Ladies and gentlemen, good day and welcome to the Gujarat Energy Limited Q1 FY 2027 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 this 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. Sandeep Dave, Company Secretary, for the opening remarks. Thank you, and over to you, sir. Thank you, Alex. Good afternoon, everyone. We have with us Avantika Singh Aulakh, Managing Director, Gujarat Energy Limited, as well as senior management team from Gujarat Energy. I request the Managing Director, to take us through details of operating and financial performance. Over to you, madam, please. Good afternoon, everyone. Respected shareholders, distinguished analysts, members of the investor community, ladies and gentlemen. On behalf of Gujarat Energy Limited, I extend a warm welcome to all of you to the company's earnings call for the first quarter of FY 2026 to 2027. Thank you for taking the time to join us today. We are pleased to present the operational and financial performance of GEL for the quarter ended 30th June. This quarter is significant for the company as, apart from delivering excellent performance across our key business segments, we also completed the listing and trading of our additional equity shares allotted pursuant to the scheme. Our post-merger performance reflects the strength of our integrated business model, bringing together scale, sourcing strength, operational synergies, and broader capabilities across the energy value chain. We are today positioned as one of India's leading integrated energy companies, with a presence across gas trading, city gas distribution, exploration and production, and renewable energy. This integrated business model enables us to navigate evolving energy markets, support sustainable growth, and create long-term value for stakeholders. Let me begin with our gas trading business. During the quarter, global energy markets witnessed significant disruption due to geopolitical developments and supply side constraints. Despite these challenges, we were able to leverage our robust sourcing capabilities, extensive supplier network, and deep market expertise to secure critical LNG volumes for our customers. During the quarter, the company sourced 10 LNG cargoes despite unprecedented circumstances, demonstrating the resilience of our procurement network and our commitment to uninterrupted customer service. The gas trading segment delivered strong profitability, with earnings before tax increasing to INR 726 crore in this quarter as against INR 237 crore in the previous year same quarter, reflecting a growth of 206%. I will now move to our city gas distribution business, which continues to demonstrate healthy momentum across customer categories. In the CNG segment, we achieved a new benchmark with CNG volume of 3.76 MMSCMD during this quarter compared to 3.33 MMSCMD the previous quarter, registering a growth of 13%. CNG volumes in Gujarat recorded a 12% increase, while areas outside Gujarat delivered a notable 19% growth, highlighting our success in deepening our presence across geographies. Our CNG infrastructure has expanded to 844 stations. During the quarter, the company added six new CNG stations and upgraded nine CNG stations. I would like to draw your attention to the fact that the company is now planning to add more than 75 new CNG stations and upgrade approximately 70 CNG stations during the current financial year. CNG continues to remain an attractive fuel option for customers, offering a compelling economic advantage, being approximately 46% cheaper than petrol and 25% cheaper than diesel based on current pricing. In the PNG domestic segment, we continued to witness healthy customer additions. During the current quarter, the company added approximately 59,000 new domestic PNG customers, taking our cumulative domestic PNG customer base to more than 24.77 lakh households. The PNG penetration drive has also gained strong momentum. In the wake of constrained LPG supplies caused by the conflict in the Middle East, the Government of India took policy measures to boost PNG connections for domestic usage. In support of this initiative, GEL has undertaken focused actions, including aggressive marketing campaigns across various digital and print medium, mobilization of additional contractors for execution of new connections, and prioritized outreach to essential category customers such as hospitals, community kitchens, et c. These efforts have translated into visible results. From January to June 2026, GEL connected approximately 91,000 PNG connections and more than 1,000 commercial PNG connections under the PNG drive. In the PNG commercial segment, the company registered a volume of 0.17 MMSCMD in Q1. As of now, we serve more than 16,600 commercial customers across our network. We expect additions in both domestic and commercial categories to remain robust as our newer geographical areas in Punjab, Haryana, MP, Rajasthan, Maharashtra, continue to mature and deepen customer penetration. The PNG industrial segment delivered a strong performance during the quarter. Industrial sales volumes increased 7.17 MMSCMD in Q1 FY 2027 from 4.71 MMSCMD in Q1 FY 2026, registering a growth of 64%. The Morbi ceramic cluster continues to