Ladies and gentlemen, good day, and welcome to Greenpanel Industries Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gaurav Seth from CDR India. Thank you, and over to you. Thank you. Good day, everyone, and thank you for joining us on Greenpanel Industries Q4 and FY 2026 earnings conference call. We have with us today Mr. Shobhan Mittal, the Managing Director, and Mr. Himanshu Jindal, the CFO. Before we begin, I would like to share that some statements made in today's discussions 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 call. Over to you, Shobhan. Thank you. Good evening, ladies and gentlemen, and welcome to our Q4 and annual FY 2026 earnings call. The year 2025, 2026 has been a transformational year for Greenpanel. As you are aware, we added a new MDF manufacturing line at Andhra Pradesh end of FY 2025, and with a long-term strategy in mind, introduced changes to re-engage and re-energize our people, our customers, and our vendors while simultaneously renovating our ways of working. On the people front, we brought in Prakash last year in March to lead domestic sales and got Himanshu on board later in Q1 to lead finance. The strategy clearly shifted to customer excellence and volume scale-up, supplemented by a drive to move to a leaner cost base in manufacturing. This was the key reason for us growing more than the weighted average volume growth of the industry, despite us having a larger base leading to a turnaround of both operational and financial parameters over the last nine months of FY 2026. During the course of the year, a number of initiatives were undertaken to support sales. Top channel partners were facilitated in Bali in Q1, followed by the announcement of a new foreign travel scheme in the second half of FY 2026. Trade engagements were amplified. Cumulatively, more than 21,000 participants, such as carpenters, contractors, and sub-dealers were connected with Greenpanel under this drive. Revamped loyalty program app was launched in June two, 2025. The Mitra 2.0 app provides a seamless experience for our partners and the associated carpenter fraternity, and the active user count has increased since then to more than 18,000. New high-value products like ACW doors in MDF and Fire Retardant MDF were launched in the first half of the year, followed by the launch of the country's strongest, toughest, and heaviest boiling waterproof MDF, Boil Bric, in the second half. These new product launches reflect our commitment to the changing customer needs and also support our ambition for more value and margin-accretive businesses in the future. Coming to sales numbers, we achieved MDF domestic volumes growth of 29.5% year-on-year in Q4, while the full year growth was 16.9%. Counting in exports, which was significantly impacted in March after the onset of the war in the Middle East, the total MDF volumes for Q4 grew by 27.8% year-on-year in the quarter and by 12.9% year-on-year for the full year FY 2026. One thing I wish to highlight is that despite the impact on exports in quarter four, our full year volume numbers are still broadly in line with the revised guidance that we had shared middle of last year. MDF realizations were lower by three point six percent over the last year in FY 2026. Some portion of this was also attributable to the increase in OEM sales, apart from the change in product mix post addition of the new plant at AP. The high-value MDF product mix for the year being 43% in volume terms and 55% in value terms. On the plywood side, we had a strong growth of 18% in volumes in Q4 as a result of which, on a full year basis, we closed the year almost flat over last year. On a combined basis, revenues for the quarter grew to INR 391 crores, a growth of 15.5% over the last year, while the full year sales were at INR 1,502 crores, a growth of seven point eight percent over the last year. Consolidated operating EBITDA, excluding the impact of currency movement on the EUR, borrowing for the new plant, and the one-offs impacting the results was INR 35.4 crores or nine point one percent of revenues in Q4, while the full year number was INR 132.7 crores or eight point eight percent of revenues, again in line with the revised guidance shared in November 2025. Coming to what's happening currently in the sector and the outlook for FY27. The ongoing geopolitical situation in the Middle East is the biggest variable at play right now. Supply chains have been impacted adversely, leading to significant escalation on cost front, especially in case of chemicals, which is 40%-45% of our raw material costs. Timber costs have, however, continued to remain stable, though over the last three to four months. Like others, we too have announced price increase of 15% to reduce the impact on our margins. On the supply side, the overall MDF capacity in the country is four to four point five million cubic meter per annum, depending on the actual product mix offered by the suppliers. There are a few capacity additions announced already, some portion of which is expected to become operational by mid-end of the current year, FY 2027. Domestic demand, MDF demand is expected to continue at a healthy pace of early double digit to