Ladies and gentlemen, good day and welcome to JSW Cement Limited Q2 FY26 earnings call hosted by JM Financial. As a reminder, all participants' lines will be in 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dharmesh Shah from JM Financial. Thank you, and over to you, sir. Good morning, everyone. On behalf of JM Financial, we welcome you to the JSW Q2 FY26 Result Conference Call. I will now hand over the floor to the management for their opening remarks, which will be followed by interactive Q&A. Thank you, and over to you, Mr. Kunal Mukherjee. I'm really sorry to interrupt, however, the management line is on mute. Okay. Thank you, Dharmesh, and good morning to all. I would like to warmly welcome all of you to the Q2 FY26 earnings call of JSW Cement. I trust that all of you have had the chance to review the company's results and investor presentation. We are pleased to have with us Mr. Nilesh Narwekar, CEO, and Mr. Narinder Singh, CFO. With this, I will hand over the call to Mr. Narwekar for his opening remarks. Thank you, Kunal. Good morning, all. First, let me comment on the industry context. Now, all of us know this: the RBI has slightly revised upwards the GDP growth projections for FY26 from 6.5% to 6.8%, which, naturally, from a cement industry perspective, is encouraging. Now, we also view the CapEx spending trend quite positively. As per the data that was released, around 52% of the central CapEx has already been spent in H1 FY26. Now, this front-loading of CapEx on infrastructure is definitely seen as positive for our business. On the state CapEx front, utilization of H1 FY26 has been moderate, but definitely, this leaves plenty of space for catch-up in the CapEx going forward. Now, this trend in public CapEx will support cement and the GDP-based demand going forward. Now, the other big development all of us are, again, aware of is during this quarter, there was a reduction in GST. I'm happy to announce that JSW Cement has fully passed on these benefits to its customers. Before I go into the Q2 performance, let me reiterate one key message. Now, again, in this quarter, JSW Cement remains among the fastest-growing cement companies in India in terms of sales volumes, and it is our ambition to continue this growth trajectory for the remainder of this year and also for the next few years as we ramp up our capacities. Let me now list a few highlights for quarter two. Our total sales volume in Q2 FY26 increased by 15% year-on-year to 3.11 million tons. This is much faster than the industry growth in our region, which we believe is broadly between 4% and 5%. We continue to outperform versus industry volume growth that we had highlighted in Q1 as well. Now, taking the same number product-wise, cement volume sold was 1.64 million tons, which increased by 7% YoY. GGBS volume sold was 1.38 million tons, increased by 21% YoY. Within cement, the trade mix remained broadly stable at 52%, and the share of premium sales within trade stood at 58%. Revenue of ₹1,436 crores increased 17% YoY. Operating EBITDA for the quarter was ₹267.5 crores, a very substantial 64% YoY improvement against a weak base last year. On the cost-saving initiatives, we reiterate the targets we mentioned in our September call. We have achieved ₹200 per ton savings at the cement level already, and the work is continuing for the balance ₹200 per ton for us to achieve the entire gamut. In terms of some of our key operational highlights, our clinker utilization in Q2 FY26 was 86%, and the grinding utilization was 58% versus 62% in the previous quarter, which is a seasonal dip. Our clinker-to-cement factor was 50% in Q2 FY26. Again, as we have been mentioning, it's the lowest in the industry. With respect to our two main products, cement and GGBS, let me give you a sense of the realizations. Cement realization for Q2 was INR 4,638 per ton, an increase of 4% YoY, but softening of 5.2% on a sequential basis. GGBS realization for quarter two was INR 3,685 per ton, broadly flat on a QoQ basis. The slight variation in QoQ is more a factor of regional mix change and conversion of some small part volumes in the south from FOR to Ex. Our strategy for GGBS remains unchanged, that is, to hold the GGBS pricing flat for the customer so we can drive volume adoption. Our lead distance was 283 kilometers for Q2 FY26, nearly flat on a QoQ basis. We continue to make full efforts to reduce this over the course of the year. In terms of capacity expansion, just to reiterate, a capacity expansion plan will take the company to grinding capacity of 41.85 million tons per annum with the clinkerization of 13.04 million tons per annum, as is outlined in our investor presentation. Very happy to announce we have delivered on the timeline committed for the first step in this expansion program, the one million ton Sambalpur grinding unit in Odisha, which was commissioned in early September, and we started cement dispatches from there already. This GU has been funded by and is part of our listed subsidiary, Shiva