Ladies and gentlemen, good day, and welcome to the Greenlam Industries Limited Q3 and nine-month FY26 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in a 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 call is being recorded. I now hand the conference over to Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries India Limited. Thank you, and over to you, sir. Good afternoon, everybody, and welcome to the Q3 and 9 months FY26 earnings call. I'm pleased to have all of you on the call, and we'll be discussing the performance and the business updates of Q3, 9 months. I'm joined by our CFO, Ashok, and some from the finance team, as well as the SGA team, our investor relations advisors. I'm sure you've had the opportunity to look at the results and the investor presentation, which are available on the stock exchanges and on the company's website. I'll give you a small brief about some business updates of the last quarter and just take you a little bit through the financial performance before I hand over the call to Ashok. So on the business side, on the laminate side, the Brownfield expansion at the Naidupeta plant is progressing more or less as on track, and we should be up and running with our two additional lines in Q4 of FY27. On the laminates, in last quarter, we were awarded the largest exporter of laminates for, I think, 16 years now, and this really marks our, you know, performance in the category, considering the quality, innovation, dimensions, the global presence, we, you know, diverse markets we have, and presence across categories of laminates. During the last quarter, we also streamlined our brand architecture. So now we, as we move ahead, we, we're gonna work on two brands: the Greenlam brand, which will carry Greenlam laminates, Greenlam facades, Greenlam Sturdo, you know, melamine chipboard, et cetera. Now, the second brand will be Mikasa. So Mikasa brand will carry the laminates. The erstwhile NewMika becomes Mikasa Laminates. We have the Mikasa Plywood. We have the Mikasa Veneer. The erstwhile Decowood becomes Mikasa Veneers, and obviously we have the Mikasa Flooring and Doors. So we have two brands in the market, you know, which we are going to push and promote and build. So I think that streamlines a lot of our operational issues on ground and also increases the value of every brand and the spend we do on, you know, brand and promotion. On the chipboard business, I think chipboard business is also gradually improving. We improved our numbers and performance, reduced our losses there in Q3. We also successfully launched High Moisture Resistant Chipboard, which is, the product comes with special moisture-resistant properties, and we've had good feedback on the product. As I talked with you, you know, we are in the process of building the network and the customer base. So broadly, these were the large-ticket, you know, business updates. On the revenue side, we grew, although we, we grew 17-odd% at INR 706 crores in Q3. From our expectations, the numbers were a bit lower. One is that versus Q2, you know, sequentially, we obviously came down by nearly INR 100 crores of revenue. So Q3 usually is a slow quarter for us, considering the, you know, holiday season, et cetera, where there's work disruption in India. For our exports too, in the last 10, 15 days of December, people postponed shipments. So I think that's impacted, you know, the Q3 revenues, and also the domestic business has been a bit slower than our expectation. As we move ahead, I think Q4, you know, we are driving to build the numbers well, and as we talk, things are going in a good direction. So we hope the Q4 numbers will be, you know, in line with the 80-odd%, you know, top-line growth. On the margin front, at the gross margin level, I think we improved 1% versus Q2 also. So I think pricing discipline, raw material cost, value addition, I think that's all going in a good direction. I think we've had one of the highest gross margins in Q3 of 55.5%, right? Slightly higher than, you know, Q2, also in terms of percent, not in terms of value. So the gross margin level, I think we've done reasonably well. EBITDA, obviously we had a little bit of higher cost of operations. There's been, you know, some exceptional losses on the Wage Code matter. And obviously we still have high depreciation and interest due to the recent capitalizations of the plants over the last three years. So I think the revenues need to kind of pull along, and we hope that Q4 is, you know, better than what we did in Q3. Usually Q4 and Q2 are better quarters, as we've seen in the past, and we're fairly confident that business will, you know, move in that direction itself. So I think that's it for me at the moment. So I will have... I'll hand over the call to Ashok, and Ashok will take you through all the numbers, and post which we can, you know, address your questions and queries, if any. Ashokji, over to you. Thank you, sir. Good afternoon, everyone. Let me take you through the financial performance for the quarter and for the nine months. First, so coming on to the quarterly performance. On a consolidated basis, our net revenue grew by 17.3% on year-over-year basis to INR 706 crore as compared to INR 602 crore in Q3 last year. Gross margin grew by 60 basis points and stood at 55.6% in this quarter from 55% in Q3 last year. Gross profit in absolute terms also grew by 