Ladies and gentlemen, good day, and welcome to Paradeep Phosphates Limited Q4 FY 2026 earnings conference call hosted by Antique Stock Broking Limited. As a reminder, all participant lines will be in the listen-only mode, and there'll 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Mahawar from Antique Stock Broking. Thank you, and over to you, sir. Yeah. Thanks, Neeraj. Hello, everyone. I am pleased to host today's earnings call of Paradeep Phosphates. We have leadership team represented by Mr. Rajeev Nambiar, Joint MD and COO, Mr. Harshdeep Singh, President and Chief Commercial Officer, Mr. Bijoy Biswal, CFO, and Mr. Alok Saxena, Head Corporate Finance and IR on the call. Without further ado, I would like to hand over the call to Mr. Nambiar for opening comments. Post which, we will open the floor for Q&A. Thank you, over to you, Rajeev, sir. Thank you. Thank you, Manish. Am I audible properly? Yes, sir. Okay. Good morning, everyone, welcome to Paradeep Phosphates Limited's earnings call for the quarter ended March and the FY 2026. I appreciate your time and interest in our company. I trust you have seen our earnings and presentations and press release, which have been circulated and are available on our website and stock exchange. Let me give you an overview of our business. I'm happy to report that PPL has once again delivered a robust financial and operational performance and best-in-class EBITDA per ton. Many congratulations to all of you. In FY 2026, revenue from operation increased by 29% YOY to INR 21,826 crore. EBITDA rose up by 13% to INR 2,259 crore. Profit before tax increased by 46% year-over-year to INR 1,328 crore, and the profit after tax stood at INR 1,000 crore, up by 52%. For the quarter ended March, the company reported total revenue of INR 4,702 crore with an EBITDA of INR 484 crore, with the PBT stood at INR 202 crore and the profit after tax at INR 161 crore. Production volumes grew by 8% year-over-year, and it stood at 36.66 lakh metric ton, achieving almost 100% capacity utilization of our existing capacities, reflecting our continued endeavor for manufacturing excellence. Sales volume rose up to 42.1 lakh metric ton with a 10% YOY. Growth was led by strong performance in value-added NPK grades. NPK as a category, including TSP, grew by 22% to 24.64 lakh tons. Despite global uncertainty and volatility in key raw material availability and as well as pricing, along with the INR depreciation, PPL has been able to deliver a consistent, robust performance through high operational agility, integrated operation, and supply chain sourcing efficiencies. Let me also give you an overview related to the key projects we have completed in FY 2026. During the year, we commissioned our sulfuric acid plant at Paradeep, half a million in capacity, and at Mangalore 0.1 million ton capacity, thereby increasing our sulfuric acid capacity at company level by 0.6 million ton annually, an increase of 45% of the total capacity. The benefit of incremental sulfuric acid capacity commissioned this year will be available to us in FY 2027 and will aid in improving our quality of earnings further. One more important project at Goa, we have completed our energy efficiency project, and the improved energy benefits have started coming as we speak now. Our plan to double the phosphate capacity from 0.5 million tons to 1 million tons is on track, and directionally we endeavor to make all our sites 100% backward integrated in phosphoric acid. The Phase 1 of this expansion, that is from 0.5 million to 0.7 million of Paradeep is underway and is expected to be commissioned by FY 2027. Sustainability remains core to our operations, and during the year, we achieved S&P Global ESG score of 76 and ranked top 2% in the global chemical sector. Through our expanded distribution and digital outreach, we are now engaging with over 15 million farmers across 18 states, supported by more than one lakh retailers and 6,800 dealers and a strong on-the-ground advisory network. In summary, PPL remain committed for strategic growth and expansion, build economies of scale, and deepen our market presence. Let me also give you an outlook for the future. Looking ahead, we remain optimistic about the fertilizer demand, continued government thrust on soil health, and rising shift towards balanced and specialized nutrient applications. However, we remain in the challenging time amidst the Middle East situation, and we have seen spurt in key raw materials, particularly ammonia and sulfur. As you are aware, Middle East contributes significantly to raw materials, particularly ammonia and sulfur, which is almost like 70%-75%, and most of the shipments across this trade the Hormuz. While industry stock remains balanced at this point, industry is making concentrated efforts, empowered committee comprising of government and industry officials have been working in close coordination to ensure fertilizer production and raw material sourcing planning. Thanking all of you once again, I now open the floor for questions. Thank you. 