Good morning, everyone. I'm pleased to present a resilient set of financial and operational results. Before turning to the numbers, it is important to acknowledge that the current operating environment continues to be challenging. The global aviation landscape is currently weathering a complex storm, and as a major international airport operator, we remain watchful of the broader macroeconomic and industry dynamics. Ongoing geopolitical conflicts have driven a dramatic spike in jet fuel prices, with aviation turbine fuel now consuming 55%-60% of our airline partners' operating expenses. This volatility, coupled with airspace closures, has forced capacity rationalization, including temporary international route suspensions this summer. Consequent fuel surcharges have driven up airfares, causing a temporary slowdown in immediate passenger traffic. The ecosystem's response has been highly supportive. To protect the industry's structural health, the Government of India and key states have intervened decisively in Delhi and Mumbai, recently slashing VAT on ATF to 7%, and Ministry of Civil Aviation has provided direct relief by cutting domestic landing and parking charges by 25%. As an airport operator, our business is built on long-term infrastructure horizons and not single-quarter cycles. We must separate transient operational friction from India's secular growth drivers, which remain intact. The structural investment thesis continues to be validated by global authorities. The World Travel & Tourism Council's May 26 research reports the global travel and tourism sector to outpace the wider economy by 1.5 times over the next decade. Within this global backdrop, India remains our primary growth engine, driven by an expanding middle class and irreversible infrastructure momentum. Consumer appetite and fundamental desire to travel have not diminished. The current softening is transitory due to the Iran conflict and should not be viewed as a structural decline in demand. As management, our strategy is clear. We are navigating the next two quarters with strict discipline, aggressively optimizing our non-aeronautical revenue streams, and working closely with airlines to maximize asset utilization. Our long-term strategies remain firmly on track as we are building for the next decade of Indian growth, not just next quarter. On that note, let me delve into our Q4 fiscal 2026 performance. Momentum in total income continued with quarter four at INR 40.4 billion, up 36% year-on-year, and fiscal year 2026 at INR 152 billion, up 40% year-on-year. More than 50% of this income has come from non-aero businesses, and about a third came from the aero revenue. EBITDA for the quarter grew 38% year on year to INR 15.5 billion, and for the full financial year 2026, EBITDA reached a record high of INR 61.5 billion, up 47% year- on- year. PAT for the quarter came at INR 4 billion versus loss of INR 2.5 billion in Q4 FY 2025. Importantly, for FY 2026, reported PAT of INR 472 crore was positive for the first time in over a decade. Consolidated net debt, excluding FCCBs of INR 28.8 billion, which are deep in the money and will convert into equity, stood at INR 340 billion, decreasing by INR 4.7 billion versus Q3 FY 2026. GAL standalone net debt decreased by INR 3.4 billion, partially offset by increase of INR 4.2 billion at Bhogapuram. For fiscal 2026, net debt to EBITDA stood at 5.5x and is poised to go below 4x in the next 18 to 24 months. This should be viewed in the backdrop that now we have added Nagpur in the portfolio as the government has finally taken the decision. GAL is currently rated A+ by CRISIL. On the operational front, traffic at GAL- operated airports rose 1% year-on-year in Q4 fiscal 2026, reaching 31.7 million passengers. This excludes Cebu. Despite multiple disruptions throughout the year, GAL served a record 121.6 million passengers in fiscal 2026. Total income at Delhi airport rose 23% year-on-year to INR 20.2 billion in quarter four and rose 33% year-on-year for the full fiscal 2026. Aero revenues rose 161% year-on-year in fiscal 2026, driven by the implementation of revised traffic tariffs. As a result, EBITDA for quarter four was up 32% year-on-year to INR 7.5 billion, and increased 64% year-on-year for the full fiscal 2026 to a record INR 28.8 billion. With this, the airport has reported a profit of INR 1.2 billion for quarter four and INR 4.8 billion for the full fiscal 2026. At Hyderabad, total income for quarter four was INR 6.2 billion, up 5% year-on-year. For the full fiscal 2026, it was at INR 25.8 billion, up 10% year-on-year. Non-aero revenues were particularly strong in fiscal 2026, up 23% year-on-year. EBITDA for quarter four was up 2% year-on-year to INR 3.6 billion and was up 9% year-on-year to a record INR 16.1 billion for full fiscal 2026. The airport continues to be PAT- positive on a quarterly and yearly basis, with FY 2026 PAT at INR 4.3 billion versus INR 1.9 billion in FY 2025. Mopa Airport continued its operations with a reported total income of about INR 1.1 billion in Q4, down 5% year-over-year, and INR 4.1 billion for the full FY 2026, down 7% year-over-year. Aero revenue declined 12% year-over-year due to the special incentive program to