mid-teens. On our side, we operated at 60% capacity utilization in Q4 FY 2026, thus have a significant headroom available for organic growth next year without any additional material investments. Given the uncertainty around the war in the Middle East, I will be optimistically cautious at this point of time. Instead of giving a figurative guidance for FY 2027 for the moment, what I can share is that we will continue to pursue volume growth as the primary goal this year with a clear intent of retaining, increasing our relative market share while trying to maintain or improve our margins over the last year. With this request, I request our CFO, Himanshu Jindal, for the financial and other updates. Thank you. Thank you, Shobhan Mittal. Good evening all. Since a lot has already been covered by Shobhan Mittal, and we've already circulated exchanges, I'll keep my opening remarks brief this time. While the operational EBITDA was four percent in Q1, with the change in our approach over the next three quarters of the last fiscal, both in terms of the volume as incidentally we grew our India volumes by roughly, you know, the domestic volumes by roughly 26% and the total volumes by 23% in the last nine months of the last fiscal. With a clear focus on manufacturing cost and efficiencies, we were still able to manage a full year operational EBITDA of INR 132.7 crore, which is eight point eight percent of our revenues. Exceptions, however, clearly weighed on our reported EBITDA net profits. The adverse change rate movement on our outstanding euro-denominated borrowings had an impact of INR 6 crore on the bottom line during quarter four, with a cumulative impact of INR 49 crores for the full year. Apart from this, there was an impact to profitability as well on account of A, the initial inefficiencies during the stabilization phase of the new line at Andhra, which was largely in quarter one. Basically power and fuel consumption being higher than what it should have been. The higher interest and depreciation expense post capitalization of the new line. Counting these in, our reported EBITDA for the full year was INR 94.2 crores or six point three percent of our revenues. The PBT was negative INR 43.8 crores, and the PAT was negative INR 29.1 crores. On the balance sheet side, we have continued to stay strong net debt. Our DSOs at 21 days is the best in the wood panel industry and reflects our very strong brand positioning. Our core cash conversion cycle is at 38 days for the full year. Again, something which shows our commitment to financial prudence, while simultaneously maintaining a double-digit volume growth of our business at the same time. The leverage remains comfortable as well. Our debt has further reduced this year. Although because of the unfavorable FX change, the reported net debt was INR 156 crores at the end of March. I think we can now request the moderator to open the Q&A, please. Thank you very much. The first question is from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Hello. Hi. Thank you for the opportunity. First, can you give a sense or guidance for FY 2027? What would be your volume growth and what sort of margin? Hello, am I audible? Mr. Lahoti, you're sounding a little muffled. Can you please check? Is it better now? Yes, sir. Please go ahead. Yeah. My first question is, what is the FY 2027 guidance for MDF volume growth and margin? Himanshu, do you wanna get it? Yeah. I'll, in fact, repeat what you said as part of your own opening remarks. See, what we are expecting, Keshav, is that this industry will continue to grow at a healthy pace, yeah, which is early double digits to, let's say, something like mid-teens. What we are saying is because there are multiple variables playing out at the same time now, it's a little difficult for us to articulate in terms of what the growth numbers could be. We are going to be with the market or better than the market. Which means we will continue to pursue our volume strategy growing more than the market, hopefully retaining our market shares or you know, bettering them now. On margins, you know where we were, you know, in Q1, and from there we have grown, we've come down to something like high single digit for the full year. The intent would be to maintain or even take this up. Obviously, we also need to see more and more profitable growth, value accretive growth coming into play. You know, times are a little uncertain, you know, for us to give you a formal figure is becoming a little difficult right now. Understood. All right. That's the 10th, yeah. Tell me one thing. Okay. Tell me one thing, the 15% price hike which you have taken in MDF, has it? Yes. absorbed the entire cost inflation or more price hike you need to take? No. That has Keshav, that has just about absorbed our current cost inflation. You know I mean, of course, we are waiting and watching if there are any further cost, significant cost increases that come into play. Because of the, you know, muted sort of, demand scenario at this point of time, and, you know, competitive pressures, we are already seeing slight discounting already happening in the market from that 15%. I won't say that the complete effect