Ladies and gentlemen, good day and welcome to Gujarat Narmada Valley Fertilizers and Chemicals Limited, GNFC, conference call for Q2 FY 2026 earnings. This call is being hosted by Anurag Services LLP on behalf of GNFC. From the management, we have Mr. D.V. Parikh, Executive Director and CFO; Mr. Nitin Patel, Executive Director; Mr. Rajesh Pillai, Company Secretary and Compliance Officer; and other senior members from the management. 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 a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. D.V. Parikh, Executive Director and CFO. Thank you, and over to you, sir. Thank you. Thank you, Anurag Services, for holding the call. Good afternoon to all the participants to this conference call for Q2 and H1 FY 2025-2026 of GNFC. Aside from the names given by the organizer, we are accompanied by our colleagues from IP Industry Product Marketing, Fertilizer Marketing, Materials Management, as well as there is one more Executive Director, Mr. Pankaj Purohit, who also looks after portfolio, including Information system department, safety, etc. We are seven people in the call, and you may direct your question depending upon the subject to respect you. They will identify themselves and then respond to the relevant question. Now, the company has already shared yesterday evening, apart from financial results, the press release and investor presentation. You all must have a chance to go through the same. I will touch upon some of the aspects of what is there and what is not there as well. We will touch first the business update and thereafter touch the part of both operations and financial aspects of the company for Q2 as well as H1. In terms of the business update, as you know, yesterday the board has given a go-ahead for the long-awaited project of ammonium nitrate melt to having a capacity of 163,000. This project is a downstream project for which upstream is already approved sometime in August last year, and the effort is to coincide the timing so that downstream products take care of the upstream production part of this. With this, the company has a pipeline of INR 2,800 crore worth of the CapEx. Broadly, there are four CapExes which are ongoing currently. One is the ANML, which is roughly INR 450 crore. Another is weak nitric acid, which is INR 1,420 crore. Third is the conversion of power and steam plant at Dahej, which is INR 613 crore. There is an expansion of ammonia loop, which is INR 331 crore. All taken together, it comes to a little above INR 2,800 crore of the investment. Aside from this, the company is actively considering more investment, that is this Bisphenol A and polyol, which has building block required in terms of propylene and ethylene. There will be some merchant sale of the captive products as well, apart from these final products in the market. These are the import substitutes as such. Yesterday, after the results are declared, there is one more development in terms of the anti-dumping duty. We have the anti-dumping duty across various regions outside India. The update is in respect of a few origins where the government has recommended for extension of this anti-dumping duty by another five years. Hopefully, from the date of announcement, it will be five years. Up to 2030 somewhere, we expect these duties to be operative. The main countries where these duties are applicable, anti-dumping duties are applicable, are European Union, EU, Saudi Arabia, Middle East, and Taiwan. These are the four origins where this duty is applicable. The duties have different structure depending upon the country of origin and the country of exports. The third development is on account of this fertilizer and the nutrient-based subsidy-related thing where government has revised the rates. This time, it is upward revision, and the company stands to benefit on a per metric ton basis of roughly INR 872. As you know, the government guideline restricts the profits from a reasonability perspective up to 10%. This will help in case any raw material price increases happen, so that can be absorbed well apart from making the product attractive in the market. In terms of other developments, there are financial and operations part of it. Operations, we had a smooth quarter barring some small outages both at Bharuch and Dahej, which impacted to some extent the volume. By and large, the TDI production as well as the CNA production has helped to keep it up with the run rate on both production and sales side. In terms of the financial aspects, while the results are with you, the improvement mainly comes from reduction in the input cost as well as improvement in volumes of the products we discussed. From a business environment perspective, there are effects on some of the products where because of this sanction part, we are facing the issue. One of the products is acetic acid where the key input feedstock requirement is methanol, which is having