Ladies and gentlemen, good day and welcome to JNK India Limited Q3 FY 2026 earnings conference call hosted by Monarch Networth Capital Limited. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in 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. Sahil Sanghvi from Monarch Networth Capital Limited. Thank you, and over to you, sir. Thank you, Bhumi. Good afternoon to everyone. On behalf of Monarch Networth Capital, I welcome you everyone to JNK India's Q3 FY 2026 earnings call. From the management team, we have Mr. Arvind Kamath, who's the Chairperson and Whole Time Director. We have Mr. Anand Agarwal, who is AVP, Accounts and Finance. We have Ms. Annie Varghese. She is a Senior Manager, Investor Relations. Without further delay, I'll now hand over the call to the management, Arvind, sir, for the opening remarks. Thank you, and over to you, sir. Thank you, Sahil. Good afternoon, everyone, and thank you for joining us today for the JNK India quarter three FY 2026 earnings call. I am Arvind Kamath, Chairperson and the Whole-Time Director. We are grateful for your continued support and interest in our company as we progress on our growth journey. The Union Budget earlier this year has projected India's GDP growth to remain about 7% in FY 2026-2027. The capital expenditure allocation is around INR 12 lakh crore, with a strategic focus on infrastructure, clean energy, domestic manufacturing, semiconductors, and global data centers. For us in JNK India, the last nine months of FY 2026 has been a period of strong growth and strategic advancement, reflecting the resilience of our business model and our continued ability to capitalize on emerging opportunities in the key sectors. Specifically, Q3 FY 2026 has been a remarkable quarter for JNK India, with a strong performance across all key verticals. We reported a total revenue of INR 2,062.3 million, reflecting an impressive year-on-year growth of 112.8%. Our operating profit increased to INR 560.2 million with a margin of 27.2%. EBITDA for the quarter was INR 295.1 million, showing a remarkable 202.8% year-on-year growth with a margin of 14.3%. Profit after tax was INR 180.2 million, reflecting a significant 534.1% year-on-year increase with a margin of 8.7%. We assessed and recognized an impact of New Labour Codes of INR 9.26 million for the quarter and nine months ended December 31st, 2025. Our joint venture with founders of The Chemyst Group, which we had announced earlier this year, continues to be a critical part of our long-term growth strategy. Over the past nine months, we have made strong progress advancing our green hydrogen and sustainable fuels and chemicals initiative, supported by the evolving policy frameworks such as the National Green Hydrogen Mission that aim to scale clean hydrogen production and use across the industry. Additionally, in this budget, the full excise duty exemption on the biogas component of biogas blended CNG is a positive regulatory measure that enhances cost competitiveness for renewable fuel adoption and creates a more supportive environment for broader deployment. Together, these developments should strengthen the commercial viability of our growth strategy in low carbon energy solutions while encouraging long-term investment and market expansion. This partnership with Chemyst strengthens our global market position by combining JNK India's engineering and project execution expertise with Chemyst technology and intellectual property portfolio. It also supports India's hydrogen mission, contributing to our sustainability goals. As we progress in commercializing these technologies, we expect the joint venture to generate a significant long-term value and enhance our revenue streams. Additionally, in this budget, INR 20,000 crore incentive for decarbonization and carbon capture utilization and storage, CCUS, further supports our effort in driving clean energy initiatives and scaling sustainable solutions. Looking ahead, JNK India remains focused on executing our strong order book and continuing the momentum from the successful projects we have secured. We are well-positioned in the refining petrochemical, fertilizer, and renewable energy sectors, all of which continue to experience strong demand driven by both domestic growth and global sustainability trends. The ongoing transition to cleaner energy solutions further aligns with our strategic initiatives, particularly through our JV with Chemyst Group in green hydrogen and sustainable fuels and chemicals. As the industry evolves, we remain committed to adapting to new opportunities and challenges. Our ongoing focus on operational excellence, technological innovation, and expanding our footprint in emerging sectors will ensure we continue to drive sustainable growth. With our strong order book and strategic initiatives, we are confident in our ability to deliver long-term value to our stakeholders. Thank you. Sir, shall we begin the Q&A session? Yes, please. