Ladies and gentlemen, good day and welcome to the JSW Infrastructure Limited Conference Call hosted by Nuvama Institutional Equities. As a reminder, all participants will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please call 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. Achal Lohade from Nuvama Institutional Equities. Thank you, and over to you, sir. Thank you. On behalf of Nuvama Institutional Equities, we welcome you all to the Q4 FY25 earnings conference call of JSW Infrastructure Limited. To discuss the results today, we have with us Mr. Rinkesh Roy Managing Director and CEO, Mr. Lalit Singhvi, Whole-time Director and CFO, and Mr. Vishesh Pachnanda, Head Investor Relations. Without much delay, I now hand over the call to the management to start with brief opening remarks, which will be followed by Q&A. Over to you, sir. Thank you, Achal. I'm Rinkesh. Good evening, and thank you all for joining our earnings call for the quarter and the year ended 31st March 2025. The overall global growth landscape is marked by uncertainty leading to significant volatility across business environments, financial markets, commodity markets, supply chains, and capital flows. Despite global challenges, India has remained one of the fastest-growing major economies, supported by robust domestic demand, a stable monetary policy, and a focus on infrastructure development. Government initiatives aimed at enhancing manufacturing, logistics, are generating new opportunities across various sectors, including ours. The government is undertaking significant measures to enhance the efficiency and effectiveness of the logistics sector. Both central and state governments are collaborating to increase the nation's total port handling capacity from the current 2,700 million tons per annum to 3,500 million tons per annum by 2030 and 10,000 million tons by 2047. In line with this vision, the involvement of private players is being progressively expanded through PPP terminals. Major ports in India, which are owned by the central government, account for over 50% of the country's port capacity, with a substantial portion yet to be privatized. This presents a tremendous opportunity for a business enterprise like ours to leverage and expand our operations. I want to emphasize that JSW's infrastructure business remains largely unaffected by the current trade uncertainties. However, we are diligently monitoring the evolving trade tensions and emerging developments to ensure they are appropriately addressed in relation to our business model. Looking ahead, we remain optimistic about the future and confident in our ability to navigate these challenges while seizing new opportunities for growth. As communicated earlier, I'll continue to focus on my top three priorities: number one, to ensure the advancement and successful completion of our expansion plan to 400 million tons per annum by financial year 2030 of the four, encompassing greenfield, brownfield, and other growth projects within the stipulated time and budget, number two, to significantly scale up the logistics business segment, targeting a top line of INR 8,000 crores by FY 2028 and an EBITDA margin approaching 25%. The objective is to expand the business on an asset-like model to achieve an industry-leading return on capital employed, and number three, to continuously seek out value-accretive inorganic opportunities. In that respect, FY 2025 was a year of strategic progress for us and achieving various milestones for our company. We have made significant progress in the journey towards the completion of our expansion projects to reach a capacity of 400 million tons by FY 2030 of the four. Now, specifically on the developments during the quarter, at Tuticorin and JNPA, we have received approval from the relevant authorities to begin interim operations. Consequently, we have handled approximately 0.9 million tons and 0.1 million tons, respectively, this quarter. Following the timely completion of the construction of the cover shed at South West Port, Goa, I'm pleased to announce that the cargo handling capacity at South West Port has increased from 8.5 million tons per annum to 11 million tons per annum. This has resulted in the company's total capacity increasing from 174 to 177 million tons per annum. Further approvals have been sought to increase the total capacity of the Goa terminal to 15 million tons. We have successfully completed the acquisition of the Slurry Pipeline and signed a long-term takeover agreement with JSW Steel. Currently, 180 km out of the 302-km pipeline work has been completed, and we are on schedule to finish the construction by March 2027. Moving on to the operational and financial performance, for the year 2025, the total cargo handled stood at 117 million tons. This is a 9% year-on-year growth. The third-party cargo grew by 34% year-on-year to 57.3 million tons, and the share of third parties increased to 49% in the overall mix, a jump from 40% a year ago. Total revenue for the year ended March 2025 stood at INR 4,829 crores, reflecting a growth of 20% year-on-year. Total EBITDA for the period stood at 2615 crores, which is a 17% year-on-year growth, and net profit for the period was 1521 crores, a growth of 31%. The