Ladies and gentlemen, good day and welcome to Gujarat Narmada Valley Fertilizers and Chemicals Limited, GNFC conference call for Q4 FY 2026 earnings, hosted by Anurag Services LLP on behalf of GNFC Limited. From the management we have Mr. D.V. Parikh, Executive Director and Chief Financial Officer, Mr. Nitin Patel, Executive Director, Mr. P.K. Purohit, Executive Director, Mr. Rajesh Pillai, Company Secretary and Compliance Officer, and other senior members of the management. As a reminder, all participant lines will be in 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. D.V. Parikh, Executive Director and CFO, GNFC Limited. Thank you, over to you, Mr. Parikh. Thank you. Thank you, Mr. Anuj, for organizing and Mr. Renju for being moderator. I hope I am audible. Yes. Okay. Thank you. On behalf of GNFC, we warmly welcome to all participants on this Q4 and FY 2026 conference call. The company has shared yesterday the results, press release as well as investor presentation. Fair coverage is given on all the aspects, though we'll take up any points of question or observation during the question and answer session. For the information of all, the company has completed 50 stable years on 10th of May, 2026. On this journey, except for one year, the company has been profitable all throughout the years, except one year, which is year 2014 and 2015. In a competitive world, this is a recognizable record as on its way to stable years of operation, it has provided path of prosperity to various stakeholders. On this occasion, we start with good country level contribution during FY 2026, especially during Q4 of FY 2026. When the war emerged, the country had two issues before it. One is the availability of diesel exhaust fuel issue. Second is requirement from higher Ammonium Nitrate. In view of the war, there was disruption in the logistics, where the company came forward and supported on both this. My colleague, Mr. Patel, will cover more on this. Coming to the operating performance. The quarter four performance in terms of chemical volumes has been better. There is some impact of war in case of urea, which is recouped to some extent by utilizing the facility of Technical Grade Urea. On a quarter four versus quarter four basis, the chemical is down. The fertilizer has been up. On FY-to-FY basis, the numbers are not comparable in terms of production and sales because Bharuch had the annual turnaround. If you talk about the physical performance and chemicals in specific, there are two chemicals which have seen the impact in terms of volume. One is acetic acid, and second is methanol. There is in case of acetic acid, we had certain internal catalyst related issues because of which production volume was capped, which did not result into the sales volume therefore. Whereas in case of methanol, the cost economics did not work out given the very high gas price. Even the oil prices have been hovering high, so we could not use even our oil-based methanol plant. Sales volume more or less has scaled production volume. There is an inverted relationship which is noticed between acetic acid and methanol, where acetic acid prices have tapered down, whereas the methanol prices have gone up. This inverted relationship has affected to some extent the cost economics of acetic acid as well. While the overall volumes were capped due to shutdown impact, the soap is better, mainly due to relatively lower input cost, which has been having a substantial impact on a full year basis. On a quarter four sequential quarter basis as well as year-on-year basis, there are strong realizations which are happening in case of chemical. In spite of the competitive headwinds, which were particularly noticed in case of aniline TDI, the company not only survived, but did better during the year. In case of fertilizer, the revision both in urea fixed costs as well as energy norms are yet to happen. This is overdue as the losses are widening in case of fertilizer segment. Coming to the financial performance, as is apparent, the revenue on a quarter-on-quarter basis improved by 11% on a YoY basis by 7%. Full year is not comparable. PAT has improved on a full year basis by 35% to INR 797 crore, with INR 1,065 crore of PBT. Main reasons driving this profit is the better realization in case of chemicals, mainly in Q4, both sequential Q4 and YoY Q4. On a full year basis, it is mainly the impact of benign raw material prices which are in relative terms benign. In terms of whether there are any one-timers or not, there are one-timers of around INR 30 crore in Q4 and around INR 80 crore on a full year basis. If we compare the full year basis of a previous year, we are higher in terms of one-timer gains by around INR 50 crore. One-timers were INR 30 crore last year, which is INR 80 crore this year on a full year basis. Company continues to generate strong operating cash flows, as is apparent from the cash flow statement. Considering all this, board has been generous and declared a dividend 210%, which is INR 