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone 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. Participants who wish to ask a question may press star and one now. Our first question comes from the line of Ram Modi from Prabhudas Lilladher. Please go ahead. Hi, good. Greetings, sir. Am I audible? Yes, you are. Hello. Yeah. Hi. Yeah. How is your order book pipeline looking forward for next 12 months in terms of orders you get or even the Dangote Refinery is getting an extension, so do you see our prospects there? Yeah. Hello, Ram. We already have an opening order book of INR 17,700 crore as on first of January, which is extremely healthy order book to start with. Also, in terms of BPCL Bina itself, the ongoing projects, we still have a decent size of orders to be received from JNK India as the execution progresses, which will also give us a good further backlog. In terms of the new prospects, there are a couple of prospects already which are quite in the advanced stage domestically and in export in the Middle East, which should get finalized in a quarter or so. Other than that, obviously, what you mentioned, Dangote is a huge upcoming opportunity where you may be aware that Dangote has signed the EPC and project management consulting contract with EIL. They're basically doubling the refining capacity, what they have existing in Nigeria. For the last refinery, JNK, along with Korea and JNK India, we had executed all the fired heaters, which are commissioned and successfully operating. We do kind of hope that even this time around for the new refinery, which is exactly identical to the existing refinery, we would be considered favorably for all the fired heaters as well. Other than that, Dangote has also signed with the four fertilizer streams in Nigeria, with EIL. They also signed the license with the project also for the technology, wherein there are opportunities for the reformers, which JNK again gets qualified for the reformers as well. Okay. Sir, just another question. Generally, we have a bulky Q4 every year. Shall we expect that a large part of execution this year will also be done in Q4 for us? That has been the trend, Ram. Yes, we have also changed the accounting policy now, as we announced earlier. Now it's more on input method than the output method, which we used to follow earlier. There will be a slight change because of that, because whatever we deliver. Still, yeah, generally, considering the vendor supplies and typical in India, that's been the trend. We are trying to keep it as uniform as possible that it gives more better in terms of cash flows and margins and everything. We'll see how it goes this quarter. Last question from my side. How big can be the subsidy business for us in terms of hydrogen, sir, for us? Where is actually it means when can we start getting order inflows in that subsidy and numbers start flowing in post the development phase there? Yeah, even in the first quarter, there has been a revenue of about INR 23 crores from the subsidy in the consolidated results. In the last quarter, sir. In December quarter. In the last quarter. In the Q3, yeah. First quarter of the JV, in the last quarter, that is Q3 for us. Can you break us up to the order book there or how does that look like? Yeah. The order book as on January is about INR 100 odd crore as on first of January. We expect revenue of about 10% or so for the first couple of years from the subsidiary. It can grow slowly. The more focus, which is we're working on the technologies of green hydrogen and carbon capture and sustainable fuel. There, it would take some time, but we're doing a lot of R&D, and they already have few patents and as certain technologies get commercialized, we can look at much larger opportunities. That would take about maybe two years or so. We already have one project of Hydrogen Valley on the green hydrogen side, which would take off soon, a small pilot project. Okay. Thank you, sir. I will press silent for more questions. I will join back in the queue. Thank you. Thank you. A reminder to all the participants, if you wish to ask questions, you may press star and one. Our next question is from the line of Amit Agicha from HG Hawa. Please go ahead. Good afternoon, sir, and thank you for the opportunity. Sir, what is the current utilization of the Mundra fabrication capacity? Hi, Amit. The current utilization of Mundra is not much because we are not having so much of export opportunities or export under execution as on now, because there are only few couple of projects from Petrofac which are under execution there. As we go ahead, we're looking at a couple of large opportunities, obviously one from Middle East and then Dangote, wherein we have an opportunity to utilize it fully. Sir, at peak utilization, what would be the maximum revenue potential per annum from the existing facilities? For us, the facility is not a bottleneck per se because the model what we have, like most of the domestic currently, we are executing the orders