Ladies and gentlemen, good day, and welcome to the Greenpanel Industries Limited Q3 and 9M FY26 earnings conference call. As a reminder, all participant lines will remain 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 the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Rishab Barar from CDR India for opening remarks. Thank you, and over to you, Rishab. Good day, everyone, and thank you for joining us on the Greenpanel Industries Limited Q3 and nine months FY 2026 earnings conference call. We have with us today Mr. Shobhan Mittal, Managing Director, and Mr. Himanshu Jindal, CFO. Before we begin, I would like to state some statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. A detailed statement in this regard is available in the results presentation, which was shared with you earlier. I would now like to invite Mr. Shobhan Mittal to begin the proceedings of the call. Over to you, sir. Thank you. Thank you. Good evening, ladies and gentlemen, and welcome to our Quarter Three FY 2026 earnings call. While the retail markets were a little tepid post the Diwali festivities, we continue our renewed focus on channel engagement with more sales and marketing investments to support volume growth during quarter 3. The quarter began with the announcement of a new foreign travel scheme and ended with the launch of the country's strongest, toughest, and heaviest boiling waterproof MDF to supplement our existing product offerings to the customers. This, along with the other ATL and BTL initiatives, about which I enumerated in more detail than our last earnings call, will go a long way to assist and create a more sustainable volume growth strategy for Greenpanel over the next three to five years. Our domestic MDF volumes grew by 19% year-on-year, and the export volumes were higher by 8.3% year-on-year. Total MDF volume growth thus being 17.1% for quarter three. While domestic pricing was unchanged from quarter two levels initially, discounting pressures from relevant players came back into play post-Diwali, and we too had no option but to offer more discounts between November and December, much more to the OEMs, where pricing is key. As a result, the domestic realization was lower by 1.4% sequentially. Some portion of this was also on account of the change in product-wide sales, post addition of the new plant at AP, and increase in overall proportion to OEM sales. Plywood business is yet to revive meaningfully, and we are already working on possible next steps to scale up this business. Maybe I'll be able to share more on this over the next few quarters. Counting the exports and plywood sales as well, total revenues for the quarter grew by 11.4% year-on-year to INR 398.8 crores. Given a renewed focus on cost optimization, our gross margins and the operating EBITDA margins were higher, both on a year-on-year and also on a sequential basis. Given our strong performance in Q3 amidst a more challenging market, the revised guidance that I shared with you on our last call for the full year of FY 2026 remains unchanged. We continue to target a high-teens growth in MDF volumes, with operating EBITDA, excluding effects and one-offs of high single-digit to early double-digit average for the full year. With this, I request our CFO, Mr. Himanshu Jindal, for the financial and other updates. Thank you. Hi. Thank you, Shobhan Ji. Good evening, all. Since Shobhan Ji has already covered the revenues, I'll try and give you more insights on the cost and margin front. So on the cost side, timber costs, which were gradually receding with improved supplies till early November, were a bit more volatile thereafter, with the onset of severe winter conditions in north and heavy, heavy rainfalls in south. But we have again started witnessing some bit of cost reduction from January onwards. Cost of chemicals has also come up from the peaks in quarter two over the last two, three months, which is also supporting margins now. More from a cost of production point of view, we were almost flat sequentially. The savings on raw materials, which led to expansion of our gross margins to almost 50%, were partially negated by the higher fuel and power costs, which were caused by a seasonal spike on account of the severe winter conditions in the north. We also invested a bit more on the sales and marketing bit to build salience, both in terms of people and pure sales promotion expenses. As a result, our operating EBITDA, excluding the impact of currency movement on the long-term euro borrowing for the new plant, was INR 44.3 crores, or 11.2% of our revenues, with MDF at 11.9% and plywood at 1.4%. The above also includes the impact of recognition of the balance, approved, but not yet accounted power subsidy of INR 8.5 crore for the old line at Andhra, post the partial receipts of INR 19.3 crore from the state government in October 2025. For clarity, because this is something which may come up as a question, during the course of the call. So for clarity, out of the total blessed state government subsidy for the old lines of INR 96 crore, 68 was capital subsidy and 28 was pure revenue subsidy. Out of this, in the past, we had already recognized 15 crore of capital subsidy, which was adjusted against the carrying cost of the assets. And on the revenue side, the entire impact was taken into P&L, INR 20 crore. The balance portion, which was blessed but not accounted for, which is the capital