Ladies and gentlemen, good day and welcome to Q1 and FY 2027 earnings conference call of Sanathan Textiles Limited. As a reminder, all participant line 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. I now hand the conference over to Mr. Jude D'souza. Thank you, and over to you, sir. Good evening, ladies and gentlemen. It is my privilege to welcome you all to the earnings conference call of Sanathan Textiles Limited for the first quarter of financial year 2026/2027. Before we begin, I would like to remind everyone that certain statements made during this call, including comments on our outlook, expectations, future plans, capacity expansion, and business strategy may be forward-looking in nature. These statements are based on management's current assumptions and assessments and are subject to various risks and uncertainties. Actual results may therefore differ materially from those expressed or implied during the discussion. Joining us today are Mr. Paresh Dattani, the Chairman and Managing Director, Mr. Sammir Dattani, the Executive Director, and Mr. Sanjay Shah, our Chief Financial Officer. The results, the press release, and the investor presentation for the quarter have already been uploaded on the stock exchange. The call is being recorded and a transcript of the discussion will be made available on the website of the stock exchange and the company. I would now like to invite Mr. Paresh Dattani, our Chairman and Managing Director, to share his opening remarks. Thank you, Jude, and a very good evening to everyone joining us today. The first quarter of FY 2027 was by any measure, an unusual one for the global yarn industry. It was a quarter defined less by demand and more by price. Geopolitical tensions in West Asia disrupted the PTA and energy feedstock markets and the polyester yarn prices moved up sharply as a result of this. Cotton moved in the same direction, but for entirely separate reasons, firmer spot raw cotton and disruption to manufacturing capacity globally. The rise in cotton was steep enough that the government stepped in and temporarily waived the 11% custom duty on raw cotton imports with effect from June 1st, 2026 to ease input pressure across the value chain. When two independent raw material chains rally at the same time and at that speed, the downstream reaction is fairly predictable. Buyers waited. They deferred purchases in anticipation of a correction, and the industry operating rates moderated through the first two months of the quarter. Encouragingly, conditions began to normalize from June, with demand and utilization showing early signs of recovery as the quarter closed. Against that backdrop, I would describe our quarter as one of the steady operating performance. Our standalone results, anchored by the Silvassa plant, improved both sequentially and year-on-year, with standalone EBITDA rising 35.52% year-on-year. That outcome was underpinned by disciplined and strategic raw material procurement and by a deliberate diversification across natural and manmade fibers, which allowed us to manage input cost volatility far more effectively than would otherwise have been possible. At the consolidated level, performance benefited further from the steady scale-up in the utilization at our Punjab facility. I want to make one point here that I think matters more than any single number. Both our facilities operated seamlessly and without operation through a period of significant global and local supply chain disruption. In a quarter where raw material availability was genuinely uncertain, that continuity is a direct testament to the resilience of our operations and to the strength of the supplier relationships we have built over the decades. Consolidated revenue grew 79.08% on account of higher selling price, consolidated EBITDA grew 55.38% from INR 69.56 crore to INR 108.08 crore, which was driven by better spreads across our businesses, while PAT today INR 23.8 crore. In the June quarter last year, the Punjab facility was still under construction. There was no depreciation on it, and the interest was being capitalized, not charged to the profit and loss account. Today, that plant is commissioned and running, the full charge has come into the P&L. Depreciation rose from INR 11.7 crore to INR 34.7 crore, and the finance cost from INR 4.62 crore to INR 38.6 crore. That difference is the entire story. I will also point out that sequentially consolidated profit after tax is up 10.4% over the March quarter, and our standalone profit after tax is up INR 37.6 crore year-on-year to INR 64.95 crore. We continue to make progress across our yarn businesses. We have recently completed the installation of the plant and machinery for the expansion of our technical textile capacity at Silvassa, taking the installed capacity from 9,000 metric tons per annum to 18,000 metric tons per annum. The commencement of commercial production is expected very shortly and will be announced in due course. I would also like to call out that at Punjab, our polymerization capacity is at 700 metric tons per day, and we have achieved the capacity utilization for the quarter at about 80%. We are also progressing on the renewable energy front through our captive arrangement of 32 MW of hybrid wind solar power, which will be commissioned in phases and expected to deliver a meaningful reduction of our power costs as it comes online. The global geopolitical environment remains fluid, and the full impact on demand, logistics, energy prices, and supply chains continues to be difficult to assess with any precision. We therefore continue to operate with strategic caution, disciplined execution, and prudent capital allocation whilst staying