certain aberrations in terms of availability as well as the cost at which it is available. That is impacting. The second aspect, which has nothing to do with sanction but something to do with the larger volumes of import, is that of aniline. So aniline, not only the volumes are impacted, but the margins are impacted. These are the two products where there is severe beating. On the greener side of it, there are three products where the improvements have been quite visible. One is the weak nitric acid, second is the ANML, and third is the technical grade urea. Aside from these chemical products, there is a better volume and margin in case of a product which is a complex fertilizer, the only fertilizer we manufacture, which is ammonium nitrophosphate. Going by the balance sheet, P&L, and cash flow, taking you through this, there are no major changes in the balance sheet except you may see some major change in cash and bank balances. That is because of the dividend payout and the amount going into the working process, which has increased by a factor of roughly INR 350 crore or so. Third is the maturity of the bank deposit. That has given reduction from a level of roughly INR 2,300 crore to INR 800 crore or so in terms of the cash flow. In terms of balance sheet, there are no major changes except the increase in working process and the reduction in cash and bank balances we discussed. Government has been quite consistent in giving the subsidy and the net subsidy outstanding as of 30th of September is roughly in the range of INR 290 crore, INR 288 crore to be precise. Now, with this, I end up my opening remark and leave the call back to you for any question and answer. Thank you very much. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question is from the line of Nirav Jimudia from Anvil Wealth. Please go ahead. Yes, sir. Good afternoon and congratulations on a very good set of numbers. Sir, I have a few questions to ask. Sir, first is on the ANML side. With this 163,000 tons of additional capacity, is it a correct number that our capacity after this would be closer to around 363,000 tons? I'll answer that. See, the current capacity is 175,000 metric tons per annum. We have two streams of ANML. This 163,000 will add up another 94% of the capacity. So 175,000 plus 163,000, that's the number we are looking at in terms of the total availability of ANML when it starts around July 27. Got it. Sir, in this ANML, with this additional line, is there any plan to produce that LDEN also? Because in last interactions in our earlier calls, you were telling that predominantly we are into ANML and to some extent HDEN also. Are we taking up the LDEN also this time with this expansion, or would this be limited only to ANML and HDEN? This is pure melt form, and there is no hard form, prilled kind of ANML, which is on the horizon. We examined this with respect to what additional premium we are getting in the market with respect to the additional CapEx, and it did not make sense. While going again for the melt kind of a product, it got elongated from August 2024 to this time. Fortunately, it is more or less overlapping each other. The upstream and downstream is being taken care. Correct. Correct. So predominantly everything would be more or less related to ANML only, right? ANML, yes. Good. Sir, second question is on the recent price increase in the ammonia globally and also in India. Sir, what we also observe is that in some of the pockets, even the WNA prices have also started seeing the price increases in commensurate with the ammonia prices. If you can just help us explain in terms of whether in India also the prices of WNA and CNA started moving up as against what it was in September. Also, if you can just help us understand the market for WNA and CNA in India. Okay. We request our IP marketing. I'm Tejas sir from IP marketing. Yes, you are right. These are the months when the WNA and CNA pricing are moving slightly up. You might be knowing there are extended rains all over India, and nitric acid is majorly used in calcium nitrate sector, potassium nitrate, sodium nitrate, all nitrogen reactions. Imports are also coming in a big way in the Indian market. The nitric acid price is not moving up just because of the reduced demand due to extended rain. Nitric acid prices are not moving up with respect to ammonia prices in the international market. You are right. Ammonia prices have moved up, which is what we witness while we go for sourcing the ammonia. Correct. Sir, let's say for the chemical part of our ammonia, since we produce it through oil, is our entire requirement of ammonia being taken care of for WNA or ANML through our own captive production, or do we need to also go outside for sourcing the ammonia for our chemical business? Yes. Once the plants are up and running, these two is too expensive. Even after considering the ammonia expense of 50,000 metric ton, we will be short of