Ladies and gentlemen, good day and welcome to the Q2 and H1 FY2026 earnings conference call of Laxmi Organic Industries 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 the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. From the management, we have with us Dr. Rajan Venkatesh, MD and CEO, and Mr. Mahadeo Karnik, Chief Financial Officer. We will now begin the call with remarks from the management team, followed by a question and answer session. Before we begin, I would like to point out that this conference call may contain certain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and involve risks and uncertainties that are difficult to predict. I now hand the call to Dr. Rajan Venkatesh, MD and CEO. Thank you and over to you, sir. Thank you. Namaskaram to one and all. Good morning, good evening, and good afternoon, depending on the time zone that you are dialing into. Thank you for investing your time with Laxmi today. As we go through the commentary, the topics I would like to cover are just to give you broad strokes on where we are in the chemical industry. The second element is to get you slightly closer to home, talk about the markets that we are serving, and what the demand signals are from that. I will give you quick updates on where we are in our journey across the various verticals, right? Let me start first on the global chemical industry. There, the trajectory continues to be shaped by regional dynamics, given the supply side overcapacities that we are experiencing. I think many of us who have been tracking the industry certainly see that there are a lot of targeted efforts towards cost optimization. There is a lot of shutdown and/or restructuring of structurally subscale and non-competitive assets. There are also conversations around rerouting of supply chain linked to evolving tariffs. That is the backdrop. I would say it would be fair to say that the backdrop that we are operating in chemicals was demanding and continues to be demanding. If you then focus on the key segments, while we are serving also other segments, the key segments that we are currently serving are packaging, inks, and adhesives. In quarter two, the signals that we received were the demand on a quarter-on-quarter basis remains stable. In agro, it is moderate. In paints and coatings, it remains weak to moderate. In pharmaceutical, it remains stable on a quarter-to-quarter basis. Coming further down, what we have also done this time around is we have given you some more insights into our investor deck on slide 17, actually calling out how the growth journey has been for our specialty business, which is the ketene and diketene industry. I think it is also an important time given that we are at an interesting cusp of also bringing up the new capacity in the ketene and diketene space. It nicely shows our growth journey from 2017 onwards, which has been in the range of 18%- 20%. We today, as we speak, are somewhere having a market share close to about 8%- 9% in the diketene derivatives space. What is also very important, and I think which is top of your minds and our minds, is our fluorine setup that is also ramping up according to the plans that we had laid out. That is, we are anticipating to have revenues which are closer to the 40% - 50% of the peak revenues that we had called out in the past. We are also excited, and we have called that out before. The contract with Hitachi Energy has been signed, and this is for the production of an eco-efficient gas used in their SF6-free high-voltage switchgear portfolio called EconiQ, which is trademarked by them. We're also reaffirming that the CapEx linked to the same can be accommodated in the previously called out INR 1,100 crores that we had laid out. Also, very exciting for us at our upcoming site at Dahej, around the auspicious period of Diwali, we received the consent to operate from the Gujarat Pollution Control Board for phase I of our synthetic organic chemicals manufacturing facility. We have already started supplying customers from that setup. Focus moving forward also remains to bring the phase two, to complete the phase two, and also operationalize the same at the Dahej facility, which we are looking forward to do in the course of the second half, towards the end of the second half of this financial year. FY2027 would be the steady ramp-up that we will expect from that. Coming again, what is important specifically if you talk about the quarter two performance, and I'll call out specialty specifically. We had also called this and explained to the broader community what happened in quarter one and why we basically were anticipating quarter two to be in a similar ballpark. The three primary reasons, one was an anticipated phase-out of one agrochemical product for which we supplied the intermediate, like we called out the last time around, the alternative product is mapped already. The second one is deferred deliveries to global customers, which will now happen in the second half, in this half of the financial year between