firmly focused on our long-term growth opportunities. Our near-term focus remains squarely on strengthening operational efficiency and margins across all three business verticals. I will now hand over to Sammir to walk you through the operational performance. Thank you. Thank you, Chairman. Good evening to everyone. I will briefly take you through the operational performance across our manufacturing facilities for the quarter. The most significant operational milestone for us for the Q1 was the full operationalization of Punjab. Our attention currently is focused on operational efficiency, better capacity utilization, and product optimization in the coming quarters. Our Q1 capacity utilization in Punjab was around 80%, and we are targeting a much higher utilization for Q2. At a consolidated level, we sold 1 lakh metric tons of yarn. From this, 54,000 metric tons was sold from the Silvassa facility across all three yarn verticals, and approximately 46,000 tons were sold from the Punjab facility. Due to the West Asia war, raw materials saw a lot of volatility right across the petrochemical chain, including PTA and MEG. Both our input cost increased sharply. Also the supply chain cost increased proportionately. Despite that, we sustained stable raw material availability throughout the quarter through disciplined procurement, timely imports at Silvassa, and strong supplier relationships at Punjab. As the Chairman mentioned, neither facility lost a day of production due to raw material availability. The cotton side, yarn prices rose sharply on the back of firmer raw cotton and global capacity disruptions. Encouragingly, demand held up well despite the price escalation, which speaks to the underlying strength of the product. Raw cotton pricing and availability remains a key monitorable factor for the coming season, particularly given the ongoing global disruption emerging from climate-related risk. On our part, we continue to navigate this through calibrated procurement and disciplined inventory management. In April and May, due to the unprecedented conditions, we saw a sharp rise. Also high volatility in PTA prices, MEG prices, and raw cotton prices. The passthrough happened with a slight delay as customers deferred purchases waiting for stability through the constant price volatility. Over a reasonable period, the industry does adjust prices in line with the raw material movement, that is a consistent time-tested pattern, which we began to see towards the close of the quarter. The demand side, we remain confident in the long-term structural drivers supporting the domestic yarn consumption. The ongoing consumer shift towards versatile man-made fibers continue to provide a solid foundation for sustained demand expansion. Progress on the free trade agreements and the broader realignment of supply chain continues to strengthen India's competitive position as a hub for textile manufacturing. Overall, our operational priority for the rest of FY 2027 is to improve our production efficiency and capacity utilization To improve and tweak our product optimization, especially at Punjab, and bring the expanded technical textiles capacity at Silvassa into commercial production, along with deepening customer relationships across both markets and ensuring that our expanded manufacturing base contributes meaningfully to the sustainable growth. I will now hand over to Mr. Sanjay Shah to take you through the financial performance. Thank you, Sammir, and good evening, everyone. I will briefly take you through the financial performance for the quarter ended June 30th, 2026. On a standalone basis, revenue from operations for Q1 FY 2027 stood at INR 813.13 crores, compared to INR 752.82 crores in Q4 FY 2026, and INR 749.88 crores in Q1 FY 2026, a growth of 8.01% sequentially and 8.43% year-on-year. Standalone EBITDA for the quarter stood at INR 94.93 crores compared to INR 82.48 crores in Q4 FY 2026 and INR 70.05 crores in Q1 FY 2026, representing a growth of 15.10% quarter-on-quarter and 35.52% year-on-year. EBITDA margin improved to 11.67% against 10.96% in Q4 FY 2026 and 9.34% in Q1 FY 2026, an expansion of 72 basis points sequentially and 233 basis points year-on-year. This improvement was supported by disciplined raw material procurement, a favorable product mix, and sustained utilization at the Silvassa facility. Standalone profit after tax for the quarter stood at INR 64.95 crores compared to INR 55.99 crores in Q4 FY 2026 and INR 47.19 crores in Q1 FY 2026, representing a growth of 16% quarter-on-quarter and 37.64% year-on-year. PAT margin stood at 7.99%. Basic earnings per share for the quarter, not annualized, was INR 7.7. On a consolidated basis, revenue from operations for Q1 FY 2027 stood at INR 1,334.74 crores compared to INR 1,169.18 crores in Q4 FY 2026 and INR 745.34 crores in Q1 FY 2026, a growth of 14.16% sequentially and 79.08% year-on-year. Consolidated EBITDA for the quarter stood at INR 108.08 crores compared to INR 94.43 crores in Q4 FY 2026 and INR 69.56 crores in Q1 FY 2026, representing a growth of 14.46% quarter-on-quarter and 55.38% year-on-year. Consolidated EBITDA margin stood at 8.10%, broadly stable sequentially against 8.08% in Q4 FY 2026 and against 9.33% in Q1 FY 2026. Consolidated profit after tax for the quarter stood at INR 23.82 crores compared to INR 21.57 crores in Q4 FY 2026 and INR 40.43 crores in Q1 FY 2026. PAT margin stood at 1.78%. Basic earnings per share not annualized was INR 2.82. The company continues to maintain a disciplined approach towards capital allocation, financial management, working capital discipline, and operational efficiency. With improved demand visibility as conditions normalize, the