roughly 35,000 tons of ammonia, which we'll have to manage through the bought-out ammonia. Correct. Currently, there is no shortfall as far as the situation stands? Some shortfall still. We have started operating both the resources which we have in terms of gasifier-based production. Still, there is some shortfall which we are buying from the market. Got it. Got it, sir. Sir, next question is on if you can just help us walk through in terms of the production volumes for WNA, CNA, ANML, and TDI for this quarter, second quarter. I'm Nitin Patel, Executive Director, Operation and Maintenance. The production volume and on-stream factor in Q2 is higher than Q1. Production volume has improved. If I tell you roughly figures, the figure. Yeah, that would help, sir. Yeah. The WNA production is in Q2, 67 plus 30,000 in second plant. So roughly 97,000 WNA production. Okay. Okay, sir. CNA? CNA is close to 33,000, roughly. Okay. ANML and TDI also, if you can give some rough numbers. Yeah. ANML is 73,000, roughly. TDI, we have two units. He's asking for Q2. Okay. You are asking for which period? For Q2. So possibly Q1 ANML was 37,000 tons, if I'm not wrong. Yeah, yeah. It is 36,000 in Q2. Yeah. Okay. CNA is 40,000. Weak nitric acid is 113,000. Okay. Got it. Sir, TDI last quarter was close to around 16,000 tons. What was the number for Q2? Q2 is around INR 15,600, roughly. Okay. Got it, sir. Sir, next question is on the cost savings which you were highlighting earlier in terms of appointment of McKinsey, and they were under several stages of working. Has anything finalized here in terms of the operation part? Also, if you can share that if some benefits of the cost savings have already started accruing to us, any thoughts here, sir? Yes. We covered last time that McKinsey was appointed. Their appointment has been at that point in time for phase one. Now, at the end of quarter two, they have been appointed for phase two to realize those kinds of savings, and their help is being taken. They have identified a few areas for achieving this saving from procurement to operations, meaning in steam power operations and digital deployment-based saving, etc. There is a number which runs into a couple of hundred crore which we expect on a per annum basis where both the teams, GNFC team and McKinsey, are working on. Okay. Okay. So. Since the assignment started effective more or less sometime early October, we will see the traction in time to come, a couple of quarters. They are appointed as of now for achieving this over a 12-month period when we are talking about the annualized saving. Got it. Got it. So possibly second half of next year, we should start seeing most of the benefits coming through the P&L. Yes. By that time, yes, it is expected that the savings should flow to the P&L. Got it. Got it. Sir, one more question before I again join back in the queue. Sir, in your opening remarks, you mentioned that we are evaluating, I think, BPA and polyols. So BPA, we already have a 4G in availability with us, but the phenol has to be procured. For polyols, I think propylene, which is again a shorter material in the Indian market given the kind of value chain presence it has. Any thoughts here, sir? Because when we see polyols, there is a lot of dumping into India so far as polyols is concerned. BPA, generally, most of the players, what we see is more of an integrated plant from phenol, bisphenol, or let's say polycarbonate. This is the chain where most of the people operate in. We have picked in between the value chain product. Any thoughts here in terms of going ahead with or let's say evaluating these two products? You are right, first of all. The chain is ending up to polycarbonate. However, in case of polycarbonate, the biggest challenge is sourcing the technology. While around six to seven options were evaluated, primarily two options look very attractive, which are import substitute, which is BPA and polyol. The building block for this is propylene and ethylene, aside from a feedstock of benzene. Phenol, we will have an upstream production line of phenol as well. There is a material balance done from phenol to bisphenol A and polyol. The current projections are this market is growing at the rate of roughly 7%. Both some is at 7.2%, the other is at 7.6%, so we think at 7%. We are in the process of doing two things. One is a detailed market survey for this, and the second is working out the TEFR, the feasibility part of it. Primary phase is the feasibility, which is indicated by reticurni, is leading to, in principle, decision to pick up these two projects. More we will come to know over a couple of quarters down the line. The expected CapEx of both taken together might work out to the range of roughly INR 7,000-8,000 crore as of now, which is a ballpark figure. TEFR will tell us more about, depending upon the technology and other aspects involved, as to where it can go. Correct. This would also include the upstream phenol plant, the INR 7,000-8,000 crore, right? Yes. Yes. Because I think BPA would find another application in terms of epoxy because that's also a short material. Most of the epoxy place. That is a predominant application. Yes. Correct. Correct. Got it, sir. Thank you so much, sir. I'll join back again in the queue. I have a few more questions to ask. Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one. Next question is from the line of Arthur from ICICI Prudential Mutual Fund. Please proceed. Yeah. Hi. Thank you so much. Just two questions. One, on the balance sheet, you mentioned some FD maturities. Can you just highlight, like Cashflow mentioned, you've invested in some deposit or something. Can you just highlight where you have invested that money? See, there are three components to that reduction. If you see the balance sheet summary which we have given, both in the investor presentation as well as the press release, there is a net change of roughly INR 1,800 crore. Okay. First part is the dividend distribution, which we did at the rate of INR 18 per share. And we carry roughly 14.6 crore worth of shares. That is the one payout, major payout. The second major payout is around close to INR 375 crore of the CapEx, which is incurred during the quarter. The third, the remaining, is the change you will see in the other assets of roughly INR 1,000 crore, which is a switchback from the fixed deposits to some other forms of investments. This is how it reconciles to that change of INR 1,800 crore. Yeah. No. So what exactly would be these investments? Are these bonds or deposits or just one? See, okay. Depending upon the available rates, as of now, we have parked with GSFC, where the rates are better than the other options. Okay. Got it. Fair, sir. That's fair. Sir, secondly, on the two new under consideration projects that you highlighted, for now, basically, the CapEx amount you indicated, including phenol, etc., those, as of now, phase one is over. That means in terms of newer products, broadly, you are done, or you think you can look at further projects as well? Right now, these would make sure that the plate is full in terms of new CapExes? No, it is not like that. See, like in the last call, we said we have identified a chest size of roughly INR 15,000 crore. Okay. We are prioritizing in terms of what is possible from a financial standpoint and from the availability of technology point of view also. For example, we were also considering to look at, as a product, MDI. The biggest challenge in this kind of product is that of a technology license. Even if it is lucrative and we have a chance to do that, that is a first hurdle to cross, which is the most difficult hurdle to cross. We will keep on looking at the various options. As you know, aside from the cash, we also have regular accruals. Borrowing is also not a problem as long as the project profile is really attractive in terms of the return. Has that answered your question, or do you have anything more to be answered? No, broadly, got it, sir. So basically, you are saying these two projects are the one where you have till now finalized the you can easily get the technology and broadly the products, etc. Now you'll do the market survey, and it looks to be this can be done is what you are trying to tell us. That does not stop us from going into newer products if we get the tech tie-up, etc., in place. Yes. Yes. Yes. There is a phasing. See, there are certain identified products also where a phasing is done, whether it is good to go as of now or it is good to go after some time. There is both identification of the project, which is immediate to be taken up, and there is a phasing to be taken up for various governing consideration, not because of the CapEx as such. The only thing which we drop because of the CapEx size is that of a cracker one, which we earlier used to quote. The investment is very heavy, and we are not from refinery side. We drop that idea of going along with the cracker kind of a downstream basket of products. Got it. Got it, sir. Done. That was it. Thank you so much, sir. Thank you. Next question is from the line of Vivek Jalan, an individual investor. Please go ahead. Am I audible? Absolutely. Yes, sir. While going through the recently declared these financial statements, there is a statement in the notes to account that the company has received a demand notice of nearly INR 20,000 crore from the Department of Telecommunication. I just wanted to know that is this a disputed demand, and if yes, then what is the status where this case is going at the Supreme Court or at the appellate tribunal, and what are the merits of the case? Because the demand is nearly INR 20,000 crore more than the market cap. You are right. First of all, this note is not appearing in quarter two only. It has been appearing since many, many years. The demand of INR 20,000 crore you are referring