21 / share, which is historically the high second highest dividend in its history of 50 years. On the balance sheet front with internal accruals, it is becoming healthy and ready with CapEx pipeline accumulating. The new projects identification will have clarity by end of this calendar year for taking it to the investment table grade decisions. Due to the war in the early late February and early March, it has impacted slightly the volume of PDA as well as Neem urea. Like I said, the Neem urea is compensated with Technical Grade Urea because of the overall facility available. In terms of segment, the improvement is mainly driven by chemicals. The other segment represents mainly the IT division, where there is an improvement in revenue of around 20%, and the profit has doubled from INR 17 crore to INR 35 crore. For the CapEx, there is an update which we have covered in the investor presentation that we had earlier plan of JV with INEOS. Now we are talking to them about licensing for additional capacity. That dialogue is on with INEOS. Now I am handing over the session back to Moderator for further interactions with the stakeholders. Thank you very much. Speaker, should we open the line for questions? Yes, Renju, you may proceed. Yeah. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question, you may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Nirav Jimudia with Anvil Wealth. Please go ahead. Yes, sir. Good afternoon, and thanks for the opportunity. Sir, first of all, congratulations on a very good set of numbers. Sir, few questions I have. Sir, first is, sir, when we see our raw materials, like, which are very, very critical in terms of our production, which are like methanol, which you have covered in your opening remarks, along with, oil, which, we procure from the oil marketing companies for our ammonia production, as well as benzene and toluene. How are we placed in terms of, the availability of them, especially the oil part, which we purchase from the IOC for our ammonia production? If you can share your views here in terms of, how we have been in Q4 and how are we in terms of, Q1 and Q2 for our availability of raw materials. Okay. I'm D.V. Parikh, I will cover this question on behalf of raw materials, although they are better placed. If I'm missing anything, I'm requesting my colleague from materials to supplement. In case of oil, there is no issue we have faced even after the Hormuz issue came up. IOCL has been consistently supplying the required materials in terms of oil as a feedstock. As far as toluene and benzene is concerned, our contract which was there for procurement of toluene benzene expired sometime end of financial year. We have got a short-term extension on those contract considering the war situation. However, we are not facing any issue in terms of its availability so far. Although the prices have spiked because of the war situation, we are still not having any issue in terms of availability. I hand it over back to our materials team, for further comments. Good evening. Already our Executive Director, Mr. D.V. Parikh, has appraised that as far as the supplies of oil, benzene, toluene is concerned, we are not facing any issues on front of availability till date. Whatever the requirement is there, it is coming on a consistent basis. Correct. Sir, about the methanol part, because it is not viable to produce in India given the higher gas prices, how we have been able to secure methanol? Since the Iran war has begun, I believe that there could be an availability issue coming from Iran also. How we have been able to source effectively the methanol part, and for how many months we are covered for? Okay. Yes, please, sir. Oh. May I cover? Yes, sir. Okay. See, methanol, first of all, you are right. It has gone through a volatility. That has affected the cost economics of acetic acid. Off late, what the company is doing is it is evaluating whether it is viable to produce acetic acid or source from the market for manufacturing the further downstream called ethyl acetate. We are following both. If wherever we get the methanol beyond, I mean, below the viable price, we procure methanol. In case it is not working out, we also keep a channel open for sourcing acetic acid. This way we serve the customer demand and also try to optimize the contribution they want. Got it, sir. Sir, second, what I could see is that the oil cost for us during the quarter four was more or less similar to Q3. In fact, it was slightly lower than what we have incurred for Q3. If you can help us explain, like, what is the formula on which IOC gives us the oil, A. and B, how could we see this cost for oil to us in Q1 or probably Q2? If you can just give your the roadmap of the oil cost to us, that would be very helpful. As far as Q4, I'm D.V. Parikh. I will explain this, and thereafter we'll hear from materials as well. As far as oil prices for sequential quarter basis is concerned, there is a reduction in the oil prices. Regarding your question, I'll