Cement, and we believe is key to position Shiva Cement for sustained growth in capacity utilization and the EBITDA going forward. Now, Shiva Cement will supply clinker to this unit, and Shiva benefits from this grinding unit in two ways. One, of course, from the increased capacity utilization of its clinkerization line, and second, the stream of income because of cement sales. I would like to highlight two other initiatives that we are progressing with at Shiva Cement. One, of course, is around the land acquisition, which is underway for the overland belt conveyor system from the mine to the plant, and the second one is we've signed a 5-megawatt PPA renewable power by end of FY26, which will lower our production costs going forward as well. An update on the northern region, the Nagaur integrated unit is being set up in two phases, as many of you are aware. The 3.3 million clinkerization and the 2.5 million grinding unit is the first phase and is on track to be commissioned in early Q4 FY26. In the next phase, by mid-calendar year 2026, the waste heat recovery system and the additional 1 million ton grinding unit will come on stream. On the Punjab grinding unit, all approvals are under process. Engineering is progressing as per plan and the topography survey, which has also been completed at site. Finally, we continue to have the lowest CO2 emission intensity. Our Scope 1 plus Scope 2 emission intensity was stable at 277 kg per ton in quarter two FY26. Let me hand over to Narinder Singh, our CFO, to take it forward. Yeah. Hi. Good morning. I will add some points on the financial performance for Q2 as well as H1. In terms of our Q2 FY26 financial performance, revenue was INR 1,436 crores, which is an increase of 17% year-on-year. Operating EBITDA has improved substantially by 64% year-on-year to INR 268 crores, equating to INR 860 a ton for the quarter. Our operating EBITDA margin stands at 18.6% in the quarter, which is a jump of 5.3% over the same quarter last year. Total EBITDA, including other income, was INR 291.2 crores, an increase of 53% year-on-year. PBT was INR 121 crores for the quarter, including positive contribution of INR 10 crores from the Fujairah Operations JV. PAT for the quarter was INR 75.4 crores. There was no exceptional item or non-cash expense on account of the CCPS in quarter two. We had highlighted this in the last quarter that we have booked all the non-cash expenses on account of the CCPS conversion in Q1 itself. In terms of the major cost elements for the quarter, raw material and power and fuel declined on quarter-on-quarter basis. Broadly, this was on account of two reasons: increase in GGBS in the overall sales mix and lower slag cost in the West region. We had highlighted in Q1 that some additional raw material cost on account of shutdown of JSW Steel blast furnace slag at Dolvi. So we had to procure slag from third parties in quarter one. Happy to report that in Q2, we did not have any third-party slag procurement on spot basis, which has reduced our raw material cost. In terms of fuel, our blended fuel cost in rupees per Mcal for the quarter was INR 1.5 versus INR 1.55 per Mcal in the previous quarter. Recent purchase of petcoke was near $105 per ton CFR, and in Q3, we expect fuel cost to marginally reduce given the inventory we are carrying. Our current fuel inventory is sufficient till end of January 2026. On the logistics side, while lead was stable quarter on quarter, we have benefited from efficiency improvement levers such as mode and direct depot optimization, which has reduced our logistic costs quarter on quarter. In terms of our H1 26 financial performance, total sales volume has increased 11% year-on-year to 6.42 million tons, with cement and GGBS volumes increasing by 8.5% and 12.5% year-on-year respectively. Revenue close to INR 3,000 crores at INR 2,996, an increase of 12% year-on-year. Operating EBITDA is INR 590 crores, a 49% year-on-year increase, equating to INR 919 a ton for H1. Total EBITDA, including other income, was INR 636 crores for the first half. PAT, excluding the CCPS, which is a non-cash expense, was INR 175 crores for the first half. In terms of balance sheet, net debt reduced substantially from INR 4,566 crores in June to INR 3,231 at the end of September. We have repaid INR 520 crores of debt from the IPO proceeds and utilized some of the amount for CapEx and general corporate purpose, and parked the balance in FDs for now. Net debt to EBITDA on last 12 months stood at 2.8 times. During quarter two and H1 26, the company incurred CapEx, including maintenance CapEx of INR 509 crores in quarter two and INR 964 crores for the first half. For the full year FY26, our total CapEx is estimated at around INR 2,300 crores. Average cost of debt for the quarter was 8% and currently is 7.7%. I want to highlight one point on volume outlook for FY26. During H1, there was some shortfall versus the plan due to extended monsoons and the impact on demand due to GST rate change, which was announced by the