wherein most of the fabrication and execution, actually, it doesn't happen in our own shop. We ensure that we utilize the approved shops of the customers and which are very close to the project site so that logistically and technically it is easier to handle and manage the projects and manage the execution. Sir, in flares and incinerators, is demanding driven more by greenfield projects or regulatory compliance retrofit? Actually, it is both. Not so much on the greenfields, I would say. Flares and incinerators more because of the regulatory compliance and wherein the existing plant, they try to make it more cleaner. The last question from my side, sir. How much of the margin expansion came from operating leverage versus the pricing power? Pardon? The margin expansion, is it more from operating leverage or versus the pricing power? I would say it's more from the accounting methodology, which we changed, if you are aware. It's neither from both of that. I would say our margins are historically to be around this range only. Only in the few last two to three quarters in between, it lowered rather, I would say, because of the old legacy projects which was going on in the output accounting method which had to be closed. Now they are almost closed down, so that's why we see normal margins now. This would continue. Yeah. Thank you, sir. All the best. Thank you. Our next question comes from the line of Prashant Shah, an individual investor. Please go ahead. Hello, am I audible? Yes. Yes, Prashant, you are clear. Yeah. Thanks for the opportunity. On a sequential basis, our material cost has gone down from around 78%- 74%. Any color you can give on that, and would that be a sustainable trend going forward? Yeah. As I just replied, Prashant, it depends on the project mix, because earlier we had some old projects, so wherein the accounting policy was different. That's why the material cost was seen higher. Yeah, generally the material cost should be in this range. Again, if the service component is more in that particular quarter, then the material cost can be further lowered. It depends on the exactly revenue, what we will be invoicing for that particular quarter, whether it is on the material side, supply side, or on the services side. Going forward, assuming that the same mix will continue, what should be the range that we should be looking for? Range of? Material cost. Material cost? Yeah, it should be in the range of about 70%-75%. Again, if the services component is more, it could come down drastically as well. Oh, I thought because if it is a service component, the material cost would Okay. Material cost will come down and the margins will go up. Understand. The second thing is, we have a very sizable order book of around INR 17,000 crores and our annualized- INR 1,700 crore. Yeah, more than that. Yeah. Thanks for that. Yeah. What steps would we take to improve the execution rate like? I mean- Yeah. Okay. Most of our new order execution is per se, it is going quite well within the schedule or as per the schedule, because execution rates also depends on various factors in terms of the customer, in terms of the approvals from the customers and also the availability of material from the vendors and suppliers and things like that. Yeah, from within our side, whatever efficiency we need to build up, we have done that in last two years or so. To improve it further, it will also have a kind of impact on the other aligned or other allied territories as well. Okay. The other way around, let's say, what would be the best book-to-bill ratio that we can look forward to? I mean, anywhere between, see, our execution timeframe takes on an average of, say, two and a half years. Anywhere between book-to-bill ratio of around two-2.5 is very healthy for a company like us. Yeah. Okay. Fair enough. I have other questions. I'll join back. Thank you. Thank you. Thank you. Our next question comes from the line of Kamlesh Bagmar from Lotus Asset Managers. Please go ahead. Yeah. Kamlesh. Thanks, sir, and congratulations for excellent set of numbers and delivering what you have promised at the beginning of the year. My first question is with regard to the BPCL, so Bina Refinery. Now how much orders or worth of orders is pending to receive, let's say, and what could be the timeline? Hi, good afternoon, Kamlesh. Thank you for your congratulations. BPCL Bina order, the execution is going quite well. We have already received orders worth about INR 1,050 crore from JNK Global, which we are executing. As you know, this is a contract which goes for almost two and a half years. There is an order yet to be received, which is in the tune of anywhere between INR 400 crore-INR 600 crore. That would be the range. I think it should come somewhere in next two quarters or so. Okay, great. Sir, with regard to that, down to that we are receiving that order, Dangote. What will be the timeline then? When you are going to put bid for that and what could be the timeline