attract airlines, the impact which is already visible in traffic, which rose 15% year-over-year, and non-aero revenues which saw a 25% year-over-year growth. The airport continues to report positive EBITDA with Q4 FY 2026 at INR 502 million, and FY 2026 at INR 1,273 million. The notable achievements during the quarter are combined aero yield per pax or YPP in Q4 was INR 434 in Delhi, Hyderabad and Mopa, and non-aero income per pax or IPP was INR 640, and this includes all revenues from non-aero businesses adjusted for revenue share paid to airports, as well as non-aero revenues reported by Delhi, Hyderabad, and Mopa airports. Momentum for our adjacency business is accelerating, and as we advance towards our long-term ambition of building GAL into a scaled consumer platform, firmly supported by the resilience and discipline of our core utility operations. At Delhi, duty-free achieved the highest monthly sales in January 2026. While at Hyderabad, highest monthly SPP was reported for March 2026. The increased duty-free allowance of INR 75,000, as announced in the last Union Budget, is now implemented. At both these airports, duty-free sales commenced at international lounges. At Hyderabad, GAL operationalized phase one of new larger duty-free store departures. Moving to cargo, GAL won the Cargo Terminal 1 concession which it was already operating, but on an interim basis, post the termination of the previous cargo concession. At Bhogapuram, work has already begun operationalizing the non-aero businesses as soon as the commercial operations at that airport are commenced. At Delhi, Pier C in Terminal 3, which was earlier a domestic pier, has been converted to international, increasing the terminal's international capacity by 50% to 32 million passengers. This is in line with our overall strategy to capture as much of international traffic, which is the high-yielding traffic, going forward. Operations will commence shortly, that will enable us to further expand our non-aero offerings to international passengers. Hyderabad Airport commissioned Cargo Terminal 2 with an initial annual capacity of 50,000 metric tons with a scope of expansion to 100,000 metric tons. The terminal also features a large fully temperature controlled pharma zone, purpose-built for handling pharmaceutical and perishable cargo. Construction on multiple airport land development projects is underway at all airports, details of which are available in the results presentation. Fiscal 2027 will see handover of our first self-development commercial building in Delhi Aerocity, where the pre-leasing discussions are already underway. Here I would like to highlight that as articulated many a times in the past, right we have built our second platform of business. We are very much focused on building our third platform, which is the real estate development business. The MRO business signed an agreement with Boeing Defence India to undertake Phase 56 heavy maintenance checks for the Indian Navy's P-8I maritime patrol aircraft lease, expanding our capabilities into the defense sector. Work on the new airport construction is steadily progressing. At Bhogapuram, 98.7% of physical progress has been achieved as of March 26. We aim to operationalize the Bhogapuram Airport in quarter two of the current year, much ahead of our original target date of December 2026. At Crete, 69% progress has been achieved as of March 26. In line with its responsibility as a leading airport operator, GMR Airports is deeply guided by robust ESG principles. The ESG slides in the presentation as well as our fiscal 2025 sustainability report highlight all our initiatives and achievements on this front. GMR-operated airports and subsidiaries continue to define global benchmarks with leading accolades, reflecting our relentless pursuit of excellence and innovation. These milestones reaffirm our commitment to delivering superior infrastructure and enhancing long-term shareholder value. In closing, fiscal 2026 is not just another milestone, but a testament of the progress we have built over the years. Our strategic initiatives are now gaining traction, shaping GMR Airports into a global, diversified, and future-ready infrastructure platform. The presentation with all financial numbers is already available with you. If not, you can download it from the IR section of our website. We are available to respond to your questions on this call and offline after the call. Now I would like to open the forum for queries that will be addressed by my colleagues and myself from the corporate and the business teams. Thank you. Thank you. We will now begin the question- and answer- session. Anybody who wishes to ask a question, press star and one in your touch-tone phone. If you wish to withdraw yourself from the question queue, you may press star and two. At this time, I would like to give you a chance for asking a question. Ladies and gentlemen, we will wait for a moment while the questions are submitted. The first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Good morning. Thanks for the opportunity. Congratulations on a very good year. My first question is, sir, can you please help us with the reason? There's sharp improvement in share of profit of