Ladies and gentlemen, good day and welcome to JSW Infrastructure Limited Q3 FY2026 earnings conference call hosted by Motilal Oswal Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Alok Deora from Motilal Oswal Financial Services. Thank you, and over to you, sir. Thank you, and good evening, everyone, and welcome to the Q3 FY2026 earnings call of JSW Infra. We have with us today Mr. Rinkesh Roy, Joint Managing Director and CEO, Mr. Lalit Singhvi, Strategic Advisor and Board Member, Mr. Nagarajan J., Chief Financial Officer, and Mr. Vishesh Pachnanda, Head of Investor Relations. I will now hand over the call to the management to provide some opening remarks, and then we can proceed to the Q&A. Thank you, and over to you, sir. Thank you, Alok. Happy New Year and Happy Makar Sankranti and Pongal to you all and your families. Good evening, and thank you all for joining our earnings call for the quarter and nine months ended 31st December. The global economy remains in a phase of gradual adjustment shaped by uneven growth across regions, stabilizing monetary conditions, and ongoing geopolitical uncertainties. Global trade continues to be a key engine of economic activity, supply chain, and customer diversification, gaining importance in the global trade. India's economic environment remained resilient, supported by strong domestic consumption and sustained government spending. Exceptionally low inflation, with CPI in the vicinity of 1%, provided room for monetary easing, enabling the Reserve Bank of India to further cut the repo rate by 25 bps in December while maintaining a neutral stance to balance growth and stability. On the rail cargo side, different initiatives like the Liberalized Special Freight Train Operator Framework are encouraging private participation and specialized wagon investments. These schemes are already showing traction, with new operational flexibility introduced under LSFTO to optimize steel and bulk cargo movements. Indian Railways' freight performance continues to strengthen India's economic backbone, with cumulative loading this year crossing the 1 billion ton mark in November 2025. At JSW Infrastructure this quarter, we strengthened our presence across both business segments: ports and logistics. In the ports business, we have entered into an agreement with Mineral Development Oman to develop a greenfield port with a capacity of 27 million tons per annum, backed by an investment of $419 million. Additionally, I'm pleased to share that we have successfully completed construction at the JNPA Liquid Terminal, and a final commissioning certificate is awaited from the authorities. Regarding our ongoing projects, the 302 km iron ore slurry pipeline continues to progress steadily and remains on schedule. To date, 227 km of welding and 205 km of pipeline lowering have been completed. One of the key long lead items, the electrical pump, has also been delivered to site. The project is on track for completion by March 27. Once operational, it will significantly improve the efficiency and reliability of iron ore transportation. Meanwhile, the construction activities at the Jatadhar Port are in full swing, with pile foundation work completed by 40% and 5.6 million cubic meters of dredging being completed, with the work completion target of March 27. As communicated earlier, our operations and maintenance contracts in the UAE at the ports of Fujairah and Dibba have delivered strong operational performance. Notably, the port of Fujairah has exceeded its minimum cargo volume commitments, reflecting strong throughput and efficient handling. This outperformance resulted us to benefit from a share in the profitability generated from the incremental cargo of 0.8 million tons, further enhancing the commercial value of our engagement at the port. In our logistics business, we have expanded into the rail rake segment by acquiring 100% equity in three entities from the group at an enterprise value of INR 1,212 crores. This acquisition provides immediate access to Indian Railways' GPWIS and LSFTO schemes, along with long-term licenses under these programs. The target entities hold a fleet of 22 rakes as of December 25, with three additional rakes to be delivered this quarter, taking our total count to 25 rakes. We expect the closure of the acquisition shortly. Additionally, our subsidiary Navkar Corp has received a letter of acceptance for the development of a Gati Shakti Multi-Modal Terminal on railway land at Somalapur at Kudithini, which is near Bellary. First container rake was flagged off, marking the first private rail terminal in the region. At GCT Arakkonam, the setting up of railway track work is 90% completed, and we expect the rail operations to commence in Q4 of FY2026. Overall, JSW Infrastructure handled 90 million tons of cargo during the period April to December 2025, marking a 5% year-on-year growth. The growth was driven by strong performance at South West Port, Dharamtar Port, and interim operations from JNPA and Tuticorin, while the growth was offset by subdued cargo volumes at the Paradip Iron Ore Terminal, which saw a decline of approximately 3.9 million tons due to challenging macroeconomic conditions in the seaborne iron ore export