subsidy of INR 54 crores, has now been adjusted against the carrying cost of assets. Also the balance eight point five, like I mentioned above, has also been brought into P&L via adding it to the other operating income as a month. Again, in quarter two, we were impacted by the continued volatility on the exchange rate, on our outstanding long-term, euro-denominated borrowings. This impacted INR 3 crores during the last quarter, and cumulatively this year, only on the borrowing, the impact is INR 43 crores. Bulk of this is obviously unrealized, mark-to-market, non-cash loss. Apart from this, there is also an impact of INR 10 crore a quarter, which is in form of the incremental interest and depreciation, on account of the capitalization of the new plant, at AP. Counting these, the PBT was INR 11.4 crore positive, and the PAT was plus rupees INR 10.2 crore for quarter three. On the balance sheet side, we did increase inventories to support sales, for second half, improve the availability. But despite this, our core cash conversion cycle was still maintained at 32 days. Mm-hmm. The leverage has also stayed very comfortable for us. Our net debt is INR 163 crore. If we count out the non-cash FX change, the actual net reduction has been INR 40 crore during nine months. Mm-hmm. and almost INR 85 crore from the peak that we saw on 13th of June. On that note, I think we can open the final question and answers, please. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the first question from the line of Balaji Vaidyanath, from NAFA Asset Managers Private Limited. Please go ahead. Good evening, and congrats for the recovery that we have seen. If you could, you know, throw some light on the import scenario and how we are seeing it play out, you know, for the rest of the year, please, to begin with. Sure. So, imports are still quite muted, to be honest with you, and, you know, a few companies have received the BIS certification. However, you know, with the current pricing situation, in the OEM segments where imports were more prominent, the current pricing from the, domestic producers itself is quite competitive for, to allow any additional imports coming in at this point of time. There are certain specific applications because of raw material characteristics, where domestic material is not suitable. In those applications, imports are coming in. These are limited to, you know, specific applications where thin panels use, like laser cutting, et cetera. But otherwise, barring that, there is not any immediate or foreseeable threat from imports, at the current price points. You know, this will also be supplemented by an incremental QCO, which you spoke about last quarter. Shobhan Ji, if you could give us any update on that? So, the new QCO standards have been implemented. In fact, we are now ourselves in the process of, you know, rebranding and recalibrating our own specifications to the new QCO standards. So of course, these end up being more stringent than they were previously, you know, in the BIS standards. And, this should further restrict imports coming in and compliance with, with BIS. Thank you. Question to Himanshu Ji on the raw material side, you know, especially on the urea, if you could give us some more color on, you know, in terms of how you see this playing out and whether the worst is over? See, we don't buy urea directly. We buy only resins, right? These are manufactured by someone else, our vendors, and we buy them on competitive basis, right? So for us, I think the consequence is how much do we buy at the chemicals end of the day. I think, you know, we did see a spike, like I mentioned earlier on the two calls, during quarter two, and thereafter, the prices are coming down with increased supplies. I think, you know, today where we are, I think, you know, I think the pricing environment per se is pretty stable now. It's already come down. Thank you so much. I'll get back with you. Thank you. We take the next question from the line of Utkarsh Nopany from Anand Rathi. Please go ahead. ... Yeah. Hi, good evening, sir. So my first question is on the MDF segment. So like if our domestic MDF revenue has remained stable, on a Q-on-Q basis, but our margin has slightly improved. So can you please specify what is the reason for the margin improvement in December quarter? And what would be our MDF EBITDA margin guidance for FY 2027? Mansukh, did you get that? Yeah. Yeah, yeah, no, no problem. I can. So you're right, sequentially, the volumes have been flattish, on the retail side, on the domestic front, right? But yes, we have sold more, of exports, right? So, you know, when you sell more, obviously operating leverage is also play out, and this is why you see operating margins going up, yeah, otherwise. Like I said, like- Yes, sir. Sorry. I think all the export volumes pretty significantly lower margin compared to the domestic volume. You're right. So I think it should actually pull down the margin, but it has actually- No, no, no. No, no, no, no, no. So please try and appreciate, you know, even in the last quarter, my fixed costs were already absorbed. Now, with additional volumes coming into play, see, every cubic meter that I sell, I get more and more contribution. Even exports make money for me, not that they don't at a contribution level basis, right? So it's only recovery of fixed costs that I'm working on via exports. If the domestic markets are a little