Ladies and gentlemen, good day, and welcome to the Q1 FY 'twenty six Earnings Conference Call of JSW Infrastructure Limited, hosted by Nuvama Institutional Ltd. 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. Please note that this conference is being recorded. I now hand the conference over to Achal Juhadeh from Lumwama Institutional Equities. Thank you, and over to you, sir. Yeah. Thank you. Good evening, everyone. We have with us mister Rinke Shroy, joint managing director and CEO mister Lalit Singhvi, full time director and CFO and mister Vishesh Pachman sir, head of operations. Without much delay, I'll now hand over the call to the management to start with a brief opening remarks, which will be followed by Q and A. Over to you, sir. Thank you, Achal. Good evening, and thank you all for joining our earnings call for the quarter ended thirtieth June twenty twenty five. The global economy is in a place of recalibration, facing subdued growth and rising uncertainty. Recent U. S. Tariff hikes on key trade partners have disrupted investments and significantly impacted developing economies. Amid geopolitical tensions and shifting supply chain, India stands out for its resilience, stability and forward looking economic approach. With inflation under control and fiscal consolidation progressing, India is well positioned to achieve over 6.5% growth in FY 'twenty six. Supporting this outlook, the RBI adopted an accommodative stance in June '5, cutting the repo rate by 50 basis points to 5.5%, backed by easing inflation and strong fundamentals. This move is expected to boost liquidity, reduce borrowing costs and drive investment across sectors. India's sports sector remains central to its trade and infrastructure ambition. In FY '26, the government has ramped up efforts to privatize, modernize and expand port capacity while enhancing connectivity and digitizing operations. At JSW Infrastructure, we are focused on scaling our cargo handling capacity from 177,000,000 tonnes per annum to 400,000,000 tonnes per annum by FY 2030 or earlier, while building a strong Pan India logistics network. Growth will be further driven by opportunities such as privatization of terminals at major ports and value accretive inorganic expansions in port and related infrastructure. As part of this strategy, we have secured a letter of award from the Shyama Prasad Mukherjee port authority for the redevelopment of Berth 8 and mechanization of Berth 7 And 8 at Nisargisubash Dock, Kolkata, enhancing our container handling capacity. In line with our logistics expansion goals, our resolution plan for NCR Rail Infrastructure Limited has been approved under the insolvency process, and we have received a letter of intent from the resolution professional. Regarding our growth project, progress at Kenney Fort continues as planned with a public hearing scheduled for August. On the three zero two kilometer iron ore slurry pipeline project, two fourteen kilometers of welding and 192 kilometers of pipeline lowering have been completed. The project remains on track for completion by March 27. At Mudbeh Port, hydrographic and geotechnical studies have been successfully completed. The EIA report has been submitted for the process of public hearing. For the Jatadah project, the anchor customer has signed the concession agreement and innovation agreement is expected to be finalized shortly. Work on the JNP and liquid terminal is progressing well and we are confident of completing the project within this quarter. Moving on to the operational and financial performance for the period April 25 to June 25, the total cargo handled stood at 29,400,000 tons. This is a 5% year on year growth. This growth aligns with our historical trends where cargo volumes in the second half of the year typically exceed those in the first half. We remain on track to achieve annual guidance of 10% volume growth over the last year. Our third party cargo grew by 8% year on year to 15,300,000 tons, and the share of third party stands at a record high of 52% in the overall mix from 50% a year ago. Navsat Corporation has delivered an outstanding performance in the first quarter of FY twenty six, highlighted by a strong recovery in operational volume and a return to profitability. Total revenue for the quarter stood at $13.14 crores, reflecting a growth of 19% year on year. EBITDA for the period stood at $6.71 crores, which is a 10% year on year growth and net profit for the period was INR $3.90 crores, implying a 31 growth. With this, let me hand over to Mr. Lalit Singhvi to take us through the financials and other details. Thank you, Rinke, and good evening, everyone. Let me first talk about our core business. In Q1 FY twenty six, the company handled cargo of 29,400,000 tons as compared to 28,100,000 tons in the quarter ended June 24. The 5% volume increase was primarily driven by strong performance of coal handling operations at Anor, P And P and Parati. Robert's performance at Southwest Port and Ramsar Port along with interim