remain our largest partner in the PNG industrial segment. Our successful supply strategy provided significant support to the Morbi ceramic industry during the crisis period. The average volume in the Morbi ceramic cluster during the quarter was 5.67 MMSCMD, while volume outside the Morbi cluster was 2.04 MMSCMD. Morbi cluster volume registered an increase of 181% in Q1 FY 2027 compared to Q4 FY 2026. It is especially noteworthy that during the quarter, the availability of alternate fuels such as propane remained adversely impacted, and the fact that we could source and ensure continued supply of gas even against an increased demand from Morbi cluster is in itself a testament to our gas trading capabilities. During the crisis period, our efforts in ensuring continuous gas supply to Morbi cluster has resulted into increase in gas volumes, rising from approximately 0.4 MMSCMD in April 2026 to around 8 MMSCMD during May, June 2026. We will continue to closely monitor key market dynamics, including spot RLNG prices, availability of alternate fuels, and end consumer demand trends across industries in our operating areas. Our focus remains clear: to maintain the right balance between volume growth and sustainable margins while continuing to serve our customers reliably and efficiently. I will now present the financial highlights for the quarter. For Q1 FY 2027, we reported revenue from operations of INR 9,670 crore compared to INR 5,924 crore in Q1 FY 2026, representing a year-on-year growth of 63%. EBITDA stood at INR 1,482 crore compared to INR 896 crore in Q1 FY 2026, reflecting a growth of 65%. Profit after tax stood at INR 998 crore compared to INR 561 crore in Q1 FY 2026, registering a growth of 78%. On the volume front, our overall sales volume stood at 15.66 MMSCMD. Notably, the gas trading segment continued to witness strong traction, with sales volumes reaching 12.22 MMSCMD, reflecting the company's growing presence and capabilities in the gas marketing and trading business. Out of this volume, 8.9 MMSCMD volumes were allocated for our CGD segment. Further, the CGD segment contributed 12.34 MMSCMD underpinned by a balanced volume mix across customer segments. Our infrastructure base also continues to expand. The company's total pipeline network spans approximately 45,900 km across six states and one union territory. During the quarter, the company invested INR 127 crore in CGD infrastructure. Sustainability and safety remain central to our operations. Through average Q1 PNG sales to industrial customers, the company helped reduce carbon dioxide emissions by approximately 1.07 crore kilograms per day due to customers using PNG instead of coal. Similarly, through average Q1 CNG sales, the company helped reduce CO2 emissions by approximately 21 lakh kilograms per day due to the use of CNG for transport instead of petrol or diesel. In conclusion, Q1 FY 2027 has been a strong quarter for Gujarat Energy Limited. Our performance reflects the strength of our integrated business model, the resilience of our supply chain, the quality of our execution, and the dedication of our teamwork. Looking ahead, global energy markets are likely to remain uncertain due to continuing geopolitical developments. However, we remain confident in our strategy. Our diversified sourcing portfolio, strong infrastructure, disciplined capital allocation, and customer-centric approach positions us well to navigate challenges and capture growth opportunities arising from India's transition towards cleaner energy solutions. We remain committed to delivering sustainable growth, supporting India's cleaner energy transition, and creating long-term value for all our stakeholders. With this, I now request the moderator to open the floor for questions and answers. My leadership team and I will be happy to respond to your queries. Thank you. Thank you. We will now begin with 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 handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Probal Sen with ICICI Securities. Please go ahead. Thanks for the opportunity, and congratulations on the strong set of numbers. I have a couple of questions. Firstly, just to understand the math a bit, you mentioned that overall sales volume is 15.66, whereas gas trading sales is 12.2, and of course, CGD sales is 12.3. Apologies if I'm not understanding, where is the balance 3.4 MMSCMD coming from? That is upstream sales, right? No, that is the gas trading which we have done other than the CGD business. Sir, but you just mentioned that 8.9 MMSCMD was internal out of 12.2. Then that balance would be the external sales, right? Yeah, that will be the external sales. Yeah, you are right. Then that would be 8.9 + whatever it is. How are we arriving at the 15.6? I will just tell you the numbers. 