18.6% on year-over-year basis to INR 393 crore, as compared to INR 331 crore in quarter three last year. EBITDA margin before Forex fluctuations and exceptional item was declined by 170 basis points to 9.2% in this quarter, as compared to 10.9% in Q3 last year. Mainly on account of higher operating costs and the Naidupeta chipboard unit. EBITDA before Forex fluctuation and exceptional item in absolute terms remained flat at INR 65 crore in this quarter as compared to last year. We incurred a net loss of INR 0.6 crore for the quarter on account of Forex fluctuations, exceptional item, higher operation costs, higher interest and depreciation for chipboard businesses. Moving on to nine months. Net revenue for the nine months grew by 15.9% on year-on-year basis and stood at INR 2,188 crore as compared to INR 1,888 crore. Gross margin was up by 160 basis points to 54.4% for the nine months, in comparison to 52.8% in nine months last year. Gross profit in absolute terms grew by 19.4% to INR 1,191 crore, as compared to INR 997 crore in nine months last year. EBITDA margin before Forex fluctuations, before Forex fluctuations and exceptional item, was down by 80 basis points at 10.4%, in comparison to 11.2% in nine months last year. EBITDA before Forex fluctuation and exceptional item grew by 7.5% to INR 227 crore in nine months, as compared to INR 211 crore last year. Net profit was down by 77% to INR 15.5 crore in nine months, as against INR 66.9 crore in nine months last year. Now I'll move on to the segmental performance. First, the laminate and allied segment. In the quarter three, revenue grew by 8.1% on year-on-year basis to INR 562 crore in this quarter, from INR 520 crore in quarter three last year. EBITDA margin before Forex fluctuations and exceptional item stood at 14.5%, a growth of 100 basis points on year-on-year basis. Production volume stood at 5.08 million sheets at a utilization level of 83%. Sales volume for the quarter stood at 4.75 million sheets, a decline of 0.4% on year-on-year basis. Our average realization for the quarter was 1,143 per sheet. Moving on to nine months, laminate revenue grew by 7.5% and stood at INR 1,775 crore, from INR 1,651 crore in nine months last year. EBITDA margin before Forex fluctuation stood at 15.4%, a growth of 150 basis point on year-on-year basis. Production volume were at 16.14 million sheets at a utilization of 88%. Sales volume for the nine months stood at 15.48 million sheets, grew by 4.4% on year-on-year basis. Our average realization of laminate for nine months was at 1,112 per sheet. Moving on to another segment. Plywood and Allied, it consists of plywood, decorative veneer, engineered doors and engineered flooring. Revenue for the quarter grew by 9.5% to INR 90 crore in this quarter, in comparison to INR 82 crore in Q3 last year. EBITDA loss before Forex fluctuations stood at INR 13.3 crore. For the nine months, revenue grew by 18.6% on year-on-year basis to INR 281 crore, from INR 236 crore in nine months last year. EBITDA loss before Forex fluctuation stood at, for the nine months, stood at INR 25.8 crore. I'll move on to the next segment, which is panel and allied segment, which consists of chipboard. For this quarter, chipboard revenue grew by 13.3% on quarter-on-quarter basis to INR 54.2 crore since there was no sales since we have started our business in quarter four, so there is no comparative figure for the last year. EBITDA loss before Forex fluctuation stood at INR 3.2 crore. Production volume stood at 30,028 cubic meter and at a utilization level of 41%. Sales volume for the quarter stood at 28,954 cubic meter, a growth of 10% on year on quarter-on-quarter basis, and average realization for the quarter stood at 18,668 cubic meters. For the nine months, chipboard revenue stood at INR 133 crore. EBITDA loss before Forex fluctuation stood at INR 20.9 crore. The production volume were at 78,146 cubic meter, and at a utilization level of 36%. Sales volume for the nine months stood at 69,851 cubic meter, and our average realization for the nine months was at INR 18,992 cubic meter. Moving on to balance sheet item. ...In this quarter, our working capital cycle improved by 9 days to 58 days, as compared to 67 days in Q3 last year. Net debt as of thirty-first December stood at INR 1,010 crore. That's all from my side. Now, we will open the floor for the question now. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star and one on the touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handsets for asking the question. Ladies and gentlemen, please wait for a moment while the question queue assembles. The first question is from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Hi, thank you for the opportunity. So firstly, on your guidance, which you have given top line 18%-20% for this year, still that holds true in light of, you know, challenging and demand environment? And secondly, the ply and particle board, chipboard should break even, EBITDA break even next year? For the sales growth, nine months we're about 15.9% growth precisely. So, depending on how Q4 goes, maybe, you know, we'll probably end up with sort of 18-20%, maybe 1% lower, maybe somewhere like on an annualized basis. So, you know, plus minus a little bit here. But I think we're not so way off despite the, you know, ground challenges of demand. And in terms of break even of plywood and