Ladies and gentlemen, good evening and welcome to the Q2 and H1FY26 conference call of Sanathan Textiles 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjay Shah from Sanathan Textiles. Thank you, and over to you, sir. Thank you. Good evening, ladies and gentlemen. It is my privilege to welcome you all to the earnings call of Sanathan Textiles Limited for the second quarter and half year ended on September 30, 2025. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. The statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Joining us today are Mr. Paresh Dattani, the Chairman and Managing Director, Mr. Sammir Dattani, the Executive Director, and Mr. Sanjay Shah, the Chief Financial Officer. Please note, the call is being recorded, and a transcript will be made available on our website, and the website of the stock exchanges posts the discussion. I would now like to invite Mr. Paresh Dattani to share his opening remarks. Thank you, Sanjay, and a very good evening to everyone. It's a pleasure to connect with you all again and share our performance highlights for Q2 and H1FY26. Sanathan Textiles delivered a strong operational performance on a standalone basis, with an EBITDA growth of about 22% and PAT growth of 45% on a year-to-year basis. Our Silvassa operations continue to deliver strong, consistent performance, operating at optimal efficiency. The major milestone this quarter was the commissioning of our new Punjab facility on the 27th of August, 2025. We began operations at 350 metric tons per day and are steadily ramping up to 700 tons per day. On a consolidated basis, revenue from operations increased by 10% on a year-to-year basis on account of higher sale volume due to the commissioning of the Punjab facility. And EBITDA increased on a year-on-year basis by around 8.5% on account of better gross margins in spite of the Punjab commissioning, which had a startup cost, one-time startup cost of about INR 11 crores. Since its incorporation, Sanathan Textiles has expanded its production capacity over the years at a CAGR of 23%. But now, with the commissioning of the Punjab facility, the company's total installed capacity has increased from 223,000 metric tons per annum to 479,000 metric tons per annum. Our phase one of the Punjab facility is being ramped up, and we will be soon progressing towards the first phase of 700 tons per day. The recent change in GST has also been a strong tailwind for the textile industry, fueling consumption and adding positive momentum across the value chain. As we look ahead, we are gearing up for our next phase of growth, the expansion of our cotton division, as we had planned earlier. We are proposing a new greenfield manufacturing facility in Madhya Pradesh, a state with deep-rooted cotton heritage and a highly supportive textile environment. This project will not only strengthen our cotton vertical but also further our vision of building Sanathan Textiles into one of India's most integrated and future-ready textile companies across all three yarn verticals. With the ramp-up at our Punjab facility progressing well and Silvassa operating at high efficiency, we remain confident of achieving our annual revenue target of around INR 4,100-INR 4,300 crore and delivering a double-digit EBITDA margin for FY26. With that overview, I will now hand over to Mr. Sammir to share the operational performance for the quarter. Thank you. Thank you, Chairman, and good evening to everyone. The second quarter of FY26 marked another strong operational performance for Sanathan Textiles on a standalone basis. Our Silvassa plant continued its excellent track record, operating at full capacity utilization throughout the quarter. On the other hand, our newly commissioned Punjab facility began commercial production this quarter with an initial polymerization capacity of around 350 tons per day. As with any new large-scale operation, the initial commissioning phase carries a one-time startup cost, which has been fully factored into our financials for this quarter. Now, as the plant stabilizes over the next quarter, we expect to see the full benefits in the form of improved operational efficiency and margin enhancement. With this new capacity coming on stream, we are now better positioned to serve our customers in North India more efficiently and more quickly. The location advantage, coupled with the state-of-the-art machinery and modern process and systems, will enable us to realize significant cost synergies and economies of scale going ahead. I would also like to touch upon a key policy development that has had a positive impact on the textile sector. The recent GST reduction announced by the Government of India, the reduction of GST on man-made fiber and yarns from 12% to 5%, along with the revised 5% slab for ready-made garments priced up to INR 2,500, has supported to drive consumption meaningfully. These changes will further improve affordability, support customer sentiment, and stimulate demand, particularly with the man-made fiber and apparel segment, where we have strong presence. From a broader standpoint, the reforms are expected to strengthen the textile value chain from fiber to