as what PATA is doing because nothing much is going to change. If you talk of PDHPP, which is a 500 KTA facility at USAR, this is going to be commissioned in financial year 2027, and effectively, it will start contributing in financial year 2028. If I start forecasting volume price for two years ahead, it will not be good on my part. If you talk of the kind of EBITDA tables in terms of dollar, maybe $250 per metric ton - $300 per metric ton will be the kind of EBITDA that will be available to us. That's based on our project approvals, and which holds good even today. Any updates on the JBF side, which will be completed in FY 2026? Yeah, it is going to be completed during this financial year. Any probable numbers which we can expect contribution to the EBITDA from that project for completion? We'll come back. Numbers, so we will give you because I don't have ready numbers available, we'll be able to share with you offline. Last question related to our new LNG sourcing contracts, which will start mostly from the next year, 2026. Need a small clarity. Are we able to regasify all of these new LNG cargoes at our Dabhol terminal? Because as you mentioned, that facility will be ready in the next year so that we will be able to operate it at 100% level, 5 MMTPA. Currently, let me answer it differently. Currently, we have 2.5 million ton capacity at PATA, which we have booked. Sorry, the Haze, and 1.5 MMTPA capacity at Dhamra, and 2.5 million ton I shared with you is almost available without even the heating system at Dabhol. Currently, we are able to manage our cargoes from these facilities. When the next year, the one more new contract will start supplying, certainly we will be needing more regasification capacities. Currently, we are working to tie up the additional regasification capacities with the terminal operators where we feel that the market is there. Meanwhile, our Dabhol terminal will also start functioning at 5 MMTPA. I believe that these capacities will still be not sufficient for demand we expect in our country. We have already taken a decision to expand Dabhol terminal from 5 MMTPA to 6.5 MMTPA, and discussing about increase of capacity of Dabhol terminal from 6.5 to a higher level. We are quite conscious of the capacity. Availability currently and the capacity requirement in future. Two actions are to sum up. One, we are tying up more regasification capacities with different terminal operators. Second, we are also taking actions to expand our Dabhol terminal beyond the existing nameplate capacity of 6.5 MMTPA and thereafter from 6.5 MMTPA to, say, 10 MMTPA or 12 MMTPA. Suppose 6.5 MMTPA target Dabhol capacity, evacuation pipelines would be ready, or do we need to inform PNGRB and they will ask us for the new pipelines to be? Already, for 6.5 MMTPA, we have taken action. The PNGRB has authorized the expansion of DUPL- DPPL pipeline. We are already starting the construction job. That concern is not there. As and when we take up the decision for further enhancing Dabhol terminal capacity, certainly we'll go back to PNGRB for further expansion. As of now, is it a correct understanding if we expand till 6.5 MMTPA, the evacuation of gas is possible with the existing infrastructure? That's the correct understanding? Yes, yes. Yes, yes. Thanks. Thanks a lot, sir. This was really helpful. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Vikas Jain from CLSA. Please proceed. Thanks for taking my question. A few questions. Firstly, your guidance of increasing volume in FY 2027 to, I think, 131 volume, 132 volume, which is roughly anywhere around 8 MMS CMD - 0 MMS CMD more than the average for this year. In that, how much could you give the breakup of that? What is the assumption of some of the lost power volumes, which has not happened this time? That coming back with that. Do you have the detailed breakup? Meanwhile, let me take up. Last year, we transported 133 volume, 131.volume This year, a lot of unwanted events have happened. Coming back to your question, from where 8 million- 10 million will come, the 3 million - 4 million, 3 million - 3.5 million will certainly come from the City Gas Distribution Company, which is a normal growth, which we have experienced this year also. The power volume is around 1.5 to 2 million was down. That will come up. That makes 5 million. Then 2 million, I shared that we will be having volume in MNJPL and Srikakulam-Angul. That makes 2 to 7. Refineries volume, which has gone this year, actually, we cannot expect every year to be same. Almost 2 million - 3 million volume we lost to refineries. One more event I shared is that four of our pipelines got impacted because of the heavy flood. Those volumes are around 1.5 million - 1 million. This is broad backup. I have not given any new market like coming to eastern sector or normal growth in eastern sector. This itself makes to 8 million - 10 million volume. I am corrected. Power is 3 million, not 2 million. Okay. Okay. Thank you. The other question was on the CWIP that we had at the end of, say, FY 2025, and also there will be a number higher than that at the end of this quarter. How do we see that is like over INR 20,000 crore now? How do we see the standalone number? How do we see that falling at the end of FY 2026 and the end of FY 2027 as your projects get, the pipelines get commissioned this time? By FY 2027, even the PETCHEM plant will get commissioned. Let me give you a broad answer to this question. Around INR 8,500 crore belongs to MNJPL, right? That is going to be commissioned by this financial year-end. That is a major setback. The PATA petrochemicals, PDHPP, around