chipboard, we expect that this will break even in the next year, next year. Got it. And how are things evolving on the U.S. tariff side for laminate? Is it, you know, customer and you both are taking the hit of the tariff? Yeah. So as of now, since there is no end in sight in terms of when it will come, kind of a thing, so as of now, the tariff is applicable on our products. So we have done and we have increased some of the prices to the market. So some of the hit has been taken by the customer, and rest is taken hit by subsidiary and as well as India office. Some of this has got offset in terms of when the depreciation in INR. So some is getting depreciated compensated from that. Got it. Last question from my side. How are the laminate pricing trending domestic and export market? And lastly, how is the cost piece moving? Sorry, will you come again, Keshav? What, what- So my question is, has there been any change in laminate pricing in domestic or international market? And secondly, is there any changes in raw material cost? So laminate pricing in domestic is by and large stable. International pricing is also more or less stable. In few cases, due to the currency depreciation, we've had to kind of you know agree on certain discounts due to competitive pressures. On the raw material cost side, also, by and large, things are stable. Despite the rupee depreciation, chemical costs are more or less, you know, in the similar range. Our deco paper, where we import the paper from Europe and from Asia, where obviously rupee term costs have gone up because of the currency depreciation. Otherwise, the base prices more or less remain similar. So net-net, you can assume that both sales prices and procurement prices are you know you know similar, like a range of not much you know movements there. Got it. Thank you so much. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Utkarsh Nopany from Anand Rathi. Please go ahead. Hi, good afternoon, sir. My first question is regarding your particleboard division. Sir, just wanted to know, like, rupee has weakened quite a lot over the past few months. Whether the industry is planning to take a good price hike in this category due to the impact of weakening rupee? Or particleboard prices are likely to remain stable due to the supply overhang in the domestic market for the next few quarters. I just wanted your view on this. Right. So chipboard, because imports of chipboard into India was anyway quite small. And post the QCO implementation, you know, in 2025, I think it further, you know, shrunk a bit because Indian capacities came up, high quality, and availability of better dimensions and local availability, et cetera. So unfortunately, there's not much, you know, impact of the rupee depreciation in terms of making imports more expensive and us more competitive. On the pricing side, as you see things now with the demand and supply, you know, we are not seeing much room for, you know, price increases in chipboard. What we are trying to do is improve the value mix by promoting, you know, melamine faced chipboard, which is pre-laminated particle board. And I also said earlier in the call, we launched high moisture resistant grade in particle board, you know, which earlier was not so available in the market. Now, two or three companies have launched that, where the realization per cubic meter is higher than the plain board. So I think steps are being taken to kind of upsell and also introduce, you know, superior product or variants in the chipboard range. So I think that might lead to certain price per cubic meter price realization improvements. Okay. And sir, like, what is our targeted capacity utilization for the particle board project for FY27? And on the CapEx side, sir, if you can give some idea of how much CapEx we have already spent till December 2025, and how much is remaining, and by what timeframe we would spend the remaining amount? So in terms of for the next year, we have targeted around 55%-60% of the capacity utilization for the chipboard. And in terms of... What is your next question? Sir, CapEx, how much we have spent till date, and how much it is pending? CapEx, in terms of that, most of the CapEx has been, has been done in terms of that. Roughly around INR 50-73 crore is pending, with some of this which may be spent in this, quarter. If, if at all anything is remaining, that will be done in Q1 of next year. Okay. And sir, my next question is on the plywood segment. So earlier we were targeting to reach the breakeven point in plywood by Q4 of FY26. But in Q3 of FY26, what we saw that our operating losses has gone up. So just wanted to know whether we would now like to revise our timeline of reaching the breakeven point, which we were earlier targeting Q4 of FY26. So Q3 in the plywood segment, actually, if you see, you know, we slipped versus Q2 in terms of revenue. You know, gross margins also in that segment came down a bit because in that entire segment, a lot of raw material is imported, so in rupee term, you know, the currency impact was there. So I think operational deleverage and some RM cost increase in rupee term because of the currency movement that has happened in the ply and allied category. We are hoping that Q4 will be, you know, a better period across, you know, all those sub-segments in the ply business. And we remain optimistic that things will improve in that