market. However, the recent monthly trends in Paradip Iron Ore are encouraging, with monthly volumes of 0.8 million in November and 1 million in December. Logistics segment, which is mainly Navkar, delivered a standout performance during the period April to December FY2026, marked by strong operational volumes. The total examined cargo volumes reached 245,000 TEUs, representing a robust 23% Y-on-Y growth, and domestic cargo volumes stood at 1.07 million tons, up 35% compared to the same period last year. The operating EBITDA for the nine months stood at INR 78 crores. Overall, on a consolidated basis, our operating revenue was INR 3,839 crores for the nine months of FY2026, representing a 20% Y-on-Y growth. Operating EBITDA for the period stood at INR 1,834 crores, marking a 13% increase, while net profit reached INR 1,123 crores, reflecting a strong growth of 11%. Following a detailed review of the progress achieved across our port expansion and capacity enhancement projects, and in light of the strong and consistent performance delivered by the logistics segment, we have gained improved visibility into our medium-term growth trajectory. In parallel, we have been cognizant of the feedback from many of you regarding growth outlook for FY2027 and FY2028, with FY2028 representing a landmark year in our expansion journey. Taking this external feedback together with our internal assessments and operating momentum, we are pleased to formally articulate our operating revenue and EBITDA guidances for FY2027 and FY2028, reflecting disciplined execution and a continued focus on value-accretive growth. We are targeting a consolidated revenue of INR 5,400 crores and operating EBITDA of INR 2,600 crores for FY2026. Building on this FY2026 base, we anticipate EBITDA growth of approximately 15% in FY2027 and expected to double approximately by FY2028. This outlook reflects our confidence in strong operational performance, clear visibility of growth projects in the port business, and our ability to transition rolling assets from CapEx to EBITDA contribution in the logistics segment. With this, let me hand over to Mr. Nagarajan to take you through the financials and other details. Thank you, sir, and good evening, everybody. So let me first talk about our port business. In Q3 FY2026, the company handled cargo volume of 31.7 million tons as compared to 29.4 million tons for the quarter ended December 24. The 8% volume jump was primarily driven by strong performance at Goa, Dharamtar Port, and also overseas operations. Additionally, interim operations at Tuticorin Terminal and JNPA Liquid Terminal contributed positively. Despite these strong contributions from key ports and terminals, growth was impacted by lower volumes at our Paradip ports, which is the iron ore and the coal terminals. Third-party cargo went up to 15.7 million tons from 14.3 million tons, representing a 10% growth, and the share of third-party volume stood at 50% versus 49% a year ago. The growth in cargo volume and the change in volume mix resulted in a 9% Y-on-Y increase in operational revenue, which stood at INR 1,164 crores in Q3 FY2026. Operational EBITDA for the port segment was at INR 611 crores, up from INR 570 crores and increased by 7% on the back of strong operational performance at both Dharamtar and South West Port. Navkar Corporation delivered strong operational financial results in Q3 FY2026. Total examined cargo volumes reached 85,000 TEUs, representing a jump of 19% YOY basis. Domestic cargo volume stood at 405,000 tons, up 45% compared to the same period last year. Revenue from operations for Navkar rose to INR 186 crores, while operating EBITDA jumped to INR 33 crores, showing substantial improvement, while net profit increased to INR 9 crores, a significant turnaround from a loss of INR 11 crores in the previous year. Total consolidated operating revenue for the company stood at INR 1,350 crores, and total operating EBITDA stood at INR 644 crores, reflecting a YOY growth of 14% and 10% respectively. Consolidated depreciation was at INR 164 crores versus INR 138 crores previous year, increase being primarily on account of consolidation of Navkar Corp and capitalization of our covered shed project at SWPL Goa. Finance cost was at INR 79 crores in the current quarter as compared to INR 97 crores respectively in the quarter ended December due to retirement of a commercial paper of INR 1,000 crores. During the quarter ended December 25, we recognized a forex loss of INR 14 crores, primarily driven by the fluctuation in USD INR exchange rate. This is a non-cash accounting adjustment in accordance with Ind AS 109. In contrast, the same quarter last year recorded a loss of INR 159 crores. Almost INR 32 crores we have also transferred to OCI. As a result, PBT for Q3 FY2026 stood at INR 446 crores compared to INR 276 crores in Q3, showing an increase of 62% YOY. The effective tax rate for Q3 stood at 17% as compared to a tax credit of INR 56 crores in the same period last year. The tax credit was due to recognition of credits related to ESOPs in Q3 last year. PAT for the current quarter increased by 9% at INR 365 crores as compared to INR 336 crores in the same period last year, driven by higher EBITDA. The aggregate financial commitment across all growth projects, encompassing awarded work orders and procurement of materials, stood at approximately INR 4,000 crores and a CapEx spend of INR 1,383 crores up to December 2025. As of December 25, we have a net debt of INR 1,888 crores, with a net debt to operating EBITDA of 0.76 and one of the strongest balance sheets in the sector. This, coupled with steadily increasing 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 million tons and parallelly grow our logistics business. With this, I request the operator to open the line for Q&A. Thank you. Sir, shall we open the floor for questions? Sure. Yes, please. 