full quarter contribution from a stabilized Punjab operation, the technical textile expansion at Silvassa, moving towards commercial production and the phased benefit of our renewable power arrangement. We believe the balance of FY 2027 should progressively reflect the enhanced potential of our expanded manufacturing base. We are now open for questions and answers. Thank you so much. Ladies and gentlemen, we will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove 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. Our first question come from the line of Sagar Tanna with Alchemie Ventures. Please go ahead. Hi, sir. If I understood the numbers correctly, we did INR 500 crores from Punjab and it would have translated into a INR 24 crore-INR 25 crore EBITDA from Punjab. Is my understanding correct? Yes. The revenues were close to INR 550 crores and the EBITDA was close to INR 12 odd crores. INR 12 odd crores. Right. To reach our desired EBITDA margin of 11%-12%, at what scale of revenues do you think we can hit that margin? Can you repeat that, please? To reach our desired EBITDA margin from Punjab at 11%-12%, what scale of revenues do you think we can hit that and by when do you think we can hit that scale of revenue? To reach our number of 11%-12%, you're talking about in terms of EBITDA percentage. I would like to emphasize here that let us look at EBITDA per ton, because if you look at last year's numbers, when you're looking at the consolidated EBITDA, it's lower than last year only because of the price rise. Let us look at EBITDA per ton, we are targeting Punjab to give us next year at about close to INR 30,000 per ton. What would be the EBITDA per ton in Silvassa currently, sir? No, in terms of- PFY segment. Yeah. EBITDA per ton, that's right. We have done, let's say, about last year, if I look at the entire year, we have done about 11,000 and odd per ton at Silvassa. Got it. Thank you so much. Thank you. Our next question comes from the line of Charchit Maloo with Genuity Capital. Please go ahead. Hi, sir. Thanks a lot for the opportunity. Just few quick questions. Sir, what was the revenues on the technical textiles in Q1, and what was the utilization? The revenues were close to INR 33 crores, approximately. The utilization was about 94%. 94. We are at max. The 18,000 capacity that we have installed, the number will start changing Q2 onwards, right? No. See, till the last year, till the June quarter, we had 9,000 tons per annum. We are commissioning the second phase now very shortly. We have installed the equipment. It's in the process of commissioning. We'll commission very shortly. This year, out of the 9,000 addition, we should do about 7,500 tons additional over last year's capacity. Understood. Okay. Sir, next question is on the Punjab facility. The phase II that we are targeting to start from FY 2028, so we are still intact on the guidance? Yeah, that is intact. We are on course with that. Coming first quarter next year, we will be fully commissioned with the second phase also. What we are at 700 tons per day today, we aim to be at 900 tons per day by then. This FY 2027, this 700 will be utilized at full capacity, that like I said, 90%? Yeah. FY 2027. FY 2028 to FY 2027? FY 2027. I am talking about phase I. Yeah, phase I, we are today utilization about 80%. In the coming quarter, we aim to be between 85% and 90%, and the quarter after that, we will be at full utilization of 95%, 96%. Understood, sir. The phase II that we are operating from Q1, at what pace we will expand that? That, the next 200 tons per day, we will get at an average because we will be commissioning in a phased manner and ramping up in a phased manner. We will get about a quarter and a half to two quarters before we come to full capacity of the second phase also. Understood, sir. Just a quick question on inventory side. What is the status of our inventory like? Do we have bought the inventory for the coming quarters or we are planning for coming weeks or so on? No. Can you repeat that again, please? I couldn't follow you. Just wanted to know the status on the inventory side. You want the raw material inventory, you're talking about? Yeah. What we are holding as on today or at the end of the quarter? As of today and quarter as well. Yeah. At the end of the quarter, we were holding about, let's say about eight, nine days of inventory. 10 days max. Understood, sir. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Our next question comes from the line of Raman KV with Sequent Investments. Please go ahead. Hello, sir. Can you hear me? Yeah, we can hear you. Go ahead. Sir, on the margin front, you mentioned that you're targeting EBITDA per ton of INR 30,000 from your Punjab facility, whereas your Silvassa facility is doing around INR 11,000 per ton. Why is there so much gap between the EBITDA per ton when we compare to both the facility? No. When we said INR 30,000 + at Punjab for the next year, we are talking it's only the filament yarn, only the polyester side. When we are looking at about INR 11,000 at what we are doing at Silvassa is a consolidated between polyester as well as cotton and technical yarns. Understood, sir. Sir, with respect to the cotton plant which you are planning for a greenfield cotton plant at MP, can you give any idea with respect to how much CapEx are you planning? Yeah. We are trying to put in about INR 400 crores of CapEx there at MP to install that 72,500 spindles of cotton yarn. How much asset turn are we expecting? We are expecting an asset turn of about 0.8, 0.85. Okay, it will be around INR 350 crores of incremental revenue. Yeah, about INR 350 crores-INR 375 crores of incremental revenue. Understood, sir. Sir, also