government. We are confident of achieving our H2 target, and therefore for FY26, we are now aiming for mid-teen% volume growth over FY25. We will now be happy to address your questions. Thank you. Thank you very much. Ladies and gentlemen, we'll now begin with 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 headsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question comes from the line of Rajesh Ravi from HDFC Securities. Please go ahead, sir. Yeah. Hi, sir. Good morning. Am I audible? Yes. Yeah. Thanks for the detailed presentation. Sir, my first question pertains to your margin guidance, which you had guided at INR 1,150 to INR 1,200 for FY26. You lowered your volume guidance. Is there any outlook on the margins? And also related to that, cost savings of INR 200 per ton, what is the trajectory over there? So firstly, on your question on the guidance of INR 1,100, that was with North operations. Once our North comes in, which is expected in Q4, this number we would be definitely achieving. Okay. Coming to the second part of the question, we are on track with the target mentioned last time of the INR 400 that we had mentioned based on the initiatives that we have planned. 50% has already been delivered. We will start to see the benefit of renewable energy, the capacities for which are coming online in Q4, and the benefits would start flowing. We'll probably update you in Q3. Once the Q3 results are out, we will be updating you further on this. But yes, the benefits of these initiatives continue to flow. Sir, when you talk about this INR 200, you already realize I mean, this is you're talking with the cement business, right? Majorly cement, partially to GGBS because most of it is more linked to the renewable power, fuel, AFR. Correct. Correct. Which will increase your investment. Yeah. So majorly goes to cement, very marginally to GGBS. Sir, on what basis this INR 200 is expected? I mean, when you said INR 200 is already achieved, this is already reflected in FY25 performance? Yes. INR 25 and Q1. Okay. So on what basis another INR 200 should factor in, sir? And by when? No. Another INR 200 I told you, most of it starts flowing from Q4. This continues in FY27. Renewable power is one. Our renewable capacities, which are today about 60. What? 48 megawatts. 48 megawatts. It jumps to about. 68. 68 in Q3 and another 59 megawatts in Q4. Most of it comes from renewable power. We are trying to rationalize on the logistics, which we continue to do. Last quarter, we saw some reduction in long distance, and this we will be further reducing. AFR percentage is expected to be further increased. That brings saving on the fuel. Of course, the premiumization efforts on premiumization, that continues. Hence, I said the benefits will flow in FY27 also because this is an exercise that we have started. The final thing is operating leverage. As the volume goes up, the benefits flow. Understood. So green power from 22% out of how much will that go up to by, say, exit of FY27? Yeah, so exit of FY26, in terms of installed capacity, which we will start to extract, we should be starting to hit 63% of our requirement to be furnished through green power. In FY27, starting Q1, we should probably be hitting that same ballpark, which is 63% of our total requirement is green power. So from 21%, it will go to 63% for next financial year. Is this understanding correct? Absolutely right. That will be one of your major cost drivers. Good saving would be flowing. Great. And sir, AFR, when you say AFR, that is thermal basis, calorific value, or volume basis? 12%-16% number? Calorific. Calorific. And this number, you're already achieving a very good number of 12% to 15%. So by how much is this expected to go up to? Close to 18% to 19%. Okay. And this is, we are talking from a cement perspective, right? That's right. This is used for making of clinkers. So yes, cement is used. Right. Right. Right. And Mr. Mr. Ravi, I'm sorry to interrupt you, but you can rejoin the queue for more questions. Thank you. Thank you. Thank you so much. Our next question comes from the line of Raashi from Citigroup. Please go ahead. Thank you. I have two questions. The first is on the volume side. Could you just elaborate a little bit more on the market share gain and even specifically last time you said that it was in the South, is that continuing? Okay. So we broadly remained in line. Now, what we've done is because our geographic footprint is, of course, specific. Yeah. So geographic footprint is around South, West, and East. Within South, also restricted to specific districts within the state. So, the way our volumes get distributed around 21% is South. There's a 20% growth in the South. There's a -3.1% degrowth, which has happened in the East, and I think around 1% in the West. Overall, 8.1% to 8.2% is the growth in cement. This is for H1 now. Sorry, West you said was a negative 1%? No. One second. One second, One second, please. West is positive at 1%. And please understand, when you look at West for