board has recommended the dividend of ₹80 per share, representing 40% of the face value. With this, let me hand over to Mr. Lalit Singhvi, our CFO, to take us through the financials and other details. Thank you, Rinkesh, and good evening, everyone. Let me first talk about our port business. In Q4 FY25, the company handled cargo volumes of 31.2 million tons as compared to 29.9 million tons in our quarter-ended March 2024. The 5% volume increase was timely driven by the robust port demand in the port terminals at Mangalore, Ennore, and Paradip. It was also fueled by the start of interim operations at Tuticorin terminal and JNPA Liquid terminal. Growth was partially offset by the lower cargo volumes at the Iron Ore terminal at Paradip. Third-party cargo has increased to 15.3 million tons from 14 million tons, representing 11% growth, and share of third-party volumes stood at 50% versus 47% a year ago. The growth in cargo volume and the change in volume mix resulted in a 5% increase in operational revenue for the port segment this quarter, from INR 1,096 crores in FY 2024 to INR 1,152 crores in FY 2025. Operational EBITDA for the port segment stood at INR 626 crores from INR 581 crores, an increase of 8%. EBITDA growth was largely driven by the increased revenue. We have consolidated Navkar Corporation financial in the previous quarter, with effect from October 11, 2024. The total consolidated revenue of the company stood at INR 1,372 crores, and total EBITDA stood at INR 730 crores, reflecting a year-on-year growth of 14% and 7%, respectively. Consolidated depreciation was INR 140 crores, and finance cost was INR 94 crores in the current quarter, as compared to INR 134 crores and INR 75 crores, respectively, in the quarter-ended March 2024. Given the changes in the INR and subsequent changes in the yield curve, we have recognized a mark-to-market unrealized gain of INR 86 crores, and this is essentially a non-cash charge and in line with guidelines of Ind AS 109. As a result, profit before tax for the quarter-ended March 2025 stood at INR 581 crores, as compared to INR 417 crores in the quarter-ended March 2024. Tax for the current year for the current quarter grew by 57% at INR 516 crores, as compared to INR 329 crores in the same period last year. During FY 2025, the company undertook capital expenditure amounting to INR 2,444 crores, which was directed towards the acquisition of Slurry Pipeline, as well as towards various ongoing and new projects. In addition, during the year, the company successfully completed the acquisition of Navkar Corporation at an enterprise value of INR 1,596 crores. For FY 2026, the company plans to invest approximately INR 5,500 crores, with a significant portion, around INR 4,000 crores, alloPATed towards the port business and INR 1,500 crores earmarked for the logistics segment. As of March 2025, we have a net debt of INR 1,471 crores, with a net debt-to-operating EBITDA of 0.65 and one of the strongest balance sheets in the sector. This, coupled with steadily increasing annual operating cash flows from the current asset base, we are well-positioned to pursue a growth plan to enhance our present cargo handling capacity to 400 million tons and further grow our logistics business to the top line of INR 8,000 crores by FY 2030. With this, I request the operator to open the line for questions. Thank you. Thank you, sir. We will now begin with a question-and-answer session. Anyone who wishes to ask a question may press star and one on the 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 give you a moment while a question queue assembles. The first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes, sir. Thanks for the opportunity. Mohit, please be a little louder. Yeah. Yeah. Thanks for the opportunity. Yes. The question is a little broader, looking to free up the pricing for agency transition. What do you make of the draft proposal? So we have been in agreement with this, and we have been pursuing, along with all other associations, that this comes to fruition very quickly because this is the evolution of time. The regulation on prices should have also been removed. So thinking broadly, probably it is as if the industry is liking the adjustments on the revenues and how much is taken up for the adjustments? No, it is usually finally in the end analysis, although the pricing is free, you can only charge up to what the customer or the market can bear. It's not something that it's for the industry to charge exorbitant rates because there are most of the port sector, the companies have two port solutions. So that I don't think will be a major issue that people will be pricing themselves very exorbitantly. Understood, so my second question is, can you explain the nature of investment in logistics business of INR 16 billion, which you have earmarked for FY 2026? Yeah. So compared to, I know we have acquired Navkar, and Navkar also, they have not invested in the last two years. So we see a lot of low-hanging fruit. So we will be investing, I know board has approved around INR 170 crores to be spent in Navkar. Then we are looking to, as per our plan of INR 9,000 crores we have spent out, we are increasing, we are placing some orders for the rails. So that