fashion, especially in tier two and tier three cities, where affordability plays a crucial role in driving volumes. For Sanathan Textiles, this creates a healthy demand environment and underpins our growth outlook for the coming quarters. As we look ahead, our main focus remains firmly on optimizing production across both our Silvassa and Punjab facilities, enhancing efficiencies, and unlocking further operating leverage. With disciplined execution and a strong foundation in place, we remain confident of sustaining our growth momentum and creating long-term value for all our stakeholders. Now, I'll hand it over to Mr. Sanjay Shah, our CFO, to take you through the financial highlights for this quarter. Thank you, Sammir. For the quarter and half year ended September 30, 2025, our financial performance reflects the continued strength of our standalone operations at Silvassa. As our Punjab facility ramps up towards its full manufacturing capacity of 700 metric tons per day, we expect to see a healthy increase in overall revenues in the coming quarter. On a standalone basis, representing our Silvassa operation, revenue from operations for the quarter stood at INR 767 crore, as against INR 743 crore in Q2 FY25, driven by higher volumes. EBITDA stood at INR 71 crore, as compared to INR 58 crore in Q2 FY25, supported by better gross margins. PAT for the quarter came in at INR 51 crore, as against INR 35 crore in Q2 FY25. On a consolidated basis, which includes both Silvassa and Punjab operations, revenue from operations stood at INR 818 crore, as compared to INR 742 crore in Q2 FY25, primarily on account of higher sales volume following the commissioning of the Punjab facility. EBITDA for the quarter stood at INR 63 crore, as compared to INR 58 crore in Q2 FY25, in spite of margins being impacted by startup cost amounting to approximately INR 11 crore associated with the commissioning phase. For the half year, on a standalone basis, revenue from operations were INR 1517 crore versus INR 1525 crore in H1FY25. Margin is lower due to softer selling prices, driven by a decline in raw material cost. EBITDA stood at INR 141 crore, compared to INR 137 crore in H1FY25, supported by improved margins. PAT was INR 98 crore, as against INR 87 crore in H1FY25, driven by higher EBITDA. On a consolidated basis, revenue from operations for the half year rose to INR 1516 crore, from INR 1523 crore in H1FY25, largely due to higher volumes from the newly commissioned Punjab plant. EBITDA stood at INR 133 crore, compared to INR 137 crore in H1FY25, with margin affected by startup cost during the commissioning phase. Thank you. We are now open for questions and answers. 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 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 is from the line of Aradhana Chen from 361 Capital. Please go ahead. Hi. Thank you for the opportunity. A couple of questions. First, I wanted to understand what has led to the gross margin improvement for us this quarter. Can you please repeat that again? What has? Lead to the gross margin improvement? See, as we mentioned earlier, the raw material has dropped. The selling prices have also dropped, but they have not dropped in sync because of the higher demand. So the gross margin's improved. Understood. Second, I wanted to understand how much CAPEX have we incurred for the Punjab facility till now, and how much more is expected for the facility, and how much of the whole capacity has, I mean, the CAPEX that has been incurred, has been incurred in this year, and how much was incurred in FY 2025, like just a breakup of the entire CAPEX that has been gone in the Punjab facility till date? Sure. So the entire cost of the project is close to INR 2,150 crore, out of which close to INR 1,750 crore was incurred till the beginning of the year. In the current year, close to INR 300 crore have already been incurred, and balance of close to INR 75 to INR 100 crore is pending. Understood. And on the debt side, that has gone up to around INR 1,400 crore as on the first half of this year. Where do we see that basically settling by the end of this year, and what is the guidance for next year? So in the current year, it should be around the same level, marginally down, but more or less the same level. In the current year, frankly speaking, looking at the strong operating cash flows we are expecting from the full utilization of our Punjab facility, we'll take a call on the debt equity portion for the upcoming project. Understood. Just two more questions. One on the GST. While it has reduced from 12% to 5%, but given that our input GST still continues at 18%, how are we going about managing that blockage that's going to happen in the working capital? And what is the view, basically, on that? Yeah. Here, we are in the inverted duty structure. We have always been in the inverted duty structure. The difference is, first, it was 12% to 5%; now it is 18% to 5%. But so we do get the refund on that. As far as the higher blockage or anything is concerned, the government is yet to come out with which we expect in November. What they have promised is that they will facilitate an early