15.6 is the overall company number. The CGD segment number is 12.34. Right. After removing the intercompany sale of 8.9, that goes to 3.32. Okay, got it. So it is essentially 12.34 + whatever has been sold externally. That is the overall sales. Is that a fair way to look at it? Okay. Yeah, that is it. Got it, sir. The second question was more about Morbi. If I understood correctly, ma'am mentioned 8 MMSCMD is the sales volume in the Morbi cluster for May and June. Just wanted to understand what is the run rate prevailing now, and what we are hearing is that propane availability is starting to become a bit easier. Just wanted to understand if that is having an impact on the business right now, and what is the respective pricing, on even a rough average, of what our industrial retail sales price is vs the propane equivalent price as of now. In the last quarter, we have sold close to more than eight million volume in Morbi. But post July, the availability of propane has gradually improved because we have started sourcing from non-Middle East countries like U.S.A. and Venezuela and others. Right. As far as the current run rate is concerned, I think we are delivering close to three million gas in Morbi, and close to 5.3, 5.4 million equivalent gas is being delivered as propane. Got it. What would be the pricing, sir, if I can understand, in terms of rupees per SCM terms roughly, ours as well as propane? Ours is close to INR 78, and propane is close to INR 65. Got it, sir. The other question was with respect to CNG. What kind of growth rate should one be looking at, sir, for the rest of the year? How confident are we of maintaining this 12%-13% kind of growth in CNG? I think we have been growing at close to 12%, and this growth has continued, and this quarter it is growing at 13% now. Basically, we are expecting that, and as the MD told that we are going to add on more stations now. So that growth is expected to We will be able to sustain that growth for the next couple of years, at least. Understood, sir. I will come back in the queue if I may. Thank you so much and over. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Amit Murarka with Axis Capital. Please go ahead. Hi. Thanks for the opportunity. With regards to the Morbi supply coming off to 3 MMSCMD now, what is the visibility now you have of, let's say, going higher again, or now that propane is coming from U.S., it is fair to say that the price gap will stay a bit elevated between propane and PNG, and therefore it will be tough to basically gain volume back in the Morbi market? Well, currently, that is what it seems to be the case, because spot price is being close to $20, and propane pricing being what it is right now. I think there will be good amount. I mean, gas prices would be at a premium to propane, and our expectation is that we will continue to do close to 3 MMSCMD of gas, at least in this quarter. Understood. If you could also then highlight what is the margin that you would be making at, let's say, this price of INR 78, which is the Morbi price, which you just mentioned. Like in Q1, obviously, you had the operating leverage benefit, which I am guessing will be missing in Q2 now. What really is the gross margin you are making here? I think we are giving the margin at a company level and the segment level, and I think the segment results are there in the investor presentation. Okay, sure. Also, with regards to the propane plans, now that propane is getting available from other suppliers beyond Middle East, are you also looking to make more progress on your propane business plans? Yes, we have plans to have our own propane import facility. We have basically shortlisted a few sites in Gujarat where we can put up our own terminal. Those studies are going on. We will be coming to you with some details shortly. But we have plans to set up our own import and storage facilities of propane near the Morbi market. Sir, just the last question, if I can. The third party gas trading volume has dropped to 3.3 MMSCMD, as you mentioned, which I think was close to five earlier. Again, what was the reason? Was it the high pricing or was it the sourcing issues which were there? Yes, because of the volume which got cut off from the Middle East, and because of the high prices, the volume has come off a bit. This time, power volumes are also not there, so that has also impacted. And any outlook you could give there for any quarter or later half of the year? I think in the long term, we do expect good third-party volumes, especially in the year 2028, 2029, where we expect pricing to be much more reasonable. So the long-term volume, you are saying, will still be 4.5 range? 4.5. Long-term will be. Trading. Trading. Yes, I think it should be in that range, 4.5 million- 5 million. Okay. Thank you. Thank you. That is it from me. The next question comes from the line of [Hardik] with ICICI Securities. Please go ahead. Thank you for the opportunity, sir. Just two questions over here. Can you please share the gas sourcing mix during the quarter? What was the CapEx we spent for Q1 and what would be for FY 2027 and 2028? Can you repeat the question? We could not get you right. What was the gas sourcing for Q1, and what is our CapEx guidance for FY 2027 and 2028? Is any incremental CapEx are we doing on the gas trading segment? There is no CapEx on the gas trading segment, but there will be a CapEx on the CGD segment, which practically we are giving a guidance of close to INR 1,000 crore. We still stick with that. With respect to the unit sourcing split of the CGD business or the entire thing? CGD and plus even on the gas trading part. On an overall