investment accounted for using equity method. The particular line item has seen a jump from INR 21 crore in FY in Q3 to INR 161 crore in Q4. G.R.K.? This is basically because of the claims received by the Crete Airport from Government of Greece. This has been accounted for by the Crete Airport, around EUR 62 million. After net of taxes, the proportionate amount of 21% has been taken in our share of profit is around INR 100 crore. Understood. My second question is, sir, there was a big tax item which appeared in the Hyderabad Airport financials, which is around INR 97 crore odd negative number but while it was positive for last three quarter. Anything there which is exceptional? It is not exceptional. As you know, there's a new tax regime coming into force this current financial year onwards, which is now mandatory more or less to all the corporates. Hyderabad Airport is now moving from 55% tax bracket into 25.17% tax bracket. Accordingly, the entire corporate tax liability, which was created earlier, has been reversed to the extent of INR 120 crore. Understood. That's very helpful. My third question is can you just walk through the CapEx number for FY 2026 and the expected CapEx in FY 2027 across your various businesses? The CapEx across the businesses in the next financial year 2026, 2027 will be more or less only in case of the Bhogapuram, because other airports are doing only operational CapEx. Bhogapuram will be incurring maybe around INR 700 crore-INR 800 crore to complete the project in 2026, 2027. Understood. What was this number for FY 2026, sir? FY 2026? FY 2026 was almost around INR 1,800 crore we have spent. This across various businesses, right? Yes, sir. Everything in CWIP. Understood, sir. That's very helpful. Thank you. Thank you. Next question comes from the line of Nathan Gee from Bank of America. Please go ahead. Hi, sir. Thank you for the call. Maybe two questions from me. Firstly, the second runway at Delhi Airport is opening soon. Are you seeing any signs of whether cargo or passenger flights? That's the first question. Second question is just on Hyderabad and domestic traffic. April is still showing a softening. Obviously, some of that's probably war related. If the war ends, do you expect to actually start to see some improvement in that traffic when we look to 2026, 2027? Do you think IndiGo could be able to restore flights or have other airlines expressed some interest in adding into those slots? Thank you. Nathan, thank you for your question. I'll answer your second question first. We do expect improvement in conditions maybe in the second half of the current fiscal year. The current first half is pretty much locked in, and it has been adversely impacted by both airspace closure and also the conflict in Iran. In the second half, we do expect this to improve. Even if we were to achieve what do you call a settlement between the U.S. and Iran today, it will take at least a few months for things to normalize. That is our understanding on the outlook. The second part is also this happens to be also a lean season. We don't expect too much of an increase in traffic in the current conditions. September onwards, I think we should be in a much better position compared to the first half of this year. Coming to the second airport at Noida, we don't see any airlines switching over or giving their slots at Delhi Airport and moving to Noida Airport. I think that airport will generate its own demand. We have seen because we have operated in another city which has two airports, which is Goa, where when we came in, we actually created our own demand and the whole system traffic went up. We do not expect any cannibalization of demand from our airport to Noida Airport on the passenger side, for sure. On the cargo side, there may be some impact because that part of the country has lots of industries which are more dominated towards agri products and also automotive which may form the bedrock for cargo traffic to develop in that airport. Beyond that, we don't see any impact. We are working. Our team members are pretty much giving adequate support to the industrial houses to ensure that the cargo traffic continues to be handled at Delhi Airport. I don't expect any downside on either the passenger or in the cargo business as such. Thank you. Thank you. Next question comes from the line of Prateek Kumar with Jefferies. Please go ahead. Hi, Good morning, sir. I have two questions. Firstly, on your traffic question, based on the current situation of macro, should we try to assume like in FY 2026, you had maximum single growth, probably just to slightly better at maybe 3% to 5% growth in terms of overall traffic for the year? Again, it's difficult to predict, but given the impact of previous, we should look at like 5% growth soon. No, absolutely, Prateek. I think we need to keep into perspective that fiscal 2026 had an unfortunate accident with Air India in Ahmedabad, which, of course, forced Air India to get all their planes re-inspected under directions from DGCA. That, of course, had an impact on capacity available for travel. Second part is that again, a black swan event of a conflict in the Middle East has impacted traffic because it has added about one and