of the 15% is already in place. The 15%, if implemented properly, will cover all the cost increases that have taken place so far. Understood. Got it. How has been the thing in this quarter? Because such a sharp, you know, price increase, is the demand impacted? Sorry, Keshav. Again, your line's not very clear. I can't hear you. I was saying, you know, it's already we are in mid-May, and you have taken such a sharp increase, so how has the demand responded to this? You know, before price increase in March, there was, of course, a lot of stocking that had happened. It was the end of the financial year, and April was expected to be a muted month. Now I would say that finally people are coming to terms with the cost increases. We also see that building materials in general across sectors, there have been substantial price increases. Unless there are some critical, you know, only the critical or the priority projects are actually executing. People who are not in a rush to complete projects or to undertake new projects are sort of holding back on this. That's where the situation remains. I won't say that the price ex-increase has fully been accepted and the demand is completely back to normal. All right. One last question from my side. If I see your volume, even just the domestic sales growth, sequentially it is just a flattish to marginal decrease in Q4. When the stocking has happened in March, ideally this should have been a good quarter in terms of volume on the domestic side. I'm not sure. Can you say that? Sequentially, domestic was flat. This is correct. There was obviously stocking happening in the month of March before, just before the price increases were implemented. That is what I am trying to understand, why the volume is still flat. Ideally Q4 is a strong quarter with stocking happening. What was missing? Year-over-year numbers is looking healthy, but how should we interpret the quarter-over-quarter number? No, because of certain, I mean, you know, there was a loss on the export side of our volumes for sure, you know. Okay. Got it. The whole of March we were not able to sell any exports. No, I got it. My question was just on the domestic side. I was just talking on the domestic side, the number is flattish. I'm not talking about export or total volume. You see, if you look at it Yeah Even from a last year perspective, Keshav, my volumes on the domestic front comparing Q4 to Q3 were relatively soft. This year the whole intent was to build our volumes, continue at least with the RMS gains that I've seen throughout the last six months prior to Q4 kicking in. I think, you know, overall if you look at the nine-month holistic picture, see quarter to quarter there could be aberrations. I think nine months is what has been a sweet play for us even from a domestic point of view. All right. That's kind of grown by 26%, which is I think a pretty healthy growth rate considering where we were earlier. Keshav, we were also just, you know, to be honest with you, in the interest of our own profitability with costs had gone up prior before the price increases could take place, right? We also wanted to sort of, you know, and cash on the fact that, hold back the expensive material and try to sell it at a high price in the coming quarter. Understood. Got it. It wasn't a free for all volumes. You know, we had calculated which volumes we wanted to supply at the old prices in the market. Got it. Quite clear. Thank you. Thank you. The next question is from the line of Praveen Sahay from Prabhudas Lilladher. Please go ahead. Yeah. Thank you for the opportunity. My first question is related to the industry. Can you give an indication like of last year, FY 2026, how the industry in terms of the volume grew? See, we foresee that the industry in general grew, you know, in the mid-teens to sort of high teens kind of levels. However, you know, this number is fairly varied if you look at across the listed companies, although information is only out for a couple of them yet so far. You know, obviously companies with a smaller starting base were able to grow at a higher pace. We can also see that there was a, you know, reduction in realizations of certain companies because of discounting structures in order to capture market share. It, it sort of is correlated. The industry in general, I would say, would have grown at the mid-teens to sort of high teens level. All right, sir. Also you highlighted, a few new capacities are coming in, mid of, 2027. Can you quantify how big, those capacities are? Sorry, go ahead, Himanshu. There are two capacities that we are aware of which are going to come in in the second half. One is in Madhya Pradesh, the other is in AP. I think the total size that we are looking at is 400,000 for the full year. Obviously it doesn't come up at one go. You know, it will be a calibrated and, you know, approach in terms of, you know, volume ramp up, et cetera. You can expect some volumes to trickle in in this year and obviously next year the capacities are fully available. All right. Now coming to the price hike of a 15%, you had indicated. This 15%, is that enough to compensate the chemical price increase which has impacted your