also tell you about what is the reduction. There is a net reduction of INR 3,000 on a sequential quarter basis, on a per metric ton sequential quarter basis. Coming to the question on how it looks like in Q1 as well as Q2. See, there is a volatility, and there is sharp volatility. As compared to March, there was a significant difference in April. However, this keeps on changing, and doing a prognosis on that based on how far the war is going to continue and what exactly is going to happen to the Strait from where most of the material comes, the Strait of Hormuz, is anybody's guess. On future Q1, Q2, we are unable to exactly answer your question because that's a prognosis for the future and hard to make prediction. Got it. Sir, like, let's say from March to April, how much was the increase, A. B, on what formula basis does IOC gives us? Like, it is based on a monthly basis or it is fixed on a quarterly basis? What is the formula here? Okay. The broad contours of the formula we can give. It has a trailing impact in terms of, like, monthly. There is a cutoff monthly date of the previous month, and thereafter it considers 30 days. It has a benchmark index with various elements being added for import duty, et cetera. These are the broad contours of the formula with IOC. Regarding your question on what exactly has been the increase in April versus March, this is something which is sensitive information. Still, if Aman can give a broad idea, I request Nirmesh Vaidesai to comment if he can. If you look the oil prices prevailing in the month of March and oil prices prevailing in the month of April 26th, there was a significant difference or significant rise in the month of April on account of higher indices worldwide. Correct. Correct. Got it, sir. Sir, if you can share the production numbers for ammonia, both from oil route and gas route, WNA, CNA, AN melt and TDI for FY 2026. Ammonia oil route was close to 3 lakh metric ton. Gas route was 3 lakh 60,000 metric ton. I am Nitin Patel, Executive Director. CNA was 1 lakh 47,000 metric ton. WNA 4 lakh 30,000 metric ton approximately. TDI around 57,000 metric ton. Okay. Sir, AN melt and Formic Acid? Formic acid was close to 34,000 metric ton, and AN melt was close to 1 lakh 70,000 metric ton. Okay. sir, you covered in your opening remarks that there could be an issue with reference to the acetic acid. Let's say apart from acetic acid, are there any other products where we could see a production problems or let's say production difficulties with reference to the availability of raw materials? Also if you can share that with reference to what we have produced in FY 2026, is there any product from our product basket where we can still optimize in terms of the production in FY 2027? We have closed FY 2026 with no curtailment of any production. Productions were at peak and at optimized level. Going forward, it all depends on war situation, how quickly it resolves, and what is stored in future. It is very difficult to predict, as my colleague has explained, Parikh Sahab. Correct. Correct. Sir, out of this 1 lakh 47,000 tons of CNA produced, how much it was sold in the market? Around 45%. 45% was sold in the market. Okay. That's right. Correct. Any ammonia was available for sale in the spot market, or entirely it was used for our captive production? Entire ammonia was used for downstream captive production. Okay. There was no need to purchase any ammonia from the outside market, right? That's right. Correct. In Q4 we haven't bought. Correct. Correct. Sir, next question is on the aniline part. When we see your presentation, like India imports substantial volume, like to the north of 2 lakh 50,000 tons, and we have been the only player. Just wanted to understand, like why over the years, we haven't expanded the capacity. If you can correlate this with the like the A.T. Kearney which we have hired. Are there any suggestions from them in terms of any expansion for the aniline part, or why we've not been able to increase the capacity of aniline, given benzene is available in abundance in India. What was stopping us for expanding the capacity of aniline? See, first, I will cover the technical part. Mr. Tejash will cover the market part, and then Parikh Sahab will summarize about aniline question. Far as aniline is concerned, the cost of hydrogen is important. Okay. Hydrogen is one of the raw material along with CNA and benzene. Okay. Benzene I am buying, hydrogen I am producing from the fuel oil. Correct. I have to compete with the Chinese producers who are producing from coal, the required hydrogen. The capacity of scale, I have a limited capacity. Chinese plant have more than seven or eight times a single location capacity. Scale matters. There is import dumping in the market, which I'll ask Tejash to cover. Basically, on a standalone, we are not viable in aniline, so we are doing the job work of some other companies on a fixed margin basis. Tejash? I'm Tejash, sir. As Executive Director Nitin Bhai said, it is right, there