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 touch tone telephone. If you wish to remove yourself from the question queue, you must 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 questioning queue assembles. The first question is from the line of Deep Sanghavi from Dalal & Broacha. Please go ahead. Yeah. Am I audible, first of all? Yes. Can you be a little louder? Yeah. Yeah, first of all, thank you so much for taking our question. My first question is regarding the operating cash flow, which was, which is negative this year, around negative INR 1,000 crore. That was largely driven by the increase in the inventories and receivables, right? Could you help me understand the, like, the key reasons behind this and whether this should normalize, you know, going forward? Yeah. You take it. Yeah. Hi. Thanks for the question. No, this is, Yes, you know, we are quite mindful of that. We have a, there is a negative, you know, operating cash flow. This is mainly on account of the increase in the inventory and, you know, increase in the trade receivables and, you know, subsidy. This, you know, increase in inventory is mainly to accommodate this increase in the raw material prices, which is going to unfold in this Q1 of FY 2026-2027. That's a, that's a, you know, a strategic call that, you know, we should, you know, we hold this additional inventory of around 30 odd days. This subsidy receivable is mainly on account of the increase of the DAP prices, DAP subsidy and other things which came toward the end of the period. All these things, whatever is there, that will get unwinded in this Q1, and you know, we'll definitely reap the benefit of this stock holding and this subsidy receivable in Q1. Right. Okay. My other question is regarding the sulfur prices, which are of course still higher. What could you give the guidance about that for the future? Last, I think last phone call you also said that you are sourcing domestically from the IOC and MRPL, which is in Mangalore. Can you also give something else in regard that, please? Yeah. Sulfur prices remain under stress actually for last few months. We expect that actually unless the Hormuz situation deescalates, there won't be a major impact which is coming and supporting us. As you said, actually we are taking out 100% of this sulfur requirement from MRPL from Mangalore. Even with the increased capacity, the recent 300 tons plan we have commissioned is currently running at almost, like, 400 tons. The Paradip, almost like 20%-30% of the sulfur requirement comes from the Indian Oil Corporation Paradip Refinery. Put together domestically we are poised towards a comfort position. Yes, internationally we remain under stress condition, sulfur. Right. My last question is regarding the future guidance, if you can give. You're increasing the share and getting higher margin NPK fertilizers, right? Of course, the backward integration as well. In the medium-term trajectory, what could be the EBITDA per ton? I think for FY 2026 it was around INR 5,100 per ton, right? What could be the, you know? So- guidance on that? [audio distortion] Yeah. Currently the spread was INR 5,300, I think. Yeah. As we deepen the backward integration across phosphates and sulfuric acid, the spread is going to increase. We also have to take care of the global situation that is in place. Okay. It will be hard for us to give you a specific number for FY 2027. Given the supply chain linkages and the backward integration that we have, the backward integration benefit should flow in FY 2027. Got it. Okay. That's all. Thank you. A request to all the participants. Kindly limit yourself to two per participant. Next question is from the line of Prashant Bhayani. Please go ahead. Yeah. Thank you for the opportunity. Sir, how are you placed with regard to raw material availability for Q1? How much of your requirement you have already bought pre-war, and how much are you having to buy at higher prices which are prevailing right now? Prashant, we remain optimistic for the Q1 because we have covered most of the Q1 with. Q2, the situation is unfolding. It'll be a little difficult for us to give a direct answer for the rest of beyond Q1, I think. Prashant, I think, industry is actively engaging with government on this aspect, particularly for Q2. Almost, you know, daily discussions being discussed with Secretary of Fertilizers and MDs of the major companies. I think all the stakeholders are involved, and we should get some clarity very soon. As far as Mr. Nambiar said, Q1 is adequately covered. For Q2, the company as well as the industry is working with the government to have more visibility. Sure. Mr. Nambiar, can you share some update on our CapEx, which is underway across granulation, phosphoric acid and sulfuric acid? Sulfuric acid, if you look at it actually, two projects we completed last