a half to two hours of travel time from India to Middle East by the Indian carriers. As you may be aware, Indian carriers still cannot access Pakistani airspace. That airspace is closed. From Delhi, carriers have to go down a little south, and then they cut across into Europe with some technical stopovers in Europe before they fly into North America. That has impacted the traffic. It has impacted ticket pricing. We believe that these are all transitory in nature. A flat 1% growth going to about 5% - 7% growth for the full fiscal year guidance, I think we are pretty much on there. We are pretty confident that we will achieve. You also need to keep into perspective that two new airports in our portfolio, it will go live, it will add to the numbers. Bhogapuram will commercially open in quarter two of this fiscal year. Nagpur is a brownfield airport that will also start contributing in quarter two. These will add to the traffic. From an existing portfolio perspective, I think it's reasonable to assume a 5% - 7% growth overall. Sure. On Hyderabad, traffic has been declining in the past few months. I know you have lost some traffic to or how should we look at that in the quarter? I think people usually compare Hyderabad and Bangalore, and I think Hyderabad's pace of growth was far higher compared to other airports, including Bangalore. It's a process of normalization and rationalization that the airlines are taking, which are pretty much normal in their planning process and our planning goes pretty much in line with their planning. Not much to worry about. It's just things are getting only rationalized and normalized there. If you look at last year or the last two years, Hyderabad galloped much, much faster than the other airports. Okay. Third question on GAL platform. We added major businesses on duty-free and cargo in FY 2026. Do you think we should be looking towards what we should look forward to for FY 2027 and 2028 in terms of incremental growth potential which can add growth to the platform business? For the non-aero platform business, I'll ask my colleague Rajesh to actually pitch in. Broadly, what I would like to highlight to you is that our strategy of creating a platform from non-aero is now reflecting in numbers. Non-aero platform numbers are now higher than Hyderabad Airport numbers. Okay. You need to appreciate the strategy where with least capital employed, we are creating revenue and earnings. On an overall basis, what the outlook is, I'll just allow Rajesh to give his perspective. Thanks, Saurabh. FY 2027, Bhogapuram will become operational soon. It seems to add significantly non-aero businesses, which are part of GAL platform. Those will get added. Saurabh just mentioned, we got Nagpur Airport. We'll also be looking for non-aero related opportunities in Nagpur. We are also evaluating a few opportunities outside of GMR. It is too early to even talk about that at this point. We'll let you know once we reach a certain speed. Our endeavor is to get as many businesses as we can get from our own airports, also actively looking at opportunities outside of GMR Airports. Just to also add to what Rajesh is saying, I think when we were creating this platform, we were looking at a secular growth in the business of anything of 17%-18%, correct me if I'm wrong, Rajesh. We believe that organically, the existing businesses will continue to grow with that kind of CAGR. Thanks, Saurabh. You're right. We are looking at upward of 15, 16% of growth year-over-year. One last question on your Hyderabad tariffs. We have price for that, which we have given. What is the phase there and how should we look at tariff for FY 2027, 2028 in the next tariff period? The tariff application was already filed in last financial year, and the RI is at active stage of considering the application. We are expecting the tariff should come in the third quarter of this financial year. The tariffs, of course, we can't give exactly the number, but the tariff will be much better than the current tariffs. Sure. I get that. Thank you. Thank you. Next question comes on the line of Karthik Chellappa with Indus Capital. Please go ahead. Thank you for the opportunity, sir, and congrats on the quarter. I have three questions. Mr. Chellappa, sorry for interrupting. We cannot hear you. Can you speak a little louder? Okay. Is this any better? No. No. Okay. Are you able to hear me now? Yeah, a little better than before. Please continue. Thank you. Congrats on the quarter, sir. I just had three quick questions. The first one is, if I were to look at the Delhi Airport non-aero revenue growth this quarter, it was a bit soft. Apart from the geopolitical developments and the airspace restrictions, was there any other factors or so which impacted that growth? When can we expect to see some sort of recovery in that particular revenue item? Rajesh? Yes. I think when you look at the non-aero absolute volume and growth, since the traffic growth has been suboptimal, it is also reflected in the overall non-aero revenue growth. Secondly, there were a couple of waivers which were pertaining to earlier periods. Those have also been accounted for. Net impact of that. If you see in terms of our SPP growth for non-aero, it