is huge dumping in the from the China. Although there is an anti-dumping duty. Which is then minimal. From Wanhua it is $37. Other than Wanhua, it is $121. Wanhua and all other big players have a huge MDI plant. Aniline is a intermediate product in MDI production. When the MDI market is slightly down, they dump the aniline in Indian market. It is very difficult to compete with the Chinese China market aniline. That's why we have not enhanced our capacity, because Chinese aniline is very cheap. Perfect, sir. Perfect. Got it. Got it. Next question is on the TGU part. You highlighted and you alluded that TGU production was slightly better in Q4. If you can share here that how much we have produced in Q4 and FY 2026, A. B, let's say as against our rated capacity of 1 lakh 69,000 tons, how much maximum we can produce a TGU in a year? Why is TGU so much important from India's point of view? Aren't it there are any substitutes for TGU which can be replaced on. These are two sub points on TGU. I will ask from production point of view. I am Nitin Patel. Normally, my breakup is that around 20% of the total urea production I can produce from industrial ammonia, oil-based ammonia as a TGU. Subsequent to war startup, war starting, we immediately increased the TGU production at the cost of Neem urea, because country wanted TGU. We are the only manufacturer, apart from GSFC, which has a small quantum and little inferior quality than us. BS6 engines need diesel exhaust fuel. Entire logistic was on the verge of collapsing, and we rose to the occasion, and we simply doubled our TGU production for the month of March, and we are still continuing on that, keeping little bit deficit on the Neem urea, compared to the target given by Department of Fertilizers. Our this initiative was well appreciated by Ministry of Heavy Industries, Automobile Industry Association of India, as well as Department of Fertilizers. This is all about the TGU. In general, the capacity of 1 lakh 69,000 tons is an average capacity which I spoke about. It largely depends on shutdown of the urea plant, which we take once every two years, and also in between interruptions, if any, in urea plant. Correct. We produced more than 2 lakh 10,000 tons in FY 2026. Correct. Correct. Let's say 2 lakh 10,020 tons. Let's say the urea production hypothetically should be or should be 1,000,000 tons so that we can get 20% permissible limit to produce TGU. Is the right way to understand this? No. My urea reassessed capacity is 6 lakh 37,000 tons. I close by a deficit of around 15,000 tons to that figure, and the rest was TGU. Correct. Got it, sir. Perfect. Sir, next question is on, let's say the coal-based boiler, like, last time you updated us that it was supposed to start in April. What is the update there? When it is going to start? A, and B, with the current gap increase between the gas and the coal prices, what is the current estimate in terms of the benefit in rupees per metric ton of savings which could accrue for the TDI production? Okay. Being correct, I'll answer this question. The coal-based CCPP, as we call it in our presentation, was to start sometime in April. The lump sum turnkey contractor faced certain delays and they have revised the date now for synchronization sometime in the third week of June and for the performance guarantee test run to make it available on a full steam basis. It is sometime in the third week of August 2026. This is on the likely commissioning of CCPP. Regarding the cost differential, gas prices are going up, so are the prices of coal have also gone up. Our last estimate was to get, you know, around INR 10 crore-INR 12 crore / month, which was the saving potential. We maintain that should really accrue once it is up and running, given the escalated prices of gas and coal. This should start accruing to us from H2 of FY 2027, right? Yes. Got it. Got it. Sir, last question before I join back in the queue. Like, any update on the fixed cost revision for urea and revision of energy consumption norms? Like you highlighted in your remarks that it has been now a long due. Where are we currently in terms of both these aspects? No, there is no particular update in terms of formal communication. Okay. Although we keep on approaching department from time to time. The update to us is energy norms are under approval and the fixed cost revision is still at discussion stage. Okay. Okay. Sir, one more clarification, like, are our entire product basket what we produce, the sales happens on a spot basis, like whenever the prices changes in the international market, we revise that? Or are there any contracted volumes also? I'm Tejash Shah. We are doing the variable price contract. Whatever the prices are changes along with the international power plant market, that will be effective to the customers, upward or downward. Correct. Correct. A small portion of this we do through a very short-term contract as well. That is what is the policy structure of the company also. By and large, this