with regard to getting that order or visibility on that front? Dangote, this time, what we understand as on now is that Dangote would like to go bit fast because it's more of a repeat basis, the refinery they are planning to build. Most of the inquiries will be sent to the existing suppliers and the approved EIL suppliers. They're going on a bit on a fast track. The inquiries are expected in one quarter or so. Kind of ideally, for such kind of a large project, what we expect is the order finalization for a long lead item like heaters or reformers should happen sometime in next two to three quarters. Something like quarter third of FY 2027. Okay. In FY 2027, we expect if we are successful, then we can expect orders to come in FY 2027? Correct. Ideally, that's the timeline, yeah. Okay. Lastly, sir, our margin guidance remains 13%-14%. There is no upgrade or downgrade to that margin guidance. Actually, the last quarter we had our original margin was 15 plus in terms of EBITDA. Obviously because of the New Labour Codes, we had to take care of the financial listing to the extent of almost INR 9.26 million. That's why it has come down to 14.3%. Yeah, we would like to maintain the margin, what we had given the guideline last year as on now, because we do have the quarter one which was there bit lower. Just to ensure that to take care of the complete year. Great, sir. Great. Thanks a lot for answering the question, and best of luck to you. Thank you. Thank you. Our next question comes from the line of Ankur Kumar from Alpha Capital. Please go ahead. Hello, sir. Thank you for taking my question. Sir, in terms of the big INR 1,000 crore order, in the earlier call you said out of the three years, first year will be slow, second year will be the fastest. What is the status on that order now? Yeah. The BPCL Bina order, what we had booked INR 1,050 crore. Yeah. This is going as per the expectations. We have not booked any revenue till date of that order. We might book only some part of revenue in the last quarter. Yeah, as I said, the majority of the revenue will be booked in the next year in FY 2027, wherein we should be able to book something like maybe around 50%, 60% of the revenue. Given such high bookings, so what kind of estimate do you think we should be having for FY 2027? I think that should be much better year in terms of growth. I think we are looking at how to execute, focusing on Q4 as on now. I think when we complete this quarter, we'll be in a better position to give a guidance for the next year, Ankur. Sir, in terms of Q4, what% of this order will be going in Q4? Q4 will be hardly any percentage. Yeah. There'll not be anything much. Maybe just, yeah, 3%, 4% or so. That order has started for us? Yeah. As far as execution, it has started. Yeah, absolutely. Got it, sir. Sir, in terms of new order wins, how are we looking at things? Yeah. As I said earlier, Ankur, there are a couple of good opportunities which we are focusing on. One decent opportunity in domestic and one decent opportunity in exports, which both are likely to finalize in a quarter or so. Those are immediate opportunities. Other than that, in terms of the larger opportunities, obviously, I just explained about Dangote, which is another major opportunity which has come through EIL, which we have done already execution last time, about 10 years back. That also can be a great upcoming opportunity for FY 2027. Sir, thank you and all the best. Thank you, Ankur. Thank you. Our next question is from the line of Sahil Sanghvi from Monarch Networth Capital Limited. Please go ahead. Yeah. Hi, sir. Just a few questions from my side. First of all, sir, what could be the opportunity size with the Dangote Refinery? If you can give us in the absolute number, if at all. What could we expect here? Just to quantify, about 10 years back when JNK Global had taken the full contract, the total contract value was, five heaters was about $140 million. By going by in last 10 years, the price has almost doubled. You can just understand the quantum this side. Not only that, as I said, they're also coming up with the four fertilizer streams, which they've already signed up with the EIL. There also there would be four packages of reformers, which is also a good opportunity for us. Any number that you can give us for the reformers? That will be smaller orders, right? Each reformer package is generally anywhere between $30 million to $40 million kind of an opportunity. One line of reformer package. Yeah. Got it. Secondly, if you can help us understand any progress on the Russia orders that you were expecting. Hello? Hello. Yeah. The line for the management is connected, but sir, we are unable to hear you. Please give me a moment. I'll just reconnect the line. Sure. Ladies and gentlemen, thank you for patiently waiting. The line for the management has been reconnected. Over to you, sir. Yeah. Arvind, sir, am I audible? Yes, you are. Sorry. Yeah. Sir, my question was, any progress on the