challenging and there is an opportunity on the export front, I still go ahead and sell. Same with OEMs. If retail markets are great, I'll try and push in more and more on retail, right? So I think there is definitely some advantage which flows in not only on my operating leverage, but also otherwise on my direct expenses, on my power, fuel, on the, you know, on the quality of the product also, one way or another way, when I run my lines more sustainably. And this is what you are seeing in my margins now flowing in. Okay. Sir, like, given rupee has weakened quite a lot, so I just wanted to- Yeah. know from your strategy perspective, whether you would be planning to take any price hike in near future, or you would target to quickly ramp up the south plant by keeping the prices relatively stable for the next few quarters? On the pricing- When you're saying- Yeah. Please, please. Yeah, I didn't understand. When you're saying price hike, are you talking about in the export segment or the domestic segment? The domestic market, sir. No, so, you know, like I mentioned earlier, that at the moment, we don't foresee any major threat coming in from exports. My understanding is what you're referring to is that ex-exports will become more expensive, sorry, imports will become more expensive in rupee terms. Is that right? That's what you mean. Yes, sir. Yes, sir. Yes, sir. Yeah, but like I mentioned, you know, imports are not really a threat at this point of time because domestic pricing itself is at a price point where we are already very competitive. So, today, in the segments where imports were being consumed, the real competition is from the domestic players. It's not from imports, to be honest with you. And, because of the domestic competition and pricing pressures, I don't foresee we'll be able to factor in the, you know, the rupee devaluation into our pricing to the customers. Okay, got it. So and sir, lastly, sir, like on the subsidy part, if you can kindly help me, like how much EPCG benefit we have recognized in December quarter? And, and if you can also specify the subsidy amount which we have mentioned in the footnote, like, INR 8.5 crore, you have, already mentioned that it is, it has been recognized as part of operating income. INR 19.3 crore, which we have received, where it has been recognized, and the INR 53.7 crore, which is yet to be received, where we have recognized in the P&L or in the balance sheet, sir. If you can specify this. Okay. Let me try and answer this. So EPCG is on exports. If we export more, we recognize more EPCG. In the last three quarters, I'll give you all the figures so that you get all the figures for the current fiscal. In quarter one, we had INR 5 crore EPCG. In quarter two, we had INR 6 crore, and this quarter, we have INR 8 crore. That's EPCG, which is there as part of your other operating income. Mm-hmm. So every quarter, we are getting, you know, more or less between INR 5-8 crores. Yeah? Now, your second question is on subsidies. As I mentioned in my opening remarks, anticipating this question will obviously come in. So for you to know, there was INR 96 crores that I had to receive from the Government of Andhra Pradesh for the old line. A large part of this was capital subsidy, which was INR 68 crore. There was. The balance was basically power subsidy, which is revenue in nature, INR 28 crores. Now, in the past, the company had recognized already INR 15 crores of capital subsidy and INR 20 crores of revenue subsidy in books, which means 35 was already accounted for, money not received. This was the status till thirtieth September. Since I received money in October, which was INR 19 crore against these receivables, I've brought down my receivables from 35 minus 19. That's the receivable that I was carrying, in a way. But then, because money is flowing in already, there is 20% of the money which has come in, based on our assessments and based on the discussions with the auditors and otherwise, we said we will recognize the balance, unaccounted, but approved subsidies in our books. Now, what have we done in this quarter? Out of the balance, unaccounted capital subsidy, which is INR 54 crore, that has been adjusted against the carrying cost of the assets, the fixed assets. Mm. This is why my fixed asset block has come down to that extent, INR 54 crore, on which, you know, obviously, going forward, the depreciation expense is going to be lower. Mm. based on the remaining life of the asset. Mm. The revenue subsidy, which was approved but not accounted for, was only INR 8.5, which has now been brought into books via the PNL, getting it added to the operating income. Does this simplify or answer what you want, what you wanted to know? Yeah, yeah, it is pretty clear. And sir, lastly, like, sir, how much EPCG benefit balances left, which we can accrue in the coming quarters? Okay, so 51 was the opening. You remember the opening figure actually of, you know, before we started recognizing EPCG was 86. Last year, last fiscal in quarter four, we had accounted for 35, which meant opening figure this fiscal was 51. I explained to you 5, 6, 8, so INR 19 crores almost has been accounted for in this fiscal. Balance is still to be recognized. So there's INR 32 crores EPCG, which is shown as liabilities in my book, which the moment I export more and more, I'll keep recognizing. To your question, how much would be recognized in this fiscal? The