contract extend a month or three month at the most. Got it. Perfect, sir. Thank you so much, sir, for giving me all the details, and wish you all the best. I'll join back in the queue. Thank you. Next question comes on the line of Rohit Sinha with Sunidhi Securities. Please go ahead. Yeah. Thank you for taking my question, sir. Couple of questions from my side. One is, I mean, we have seen price increase in lot of chemical products recently. Just wanted to check that how much we have in how many products we have taken similar kind of price hike and where we have faced challenges in terms of taking any price hike. How much of that benefit of in increase in price was reflecting in Q4 number and possibly how much we would be expecting in the Q1? Okay. I will answer on an overall basis first. Except formic acid, everywhere in chemical there is a positive realization on a sequential quarter basis. The higher realization, like we said, both has contributed both on sequential and YoY basis to this profitability. Individual product pricing is concerned, I will request our marketing colleague, Mr. Tejash Shah to respond. Where Mr. D.V. Parikh has said, except formic acid, we got good realization in Q3 compared to Q4. You mean Q4 compared to Q3, I guess? Yes, Q4 compared to Q3. Any, I mean, broader number if you can highlight about the percentage where we have seen, I mean like 30%, 40% on an average. It's product to product, but if you see the range, it is from 6%-28%. Okay. Okay. Similarly for the fertilizer side, how the pricing revision we are expecting going forward, because I guess we haven't seen anything as of now. Probably can we expect fertilizer division to turn positive in coming quarter, or it will still remain at the EBITDA level, it will still remain in the similar range? In fertilizer there is an under-recovery like we covered. Till the time norms are revised both for fixed cost and energy, we see almost no chance in case of urea. In case of the complex fertilizer, we do earn, because of this nutrient-based pricing at a contribution level. Okay. Okay. Just one last question on this CapEx towards the Ammonium Nitrate and nitric acid thing. How that is progressing for us and how we are seeing the market overall for this Ammonium Nitrate going forward for FY 2027, 2028? Both these three projects actually, Ammonium Nitrate, weak nitric acid, and ammonia expansion are going on track. There is a slight minor delay in case of weak nitric acid of around two and a half months. The rest are all on the stream. As far as the price prognosis is concerned, I will request marketing to respond on this. Price. I mean, AN. Future price. Price trend. Demand CAGR. As far as the Ammonium Nitrate is concerned, CAGR is around 6%-7%, though slowly all the capacities, Chambal, even Deepak Fertilisers and GNFC's are coming up with their plants. Slowly all the capacity will be absorbed. Presently around 4 lakh tons, 4.5 lakh tons import is there in Ammonium Nitrate. Based on the domestic capacity increase, there will be no import in the future and domestic production will be absorbed in the market. I'm Nitin Patel. If you know the public news which recently Government of India has announced that coal-based chemicals would be a priority. There is a package announced. Coal India has a very ambitious target for the mining. For mining, the explosives are required, and for explosive, Ammonium Nitrate will be consumed. Going forward, as Mr. Tejash told, looking to CAGR and ambitious thrust by Government of India for self-sustenance on coal route, we do not expect any issue in absorbing the additional volume produced by us. Got it. Got it. Sir, if you could help us with the price trend in last two, three months about of this Ammonium Nitrate? Ammonium Nitrate price is in the Q4, Ammonium Nitrate price was increased just because there was an increase in ammonia price, international ammonia price. Presently price is stable, whatever they at the peak level. Import is less at present just because of Russia and Ukraine conflict, because mostly, import is coming from the Russia. Presently price is good in Ammonium Nitrate. On a quarter-on-quarter basis, there is a 20% improvement in the Ammonium Nitrate prices. [Ramgopal.] Got it. That is, currently sustaining at higher side? Yes. Okay. Okay. That's it from my side, sir. Thank you. Thank you. Next question comes on the line of Aman Kothari with Aequitas Investments. Please go ahead, sir. Thank you. Congratulations, sir, for the wonderful set of results. First question that I have is, can you just give us an idea on the chemicals that will see limited operationability in Q1? Because methanol is a challenge that we've been facing. Are we facing difficulties in production of, let's say, acetic acid, methanol, and also, I think ethyl acetate is where we use glacial acetic acid. Are these three products being affected? I am Nitin Patel. If you remember, our CFO has already covered this issue in the opening remark and in the first