would be a substantial investment, what we are looking around INR 600 crores in that. And then there are GCTs and there are some acquisition possibilities, which we are right now working. So all put together, we are looking at INR 1,500 crores to be spent during this year. Understood. My My last question, sir. On the volume, especially at Jaigarh and Dharamtar, I think they are flat for the last couple of years. Is it fair to assume that there will be some growth in FY 2026? See, as we said earlier also, at these lopations, we are depending on the group cargo, and group cargo, we will have a growth, lumpy growth. So they are running at a particular capacity until the new capacity is coming. We will remain at the same level. So it was a little subdued last year, but it is almost stable. You can say that the cargo will remain there. So our growth is coming from third-party cargo. So 27, 28, we are expecting quantum jump, and Dolvi Steel plans to take their capacity from 10-15 million tons, and that will give benefit of, say, around 12-15 million tons at our Dharamtar and Jaigarh ports. So if you take all this together, the growth would be quite good on a CAGR basis. But if you see on year-on-year basis, it will remain stable. Understood. Thank you, Thank you. Thank you. The next question comes from the line of Priyankar Biswas from BNP Paribas Please go ahead. Thanks, sir, for the opportunity. Sir, can you provide some guidance on, sir, if you can, let's say, what sort of cargo volumes you can expect in FY 2026? Potentially, what sort of logistics level you may be targeting to clock in FY 2026? Broadly, we are looking at a 10% growth in port volumes, and the revenue in the logistics business, we are looking at around 50% growth. 50% growth is the entire logistics, not just Navkar, so what else? A total. Okay. Sir, one more thing that a lot of our growth outlook is also some of our future growth opportunity comes hinges on this privatization at major ports. So are there anything we are seeing in the near-term pipeline, so let's say in one year? So already, two expressions of interest have come out. One at Kolkata Port, one recently at Paradip. So this, we are expecting this process to be speeded up in the coming months. Any idea of what would be the sizes of this that you have to consider? Broadly, we are looking at concessions coming out in the range of at least 30-50 million tons per annum on a per annum basis in the next one or two years. Okay, sir. Just one last question from my side. So in the port sector, just like in the previous year, was there any CORP-related revenues? And also, can you also give the ESOP charges you can see in 2020 and simply what you see in FY 2026? Yeah. So every last quarter, whatever the CORP-related quantities are assessed, and then revenue is earned. So in this quarter also, for our LNG part at Jaigarh port, revenue was booked on the CORP basis. On the ESOP charging, again, the cost this year was much lower compared to last year, as we said earlier. So it was lower by INR 20 crore in Q4. Would there be any changes in FY 2026 ESOP? So FY 2026 will be just INR 25 crores for the full year. So now it will almost everything is already charged off. Jaigarh, can you give that in quantum if possible? 80 crores. Okay. Just largely all from my side. Thank you. The next question comes from the line of Alok Deora from Motilal Oswal Financial Services. Please go ahead. Hi, good evening. So just had a few questions. It's on the port side. So this iron ore volumes particularly have been lower even in the quarter. It was the same thing in the last quarter as well. So where do we see that going for iron ore volumes? Because that's coming around too much. In the last quarter, if you remember when we had spoken, that time Vedanta had not come on stream. So they have now come on stream. And there were issues on pellet exports because of low prices. So this will be a slightly volatile market. We will not be able to kind of exactly predict the nature of this because primarily a large part of this movement is for the export market. So we will be watching the trends. But broadly, right now, there is some demand that we are seeing that most of the forecasts are for $100 pricing, which is a good enough pricing for movement of iron ore. Sure. And sir, you said in your comments about the uncertainty and challenges in supply chain. So how do we see the movement in volume shaping up ahead? I mean, you also mentioned 10% growth in cargo volume for FY 2026. So is that like a base case scenario, or could there be any downside or upside risk with numbers? Just what's your thoughts on that? Broadly, if you see, we PATer to steel, energy, and others. This is our broad mix of cargo handling. In steel, if you see, most of the movement is for domestic use, except for some quantity that moves at Paradip. So our impression is that with the duty safeguards also coming in for steel imports, we foresee that the steel market will be doing well. So on the cargo front, we have nothing to fear there. On the energy front, we are seeing that there is a huge demand for energy, and coal being the primary base for that. So there also, we are not forcing any major change. And lastly, on containers, we