operations at the Sushigun Terminal and JNCL Liquid Terminal also contributed to the growth. The growth was partially offset by lower cargo volumes at INR Terminal at Paragi and third party volumes at Jaggersport. Third party cargo has increased to 15,300,000 tons from 14,100,000 tons, representing 8% growth and the share of third party volumes stood at 52% versus 50% a year ago. The growth in cargo volume and the change in volume mix resulted in 8% increase in operational revenue for the four segments for the quarter from $10.10 crores in QY FY twenty five to $10.86 crores in Q1 FY twenty six. Operational EBITDA for the four segment stood at $5.61 crores, up from $5.15 crores, an increase of 9%. The margin has improved to 51.7 from 51% a year ago. Nerve Car Corporation delivered strong operational and financial results in Q1 FY 'twenty six. Total Exile Cargo volume reached at 81,000 TEU, representing a robust growth of 31% year on year growth. Domestic Cargo volume stood at 275,000 metric tons, up 11% compared to same period last year. The revenue from operations rose to INR 138 crore, reflecting a 17% increase year on year. EBITDA climbed to INR 20 crores, showing substantial improvement, while net profit turned positive at INR 2 crores, a significant turnaround from loss of thirteen years in the previous year, following our recent acquisition. Total consolidated revenue of the company grew at INR $13.14 crores and total EBITDA grew at INR $6.71 crores, reflecting a year on year growth of 1910% respectively. The EBITDA growth was largely driven by the increased revenue. Consolidated debt decision was INR143 crores and finance cost was INR91 crores in the current quarter as compared to INR135 crores and INR74 crores, respectively, in the quarter ended June 24. Given the changes in the INR and subsequent changes in the yield curve, we have recognized a mark to market unrealized gain of INR 36 crores. This is essentially a noncash charge and in line with guidelines of India 01/2009. As a result, profit before tax for the quarter ended June 25 stood at INR $4.73 crores as compared to INR $3.92 crores in the quarter ended June 24. Tax for the current quarter grew by 31% at INR $3.90 crores as compared to INR $2.97 crores in the same period last year. The aggregate financial commitment across all those projects, encompassing awarded work orders and procurement of materials stand at approximately 3,000 crores. As of June 25, we have net debt of $12.46 crores with net debt to operating EBITDA of 0.54x and this is one of the strongest balance sheet in the sector. This coupled with steady growth annual cash flows from the current asset base, we are well positioned to pursue a growth plan to enhance our present cargo handling capacity to 400,000,000 tons and parallel grow our logistics business with a top line of INR 8,000 crore by FY 02/1930. With this, I request the operator to open the line for questions. Thank you. Thank you very much. We will now begin the question and session. The first question is from the line of Alok Deora from Motilal Oswal. Please go ahead. Hello, sir. Good evening. Sir, just a couple of questions. So first is on the volume growth. So it's been, you know, low single digit for us, we have guided for nearly 9% to 10% volume for this year. So how do we see that number now shaping up? Because there'll be a big catch up for, you know, in the remaining part of the year. We still stand by our guidance of 10% for the entire year, and we are seeing very good trends also. So we have still, we stand firm on that guidance of 10%. Although our typically, if you see, our second half is always higher than the first half. If you see last year also and every year is like this, because, know, first half is a monsoon affected and second half is always typically growth increases. So we are fairly confident and the second quarter also starting July itself is showing a good trend. So we are confident of covering up the whatever the shortfall of the first half and the second half for sure. Got it. And sir, just the employee cost actually has come down quite sharply Q o Q and even Y o Y. So just any color on that? Yeah. You see that our top chart that is continuously reducing. Quarter on quarter, is reducing most of the stock charge is already factored in. So this quarter, all these you see compared to last year is lower and again, Q4 also is much lower. So basically, the employee cost including itself has come down. Okay. So this going forward, this number run rate could could kind of continue? Yeah. Yeah. Yeah. So this will not go up. In fact, this forecast will further come down. Sure. Just last question. So logistics business, we saw around $1.31 crore of growth last quarter and now it's around $1.38. So how we should see this number shaping up for this year and next year? So broadly, actually broadly we're looking at around INR 700 crores to INR 800 crores revenue in the entire year. And we're looking at around INR 100 crores EBITDA for the year 'twenty six. And mostly, we our plans are in place and we are following those plans and we should be achieving these results. Got it. I'll come back in the queue for more questions. Thank you, sir. All the best. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes. Good morning, sir. Good evening, and thanks for the opportunity. My first question is on the volumes at Jagged and Ramdar. The volume numbers have continuously declining for last three to four years. Right? In fact, we did 12,100,000 ton in q one f y twenty three, if I may. That's correct. Last year, we did 9.8. And this year, again, we had 9.8. Despite the underlying steel production growth, especially with this product from JSTUC steel at six and a half percent. So can you please explain this anomaly? See, one is you see this our group cargo as we discussed earlier also will always have a lumpy growth. Whenever the capacity additions come, then there will be a quantum jump. Since the capacity is same to next last two years, you see capacity is almost similar and now it is going up. And it is primarily serving this is only a steel plant, if you look at Jaigar and Dharamtur. So Jaigar, Dharamshar is serving to steel and it was almost static. What you are seeing decline was primarily due to the last quarter, again, was some maintenance shutdown in earlier period also in this period also. But if you look at in current quarter, this Dharam sir has not gone down. There is a growth of 7% or so in the Dharam sir. It is only Jaggers, which has shown a little decline, which was primarily one is some third party cargo also got reduced because MOP and this Urea one, last quarter government has not placed the orders and this is coming up in the subsequent quarter. And little bit of, we are seeing that this growth of JSW steel will cover it up. So Q2 onwards, you can see that they have now booked this iron ore import in a large vessel, which can come only as dagger. So we are seeing that traction coming from July month itself. So whatever is the shortfall, which gets covered in the Q2 onwards. So we don't foresee there is any issue coming from the from our group cargo perspective. If you broadly see this if you put Jaigar plus Bharatanat together, they have broadly been doing 43,000,000 to 46,000,000 tons of cargo every year. That is the range at which it operates. And this year, we'll be operating at the higher end of the range. We'll be targeting around 45,846,000. Understood, sir. Thank you for detailed answer. My second question on Kolkata Container Terminal. I think, in fact, Kolkata handles around 800,000.0 TEU. And if I if I remember correctly, Kolkata has, I think, u v 1,400,000 of bulk container. And Kolkata is looking to expand, obviously, it is in the process of bidding out another 900,000.0 TEU. And I think the bid is due after he cleaned up in the month of July or August. The question is, is the price discovery of this $4.06 $7.08 per TEU is very, competitive given the interest given the interline potential. Can you please help us explain this the size of security and how do you see the volume volume coming at this port? So as you rightly pointed out that Calcutta, the other bids that will be coming up, you have already now got a base price here, whatever we quoted for the project earlier. So we feel that it's a very competitive price keeping in view that the other projects are going to come up. And if you understand Calcutta and that area better, most of the cargo is very sticky in nature that it serves the hinterland is very, very close to the port area. So we don't foresee that with better efficiencies being brought into play and better turnaround of vessels at the port. With the port also looking at taking up new efficiency measures in increasing throughput across the log base, we don't foresee much of a challenge in being competitive. We'll take it offline. The third question, can you please help us with the details of the answer, like, may have to sign, What is the is there is there a take or pay agreement? And for how much volume? Jetadar take Yeah. Jetadar has, you know, we have yet to sign the Norwegian agreement, but there's, you know, there is a Azure cargo coming from there. You know that this is Slurry line pipeline is getting attached to this port. Slurry pipeline has already got the take or pay agreement, which will trigger from April 1. And the entire cargo, which is coming through Slurry pipeline will get transported through this port only. So cargo is assured here. So there absolutely, there is no issue of, you know, any doubt of cargo for this quarter. Okay. So so when you say concession was signed in June 25, the actual customer, you mean you mean that this is not concession. Right? That's what you mean. Right? Okay. No. No. No. No. It is a concession only. It will get novated in our name. So, you know, then it will be a full credit concession in our name because the concession provides that it can be novated to any of the group companies. So under those provisions of the policy and