level, we are doing close to 20% on term contract basis. Domestic gas is close to 12.5%, and the rest is spot. Okay. That is really helpful. Thank you. Yeah. The next question comes from the line of Vineet Banka with Nomura Holdings. Please go ahead. Hi, sir. Thanks for the opportunity. A couple of questions on gas trading side. Can you highlight how gas trading offtake contracts with your customers are structured? As in, what proportion are back-to-back with a fixed margin and any trading volume that is exposed to pricing risk, like similar to GAIL, where you have some bit of pricing risk in terms of sourcing a nine-month GDP average, whereas you're off-taking on three-month GDP. Or there's another contract with GAIL where they have Henry Hub, Brent, LNG pricing risk. Is there anything like that in your case? What explains very high trading margin in this quarter? We do have term contracts. Let's say, for example, in fertilizer, we have term contracts which are on Brent, on a three-month pricing basis. Same is the case with CGD. Most of the power consumers are on spot. As far as sourcing is concerned, it's a mix of Brent and Henry Hub. Obviously in CGD, we have the APM gas as well. Is any margin we can share, per unit margin, say, for LNG as well as for domestic gas on the trading side? Domestic gas, which is basically HPHT gas, their margins are fixed. Same is the case in fertilizer where we can't charge more. We can charge only a fixed marketing margin, which is close to $0.20. In other segments, industrial and all, the marketing margin depends on the market rate at point of time. Okay. And sir, why was the margin so high in this quarter? Because I think fertilizer and CGD will be largely very nominal margin. So what is the upside coming from? I think we have sourced the gas at an appropriate time with respect to the margins which we have earned, and we had long-term agreements which were there linked on Brent. Basically, you have a dated Brent which comes in on an aging basis. Based on that, basically, we had a slight advantage with respect to the product which we were offering to the market. And sir, next quarter, is there a chance for reversal of some of these gains when the prices, they reverse, when your nine-month, three-month spread, it gets reversed? Is there a chance of second quarter trading gain, some of it getting reversed? There is no reversal. You mean to say negative numbers? Yeah, negative. Yes. No, there will not be any negative numbers. I think we stick to our guidance. The last time we gave around INR 1,100 crore of profit from the gas trading business. That still remains. Despite the very strong first quarter, you are still. Yeah, on a conservative basis, we are giving at INR 1,100. We stick to the earlier guidance which we have given. Okay. Yeah. So lastly, with the upcoming new LNG contract from Uniper, Qatar, I think even TotalEnergies, will you have lower proportion of spot volume on the trading side? Will that impact your trading business margin? Because from what I understand, spot you can earn more margin, and when you have a longer-term fixed contract, you will probably have a more back-to-back contract. Yeah. So generally, we try and sell the long-term contract that we sign on a back-to-back basis. Similarly, on the Henry Hub side, we have contracted some of the volumes on back-to-back basis. We do not keep all the volumes exposed. So we do sign contracts whenever we do a long-term contract. But yes, it is expected to improve the profitability, and we will also be able to expand the business with these long-term volumes. Will this also help the CGD business in terms of lower proportion of spot, and then you have higher contract LNG, which is much cheaper and more stable price risk to- Absolutely. It will. Okay, sir. Thank you, sir. I will go back to the queue. Sure. The next question comes from the line of Yogesh Patil with Dolat Capital Market. Please go ahead. Thanks, sir. Thanks for taking my questions, and congratulations for the good set of numbers. Question related to gas sourcing breakup for CGD business, that would be helpful. If you could provide the MMSCFD in terms of how much was APM, LWG, exchange and gas. Yeah, I think we had shown that 12.34 was the volumes which we did in the CGD segment. Of that, close to 14% was APM, and 6% was the New Well Gas, and the GAIL pool gas was close to 2%, and long-term contract we had close to 9%, and rest close to 69% was on a short-term or inter-segment gas sale basis. Thank you. The next question comes from the line of Ajay Sharma, an individual investor. Please go ahead. Can I ask on the? Can you hear me? Yeah, please go ahead. Can you hear me? Yeah, we can hear you. Okay. I want to ask for the gas trading, in terms of rupees per SCM, is there a margin target? I noticed that it is at INR 6 per SCM in first quarter, last year was INR 3.5. You gave some numbers to fertilizer and CGD as to. Can you just quantify how much is the number in terms of per SCM for fertilizer, CGD, and for other categories which you target? No, I think what we have told as a guidance earlier also, basically, we make a margin of close to 4%-5% in the gas trading business. Yeah, there will be exceptional