us, we are restricted to Mumbai Metropolitan primarily, as against the West for the industry, which includes other parts of Maharashtra and Gujarat, etc. So we get more severely impacted because of the onset of the monsoon. So just put it in that context. It's 1% for H1, negative 3% for East, and 21% for South. Okay. Thanks. And the other question is on, you already elaborated on the cost saving. So would it be possible to kind of break up the EBITDA between cement as well as GGBS? And if there has been any improvement after FY25 on cement, the EBITDA outside of the realization? No, we won't be able to give a breakup of cement and GGBS. But as we said, most of the benefit is flowing to cement. The improvement in EBITDA that we see is coming from cement. GGBS is almost in line with what we were doing last year because we haven't taken any price increases. We continue to maintain the price because our focus is more on gaining volume and improving the volumes. Costs continue to be same almost for GGBS. Understood. That is clear. Okay. Thank you. Thank you, ma'am. Our next question comes from the line of Sucrit Deep Patil from Eyesight Fintrade Private Limited. Please go ahead. Good morning to the team. I have a forward-looking question on this company's outlook and how it will be going ahead. As more players expand in the blended cement and green construction space, what is JSW Cement doing to build a strong edge? Not just through capacity or pricing, but something in a more extended way, like a way of working or thinking that grows over time and makes it hard for your competitors to copy. That's my first question. I'll ask my second question later. Yeah. It's a good one. So as you know, currently, our CO2 emission intensity is the lowest in the industry, and there are all steps that we are taking to ensure that we continue to maintain this gap and ensure that this becomes our calling card in the cement sector. So two, three obvious things which are there. Okay. One, of course, is the push and the thrust as we move towards green power and more of AF. That's one that we anyway are doing. Second, extending the same concept and idea in the supply chain as well. So an extended and a concerted effort towards all our outbound and inbound raw material movement, including the mining trucks, all of them moving towards EV, or at least in the geographies where we don't have adequate, at least trying to move towards the more greener fuel, which is CNG. So that thrust is anyway underway. All the steps that we undertake is primarily with this particular lens in mind, and all decisions are primarily driven based on this. Now, as we expand in geographies where we probably don't have the benefit of slag, but there is a concerted effort to try and look at other methods and means of trying to see how we can reduce our carbon footprint. So like in the North, yes, everyone is experimenting with calcined clay. We guys are also doing so. And soon, we believe that that's something that we will also be having. So that's directionally how we are headed. Okay. Thanks. My final question is about margins and cost planning. Again, a forward-looking one. As realizations remain soft and costs could keep on fluctuating, how are you planning to protect the margins? And are there any smart internal methods that you will be putting into place that will help you keep the delivery high without hurting the profit? So for us, we are working on two fronts. One is the initiatives which we had highlighted in the last call after the Q1 results. We have been taking initiatives which are going to bring us substantial savings. We have achieved INR 200, and we continue to focus on achieving another INR 200, which will flow over the balance quarters, the two quarters, and in FY27. So that's on the cost front in the existing operations. Our north operations become operational this Q4. And as we all know, north is a more attractive market, which will give us a spike in the overall EBITDA. And GGBS continues to be our mainstay mainstay. Great. Great. Thank you for the guidance, and I wish the entire team best of luck for Q3. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Amit Murarka from Axis Capital. Please go ahead, sir. Yeah. Hi. Good morning, everyone. Thanks for the opportunity. On GGBS, you said that you are looking to hold pricing stable in order to get some more volumes in the product. But we know that cement prices in South particularly have declined quite substantially. So does it require you to drop GGBS pricing now in order to attain that objective of volume? Or do you think that even though the gap has reduced substantially within GGBS and OPC, you would still be able to deliver the desired volume growth on GGBS? No. So if you see last year, FY25, the prices actually were the lowest in a long time. Despite that, we didn't reduce the GGBS prices. But we have not taken the increases also in H1 when the cement prices again started moving north. So we continue to hold on to the GGBS current