segment also. And sir, what would be our targeted capacity utilization for plywood plant for FY27? So you see, as of now, as of now, on a nine-month basis, we are at a capacity utilization of around 34%, 35%, close to 35% kind of a thing. So there also, our our expectation is that we should be in the range of around 55%-60% kind. Okay. And sir, lastly, on the laminate side, sir, like, you have mentioned in the press release that we have seen modest volume growth in the domestic market, while our volume was relatively flat on a YOY basis, so it implies that our export volume has gone down. So can you please specify the reason for the decline in our export volume, and how the export is shaping up in the current March quarter? And on the realization front, sir, there has been a sharp improvement in laminate realization in December quarter. Sir, is it majorly because of the weakening rupee effect? And whether such higher realization is likely to be sustained going forward, or we will have to pass on the benefit of weak rupee to the consumer to push our volume in the export market going ahead? These are my two questions on volume. So I'll take the question on the volume part. So in exports, like I said earlier also in the call, that in the month of December, we've had postponement of shipments, you know, for our European and U.K. market, postponed shipments to Jan from, let's say, December. So our inventory in transit actually has increased substantially. And, you know, so those sales should show up, you know, in Q4, as far as exports is concerned. On the price realization improvement, so you're right. Largely price realization improvement has happened due to the weakening of the rupee and some value mix improvement, you know, in the export business. And the last question was? So in terms of the volume, if you see for the export, the nine-month volume is higher. So, but in this quarter, as sir has mentioned, in terms of that only. Otherwise, we are on track in terms of that. There will be value growth in, volume growth in both the segments will be there for nine months. Okay, got it, sir. Thanks a lot. Yeah. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Sneha Talreja from Nuvama. Please go ahead. Hi, team. Good afternoon, and thanks a lot for the opportunity. Just 2-3 questions from my end. Firstly, on the call you mentioned that there were a couple of one-off impact, like the case of wage impact. You also mentioned, I think there were some forex loss. Could you quantify all the one-off impact in this particular quarter? So those one-off impact, those, like, forex retail is already there in already there. One-off is the exceptional, which is on account of which is on account of Wage Code kind of a thing. That is INR 6.2 crore some additional higher operating costs, you know versus like let's say Q3 or Q2. So no no specific one-off case which we can mention right now, but yeah. Understood. Secondly, with respect to demand, what we could see is, of course, there is quarter-on-quarter dip, which is seasonally there. But, even in case of newer segments like plywood and all, we've not seen any particular improvement, you know, in a strong way this particular quarter. Even your doors and flooring businesses, you know, again, are making losses in this particular. Was it any demand issue in quarter three as such, or you would just mention the seasonality impact in quarter three? So if you see Q3 and Q3, so yes, obviously we've grown at 17% odd, but in some segments the growth's not, not what it should be, and, and we said that earlier. So one, there is a seasonality impact because typically Q3 is a bit weaker, at least in our case. You know, traditionally also it's been a bit weaker than Q2. So Q2 and Q4 are the, you know, better quarters. But on the demand side also, the feedback we have from, from our teams on ground and from our partners is, demand is just generally a, a bit slow and there are cash flow challenges. So that's just more like a general feedback. I can't quantify it or put a data to it, but that's the feedback we, we receive from people. But our domestic business also has grown at 17%, you know, but yes, it could have- it could be... Because when you see the light of Q2, you know, sequential, Q3 looks a bit weak, in terms of the revenue growth. And it is weak actually, versus Q2. So yes, people do say that demand's been a bit low on ground, you know, seasonality, delivery and NCR GRAP issues. You know, I think there are so many issues people keep talking about, but I can't put a finger on it actually. Yeah. So in that case, we should see a bounce back in terms of profitability and revenue growth for all these divisions, like decorative veneer, doors and floors, everything moving back to profitability by Q4? So if you see Q2 performance at additional 100 crore revenues, you know, our EBITDA, you know, was 106, 107. So fixed costs are more or less, you know, done. GP, you know, is, is, being maintained. Price points are, you know, maintained, product quality, supply chain, factories are all doing reasonably well. So I think if revenues go up, you know, I don't see a reason why that won't happen actually. And we're pretty hopeful that revenues in Q4 should be decent. And traditionally also, you know, we've done really similar numbers in Q4, and Q4 may be at times slightly higher than Q2 also. And lastly, on the