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 from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. First question is from Sumit Kishore from Axis Capital. Please go ahead. Good evening. Good to see that the commissioning timelines for your major port projects are largely unchanged. Could you help us with the CapEx in the nine-month period split into ports and logistics? And what is your guidance for FY2026? You had mentioned about INR 55 billion on the previous call. Also, I see that you are giving guidance for 2026 to 2028 for the port and logistics business on revenue EBITDA. It will be great if you can also spell out your CapEx targets for FY2027 and 2028 across ports and logistics. That will be my first question. Yeah. So for FY2026, we expect a spend of INR 3,500 crores, primarily INR 2,000 crores on the port side and INR 1,500 crores on the logistics space. In logistics, we expect a closure of the transaction which we announced in December in this quarter. So that itself will be a INR 1,200 crore outflow. So INR 3,500 crores spent for FY2026. And FY2027 to 2028, both the years put together, we are saying that port spend will be around INR 13,000 crores and logistics spend will be INR 3,500 crores. Okay. Your FY2026 target for CapEx seems to have come off by about INR 20 billion versus earlier guidance. It was INR 40 billion for ports and INR 15 billion for logistics. Is there any specific reason for the port CapEx to have reduced? Orders, the purchase orders have been raised, as I have already highlighted. It is just that the payout has been deferred because we have gone for some bank guarantees and LCs and all. Payouts we have deferred to the next two years. The raising of purchase orders is on track. Just to add on the logistics segment, we have actually been better than the guidance because there is an acquisition in place. Yes. Second question is you had reduced your volume growth guidance to 8%-10%. The impact on Paradip coal and iron ore is well noted. But now, is the revised target lower? Because the fourth quarter ask seems to be quite high with even 8% growth. So we will be looking at a reasonable target of around 123 million tons for this year. And for the coming year, we could be in the range of 6%-7%. And then on, we will have a massive ramp up to 165-175 million tons. FY2028? That's FY2028. Correct. Okay. Also, one last question. I know I've already asked you. On the logistics side of your revenue target for FY2027 of INR 18.2 billion, now with the acquisition from the group that you have done of INR 12.2 billion enterprise value and your growth from the MMLPs that you are developing in Navkar, what kind of number is already sort of visible from what you have in your business so far? And so what is the 3x jump that we are looking at from FY2026 to 2027? Where is it that additional visibility would be required or would come through beyond what you have told us? As you've seen, we did a remarkable turnaround in Navkar. What was earlier when we took over the company, it was doing around INR 23 crores per month EBITDA. We have now gone up to around INR 13 crores. That journey is still ongoing. For FY2027, we are looking at broadly in the range of INR 450-INR 500 EBITDA for Navkar and between INR 750 for the entire logistics business and INR 750-INR 800 for the entire logistics business in FY2028. Yes. So what I was asking is that how much of this EBITDA projection is from what you already have in terms of the rail businesses acquired from the group, Navkar, or is some other acquisition or non-linear growth required to reach this target? Yeah. So INR 160 crores is what we are expecting for FY2027 from Navkar, taking a run rate of INR 40 crores per quarter. And already, we have guided the market that INR 150 crores we will be getting on the 25 rakes, which we will be buying from JSW Shipping. So that takes it to 310. And we are placing orders for additional rakes because that also is something which we have guided the market that overall we will be having 67 LSFTO/GPWIS rakes. So as a part of that story, incremental orders will be placed for LSFTO rakes and container rakes. So all of which will commence from February onwards, placement of orders. So all these rakes, obviously, the delivery will start by, say, August/September. So all in put together, we can expect this EBITDA is what we have guided. Got it. Thank you, Kishore, for this. Thank you. Next question is from Priyankar Biswas from JM Financial. Please go ahead. Thanks for the opportunity, sir, and of