have a very small exposure at Mangalore. And that is also, if you see the trend of traffic there, primarily to South Africa or the Middle East. So we really don't foresee much of a challenge in this uncertainty. And that is what I had pointed out, that we are pretty confident on this guidance that we have given. The 10% guidance is on a conservative basis only, and it is, I know, in no way it will affect with the current tariff issues which are going on. It is a very conservative guidance. I don't foresee any issue in that. Got it. Just one last question. So in the logistics business, I mean, we are incurring losses at this point primarily due to the Navkar consolidation. So how do we see this moving ahead in terms of you mentioned about the revenue is 50% higher in 2026. How do we see the profitability moving? Because we have seen it now, and it's been almost six years. Have we got the synergies getting in place now, or our experience getting into that, or should it be time before we kind of turn also profitable? See, we have just finished six months, so we see a lot of opportunity in the logistics sector, and Navkar will certainly do well. In fact, whatever was their accounting practices and our practices, there were certain cleanup required, certain provisioning were required. This is all one-time, which has all been done with this current year ending, so they have normalized EBITDA. If you look at it, it was anyway INR 50-55 crores. But because of this cleanup, they ended with sort of INR 10 crores EBITDA. And now, since we have aggressive plans for logistics sector, we are looking for 50% plus revenue growth. And EBITDA will also have a quantum jump from the normalized EBITDA which I talked about. So we see a lot of scope going there, and our overall logistics way, in which there are a lot more things to happen. So Navkar will also get synergy of that. We are looking at least EBITDA of INR 100 crores at Navkar in the current financial. So with 50% revenue increase and EBITDA levels from normalized EBITDA, it may go almost double. So lots of opportunities are there in the logistics sector. Got it. That's all from my side. Thank you and all the stakeholders. Thank you. The next question comes from the line of Achal Lohade from Nuvama Institutional Equities. From Nuvama Institutional Equities, please go ahead. Yeah, thank you. Sir, I wanted to understand for giving the INR 8,000 crores revenue in logistics, what kind of numbers are you looking at? What kind of projects are you looking at? Logistics, we have set a plan that we'll be spending, say, INR 9,000 crores overall in five years. INR 1,000 crores is almost spent. This year, we are contemplating to spend another INR 1,500 crores. Our plan is by FY 2030, we'll have INR 8,000 crores of revenue with INR 2,000 crores of EBITDA. We see this happening with current year itself. We are exploring certain opportunities. We'll start giving EBITDA from the current year itself. Right, and in terms of the timeline for the greenfield projects, could you just highlight how are they coming into the work? What kind of approval are we for each of these? The major projects, like let us say Jaigarh and Dharamtar expansion, they are already on track, and civil works have already started at both places. Similarly, JNPA liquid terminal, we should be looking at commissioning it by July, August this year. So we are on track there. Tuticorin, we are looking at doing it. We are looking at completion by Q4 of FY 2026. Mangalore container terminal expansion, again, we are on track. We should be doing it by Q2 of 2027. Goa, as I told you, is completed. LPG terminal at Jaigarh targeting by June 2026. And JNPA port, already we are looking at applying for the regulatory clearances from Environment. Jatadhar, the concession agreement should be signed by this quarter. And we should look at completion by March 2027. And slurry pipeline also, as I told you, it's going on around 200 plus kilometers have been welded. 180 has been lowered. And we look at its completion by March 2027. So these are the major projects which were supposed to come up before March 2027. So we are more or less on track on these projects. Understood. And can you just clarify a little bit with respect to this volume growth? How much are you building from the third quarter, and how much will be the next year's growth? Or cargo will be more flagged? So here our growth, we are looking at, you see this interim operations at these two terminals at JNPT and Tuticorin. This will be giving us around 50% of that growth. The rest 50% will come from better utilization of capacities, primarily at Paradip coal terminal and at Goa. So as was told by our CFO also, that since the capacity expansion at Dolvi Steel Plant is from 10 to 15, will be the place where we'll have a lumpy growth. So the rest all will remain more or less at similar levels. So next year's third-party cargo will obviously further increase from the current level of 50% because most of the growth is coming from third-party in the next year's plan. Understood. And just one last question. With respect to, there were certain media articles about the green energy projects which we are looking at. Could elaborate a little bit on that? Yeah. What