question. In Q1, the gas prices are high, methanol production is not viable. We are exploring both the options for our downstream, that is, at a threshold, to buy methanol for captive production of acetic acid or to buy acetic at a threshold price for the captive production of ethyl acetate. Got it. Sir, currently, as you mentioned, TDI and toluene both have seen price increase. Can you just give us an idea on what the improvement has been in quarter one on the spread? I think, at the end of the year, we were almost at a three-year high in terms of the spread. Aman, this is Rajesh here, company secretary. I would request all the investors, because this con call is for Q4 as well as for FY 2025, 2026. I request all the investors to please limit their questions to that quarter. Q1, it's a price-sensitive information, we will not be able to provide such details. Okay, sir, this quarter we have also seen an increase in the loans and advances. From INR 565, we have gone to roughly INR 2,400 crores. Can you just give us an idea on what this increase has been? See, this is an [inter-state] change of when the investment profile changes from one source to another source. This is the difference. We also invest on intercorporate deposits, okay, for the surpluses. This change in amount reflects that as well. Okay. It has been done for a strategic purpose? See, for the time being, till the time our CapEx cycle is over, we park with the best yield to the extent possible. These are the decisions which are based on yield base for temporary surpluses. Got it. Mr. Kothari, are you done with your questions? Just a last question on my side before I join the queue again. Do we have any plans for buyback currently? Is there anything on the table that we would consider? As of now, we have nothing in the pipeline. It will be all decided, and we will inform to the investors on the shareholders as and when the situation arises. Okay. Just a last question. I think, there was a policy or news that come out that government is coming, looking to come up with a new urea investment policy. In that case, if there is a policy that comes out in support of setting up domestic urea manufacturing facilities, is it something that the management would consider? It depends upon what are the details of the policy. Without knowing the details of the policy, it is premature to comment. Second is we will have to compare it with the other investment opportunities which is available in general. Normally, what happens is, this is a regulated kind of a business segment. Yeah. Chemical is more or less an unregulated one. Our experience so far has been like you see in the segment results also. We make good money in unregulated markets. Yeah. Unregulated meaning not so governed in terms of caps on profit. At times we lose, at times we gain, but this is how it operates. It does not remain perennially into losses. When it comes to fertilizer, we'll have to evaluate the details of the scheme as and when announced. Got it. Thank you, sir. I'll just join back in the queue. Thank you. Next question comes from the line of Nirav Jimudia with Anvil Wealth. Please go ahead. Yeah, sir. Thanks for the opportunity. Sir, you mentioned that there was a one-time income of INR 80 crores in FY 2026. What was it all about and how much we have booked in Q4 of FY 2026 out of this INR 80 crores? Q4 has INR 30 crore of one-timers. We talk about one-timer, basically it is like sort of insurance receipts which are there. Government of India has settled the freight rates effective 2021-2022 till 2023-2024. That income is also part of that. Mainly it comprises of these two when we talk about INR 30 crore. We talk about INR 80 crore, like, last time it was already INR 50 CR, this time it is INR 80 CR. I'm sorry, last time it was INR 38 CR, and this time it is INR 80 CR. There is a net difference of around INR 45 crore or so in terms of income, one-timer income. Again, this represents mainly the insurance receipt and escalation of fertilizer freight rates, urea freight rates. Aside from this, we had one-time income on disposal of catalyst dust of weak nitric acid plant and some penalty on account of the CCPP delay, which is the power plant delay at Dahej. Perfect, sir. Got it. Sir, apart from the raw material issue which may come or which may not come for our production schedule, are there any plant shutdowns which we are planning for next year? We have a plant shutdown in April 2027. Okay. Okay, perfect. Sir, next question is on the Ammonium Nitrate. The production numbers what you just gave us, is it also includes the by-product AN melt which we get from ANP production or that is separate, sir? Yeah, yeah, it's a total. Okay, okay. How much generally we get by-product out of ANP fertilizer? My direct synthesis has 50,000 tons, and rest is by-product. Okay. Got it. Perfect. Sir, next question is on, when we see on a quarter-to-quarter basis, like, there was a INR 300 crore improvement in the EBITDA between Q3 to Q4. If you can