consistent agreement, it will get novated to us. There is no such thing that we have to share anything. It will be completely engaged in front of Understood, understood. Thank you, sir. Thank you. Best of luck. Thank you. Thank you. The next question is from the line of Priyanka Viswat from JM Financial. Please go ahead. Yeah. Good evening, sir. So my first question is, what I observed is that there is a divergence between the volumes that, let's say, Bharatan and Jaigar. Typically, they tend to move in line. I mean, like, one is increasing, the other increases. So why is this divergence this time, like, Jetadhar sorry, Jaigar volumes are not keeping pace with what is happening at Bharatan, if you can explain that? Prithir, as I said that, you know, there were some third party cargo. Also, there is a dip. So you are looking at this total cargo jaggers, which is dipping. So major part, if you look at point three, out of that point point one five is third party cargo. So that I think that MOP and this Yuliya thing government has not issued the order, which was there in the earlier period and this is coming in the second quarter. And then there is a small gap of the 0.15, which will get covered in this. There are certain ships which were to come in this quarter. They got to this current quarter in the July. So July itself will get flexed and a lot of import booking has been done by Jezrebukh Steel in a larger shift, which will come to come at Jainzuru. So that will cover it up. So sorry, if I understand correctly, if that be the case, then would it be fair to say that on a full year FY 'twenty six basis, at least our group volumes would be similar to, like, what it was, let's say, in FY '24? Absolutely. Absolutely. It should be we expect a little little better than Okay. Last And sir, just I do have one more question. So what I see is NCR Rail, you have acquired recently. So so what is the rationale for that acquisition and how it will translate into let's say revenues and EBITDA going forward? So this as we told you that earlier that we're looking at building up a Pan India logistics network and primarily serving with the anchor base of steel cargo and then looking at ICDs and containers for return cargo. So keeping that in mind, this is one of those terminals we had identified to fit into our overall Pan India logistics plan. We see a big market in the nearby area and it also serves as a gateway to the NCR region. And location wise, it's located Bangor near the Eastern DFC as well as it is at the entry of the Western DFC. So keeping all that in mind, we had founded to be a very strategic location and that's why we're zeroed in. So it's part of a bigger network. So it will start giving us a bit as and when we form the network in full. Okay. And sir, just one more question, if I can squeeze in. Regarding the price, let's say, terminal privatization at a major ports. So, of course, you got this Kolkata order. But are there any other ports at least in the very near term that is in FY '26, which you may be interested in and may come up for near term bidding? So what we have been given to understand is that that many ports have already are getting or in the process of getting clearances for the various terminals. One is in Calcutta, which the outer terminal and the inner harbor of Netaji Subad's dock. These are all also coming up for further privatization base. Similarly, we are also getting new bids coming up at Paragi. So this process will be ongoing and we'll be participating in this, evaluating them and looking at all these terminals. Okay, sir. That's brought you from my side. In case I will come back in the queue. Thank you. The next question is from the line of Vinit from Investec. Please go ahead. Mister, your line has been unmuted. Please go ahead with your question. Yeah. Am I audible? Yeah. Go ahead. Yeah. Okay. Thanks. Good evening, sir. Thanks for the opportunity. Sir, a couple of questions. One is, what's the status on the approval for expansion of capacity at Southwest from 11 to 15,000,000 tonnes? Where are we on the approval there? So here this we have we have been we'll be applying to the state pollution control board for further increasing this capacity. We have already got the issue for 15,000,000 tons, and the subsequent part of increasing the capacity is now at the state level. So we are pursuing this and we expect this treatment to be taken too. Okay, understood. And sir, at Jigarh LPB Terminal, we have seen frequent delays in terms of timelines. Initially, we had started with Jan twenty six as the timeline, but then got pushed to June 26, and now we are looking at FY '27 year end as as the completion date. And even at duty coding, we have pushed our timelines by a quarter. What is what is happening there, and what gives you assurance that there'll be no further delays at at Kutis locations? So first of all, let me talk to you about Tuticorin. So Tuticorin, all the orders for piling, the machinery, the conveyor, everything has been placed. So and