orders you are expecting from Russia? Russia, not yet. I mean, the proposals are there, but I think somehow they're going extremely slow in finalization. Right. Thirdly, where are we on the completion of the HPCL and Reliance orders now? Can we expect a March completion, or are we looking for a spill over to April or May, is it? Both the orders. No, the HPCL would largely get completed by March, and Reliance would spill to Q1 of next year as well. Yeah. Got it. Lastly, would it be possible for you to share the bid book in the domestic and export markets? Sir, we are not able to hear you. Bhumi, we've got disconnected. Can you please reconnect? Give me a moment. Ladies and gentlemen, the line for the management has been reconnected. Over to you, sir. Yeah. Arvind, sir. Yeah. Because of the generator issue. Yeah. I was just checking if it is possible to share the bid book in the domestic and the export market? I can. We can share that with you. Okay. Lastly, on the margin profile for the Chemyst revenues, would that continue to be low at this level only, or can that improve going ahead meaningfully? No, it will definitely improve. It is just the first quarter of operation, and there are also a lot of expenses in terms of the starting up and things like that. This Q4 onwards, we definitely look for similar margins as ours, at least. Yeah. Okay. Thank you, sir. Thank you. Our next question comes from the line of Deepak Purswani from Swan Investments. Please go ahead. Yeah. Hi, good afternoon, sir, and congratulations on good set of numbers. Sir, just wanted to check it out a couple of things. Firstly, if you can give a broader sense, in terms of the plasticate order, like we mentioned, there is also some opportunity we are exploring in this Middle East market. What is the quantum of that orders, if you can also give a sense about it? The Middle East opportunity which we are currently focusing on, which likely to get finalized in that quarter, that is about anywhere between INR 200 crore-INR 250 crore, kind of an opportunity. Okay. Secondly, sir, if you can also give the broader sense, what is the kind of the arrangement with JNK Global? I mean, let's say like Bina Refinery, if we have got an order of INR 2,500 crores. How it is distributed between JNK Global and JNK India? This being a large cracking furnace contract, JNK Global had a reference for a similar project, and that's how they were qualified to bid for this project by the licensors. Obviously, we did all the work in terms of the bid preparation and everything. How this thing gets split up is all the imported components here, basically whatever has to be imported from Europe mainly and even other places was taken care of by JNK Global. All the Indian supplies and Indian services is completely being handled from JNK India. Okay. When you say there is going to be the incremental opportunity for the Bina Refinery of worth INR 600 crores, this would be completely a new bidding or some portion would be distributed from the JNK Global? That is from the existing contract only. Okay. If you can also give the sense, is there any further these kind of large gate opportunities we are exploring? Also from the international market point of view, from the U.S. and Europe market, if you can give some sense of how should we look. Are there any opportunities there which we can capture there as well? Yeah. In terms of the large opportunities, yes, there are. Even Dangote would be a quite a large opportunity and the other petchem opportunities which will come up in India, they will also be large because we are now getting qualified for the, per se, this cracking furnace contract, which are a very large opportunities, large size opportunities basically. Once you have executed one large contract, the advantage is you get qualified to bid and qualified as a supplier for similar large opportunities in the other upcoming projects as well. In terms of Europe and U.S., I think the main Europe per se, there are not many projects which are coming up. In the Eastern Europe like Algeria and Lithuania, those countries we do supply, we already supplying certain equipments now. In U.S., we are supplying the fired heater to a licensor as on now. More opportunities could come up, but not so large size opportunities are coming up as on now. Finally, if I were to look into the broader whatever discussion we had, we are exploring, we are anticipating Bina Refinery, sorry, this Bina Refinery project of INR 400 crore-INR 500 crore and then there are some other opportunities. Putting it all together and considering execution of Q4, probably beginning of next year we will have the order book close at INR 3,000 odd crore. Like you mentioned, our average execution period is 2-2.5 years. I think based on the opening order book, we can execute to the extent of 1,000 order next year. If you can just give a broader sense, am I right in my understanding or can you please throw some light on these numbers? because