year. That 15, 10.1, 0.6 altogether. The next sulfuric acid project is actually we are in the stage where the commercial offers are coming now. We should be able to take a call in terms of our proposed 3,000 tons per day sulfuric acid by within this quarter actually. Phosphoric acid also, it will be coupled with both together. In spite of all these challenges coming on the global scenario, our commitment for our CapEx remains same. Currently, it would be in design stage or, we have finalized vendors for, construction. We are in the finalizing stage for the vendors. We have almost received the quotes and there is a separate team working on it. How much would be the CapEx for FY 2027 that we are planning? FY normal CapEx will be around, you know, INR 600 crores, which is, completely we have, you know, the financial closure has been done. This is normal CapEx and, you know, something of, this, all these major projects also some outflow will be included there. Yes. Prashant just for FY 2027, the major projects that we expect to close this year will be expansion of phosphoric from 0.5 million tons to 0.7. There is an incremental 200,000 tons of phosphoric that is expected in FY 2027. The key other project is some debottlenecking at Paradeep unit. These are the incremental, I would say the cash flows that we expected to receive from the project that is getting completed. All other major CapEx as we have said earlier, is likely to be done by FY 2028 and FY 2029. Sure. I'll rejoin the queue. Thank you. Next question is from Riju Dalui from Antique Stock Broking. Please go ahead. Hello. Hi. Few questions. First one is regarding the Goa plant energy efficiency. The Goa plant energy efficiency project that we have completed in Q4 or in the Q3? Can you repeat the question? Yeah. The Goa plant, energy efficiency project, so that we have completed in Q4 or earlier Q4? No, this Q4. Q4. We have taken the shutdown actually from the month of February and completed in the last week of April. Okay. Understood. Sir, I think as per your earlier guidance, I think 6.4-6.1 Gcal kind of energy efficiency that we would like will be in Goa plant. With that, how much EBITDA per ton improvement that we can expect from going forward? Look, you know, the guidance what we have given that, you know, from 6.4- 6.1 that energy efficiency will accrue to us. In current gas price scenario, it will be around INR 1,000 to INR 1,200 per ton of urea at EBITDA level. Understood. Sir, in terms of the MCFL urea plant, I think there were some issues, like there was some policy issues, due to which we were expecting that EBITDA per ton to be lower. If you could indicate the EBITDA per ton for the MCFL plant as of now, maybe in the H2 of 2026. No, look, you know, earlier to this policy, you know, changed, there is a reduction in this norm, a benchmark, you know, energy norm from 7.3- 6.5. That, that impacted the EBITDA by around INR 3,000 per ton. Current level it will be around, INR 6,000. INR 6,000-INR 6,500. This Yeah, this is the scenario as of now. Just to add, you know, there was no policy change. That was an incentive given, because we switched over from naphtha to gas and that has expired. There is no as far as policy change, it was an investment benefit that was accrued to us for a period of a year which has done so. There is no major policy shift as far as that is concerned. The margin that we used to, you know, get roughly around INR 6,000 a ton from the MCFL urea. That we are getting till now, right? Yes. It is also a function of the global gas prices. The margins in urea is a function of the global gas prices. Understood. Also sir, we have expanded sulfuric acid capacity at the MCFL plant. I think that might help in terms of getting the higher margin for the urea plant because of the power generation from the sulfuric acid plant. How we can look at that scenario in 2027? We are expected actually we have been using the steam from the sulfuric acid plant to the other one. At least, almost INR 1,000 per ton could be the impact which is on a favorable side. Understood. Sir, one last question, in terms of the overall capacity utilization for the Goa plant for this year and for the MCFL plant for this year, for the NPK and for the like urea and the non-urea both. If you could bifurcate those two numbers for the year 2026? No, we have produced around four lakh ton of urea at Goa and around seven lakh ton of NPK. In Mangalore, same similar, you know, four lakh ton of urea and, you know, three and a half lakh ton of NPK. Both the plants have actually completed the RAC quantity. Afterwards only we went for the Goa energy saving project. In terms of NPK, actually, Goa is almost like 0.7- 0.8 in between, and Mangalore is almost a full capacity of 1.4. Put together, both the plants are run wonderfully well in terms of capacity utilization. Understood, sir. Sir, and one last thing. I think earlier you had mentioned the bottlenecking of