already filing work has started for the conveyor and the orders for the ship unloaders have been placed. So these were the two main orders that were to be given. So that is on track. We have just taken guidance for another three months because we got the final LOA at March 25 this year. So that was the main reason. We had expected it to come somewhere between December So that's what that actually pushed it by another quarter. So that was the main reason. And LPG project in Jaigarh, the peso approval we bought was slightly delayed. So keeping that these are all statutory approvals that need to be in place before we can undertake the project. So that was the prime reason. But now we are on track and I think we should be completing it on schedule as we have given the guidance or before that. Understood. Understood. And sir, last question from my end. For the NCR rail resolution, if you can speak about any consideration which has to be paid out here, what could be the revenue potential of this effect? How should we think about this, let's say, over the next three to five years? So as I explained to you, it's, you know, it's a part of a strategic fit of, you know, individual terminals in a pan India logistics network. So the development of the network itself is of kind of more important than looking at this individual terminals giving their EBITDA. So keeping that in mind, it's very early days to predict the exact number. And I think Lalish can talk about the consideration. So this is INR $4.67 crores is the amount for which we have, you know, bidded for this. And as we said that once the grade is complete, because we have to create such, you know, 25, 30 centers across the country, right from Harappanam, Chennai going up to India. So we have got readily available this asset, which is now very near to, sorry, Eastern BFC and Jawar Airport and everything. So that is a very good asset and we are looking for creating through GCT or stress assets or built our own. So out of this, once we are getting something like this, which is readily available, it makes sense for us. So as we have the cargo availability from the group also and we said the base cargo will be coming from the group for this network And then we will look for possibility of getting the return cargo and all those things. So over a period of time when the bridge is in place, so we that will certainly give us the desired ROC which we are looking from the logistics sector. Understood. Understood. Thank thank you so much, for this. Thank you. Thank you. The next question is from the line of Aditya Mogia from Kotak Securities. Please go ahead. Good evening, everyone. I hope I'm audible to you all. I'll I'll I'll go ahead with my questions then. See, the first question that I had was, I think, something that others have also asked. See, Jaykal and Paramkar in fiscal 'twenty four did about 47,000,000 tonnes, and we will end FY 'twenty six as per your guidance at $45.46. The simple question that I want to ask you is that what is the scope of third party volume growth of these assets? And is it as limited as numbers you've suggested over the last few years? And similarly, if Captive taking the leg down because of its numbers moving bad or is it third party, which is broadly being absent over there from a growth perspective? Yes, Alexia, as I said that Jayajar and Garmthor is serving kindly to Dolby seed plant and it will have a lumpy growth. So still the capacity additions come from 10,000,000 to 15,000,000 tons, it will remain almost similar level and 1,000,000 or 2,000,000 here and there it may be fluctuating. But coming to this year, we expect that it will be on a higher side and it will be higher than last year number. It will not be less than last year number. So we expect from Q2 itself, we are seeing the traction because this year, they are importing more because iron ore prices are lower. So we see big shifts coming in from month of July itself. So whatever the shortfall is there, it will be covered up. Understood. Maybe a length of question over here. Is there any change in the sourcing pattern of the captive customer, which is leading us to see slightly weaker numbers on the captive side? I also because on a two year basis, it seems to be declining quite meaningfully. And just wanted to kind of check whether there's any change in sourcing patterns for any of the raw materials that the captive customer requires from for itself. I mean, no, I see there is no such thing that any big numbers coming in. As I said, it is only few millions here and there out of that 45,000,000 to 47,000,000 or 48,000,000, the cargo, what they need for running their, you know, on this 10,000,000 ton capacity. And it is going to be increased, so cargo is going to come. It's a matter of year or two where, you know, you are seeing this problem. As they go to 10 to 15, their requirement will further increase. So whatever the Mumbai increase they are getting it, which is around say 10,000,000 is the ultimate what they can do. So