plywood front, you know, our utilization is still hovering at about 30-35% odd. It's been roughly around two and a half years of operations. What would you actually would want to know, what is lagging in this particular segment? Is it as per the track that the company would have anticipated, or are we facing delays? If yes, this is on account of what? What's your reading on this? So it, it's been slower than we expected. I think, we're doing reasonably well in South India and, you know, other, other markets which we opened over, let's say, this FY and some in last year, I think they're, they're still yet to kind of, mature. We also have now, or in last, like, towards the end of Q3, done a soft launch of a variant, you know, below, the marine-grade variant called BWP Plus, which is at a 5%, 6%, you know, lower variant. So I think that offering was missing from our house, so we've done that also. So we still are hopeful that this number should, it should improve. Feedback on product quality and secondary working, you know, is, is pretty good. I think with the brand architecture also, which we've streamlined with Mikasa brand carrying plywood, laminates, veneers, flooring, door, and that also give it a bit of a more branding push and help in, you know, better demand creation. So we remain positive on the segment, but yes, it's been a bit slower than we expected. Noted. One last one in case I may. You also mentioned that you've streamlined brands, and you have launched, you know, even laminates under Mikasa and, you know, plywood was always there. Just want to understand, what would be the difference between the Greenlam brand and Mikasa brand? What would be the price change between both? Let's say, laminates of Greenlam is sold at what pricing range, and what would be that for Mikasa? And similarly for maybe one or two other products, in case you can give some color there. So we didn't launch a brand new collection of Mikasa. We already had a brand called NewMika, you know, in that one millimeter segment. So that's been rebranded, repositioned as Mikasa. So at one point we had four brands: Greenlam, Mikasa, Decowood and NewMika. So Decowood, the veneer businesses moved together, was rebranded as Mikasa Veneers sometime earlier in FY26. And now with the new launch, new range launch of NewMika, we rebranded NewMika as Mikasa. So it was already existing. We just collected the whole program and, you know, put it under one brand. So the Mikasa brand now, you know, is nearly INR 1,000 crore potential portfolio with all these categories. As far as the difference is concerned, there are two different brands, which have two different, you know, product programs and ranges. So, from a price point difference, you know, it's not much. You know, Greenlam and Mikasa, you know, on the main category would be maybe 3%-5% lower. Mikasa is probably 3%-5% lower than Greenlam laminates. But it's not a price point driven program. It's more of a range catalog, common dealers, common specifications. You know, I, I think that's the model of Mikasa Laminates as we, as we move ahead. And that's the only product which has a, which has an overlap, otherwise, you know, chipboard and plywood, flooring, doors, veneers are all, we don't have multiple brands. It's only in laminates we have this, a two-brand strategy. No, I think that was pretty clear. And you also mentioned that this brand has potential of INR 1,000 crore revenue. If we may ask, what would be in FY26 estimated or FY25, what that would have been? I don't have that math right in front of me, and Ashok is smiling, so I think we'll have to deal with Ashok on this separately, please. Sure. Sure, we'll take it one-on-one. We'll connect post that. Sure, sure, sure. Sure. Thanks, thanks a lot, team, and all the very best. Sure. Thank you. The next question is from the line of Bhavin Rupani from Investec. Please go ahead. Hi, sir. Thanks for the opportunity. First question is related to chipboards. Are any indication of India level, supply in terms of CBM as of now, and any gauges or any ideas on new capacities that are coming up? So we have all this data, but it's not available right away on total installed capacity, because chipboard capacities are to be seen as wood-based particle boards, you know, and bagasse-based, and then wood-based that are continuous lines than multi-layer lines. So I think we have all the data. It's not right off available here, so I think maybe someone can help you with that at a later point. As far as new capacities coming up, as far as I know, no new, you know, major capacities are coming up. We do hear of some bagasse-based boards, you know, plants coming up in some parts. But on the wood-based particle board or board plants of our size, you know, I haven't heard of anything as of now. But, that's what I know, but I'm not so sure on that. But with my understanding, not many or literally none, new capacities are coming up at this moment, unless you have anything to add, Ashok? Okay. So- Sorry, I was saying, the capacity to put up, you know, was at a 85 INR to EUR, EUR-INR conversion. Now, now with the price points, you know, clearly, I think the CapEx costs also go up with the, appreciation in both the dollar and the euro, so obviously it's going to be a bit harder in terms of CapEx costs, et cetera. But... Sorry, go ahead, please. No, yeah. I mean, in case of raw materials