quarter three and quarter four. What we also have noticed, which we also did call out last time, is market price moderation across the segment. That's an important element I would like to again restate and park with the whole audience. I think what would be interesting for the audience to know is we are currently in a scheduled turnaround at our site two, that is our specialty ketene and diketene setup. This turnaround is happening as we speak, and we are expected to come out of this turnaround by the middle of this month, the middle of November. We are still in October, I forget, by the middle of November. The scheduled turnaround is taking place according to time and also expected to start up on that basis. With that, I will pass it across to my colleague, Mahadeo, who will take you through a little more granularity on the financials. Yeah, thank you, Rajan. I will take you through the financials in brief for quarter two. We have called it out in quarter one that the EBITDA would be in the range of quarter one. We are happy to say that we have kind of maintained the same. On revenue front, our revenue declined by 9%, mainly coming from specialty, which is a 20% decline, as Rajan called out. Out of this 20%, 10% was for the anticipated phase-out of the product, 7% was the market price moderations, and the rest was deferment of the orders to the next half. This essential revenue saw a decline of 5%, mainly the price linked to the feedstock. The volumes are in line with last year. In case of gross margin, the gross margin is at 33.1% versus quarter one of 30.8% and versus last year of 35.8%. It's mainly coming because of the product mix versus last year in the specialty chemicals business. Our total expenses are declining year-on-year basis by nearly 5%. That shows that we are having a lot of cost control here. EBITDA stands at nearly INR 37 crore versus INR 74 crore last year, though EBITDA margin profile has gone down from 9.7% to 5.3%. Depreciation, because of the change in methodology, has come down from INR 27 crore to INR 19 crore. Finance costs remain nearly broadly in the same line. Post that, the PAT has declined from INR 28 crore to INR 10 crore. In spite of this, our cash flow from operation remains robust at INR 153 crore. Our debt-to-equity ratio is at 1.17, which is very much robust. We will get into the CapEx cycle and borrowing cycle in H2. We will be in the ballpark of nearly INR 400 crore -INR 500 crore of term loans by H2. With that, I will leave it to Tanay for further questions and answers. Thank you, sir. I wonder if we can begin the question and answer session. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Jainam Ghelani from Svan Investments. Please go ahead. Hi, sir. Thanks for this opportunity. My first question is, as you mentioned in your opening remarks that we have some deferred shipments for the H2, would you be able to quantify as to in terms of value or volume that how much would that be? Jainam, thanks again for joining the call. I think we want to be a bit more coy about it. I hope you can understand because that is, I would say, of a bit of competitive nature. The call out still remains that we have, one, a phase-out of our one agrochemical intermediate. We have an alternative product mapped. As you heard also from Mahadeo, you know, when you saw the 20% drop in the specialty element, Mahadeo, you can give some clarity. Jainam, I would require your respect that we cannot be more granular on that topic. We can assure that we are also very, very clear with our customers. This is something that will manifest in this second half. Okay. Sir, would you be able to quantify that? What was the revenue drop due to the product that we lost, the agrochemical product that was phased down? That earlier what we called out was nearly 10% of our specialty business. Okay. Can we expect that by the end of Q4 or by March 2026 or Q1 FY2027, we can revert back to our margins of specialty in the range of 22%- 25%? I think a few things will happen. One is we will have the Dahej setup that we would like to complete mechanical completion by the end of this financial year. We will have one element as we move into FY2027, ramping up from there. We also, as we have called out, have an alternative product mapped for this phase-out of an agrochemical intermediate. I think that both will help us to pivot in the right direction. Okay. Sir, since you mentioned that there is overcapacity globally for ethyl acetate, are we foreseeing any global shutdowns in any geographies, and whether that could improve the spreads going ahead? I think we've discussed this in the past call. We do see certain capacities coming offline. One specific one was Sitkem in the Middle East, 100,000-ton capacity that has come offline. This is something we called out in the previous quarter. I think, at the current spreads, we will certainly, in our estimate, continue to see players who are in quarter two, quarter three, and even quarter four of the cost curve facing the heat. That is our