to, more than that, the exact demand which you have mentioned is INR 21,370 crore in the notes to accounts. That too pertains to the year 2021. The company feels we have a strong case, and as of now, the matter is at the TDSAT, the appellate tribunal level. The various decisions which have come in respect of this kind of demand are for the hardcore telcos and not for people who have a very minuscule kind of a business, whereas the core business, which forms more than 99.99% of the revenue, is coming from outside the purview of the telecom business. We feel we have a very logical case, and there is nothing to worry about this. There are no further developments after 2021. No further notices, no other developments. The case is still pending at the tribunal, right? Yes. Because the tribunal has not disposed of that case. That is not in our hand. That takes its own course of time. Any judgments, similar judgments in our favor that a company which is not directly involved in telecommunication business would not be liable to pay such taxes and penalties and interest? Any such cases have been settled till now? There is one settled. Again, it has landed at Supreme Court level. These are litigation-prone areas. Okay. We do not know what will be the final view. The point is, it is a very, very remote and unreasonable view to take that this INR 20,000-plus crore would materialize because the facts of the case are not supporting the ground realities. Okay. Okay. Mr. Jalan, does that answer your question? Yes. Thank you. Thank you, sir. Participants, to join the question queue, you may press star and one. We have our next follow-up question from the line of Nirav Jimudia from Anvil Wealth. Please proceed. Thanks for the opportunity again. Sir, on the CapEx part, since WNA, Ammonia, and Power Plant were the earlier announced CapEx, if you can help us explain out of the total amount of, let's say, INR 2,400 crore for all these three projects put together, how much we have spent till second quarter of FY 2026? Okay. I'll tell you about the committed CapEx on all three fronts. On the power project which we are referring to at Dahej, it's a project size of INR 613 crore. INR 536 crore are already committed on this project. The other one, which is ammonia makeup gas loop, the project size is INR 331 crore. INR 306 crore are already committed. The fourth one is the weak nitric acid III, where the project size is INR 1,420 crore. The commitment is INR 1,128 crore already done. Okay. Okay. Correct. Sir, second question is on one of the presentation slides. You have mentioned that there is a possibility of fixed cost revision in urea by the end of this calendar year. Have the discussions with the government further gone up in terms of those fixed cost revisions, and where are we in terms of getting a favorable outcome out of our discussions with the government? This month, there have been two meetings. One is sometime in early November. The second meeting took place just today itself. The first meeting was with the Department of Fertilizer. Today's meeting was with the Department of Fertilizer and Chief Advisor Cost. In both the meetings, the issue of industry is that the criteria applied needs a revision. Although in our case, whatever we have come to know from public domain and other sources, there is an upward revision. That revision, we are fighting for that revision to go upwards because the bases are still not logical. This is on the fixed cost part. On the energy part, we came to know quite some time back that there is going to be a revision. Somehow, the internal circles in the Government of India, they have linked both this, that both need to be announced together. Even the energy revision has not happened. The pulse which we got out of the meeting with the Department of Fertilizer is that it has already gone for approval. Let's see when it comes. It is favorable, whether it is fixed cost revision or the energy revision, it is favorable in case of GNFC on both these accounts. As far as energy is concerned, it is quite favorable. As far as fixed cost is concerned, we are trying hard for upward revision. Although revision is over and above what we are currently getting. Quantification is not being indicated because these are provisional numbers known to us. Got it. Sir, let's say by whatever confidence we are getting in terms of the numbers from the authorities, would it help us to wipe out the losses from the fertilizer segment with the kind of numbers we are looking at or whatever, maybe, let's say, the ministry is currently working on and the indications we have got? Wiping out is not going to happen, but there is going to be substantial reductions in the losses being reported in the fertilizer segment. Aside from this, there is also a plan to work out something within the fertilizer, which has been the active discussion point in the meetings at management level. That might