just highlight, which of the products have contributed to this improved performance in order of their contribution, that would be very helpful. You want the major product which contributed to this performance? Correct. Improved performance. Okay. Okay. One is TDI, second is Ammonium Nitrate, and third is Technical Grade Urea. These are the products which have contributed to the improved performance during Q4 on a sequential quarter basis. Got it. Perfect. Sir, last question from my side. Last time you have explained us about some cost saving measures which could accrue to us in FY 2027 based on A.T. Kearney's recommendations. Now, with the three months or four months passing through between our last conversation, are there any further measures being directed or given by or suggestions given by A.T. Kearney which now could be safely implemented by us, or there could be some further cost saving initiatives, anything which you can share? See, when they were appointed, there was a saving number which we discussed. Overall, there is some delay in the overall realization as well as indication from their side, which they also acknowledge. As far as accrual is concerned, there are certain proposals which are made and which are in the process of approval. Once that is done, the number would be woven, it will start gradually slipping into 2026, 2027. As far as last year is concerned, there is some saving on account of oil, which has happened due to their effort. All the numbers would be reconciled one day with them when the assignment is about to be over. Let all the initiatives as of now take place, different initiatives will give different kinds of saving with a different intensity. We will reconcile at the end of the assignment. Some saving has already accrued. That saving to some extent has arisen in case of predominantly the oil. Perfect, sir. Perfect. Sir, last bit from my side, like slightly on a technical part. Sir, you explained us about the aniline part, like hydrogen, as well as CNA and benzene are the key raw materials for aniline. Just wanted to understand, let's say from my understanding point of view, like first nitrobenzene is produced and then the aniline is produced when we go through the synthesis process. What I believe is that even nitrobenzene, there is good demand from even the rubber chemicals and, other industries. If you can just explain me the technical part in terms of where the nitrobenzene comes in this production process and how much nitrobenzene we produce on an annual. Nitrobenzene, rightly you explained, it is an intermediate, and it is reacted with hydrogen to produce the aniline. CNA plus benzene are used to synthesize the nitrobenzene. Nitrobenzene has a limited market. Bulk goes for captive aniline production. I'll ask Tejash to say a few words about nitrobenzene market. Yes, you are right. Nitrobenzene is used in rubber chemicals. We are supplying to the rubber chemical manufacturers. Our most of the nitrobenzene goes to the aniline production. We have a market, and we are selling nitrobenzene as a intermediate product. Close to 13% is going for sale. Rest is going for captive. Got it, sir. Thank you so much, sir, and wish you all the best. Thank you. Thank you, Nirav. Thank you. Next question comes from the line of [A.M. Doda with Samati]. Please go ahead. Hello. Hello. Am I audible, sir? You're audible. You're audible. Please continue. Sir, Mr. Parikh. Yes, please. Mr. Parikh, I'm waiting since last 15 minutes, as this Nirav Jimudia of Anvil Wealth has asked as many as 30 questions to you. At least one participant should be allowed two questions only at a time, and he should be asked to again rejoin the queue. Number one. Second person who has just spoke, he has also asked as many as 10 question. What is the this type of the con call is going on, sir? No company allows more than the two questions at a time. Other person who has joined the queue can get the opportunity to ask the question. Sir, we acknowledge your concern and- No, no, sir. You make the Anurag people, this Anurag operator and make the Anurag people to understand that no one should allow to ask more than the question at a time, so the other participant can get the time. That is my point of view, sir. Okay, sir. We have taken your point, we will implement it. The call started at 4:00, and Nirav Jimudia has taken up to the 4:30. Again, he is rejoining the queue, and he has taken lot of asking each and everything. What is he doing? Are he force marking the company on the this con call? Sir, sir, I request you to kindly ask your question, please, sir. Yes, sir. Sir, I have the. Thank you, sir. Thank you very much. Many congratulations on the decent set of numbers, sir. Sir, my question is number relating to, sir, plant capacity utilization of the overall capacities on the plant of this TDI, acetic acid and all other plants which are companies running at what capacity? Plants are running at a peak capacity. Capacity utilization in case of, acetic and, most