INR 1,300 crore going to get commissioned this year. Then KKMBPL, my colleague will give you a figure. I do not have readily available figure. phase II is going to get commissioned, which is also significant, maybe around INR 2,000 -INR 2,500 crore that will get commissioned this year. Jagdishpur Haldia, some capitalization will also take place in Jagdishpur. These four major CapEX. CWIP, around INR 13,000 - INR 14,000 crore, will be capitalized, likely to be capitalized in this financial year. PDHPP, USAR will get commissioned in 2027. Remaining CWIP belongs to PDHPP and is smaller to Gurdaspur. Largely, except PDHPP and Gurdaspur, which is a very small project, will get commissioned this year. Okay. Okay. Sir, just last thing. Any change in guidance, any update on gas trading or anything on that side in terms of? I have been maintaining since the beginning of this financial year that we will be earning around INR 4,000 crore- INR 4,500 crore on EBITDA level. We have already crossed INR 3,200 crore in first half in spite of the various negative things. We expect that we will certainly touch INR 4,500 crore of guidance at PBT level, and we may even exceed that. Okay. Anything for next year also, sir? Next year will be around same level. We do not expect any new addition to this guidance because a lot of things depend. In terms of guidance, I will maintain around that level only. Thank you, Rakesh Jian. Those were all my questions. Thank you. Thank you. Thank you. The next question is from the line of Vartharajan from Antique Limited. Please proceed. Thanks for the opportunity, sir. In the case of GAIL Gas, if you can give us a breakup in terms of CNG. Under GAIL as well? GAIL Gas, you are looking for breakup in terms of CNG, PNG. Supplies? That's right, yes. Let me see whether that data is with me or not. Yeah. Q2. We have bulk trading in GAIL Gas in 4.5 MMS CMD. Bulk trading, which GAIL Gas does. Then past PDM zone, which is UPM-based pricing, 1.32 MMS CMD. In terms of City Gas Distribution, which includes PNG, CNG put together, around 2 MMS CMD. Okay. Similarly for the 6GAs under GAIL? Sorry. 6GA? I can give you. 6GA. Actually, I don't have the breakup the way you wanted, but largely, it will be satisfying your requirement. We marketed 0.46 MMS CMD, which constitutes 0.17 MMS CMD as APM. Largely, it will be PNG and CNG, and some portion of RLNG also will be there. 0.29, we have used RLNG. I don't have the breakup you wanted, but I can give you offline. Sure, sir. I'll take it. My last question is on your JBF. I see that you have floated a proposal for connecting the pipeline to the port. Why would you even consider that in the presence of MRPL potentially, who can supply pretty much all your requirement in terms of paralleling? Actually, initially, we were expecting that we'll get supplies from MRPL, but somehow things could not materialize as of now when I'm talking. Anyway, even if we are able to tie up with MRPL in order to continuously run the plant, nothing wrong about having the alternative supply. It also gives us flexibility to take the benefit of price advantage. Currently, we do not have any contract with MRPL. That's the constant. Second, it always provides a price opportunity and redundancy of the sources. These are the two reasons why we are laying the pipeline connecting port for importing paragliding. Fair enough, sir. Thanks a lot. Thank you. The next question is from the line of Gaurav Jain from ICICI Prudential. Please proceed. Sir, just one question from my side. This INR 4,000 crore- 4,500 crore marketing guidance that we gave, that is at the EBITDA level or EBIT level? Is it EBIT or EBITDA? It is actually PBT level. PBT level, right? If you talk of margin level, I also shared those numbers. It is around 2,866. If you are interested in EBITDA level, 2,866. I shared that also. Yeah, but the guidance of INR 4,000 crore- 4,500 crore is at PBT level. PBT level, yes. Got it. Very right. That's it, sir. Thank you, sir . Thank you. The next question is from the line of Somaiah from Avendus Park. Please proceed. Yeah, thanks for the opportunity, sir. Sir, first question is on the volume for FY 2027. You did explain in terms of what are the factors that will drive that 8 MMS CMD- 10 MMS CMD. We also used to have a startup of new refineries, which would contribute and also some ramp-up on the fertilizer plants. Is this considered into FY 2027, or is this more of an FY 2028 phenomenon, or what is the potential new industries getting connected? We have included that when we are talking of the refinery segment. It includes the upcoming new refineries which are likely to get connected on the eastern part of the country and also the existing refineries which have taken slightly less during this year. When you said the refineries will add 1 MMS CMD- 2 MMS CMD, does this include both these factors? No, no. Number is not correct. The statement is correct. Actually, there are two factors. One, the volume is lost, right? And another new. We said around 2 MMS CMD - 3 MMS CMD, not 1 MMS CMD - 2 MMS CMD. When Vikas asked the question, I said around 3 MMS CMD will get because lost volume and the new refineries. Got it, sir. Which are the refineries that we are looking at, sir, or the incremental volumes? The new ones to be connected are Haldia and Bongaigaon and [Rohaati]. Got it, sir. Sir, any further upside in fertilizer plants ramping up or any upside that is left, or is it fully come up? Oh, yeah. Fertilizer plants have already ramped up. Understood, sir. Sir, also second question. If you talk of the addition by congestion fertilizer, there are some plants which are actually doing capacity expansion. We also understand there are proposals to put plants in maybe Maharashtra and also Chhattisgarh. In those terms, certainly, there will be additions to the transmission volume. In terms of existing, just it's ramped up. Got it, sir. Sir, also in terms of gas consumption for transmission, the system used gas consumption, the quantum and the pricing, is it still HPHT? If you could just help on that. Also on the petrochemicals and LPG side, the quantum of gas consumption. What is your specific question? The system used gas consumption and transmission side. It used to be 1.5 MMS CMD, 1.6 MMS CMD for the gas transmission segment. Yeah. And 1.44 for LPG and around 5 for petrochemicals. Sorry, sir. With the transmission, what number you had mentioned, sir? 1.6. 