pricing. That's our strategy, and we'll continue to do that. Yeah. But then the gap is probably not that great as it was in H1. So does it not impact the desired volume growth in GGBS then? Yeah. So Amit, the economic argument that you're referring to here, which is the GGBS mix versus the non-GGBS mix, that still remains profitable across many of our geographies. That's how we're seeing it play out. So we do not expect. Oh, what was the case? Any effort from our end to bring down the GGBS prices. Of course, going forward, I guess you heard the commentary from everybody else as well. We expect the overall cement prices also to start to move up with the season opening up. That's going to overwhelm even for the additional GGBS sale that we intend to undertake. Sure. Thanks. And just also, if you could talk a bit about the North utilization outlook as in your plant, let's say year one, year two, which is FY27 and FY28, what could be the expected utilization from that asset? So year one was, I think, between 55% to 60%. And then towards year two is when we start hitting the full capacity ramp-up of around 80% or thereabouts. That's how we are targeting it. And our entire approach towards the north market is geared up for that. And for now, we've got a number of things that are already underway to ensure that we are able to achieve these numbers. I mean, all the pre-launch activities around market survey, discussion with channel partners. We're getting quite a good amount of response from the channel partners on wanting to engage with JSW more meaningfully. We had mentioned about enrolling the JSW Steel dealers as a part of it. That's also found a fair amount of traction. The non-trade customers were active in that geography. We've connected with many of them, and all of them are very keen and engaged with us on that. Plant teams are more or less in place. The plant is also getting ready, and we can give you further updates in the next call on this. So just to clarify, the 55% to 60% is around 2.5 million ton or 3.5 in the north? 2.5 million tons. Okay. Okay. Thank you. That's all. Yeah. Yeah. Thank you, sir. Our next question comes from the line of Prashant, an individual investor. Please go ahead. Hello. Am I audible? Yes, sir, you are. Yeah. I Yeah. I have only one question. What is the volume of clinker sales for this quarter, previous quarter, and the same quarter last year? Yeah. Just a second. I'll just give you. So this quarter, the number is 90,000. The previous quarter was 160,000, and last year again was 30,000. Okay. So, I mean, obviously, cement sale would be more beneficial and profitable than clinker sale. I mean, what are the measures companies planning to minimize or do away with clinker sales going forward? No. So these sales were made from our subsidiary, JSW Cement Subsidiary, Shiva Cement, which did not have a grinding unit previously. Now, the grinding unit is in operation since September. So the sale is going to reduce substantially. Only any surplus clinker if we have in Shiva, we'll be making the sale. So for the rest of the plants, this clinker sales was restricted to the subsidiary only. And from the rest of the plants, there was no clinker sales. Is my understanding correct? Yes. You are right. Okay. That's all from my side. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Harshil Patel from Harshil Patel & Co. Please go ahead. Hi. Hi, sir. Good morning. I have a couple of questions with respect to the CapEx. First of all, I wanted to understand that how much CapEx is expected to be towards this CapEx addition in the second half of this year and the next year? Can you repeat the question? Can you please repeat? You weren't audible. Yeah. So my question is that how much CapEx is required to be spent in terms of cash flow in the second half of this year and next year? So this year, we are planning for the year. The intent is to spend about INR 2,300 crores, as I mentioned earlier, of which close to 1,000 has already been spent. INR 1,300 is the cash outgo that we are expecting in this second half. In the next year, for the full year, our plan is to spend about close to INR 2,000. Okay. And how much will this be funded through debt, 100% through debt? No, no, not 100%. From our IPO proceeds, we continue to have about INR 800 crores with us. And we see internal accruals also happening. So we can safely assume that INR 1,300 and INR 2,000, about INR 3,300 crore is the cash outgo that we are looking for. And we have like INR 800 of the IPO proceeds. That leaves us with INR 2,000. 