I would say generally broadly, yes, that's whatever the figures you have mentioned. What happens is the timing could be depending on quarter on quarter these are kind of a bit of a large size opportunities. That's why I said regarding the next year, we would be in a better position to give a guidance while we end this quarter that way. In terms of the more accurate guidelines that would be an appropriate time. Yeah, in a broader sense, what you're saying generally obviously it is just a typical like a math when you do one plus one is two. That's how we can arrive at, yeah. Okay. In terms of the working capital cycle, if you can also give the sense how much is the funding and non-funding limit which are available to us to explore the new big pipeline as well as to execute the current order book. Are we comfortably placed on the working capital limit to execute these orders and to explore the new opportunities? As of now, yeah, we are comfortably placed to execute the existing contracts. In terms of the non-fund-based limits, we have almost around INR 500 crore or so. Fund-based limit is about INR 100 crore. That is sufficient for the execution of the existing contracts. Obviously the advantage what we have is with JNK Global taking this, say, BPCL contract like BPCL Bina, which is a large contract, what happens is they could give us bank guarantees from Korea. The bank guarantee burden doesn't come on us directly. That also gives us a bit more leverage in terms of taking up the new contracts as well. Okay. What is the utilization of current fund and non-fund limits? Sorry. The non-fund-based limit in terms of the bank guarantees is like utilized to the extent of almost INR 470 crores or so, mainly because of the Reliance contract, which is whatever the progress payments we receive, we have to give the bank guarantee. That would free in a couple of quarters per se. Yeah, as on now the limit utilized is around INR 470 crores. In the cash limit, it just varies. It's about INR 70 crores as of now. Okay. Since you mentioned about Reliance project is going to get executed by Q1 or maximum by Q2, post that majority of this non-fund limit get free. I think there would be some kind of a performance guarantees as well, right? Yeah. Performance guarantees will be to the extent of 10% of the contract value. That would be blocked, but other than that whatever we gave towards the progress payment, those will be free. Okay. That would be sufficient enough to explore the new opportunity like the project which we discussed. Yeah, it would be. Again, as I said, if the project opportunity is very large, we also have a support of JNK Global. We could also explore the additional non-fund-based limit based on the project basis, because this Reliance was also the limits what we had, was given to us when we got the Reliance contract. From that point of view, once we do have a project that time also, we can get additional limits from the banks as well. Okay. Thank you, and wish you all the best, sir. Thank you. Thank you. Our next question comes from the line of Anukool from InvIT. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, first question is, what is your current capacity utilization? Capacity utilization. Hi, Anukool, our capacity, the capacity kind of a bottleneck, what we have is mainly on the manpower. That is the engineering manpower and the employees what we have and I would say, the earlier question referring towards the financial limits, because in terms of the execution or the fabrication, supplies, manufacturing, there we can expand depending on the project and the type of execution and where the project is, that way. In terms of manpower and financial, I would say, we are somewhere around current utilization is something like 70% or so. Understood, sir. Other question is on the side, we had earlier guided for a 40% odd growth for FY 2026. Are we sticking to that guidance? Yeah, around that. I think we gave a range. We will definitely be within the range. Yeah. Understood, sir. Yeah. That's it from me. Thank you, sir. Thanks, Anukool. Yeah. Thank you. Ladies and gentlemen, if you wish to ask questions, you may press star and one. Our next question comes from the line of Paresh G. Raja from Ladderup Corporate Advisory Services Private Limited. Please go ahead. Hi, sir. Sir, I remember you executing CBG project for Indian Oil Corporation. While Government of India had big plans of setting up CBG, not much has progressed on that front. Can you throw some light in terms of where could be the issue in terms of CBG not taking off as ethanol has taken up? Is there any technology issue or is there any feedstock issue? Hello, Paresh. Yeah, we have executed one contract of CBG to hydrogen fuel station from JNK. Yeah, we did bid for a couple of CBG opportunities as well from a vegetable listing to the hydrogen, I mean, vegetable listing to CBG projects. They have not taken off as much. I think even if, as I mentioned, even in this