granulation capacity at the Odisha plant, roughly around two lakh ton. That might come in FY 2027. Is that correct understanding? It'll be in 2027. This current year it will come. Okay. The incremental volume that Can we expect from this year or maybe from the next year? The volume- You should expect this in second half, the incremental volumes coming into the company. Okay. Thank you. Thanks for clarifying all the questions, sir. Thanks. All the best. Thank you. A request to all the participants. Kindly limit yourself to two questions per participant. Next question is from the line of Viraj from SiMPL. Please go ahead. Just a couple of questions. First is, if I look at Q4 and for the year gone by, what will be the EBITDA per ton on the manufactured, you know, volumes, DAP, NPK? Yeah, you know, we give as a, you know, product, you know, blended margin, you know, EBITDA margin that is around INR 5,007, you know. For the Q4 it is INR 5,700. INR 700. The whole year it is INR 5,300. Yeah, for the manufactured business, any indication you can give? How much would that be? Yeah, we give it at a blended company level, and obviously traded products will be at a lower number. Okay, this will be purely the DAP, NPK business, right? Not in the urea piece. This is at a company level, so it includes everything. All put together. Okay. Second question is, now what is the current level of backward integration post the sulfuric acid and, you know, the phos acid we have? Once the expansion of phos acid and, you know, other initiatives, what will be the backward integration, you know, a year or two down the line? Paradeep it is around 80%-90%. Paradeep is almost like, fully integrated actually. Paradeep expansion, which is coming from 0.5- 0.7 should cover most of the other two units' requirement of phos acid also. For sulfuric acid, sir, are we. The sulfuric acid for phos acid is 100% backward integrated. If you take up, you know, N-20 product, then there will be some, you know, requirement. You know, you have to import around 10%. In Mangalore it is 100% backward integrated, sulfuric acid. Okay. Just one last question. Now the subsidy rates are out by the government. With the way the key raw material prices are behaving right now, how should one understand spreads for us in the phos stuff? I mean, do you think there is more flexibility in terms of adjusting the market prices to cover for the raw material under recovery or where does the larger focus lie? Any color you can give? Just to share with you, we retain our price leadership as far as market is concerned, so we have taken a price increase in NPK. However, we're also working very closely with the government because the entire price increase cannot be passed on to the customer also because the sulfur and ammonia prices are extremely high in the current situation. We expect the government also to be equally supportive on that. At the same time, we are also having a strategy where there's clarity in margin, like focusing on products like DAP, so which also ensures that we maintain our overall profitability. That's how we're doing it. In terms of NPKs, we are a leader in the market in terms of our market realization also. Okay, understood. Generally, there's no issue in terms of availability of raw material. It's just the prices are at abnormal levels. In terms of kharif, we are well covered in terms of supplies? Yeah. Kharif, I think we are confident and optimistic about it. We are making our endeavor to see actually for future tie-ups happen faster. Understood. I'll come back in queue. Thank you. Thank you. Next question is from the line of Kiran Naik from Modi Fincap. Please go ahead. Sir, thank you for giving me an opportunity, sir. Sir, if I'm correct, as per the presentation shown on the BSE India, on their website. Hello, can you hear, sir? Yes. Yeah, yeah, we can hear. Go ahead. Yeah. Yeah. Sir, the EBITDA margin for the full year was 8.4%. Am I right? 8.4 what? Percentage. Okay. EBITDA margin shown for the 2026 financial year. Or was it 10.03%? 10.3%. It's 11% EBITDA. EBITDA margin is 11% for the year. 11%. 11% for the year. Can we expect, sir, because the conditions are not good geo, geopolitically, so can we expect for 2027 EBITDA margin 10%? See, I think the percentage is not the right metric for us as an industry. We evaluate the industry as EBITDA per ton. So I think the right metric for us is to look at is EBITDA per ton. Given the situation we are in today of the Middle East, we will not be able to give you a right EBITDA per ton at this moment of time. I think with the kind of supply-side linkages that we have and the marketplace penetration we have, we should be able to give, end the year with the good margins. Revenue expectation for 2027? What is it? Revenue expectation for 2027. We will still hold ourselves because let things settle, and we will come back actually. That will be nice. Okay. Situation is quite volatile and, you know, see, our