disbursement of the amount to be given back. Understood. And what is the CAPEX for the cotton expansion that we are planning to do in Madhya Pradesh? Yeah. So the cotton expansion will be anything between INR 420 crore to INR 445 crore. And how much of that is going to happen this year and how much next year? And by when are we expecting capacity to come? We have taken the land of 50 acres from the MPIDC, and barring that, the cost will start post March. So we'll start spending from April onwards, and we expect to commission the project first quarter of FY28. What sort of revenue potential are we expecting from that facility? We are expecting about INR 450-INR 500 crore of revenue from there. So fair to assume that that will get added to our FY27 numbers? FY28 numbers. FY28. That's right. Yeah. Understood. Last question from my end. What are the views on the anti-dumping duty that has been put on MEG? Are we facing any implications of that? First, yes, they have moved that, but we, as an association, are already taking it up with the government, and we have a view that we don't see it coming easily. Understood. Thank you so much. I'll join back with you. Thank you. Thank you. Thank you. The next question is from the line of Ashish from InvesQ PMS. Please go ahead. Yeah. Sir, just wanted to confirm on the ramp-up of the Punjab facility. How do you see it ramping up in H2 this year, next year, H1, and beyond? Yeah. Today, as we mentioned earlier, Ashish, we are at 350 tons a day. By the second week of this month, we will be at about 460-470 tons. By the end of December, before the end of December, we will be at about 600 tons, and first half of January, we'll be at 700 tons. So that completes our first phase. As far as the second phase of ramping up from 700 to 900 on, we will start that towards the end of the FY, sorry, FY27. So the impact of that will be seen in FY28. Okay. So you're saying by latest, by next year, first half, we will be 100% utilizing this capacity, is it? We aim to utilize 100% capacity from the last quarter, FY26. Wow. Okay. Good. So sir, two more things I wanted to understand. Last call, I think you mentioned some portion of your product goes to exporters who export to maybe the U.S. So any repercussions from these customers facing issues with their production? Is it hampering our kind of supply somehow? As I mentioned earlier, that direct exports, we don't have much of a stake at the United States, so it doesn't impact us. But having said that, indirect exports, yes, we do get impacted because our customers do export, but it's not as large as the cotton impact. But still, we have been able to pivot our customer breakup to a sense that we have pivoted more towards the customers who are more local-based. So we are not having any issue on placement of material. Good. Okay. Sir, I wanted to also understand the competition. Is there any capacity coming from any of the competitors or large conglomerates that are there in the business? No major plant has been announced so far in the industry, so we don't have any news officially of any announcement of any plant. Small stray expansions here and there may come in, but nothing major is, as of today, announced, and once they announce, typically, as you know, it takes about two, two and a half years for a plant like this to commission. Right. And the margins, what is the range that one should expect maybe next year, FY27, when these capacities are fully on the street? Yeah. As I mentioned earlier, we still stick by that. We will be ending FY26 close to about 4,100-4,200 crore top line with EBITDA of about 10%. FY27, we will be top line of about 5,800-6,000 crore, and we aim to do a top line of 11%, EBITDA of 11%. In FY28, we will be at about 7,300-7,400 crore, and we aim to do an EBITDA of about 12%. You seem, sir, to be very, very confident of the future that the company holds. There seems to be not much of an issue with achieving these numbers. Personally, I don't see much of an issue because, as I said, when we set our foot on the ground for this project, we had put in a lot of work prior to that to ensure that we are placed well in terms of material placement and the advantage we get out of getting closer to the customer in the northern region. Right. If I may ask, sir, on the anti-dumping, what you were mentioning in the first, maybe you can elaborate on the anti-dumping? No. The MEG producers have called for an anti-dumping on MEG in the country. But as such, we are a net importer of MEG, and our association has also put up counterarguments. Even the suppliers have put up the counterarguments. So I don't think that will go through. This is the third time they are applying it. Twice already, it has been rejected. So I don't see that really coming through, personally. But having said that, even if it comes through, it's not going to be a major deterrent or impact on our cost of raw material. Right. Right. Okay, sir. Thank you and all the best. Thank you. Thank you. The next question is from the line of Tanish Kukinwasa from Antique Stock Broking. Please go ahead. Thank you for the opportunity. My first question is, what is the current utilization