that is only thing that one or 2,000,000 here and there in Mumbai increase is fluctuating. So that is the only difference. Otherwise, there is no such thing that which can affect our volume growth at JAGAD or that, sir. So broadly the last two, three years then has been to operate between 43,000,000 to 46.5, 47,000,000 tons, that has been the broad range. And this year, we are very sure and the guidance is for forty six million plus keeping both Dharanser and Jayagot together. Understood. Understood. I'll move on to the next question. Just wanted to get a sense that this MR bulk terminal has done close to 3,000,000 tonnes this quarter, whereas the capacity for the full year is about 9.6. Could you help us better understand how to see through the growth from this You're confusing it with Amor coal. So is Amor coal is actually 9.6 and that is Yes, sure. Mile effect. Amor coal, yes. So is going up to 11. So we are broadly on track also. So there's no issue on that. And can it expand beyond 11 or is this 11 No, no, With the current setup, it will not expand beyond 11. So we have got the EC for 11, and that is what we are looking. Okay. The final thing from my side, I just wanted to check the asset or the fourth volume breakup that we did for the quarter, somehow add up to a slightly higher number than 29.4. That's one confusion it appears to 29.7. So is there some intersegmental things happening over here? Or just want to clarify this? And part B of the question, somewhere in the footnote, one talks about critical volumes not being there of about 600,000 tonnes. So should one be adding point 6,000,000 to your overall numbers and then thinking through the annualized numbers? Just want to get better sense of those two things. No, Aditya. This is Vishay. So that footnote is for the information purpose that Kurtikoin in the last quarter was also considered in the stand alone way to do infrastructure limited. So one should not add or subtract that point six. That is just for the information. Okay. And there's some small decrease discrepancy of point 3,000,000 tons. It's more than it's like 1% of growth. So if can get discrepancy, you know, I can come back to you once I get back. Sure. Make enough questions, sir. Thank you. One more thing is that we report numbers in million tons. So it might be, you know, rounding off or some costing at particular plant. So that would, at particular port, that could be also an issue, but I can come back to you. So I think Vishay will come back on this, if there is a clerical some issue, he'll come back. Thank you so much. Those are my questions. If there's any more, I'll come back in a few. Thank you. Yeah. Thank you. The next question is from the line of Jason James from Evans and Spark. Please go ahead. Yes. Thank you. Good evening, sir. I just have one question. What is the exact commissioning of the 21? So this will be, I think, eighteen months from the letter of from the award of concession. So it will take some time for the conditions it is not from the consistent with meeting hour of four to six months to get the consent So two years. Two years. Around two years, you can take from now. August 27, the q 02/2027. And and okay. '28. Understood. Understood. Thank you. Yeah. Yeah. Yeah. Thank you. The next question is from the line of Mohit Jain from Devi and Chokshi. Please go ahead. Hi sir, good evening and congratulations for the good time number, especially on the logistics side. Sir, my question is for the only. So what is the current capacity duration across your three CFS and one ICD, particularly the Modi ICD, which I guess previously was operating at below 30%. Please correct me if I'm wrong. And sir, when do you expect them to, you know, reach at the optimal level of 80%? And the last thing on this, based on your existing infrastructure, what is the peak annual revenue potential assuming, like, full utilization, 90% across all three facilities? So more we if you see, we have been continuously, you know, going on a upward trend, and the critical benchmark was hitting crossing 5,000 queues per month. So that we have done in the last quarter, and we're maintaining that. Plus the mix of make a part of it you should realize is how much of empty and loaded ratios we're looking at. That ratio has improved in Murgi. So that gives a lot of better returns for us. And at the full 80%, 90% capacity utilization, you should expect around INR800 crores to crores top line for these three or four terminals. And as you increase the rate, that should be from touching. So the one part is the terminal and you increase the rate, it should touch around a thousand here. Alright, sir. So just a follow-up on this. So you said in the beginning, I guess, we we are expecting around $7.50 to 800 odd crores in the logistics side this year. So that's around 8090% only. So Mhmm. And I'm assuming that most of the contribution is coming from Navcar. So do you think we'll reach a good utilization of Navcar this year and next year, we need to look for some