endeavor is to get the raw materials to produce. If we are able to do that, then definitely we'll see a growth. See, just to kind of give you a perspective from the market side. See, we had opening stock. We have had a good visibility on kharif, so we will continue to maintain our leadership. Hopefully by another two to three months we should get a clarity on the rabi supply chain. We are very confident as far as market leadership is concerned. We don't see any concerns except for very unexceptional situations where the value chain is impacted. Thank you. Kiran, may I request you to come back for a follow-up question, please? Yeah, yeah. Thank you. Thank you. Next question is from the line of Sandeep Mukherjee from SKP Securities. Please go ahead. Yes, sir. Thank you for taking my question, sir. Sir, my first question is like what was the N-20 volume in the total NPK mix, sir, for Q4 and FY 2026? Yeah. Good morning. N-20 volume which we did was 14.5 lakh metric ton. Okay? We grew almost 9% over last year. We are among the top two, three companies today in the NPK volumes. Sir, for N-20, this is for N-20, sir? This is for N-20, what I'm talking of, 14.5 lakh metric ton. Okay. Okay, sir. For traded products, what were the volumes for TSP, DAP and MOP, sir? TSP was around 2.8 lakh metric tons and DAP was around another 2.2 lakh metric tons. Overall, import portfolio was around 0.6 million tons. 0.6 million tons. Okay, sir. What was the gas cost, sir, for the quarter? What is it? Gas cost. Yeah. Around $14 per MMBtu. What is the current gas cost, sir? It has slightly moved up. You know, it is now around $18- $19 because of this disturbance in the supply. You know, I can tell you that this entire urea energy cost is a pass-through. Whatever the increase in the raw gas cost, you know, that will be passed through. That will not impact the, you know, bottom line of the urea. Absolutely. In fact, it is helpful because, what urea plays is the energy efficiency. Yes, yes. Out of the new project cost, sir, that 36,600 crore rupees, so what was your spend in FY 2026 and what is your planning for FY 2027 spend? FY 2026 actually most of things were in the engineering stage. The actual cash flow will start happening 2027, and we expect like INR 600 crore will be spent in 2027. Thank you. Sandeep, may I request you to come back for a follow-up question, please? Yes. Thank you. Thank you. A request to all the participants, kindly limit yourself to two questions per participant. Next question is from line of Ahmed from Unifi Capital. Please go ahead. Yeah. Thanks for the opportunity. You made few remarks around government support and your communication with government. Can you elaborate a bit? I mean, what sort of measures you are expecting? Is it certain kind of an ad hoc subsidy increases or support in some other form? If you can just expand on it, how you are looking at things as of today. I'm asking this question considering the subsidy hike for the season has been just 10%, while the raw material prices are up significantly. Yeah. Good morning to you. See, just to kind of give you the overview, government's policy as far as DAP and TSP is concerned, government has a clear advantage, disadvantage as a policy, which factors in the increase in the import prices and the price of the product. To that extent, DAP gets adjusted and your bottom line gets kind of adjusted positively with any price change. We are also working closely with the government as far as the sulfur and ammonia raw material prices are concerned. That's how we look at it. In terms of availability, you don't see any challenge even if you have to buy at current prices for quarter two? The way we are looking at it is, it's not that there's no challenge. We have ensured that more or less we covered our Q1 and we are securing our Q2. You understand there is a lot of sulfur which flows through the Strait of Hormuz. While we equally balanced because a lot of our sulfur is sourced from the refineries within India, so there is a good balance. Hopefully, if the situation resolves within next few weeks, then I think the value chain should be streamlined. That's how we look at it. To add on to that, you know, we are now more focusing on low sulfur grade products. Yeah. Which is, you know, increasing DAP and other things where there is a clarity of that, you know, policy item. We are trying to minimize our sulfur requirement, you know. Sure. Thank you so much. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Aman Kothari from Equirus Investments. Please go ahead. Hello, everyone. Firstly, congratulations, sir, on the wonderful set of results. Sir, I think you covered the point on the inventory increase, that we have done that deliberately for, let's say, meeting Q1. Can you tell me how much inventory additional we are keeping a stock of as against to what you do on a normal year? No, the stock increase in the raw material stage, you know, around 130 days it is there, you know. To take care of this, production for the Q1 and, in fact that will benefit us, you know, looking at this, you know. Yeah. Short term movement of the raw material prices. Got it. Okay. On the balance sheet side to also, I think for us the total gross debt has increased to INR 6,800, and as you mentioned, a large part of this is again, subsidy receivable that has to happen. Do you think that, let's say barring Q1, we could have a problem in the timing of the subsidy and that could lead us to, you know, raising a possibility of short-term working capital? Because the government is already stating. Actually- Okay. Our working capital limit, you know, we have adequate limit, you know, which we have got it. Only thing is that the money what is stuck in this subsidy and inventory, that will wind up in this quarter. I don't see that there is a, you know, this, you know, level goes up beyond from here. In all probability it should come down. So, once this phos sale happen, the subsidy start flowing and this inventory goes out. The main consumption happens in June and July. All this will definitely reduce, you know, this borrowing level, you know, what are the working capital borrowing level, that will reduce. Got it. In terms of the NPK leadership that we have established, sir, we are almost growing on a company level almost as 22% among the top companies. Do you think that, I think in the last call also you had mentioned that, maybe 50% of the market is still NPK. Do you see that push by the government also happening and you also seeing an increase in farming adopting to nitrogen NPK products? Good morning. There are two dimensions. First is on the leadership. Just to give you a perspective, let's say the industry growth of NPK standalone this year. Yeah. it was - 1%. Your company grew by 10%. In a situation where there were degrowth, we grew. If you include the TSP plus NPK, the industry growth was around 1.6%, we grew by 15%. So that's the direction that we've consciously taken to provide balanced nutrition. That's a long-term strategy we continue to build up. However, in the current year, you could have a mixed this thing because of constraints of sulfur and other products. The strategy might be more tilted to ensure that the phosphate and nitrogen also is secured so that the food security is maintained. Yeah. The government putting a lot of emphasis on urea and DAP. Of course, complexes it continues, but be conscious of the fact that the complexes for the farmer today at price quite higher compared to the DAP and TSP. If the prices are higher in this currency, do you think farmers would want to switch to a NPK kind of product? I mean, I can understand the nutrient balance that they would want to have. No, it's a natural preference. The first preference for a farmer would be to typically go for products like urea and DAP. Okay. That's what would happen. Like I was sharing with you with the last year also, with the industry where, in NPK the industry didn't grow, we grew by more than 10%. From that perspective, once you convey the benefits of the balanced nutrition to the farmer, you will see an uptake happening. In the current situation where there's too much of variance between the NPK prices and DAP, you would see a balanced kind of growth in both the segments. The overall phosphatic segment remains strong. That's how I look at it. Thank you. Aman, may I request you to come back for a follow-up question? Sure. Sure. Thank you. Participants, you may press star and one to ask a question. Next question is from line of Shreya from CapGrow Capital Advisors. Please go ahead. Shreya, can you hear us? Shreya, may I request you to unmute your line and proceed with your question? Due to no response, we move on to the next participant. Next question is from the line of Sourabh Gupta from Madhya Bharat Agro Products Limited. Please go ahead. Good morning. First of all, hello. Am I audible? Yes, yes, go ahead. Go ahead, please. Next follow-up question is from the line of Prashant Bhayani. Please go ahead. Sir, how much is the phos acid volume for Q4 as well as for FY 2026? No, we produce around 1.25 lakh metric ton in Q4. Year-on-year basis, 501,000. INR 5 lakh plus. For sulfuric acid for Q4 and full year? Altogether, the whole year, you know, we produce around INR 1.8 million, you know. I don't know what to. INR 1.75 million actually. For Q4? Just a second. Yes. For Q4 this was Yes, INR 410,000. Sir, how much is the subsidy that we received in Q4 and how much is the outstanding right now? We have received in Q4 INR 2,600 odd crores. The outstanding subsidy is INR 3,800 crores. INR 3,800? Yeah. Okay. Mr. Harshdeep. Of all that, you know, channel stock. Right. Mr. Harshdeep, out of the total trading volume for Q4, how much is DAP and TSP? DAP and TSP? Yeah. Right. DAP was 2.2 million tons. That is- Okay. Quarter-quarter also will tell you the number. Just give me a minute. Q4 number for DAP was DAP imported was 0.3 million tons and TSP was 0.4 million tons for the Q4. 