has been in this quarter, has been in the range of about 5% or so, which is again, we generally look at 7%-8% SPP growth. If you see it in that light, yes, it is slightly lower than what we generally achieve. Those are these two reasons which I just mentioned. In case of the Delhi Airport, in terms of non-aero revenues, there was some reversal of about INR 23 crore of the cargo straight-lining of the deposits that has impacted. Otherwise, the growth was normal. There are certain reversals which have to happen that have been taking place. Okay. Excellent. My second question, sir, is on Hyderabad. We already talked about the softness in the traffic for the fourth quarter as well as some of that also in April. The absolute EBITDA growth this quarter, which has also been soft, which has resulted in some level of margin compression. If we are expecting the normalization to happen in the second half of this year, can we then say that in the first half, the margins at Hyderabad Airport will still be range-bound and somewhat under pressure simply because the volume is yet to normalize whereas the costs are sticky. Would that be a reasonable inference? No. Generally, your comment would be accurate. We are also able to control our costs quite effectively. From a guidance perspective, I would say that the first half of the year will be softer, and it will recover in the second half. From a general comment of yours, I would align with that. Okay, excellent. My last question, sir, is just if we were to look at the net debt, we have seen some moderation quarter-on-quarter, and most of that has actually come at the GAL standalone level. Now that Bhogapuram will be operational, let's say, in two quarters down the line, and we really don't have a lot of CapEx lined up for FY 2027, can we assume that the net debt trajectory from here on will actually be on a downward trend? No. In 2026-2027, the Bhogapuram CapEx, the final payments will come up, which will be around INR 700 crore-INR 800 crore. The net expense debt will go up because the entire equity infusion was already completed. Other than that, maybe a little debt will come up in case of the Nagpur. Other than these two, there are no further debt risings. We can assume about INR 700 crore-INR 800 crore of the final payments of Bhogapuram on its books and about INR 200 odd crore coming for Nagpur. About INR 1,000 odd crore in total debt will go up, and of course, there will be some mandatory debt payments that are happening that will adjust for the downward slope. I think the key thing that you really need to look at is what is my net debt to EBITDA number. That is the metric that you have to follow more accurately than the absolute number of debts. Okay. Sir, just to confirm, you had mentioned that at Delhi Airport, your international passenger capacity has now gone up by about 50%, about 32 million. How many years of demand do you think this can cater to? Just if you had to hazard a guess, some specific guidance, because right now I think we are doing about 21 million, 22 million. I'm just trying to see how many years of demand can this actually service before there needs to be expansion. This will cater for the next four to five years of the international traffic growth. By that time, we will able to see whether any additional capacity will be created. This will take care of next three to four years requirement of international traffic. Okay. That's all from my side, sir. Thank you very much, and wish you and the team all the very best. Just to add to what G.R.K. Garu highlighted, I think we are very well covered for the next five years. The way the design of the airports have also happened, there's a lot of flexibility available. As you are aware, our strategy is to capture more and more of international traffic that helps in our non-aero business. If some CapEx needs to be incurred after four, five years to convert any particular part of the terminal or pier into an international one, will be undertaken. Excellent. Okay. This is perfect. Thank you, sir. Thank you very much, and wish you and all the very best. Talk to you soon. Thank you. Thank you. Next question will be the line of Kaseedit [audio distortion] Hi. Congrats for such a strong result. I have four questions, half of them being mentioned. Firstly, I would like to follow up on the quarter jump. You mentioned about INR 1 billion came from claims from the Greece Government on Crete Airport. Can you please further elaborate what the claims are for? Even if I take away INR 1 billion, the remaining INR 720 million is still quite a sizable quarter-on-quarter jump. What's that driven by? Is it by advertising revenue or something like that? Let's start with that first question. Thank you. In case of Greece, as you know, the construction period has to be extended by two years due to the COVID. It is a cost measure, and the airport has made a claim on the government for the loss of profit for the two financial years, 2025 calendar year and 2026 calendar year. Accordingly, the government of Greece has considered the claim for the entire calendar year of 2025 is about EUR 62 million, but they have already disbursed for about the six months of claim has already been