of the plants is above 100%. So far, as TDI is concerned, it is close to 80%. Worldwide, the operating factor for TDI is close to 80% because of the complexity and challenges in operation and maintenance of the plant and nature of the material which is to be handled. We are close to global benchmark, even for TDI, in spite of many issues which we are facing at times in our the headquarter. Congratulations, sir. Congratulations to the team. Thank you. Thank you, sir. TDI is our bread and butter. If we are operating plant at 80%, how the TDI prices are remunerative to the company, sir? In last quarter, yes, this, we had a good prices. Correct. Remunerative prices. Current quarter also the prices have softened down, still better. Okay, sir. This, another thing, sir, second question. The one-time INR 80 crore additional income or extraordinary income, which is pertaining to what, sir, in this current year? I'll explain again. First of all, the net difference on a year-to-year basis, absolute amount is INR 80 crore, but the net difference is INR 50 crore because last year anyway around INR 38 crore were there. Okay. On account of which, sir, exactly? Now coming to the factors which have contributed to one-timers, like I explained, we had an insurance receipt of around, I'm sorry, INR 28 crore. This- Have settled escalation urea freight claim of INR 15 crore. We also had some realization on account of catalyst dust of weak nitric acid plant. The fourth one is related to some penalty recovery for the delay in the project of CCPP. Okay, sir. My last question, sir. This INR 2,400 crore is shown in advance sales. It is explained, which I could gather from the conversation, that it is intercorporate loans. It is given to PSU companies or the private sector companies, sir? PSU. What is the interest rate they are giving to the company, sir? Around 7.25%. Intercorporate is 7.25%. Yes. Nowhere in the world intercorporate deposits are being given at 7%. Is it the Gujarat State Financial Corporation? Yes. Okay, it's all right, sir. It is amount is secured. It's all right, sir. I thought we thought that it is to the any private sector, it is intercorporate loans. No, no. Our company, our company governance doesn't allow loaning to private sector like that. It is only the our own arm where we can draw for the real CapEx needs in time to come. You are free to ask any other question, sir. The only last question, sir, the acetic acid prices? Acetic acid prices and ethyl acetate prices, they are correlated. Just I wanted the acid, what is the trend of the acetic acid prices and trend of ethyl acetate? Presently, as far as the international trend is concerned, the acetic acid as well as ethyl acetate trends are in reducing trend, both the prices. International prices are reducing trend. I will cover for a full year basis. Practically, if we see the full year last year and this year, practically there is no major change. We had a realization where it has not changed even by INR 1,000 in both the products taken together. Okay. Okay. If you see quarter to quarter because of this kind of disruptions, there is an upheaval in the prices. On a full year basis, there is less than INR 1,000 / metric ton difference. Okay. Thank you, sir. I will rejoin back if there's any question. Thank you. Next question comes from the line of Rohit Sinha with Sunidhi Securities. Please go ahead. Yeah, just one question, sir. On the CapEx side, how much the overall CapEx would be there for FY 2027 and 2028? The CapEx for FY 2027 is going to be around INR 2,800 crores. For 2028, if you can share? 2028, we would be in a position to tell, in quarters coming, because as we finalize the rest of the CapEx and come up in terms of its schedule, we will come to know better. Okay. Okay. Got it. Just the Ammonium Nitrate, nitric acid and ammonia plant will be finally coming up by FY 2028 at least, I guess. Yeah, yeah. Next year these are going to come up. Okay. All the three- That's it from me. Yeah, yeah. -ammonia expansion, the weak nitric acid, Ammonium Nitrate melt, all are going to come up by next year. This year the CCPP is going to be operational by quarter two. Got it, sir. That's it from my side. Thank you. Thank you. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I now hand the conference over to Mr. D.V. Parikh, Executive Director and CFO, GNFC Limited for closing comments. Thank you very much for attending the call to all the participants. On behalf of GNFC, we welcome further questions, if any, to our investor services cell. Please stay in touch. Thank you very much. With this, I hand over the call to our Company Secretary. Thank you, sir. I, on behalf of the participants and senior members of the company, thank all the investors for joining this call, and I express my sincere gratitude to Mr. Raju as well as Mr. Anuj of Anurag Services for conducting this call. Thank you. Thank you. Thank you. Thank you. Thank you. On behalf of GNFC Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.