1.6. The pricing, sir? It is at the HPHT, the 1.6 MMS CMD? Actually, we always endeavor to get the cheapest available sourcing, one of the cheapest for even for this internal congestion transmission. You can, for your working, consider around HPHT level. Understood. Sir, in terms of marketing of the total volumes that we do, broadly, what would be the back-to-back contracts that we will have? What are the quantum of spot exposure, if you can give some color on that? Also, the basis swaps that we do, to what extent it covers our portfolio currently? I understand you know the portfolio of GAIL. Let me, for the sake of your reputation, we have currently contracted volume of around 16.5 million ton. Out of 16.5 million ton volume, 1 million ton will start flowing from next year. That is withdrawn. The 15.5 million ton volume is currently flowing. Out of that, only 0.75 million ton, or even less than 0.75 million ton, is open. Rest is back-to-back. Only some of the volume, which is not back-to-back in terms of the index. One of the contracts we have, wherein we have the formula, upstream formula on JCC and nine months average, and downstream we have a formula on Brent three months average. To that extent, you can say it's different, but we've considered that also back-to-back because it only leaves a cash flow issue. Over a period of time, nine months and three months average give the similar kind of cash flow. We consider those as a back-to-back contract. If we consider those as a back-to-back contract, only 0.75 million ton, you consider that we have open volume around 2.53 MMS CMD of handicap volume, which we have, you can say, consider that we have kept willfully available to us in order to take the benefit of market arbitrage sometime in domestic market and sometime in international market. That's the only volume we have. In terms of spot volume, spot volume we source time to time in order to fulfill the demand of our existing contract because we contract downstream more than we have the sourcing. In order to fulfill those demands, sometime we source spot and also to meet the demand like power, we source spot. That largely remains 10% - 15% or 10% kind of spot volume we have on average basis. This is quite helpful, sir. Just one follow-up there. In case this 95% or 96, 97% where we have back-to-back contracted, if there is a difference in basis, for instance, it's a handicap whereas the end consumption is on the oil link basis, we would have had a basis swap to cover it. That's the right understanding, sir? Let me give you, again, repeat. Handicap volume, only 3 MMS CMD, 2.5 to 3 MMS CMD are only open. Remaining 17, 18 million are on back-to-back. We do not have any basis risk. Regarding 2.5 to 3, whatever volume is there, yes, we have basis risk if we supply on crude base. We have basis risk if export prices we have differently and we sell on spot. We continue to take swaps for those volumes also, not 100% level. We continue to take swaps maybe at 50%, 45 to 50% level, depending on the opportunity provided by market. That's only, only, only risk we carry. Thank you, sir. This is quite helpful, sir. Thank you. Thank you. The next question is from the line of Pratyush from Incred Equities. Please proceed. Hello. Good evening, sir. Thanks a lot for giving this opportunity. I have two questions. First is on the transmission, the realization. I just wanted to understand that. Do you actually get the realization and the revenues to the weighted average of the zonal tariffs? Is it the correct way to get the revenues out there from the transmission segment? Or there's some other thing also which is mentioned on PNGRB website about the integrated tariff. Does GAIL have something to do with the integrated tariff also, or you just do the weighted average cost and you take out the zonal tariffs and the volumes which have been supplied in those respective zones, and you get the revenues? Is it the correct way, or again, is that something to do with the integrated tariff? We get the integrated tariff rate. Integrated tariff has also been divided into zones. Integrated tariff rate is, say, INR 58.60, like that. That has been divided into three zones: Zone 1, Zone 2, Zone 3. These are three different tariff rates under the same average tariff of INR 58.60. When you talk of weighted average, it depends which zone customer exists. If customer exists in Zone 3, you will get higher. Understood. Your integrated tariff would ultimately change if Zone 3 customer draws more gas compared to Zone 1. It totally depends on which zone. Hello? Yeah. Hello? Yes, yes. Okay, sir. My second question is regarding the customer portfolio. You very well talked about the sourcing portfolio when the marketing division of GAIL is concerned. What is the sourcing portfolio in terms of