anticipation, but I am not at privy to tell you how much capacity could come offline. Okay, that's it from my side. I'll get back in the queue. Thank you. Thank you. Thank you. The next question comes from the line of Dhaval Shah from Girik Capital. Please go ahead. Thank you for the question, sir. Am I audible? Yeah. Yes, sir. First of all, very happy to see the disclosure levels regarding the bifurcation of revenue, the slide 17 which you mentioned. My question is on the specialty chemicals side. Just to cross-check, the EBITDA margin which we have done in the specialty chemicals for Q2 is 8.6%. Is the calculation right? Yes, you are correct. Okay. Fine. We did INR 950 crore last year in Sitkem. With this, the new product which is mapped, would we be able to make up for the loss and end on a flat note for Sitkem for FY2026? That was the way we are steering this business because one needs to be always a little bit cautious about, you know, looking at a quarter in length. What we have done, and even if you have seen our past performance, we have been in our specialty vertical anywhere between the 20% to 25%. In FY2025, we landed at about 24% of EBITDA. In FY2024, we were at 23%, 24%. I think it's a point-in-time story. Clearly, the focus remains already into the second half that we are improving the chug rate, coming closer to where we have landed in the past. More importantly, with the Dahej capacity coming up, we will be globally number three with the diketene derivatives. That is something we will continue to leverage upon with a clear focus that we are in that zone. That's what we work very diligently to land into. Got it. Just to reiterate the timelines for various projects which are coming on stream. Sorry, can you just repeat that, Dhaval? The timelines for the projects which are coming on stream, the Dahej and the expansions which we are doing in the. I understood your question. First is the fluorination project which is happening in Lote. That has already taken good shape, and we are ramping up. FY2026 is the first year of ramp-up. As I called out, we anticipate to be closer to the 40% - 50% of the peak revenues in this financial year for that project. What else is happening at our Lote facility is the Hitach collaboration, the WAIU. Given that we have the contract now signed and done and dusted, we are also in a CapEx execution mode there. We expect that plan to come up by quarter two of the next financial year. What will also happen at our Lote facility is our world-scale ethyl acetate, which we have called out, which should come up by quarter four of this financial year. If you look at changing gears at the Dahej facility, the phase one has come online. The C2 has been achieved, and we are already starting to supply customers from there. This first phase of investment is actually backed by a long-term supply agreement with one key large customer who has a downstream complex in Gujarat. The phase two is anticipated to be mechanically completed by quarter four of this financial year. Okay. Noted. Is there anything you would like to share regarding the semiconductor product which we are working upon under our fluorination, electrochemical fluorination chemistry? Still early days. I think we are taking good shape. The electrochemical fluorination as a technology platform has started firing for us. That is what I would like to park it with. Over the next quarters, we will continue to build our strength into that. Got it. Okay. Sir, what were the spreads for the quarter you would like to share? The spreads were not too different from what we had experienced in quarter one. I think it was similarly in that ballpark. As I was calling it out, bottom of the bottom somewhere in that range of $90 to $100, specifically for ethyl acetate. Got it, sir. Thank you. Good luck. Thank you. Good luck. Thank you. Good luck. Thank you. Good luck. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Manish Bhadane from B&K Securities. Thank you so much, sir, for the opportunity. If I look at your presentation, you have given the export revenue breakup. In that, if I see that in Europe, it's contributed around 23% in the first half of FY2025, and now it's around 31%. Are you seeing any sort of demand coming from Europe? Thank you for that question, Manish. First and foremost, like we have also shared in the past, Europe as an area is going through a lot of change. In my opening commentary, when I talked about shutdowns and restructuring, wherein we have seen structurally, I would say, subscale or non-competitive assets, a lot of that is happening in Europe. I would say we are double-clicking our capability in Europe because we already have tank operations in Antwerp and Genova for our key products like ethyl acetate. I would not say we are seeing a rebound. Let me keep it in perspective. If you see this chart, we are seeing maybe certain other geographies where our exposure has slightly reduced from a point-in-time lens. That is where you are seeing the European pie being slightly