number in Q4? Yes. That's what, you know, the earlier gentleman had also asked. Based on today's costing levels of the chemicals, this 15% is sufficient to absorb those cost increases. However, you know, the situation remains fluid. Chemical costs are very volatile at this point of time. They move on a daily basis. We're also waiting and watching very carefully. You know, if they move up substantially, then there could be another price increase that needs to be taken and which we'll, you know, decide accordingly. As a whole industry is taking such kind of a price hike. Yes. I would say this price increase in two phases, which we took five percent plus 10%, has been across the industry. All right, sir. Okay. Also you indicated about the timber price which were flat, last quarter. Any indication for FY 2027 how you are seeing the timber price movement? We expect it to remain fairly stable. you know, now, many players have moved on to multiple species. The pressure on eucalyptus, which was predominant raw material initially, has reduced significantly. With multiple species being available, you know, overall, raw material timber costs have been quite stable. We don't expect it to move much in the current year. Right. If you can give a EPCG benefit for a quarter and a year? Sure. This is already there as a footnote if you see, on slide eight. But I'll repeat it. For quarter one, quarter one was INR 5 crore, the next quarter was INR 6 crore, quarter three was INR 8 crore, and this quarter we have taken INR 6 crore as EPCG. overall, INR 25 odd crores have been accounted for as EPCG in the year against INR 35 crores, which were accounted one shot in quarter four last year. Right, sir. Thank you so much and all the best. Thank you. Thank you. The next question is from the line of Sneha from Nuvama. Please go ahead. Hi, sir. Thanks a lot for the opportunity. Just two questions from my end. Firstly, if I look at the domestic realizations now, they're being largely flattish. This is despite taking a significant price increase in the month of March. While I understand the focus has been on the volume, could we get some flavor on the realization where are we headed? No. Sneha, the no price increase impact was actually effective in March. All sales that happened in the month of March was still at old prices. Till the thirty-first of March and with a little bit of trickle on effect, old prices was still being, were the effective prices. There was no price increase that had happened till thirty-first of March. Understood. We'll see the entire impact starting Q1. Sure. That would also be sort of, I would say, you know, the entire 15% will not be effective for the whole quarter because it got implemented in phases and there was a sort of a trickle effect of old prices, dispatches which were pending still happening. As I mentioned earlier as well, that there is already some instances of discounting going on by certain players, and there is a possibility we might have to react as well. It's not safe to say that the entire 15% will be visible in this quarter. Understood, sir. Understood. Secondly, on the margin front, did I hear it correctly when you said that, you know, you've done higher single-digit margin and you would like to maintain it or margin will improve it? The reason I'm asking is, No. No, I think Himanshu can. We expect margins. You know, we want to be very cautious in giving a margin guidance at this point of time, to be honest with you, because there are so many variables at play at this point of time, with the chemical costs fluctuating. Export business is completely out of the picture for us at this point of time because the freight's not letting us fulfill any kind of export orders. At the same time, you know, pricing is also very uncertain at this point in time. As I mentioned, you know, there is undercutting going on. We're a bit cautious as to give you a long-term guidance on the margins at this point of time. We'd like to refrain from that for this, at this point of time at least, you know. We wanna sit out the first quarter, wait and watch till we give you a definitive guidance on where we will stand. Got that. On the EPCG benefits, sir, I think in one of the calls you had mentioned that we will be having total benefits of INR 86 odd crores, of which I understand INR 60 odd crores is already taken. The remaining INR 26 odd crores, is it due in FY 2027 or can that be, you know, carried forward, I mean, in the coming quarters as well, coming years as well? We, well, again, you know, this benefit is directly linked to the volume of exports that we do. If things geopolitically settle down, we're quite certain that we'll be able to get this benefit within the current financial year. However, if exports don't open up for a long term, then it might trickle on to the next financial year as well, a little portion of this. Got that, sir. Got that. All the best. Thank you. Thank you. The next question is from the line of Utkarsh Nopany from Anand Rathi. Please go ahead. Yeah. Hi, sir. My first question is regarding the industry side. Just wanted to understand what would be the MDF industry demand in FY 2026. If you can also split it