run rates are already there with you. If I, if I get an opportunity to export more, I'll recognize more this year. The balance will obviously flow through in the next year. Maybe in the next 4-6 quarters, this entire amount will come into books. Got it, sir. Thanks a lot, sir. Most welcome. Thank you. Ladies and gentlemen, in the interest of time and fairness to others, we request you to restrict to two questions per participant and rejoin the question queue. We take the next question from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Sir, as you highlighted, you know, INR 8.5 crore power subsidy, which you recognized this quarter. So this MDF margin, which is coming around 12%, includes that subsidy also, achieving on account of a year. Is that a fair assumption? Yes. Yes, it does. Got it. Got it. And one last question from my side: How are the timber prices moved in this quarter, and how, what is the outlook for the same? So timber, timber price slide also. So I tried covering it, you know, as part of my speech and also as part of the answer that I gave just now. So what I said, Keshav, was the timber prices month-on-month sequentially were dropping, and this continued to be the trend till November, mid-November. But then you saw winter setting in, in North, and you saw heavy rainfall in Tamil Nadu or Andhra, and therefore there was a bit of a spike which came into play. Now, for the last, you know, since January beginning, we are seeing again prices coming down. I think we should also remember there was a play of, you know, the timber recipes or the way we mix timber at our end now to produce MDF. I think all of that is playing together. Sequentially, every single quarter, we are getting savings. I think between quarter two, quarter three, largely counting in everything in, we were more or less at par, right? Now, to your questions on resins or chemicals, generally, like I mentioned, there were some supply challenges in quarter two, because of which the prices had hardened. From there, every single month, we are seeing prices come off. You know, so they have the... I think the peak was sometime in October, November, early November, and thereafter, the prices have continued to come down. Today, we are pretty stable. Okay, got it. Thank you so much. Thank you. We take the next question from the line of Yash Sonthalia from Edelweiss Alternatives. Please go ahead. Hi, team. Thank you for taking my question, and congratulations on good set of numbers. So, like you already alluded, you took the price hit of, I think, 1.4%. So I wanted to understand specifically for the south plant, what was our price change? Like, what was the decline specifically for the south plant? So we don't look at it like south and north anymore, to be honest, because we, end of the day, see the same plants are being used to service all locations. There are certain... See, lines are today fungible. Markets are, again, can be fed from both the plants. So wherever we can produce something at the best economics, we go ahead and produce that product and supply it to the market, right? So it's very difficult to specify what is the price for a particular plant today in the current context. But yeah, prices are, you know, the same wherever they come from, whichever plant. At the end of the day, the customer should get it at the same price. Got it. Got it. And second, like, 1.4 was due to price realization decline, and other was due to product mix change. Mm-hmm. So was it because of the test production we did in our new plant, or it is structurally, consciously, we are taking the call to cater to more OEM because of the market scenarios? So, if you look at my domestic realization, it was down 1.4. If you look at my export realization, it was also down, incidentally, by the same proportion sequentially, right? But when you see my exports going up, automatically, the blended realization appears to be 2%-2.5% lower, right? So, I think that should answer you. You know, more importantly, again, between retail and OEM on the domestic front, as Shobhan Ji mentioned, OEM is what you know has, you know, there has been a volume upsurge for sure, right? So that's in a way... So retail markets, the discounts may not be in line- Mm-hmm. with whatever we are giving to OEMs. OEMs come under high, a higher discount. But this is purely a function of demand, to answer your question. Yes. You know, today, we are not in a position to pick and choose what we sell and who we sell to. At the moment, the focus, because of surplus capacity, both at the company level and in the market, is, you know, to capture any demand that is available, irrelevant of the product mix that it's offering. ...Understood. One last follow-up, like, if you can help me, the channel mix Q3 FY 2025, and what is right now in Q3 FY 2026 between OEM and other channels? So OEM is roughly 25% of the MDF domestic that we sell. Balance 75% is retail. If you compare it with service, sequentially, it was more or less similar. Last year, I think 2%-3% here or there. So retail, I think last year was 77%, 77% odd, and this year, like I said, it's already 75%. Got it. Thank you. Thank you. We take the next question from the line of Sneha Talreja from Nuvama. Please go ahead. Hi, evening, team, and thanks a lot for the opportunity. Just a couple of questions. One, you said that, you know, in November and December, you observed incremental