larger. That being said, our focus remains to expand our presence in Europe. Got it. Got it. Thanks. Thank you. The next question comes from the line of Nitesh Dhot from Anand Rathi Institutional Equity. Please go ahead. Thank you so much for the opportunity, sir. My first question is on the fluorochemical revenues. You had indicated that it's likely to be about INR 80 crore in FY2026. Would it be possible to share how much have we done in H1 so far? Nitesh, at this point of time, the focus still remains exactly like you called out. We want to land up close to about INR 80 crore. I think we are, you want to give some flavor on that one. At this point of time, we don't break it down. We are gradually ramping up, but we have a great line of sight to be at that INR 80 crore that we have lined up for this financial year. All right. No change to the outlook there, right? No change to the outlook for the FY2026. Sure. Sir, the second one is on the CapEx figure. H1, if I look at the capitalization number, is about INR 300-odd crores of the commercialization that is. The presentation says that you commissioned the acetaldehyde plant. I missed your initial comments on the CapEx. What else did you commission in H1? Can you give the breakup there? Part of the Lote plant also got capitalized in quarter one. In quarter two, we capitalized the acetaldehyde plant in Dahej. Sure. Can you give the breakup, I mean, the amount? I mean, how much was it for acetaldehyde? INR 10 crores. All right. Sir, just the last one on the Hitachi project. I mean, any update there on the, you know, on the proposed capacity? By when is it likely to commission? We stand with what we had communicated in the past. This is a 60 metric ton capacity that we are setting up. CapEx is INR 75 crore, and mechanical completion is anticipated by quarter two of the next financial year. All right. Okay. Thank you so much for answering my questions. Wish you all the best. Thank you. The next question comes from the line of Harsh Shah from Axis Capital. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. You mentioned that you already started supplying to one of the customers from the phase one of the Dahej plant. I just wanted to know what kind of commitment you have, what portion of the capacity is already tied up with that customer? That is my first question. We have a multi-year contract with the customer, and the majority of the capacity has been lined up contractually with that customer. All right, sir. All right. The second question on the essentials volumes. In this quarter, this is the commentary which Mahadeo gave. The essential volumes are largely steady. Have we reached the full capacity utilization there, or is there still headroom to increase the volumes from the existing capacity? If you have been sort of tracking us, we've been diligently building on our operational excellence journey, churning out more from our existing asset base. I think that remains the key focus. While we've seen big jumps in the previous years, we are at this point where you'll not see double-digit jumps, but we will continue to sort of juice out our assets because we believe we are in a good cost position, and that is what we are leveraging. The other lens is the new capacity which is coming up, which is ascribed to our essentials business, the phase one at Dahej. Also, as I called out, the world-scale ethyl acetate, which should be, you know, mechanically complete by quarter four of this financial year, that would all aid us into the next financial year. All right, sir. All right. Sir, just to follow up on the first question, the contract which you have signed with the customer, is there a step-up arrangement, or are the volumes evenly distributed across years? Can you just repeat your question, Harsh? The long-term contract which you have signed with the customer, is there a step-up arrangement, so volumes will gradually increase over the years, or are they evenly distributed across the contract tenure? It will gradually increase, as the customer has already set up his manufacturing facility. That's where it's a good timing. All right, sir. All right. That's all from my side, sir. Thank you, sir. Thank you. Thank you. The next question comes from the line of Rohit Nagraj from B&K Securities. Please go ahead. Thanks for the opportunity. First question is on the incentive. On slide 25, we have given the bifurcated adjusted EBITDA. If I look at the reported numbers, it seems that there is no line item below the EBITDA which has this incentive income. How is there a difference between the reported INR 371 million EBITDA and, over and above that, incentive income is coming? Let me clarify. The GST incentive is part of INR 371 million EBITDA. As we are eligible for this site, the incentive, as per Maharashtra government's incentive scheme, we have considered it as sales and revenue from operations. Sorry, just clarification, there is another number. I'm sorry to interrupt you, Mr. Rohit, but can you please use a handset while