course, I would say quite a good turnaround in Navkar in particular. My question actually builds on, let's say, Sumit's question earlier. Since you have given us more or less a roadmap like INR 700 crores of EBITDA in logistics, can you further elaborate how does this INR 700 crores go to, let's say, the eventual target of INR 2,000 crores by FY2030? What sort of contributions will come from the GCTs, the containers? If you can share some more details, like GCT economics, how does it work? If you can slightly elaborate. So broadly, if you look at the entire logistics business, there are three main components. One are terminals, and number two is the rakes, and number three are the physical containers. So these are the three main components which drive the logistics business. So in each of the three components, we have fixed the target ratio so that we end up broadly having around 25 terminals across India in the next three years. Similarly, the rake fleet, we are looking at upping it over 200 plus, including LSFTO and container rakes. And the container physical containers, that we are looking at upping it to close to 8,000-10,000 acquisition over the next three years to get into that EBITDA number. So, as and when we have been applying and getting all these terminals through bids and acquiring something, so these numbers are holding true, and we are finding that we'll be able to comfortably achieve these targets. Sir, if I may just ask, with 25 terminals, let's say, when you put it in place by FY2029, what sort of EBITDA should we be able to make in that terminal space itself? Priyanka, roughly just to give a breakup, 50 container rakes, we are targeting INR 200 crores EBITDA from FY2028 perspective, I'm saying. 50 container rakes. And 50 LSFTO rakes, we are looking at around INR 275 crores of EBITDA. Just a breakup, I'm giving. So that 200 + 275 stands at 475. Navkar already will close around INR 180 crores in FY2028. Plus the terminals like Kudithini and a few more which we have, that will all take us to INR 700 crores. And these are all terminals which are growing up, and we'll be having around six to seven of them, which will all be in the expansion phase. Gradual ramp-up phase is what I can say. Okay. So the drivers, which for the first two years will be coming from these container rakes and the LSFTO rakes because the lead time is just a few months. Whereas the ICDs and the CFS, the driver, EBITDA driver will be coming more in FY 2029 and 2030 because by that time, the construction would have happened, and the contributions and EBITDA ramp-up will begin. Okay. Okay. That's very clear. So broadly, it would mean like in a steady state, maybe almost close to, let's say, 1,000 crores can come from the terminals itself, like broad understanding. Like FY2030 or something like that. Stopping at this 50 rakes on container and 50 rakes on LSFTO. Obviously, it's a matter of as and when the routes are mapped in, we can always go and buy out more container rakes and more LSFTO rakes. Okay, sir. And if I may just squeeze one more in. So for the port segment, you are roughly highlighting INR 2,485 crores in FY2026. And then this port's EBITDA is crossing INR 4,000 crore levels in FY2028. So if you can elaborate, which are the key ports, in your opinion, or let's say contributions from slurry pipeline, if that is included? So how do we reach these 4,300 levels? So if you can just elaborate a bit. That's my last question. Yeah. So slurry, we have a take-or-pay contract which can go out INR 800 crores if construction on time. Jaigarh can give another 300 to 400 crores. And the rest of the two brownfield expansions which are happening at Dharamtar and Jaigarh can give out the balance numbers with a 50% capacity utilization because we expect the steel business to commence in the second half. So that is the way we have calibrated our numbers for these two ports, i.e., Jaigarh and Dharamtar. Okay. That's very clear, sir. Thank you for the detailed answer. Thank you. Next question is from Aditya Mongia from Kotak. Please go ahead. Yeah. Good evening, everyone. And thank you for the opportunity. I'll go ahead with my questions. The first one being on the port EBITDA margin. It seems as if there's been a wide decline that has happened. So just wanted to get a sense as to what is driving it. Is it something linked to, I think, trends that you are discovering or other factors behind it? So the growth, if you see, has mostly come from low EBITDA terminals at JNPT or at Tuticorin. And that is the main reason why you're getting the EBITDA margin is lower. It's not a major lower, but marginally it has reduced. Also, in Q3 of this financial year, in one of our MBCs in Jaigarh, we have taken a repair of INR 8 crores. So that was a one-off item incurred in this quarter. Also, in Paradip Coal Terminal, we have taken some maintenance, preventive maintenance to the tune of INR 8 crores. So these are two expenses to the tune of around INR 17 crores which have been incurred in these ports which have been booked in Q3. So this is like a one-time spend, I would say, which should not be kind of taken that it will be recurring in nature. So to that extent, there is a distortion in the