contribute in time to come, like what other companies are doing. Okay. Correct. Sir, some bookkeeping numbers again. If you can help us understand or tell us what was the total ammonia production in Q2, and if you can bifurcate between gas and oil, that would be helpful. Total ammonia production was 138,210. And roughly 65% is gas-based for neem-coated urea. Correct. Sir, last bit from my side. You touched upon TGU as one of the contributors to the improved profitability this quarter. If you can just help us understand in terms of our capacity, is it fully utilized currently, and have we seen the price improvements in recent months for TGU? Okay. The technical-grade urea, we operate basically after prioritizing the neem-coated urea, given the sensitivity of serving the farmer community. That is a first priority from the company side, taking into existence the Department of Fertilizer side also. The rest is produced in the form of technical-grade urea. Because of the various modifications on the oil-based ammonia side, the overall quantum of ammonia has helped increase the overall production of urea. That is helping the technical-grade urea. Number two, on the pricing front, off late, there is a pricing pressure in case of technical-grade urea. With this revision, which we witnessed in case of ammonia, there could be an opportunity. So far, the opportunity is not witnessed, but we look forward to this opportunity if international ammonia prices go up. Correct. And. Neerav ji, I make a correction. I told you the ammonia production figure of 138,000, that was for Q1, but the Q2 figure is 165,000. Okay, sir. Thank you so much for this. Sir, would there be any shutdowns or maintenance-related work in the second half? Are we anticipating anything, or we would continue to operate our plants fully even in the second half? As of now, the plan is to continue to operate unless some unforeseen breakdown happens in the plant and machinery. Got it. Sir, last bit from my side. You touched upon the methanol part. With the recent Iran sanctions by USA, we have seen the domestic prices moving up. Does it provide any chance to us to restart our methanol production for our acetic acid capacity, or do we have to continue to purchase it from the outside market? Are any economics currently working out for our methanol production to get started? See, in case of methanol, there are realities like there is an asymmetry between acetic acid and methanol prices. Acetic acid is highly under pressure for pricing, in spite of methanol being its feedstock. Secondly, methanol, when we buy from outside versus what we can, we have a gas-based facility, and the gas prices currently prevailing are still higher, and that is not making it amenable to captive production as of now. We buy it and at times do witness spikes. It is not about the sanction on Iran. That has happened way back. It is about sanctioning the importers who have been buying from Iran. That is where the second-order impact, which has come into operation, and that has strayed a few of the vendors away because they are facing some difficulty. That is the situation on methanol. Got it. Sir, very, very helpful. Thank you so much, sir, and wish you all the best. Thank you. Next question is from the line of Vivek Jalan, an individual investor. Please go ahead. Thank you for giving me the second opportunity. After hearing from you that the demand of DOT, Department of Telecommunication, does not stand its merit, I just read it. Yes, it was true that the demand does not stand merit, and DOT has withdrawn demands against many PSUs like GAIL, Power Grid, and all India. Just I wanted to know that when DOT has withdrawn its demand against other PSUs, so not why us, since they have already withdrawn demand of other PSUs, then why not they withdrawn the demand of GNFC? Okay. Technically, they are real PSUs. Okay. And we are a joint venture company. Yeah. So that's the difference. That's a sort of a difference which has played out. We represented that no matter whether it is joint sector, predominantly we are a state PSU kind of thing. People have their own yardstick. The other side has its own yardstick to look at the company. Okay. Okay. Thank you. Got the point. Okay. Okay. The company, you all are confident that this demand will not materialize because of that PSU thing, the Supreme Court intervention that? No, we are confident based on the fundamentals of what business we used to do and the proportion of the business thereof. Okay. Thank you. Thank you. Next question is from the line of Pavan Kaware from Nayan M Wala Securities. Please go ahead. Hello. Good afternoon. Sam Auduben. Yes. Yes. Please go ahead. Okay. Congratulations on good implementing the management. My question was on repeat table. If you can repeat the H1 volumes for WNA, CNA, ANML, and acetic acid. H1 volume? Yes. Yeah. H1 volume for WNA is 146,000 and 64,000 in second plant. Okay? Okay. CNA is around 70,000. Okay. TDI in? TDI is around 30,000. 