received. Considering that EUR 62 million claim, which has already been accounted for in the books by the Crete company, after net of taxes, because this will come as an increment on that, taxes have to be paid around about 25% rate of tax. The balance amount is again distributed among the shareholders. GMR holds about 21.6% stake. That translates into around INR 100 crore as our share of profit. Is it clear? Yep, that part is clear. Next is such a strong, excluding that amount, still quite a strong Q1 in Greece. What is the driving force here? Kaseedit, we have international JVs, we also have JVs in Delhi Airport and Hyderabad Airport. This remaining, what you are talking about is with respect to the Delhi Airport and Hyderabad Airport. Especially if you look at Delhi Airport, the big one is and also, you know that cargo was there for some time. All those are also accounted for in the difference what you are talking about. Similarly, in Hyderabad also, some amount is there. All these are JV ownerships. Okay, that's very clear. Thank you. Next question is on Hyderabad tariff. I think about a year ago, I asked the management and you mentioned that because there's not much traffic to Hyderabad, we should be expecting also flat tariffs heading into the next regulatory period. What has changed that led to upward guidance in the passenger service charges in Hyderabad? Thank you. I think we have already explained in the last call that Hyderabad Airport has filed an application for the tariff determination for this current control period, considering even the expansion. The Hyderabad Airport has built 34 million capacity, which is almost full. It is operating. We have already considered, presented to the regulator that there will be an expansion on northern side of the airport. Considering that expansion CapEx also included, of course, the benefits of this expansion may not come full amount because the expansion we get completed by 2031, 2032, but small amount of some portion of that expansion benefit also is expected to get in the tariff determination. This is one point. The second point is, in the third control period in Hyderabad Airport, if you look at it, the regulator has postponed around INR 600 crore of the revenue to the fourth control period. That INR 600 crore on NPV basis, about INR 1,000 crore additional revenue Hyderabad Airport is entitled, which the regulator is going to consider. That will also add additional revenue, additional PAT, EBITDA PAT. These are the two factors which we are considering that there will be improvement in the yield per pax in case of Hyderabad. Okay, that's clear. Thank you. Last two questions. On Bhogapuram Airport, how much jump in depreciation, the amortizations per year we can expect? The last question is, can you please elaborate more on why this quarter we have such a large tax credit? Thank you. In case of the Bhogapuram Airport, the entire project cost, which we have already explained, is about INR 47 billion. The depreciation will be on an average around 4%-5%, is about INR 200 crore will be the depreciation in case of the Bhogapuram Airport. Since it is going to be operating only for about three quarters, the depreciation should be around INR 150 crore-INR 150 crore as far as the Bhogapuram Airport is concerned. Regarding the tax credit, which we have taken in case of Hyderabad, is basically a reversal of the deferred tax liability created. When the tax provisions were at 35%, we have kept creating a tax liability for future years. Since the tax rates have come down from 35% to 25.17%, there was no need to keep that liability. That extent we have reversed, which is about INR 120 crore in case of Hyderabad Airport. Okay, that's very clear. Thank you. Thank you. Next question comes on the line of Ankita Shah, Elara Capital. Please go ahead. Yeah, thank you for the opportunity. Firstly, sir, how much traffic can be added by Bhogapuram and Nagpur? Except that, how much our total portfolio can grow, which gives us better clarity on the 5%-6% growth for the full year number that you are targeting. Just want to see how much new airports can add and how much our existing portfolio can grow in terms of traffic. As far as the Bhogapuram is concerned, the Vizag Airport is handling around 2.95 million. If you consider the nine months period, we can expect around 2.25 million, minimum. We are expecting better growth because the Vizag Airport doesn't have any night landings and takeoffs. We are expecting a better traffic, maybe better than 2.25 million for a period of nine months. In case of the Nagpur, it is also operating around the INR 2.9 million traffic. If we are going to take over in the third quarter, I think second quarter, we are going to take over this current financial year. Then we will be operating around 2.25 million on yearly basis for the remaining nine months period. Both put together will be around 5 million we'll be adding in this traffic. In addition to the natural growth in Delhi and Hyderabad. Also, any tariff applications in place for both Bhogapuram and- In case of Bhogapuram, tariff application has already been filed. As per the latest guidelines issued by the regulator, they will release the full tariff only after