budget, they've given certain concession, and slowly I think the plants are getting stabilized. As you rightly mentioned, the technology and stabilization is an issue. Whereas, even in India, there are very few CBG plants are operating as on now comparing to the Western world, like Europe and Spain and things like that. I think we have a long way to go, and as the technology stabilizes and the raw material supply for the plants stabilizes, I think there will be more opportunities coming up. Okay. I think it's going to be the technology which is going to be the main challenge because lot many players are trying for setting up the CBG plant, but technology is something which is creating a bottleneck. Absolutely correct, because based on the various raw materials like mud press or vegetable, even the silos. What raw materials we are using. Every raw material, different type of technology is required to ensure that you are able to get a pure and clean gas. That's where the issues are. Many of the companies who put up the plants are facing these issues. I think now slowly people are focusing more on technology and more on the technology which has proven in Europe for the specific raw material and trying to use that. I think we are slowly coming of the age now, and I think that we should see some better plans coming up soon. Isn't there a possibility of we partnering with someone in Europe to take the technology and developing the technology over here? Yeah, we are looking at those options as well. Paresh, actually one of the project we did quote in that sense, in a similar fashion with tying up with the European company. It also depends on the raw material specific, though, but then, yeah, we are looking for such opportunities as well. Okay. That's it from my side. Thank you. Thank you, Paresh. Thank you. Next question is a follow-up from Kamlesh Bagmar from Lotus Asset Managers. Please go ahead. Just a query. With regard to one of the question you had answered that apart from this Bina left out order and Dangote opportunity, you are also expecting some orders from, let's say, other segments. Can you highlight that? I really forgot the numbers on the contract, a quantified number which you told about. Yes, Kamlesh Bagmar. There are two opportunities. One is on the waste gas handling from the Middle East, where we have bidded, and the other one is more like a clean fuel project in India. Both of here we are technically qualified and commercial negotiation should happen, or commercial or private opening from Indian perspective should happen soon. This is the two opportunities which we'll be looking to get finalized in next two to three months' time. Both are in the range of INR 200 crore to INR 250 crore, each of them. Yeah. How much, sir? INR 200 crores-INR 250 crores. Great, sir. Thank you so much. The timeline would be a couple of quarters? About a quarter, two to three months. Okay. Great. Thanks. Thank you. Our next question is from the line of Satish, an individual investor. Please go ahead. Congrats for good set of numbers, sir. My question is, do we have anything relevant the ammonia project in Kakinada? Hello, Satish. As of now, we don't have any relevant suppliers or opportunities in the ammonia project at Kakinada, which is coming up. We do work with some technology licensors in terms of the green ammonia project, in putting up the certain parts ourselves. Okay. This, they do also have a technology itself in green ammonia, which is coming up and they're working on it. Yeah. Okay. Thank you. My next question is, can you give us some insights onto what kind of order book size we can have from Chemyst and green hydrogen projects by end of this financial year? I mean, December? See, as on December 2025, their order book size was about INR 100 odd crores. As I said, in first two, three years, we are looking their revenue or their order book to the extent of about 10% to 15% of our JNK India standard. Okay. Thank you. That's it. Thank you. Thank you. Our next question comes from the line of Venkat Wanze from Power Mech Projects. Please go ahead. Hello? Hello. Yes, Venkat. Please go ahead. Sir, after giving the good results, then why this panic happening in this? Venkat, you're not audible to us. The question is, after getting the good results in the two quarters, why it is having pressure in this JNK India? Pressure on what? You're not clear, Venkat. Hello. Sir, you're not clearly audible. Can you please use a handset? Yeah, one second. Is it audible? Can you please speak a little louder? After giving the good results in quarter two and quarter three, and why it is getting under pressure? What is under pressure, Venkat? Like, selling out of. Sir, can you please Okay, I think we just lost the participant. Ladies and gentlemen, if you wish to ask a question, you may press star and one. There are no further questions, on behalf of Monarch Networth Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you. Thank you. Thank you.