discounts coming up, and that's where you had to increase discounting. Any signs that we are seeing for price increase happening in MDF? If not now, when would we potentially see it? Sneha, this will be purely speculation if I have to answer this question, to be honest with you. So, as of now, if you ask me, do I foresee any price increases coming in? Answer would be, probably not. Understood. Secondly, for FY 27 as a whole, of course, you've given guidance for this year. FY 27 as a whole, you know, given the current pricing, what's the kind of a volume growth that you're likely to see and any margin guidance there with the current pricing? I think we, I think we will want to wait to see how quarter four pans out before giving a guidance. Understood, yes. Thanks, thanks a lot. That was about from my end. All the best, team. Thank you. Thank you. We take the next question from the line of Parth Bhavsar from Investec. Please go ahead. Hello. Hi, sir. So thank you for the opportunity. Sir, I just wanted one clarification to start with. So, if I heard it right, so there was a EPCG benefit of INR 8 crore in Q3, and besides this, we also booked a power subsidy of INR 8.5 crore, which was in our favor, which is part of EBIT, EBITDA for MDF, right? Yes. Perfect. Perfect. So, so that was my question. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Anu from Anand Rathi. Please go ahead. Yeah. Hello, sir. Am I audible? Yes, please. Yes. What is the volume growth target for Q4 FY, FY 2026 and FY 2027? For Q4, as we said, you know, on an average, we should have a mid- to high-teens volume growth on an annual basis. For FY 2027, we'd like to refrain from giving any projections till the quarter four numbers are out, please. Okay. And what would be our MDF EBITDA margin guidance for FY 2027? Yeah. That would again be dependent on the volume growth. So, as mentioned earlier, we'd like to refrain from mentioning that at this point of time. Okay. And whether the margin on export has become lucrative due to weak rupee? It's improved. So there's not been a, I would say, any material price reduction on the export side. So yes, because of a higher rupee value against the dollar, it's improved slightly, yes. Okay. Also, can you specify what would be the sustainable EBITDA margin for MDF? Well, that, in my opinion, with proper utilization, proper product mix, you know, high teens is very much possible, up to 20%. Okay. Sir, last question. Like, what is the export margin in Q2, Q3, and how it is likely to be in the coming quarters? Himanshu, do you have that data? I'll take it... Sure. I mean, see, I think, Anu, you need to realize that, you know, we look at exports as a filler, right? To do more volumes at a more consistent, you know, just to ensure that my capacities are running optimally, right? Yes, we produce contribution, which is what I look at, you know, sales price minus the variable. Do I make money or not? And then, obviously, there's an upside in terms of early recognition of EPCG, right? So I think these are the advantages which exports offer, and, this is something that we monitor. You know, that's I think, that's something that we can say, okay? Okay. Thank you. Thank you very much. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Patanjali Srinivasan from Sundaram Mutual Fund. Please go ahead. Thank you for the opportunity. I have a couple of questions. So firstly, with the new plant coming up, utilizations have dropped quite a bit, at a company level, and, ... And what level would the plant be operationally, like, EBITDA positive? And, how, where are we today in terms of utilization at the new plant? Okay, I'll take that, Shobhan. So, Yeah, yeah, please. The utilization same time last year, the Pantnagar were roughly 66%, without the new capacity coming into play, right? You are right, with this new capacity, even on a, on a holistic basis, all the three plants put together, my capacity utilizations are have been almost similar, right? So we, we've done, sixty-three, sixty-four percent capacity utilizations in this quarter on a production basis. Now, now, you know, are we absorbing all the fixed costs already? We are. The new line is running very well. You know, all the three lines put together, like I mentioned, we are already 63%-64%, and the new line is also more or less similar, all right? So, so, you know, we are already making money, positive EBITDAs on all the three lines. Okay. And, you know, you can mention about what the utilization levels would be at the plant? Sorry? I missed. Yeah. The utilization level will be at the new plant. The new plant is already operating at a 60% capacity, so no problem. All the three lines, like I mentioned to you, are round about the same. So today, we are agnostic. You know, any demand which comes in, we look at which line can produce and feed the demand at the right economics, right? So, you know, wherever we can feed, whichever way, you know, we feed, looking at overall economics. Okay. So, just, just for everyone's understanding, you know, basically, barring very thin panels, all three lines are capable of producing all the SKUs that we offer to the market. So looking at the plant efficiency, looking at our production planning, looking at the freight economics, we, we choose on a, you know, there is a lot of variability on what we produce on, on which line at any given point of time. So if the line, you