Ladies and gentlemen, good day and welcome to Q2 FY27 earnings conference call of Sanathan Textiles. 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 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jude D'Souza from Sanathan Textiles Limited. 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 2nd quarter of financial year 26-27 ended September 30th, 2026. Before we begin, I would like to remind everyone that certain statements made during this call, including comments on 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, the Chief Financial Officer. The results, the press release, and the investor presentation for the quarter has 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, the Chairman and Managing Director, to share his opening remarks. Thank you, Jude, and a very good evening to everyone joining us today. When we spoke to you in the last call, The first quarter of FY27 had unfolded against a backdrop of significant global volatility. Driven largely by the conflict in West Asia and its effect on energy and raw material markets. injector. In that environment, our priorities were clear. Secure raw material supplies. Place our offerings with customers and keep our plants running without disruption and at high efficiency. The second quarter, built on that groundwork, As raw material and product prices stabilized, customers who had deferred purchases during the uncertainty of Q1 returned to normal buying patterns. Domestic demand for our products stayed strong throughout the period. Our performance this quarter was driven primarily by the continued ramping up of our Punjab facility. Which is now contributing meaningfully, meaningfully to volumes. Along with higher capacity utilizations across our operations. Consolidated sale volumes rose to 1.22 lakh metric tons from 96,000 metric tons in the first quarter. As a result, consolidated revenue from operations grew 35.16% quarter on quarter to 1,805 crore. crores. Driven by the ramp-up at Punjab and higher selling prices. Consolidated EBITDA rose 43.2% sequentially. And 144.94% year on year. to 155 crore. With higher volumes in Punjab, our fixed costs were absorbed over a larger base and a better realization supported our margins. One measure we track closely is EBITDA per ton. It tells us how efficiently we turn every ton that we produce into earnings. And the more we optimize it the stronger our profitability becomes. At a consolidated level, EBITDA per ton rose 13% over the last quarter to ₹12,725 per ton. I want to come back to a point I made on the last call. In quarter 1, the full depreciation and interest on the Punjab plant came into the P&L for the first time. And that absorbed most of our EBITDA growth. This quarter, depreciation and finance costs together rose only by about ₹5 crores. Equally, while consolidated EBITDA rose by about ₹47 crore quarter on quarter. Further, I am happy to inform that this quarter our Punjab plant has become PAT positive. Due to which the consolidated profit after tax more than doubled, rising 157% quarter on quarter to ₹61 crores. And 204% year on year. As Punjab scales up, the operating leverage of our expanded base is starting to show in the bottom line. At the standalone level, Revenue grew 22% sequentially to ₹992 crores. On the back of higher selling prices. Standalone EBITDA stood at ₹84 crores. As raw material costs rose and spreads normalized. But higher than the same quarter last year, supported by strong demand and better spreads. Our disciplined approach to raw material procurement and our presence across polyester, cotton, and technical textiles continue to serve us well. I'm also pleased to share that our expanded technical textiles capacity at Silvassa commenced production on August 20th, 2026. Doubling our installed capacity from 9,000 metric tons per annum to 18,000 metric tons per annum. This strengthens our presence in a higher value-added segment and adds a further lever for margin improvement. The global environment remains fluid. And we continue to operate with strategic caution. Disciplined execution. And prudent capital allocation. We remain focused on further improving efficiency and expanding our capacity. With the aim of sustaining this momentum while keeping a sharp focus on margins. I will now hand over to Samir to walk you through the operational performance. Thank you. Thank you, Chairman, and good evening, everyone. I will briefly take you through the operational performance across our manufacturing facilities for the quarter. The headline for the quarter is volume. At a consolidated level, we produced about 1.15 lakh metric tons and sold about 1.22 lakh metric tons of yarn. This was driven by growing demand, better capacity utilization, and a rising share of business with our customers. Of the volume sold, approximately 58,000 metric tons of sale came from Silvassa and 64,000 metric tons of sale from the Punjab facility. Sales ran ahead of production as customers returned to normal buying patterns after deferring purchases in Q1. At Punjab, Phase 1 is now fully operational, which marks an important milestone in the company's journey. Building on this, our focus during the quarter was on efficiency, product optimization, and value addition. Our polymerization capacity at Punjab is currently at 700 metric tons per day, and average capacity utilization for the quarter was about 90%. This stronger operational performance at Punjab was the main driver of the improvement in consolidated EBITDA. EBITDA per tonne, one of the key measures