percentage. Could you also clarify what is the EBITDA from a JSW charge perspective on a like-like basis in third quarter? JSW. So last year, it was 15.37. Current year, it is 5.38. Understood. I'm talking about Q3. Q3. Understood. So net effect of about INR 7 crore. Yeah. Understood. Just a last point of clarity, and maybe then we'll come back in the queue. Just focusing on the standalone financials, which is my sense represents more your Goa operations. Correct me if I'm wrong over there. But it seemed as if the incremental gross margins were quite limited over there. Just trying to get a sense whether there is anything to read over there or not. It's a small thing we're just trying to clarify. Standalone operations and incremental margins on a year-over-year basis. We couldn't get you. Could you please repeat what you said? The standalone margins, incremental sales and, let's say, incremental EBITDA coming on a wide-wide basis is pretty low for the third quarter as well as for the nine-month period. Just trying to get a sense of what's driving the sale. So it is more to do with a mix, which is, again, from the subsidiaries only. Otherwise, there is nothing much to infer in that. Thank you for your response. I'll get back in with you. Thank you. Thank you. Next question is from Achal Lohade from Nuvama. Please go ahead. Yeah. Good evening. Thank you for the opportunity. Just one quick clarification. You said EBITDA to grow 15% YOY in FY2027 and double in FY2028. Do you mean doubling from FY2026 or doubling from FY2027? FY2026. Doubling from FY2026. Understood. Thank you for that clarification, sir. The second question I have with respect to the target capacity is, does it require now more acquisitions to achieve the same, or we are broadly through now the focus is entirely only on executing the existing project? So we are broadly through. We are now totally focused on completion of this project. And like as I told you, the slurry pipeline, Jatadhar, the terminals, one of the terminals which we have taken on PPP, it has already, it's on the verge of commissioning. So we are broadly on track into completing and executing these projects on time. While the focus is on completing the projects, we will also be participating in the PPP process. And if any good opportunity comes up, we will definitely be bidding for those as well. So if you would have seen our presentation, 400 plus is what they will be adding on this PPP projects, will be adding on beyond the 400-million-ton capacity that we have targeted. Right. I was to ask the second question, that only, sir. How has the momentum? Has it considerably slowed down compared to what we were hoping for, say, about three quarters back? No. If you look at it, we won the bids for berth 7 and 8 in Syama Prasad Mookerjee Port. And now we are looking again, applied for another bid in the same place. We are on track, and we are evaluating each opportunity as and when it comes. Understood. And just one more question. With respect to the tariff, there were earlier some thoughts about we would be able to reprice or have the freedom to charge the tariff at the major port terminals where we operate. Any clarity on that? As we clarified earlier also, so these are in the new MCA. The two terminals that we are talking of, JNPA and Tuticorin, as well as the one which we won in Kolkata, all the three terminals have this clarity on free pricing. Right. What about existing? Is there any case of that getting into? That is an issue that a call will be taken by the ministry, so we can't really base our entire business on when that's going to happen, so the new ones are on this policy. But is the discussion on? I wanted to check if there is any update. Yeah. Yeah. Any advance stage or anything? So that discussion is on, but we can't really tell you a date or something on that. Yeah. Yeah. That is fair, sir. All right. That's all from my end. Thank you so much. Thank you. Next question is from Lalit Ketan Jain from Kala Darshan. Please go ahead. Thank you. So just a question on the expansion capacities of slurry pipeline and Jatadhar Port. I just wanted to understand how much of the cargo in these ports on these infrastructure assets is towards our group cargo from JSW Steel in the slurry pipeline and from in the Jatadhar Port? The slurry pipeline and Jatadhar, as of now, in the initial period, it will be entirely group. We should have clarity on that. The slurry pipeline is built primarily serving a captive mine to a captive port. These quantities will be on the group cargo. We expect, let me also further clarify to you. We expect that by 2027, 2028, we should be landing up into 53%-55% group versus 47%-45% third party because of these two developments. Understood. And so, sir, is this dependent on existing facilities of JSW Steel, or is it on an expansion project in Odisha with which these assets will be utilized? So these are with the existing mines, iron ore mines at Nuagaon. And JSW has got iron ore mines at Nuagaon. So that is connected. The iron ore movement is connected to that particular set of mines. And the movement further will be depending on Dolvi or Vijayanagar, depending on the demand. Understood. And just so will this