level of the new Punjab plant that we have commissioned? Yeah. As I said, we commissioned on the 27th of August. So the entire month of September and October, we have been running at the same capacity of 350 tons a day, which is only 50% of our first phase, which is 700 tons per day. Thank you. So I want to understand, out of 350 tons because 350 per day, so still that utilization are you utilizing at 100%? Yeah. 350, we are utilizing fully. Okay. And second, you mentioned that new greenfield capacity expansion in cotton. So that is in addition to 10,000 tons you were guiding earlier, or it is that only? So we had guided earlier that we would be growing our cotton yarn vertical as well with an additional of this 73,000 spindle. This is exactly the only difference is that earlier we were doing it in Silvassa, but now because of this better opportunity in MP, we have moved to MP. So it is just shifting from Silvassa to MP? That's right. That's right. Okay. Okay. That's it. Thank you. A reminder to all the participants. You may press star and one to ask a question. The next question is from the line of Darshil Pandya from Finterest Capital. Please go ahead. Hi. Am I audible? Yes, you're audible. Yes. Thank you. Good evening. Sir, my question, first question would be on the tax rate side. This quarter looks we have around 40% tax rate. What was the reason behind that? Was it the startup cost that we just mentioned? No. Can you repeat the question, please? I was asking about the tax rate, which seems to be a bit high for this quarter. Yeah. If you see the standalone tax rate, it's standard close to 24%-25%. The higher tax rate on a consolidated basis is on account of the losses at SPPL also and on account of reversal of a different tax also in one of the subsidiaries. Understood. And sir, my second question would be with respect to debt. I just wanted to understand since we raised around INR 370 crores in the IPO, around INR 300 crores were supposedly to be paid back through debt. Wanted to understand how this is, have we completely paid it and now we have taken some surge debt, which we are seeing on the balance sheet, and wanted your view on that. Yes. We did pay back that debt as we had written in the DRHP. And so what we did was we paid off. We had a debt of about 100 and odd crores at the Silvassa unit. We paid that off. And of the new debt, the bank, because we had not drawn the entire money, didn't ask us to pay that way, but we prepaid our installments till March of 2028 for the entire amount. Understood. So sir, this current run rate of interest and depreciation will continue for next half and full year next year? Yes. It will. In fact, in case of depreciation, it would be slightly higher as depreciation is only considered for a month in case of the Punjab plant. Now it will appear for six months. Understood. Sir, final question would be on the guidance that we have given. I understand we have downgraded our guidance. But just to understand, since the plant is still ramping up, how are we placed to match the numbers that we are talking about? How are we placed to match the numbers? That you are just guiding us. Yes. We are very confident. Look, we have started. We have had only one month at Punjab. Over the next quarter, October to December quarter, we will be doing a revenue of close to about INR 360 crore in Punjab and about INR 760 crore here at Silvassa. So that we'll do about close to INR 1,100 crore top line, and we will do an EBITDA of 10% plus. Going forward to the last quarter, where we'll get the full advantage of Punjab as well as this, we will have a top line of about INR 1,400 and odd, and we aim to do an EBITDA north of INR 150 crore. Understood, sir. Thank you so much for this detailed answer, and wish you all the best to you also and the team at Sanathan as well. Thank you. Thank you. The next question is from the line of Ashish from InvesQ PMS. Please go ahead. Yeah. Sir, just a follow-up on my side. I just wanted some clarity on the cash flows that the company would be estimating now and how the debt position is going to go maybe every half year, how things are being seen in this context? Okay. So the debt coming to the debt question, the debt levels would be at the near level, current levels. As discussed earlier during the call, we have a big project coming up of cotton. For the debt equity mix, we are anticipating very good operating cash flows in the coming year. Based on the operating cash flow, we would be deciding on the debt equity base. Okay? But sir, any numbers to share on this? Because you would have done your calculations on this, right? I mean, for the company, how the cash flows for the next half year would be very much in the month of September. Sure. Sure. So next year, as discussed, we are expecting revenues of close to INR 6,000 crore and EBITDA of close to 11%. So that should help us to generate INR 660 crore. Post our financial obligations also, we should be close to INR 400 crore. So we would decide on the debt equity mix only post the review of the operating cash flows. But sir, with the upcoming CAPEX on cotton plus phase two of the facility in Punjab, because