between the thick MDF demand and the thin MDF demand in FY 2026. Utkarsh, so, like, I think, as a number, I think, what's safe to say is that based on last year numbers, you can assume a sort of 15% growth on the market size, which is what it has been historically growing at. thin MDF, traditionally remains about 20%-25% of the entire market compared to, of the whole 100%. Okay. Like, in the last Q4 earnings call, it was indicated to us that the India's demand was close to around 2.6 million-2.7 million cubic meter. Over there, if we assume 15% growth, is it safe to assume that the industry demand would be close to around 3 million cubic meter in FY 2026, sir? Yeah, I think so. I mean, it, with that growth number, yeah, I think that's what it would come to. Okay. Of this, the thin MDF demand would be close to around 6 lakh cubic meter. Is it correct, sir? Yeah. Anywhere between 25 to I mean, not INR 6 lakh, but I would say about maybe 25%, INR 70-800. Okay. Sir, my second question is, like, our understanding earlier it was that, the thin MDF was majorly imported. Okay, now the imports have virtually become null. Why we are not able to fully utilize our thin MDF plant in FY 2026? Well, you see, we set up a plant that was designed, I mean, which was capable to produce thin MDF at a very, you know, optimal, in a very optimal way. It is not just a thin MDF plant. Now, you know, what we're doing is our capacities are sort of fungible across the three lines. Depending on what product we produce, which market we service, which grade we are producing, we choose to produce different products in different lines also giving efficiencies, keeping efficiencies in mind, keeping freight costs in mind, and keeping in mind which line is the most optimal to produce which product. I think what is safe to assume in our case is total capacity utilization across the three lines. We don't have a allocated line for thin MDF for that matter, you know. There are instances, for example, that I am still producing a certain quantity of thin MDF in the north of India, right? Because the north India can also produce thin MDF. I think it's not fair to say that that thin MDF line is only for thin MDF and why are we not using capacity because we are calculating the whole capacity utilization in a different way. Sir, like, just wanted to understand, apart from us whether any other player is also producing thin MDF in India? Everyone is producing thin MDF in India. Okay. Sir, like, we are hearing from the deal- Yeah, yeah. Yeah. my next question is, like. Sorry. We're hearing from the dealers that the industry leaders have started providing around four and a half to five percent discount, last week to the dealers for MDF. Sorry. Sorry, I didn't understand. Can you be a little more specific? Four and a half to 5% discount when exactly is what you're? What we are hearing that the industry leaders have started providing four and a half to five percent discount to their leaders for MDF from last week. and you have mentioned that we might be taking a similar action, maybe if the industry leader continue with such a discounting structure understand that our margin might come under pressure in the near future? Well, you see, these discounts are not across the board to start with. Certain of them are target based. You know, so, some of them are geography based. It's not a, it's not a blanket sort of discount across the whole country and all products. Certain times they're on more value-added products as opposed to. Everyone modifies their schemes, you know, and the outflow is not necessarily 100% of what is offered. I would say that, what is currently being offered or what you are hearing, I don't think it will significantly affect the long-term margins. You know, these are modified on a month-to-month basis as well. There's always a benefit factored in by offering these discounts, which then sort of negate the impact on the margins. Okay. For lastly, sir, like what would be your CapEx guidance for FY 2027 and 2028, and do we have any growth CapEx pipeline for the next say 12 to 24 month period? So I'll let Himanshu give you the CapEx numbers exactly. However, you know, at this point of time, I think as a company our focus remains on, you know, our volume utilization in the, as Himanshu said, we are at about a 55%-60% annual capacity utilization. The focus remains on increasing this and optimizing our sort of our product mix. And I would say that in this year there will definitely be no plans of a significant CapEx announcement. What we may do is that I think at next year we will start evaluating this. We also want to focus on bringing, strengthening our balance sheet and bringing our debt down. That would be the focus on the current year. Okay. The CapEx, you know, in terms of what we are planning to do is just sustenance of the, you know, the basic CapEx that is required. I think it would be something between INR 20-30 crores, not more. Okay. At this point in time. Yeah, yeah. Yeah. Thank you. Before we take the next participant, reminder to everyone, to ask a question you may please press star and one now. The next question is from the line of Vicky Waghwani from