of our operating efficiency, stood at ₹12,725 at the consolidated level. On raw materials, the volatility we saw across PTA, MEG, and raw cotton in April and May eased during this quarter as prices stabilized. As we said on our last call, the industry adjusts prices in line with raw material movement over a reasonable period of time. That pass-through played out during this quarter, and it is reflected in our higher realizations. We maintained stable raw material availability at both facilities through disciplined procurement and strong supplier relationships. We remain confident in the long-term structural drivers supporting the demand and yarn consumption across sectors. The ongoing consumer shift towards man-made fiber continues to provide a solid foundation for demand, and the broader realignment of global supply chains continue to strengthen India's position as a textile manufacturing hub. For the rest of FY27, our operational priorities are clear: to keep improving efficiency and product mix at Punjab, to deepen our customer relationships, and to make sure our expanded manufacturing base meets growing demand while delivering sustainable, profitable growth. I will now hand over to Mr. Sanjay Shah to take you through the financial performance. Thank you, Samir, and good evening everyone. I will briefly take you through the financial performance for the quarter ended September 30th, 2026. On a standalone basis, revenue from operations for Q2 FY27 stood at ₹992 crores compared to ₹813 crores in Q1 FY27. And ₹767 crores in Q2 FY26, a growth of 22% sequentially and 29% year on year, primarily on account of higher selling prices. The second quarter saw condition normalize after an unusually volatile Q1. Raw material and product prices stabilized from the elevated levels of the first quarter. Towards more normal levels. Demand stayed strong through the period. Standalone sales volume rose to 58,000 metric tons from 52,000 metric tons in Q1. Against this backdrop, standalone EBITDA for the quarter stood at ₹84 crores. A growth of 17.7% over ₹71 crores in Q2 FY26, as spreads expanded year on year. Compared with ₹95 crores in Q1 FY27, EBITDA was 11.7% lower, reflecting the normalization of spreads and higher operating expenses. On a consolidated basis, revenue from operations for Q2 FY27 stood at ₹1,804 crores compared to ₹1,335 crores in Q1 FY27. and ₹818 crores in Q2 FY26. That is a growth of 35% sequentially and over 120% year on year. The growth came from 3 factors working together: higher volumes, with consolidated sales rising to 1.22 lakh metric tons from 96,000 metric tons in Q1 as the Punjab facility ramped up, strong demand as customers returned to normal buying patterns, and better selling prices. Consolidated EBITDA for the quarter stood at ₹154 crores compared to ₹108 crores in Q1 FY27 and ₹63 crores in Q2 FY26. A growth of 43% quarter on quarter and 144% year on year, driven by the operating performance of the Punjab facility. Depreciation for the quarter was ₹36.6 crore and finance cost ₹42 crore against ₹34.7 crore and ₹38.6 crore respectively in Q1 FY27. With these charges now largely stable, the bulk of the EBITDA improvement flowed through the profit. Consolidated profit after tax for the quarter stood at ₹61 crores compared to ₹24 crores in Q1 FY27 and ₹20 crores in Q2 FY26, a growth of 157% quarter on quarter and 204% year on year. PAT margin improved to 3.4% from 1.8% in Q1 FY27. Basic earnings per share, not annualized, were ₹7.3 against ₹2.8 in Q1 FY27. The company continues to maintain a disciplined approach toward capital allocation, balance sheet management, working capital, and operational efficiency. With Punjab now contributing meaningfully to volumes and profitability, we believe the second half of FY27 should continue to reflect the potential of our expanded manufacturing base. We are now open for question and answers. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star and 1 on the touchtone telephone. If you wish to remove yourself from question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Harsh Mittal from Emkay Global Financial Services. Please go ahead. current demand environment shaping up, sir, uh, both on in the domestic front as well as on the export markets? This is the first question. Uh, good evening, Harsh. The demand on the domestic front is, uh, very good. The only difference is it's a little wavered in terms of movement. And couple of months it's really high, a couple of months it's a little slow. But if you look at an annualized basis, the demand is there. And we are seeing that downstream growth is also there. Understood. Uh, the second question is on the yarn spreads. So we have seen of lately in October there has been sharp rise in the crude prices, uh, and eventually the ETA prices also rose. So has the polyester yarn prices correspondingly risen or How has it been, uh, the spreads in Q2 average versus, uh, the October spreads? Yeah, uh, October, the PTA prices did go up, but, uh, the prices before we were on to— now we were on the process of passing on. Yes, so good evening to the team. Uh, thank you for the opportunity. I have a few questions. Uh, the first question, uh, is how is the Now you can see the crude coming down. So it's a little hazy and a little wayward, uh, for the month of October. I feel so. Understood. Last question from my end, uh, when can we expect the commissioning of the second phase of the Punjab plant, that is 250 TPD? Uh, we— the second— the first portion of the, uh, second phase