our debt is pretty high, so we don't aim to repay it now? See, frankly speaking, our debt is still at 0.76, which is quite healthy in this case. Plus, our EBITDA is expected to improve quarter-on-quarter basis. Like mentioned earlier in the call, we would be improving our EBITDA from 10% to 11%. At the same time, our revenue bit also increased from INR 4,200 crores in the current year to close to INR 6,000 in the next year to close to INR 7,300 crores in the FY28. This all should help us to generate sufficient amount of cash flows, which should help us to reduce debt if required. However, we would look at the business opportunities in this case and take a call whether debt is required to be reduced or whether we look into future opportunities. Okay. Because I think we'll generate about INR 4,500 crores annually. What are the expansions? No, but I'd like to point out one thing here, Ashish, that as I mentioned earlier, till March of 2028, we don't need to pay any local bank any amount. The only repayment that will go out will be to the ECB. So that's the only outflow besides the interest outflow. So whatever the EBITDA numbers, we will just have to pay tax and the interest, and everything else will be left in the company. So I think we should be healthy enough to go through the entire cycle. And two more things. I think part of the debt we have is unhedged, right? And we have some open exposures on the currency probably. No. We are totally hedged now. The entire ECB, which is over a period of 10 years, but we are totally hedged on that in the currency. Okay. So we don't see any risk of that having? No. We have no risk on the currency. Okay. And one more thing was there. Yeah. And in the cotton side, what's the kind of IRR for these kind of projects? Is it similar to the POY in the existing non-natural fibers? Is it? Yeah. It's similar to the MMF. I have seen over years that though the EBITDA numbers on cotton is higher, but the asset turn is half of MMF. So more or less, I have seen it will be similar. As far as the Punjab, it will be slightly better because of the advantages that we have of going closer to the customer. Having said that, we see even on the cotton side, a payback of about six, six and a half years. Okay. Okay. And is the cyclicality too much in cotton versus the MMF? Not really. I mean, I have seen over the last 10 years, barring a year or two, we haven't seen that much of volatility in the cotton prices. Even now, the cotton prices post duty reduction have come down from about INR 58,000 to about INR 52,000-53,000. And we expect this entire season to remain in this range. Okay. Okay. Sure, sir. Thank you so much for your answers. Thank you. Thank you. The next question is from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Thank you. Good evening, sir. Just two questions. First is on the cotton expansion of cotton vertical. So that INR 400-450 crore of CapEx next year would be funded by debt, or there would be other way of funding it? Yeah. I mean, we have all the options laid on the table. First, we do not know. We are going to look quarter on quarter as to what is the amount of money requirement, and do we need a debt? Or if the cash flows of the company are healthy enough, we may not take a debt. Having said that, if we needed a small debt, we may take a small debt. Or we have the other options also of going in for a QIP or something like that to fund the project. Okay. Okay, sir. And second is just a clarification needed. You mentioned that 70 crore pending CapEx in the existing plan. Is it in the existing plan of Punjab, I mean, first phase of Punjab plan, 70 crore pending? Yes. Yes. Yes. That INR 70 crores is pending because the automation, the post-production automation as well as post-production automation is still in the process of completion. It's not yet completed. So the money outflow has not gone because of that. Okay. And for the second phase, what would be the CapEx? And when would that be increased? The second phase, the CapEx would be low, about close to INR 150-200 crores, INR 150 crores only, because most of the work for the second phase has been completed with the first phase. That will be increased when? As I said, we will start, I mean, commissioning all that probably the end of FY27, and we will get a full year of FY28 on that. So that means you would be incurring cotton vertical CAPEX next year as well as the second phase of the Punjab plan next year? Yes. That's right. Okay, sir. Okay, sir. Thank you, sir. Thank you. Thank you. The next question is from the line of Harsh Mittal from Emkay Global. Please go ahead. Thank you for the opportunity and congratulations for the decent set of numbers. My first question pertains to the Madhya Pradesh cotton expansion. I wanted to know, are we eligible for any incentives for the expansion? This is my first question. Yes. We are going to be located in the PM MITRA Park. So we have got land at a subsidized rate as per the policy of the PM MITRA. So we have taken 50 acres of land there. The approximate cost is about INR 25 crore on that. And the power given to us for that project is at INR 4.50. And there are other subsidies