Guardian Capital Partners. Please go ahead. Thank you for the opportunity. My first question is please give CapEx improvement Sorry, you're not audible, sir. Sorry. Hello. I'm audible now? Mr. Waghwani, w e are really sorry we are unable to hear you clearly, sir. Hello. Am I audible now? Your voice is breaking in between. I'll rejoin the queue. Surely. Thank you very much. Participants who wish to ask a question, please press star one. The next question is from the line of Varun Julasaria from 360 ONE Capital. Please go ahead. Sir, what would be your mix between B2B and, say, D channel? Sorry, B2B and? normal retail channel, like. See, majority of our volumes are going through the retail channel, Varun. The only B2B sales that are happening are to large format OEMs. You know, that would be to the tune of maybe 7,000-8,000 cubic meters every month. Not more than that. I would say about 15% to 20%. Okay. Sir, on the brand stack, I just wanted to understand, given that now Greenply is also expanding significantly and obviously for a customer it might be a bit more confusing, like there are two green brands. How do we like differentiate and, you know, say like, you know, that our brand is slightly different than the, say, Greenply one and from the customer perspective? Well, I, in the MDF, I think in the MDF business it is quite, you know, established as to what Greenpanel is and what Greenply is. Unfortunately, this is still a very influencer driven market for the time being. It's not an end consumer decision-making market. In those segments we already have quite distinctive places and names within the industry. We don't foresee a major challenge there for the time being. Sir, on the plywood side, like what is the strategy? I mean, we saw some improvement, really good improvement this quarter. Any outlook there, like? You know, what is the outlook on the growth and margins? You know, as I mentioned, last year as well, you know, given the current situation, we definitely want to be very focused on the plywood business. We consider ourselves to be a very small player and not a very, I would say, a significant player given the size of our peers. For us to maintain interest in this business, there is no two ways about it, we have to increase volumes. We already have certain plans in the pipeline subject to our existing volumes being fully utilized. This could be an addition of capacity at our existing location with a very minimal investment, and going forward, an additional investment in another location. However, I think it's too premature to decide that, you know. At the moment, a lot of the growth for plywood companies are also coming inorganically in by way of trading. You know, our trading volumes are limited to the extent where we want to support our dealers to sell our main product, and we give them the trading material only to that extent. However, that market also remains a very large market. A lot of the bigger players, their growth is coming primarily from that business, which is the outsourcing business. We have multiple avenues to explore this. Of course, our prerequisite as a company and internally remains that our existing capacities have to be fully utilized before we think about expanding in any which way. This last question, sir, if you could just give us like on the value-added mix in the MDF segment, on how much is the prelam and the other value-added products, like what is the proportion? Hey, Himanshu, would you have those numbers exactly? Yeah, yeah, sure, sure. You do a total number. Yeah. Yeah. Value added is approximately 43% by volume in the last fiscal. 55% by value. Excellent. When I say high value, you know, it is prelam. Sorry. When I say high value, it's basically prelam Varun. It's basically all the higher density products which is exterior, high density products, HDHMR, et cetera. Right? Every flooring, et cetera, all of that is high value for us. Sir, what is the typical margin like difference between, when we say prelam, or high, you know, value-added versus the normal, plain MDF? Plain MDF versus prelam could be as high as 50% also. It depends on the nature of the product. High density products could be as high as 30% also. Right? No, sorry, are you referring to margins? You're referring to price difference? Yeah, yeah. No, no, I'm thinking of margins. I'd have to give you exact number on each product's margins. They vary geographically as well. They vary plant to plant as well. No, I Yeah. Yeah. Yeah. I was talking more about the price differential. Yeah. Okay. Price differentials, not margin differences. Okay. On plywood when we were talking, is it fair to assume that now onwards we'll be at least on six to seven percent margin or more than that on the annualized basis, given that now this quarter we had a substantial improvement? Sorry, I didn't get you. Sorry, I Yeah. On the plywood side, is it safe to assume that now our margins will be, you know, above five, six percent at least on an annualized basis, EBITDA margin for plywood segment? We did something like four percent. You know, yes, if we are able to do more volumes, automatically the, you know, operational efficiencies kick in. The