quarters which would be there, but we stick to that guidance again. It is not per SCM, is it? Is it a percentage margin you target? Yeah, it's a percentage margin which we target overall, on a basis. Okay. Thank you. The next question comes from the line of Nitin Tiwari with PhillipCapital India. Please go ahead. Hi, sir. Good evening. Thanks for the opportunity. I just had a clarificatory question on CNG sales. Sir, is there any element of other than after the amalgamation, I suppose Sabarmati Gas volumes should also be included in this sales, right? Is that the right understanding, or correct me if I'm wrong over there. No, it is a wrong understanding. It is a joint venture, so it is only the profit is taken on a line-by-line basis. This volume of 3.76 is only erstwhile Gujarat Gas CNG volume. Yeah, you are right. Okay. Great. Thanks for the clarification. Secondly, sir, on the industrial sales, our other than Morbi industrial sales continues to languish somewhat, and even in this quarter, we managed only about 2 MMSCMD. What is the roadmap for growing this segment, if you can throw some light on that and also any measures we are taking in other areas, other GAs where there is industrial consumer which is present and what we are doing about growing this segment? Yes, currently we are doing through more than approximately 2 MMSCMD- 2.2 MMSCMD in other than Morbi. We have certain promising regions like DNS, then Ahmedabad rural, Dahej, Kutch a nd Thane. We expect much more volume. As we expect LNG prices to become stable, maybe in a year's time from now, we expect these volumes to be at least 3 MMSCMD, in 1.5 to two years from now. You mentioned 3 MMSCMD in 1.5 to two years? Yes. Okay, sir. Thanks. Thanks for the answers. I will get back in the queue. The next question comes from the line of Probal Sen with ICICI Securities. Please go ahead. Thanks for the opportunity again, sir. Sir, again, coming back to the question that Nitin asked earlier, sir. The development of Ahmedabad rural, Thane, Kutch, Dahej, et c., has been ongoing for a while now. Just wanted to understand, is pricing the only constraint that we have been facing since volumes in these regions haven't really shown that much traction for the past, let's say two to three years, where if we look at industrial sales other than Morbi, they have broadly stayed in a fairly narrow range for a period of time. So what LNG price would actually incentivize people to convert? If you can give us a sense of what is holding it back and is there any other reason why volumes have not picked up in these regions? See, while we're discussing on the non-Morbi areas, the main reason is not only price. We are in the process of developing the infrastructure also in Ahmedabad rural, Thane, et c. Our pipeline network is in advanced stages, and we are reaching the industrial areas. So we will be connecting the new industrial units, and then the volumes will start increasing. Just to share that in the non-Morbi section, we have added almost 86 new industries from April to June. This will result in handy growth in the volumes from these areas. So it is not only the pricing differential which is the constraint, it is the infrastructure which we are developing. So that is why we are saying that gradually it will start resulting in the volumes. Got it. So that is useful. If I can ask a small follow-up, similar to Morbi, where, let's say propane is the main alternate fuel. Can we get a sense of what are the key alternate industrial fuels that we are competing with in some of these new regions? See, there are multiple alternate fuels like steam houses there in the Ankleshwar in South Gujarat area, then briquettes and solid fuels are there in other regions. So we are facing competition from all these alternate fuels, but definitely we'll try to market and get customers on board for a long-term basis on NG. Got it. The second question I had, sir, if I may, is there any regulatory push that we are seeing or advocating for more mandatory usage of gas, whether it's in industrial or commercial units, or basically for this NG segment in the Gujarat region over the next, let's say, year or two? Because that is something that can probably drive much stronger growth. Just your outlook on that. See, right now the mandatory push is more on the domestic segment, domestic as well as the commercial, but not on the industrial. Industrial, open competition is there from alternate fuels. Propane is coming, so customers have a choice to switch to propane. Yes, in the domestic segment, the mandate is there from the government to switch from LPG to domestic, and also in the commercial segment, but not in industry. Understood, sir. That is very useful. Thank you very much. Okay. The next question comes from the line of Mayank Maheshwari with Morgan Stanley. Please go ahead. Thank you for doing the call, team. I had a follow-up on the question around sourcing for gas. I think if you look at for the last three to five years, we have gone through three shocks now. I think we have heard for a couple of times in terms of the management looking to source long-term gas, but it has been a bit of a struggle there. Is it the bottleneck of confidence on demand