500. We can safely again assume that we'll have a free cash of INR 250 odd crores this year and about INR 400-450 next year. So about INR 700 is the internal accruals. So we are left with INR 1,900. INR 1,000 odd crore is the repayments that would happen, and that will be reborrowing. So that's the number broadly. Okay. Okay. And And with this, how much is the targeted debt that we are anticipating by end of next year? Our intent is to keep the net debt below INR 5,000 crores at all times. Okay, and how is the outlook likely to happen for the second half of this year? Specifically, when a lot of the capacity addition is happening by various competitors, so how is the pricing and the volume growth likely to shape out in the second half of this year? Yeah. Harshil, the outlook that we carry for H2 is very positive. Now, H1, as all of us are aware, and specifically in the geographies that we are talking about, right, was impacted by extended monsoons. There was a bit of uncertainty when the GST thing was going up. Now, all that has definitely gone behind. The macro stack up well. All the other indicators seem to be good monsoons. So going forward, H2 seems to be very positive. Now, October was a bit of an anomaly. I mean, in terms of prices, we saw a marginal dip in south and east in terms of prices in the month of October. But we believe this is temporary, and things will start to shape up as we are seeing now from November onwards till the end of this year, which will be a very strong and a powerful one. West was broadly stable. I'm sure the channel checks that all of you all have done will probably be giving you a similar indication as well. And will change that with this, the current situation of the volumes that we are having? And the previous guidance of having the 15.5 million of volume growth for this year, do you think that we will be able to achieve this 15.5 million ton considering the present situation in terms of what the previous guidance we have given? No. So H1 numbers, we know we missed a small volume due to the market challenges, particularly monsoon and the GST. As far as H2 is concerned, we are very hopeful of achieving our plan, and our growth in the current year for the full year will be about mid-teens. It will be in the mid-teens over the last year, so yeah, you can say we are hopeful of achieving our targets. We may slip a bit, but yes, we'll be there. With this, the volume that we have forecasted, do you think that we are able to achieve revenue in terms of, let's say, INR 1,600 crores-INR 6,800 crores roughly somewhere in between for the full year? Yeah. So revenue guidance will be a challenge that's more dependent on the pricing. I think we better not speak on that. It's a game of pricing, as you understand. Okay. Okay. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for the closing comments. Thank you. And over to you, sir. Yeah. Thank you. Thank you, ladies and gentlemen, for joining this, taking your time and joining our call. And as you've seen, I mean, we've had a strong H1. We intend to continue with this performance in H2 as well. And yeah. And just one message. I mean, we told you in quarter one that we have been among the fastest-growing cement companies. We intend to continue with that growth going ahead and look forward to catching up with you from now on in other respects, different events, and of course, in the Q3 call as well. Thank you very much, and have a great day, guys. There's another gentleman who's come, Mr. Rajesh Ravi. So can we do that to the moderator? Sure, sir. Yeah. Rajesh Ravi from HDFC Securities. You can proceed ahead with the question. Yeah. Thanks, sir. Thanks for taking this question. Sir, just wanted to understand how much has been spent on the Nagaur expansion so far in H2. And also, if you could just break up total project cost. So the Sambalpur is already INR 350 odd crore for total project cost. So if you could give the broad project cost numbers for Rajasthan and Vijayanagar and Dolvi plants, please, which are upcoming. When it is about Nagaur, almost INR 1,900 crore has been more than INR 1,950 crore has already been spent till 30th of September. The project cost totally is, and this is including GST, is about INR 3,350 crore, including the railway siding. So the. 3,300 crore? INR 3,350 crores, of which INR 1,950 plus has already been spent as of 30th of September. Now, INR 3,350 is inclusive of GST. And this is for 3.3 million clinker and 2.5 million of grinding. We have one more grinding coming up in Nagaur, which gets commissioned sometime in FY27. That's another about 300 crores. Sorry, that's about 250 crores, of which more than half has already been spent. Yeah. So. The Hatta, yeah, the other mills, Hatta, Dolvi and. Hatta. Hatta. It's much later. So Dolvi, 4 million additional is about INR 1,600 crores. Vijayanagar, about INR 800 crores. Sorry. Which one? 800 crore? Vijayanagar? Vijayanagar. Okay. Understood. And these Vijayanagar and Dolvi would mostly be coming in FY28? Yes. Understood. And these being grinding units, most of the CapEx would be back-ended only. Is this understanding correct? Yes. Yes. Okay. I think that's all from my end for now. Thank you so much and all the best. Thank you. Thank you. That was the last participant. Thank you. Okay. Thank you. Thank you so much. Thank you, sir. Ladies and gentlemen, on behalf of JM Financial, that concludes this conference. Thank you for joining us, and you may now disconnect your.