advantage on operating leverage, operating efficiencies, all of that get kicked in. Yes. We should. Okay. Thank you. That's all. Thank you. The next question is from the line of Anu Parakh from Anand Rathi. Please go ahead. Yeah. Hi, sir. How much price hike did we take in plywood in Q4 FY 2026 and or till date? Anu, we've taken a six percent price increase on plywood starting this quarter. Okay. Sir, how much the chemical prices have gone up at present compared to the Q4 FY 2026 level? Are you referring to like all the, like chemical I mean, they, again, they vary chemical to chemical. I think overall, I would say chemical costs must have gone up at least 40% to 45%. Okay. Sir, what was the reason that our CapEx costs per unit for thin MDF unit is higher compared to the new CapEx announcements made by Greenply or Century? I think the primary difference would be 100% European line compared to Chinese lines. Sorry. Hello? Are you there? Are you there? Yeah, yeah. Yes, sir. Sorry. Ours was a 100% European investment. Okay. Yeah. Yeah. Okay, sir. Thank you. Thank you. Thank you. Participants who wishes to ask a question, please press star and one. The next question is from the line of Shruti Mulchandani from Ikigai Asset Management. Please go ahead. Hi, sir. Thanks for the opportunity. Sir, I've been looking at the balance sheet that you have posted, you know, with the results, and I can see a stark increase in the debtors days. Something which was 11 days in FY 2025 has gone up to 21 days now. Is this because, you know, your growth in the project business and the export business has been higher, or this is because of the strategy that you have been following where you want to gain market share, so you have been giving higher period, credit period to your dealers? Manshu, you want to answer that? Yeah, okay. You're right. You know, Shruti, our DSOs have gone up. You know, they've moved up from 11. If you see otherwise, you know, look at the patterns across all the quarters that have been reported in the past also. We've been operating at a 18, 20, 21 days kind of a cycle. Some part of that is also on account of higher OEM sales or higher exports coming into play for the very clear reasons that we are putting in, you know, more efforts to put up more and more volumes. Please do remember, even at 21 days, we are still far better than the entire industry, which operates at a much higher number. Also I think one thing to factor in would be the fact that, the last week of March, the sales were abnormally high. Which would reflect in that number, right, Himanshu? Yeah. Yeah, every quarter that happens. You know, every month, every quarter, that's a similar pattern. Oh, March was abnormal. Yeah, because of the price increases coming into play. Yes, you're right. Otherwise, it could have been little. Understood. sir, secondly, in your presentation you have mentioned that like in FY 2027, you'll focus on raw material mix rationalization. What do you mean by rationalization in raw material mix, and how can that help in the margins going ahead? That's largely an ongoing thing that we do. Yeah. Sorry. You see, we were, you know, we were again the very first company in the industry to move away from eucalyptus to other timber species which were cheaply available. You know, we continue to pursue the objective because at this point of time, unfortunately because of the competitive scenario, sales prices are defined by the competition in general. You know, it's not directly in our control. In order to improve margins, the only thing that we can play with is, you know, rationalization of raw materials as well as on the fixed cost side. On the resin side, we're continuing to find solutions to improve resin cost, improve consumptions. Again, on the, on the timber front, you know, we're trying to do the same. Now North India, for example, other species, pricing is coming very close to that of eucalyptus. Eucalyptus does tend to give us better efficiencies in the plant. We're just, you know, it's an ongoing process. I think it was just a statement to make for us to highlight that. Understood. Sir, any margin benefits you can quantify from moving away from eucalyptus into other species? Well, I think that's reflected, you know, for example, in the south of India, eucalyptus continues to be about 20% to 25% more expensive than other species. Again, availability, and how far you have to transport the other species also come into play. We have to find the right mix as to what's available and at what average cost. In the north of India, for example, because it's so close, we will have a much higher percentage of eucalyptus consumption. That would vary plant to plant and location to location. Understood, sir. This was helpful. Thank you for the guidance. Thank you. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to management for closing comments. Thank you everyone for joining this call. We look forward to speaking to you again next quarter. If anyone has any further questions, please do feel free to reach out to us. Have a good evening. Thank you. Thank you. Thank you. On behalf of Greenpanel Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.