kind of capital can we see deploying there? So at our Jaigarh port, we are looking at these opportunities. And there is a lot of interest from various companies to set up green ammonia type of stuff. So we are very keen. And once we have something here, we can always plan to have it in China also. So things are being seen by the various interested parties. And as soon as something materializes, we'll keep media updated. So would you like to add that whatever projects you will do, it will be obviously based on the customer's need? So that we will consider what is in the need for the customer. Have I understood? We are not setting up. We are just enablers. This gives business to support. Better utilization of our waterfront is what we'll be looking at. Understood. Any material process is not expected on these counts? No. Unless there is a guaranteed traffic that we see. Otherwise, we are not looking at it. Understood. All right. I'll call back in a bit. Thank you. Thank you. The next question from the line of Ankita Shah from Elara Capital. Please go ahead. Yeah, hi. Sir, only one question. On margins, given that the mix is going to change, also you're expecting improvement in the logistics segment. So how is margins expected to pan out in FY 2026 and FY 2027? Given that our port expansion is going to be more back-ended, so how are consolidated margins expected to pan out? Now we are going to look at the segment reporting, so port margins will remain around 52% or so, and our logistics, we are aiming around 50% margin. We'll have to see separately. If you look at the combined one, it has to come down because logistics will always be like this, and we are looking at over a longer period of time, even logistics margins going up to 25%. So currently, if you look at immediately, which is 12-13%, it will go to 15% by next year. Got it. Got it. Okay. Thank you. I'll hand it over. Thank you. The next question comes from the line of Gandharv Tongia from Jefferies Group. Please go ahead. Yeah, hi. Thanks for the opportunity, sir. A couple of questions from my end. Firstly, on the third-party volumes, I mean, you did speak about expectations on the sustainable basis. What would be the growth that we could look at over here? Because in nine months, we've had strong growth, built up new ports, and then this quarter, it's only 11%. On the sustainable basis, what are the numbers that we can look at over here? If you can also briefly touch upon the key industries that drive this growth, that's the first question. Okay. So here, basically, if you see the growth that we are looking at in 2026, 70% of it will be primarily from third-party. 30% will be group. So that is what will be the ratio in the coming. Incremental growth. Incremental. That is from 11.7 to another 10% that we are looking at. And in the long-term basis, between till the Dolvi plant expansion comes on stream, you will be having a higher percentage of third-party vis-à-vis the group cargo. And once it comes on stream and the other projects like Slurry Pipeline, Jatadhar coming on stream, you will be broadly seeing a movement back towards more of group cargo. So that will be kind of varying in the range of 55% to 45%. In this range, it will be moving up and down as and when the projects get finished. Sir, can you speak a little bit about the catchment area or the industries that will give you this growth over here? Because adding port is one thing, and then getting volumes through other port is a different thing, right? So that's where I was trying to understand. So primarily, if you see, the government has now promoting something called rail-cum-sea route movement of coastal cargo, especially for energy needs across India. So there, the key gateway, energy gateway for coal, is Paradip. And that is where our Paradip terminal comes into play for the energy requirements across South India. And now we are looking at Western India and North India as well. Similarly, iron ore catchment area, the main mines are in Odisha. And if you would have seen, our entire long-term strategy has also been to have a terminal at Paradip as well as to have the Slurry pipeline to Jatadhar to further augment and reduce transportation costs for every customer, including the group customer. Then on the receiving side, we have Jaigarh, Dharamtar, and Tuticorin is on the receiving side. So these are again and another. So these are again strategically located points which are serving mostly cement or energy plants. So both of which go hand in hand with the movement of steel. So the moment steel production and steel requirements go up, this also starts moving up. So broadly, if you see, our terminals are very strategically located to ensure this volume growth, not only now but also in the future. So basically, if you see our terminals, most of them are running at a capacity of 80%-100% capacity, right, sir? This is primarily because the lopation is like that. The hinterland is very nearby. They're all developed. So we don't foresee any problem with getting cargo. Understood. Very clear. My second question is on the logistics front. So we have this large plant of 8,000 sq ft for revenue and also taking up margins from 15%-25%. So I'm just trying to understand