speaking? Yeah, there is another element, INR 23 million, which is there. What is that for then? That's the GST incentive, INR 23 million. That's the number. Out of. Yeah. Okay. Sure. Thanks for the clarification. Second question is in terms of the CapEx plans. Out of the total INR 1,100 crores, where are we currently and how are we planning in terms of FY 2026 and FY 2027 CapEx number? What are the timelines for each of the projects for commissioning? I think the midpoint of expenditure on the CapEx is going to happen in this financial year, Rohit. As I called out, the startup timelines, phase one at Dahej has already happened, as we called it out. The phase II of the Dahej mechanical completion is anticipated by quarter four of this financial year. At our Lote facility, basically, it's a ramp-up that is happening. The world-scale ethyl acetate is anticipated mechanical completion in quarter four of this financial year. For the WAIU project, which is the partnership with Hitachi, basically, the CapEx execution has started. We are anticipating by quarter two of the next financial year mechanical completion for the same. Sure. It means that by FY2026 end, we will have about INR 550 crore of the CapEx completed. Then FY2027 and FY2028, the rest of the INR 550 crore will come in. Is that assumption right? As per my estimate, it should be around INR 800 crore capitalization by FY 2026. The rest should happen in FY 2027. A big chunk of the CapEx, Rohit, is for the Dahej facility, and since that is going to get mechanically completed by quarter four, that's where a majority of the CapEx is being focused upon. Perfect. That's all from my side. Thanks a lot and all the best. Thank you. The next question comes from the line of Aatur from ICICI Prudential Mutual Fund. Please go ahead. Yeah, just for you to check, the incentive which you mentioned is basically any period that you can highlight? For what period will be eligible for that? It is as per the incentive scheme of the government. It is for the earlier periods. That is what I can disclose currently. No, basically, next quarter onwards, there will be no similar kind of incentive for the trial period? No, it's a yearly affair. We will have to apply yearly to the government, and then we get those incentives. It will not be quarterly, for sure, yearly. Aatur, to your point, the majority has got baked in in quarter two, if that's the direction of your question. Got it. Got it. Thank you. Thank you. The next question comes from the line of Yash Mehta from Malabar Investments. Please go ahead. Thanks, team, for the opportunity. I had one clarification on the incentive side. The number is INR 234 million, which is the GST incentive, but the EBITDA for that is INR 23. I am trying to understand how, why is there such a large drop between what is coming in as incentive and what is getting recognized as EBITDA? I would believe this is an additional line item that drops directly to the EBITDA. Let me clarify, Yash. We have not, we have kept that income from operation, the GST, which is INR 234 million. It flows down to adjusted EBITDA. What you are seeing at INR 23, that's a one-time expenditure of the Symphony project. That is there in quarter two. The numbers are INR 23 and INR 234 million, that's why I think there is some confusion. Let me again clarify. INR 234 million is part of our operating P&L. Okay, INR 23 is, sorry, if you can repeat what that is? 2023 was the Symphony project for the supply chain transformation that we are getting into, which we have incurred for this quarter. Got it. Got it. Got it. No, I understood. This quarter, previous quarter also we have called out. That was the thing. The other is the INR 230 crore specialty revenue in last year in Q2 FY2025, which is today INR 183 crore. One element of the bridge there is that almost 10% of the revenues were impacted because of the phase-out of an agrochemical intermediate, which is a one-time number. We heard there are two or three other moving parts. You would have included the GST incentive of INR 23 crore to INR 24 crore in the specialty revenue. That kind of takes care of the drop. The additional drop is coming despite the increase in fluorine chemicals project. I'm trying to understand the bridge in the fall and what all factors have influenced the decline. I think, Yash, it's a specific, very granular question. We are happy to clarify that. Why don't we take this as a follow-up? Then we can sort of get into that level of granularity that you are seeking. Let me just again clarify, apart from what you called out, the agrochemical phase-out, there are two other elements. That is the deferred deliveries, which we also called out in quarter one, which will now happen in the quarter between quarter three and quarter four of this financial year. Also, you know, is the market price moderation that we have also seen to a certain extent in our specialty portfolio, given that feedstock prices have significantly reduced. Got it. The factors that are in, the question is