that is keeping you away on long-term sourcing of gas? Now that you have become an integrated energy company, you can now really go forward and be more aggressive in signing long-term supply of gas. What is keeping it a bit of on a back burner in terms of sourcing long-term supply? It is not because of low confidence in demand. It is basically whenever you talked about the three shocks that we have witnessed, starting with the Russia-Ukraine thing, and then now this Middle East. We have signed few contracts, you must be aware, that we have signed with Qatar, we have signed with Uniper, we have signed with Qatar, and we are already in the market for a few more contracts. It is only that because of the shocks, the timeline for reasonable price gas keeps on shifting. Earlier the war began, the new wave of LNG supply which was to hit the market was 2026, 2027 maybe. But now because of this Iran thing which has happened, it has slightly shifted. Right now what we are trying to do is to source our gas starting 2028. And we are in the market for sourcing these additional volumes. It is not because of the demand issue that we are not sourcing it, nor it was because we are separate companies. Obviously, having one company gives us much more confidence, that is true. But we are in the market for sourcing new additional volumes on long-term basis. Okay. So sir, what percentage of your volumes, maybe in a couple of years, you think will be now on long-term sourcing, because APM is obviously coming down, but if you can give us a bit of a sense of what percentage of your volumes could come in, which will be on long-term supply vs spot. So basically, as of today, around 2028, it would be like 2 million ton LNG equivalent on term contract basis. We expect to do close to at least 4 million ton in 2030. Got it. It is clear. And the final question I had was on the power business. Can you give us a bit more details around the power business and how the PLFs have been and what is your pace at which you think power PLFs could come for you going forward? Yeah, I think the PLFs have been lower because these are all gas-based power plants. Practically, they have been operating at close to 1% for both the plants. For the last quarter, if you look at GSEG, the 251 MW was around 6%, and for G-Power it was close to 1%. Basically, only thing is when there is a shortage of electricity, especially in the summers, basically there is a peak demand which comes from these gas-based power plants. Other than that, basically, we do not have much of utilization or the PLF coming up from there. Yeah, we are working on the strategy on how to revive it or how to do certain things. We will be coming back to the investors maybe in a few months down the line of what strategy we are using is to basically turn it around. Okay. A lot of other power companies are basically tying it up back of the meter deals in terms of supplying power to data centers. Is that something that is on the thinking process as well? Yeah, we are looking at multiple options. We are working on it. Okay, perfect. Thank you. Yeah. Thank you. The next question comes from the line of Indrakumar Gupta with PL Capital. Please go ahead. Thank you, sir, for the opportunity. My question was just more of on housekeeping. Can you please share the EBITDA for each segment for Q4 and Q1 FY 2026? I think we have shared it this time in the investor presentation, which you- Sir, I think investor presentation only has Q1. Oh, you want the previous year? Yeah. Previous year. Q4 and Q1. Q1 FY 2026. Q1 FY. Okay, just a minute. We will just give it. Yeah, the gas trading was around INR 236 crore. CGD was around INR 544 crore. E&P was INR 7 crore, and renewables was close to INR 14 crore, making a total of around INR 800 crore. This was for, sir, Q4 or Q1 FY 2026? Q1 of 2026. Yeah, Q1 of 2026. And sir, Q4? Q4, it was INR 409 crore for gas trading, CGD INR 465 crore, E&P INR 14 crore, and renewables INR 5 crore, making it INR 893 crore. Okay, sir. Thanks a lot. That is all from my side. Thank you. The next question comes from the line of [Somaiah] with Avendus Spark. Please go ahead. Thanks for the opportunity, sir. It is a few questions. The first one, you gave the Morbi pricing. Similarly, Sorry to interrupt, Somaiah, your voice is muffled. Could you please use your phone on the handset mode in case if you are using the hands-free mode? Is it better now? Yes. Yeah. Thanks. Sir, you had given the pricing on Morbi. Similarly, if you could give the industrial pricing on the non-Morbi front, what was it Q1 and where it is currently? Just one second. Yes. It goes to INR 70 for the normal Morbi segment. Is this Q1 numbers? Yeah, Q1. In Q4, the equal number would have been? Q4, it will be much slower. I think we will get back to you, maybe. You can send us a mail, we will send the details. Okay. Sir, second question is on the gas trading and the sourcing. This 12 MMSCMD, if you could just give us a breakup in terms of sourcing long-term Henry Hub Brent and spot? Long-term is 20%, domestic gas is 2.5%, and the rest is spot, close to 67%. Out of this long-term, almost 20% is Henry Hub. Okay. Sir, also the sales, the voucher of the CGD segment, roughly normal