back-to-back contract, handicap, and how do you usually reduce your risk? Just wanted to understand what is the portfolio of the customers to which you sell those gases. For example, you have a contract of 15.5 million ton of natural gas. There would definitely be some priority customer. There would be some non-priority customer. Is it something that you do have some fixed kind of margin for the priority customers, some different kind of variable margins for the, or the market-determined margin for the non-priority customers? In that non-priority customers or in that market-determined margins, you do have cost plus markup or inclination of something like that. How do you—what is your customer portfolio in terms of marketing division? Actually, market-driven price, we market—what is market-driven price? The imported gas. In order to give more clarity to your question, out of 16.5 million ton, we are yet to start getting gas for 1 million ton. From 15.5 milloin, 4.8 million ton is almost on a fixed margin, which increases every year. Okay. Understood. This 4.8, Yeah, 4.8. Continue, sir. Another 3 million ton volume we have again on same margin, but I shared just before that that contract, we have fixed margin, but there is some cash flow issues. We source on nine-month basis, and we market on three-month basis. Whenever crude price goes down, our realization reduces for a time being, and our upstream payment becomes higher because nine-month average takes time to come down. Whenever crude price goes up, we get more margins initially, and then it starts reducing. We consider them again back-to-back, but there is some averaging issue. That is 3 million ton. It makes 7.8 million ton. Coming back to the remaining 5.8 from United States and also 0.75 million ton we recently sourced from Middle East, these contracts purely are varying margin depending on the time we marketed, the kind of ability we had to get the margin. These have varying margins depending on time when we contracted with the customers. Okay. Understood. The 4 million ton. Let me give you. Over and above, we also have ability to optimize these margins because the United States volume is on FOB basis. What we do in order to reduce the cost, we do shift swaps. That is, we call destination swap or FOB sale and DS purchase. We continue to do that and are able to reduce our shipping tariff. That also is helpful in optimizing our profit or increasing our profit. Understood, sir. In that 4 million ton, which you mentioned that you do have a fixed kind of margin, is it being sold to the priority customers where you probably usually get the margin swap somewhere around INR 200 per 1,000 SCM, something like that? Yeah. No, no, no. No, not INR 200. No clarity. When we marketed, we marketed on whoever wanted to buy those volumes. These are largely we have contracted with fertilizer customers. The margins are fixed by the government for the fertilizer customers? Not by government, but by the parties. It continues to increase 5% every year. Okay. Okay, sir. Understood. Thank you. Thank you. The next question is from the line of Nirmal from Aditya Birla Sun Life. Please proceed. Hello. Am I audible? Yes. Okay. Hello, sir. Thank you for the opportunity. Sir, you mentioned about expecting 2 MMS CMD- 3 MMS CMD of power sector demand coming back in the next year. Just wanted to understand in the context that government has, in March, April, recently closed some of the old gas-based power plants. There was a statement in August by the Chairman of Central Electricity Authority that India is planning to phase out import of natural gas for power production. When we say that power sector demand will come back, do you expect it to come back for peak power demand usage or also for base demand, considering that LNG prices might go down significantly next year? Let me answer first. We are not aware of what you said. We'll have to check up. We are not aware of any such kind of information. Coming back to specifics, we continue to sell around 5 MMS CMD- 6 MMS CMD regularly, even without peak power demand, to power sector. We have more demand for peaking during the period, maybe May to September, October, which is, you can say, the peaking power demand, which comes in significant amount. There are days when we had marketed last year 20 MMS CMD kind of volume to power sector. Thirdly, now we are experiencing that power sector is also coming up with regular demand, largely to balance the grid because a lot of renewable energy is coming. As you know, that renewable energy only is able to provide the power during day hours. During non-peak hours, in order to maintain the supplies, that demand also comes. These are three different regions while power sector demand is existing and continues to increase. Okay, sir. Thank you so much. Thank you. Due to time constraints, that was the last question. I now hand the conference over to the management for the closing comments. Over to you, sir. Thank you very much, our friends from the analysts and investors community, and I hope we have been able to answer your questions. I know one or two questions will pass for offline discussions, and we will certainly be providing that information to you, and you can connect with our investors' relations team. Over and above, if you have any more questions you might have missed or wanted to ask, due to time limitations you could not have asked, we are always available to answer your questions. You can connect with our MEC and IR team. Thank you very much. Thank you. On behalf of Phillip Capital Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.