30,000. Both plant put together. Okay. And CNA, acetic acid? 73,000. Yeah. Acetic is 73. Okay. We have given a guidance of around 67,000 for TDI. We are confident in achieving the same. The plant had some technical issues which are sorted out. We had a couple of breakdowns, and now plant is running well back on steam. To that extent, there would be some deficit, and we expect to cover it up in the H2 to the extent possible. Okay. That's it from my side. Thank you. Thank you. Next question is from the line of Arthur from ICICI Prudential Mutual Fund. Please proceed. Sir, just one question on given our CapEx plan, etc., any change that we would see in our payout policy or buyback policy which we have been doing pretty well? Any thoughts that you think which will bring the best interest of the company and how you would think about it? Okay. The Government of Gujarat guidelines, which were originally issued in 2023, April 2023, and revised recently also, I think in July 2025, are pretty comprehensive and clear as to what are the factors to be considered for payout in terms of dividend, for buying back the share, for split of the share, and for bonus of the share. Depending upon the situation prevailing in the company, those decisions are taken. Actually, these decisions are falling within the purview of the board based on the facts of the case presented. It is premature for us to comment particularly on the payout policy as such. Got it, sir. Okay. Thanks. Thank you. Next question is from the line of Pavan Kaware from Nayan M Wala Securities. Please proceed. Hello. Thanks for the opportunity to help me. One last question on the revenue mix. Do TGU, TDI, and ANML lead over the sales in H1? They are the major contributors to us in H1. What was their contribution? You want contribution in terms of rupee or the share of revenue? Share of revenue or in terms of sales also? Okay. Share of revenue of TGU and. I believe TGU and TDI and ANML are top contributors till. Compared to if we compare with Q1, the ANML is almost same. As far as the contribution is concerned, it is slightly downward. Second one is TGU. TGU sales is good compared to previous quarter, around 7%. Contribution-wise, it is also good, around 8%. Third thing, TDI. TDI also, the sales is around 40% high compared to Q1, and marginally around 5% high as far as the contribution is concerned. In terms of H1, what was the contribution from this Q1? Compared to last year H1? Yeah. Specific to the H1 2026, what was the percentage? If you compare the H1 of previous year, TDI sales is 35% higher, and contribution-wise, it is 9% lower. ANML sales is slightly downward compared to previous year. It is around 15% lower. Contribution-wise, it is almost same. TGU sales is also almost same compared to previous year. Contribution-wise, it is 7% higher compared to previous year. Okay. Thank you. Thank you. Next question is from the line of Vineet Rati, an individual investor. Please go ahead. Hello. Your voice is very low. Am I audible now? Yes. Please proceed. Yeah. Actually, my specific to management overall, very generic questions. Two questions are there. One is on overall, basically, when we say a lot of investments we have done, which are basically non-operative investment in various government bonds, holding of different shares of various other companies, I mean, to say within Gujarat, GSFC, and all those shares. If we see overall income and to the extent of investments what have been done, the income yield is very low. This has been going on historically. It's not that anything new has happened. I feel that I need to say that there has to be certain rational, rational to, I mean, to say so much holdings we have on the bond securities and all this. Why can't we invest in some good business ventures and a lot of opportunities which are coming? Second question is also connected to this, but what is the update on the management we have? I mean, to say I heard it a year back that we have appointed some management consultants for some new businesses and all those. We are not seeing any kind of progress in that. I am on call. Okay. Coming to your first question about the investment. See, the investment in other government of Gujarat companies is a matter of decision which is taken by board from time to time. These are strategic in nature. If you see other PSUs also, they also have holdings. Let me give you an example. We hold, let's say, some holding in GSFC. We hold some holding in GSPL. We hold some holding in Gujarat Gas. Let's talk about a CPSU, Petronet LNG, or BPCL. BPCL has also invested in a venture called Petronet LNG and a few other companies. If you take GAIL, same is the case. There are certain decisions which are of a strategic nature. If you see, it is not only the dividend part of it. They have grown substantially in terms of their payout. Payout in the