the factors that are affecting the larger part of the decline seem to be one-time related to this quarter rather than the next two quarters. Yeah. Apart from the agro, which is the one-off, the other thing on the market price moderation, I think that will accompany us depending on how the feedstocks are developing. The deferred deliveries is something which will recover in the second half. All right, sir. Just to clarify, I'll take that offline, but just two clarifications on the specialty revenue numbers, sir. One is that the fluorine ramp-up, which is like INR 20 crore per quarter, that would be kind of built into the specialty revenue. You will have the GST incentive also built into the specialty revenue. Is that a fair assumption? You are correct. We will share with you the quantity. All right. One last question, sir. If you can divide the EBITDA, if I missed the opening remarks, if you can just help me with the EBITDA for essentials and specialty business. EBITDA for essential business is 1%, sorry, 2%. For specialty, it is 8.2% for the quarter. Okay. Thank you. Thank you. The next question comes from the line of Darshan Garg from Tiger Assets Private Limited. Please go ahead. Mr. Darshan, you're not audible. Please go ahead. Hello, I'm not audible. Sir, your voice sounds muffled. Can you please speak through a handset? Hello, sir. Am I audible? Yes, you're audible now. Sir, I wanted to know related to the SF6 replacement. What is the opportunity size for us? Darshan, thanks for the question. Let me just call out what we have stated. Fundamentally, the first wave is 60 metric tons that we will be establishing. That is the alternative for the SF6. The CapEx for that is INR 75 crore. This asset should be operational, mechanically complete by quarter two of the next financial. Discussing with customers, we do see this as an interesting opportunity to support their growth. Hitachi Energy is our current partner and the primary partner in this journey. The technology is very much Laxmi's technology. There is no exclusivity, and we can continue to also grow this. That's the way we would view it, Darshan. At this point of time, happy to take up specifics thereafter. Sir, do you have any approximate number in your mind for the purchase? Yes, we do. I think it will also depend on how certainly we see this as one of our growth engines also moving ahead. At this point of time, you know, we are very much led by what the customers are saying and how this would kick in. We certainly see the regulatory framework in different regions also being a catalyst in this change. Okay. Fair enough. Secondly, sir, since most of the SF6 replacement materials are imported from China, what is the price difference between our domestically produced material and the imported one? At this point of time, we are, as we called out, right, we partnered with Hitachi. We are basically serving Hitachi 's requirements outside of India. This is not a domestic play. We will certainly support Hitachi. In fact, with our announcement, Hitachi has also succeeded in getting its first order for the EconiQ grade from PowerGrade domestically. A big chunk of the volumes that are being discussed with them are for the export markets. Okay. Fair enough, sir. Thank you for the opportunity. Thank you. Thank you. The next question comes from the line of Saumil Shah from Paras Investments. Please go ahead. Yeah. Hi, sir. Sir, I would like to know what is our current capacity utilization for specialty essentials and fluorochem, if you can bifurcate and give us? The reason why we are expanding our capacity in all is because we are very well utilized, Saumil. Our utilization, as we have been calling it out for our essentials business, has been upward of 90% - 95%. That is where the expansions are happening in our essentials basket, in our specialty baskets, in the diketene derivatives. Also, we are fully utilized, and hence we are doubling our capability. We will be then globally top three producers of the ketene and diketene derivatives. Our fluorination is we are ramping up. We still have a journey to traverse there. Fundamentally, in the course of this financial year, we want to be closer to about 40% to 50% of the peak revenues that we are able to get out from that asset base. If we are saying that in essentials, we are about 90% - 95% utilization, then why are we not able to increase our EBITDA? I mean, if we are at full capacity, isn't it possible to increase the EBITDA margin? I think there's a correlation that is also linked to specific margin. If you look at the spreads, it's not simply me pushing more volumes. If you think about it the other way around, if I had capped my capacity at, say, 100,000 tons, and if the margins or spreads had come down, I would have been facing a much lower overall EBITDA realization. The fact that with our operational excellence journey, we have been able to churn more from our existing setup, and also, given our cost position, we are able to place these products competitively in the