how do we plan to offer cost-effective logistics? Because ultimately, even for the end customer, it makes sense only if the logistics cost we offer is cost-effective with our existing vendors, third-party vendors, even if it's the JSW Steel. So how do we intend to offer this logistics solutions also at cost-effective level and also increase the margins for us? So I'll just give you one example that we are looking at strategizing this growth in an asset-like model. So our main targets are getting into Gati Shakti terminals, where we don't have to spend huge CapEx on building the railway sidings or purchasing land at very expensive rates. So that is the first part of it is the terminal CapExes we are looking at at a very way lower than what the industry generally does. Number two, we are looking at powering these terminals through group cargo wherever they are available. And this through a combination of rates, additional containers, and new terminals which move into the right market. Lastly, we are looking at reducing the empty return ratio of these rates so that on return, we get third-party cargo and other cargo so that the entire model sees to it that we are able to reduce the final cost for the customer. Understood, sir. Last one quick question. When can we pencil in this 15 million from clearance for Goa? When can we expect to discuss all the things before the late 15th? No, we will already, as I told you, from 8.5-11, we have already done. And this is a part of a process. Hopefully, this should be done in the next two quarters at least. Two quarters. Sure, sir. Got it. Thank you and all the best. Thank you. The next question comes from the line of Aditya Mongia from Kotak Securities. Please go ahead. Thank you for the opportunity. I'll go ahead with my question. The first one, I'll focus on logistics. Speaking with the opportunity, it's a similar kind of quantum for the spend on rates. And it's compared to what Gati Shakti does on a regular basis. Your specifiPATions are more domestic kind of business that you are trying to set up on the logistics terms compared with your. Absolutely. Absolutely. This This is domestic growth would be much higher than what we have planned in next year in Navkar. Yeah. So these rates that you are going to kind of engage will be used for domestic business, right? More than exit, right? Yeah. Understood. The second question that you had was more on Dolvi. I wanted to understand from you that mostly becoming 15 million in terms of capacity and that giving them steady higher growth in 2028. If they're slow to grow the asset further from there, what will change in the next year? If it's the volume of single year and then the growth may take off? Okay. So there, Dolvi, I think it will be moving in tandem with the expansion. So after that, it's always a lumpy growth. One time it will come, and after that, it will start stabilizing at that. There's no other magic that can be done to get something extra there. Yeah. So second question, do you want 15 million tons? Can the asset grow at all? Is there a limitation to where it can go? Because obviously. Answer to your question. So when we reached 10, it was very difficult to think of going to 15. So we have reached 15. So there is always possibility that these brownfields are always easier to implement, cost-effective as well as time-wise also. Greenfield is always difficult. So there could always be a possibility of going further from 15 also. And just to add, Aditya, when this plant was acquired by the Anchor customer in 2011 or 2012, it was 2 million. And a lot of people questioned at that time whether it will go to 5 million. And now then it went to 10 million, and now it is progressing to 15 million. So things run out. There will be land acquisition nearby, and things kind of change. So right now, go past things, what will be the figure is difficult for us. Sure. Could you also share the source revenues and the data for India and its capacity versus last year? Just to make it easier to compare numbers with other countries coming into play. So if you look at FY 2025, one second. So you want to look at the port sector. So port sector, if you look at quarter on quarter, you are looking at YTD. YTD is 2.5 or 2. Yeah. Ha. So FY25, as you said, throughput is 9% increase. Revenue, total revenue we talked is 13% increase. EBITDA is 15% increase. Operational EBITDA is 14% increase. Liquidity is 45% increase. And that is 33% increase. And just to add, it's also given on page 12 of our investor presentation. You will have financial performance of ports for the quarter as well as full year. Maybe one last question here. So just thank you, Mishma Mohibbara. So JNPT and Tuticorin contribute how much in the full year next year? Would it be five million tons plus somewhere? Yeah. Certainly. Certainly. We are We are expecting that. What size of the region should we see come to these assets? Sure. Sure. Sure. That clarifies. The last final thing over here, when you say 50% increase in logistics, I am assuming over a full year number of INR 400+ crores, right? It's aligned. Yeah. Full year number is around INR 485 crores. So from there, we are looking 50% increase. You got that. Thank you for the clarification, Dolvi