know, in under position, line two's occupied with a certain product, we may choose to produce a line two product on the line three, just to service it faster. You know, if there is restrictions for the north plant, we can produce those products in the south and still supply if the economics work out. So, there's a lot of, you know, let's say, flexibility now that we have in our production process. So it's not, you know, fair to look at one line's capacity alone, because we may intentionally produce that line's product on another line if it's giving us better economics. Got it, sir. Okay. I just have one more question. I think couple of quarters back, we had indicated about margins improving because we'll see deflation in raw material cost and timber-related issues were there because of previous 4, 5-year back period, where things were not great in terms of there was a delay in terms of availability of wood and all of that, but that will all ease towards Q3. Can you tell me, like, how much of it is translated? Because I do get a sense that you mentioned that by December there was a decrease in cost, but there's an increase in cost because of some seasonality, and now it's again falling. Would we see, like, a fair bit of decrease here in terms of cost? Also, what would be your raw mat mix between resin costs and timber costs? See, I think, you know, Patanjali, the, you know, margins, you know, are a mix of or a derivative of two things. One is how do we behave or how competition, more importantly, behaves in the market, apart from the supply-demand economics on pricing. So I think, you know, maybe a few quarters back, pricing was not such a big, or, or let me say, we were disciplined. Today, we are behaving the way competition wants us or allows us to behave. So therefore, you, you're seeing some price reductions coming into play, to ensure that we have enough volume, you know, you know, we sell enough volume, we produce and sell enough volume. The second piece is on cost. I did mention seasonality, but like I also mentioned, my cost of production sequentially was more or less similar between quarter two and quarter three. If the cost environment also becomes more conducive, I am sure that is a margin that we can keep with us, right? Unless the market becomes more aggressive and they start discounting. So I think for now, I think the conclusion is my gross margins today are at 50%. I think, you know, in this quarter, I think, you know, so it's a little difficult for us to preempt, but costs remaining where they are, pricing remaining where they are, at least we should be able to do whatever margins we have been doing. Yeah, I wanted split between resin costs- Yeah, yeah. and timber costs. So I would say chemicals, you know, and I'm saying chemicals and timber of my raw mat costs would be roughly 50/50 today. Got it. Okay, sure. Thank you so much. Thank you. We take the next question from the line of Praveen Sahay from Prabhudas Lilladher Capital. Please go ahead. Yeah, hi, sir. Thank you for opportunity. The first question is related to the volume, and this quarter, the 17% of the volume as a whole or 19% is domestic. Especially in the domestic 19%, last year, the commercial grade volume were also, you know, accounted. If I exclude that, the growth in the domestic is nearly around 45%. So, for the fourth quarter, why we, you are guiding for a mid-teens kind of a growth, whereas second quarter and third quarter, we had seen commercial grade growth has been very good? So I think you know what Shobhan mentioned was for the full FY 2026 number, right, Praveen? So he said, I think if I heard him correctly, he said mid-teens to high-teens growth in MDF volumes overall. This is what we, we said. And please do remember, in quarter one, my volume there was a degrowth which happened. So we're counting that in and saying that overall, for the full year, the revised guidance, what, what we shared in October, November, holds today, today as well. This is what we meant. Okay. Okay. So that clearly indicate that the higher growth in the fourth quarter. Is that understanding right, sir? Hmm, I spelled it out for you. I said, yeah. Yeah. Second thing, sir, on the margin. So because in the presentation you had mentioned MDF margin of 11.9%, and which is excluding one-off. So you have one-off, this, the power subsidy also one-off in that? For 11.9. No. So no, other operating income includes the impact of this 8.5, right? But this was always power. It was related to power. It was always accounted for in the past periods in that way, yeah, till the time we were accounting. So, so it is already there, right? But one-off essentially means FX. You know, if I were to ask, if I were to answer this, FX has been a bigger consequence for us this year as a whole, right? And that's the larger one-off which has been excluded when I say operating EBITDA. Oh, oh, got it, sir. That was my questions. Thank you, and all the best. Yes, thank you. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for their closing comments. We thank everyone for joining this call, and we look forward to speaking to everyone at the end of next quarter and the financial year. If anyone has any further questions, please do not hesitate to reach out to us. Thank you very much and have a good evening. Thank you. Thank you, sir. On behalf of Greenpanel Industries Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.