the assets have been fully capitalized and the financial results are available. We are expecting by end of this month or before starting of operations, an ad hoc tariff from the regulator, which will be around 75% of the expected full tariff. That is in case of the Bhogapuram Airport. Since we have already filed application, we can expect ad hoc tariff before starting operations. As far as the Nagpur is concerned, it has already got existing tariffs. That will be continued for some time till we finalize the master plan and file the application with the regulator for the tariff determination. Okay. Also, you mentioned about the growth in the real estate segment as well. Are we looking at any CapEx for developing the real estate on our own? We are doing few projects already. Maybe, Aman, you can just highlight what is the current CapEx plan there for the current year. The next business plan, of course, will be in the future. Currently in Delhi, there are three projects that are under development. We have a hotel project leased to Chalet, 400 keys. That hotel building will be ready for handover this financial year. There is an office building in Aerocity, which is also under development, scheduled for completion towards the end of this year. Then there is a hospitality project, which is just started. Again, a building lease to a client. That project is about 1 million sq ft total built-up area. It has very recently just started construction three weeks ago. As far as the CapEx layout, we expect total CapEx in this financial year to be around INR 450 crore. Okay. Bhogapuram, Nagpur, and real estate put together should be around INR 1,400 crore of CapEx for this year, FY 2027? Yeah, broadly, yes. Sure. Just to again highlight that these are all fully funded through construction finance, so it doesn't impact my cash flows. They're on to SPV. Got you. Sir, any update on the arbitration going on for Delhi Airport tariff revision? As far as the tariff revision, arbitration is not for a tariff revision. Arbitration was for the MAF payment. The matter is now pending before the bench of the High Court, as far as the MAF issue is concerned. Regarding the other HRAB is concerned, it is before the Supreme Court. We are expecting the court hearing after the summer holidays, maybe around the end of June. Last one. Recently, Groupe ADP sold a stake in the company, which was taken up by GMR promoters. What is the thought process going forward on this stake ownership? When will the FCCB conversion for ADPs shareholding will happen? I think ADP's press release is quite clear. They have indicated that post this current stub of sale of about 7.3% stake in GAL, they do not contemplate any further stake sale in the near future. On the FCCBs, the promoters who had a call option to purchase the FCCBs, which were originally scheduled to be purchased in March of 2028, is now going to be purchased by March of 2027. The conversion of these FCCBs will happen in its scheduled time in March of 2028 only. Nothing has changed on that front. Can I take one last one? Sure, go ahead. What could be the impact of UDF and landing fee reduction for this quarter that has been advised by the authority? What could be the impact of that for this quarter? Yeah. Basically, the order has been issued by the regulator AERA at the directions of the Ministry of Civil Aviation. This reduction in the landing charges by 25% is only for domestic movement, but not for the international. The total impact is not more than about INR 50 crore on a yearly basis. For the one quarter, it will be about INR 15 crore-INR 20 crore maximum. However, this amount will get pulled up in the next control period, so there will not be any loss to the company. It's only a cash flow impact. It has no impact on return on equity. It gets pulled up in the next period. Thank you. Thanks, sir. A reminder to all the participants that you may press star and one to ask a question. Next question comes on the line of Samay Sabnis, Helios Capital. Yes, Samay. Yeah. Thank you for the opportunity. Just one question from my side. When I see your results presentation on slide 20, I see significant eliminations made in your airport consolidation in Q4. Could you please provide some color on these eliminations? Sir, in case of the elimination, basically for example, GAL has paid revenue to the DIAL. That will get eliminated because we have a consolidated number. Hyderabad's duty-free earlier paid to the Hyderabad Airport, they get eliminated. Any intercompany payments which have happened will get eliminated. For example, the dividend, which we have received from Hyderabad Airport, nearly INR 200 crore, that get eliminated in the consolidated. These are all eliminations, which are intercompany transactions from the consolidated numbers. Okay. That was an answer. Thank you very much. Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of question- and- answer session. I now ask Mr. Saurabh Chawla to close the conference. Thank you, everybody, for attending this quarter full annual results call. We are available for any further queries that you may have. You can email us, talk to the IR team. We'll be happy to answer any of your queries. Thank you so much.