3 lakh tons and 4 lakh tons. INR 3 lakh and INR 4 lakh. Yeah, INR 0.3 million and INR 0.4 million. Yeah, that's what. Yes. No, yeah, sorry, 0.3 lakh and 0.4 lakh metric ton. Okay, INR 30,000, INR 40,000. INR 30,000, INR 40,000. Yeah. Sir, how is the POS stock at the end of Q4 for DAP and NPK? Total stock is around INR 8,30,000. You want to understand the DAP stocks? No, for total phosphatic, DAP plus NPK. Okay. DAP is around at the end was 1.28 lakh metric ton. NPK was around 6 lakh metric ton, 5.95 lakh metric ton. Okay. Thank you so much. Thank you. Next follow-up question is from line of Aman Kothari from Equirus Investments. Please go ahead. Sure. Sir, is there any production guidance that we can currently factor in at this time of the year? Can you repeat it? Production guidance. Any production guidance that we can give at this time of the year? I mean, I know there's uncertainty, regards, let's say first quarter and then probably something for the year. Basically, there are two anxieties is coming. One is ammonia side, second is in terms of the sulfur and sulfuric acid. Sulfur. The production volumes remains almost like steady to large extent, at least 70% to 80% for us in the Q1. We are just slightly shifting from these two intensive products, ammonia intensive as well as from the sulfur intensive products, and wherever the policy clarity exists. In terms of the running of the plant, basically all the three plants are running. To large extent, that we are covered till end of June. We don't have major anxieties, but since we produce around five to six different kinds of products. Yeah. We have access actually whichever is suiting to the market as well as in terms of the policy clarity. All the three plants are operating, we can say above 90%? Not exactly. We can say around 80%. Okay. This is primarily because of the raw material constraints? Yes, yes. Okay, got it. Sir, the price of DAP that we are seeing at current rates, I think this has happened before also in a previous year where they deliberately reduced the volumes of DAP trading. If you see the prices elevated, let's say at a similar level for the next couple of quarters, do you think this is a deliberate step that we are going to again take? See, we're not getting into the deliberate step. The way we look at it is, the government has put a kind of a structure. Yeah. We are doing a buying as an industry consortium. Okay? Yeah. There has been a very, very transparent and effective process as a country that we've done, so that instead of people taking spot positions individually, okay, we have kind of asked the people to quote. And we got the L1 prices discovered. You're right, these are exceptionally high prices. Yeah. Both for urea and DAP. Yeah. However, the view from the government side is that it's important that the farmers get their phosphates and nitrogen for the cropping season. That's how we look at it. It is important that we maintain a certain strategic inventory as a country so that we are in a better bargaining position as we go into the subsequent season. That strengthens our position that way. Okay. The two tenders that India Potash did, I think at those elevated prices, that was the industry level procurement that was done, right? Yeah. It is not IPL tender alone. It is IPL on behalf of a consortium of five, six companies, okay? The large corporate company. We are a part of that. We had a good offer availability, and we have only picked up the quantity that L1 prices bought it. Okay. I think in the CapEx plan that also, that we have, I think, debottlenecking would almost contribute to us 0.3 million tons. I think you already mentioned that 0.2 million tons is something we're targeting for this year. I'm assuming that 0.1 million tons will be targeted for FY 2028. Yes. That will again be at the Paradeep plant? Yes. Partly it could be coming from Mangalore. Both the units will have some growth coming out. Okay. Got it. Thank you. Just one last question to add on. sir, this is an if scenario, but considering that we have now seen an import duty increase of some deliberate steps that government is having to take to, you know, reduce the impact that it is having. Do you think that if this situation is elevated and there are steps that, since you're having continued discussions with the industry, is there a possibility that fertilizer subsidies could get delayed at these elevated prices? No. See, look, you know, this ammonia and sulfur prices, they have not continued. In fact, you know, very recently. With this, now the kharif is coming in and the type of stock built up and consumption is happening. We don't see that the subsidy will be delayed. As of now, what we start now, we have got the subsidy up to April end. You know, with the kind of discussions that are happening on daily basis with the government and industry, you