that are available there, which amounts to totality. So I mean, as I mentioned earlier, Harsh, that these subsidiary incentives, we don't bake into the project. It's a cherry on the cake when it comes through. But having said that, the power is at INR 4.50. The land is at a subsidized tariff, but there are certain other subsidies there. Right. So this INR 4.50 unit is also cheaper than our Punjab plan then, right? Am I right? That's true. That's true. Got it. The second question being, is it a fair assumption to assume that INR 51 crores of revenue is what we have reported from the Sanathan Polycot plant or the new plant, basically? Is this correct? It is approximately 65 crores. Sure. And then what would be the incentive contribution or portion out of this revenue? Because we were also eligible for incentive in this Punjab plant as well. Yes. There is a process there for that, which we have run through the process. So the final approval is there, and then it all kicks in. So all the incentives will kick in post the approval of that, which will be very shortly done. No incentives have been recorded on account of the Punjab plant in the September 25 result? Nothing we have recorded on that as yet. Sir, these incentives are GST-linked, right? Or is it a PLI basis? Come again, Harsh? So these incentives are a part of a fixed capital investment which the Punjab government offers, or is it? That's right. That's right. It's part of a fixed capital investment which we have submitted. They have approved that. There is a two-layered approval there, which we have gone through both the layers of approval. It's just the final certification that is left, which shortly we should be through with it. Very clear, sir. Last question being, sir, what is our maintenance CapEx? What we incur annually? What is the? Maintenance CapEx, the upkeep CapEx for our plant? For the new plant, it's very, very low because most of the equipment are under longer warranty, and there are all the latest equipment, so I don't see for the next two or three years a very substantial amount being spent on maintenance. Okay. Thank you very much, sir. Thank you. Thank you. Thank you, Harsh. Thank you. The next question is from the line of Nikita Mehta, an individual investor. Please go ahead. Good evening, sir, and congratulations for a good set of numbers. I have a couple of questions, so my first question is, what was the capacity commissioned at the Punjab facility during Q2, and when is the phase one expected to be fully operational? Yes. Nikita, we are running at 350 tons a day. By the 15th of the month of November, we will be at about 470-480 tons a day. And going forward in December, we will move up to about 600 tons. And around the 10th of January, we should be at the peak capacity of 700 tons a day. Okay. Okay, sir. And sir, is the Madhya Pradesh plan being developed as brownfield expansion or a greenfield project? It's a greenfield expansion. Okay. Okay, sir. And are the operations running smoothly in Punjab, or are there any hiccups that we should be aware about? No. It's absolutely smooth in terms of the power stability, in terms of labor availability, in terms of the water availability, or in terms of, in general, running of the plant. We have not seen any hiccups, and we don't anticipate anything coming at this moment in time. Okay. Okay, sir. And sir, of the capacity, which is already commissioned in Punjab, so what is the current utilization? See, the polymerization, we are running at 350. We are running flat out on that at 350. The spinning is also flat out. The downstream texturizing, maybe we still need to pick up about a few percentage points on the efficiency there. But barring that, everything is up and running fully. Okay. Okay, sir. That answers my question. Thank you so much, and all the best for the future. Thank you, Nikita. Thank you. The next question is from the line of Satyajit from Malhotra Family Office. Please go ahead. Hello, sir. Just a few questions. First, what was the average realization per ton during Q2? Satyajit, the average realization for polyester in Q2 we got was about INR 110.75, close to that. And for cotton, we got about INR 380.90. For yarns, for technical textiles, we got close to INR 114. On a consolidated basis, at a company level, we got about INR 125. Okay. Nice. Nice. And just one thing, is the revenue per ton consistent across Punjab and Silvassa, or does it vary between the two locations? At this moment, it's the same, but going forward over the next two quarters, we will see the difference because Punjab will have a higher per ton margin compared to Silvassa, mainly because of the OpEx and the logistics advantage that we have there. Were any commissioning costs deferred or expected to spill over into Q3 something? Yes. Partly, yes. Because when we move from 350 to 700, a few spinning lines will be commissioned. A few machines will be commissioned. So yes, we will see a cost, but it will not be as large as what we experience now. We expect, if you ask me a number, I would put it between INR 3-INR 4 crores. Okay. And has the PTA MEG raw material supplier lock-in begun, or are we just continuing