at post-BIS, what we have seen is decline in production of plywood by unorganized players. And what we understand is there is a case of shortfall of scrap woods, which is generally used as an input for making chipboard. Is it, by any chance, impacting us, or have we seen any inflation over that in that part of the product chain, value chain? As far as we are concerned, well, this is not, because we were not using, you know, plywood. Like, we were using our own generated, you know, waste of our plywood factory, you know, and the wood we were using. But from that point, we haven't seen much impact in our business. Maybe certain factories of chipboard were based on, you know, wood waste generated from sawmill and plywood mills, but that was not the case in, that's not the case in our factory. So we are our own chippers, so we are buying agroforestry wood in Andhra Pradesh from Andhra Pradesh and, you know, surrounding areas. So that's not impacted us in terms of supply chain or cost. All right. And in case of resin prices, due to this, ongoing political issues, how have you seen resin pricing reacting after December? Resin pricing, when you say political, you mean geopolitical, right? Geopolitical issues. Yes, yes. Yes, Yes, yes, yes. Yeah. So, I said that earlier to somebody. I think the chemical costs have more or less been chemical and the output of resin more or less been stable despite the you know rupee depreciation. Maybe there's lack of demand or something of that sort. So actually, you know, despite the rupee depreciation, resin costs or chemical costs, so by and large, you know, some have gone down a bit, some have gone up a bit, but at an overall level, you know, as cost of chemicals in raw material, it's been about the same. All right. And one last question. So in case of chipboards, there is obviously a high presence of unorganized players. So what I understand is their quality is subpar versus our product, right? So to compete with them, do we have any product which is at parity or comparable to them, or we don't produce such quality or mass end of the product? So as far as the board quality, we have just one board quality, so we don't have a B-grade board quality. But in terms of the decor range, so we have, we have two decor ranges in Melamine Faced Chipboard. One is Studio, which is more premium, only European papers, and one is called Universal, which is a bit lower than the Studio, where the decor papers are more suited to residential, you know, usages of people who make furniture for, you know, residential purposes, which are from Chinese origin or Indian origin. So that's priced at a slightly lower point. But, the absolutely local market bagasse-based model, that's really, really cheap quality, you know, so we can't even end up producing that in our factory, or we can't even imagine producing that. Yes, we are not in that space, but you do appreciate with better quality chipboard. I think the market is also moving up, you know, with the offering, and earlier there were not too many companies who were focused on this category. Now, we have two, three companies who are focused, and they have meaningful capacities. They have a pretty good range. They have teams on the ground. So I think the category will itself kind of get uplifted. ... Sir, sir, how should one understand the pricing differential between our product versus unorganized players? In chipboard? Yes. So, one is for the local companies or unorganized guys won't produce. So unorganized, we are going to see in two parts. One is the bagasse producers, the other is wood-based producers. So many of the local companies are limited by the dimension they can produce or the thicknesses they can produce, so the flexibility of the equipment or the technology can't produce, you know, 6 by 8, 6 feet by 8 feet, 6 feet by 9 feet. Some can only produce some sizes. So, it's a bit more longish discussion. But really, I think with the quality of board, they will not have magnetic controls. The boards would consume more, you know, blades of the OEM producer. The finishing will not be nice with the undulations. The texture product will not be good. You know, the resin emissions could be high. So I think there are so many parameters, you know, on, on that. Point taken, sir, but how should one understand the pricing differential? So- Uh, so- I understand that, yeah. So pricing again would could vary, so with... So it depends on what you compare with. We could assume that local players would be 15%-20% lower in some cases, some could be 7%-10%. So we can't put one number to it, but yeah. Okay. That will be a range. Yeah. Fair enough. All right. Perfect, sir. Thank you so much. Thank you. A reminder to all the participants, you may press star and one to ask questions. Participants are requested to please press star and one to ask questions. If there are no further questions from the participants, I will now hand the conference over to the management for the closing comments. Over to you, sir. Thank you, everyone. Thank you for joining in for the call. In case you have any other questions, you can reach out to us or to SGA for any further clarifications. Thank you, looking forward. Thank you. Thank you, everyone. Thank you. On behalf of Greenlam Industries Limited, that concludes this conference. Thank you for joining us. You may now disconnect your line. Thank you.