days around 5 MMSCMD. If you can give a breakup between fertilizer, power, and any other industries. You are talking about the gas trading segment, you are talking about for the breakup? Yeah, the gas trading segment. Apart from CGD, the other volumes that we have. If you could just give a breakup in terms of income. Fertilizer is close to 1.6, chemicals is close to 0.24, and steel is close to 0.2, and power is close to 0.2. Other CGD companies also we are selling, close to 0.5. Other industrial segments which we sell is also 0.5. Super. Sir, last question on the 3 MMSCMD current Morbi volumes. Despite having such a price gap, INR 78 and INR 65, is it because these are the units that don't have a propane infrastructure or is there any contractual obligation for them to still consume gas at a minimum level? That is because these companies, they don't have infrastructure for propane, either because they are smaller in size or because they don't have the required space in their premises to install propane facilities. Does that mean there are no further propane infra additions? Even if there is a meaningful pricing gap, 2.5 MMSCMD of volume can still go to. Is that the right way to look at it? I think so. I think 1.8 million- 2 million would be a fair number to assume, because in the past it had reduced to 1.8 MMSCMD, around that number. Understood, sir. Thank you. The next question comes from the line of Vineet Banka with Nomura Holdings. Please go ahead. Hi there. Thanks for the opportunity again. Sir, this bottom of 1.8 MMSCMD in the Morbi, which you think could be something which will hold for you. Are these contracts on a longer term, or are they also one-month basis? They are one- month basis. Okay. Because of no availability of infrastructure to probably use propane, they will be sticking around with natural gas. Yes. Okay. Second question is on when is the listing for GTL, GSPL gas transmission. I think it was supposed to be listed by end of July and we are in mid of August. Any timeline you can share, please? We are interacting and closely coordinating with BSE, NSE, and SEBI on this. Since it will require exemption for a listing without going for public issue route, it is likely to take slightly longer time. We expect this to happen somewhere towards early September. Okay, sir. Thank you. The next question comes from the line of Deepak Malhotra with Capgrow Capital Advisors LLP. Please go ahead. Hello. Thank you for taking my question. I have two questions, one on Morbi, but that has been answered just now. The second question is regarding the present cash on the balance sheet. You already mentioned around INR 1,000 crore of CapEx. Could you kindly highlight what is the current cash on the balance sheet and how do you plan to utilize it going forward? Thank you so much. We have a cash of around INR 7,200 crore. We have a CapEx plan of around INR 1,000 crore for the CGD business. With respect to the rest of the cash to be utilized, basically we are working on certain programs with respect to the strengthening of the present business with respect to the CNG and the pipelines. As well as we are also looking at the diversification strategy in the energy business. On a concrete plan, we will be coming in maybe in the Q3. By Q3, we will be having a concrete plan of how that deployment of the cash would happen. Since you mentioned that the gas trading business doesn't really require any CapEx as such? Yeah. The INR 1,000 crore CapEx which you already outlined, does it include your proposed CapEx on the propane infrastructure which you're trying to set up? No, it doesn't include that because that's in early stage of DPR. You have to have the detailed project report in place, and then basically the CapEx will happen in the next two years. So that's a long-term plan. Okay. So we will get to know the position only over the next two quarters, once you have- Yeah. detailed reports and- Yes. Yeah, absolutely. Fine. Thank you. That's it. The next question comes from the line of Amit Murarka with Axis Capital. Please go ahead. Yeah. Thanks for the opportunity again. So, in this quarter, the CGD EBITDA margin has come down. Is this largely because of Morbi or is there any other reason in that number? I think it's around INR 5.18, and because we have a bigger volume now to be divided. So that's the reason it's INR 5.18. We have given a guidance of INR 5.5- INR 6.5. We still stick to that guidance. Right. No, but in Q1 it was below that guidance. Was it because, let's say, Morbi margins were a bit lower than the portfolio margins? Was that the reason, or was there any other reason? We can say the CGD margins. See, we look at a portfolio, we don't look at each segment when you look at the EBITDA margin of the segment. Okay. So INR 5.5-INR 6.5 remains the range. Yeah. Okay, sure. Yeah, that's all from my side. Thanks. The next question comes from the line of Pushpendu Chand, an individual investor. Please go ahead. Am I audible? Yes. Very audible. My question is regarding the dividend policy. Now we have merged three companies together, and we have sufficient cash balance of INR 7,000 crore, and also we are generating regular cash from our business. Will there be any relook