to source from Silvassa itself? No. We are buying our entire raw material from the Indian Oil Refinery at Panipat. As I mentioned in my earlier call, we have a 15-year arrangement with them for supply of the entire raw material from Panipat. So as I said, we have created that ecosystem there where the raw material is also local, where the manufacturing is local, and the supply is also local. Great. Great. And any recent tariff changes impacted our business? Just to add one more thing to that, earlier till now, we were buying all our packing material from Silvassa and sending it there. But we have got the suppliers from here to set up factories there, which will be operational in this month. So our packing material also will be a local source going forward. Okay. Great. Nice. And any recent tariff changes which have impacted our business directly or maybe indirectly? You are talking about the Trump tariffs? Yes. No. As I mentioned earlier, it directly did not affect us because we didn't have a very large exposure to the United States. But indirect, yes, our customers were there who were impacted. Not as large as the cotton customers were impacted, but they were impacted. But as I said earlier, we have maneuvered and pivoted to other customers who are more local-based. So we have pivoted in a way that our material is well placed in spite of all this. Okay. And just one last question. Is the FY26 EBITDA and PAT margin guidance still on track? And if not, what is the revised outlook? No. Our FY26 top line, as we said, revenue would be around INR 4,100-4,200 crores, and we will be close to a double-digit EBITDA, as mentioned earlier. FY27, we'll be close to INR 6,000 crores, where we are looking at an EBITDA of 11%. And FY28, we should be at INR 7,300-7,400 crores. North of 12% is what we aim to do there. That still stands as we had said earlier. Great. Thank you so much. All my questions are answered. Thank you so much. Thank you. All the best. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next follow-up question is from the line of Harsh Mittal from Emkay Global. Please go ahead. Thank you for the follow-up. Paresh sir, I have just one small question. I wanted an update on the technical textile expansion, which we plan to do in the Sanathan Polycot plant, probably. I think it was in FY27 or so. So any update on that, sir? Yes. The update on that, as we mentioned earlier, that this was part of the expansion that we were doing at Punjab. It was all a part of that. The only difference is we have moved that to textiles. Which is Technical Textiles? Technical textiles will be done in Sanathan Textiles, not the Polycot. The reason for that is that we have our backward integration there at Silvassa. Silvasa. Right. We will be doing it here. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Thank you. Sir, I have one small question. What is the indirect exposure? I mean, what percentage of your revenue would be indirect exposure? And whether you are getting the same realization as used to get from these customers who have exposure to you? Yes. See, as I mentioned earlier, we have estimated in our own estimate, it tells us that our indirect exports is when our customers who buy from us, they export their product, is close to 25%. Out of that, only about 5%-6% is to the United States. But even to take care of that, we have pivoted in a way that we have moved aside here and there to customers who are more local-based. So we are able to place our material fully, and we don't have any risk as far as the tariffs are concerned. I mean, your business has not been impacted. No. It has not been impacted, and the proof of the pudding is that compared to Q1, our Q2 gross margins have been marginally better compared to Q1. Yes, sir. Yes, sir. And you don't foresee any challenges going forward because of these tariffs? No. We don't see any challenges as far as that is concerned. Okay, sir. Okay, sir. Thank you, sir. That's all. Thank you. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Paresh Dattani, sir, for closing comments. Thank you, and over to you, sir. Thank you. I would like to express my sincere appreciation to the entire team at Sanathan Textiles and Sanathan Polycot across our Silvassa and Punjab facilities for their unwavering commitment and tireless efforts. Their dedication continues to strengthen our foundation and drive our progress. I would also like to thank all our stakeholders for the enduring trust, partnership, and belief in the long-term vision. With our strategic capacities now in place, operational excellence at the core, and a disciplined financial approach, we remain confident in delivering sustainable growth and creating lasting value. Sanathan Textiles stands well positioned for the next phase of its journey, one defined by innovation, scale, and resilience. And we often remind ourselves, growth is not just about expansion, but about building strength that endures through every cycle. And we believe and sincerely believe in that. Thank you very much. Thank you. On behalf of Sanathan Textiles, that concludes this conference. Thank you for joining us today. You may now disconnect your lines.