with respect to the spreads, can you talk about the polyester and cotton spreads for the quarter and how was it on a sequential quarter basis? You are asking about the spreads on quarter wise, you're talking about? Yeah. How was the spreads movement from Q4 to Q1? Q4 to Q1? Yes. Oh, it has improved. The spreads have improved across divisions, all three verticals. Can you give the figure? Individually, I don't have the figures individually, if you ask me. Okay, understood, sir. Sir, with respect to inventory on polyester yarn side, how many days of inventory are we holding with respect to polyester yarn as well as cotton? On the polyester side, we normally look at a normal run rate of holding inventory at about 10-12 days. Today, we are at about 12-13 days of inventory at both the sites. On the cotton side, we normally aim to hold about seven days in finished inventory. That's what we are holding at about. Oh, understood, sir. Thank you. Thank you. Thank you. Our next question comes from the line of Parth Sodha with Trinetra Asset Managers. Please go ahead. Yeah, sir. [Non-English content]. First of all, good evening, and thank you for the opportunity. My question is, how do you see demand in July and August after the June recovery? You are asking for the demand? Yes. Yeah. For July, August, September quarter, we are expecting a better demand, particularly going onwards from the end of August till the end of September, yes. You had guided for FY 2027 EBITDA of more than INR 500 crores after reporting INR 108 crores in Q1. Are you maintaining this guidance or? We are maintaining the guidance of EBITDA between about INR 520 crores - INR 540 crores. Okay, got it. That's all from my side. Thank you. Thank you. Our next question comes from the line of Amit Kumar with Determined Investments. Please go ahead. Yeah. Hi. Thank you so much for the opportunity. Can you hear me? Yeah, we can hear you. Go ahead. Okay. Sir, the PTA, MEG, the raw materials which are there, what is the availability situation right now? Availability situation is the same. As a country, we still import about 2 million tons of PTA per annum, which we expected it to be reduced, but due to the late commissioning of the GAIL facility, which now they are commissioning in the current quarter, that will reduce the dependence on import. Once IOCL at Paradip comes along towards the end of the year, I think the import will be drastically reduced over there. All right. Sir, have you tied up with any of them in terms of any sort of long-term contracts or how does it work? As far as we are concerned, today's thing, we get all our raw material from the IOCL Panipat plant at Punjab. For Silvassa, we are 60% on imported PTA and 40% on domestic PTA. 40% domestic PTA we have contracted, and even 60%, we have short-term contracts which we keep renewing. Understood. That's what I'm asking. Once GAIL and IOCL basically come in, whenever that happens, have you contracted anything with them also? Yeah, we are already in contract and we already in talks with them. Once they come into production, how to get more material from them and what terms and what contractual terms. We already in talks with them. Not fixed yet. You are still in discussion, basically. No, we cannot finalize that today because they have still not got into production. We cannot bank on that and do our planning accordingly. It's a rollover from imported to domestic PTA, which we will have to do in a phased manner. Okay, understood. That's it from my end. Thank you. Thank you. Reminder to all the participants, if you wish to ask a question, you may press star and one. As there are no further questions from the participants, I would like to hand the conference over to Mr. Paresh Dattani for closing comments. Thank you, and over to you, sir. Thank you all once again for joining us this evening. As we look at the balance of FY 2027, our confidence continues to be anchored around three pillars. First, operational resilience. This quarter was a quarter that tested supply chains across the industry, and both our facilities ran without interruption. This is not an accident. It is the outcome of procurement discipline, supplier relationships, and an integrated manufacturing model built over decades. Second, an improving demand environment. The deferral of purchases we saw through April and May was a reaction to price, not to underlying consumption. Conditions began normalizing from June, and the structural drivers, the shift towards manmade fibers, supportive trade agreements, and increasing global sourcing diversification towards India remains firmly intact. Third, a clear and scalable growth roadmap. With phase I of Punjab fully ramped up, the technical textile expansion at Silvassa installed and moving towards commercial production, visibility on phase II in Punjab and a proposed cotton yarn expansion in MP, we believe we are well-positioned to create long-term sustainable value. Our focus continues to remain on operational excellence and margin improvement across all three verticals, prudent capital allocation, product diversification and value addition, and building a resilient, integrated, and diversified yarn manufacturing platform. I would like to sincerely thank all our employees across all locations for the commitment through a demanding quarter. I also extend my gratitude to our shareholders, customers, lenders, and business partners for their continuous trust and support. Thank you for your participation today. Thanks. Thank you so much, sir. Ladies and gentlemen, on behalf of Sanathan Textiles Limited, that concludes today's conference. Thank you for joining us, and you may now disconnect your lines.