on the dividend policy of the company since the merger is now completed? I think we have been following the Government of Gujarat's guidelines with respect to dividends, which has been announced last quarter also. I think we have given a dividend of close to INR 800 crore. INR 835 crore. INR 835 crore. With respect to the rest of the cash to be utilized, as we have told earlier also, basically we are looking at proper investment with the better returns to the investors itself. We are planning those things and basically by the quarter three we will be coming up to the investors in which all areas we will be investing. Okay. The next question is regarding the earnings predictability. For this financial year 2027, what would be our revenue projection and margin projection, if you can share something on this? Margin projection, I think, basically, as I told you earlier, for the gas trading business, we are projecting around INR 1,100 crore- INR 1,200 crore of margins. And with respect to the CGD business also, basically we will be going with the same numbers which we have there earlier. Except our only thing is by the Q2 number, Q2 we will be in a better position to tell you the numbers because we still have the volatility of the Middle East crisis which is going on. Okay. Right. Thank you. These were the only two questions from my side. Thank you, sir. The next question comes from the line of Vipulk umar Shah with Sumangal Investments. Please go ahead. Thanks, sir. Is it possible to share any financials of the GTL which is yet to be listed? No, that's a separate company now, sir. Yeah, but can you give any idea regarding the performance? GTL results are available on their website. You can access their website and get a hang of their performance. They've been doing it, results on quarter-on-quarter basis. So those results are available. What is our gross mark as on June 30? It is around INR 12,000, close to. INR 12,000 crores? Yeah, close to INR 12,000. Okay. Thank you, sir. The next question comes from the line of Amit Murarka with Axis Capital. Please go ahead. Yeah. Thanks for the opportunity again. So you had mentioned the last call that there are some refunds that you will be claiming from the department for FY 2026 for the merger unabsorbed losses for tax adjustment, basically. So, where are we in that process? And by when do you expect the refunds to come in? I think presently we are in the process of filing the revised returns, and it will take time, in the sense at least a year to get the refunds. Because we need to refile the accounts returns for the 2024 to 2025, 2025 to 2026. 2026 will be the reverse one, but for 2024 to2025, we have to file the revised returns, which we are in the process of filing it. Right. And the expected quantum is about what, INR 900- odd crore, if I'm right? Yeah, you're right. Okay. Sure. And just secondly, on the internal transfer between gas trading to CGD, are we still following the old methodology of the pricing how it used to happen when they were two separate entities? Or has there been any change made to that Q1 now? No, that was between two companies. No. Internally, we have the flexibility of changing it. Sure. Is it now on a cost basis or how is it now being done? I think that is reflected in the results also. No, the CGD margin is still low, just wanted to understand that. I think there is a section which is making the segment which is there. Basically, the problem is when you have two companies, you have to run the arms length concept which is there, which is not typically applicable when you are having the same business internally. Right. You have the flexibility. Basically, the sourcing can be different, the pricing can be different. The other way to maybe understand this is the external volume of 3.32 MMSCMD that you made in gas trading. The EBIT which is reported in gas trading, is it only for this 3.32 MMSCMD, or would it also largely be for the transfer to the CGD? It is for the entire thing. If somebody is sourcing the entire thing, basically, the segment is for the entire thing. That is why we clearly told in the beginning. Of the entire volume of 12.22 which the trading segment is, 8.9 was transferred to the CGD segment. Sure. So there is still a markup basically on the CGD transfer then? Yeah, there is still a markup. Okay. That is it. Thank you. The next question comes from the line of Nitin Tiwari with PhillipCapital India. Please go ahead. Yeah. Thanks for the opportunity. I suppose you already partially answered the question, but I will still ask. So the INR 1,100 crore guidance that you have given, that is also on the entire trading volume, right? It is not on the external sales. Is that the right understanding? Yeah, that is the right understanding. All right. Thank you. A reminder to all participants, you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mr. Sandeep Dave for the closing remarks. Thank you all for sparing your valuable time and attending the call. We look forward to interact with you during our Q2 numbers somewhere towards middle of November. Thank you all. Thank you, sir. Ladies and gentlemen, on behalf of Gujarat Energy Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.