cannibalize the cargo from Paradip Iron Ore Terminal which we already have? No. This is a separate stream of cargo. Understood. Just one last question. Because in the current period, most of the cargo that we got at Paradip was mostly third-party cargo. It was less of group cargo. So there's absolutely nothing that we're looking at cannibalizing from Paradip. Understood. Understood. Thank you for the response. Just one last question. If, sir, if you could help me understand the railway rakes segment which we are entering in about the acquisition, the rationale, and the opportunity size in this, if you could just explain a bit about the business model and how attractive this is. Basically, there are two major components in these rakes that we have acquired. One is called through something called the GPWIS scheme. These are called General Purpose Wagon Investment Schemes. These are currently operating in the eastern area. That is, they serve BPSL and Paradip Port to Bengal. They carry clinker. It's a broad triangulated kind of movement that is done. The balance is of LSFTO wagons. LSFTO wagons have two components here. Again, we have one group of wagons which deliver iron ore to Vijayanagar and BPSL. And we have another set of wagons which carry finished steel. If you look at it, the rationale was that Vijayanagar currently in India is now ramped up production to 18 million tons per annum. This has now become a single point where you are looking at an output of 1.5 million tons of steel coming out from that plant. And in that, the majority is being carried by Indian Railways rakes or by road. The margin, the movement through these specialized wagons are very less. That is where we want to enter. And we want to further ramp it up as we had told earlier. These numbers, we are looking at ramping it up from 25 gradually to 50, and then further onwards moving it up. Similarly, Dolvi on the west coast is also ramping up its production from 10 to 15. Every month, you are looking at output of a million tons plus coming out from these two locations. And that is where we had thought that we'll enter into this area. Understood, sir. Thank you. I'll get back in with you. Thank you. Next question is from Aritra Banerjee from Nomura. Please go ahead. Yes. Thanks for taking my question, and congratulations on a good quarter with a strong set of numbers. My first question is regarding the slurry pipeline, so if you could please provide a bit of color regarding the kind of margin profile or the return profile that one might expect from this asset. Margins will be around two-thirds. Two-thirds. Okay. And another question is based on the guidance that you have given for FY2026, so basically that for 4Q, there seems to be a bit of a higher growth rate around 20%-21% if my calculations are correct. So could you please shed some light on what will be driving this high sort of growth rate in the fourth quarter for us to meet the guidance for FY2026? Yes. So every year, we have been booking in the fourth quarter an income of around INR 70-IND 75 crores, which accretes from one of our contracts in the LNG terminal, which we have at Jaigarh. So this year also, it won't be much different because we have a take-or-pay contract with one of our customers at Jaigarh. That will be a lump sum income which will be booked in Q4 to a tune of around INR 70-INR 75 crores. So that is what is skewing your Q4 a bit favorably. Understood, sir. I have a quick question, one last question. So regarding the logistics business, so our 2030 roadmap states a target of around INR 8,000 crores of revenue. And basically, the guidance that we have given until FY2028, so that still translates into sort of a very steep required revenue for the remaining two years, that is FY2029 and FY2030. So will we be including any sort of inorganic acquisitions to reach a longer roadmap target, or would it be coming through all the assets that we already have acquired or we have under us? There will be further acquisitions or construction of CFS/ ICDs, which will be ongoing. And as I said, what we have already announced, that ramp-up itself will be happening from 2028 onwards gradually, point number one, plus acquisition of further container rakes and LSFTO rakes will continue. Got it. Got it. Those were my three questions. Thank you. And all the best for the remaining quarter. Thank you. Thank you very much. Next question is from Mohit Kumar from ICICI Securities. Please go ahead. Hi. Good evening, sir, and thanks for the opportunity. My first question is what kind of numbers or volumes you are baking in from Jaigarh and Dharamtar due to steel expansion at Dolvi, and do you see any risk of delaying steel expansion by six months or so on because that will start affecting our FY2028 numbers? Around 10 million is what we have baked for FY2028. Plus, our understanding is that even if the steel business has to start, the working capital accretion should commence a quarter before. So that is the way we have done our workings. And. Yeah. Mohit, just to add, see, the peak cargo that can come is close to 27-28 million tons. But in this guidance, on a very conservative side, we have assumed only 10 million tons in first year, which is