know, government is very protective of the industry because they believe that manufacturing has to go to ensure food security. There's no reason for us to have subsidy delayed. It is adequately budgeted. You know, there are budget support for the subsidy. We don't see any reason for, to delay the subsidy. Thank you. Next question is from the line of Ankit from Steptrade Capital. Please go ahead. Yeah. I don't know if it is. Yes, yes. Yeah. I just wanted to know how much percentage of your raw materials are imported, I mean, in terms of sulfates, etc. It's not very clear. What percentage of raw materials are imported? Like- Yeah, correct. How much percentage of your raw materials are currently imported, I mean, via Strait of Hormuz? See, we get, you know, almost entire thing of ammonia imported earlier from Strait of Hormuz. Now it has been shifted to East Coast. We are getting mostly now from the South East Asian countries, this ammonia. As well as sulfur is concerned, yes, it was through Strait of Hormuz, but now that will be impacted. If you see, it's large extent, actually diversification happened in ammonia. Sulfur remains a critical resource for us actually to bother us. I'm sure actually the kind of tie-up all industry as well as government is supporting us to make, we will see at least better days to coming. Just to kind of update you, we also sort of domestically sourcing our sulfur that we're doing within the country. That partially supplements. Like for the finished fertilizers, there is a consortium which is working also on sulfur and ammonia, securing sulfur and ammonia in a transparent way. That is, that also has been kind of we've already declared that as industry, and we are hopeful of securing that. Rather one of the vessels that we secured for sulfur came via Strait of Hormuz. Okay. Got it. Thank you. it. Thank you. Considering the, you know, commissioning of the sulfuric plant, how much margin expansion are we looking at? After getting the, you know, if we see the war situation getting settled out. You know, the delta between the imported sulfur and, you know, import sulfuric acid and indigenous sulfuric acid around INR 3,000. It depends on that what source, you know, what price we are sourcing this sulfur. At this current level, it is, you know, it will be reduced, and it will be at around INR 1,500-INR 2,000 level of delta. Thank you. Next question is from the line of Riju from Antique Stock Broking. Please go ahead. Hi, sir. Hope I'm audible. Sir, as you earlier said that in our Goa plant, urea plant was taken under maintenance shutdown due to energy efficiency. How much was the volume impacted? Or if you could indicate the production volume for this quarter for the Goa urea plant. Overall, if you look at it, the whole year actually we will be completing RAC. Okay, because anyway around 30 days to 35 days are always kept on shutdowns of the annual shutdowns. That we have consumed actually. We don't see any decrease in volume on a yearly basis. This year we have done 4 lakh ton. Now with the policy support, you know, the new change in the policy come, we can do up to 4.5 lakh ton at Goa. Okay. Going forward, we can do 4.5 lakh ton kind of a volume, right? Yeah. Okay, understood. Sir, for the MCFL, you said that our production volume for the urea was somewhere around 4 lakh ton for the MCFL. Is that correct understanding? Yes, yes. Yeah. with that number, was there any dip in the urea production volume in the MCFL for 4Q? The MCFL continued to run. We have taken the shutdown the last October, November. If there is a supportive policy, we can still produce more than that, more than 4 lakhs. Okay. For the H2, if you could indicate the production volume of urea at MCFL plant, that will be helpful. H2, if you look at it, our overall RAC is around INR 4 lakhs. With the supportive policy, we can go up to INR 4.4 lakhs-4.5 lakhs. Last year H2 number. We will share that specific number wise. We took a month, shutdown last year for annual maintenance. Yeah. Yeah. No, sir. My question was that like, in 3Q and 4Q, how much was the production volume for MCFL urea plant? Riju will get back to you separately on that. I think we don't give it here. Okay. Okay, sir. Okay. We'll get back to you separately. Yeah. Yeah. Okay, sir. Note. Thank you. Thank you. Ladies and gentlemen, we'll take that as the last question. I now hand the conference over to the management for closing comments. Is that last question? Sir, that was the last question. Oh, okay. Thank you. Thank you. On behalf of the management team PPL, we thank you for taking time to join our earnings call and a lot of interesting questions from you. Should you have any further questions, please reach out to our investor relation team. Thank you once again, and have a good morning and afternoon. Thank you. Thank you. Thank you very much. Thank you. On behalf of Antique Stock Broking Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.