metrics. Thank you. Thank you. The next question comes from the line of Ketan Jain from Avendus Spark. Please go ahead. Hello. Can you hear me, sir? Yeah. Yeah. Sir, I had a question. So recently in February, there's a news report saying that JSW Infrastructure plans to enter into a pact probably during a Bengal Global Business Summit in Bengal. What is this about, sir? So this was just a discussion saying that some platform in West Bengal, this was. Hi, sir. Thanks for the opportunity once again. So my question is, can you please help me to see an update on the expansion of steel plant in Dharamtar? Is it fair to assume that the steel plant will open on March 27, or 2028? Yeah. Yeah. So this is scheduled for March 27. On the conservative side, they are talking about September 27, but work is progressing well. So we will be ready from port side by March 27 in any case. So we hope that we will get full year. Otherwise, if it's something a few months here and there, to that extent, it might be different. Thank you, sir. The next question comes from the line of Ketan Jain from Avendus Spark. Please go ahead. Hello. Sorry to interrupt, Ketan. Be a little louder, please. Hello. Can you hear me now? Yes. Yeah. Yeah. Yeah. Please go ahead. Sir, my question was on the port in Bengal. You were answering. Yeah. Yeah. So, see, being a large group, there are many proposals keep coming. So, we have not evaluated anything on the airport and not discussed on the board. So, if there is any such thing, if we decide, we will certainly go for and inform the media or investors. But at the moment, there is no such proposal or no such discussion. This was something came up, and it was stopped. So, nothing has progressed on that. Understood. Sir, can you provide me with Navkar's PBT and PAT numbers for Q and FY 2025? This call is now being recorded. Ketan, we can connect offline. I'll give you the Navkar's numbers. Is that fine? Okay. Yeah. Yeah. It's fine. Not a problem. And also, just one last question. As you said, we've touched on the Goa capacity. Do we see a growth in volumes in FY 2026 more than 5% at Goa? We have told you that it will be. Goa will be a part of the growth in this year. Understood. Goa, we have been always 100% capacity utilization we have seen because there is no dearth of cargo there, being the cheapest cost option for Vijayanagar. So we expect similar trend for whatever the 11 million tons they have now, we have got the approval. So this should be near to that. Understood. Thank you, sir. Those are my questions. Thank you. The next question comes from the line of Vineet from Investec. Please go ahead. Thank you, sir, for the opportunity. Hello. Can you hear me? Yeah. Yeah. Yes, please. Go ahead. Okay. Thanks, sir, for giving me the opportunity. Sir, a few months back, there have been media articles around JSW Group entering into other types of and so forth. how that can help JSW Group, JSW Infra in particular? What opportunities would lie there if we were to listen to? So it is quite far today. JSW Group is contemplating for going for copper but how much capacity and all those things. So as and when they come up, if there is a nearest port, if we are nearest port, definitely we will have an opportunity to add that port into our port. Understood, and sir, what would be the ratio of input to output? For instance, in case of steel, we require anywhere around 2.5-3 million tons of input in the form of iron ore and coal. What would that ratio be in terms of input to output? We have not gone into that details as of now. As and when there is a complete proposal, we will certainly come back to you. Understood. Thank you so much, sir. Thank you. Thank you. Thank Thank you. The next question comes from the line of Nikhil Abhyankar from LIC Mutual Fund. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Sir, I just have one question on Navkar. So you mentioned you'll be investing around INR 170 crore this year. And on the sales side, 50% growth is about INR 100 crore at least. But one of the statements which you made was next year, you have much bigger plans for Navkar. So from two to three years to six years, what type of figure can we look at on the revenue side and the investment side? No, no. When I said next year we'll go big, this is basically on the overall logistic play. So Navkar is a part of overall logistic play. So Navkar, we have given guidance of next year only. We'll come back on further future years straightly. But what we said, when we will invest INR 1,500 crores, this will be a larger logistic play. As far as Navkar is concerned, we have board has approved INR 170 crores of investment as of today. Okay. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing points. Thank you, gentlemen, for your time. And I'd like to conclude that despite all the uncertainty in the global market, we are very confident of the guidance given to you of 10% growth in port volumes and the logistics part of it, which is primarily internal. And we are very sure that we'll be meeting the guidance given for the year 2026. Thank you, gentlemen. Thank you, sir. Ladies and gentlemen, on behalf of Nuvama Institutional Equities, we conclude this conference. You may now disconnect from the stage.