sense it's an unrealized payout as of now, which is a capital appreciation we have seen. If you look at the cost of investment versus the fair value which is there on the balance sheet, it is substantially higher. If one calculates in terms of the rate of return, the capital appreciation is significantly higher, whether it is the investment in GSPL, Gujarat Gas, GSFC, or even GSFC. This is how other companies are also doing. As far as the investment in GSEC and other parties concerned, you take any Nifty company. Let me give you the example of a company like Reliance, or you can take even the CPSU. We have analyzed the broad spectrum of what all they invest in. Reliance, for example, has thousands of crores invested in GSEC. They have thousands of crores in bank fixed deposits. They have invested in other businesses which are their own expansionary businesses. This is evident not because I am saying it is evident from their balance sheet. You take any CPSU, whether let me give you the example of a Petronet LNG. They have roughly INR 8,000 crore on their balance sheet. Where are they invested? Fixed deposits. At the same time, they have certain plans. They have a CapEx plan. They are going for a new jetty at the Hajj. Let's say they are going for a new terminal in Orissa. So on and so forth. Depending upon the CapEx plan, they have a plan to utilize and not immediately deploy. There is nothing wrong with it. If we are thinking about a chest size of INR 15,000 crore, this will be utilized in time to come, in a very short time to come. The key thing is identifying a reasonable opportunity to invest. Right now, of course, the fundamentals and the approach, I fully respect on that part. There is nothing to counter on that. The more important thing is on the communication side. Okay, fine. I mean to say that, okay, fine, these right now, when I say that almost 40% of the overall market cap what we have, and these are invested in these kind of very low-yielding assets right now. I mean to say it creates a kind of thing that, okay, fine, that is why our return on capital employed when we compare to other peer groups and others are very low. Definitely, as an individual investor, and definitely, we do some investment. I have been holding this now for more than a year, this particular thing. We do have in mind that, okay, certain things will be done, but it is very, very slow, sir. It is very, very slow. I mean to say I do not know when all these will materialize. When we see other peer companies, other peer groups, they are running at a very handsome valuation. Somewhere you feel that I do not know what badly some analysis you did. That raises a certain basically on the conduct that, okay, fine, the communication, okay, what expansions are you doing? Certain timelines also with a dedicated fact that, okay, fine, these are the timelines, these are the things. Those are lacking. Those are lacking. Okay. If you see what is there in the public domain for all investment, there is a timeline given of what are the projects, where these are going to get completed. As far as your question on valuation is concerned, valuation, okay, normally, a private player is not comparable whether it is a state PSU or a central PSU, and that is the case across India. You take anyone. You take ONGC, you take Petronet, you take BPCL, you take any company, IOCL. It is not a sort of exception. That is the way the market is designed. I mean, we can't do something like a private player does. Okay. At the same time, the major decisions like CapEx are supposed to be slow because they need to be carefully examined. Because once you commit, it's a permanent commitment of a lifetime almost. If you hold it for a year, you might feel a brunt of it, but then this is the way the whole capital market in India is working. What's wrong with that? In terms of communication, we would request you to go through what is available in the public domain. It is published just yesterday, and it will give you the timeline for all CapEx projects. Definitely, sir. I will go through, as you have mentioned. I will go through in more details, and definitely, if any questions, queries are more out there. Yes, yes. You are welcome. We have an investor service line, and you are welcome offline also with any questions. Definitely. Thank you. Thank you. Participants to ask a question, you may press star and one. As there are no further questions from the participants, I now hand the conference over to Mr. Rajesh Pillai, Company Secretary and Compliance Officer, GNFC, for closing comments. Very good evening. On behalf of the management, we sincerely express our gratitude to all the participants who have joined this phone call. We also express our sincere gratitude to the moderator as well as Anurag Services LLP for facilitating this call. Thank you. Thank you, sir. On behalf of GNFC, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.