organic or inorganic expansion in terms of ICDs or Absolutely, absolutely. We will have to add to the, know, PT somewhere one or two more terminals, especially in the Western Circuit, where it will be more of a logical fit for Navkar. Otherwise, we'll be looking at, you know, expanding its growth. Alright, sir. Alright. And one last thing, one last question from my side. Since, sir, we have guided on the entire logistics space of 8,000 crores of revenue by FY 2025% EBITDA margin. And what I'm assuming is that our logistics segment is now bifurcated between Navkar and the. Please correct me if I'm wrong. No no. I think that it's all part of, Navkar is also a part of the vendor. So we have a GSW food logistic company, and this Navkar is acquired by this food logistic company. So under food logistic company, like Navkar, we'll have many more such verticals coming in, either through GCT or through step asset buyout or building new one. So what we are talking is the total logistic business when we say of investment of INR 9,000 crore or sales of INR 8,000 crore over a period of five, six years. So this will be going like that. So Navkar, whatever Navkar can absorb, this is their balance sheet will come under Navkar, rest most of the things will come under the food logistic company. But this 8,000 crore, Navkar is a part of it, right? Navkar is a part of that, absolutely. And sir, just just to follow-up on this, will Navcar be a very huge contributor to this 8,000 crore, like, above 60%? Is it No. It's not going be like that because the Navcar balance sheet doesn't permit that much. You know the benefit of Navcar. So whatever the way EBITDA is improving, now you can see that EBITDA is growing substantially. So whatever you can absorb, this is the net debt to EBITDA of our guidance, we will keep investing in this. But, obviously, their balance is not that strong that they can take that much of load. Got it. Thank you. Thank you. That answers answers my question. Thank you, sir. Okay. Thanks. Thank you. The next question is from the line of Nishi Shah from ICICI Securities. Please go ahead. Yes. Thank you so much for taking my question. So my first question is that, you recently signed an MOU with the Kokan railway for for rail siding from from railway station to. So can you just give some color on how binding is the agreement, and where are you expecting the rail starting to to commit, and what is the potential timeline? So this is one of the nearest railheads to Jaigarh Fort. It's around twenty, twenty five kilometers away from Jaigarh Fort. And number two, this railway siding is built on a, you know, a deposit work basis so that we are funding the entire project and the concept is to execute it for us. So they'll be doing it in a period of again one point five, two years' time. And much of our rate logistics that we are building up, So this will also come into play at Bouquet Siding. So you can have tanks, containers, containerized traffic, fertilizer, cargo moving from this Bouquet Siding. Got it. And are we are we expecting, you know, a a rail line from from Bouquet to the to the port? Like, what what will be the what will be the separation of cargo from the port over the railway siding? Is it just a 1% impact? The we are not taking up right now. So this will be outlet for rail bound traffic for Jaigarh Court on the Komshall railway network. Okay. Also, we can see this thing, realization for for turn on cargo has gone up about 2% this quarter Y o Y. Is that due to a price rise or due to mix and and if you have taken a tariff hike, then what is normally the time when the company takes the tariff? So I know we have been able to increase some prices this year, like, have increased, then the coal terminal also we have increased. So wherever there is a possibility, otherwise, you know, the WPI is based in any way we are able to increase, but WPI was not that high. So wherever it is not, WPI linked, where, you know, we have able we have been able to increase substantially. Alright. And this one, generally, what is the time period when you take this tariff hike? Is it in is it in q four or q one? No. It is normally, you know, April to March. So, you know, in the q one, it's gonna be increase whatever we can increase. Alright. Thank you so much. Thank you. Ladies and gentlemen, we take that as the last question for today. And I would now like to hand the conference over to the management for closing call. So as we have gone through the results and the detailed questions from you all. I would like to reiterate again once more for the persons attending this conference that we stand by our guidance of 10% growth in throughput and that's on the annual basis. And as has been explained to you, historically, H2 is greater than H1 and the trends are quite good July. So we are quite confident of meeting this guidance. Thank you. Thank you. On behalf of Lovama Institutional Equities, that concludes this conference. Thank you for joining us and you may now disconnect your lines.