financially at 28. So just to make a case, if there is a delay of one or two months, even up to six months, then 10 million tons is very, very safe and conservative. That is how we are looking at it. But if you ask me what is the peak potential, this would be 27-28 million tons. Okay. Baking at the one-third of these. One-third. Yeah. Understood. My second question is, you're acquiring JSW Rail Business, right? What is the crosswalk of the asset you are acquiring? And are there any other JSW Group which has similar rail business outside of this particular transaction? Gross block is around INR 830 crores. And as we speak, we have already gotten around 22 rigs. And two rigs are expected to come this month, and one rig is expected in February. So put together, it will be around INR 830 crores inclusive of GST. And my question is, are there any other businesses which also have similar logistics business which you might be interested in? I think JSW Shipping also has some ships, right? Is there any plan to get into shipping and etc.? No. No. No. We are not getting into shipping. Understood, sir. Thank you and all the best. Thank you. Thank you very much, ladies and gentlemen. Next question is from Alok Deora from Motilal Oswal. Please go ahead. Yeah. Good evening, sir, for the opportunity. Just one question I had. Most of the questions were answered. Thanks for giving this year-by-year assessment on how the ports business and logistics business will shape up. So my question is more pertaining to FY2028, where we see a really sharp jump in the ports revenue as well as in the logistics business. So just wanted to understand how that will come because we are looking at almost a 65%+ growth in revenue across the ports side and even at the consolidated side. So how are you looking at it? Yeah. Look, I think in one of the answers, Nagarajan actually articulated there are four projects which will contribute to this incremental or the large bump which you are talking about from 2027 to 2028. So one of them is the slurry pipeline project, which is on take-or-pay contract. So your revenues and EBITDA are almost sure. Then you have that other port, which is again, in our guidance, we are very conservative, building only to 10-12 million tons of cargo. And then the Jaigarh and Dharamtar expansion, two projects put together. So this chunk of four projects provides you a meaningful growth in FY2028. Yeah. And point to be noted is in all these four projects, there is no concept of royalty. So per se, in all these four projects, the EBITDA margin will be elevated. Yes. Sure. Just one last question. In logistics, even in FY2028, we are capturing around 20% or slightly lower than 20% margins if I just take the revenue and the EBITDA guidance which we have given out. So in FY2030, we are almost looking at a 25% EBITDA margin. So what would really change there that we are looking at a 6,700 basis points improvement in the two-year period from 2028 to 2030? Because by FY2028 itself, our logistics business will be quite stable. So the margin should be ideally the stable state margin. Yeah, that would be my question. Yeah. So FY2027 and 2028, if you see the revenue as well as the EBITDA is primarily driven from acquisition of these container rakes and LSFTO rakes, and just to give a split between an elevated 2027 EBITDA margin versus a bit lower 2028 EBITDA margin because the focus will be more on LSFTO rakes. As you are aware, for GPWIS, there is a moratorium, and from a percentage perspective, the first 25 rakes which we have acquired, 19 are under GPWIS and 6 will be under LSFTO, and in LSFTO, the margins are slightly lower. These are under GPWIS. GPWIS, the margins are typically higher, so in our total pack of 50 rakes, 19 rakes which will be there in FY2027 will continue in 2028 also, but the incremental 25 rakes is all for LSFTO, wherein the margins will be lower. That is where you can see the logistics business margin is slightly dropping from 27% to 28%, FY2027 to FY2028. To answer your second question on the overall margins moving up from 20% to 25%, the ICDs and CFS revenue slash income will EBITDA accrete in FY2029-2030, which will all be under construction and under ramp-up phase from 2027, 2028 onwards. Generally, the clearances to get the permission for ICDs and all, they generally take one and a half to two years. That is where you'll have that terminals and their conversion into ICDs. There being a time gap in them. Sure. Sure. Got it, sir. Thank you so much, sir, and all the best. Thank you, and I'll hand the conference over to the management for closing comments. As we have been, and I have been repeatedly stressing, there are three main focus areas for the management team, and that we have been continuously trying to do. Number one, early completion of projects, which will result in doubling of EBITDA by FY 2028. The focus on ramping up of our logistics business, which are rolling assets in nature, and will result in immediate conversion to EBITDA. And the third is on efficiency gains. These are our three prime focus areas, and we remain committed to it. Thank you. Thank you very much. On behalf of Motilal Oswal Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.