market is where we are leveraging both this value and volume. That's the game we are playing, and you will certainly see it playing this out. While we are talking a point in time, if you look back at history, where the spreads have been higher, then we have been able to leverage that. When today the spreads are lower, we are very clear we are in the top quartile of the cost curve, and that is what we are leveraging. Okay. Is it fair to assume that once the capacity increases, the essentials margins can also go up? It will not be a margin-only margin story. It is the consolidated, what we would say, consolidated CCM1. It is the specific margin multiplied by my volume. As my throughput in my volumes into the market increases, then my consolidated margin will certainly increase. Okay. Okay. Sir, if we are to look at our fluorochem business, as we have guided 40% - 60% of peak revenues, that is about INR 1,800 crore for this year and maybe INR 200 crore for next year. Isn't this too less? I mean, too minuscule compared to our total revenues? Are we not planning to expand this fluorochem business? Somil, your question is spot on. Again, just dialing back, what we have always said is we acquired that asset for its technology. We said that the asset we acquired will be only able to generate up to INR 200 crore of revenue. This is also what was in the ballpark of peak revenues that the previous owner of this asset was able to generate based on their product mix. You are correct. If you then see the follow-up, we have done the partnership with Hitachi Energy and the investment. We certainly have plans thereafter to also, over a period of time, expand our fluorination vertical. You're correct in saying INR 200 crore is minuscule as compared to the larger piece. Ambition remains much larger also in fluorination for us, building on our first successes. Because honestly, as a shareholder, everyone was too gung ho when you, I mean, when we were guided that we are entering into fluorochem business. I think since the last two, three, four years also, I mean, we are still targeting INR 200 crore by FY 2027. Just from a shareholder perspective, I was asking this. No, fair enough, Saumil. It is a fair ask, and I think it's a correct ask. We have also been very, very transparent, Saumil, how that journey has traversed, what have been our reflections. Most importantly, today we are coming out of that journey and looking certainly forward for growth. The testimony with the Hitachi partnership is one such success that we have garnered. Okay. I mean, any more CapEx for fluorochem would be post FY2027, nothing in the next one and a half years? Apart from the one we have just called out for the SF6 replacement, which we have been now basically, by being prudent in the CapEx layout, we are able to accommodate that. Any expansion, we will come back to the street with clarity. My primary focus and my management team's focus is we are spending CapEx here and now. We want to leverage that CapEx and deliver growth for our shareholders and customers. Okay. Okay. This Hitachi revenue, whatever we are seeing, would be within this INR 200 crore? Or would it be over and above? Yes, this will be on top of that. We are not guiding anything on the revenue front. What could be that number? The CapEx is about INR 75 crore, and asset turn is about 1.2. Okay. Okay. Fine. Thank you. That's it from my side. Yeah. Thank you. As there are no further questions, I now hand the call over to the management for closing remarks. Thank you. Again, thank you all for investing your time with Laxmi Organic. Let me just conclude with my reflections, repeating some of the elements that I started with. The global chemical industry backdrop remains very demanding. This is shaped by regional dynamics, given the overall supply side overcapacities. On behalf of the industry. The industry continues to be marked by targeted efforts towards cost optimization and restructuring of structurally subscale and non-competitive assets. We spoke about the demand signals from our customers and key segments. We spoke about the specialties, the performance into quarter two, and how we are also lining up, especially if you talk about specialties into quarter three, the success we've had with the fluorination setup and also with our roadmap at the new CapEx at the Dahej facility. I would say with the demanding global chemical industry backdrop, as Laxmi, we continue our focus on productivity, commercial excellence, execution excellence, cost discipline. You saw that in the numbers when Mahadeo explained it and growth projects. Cash flow from operations is a very important metric that we are steering. There we have also done very positively as compared to a similar time previous year. As Team Laxmi, we remain geared to win and geared for growth. I remain deeply grateful to all members of Team Laxmi and its stakeholders for their continued engagement. Thank you. On behalf of Laxmi Organic Industries Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.