of Punjab will commission by the— by December, sometime in December. Okay, so you can say we can get the full thing, uh, at least a part of that full thing in the last quarter of the year. Understood. And the wrap-up of that same would be in a month. By, by, uh, June, July, we should be able to finish that entire ramping up to 900 tons per day. Understood. Thank you, sir. Thank you. These are my questions, and I'm wishing you a happy Diwali to each and every member of the family. Thank you. Thank you. Wish you the same. Thank you. The next question is from the line of Aradhana Jain from 361 Capital. Please go ahead. Hi, thank you for the opportunity. Am I audible? Yes, you are. Good evening. Uh, good evening, sir. Congratulations on a very good quarter. Couple of questions first. So while I understand that we need to track your EBITDA per ton, and that's the right metric to see the, uh, you know, the way the company has grown. But I just wanted to understand a little more on the gross margin side. Uh, the way I used to think about your business was to see the polyester filament line spreads and to map it to your gross margins. That whenever there is an improvement in the spreads, it should somewhere also reflect in the margins. But while the spreads have improved in the second quarter, I don't see that, uh, you know, reflecting in your gross margin. So what has been the reason why our sequentially as well as YOY gross margins have declined? That's my question. So gross margin in absolute terms have bettered as far as consolidated results are concerned, but if you measure it as a percentage, since the selling price has increased, the base has increased. However, the spreads are more or less in kgs or in tons, so as a percentage they seem to be lower, but overall gross have increased in absolute terms. Okay, understood. And see, now since a couple of days crude has again started correcting. If crude again corrects How long does it take for us to, you know, revise our prices back to the lower levels, or does it happen with a lag? In terms of realization, it typically takes us about, uh, 2 weeks to pass it on. And that's what we intend to keep doing. Understood. And so second question is on technical textiles. While that came in only in 2Q, so I'm not assuming that a lot of the contribution would have flown in 2Q, but in 3Q and 4Q, what sort of, uh, you know, EBITDA per kg can we expect from, uh, technical textile part? And in the next year, do you expect the overall contribution of technical textiles from EBITDA per kg perspective to, you know, improve significantly because of the doubling of capacity? And better utilization levels. Uh, first, yes, we commissioned in August, uh, 20th of August, as I mentioned earlier. Uh, we are fully stabilized on the production and we have placed our material well. In the domestic as well as the export market. Looking good. Typically, the technical textile segment does give us a higher EBITDA per ton, and with the doubling of the capacity, definitely that will have an impact. Under the bus. Understood. And, uh, so what sort of gross debt should we expect by the end of this year and next year? And what is the CapEx that you plan to do in the second half of this year and for the full year next year? 400 crores. Gross debt would be close to 1,350 at the end of the year. Net debt would be close to 1,150. Uh, next year the gross debt should reduce by approximately 120-odd crores. And the CapEx for the current year is close to 200-odd crores, and for the following year it would be close to 400-odd crores. And so for, for next year 400 crores with a bit of expenditure spilling over to FY28-29 also. Ma'am, has that answered your question? Hello. If there is no response from the participant, we'll move to the next. The next question is from the line of Roshan from Antique Stock Broking. Please go ahead. Yeah, thanks for your question and congratulations on good set of numbers. Can you speak a little loudly, please? Yeah, is it better now? Yeah, uh, so, uh, thanks for the opportunity and congratulations on good set of numbers. So when I look at your, uh, stand-alone numbers, the volume number for the last 3 quarters. So you used to do around 60,000-62,000 metric tons. It has fallen to around 57,000-58,000. So for the last 3 quarters, it has consistently to come call down. out? Any specific reason you want Uh, see, a little bit of variation does happen because of the product mix also. So when we change our product mix depending on the demand and depending on the net pack, that does happen. So we cannot absolutely pinpoint to the number of, uh, Uh, the revenue in terms of quarter to quarter on an exact basis, because if product mix changes, the revenue numbers will tweak a little bit, 5% here. Understood. Uh, and is it fair to assume that you might have had benefits of low-cost inventory in this quarter? We, we, uh, did have a low-cost inventory benefit in the previous quarter. Uh, in the last quarter, it was more or less not there. That's why you see the difference in, uh, the EBITDA numbers at Silvassa between Q1 and Q2 is almost about 11% lower. And, uh, the reasons, as Sanjay explained, mainly is one is of course the inventory gain was not there, and the second of course was some expenses. Increment in expenses. Understood. That's helpful. That's all from my side. Thank you so much and Diwali greetings to the management. You too. Thank you. Thank you. The next question is from the line of Tejas Thakkar from TNG Investments. Please go ahead. Thank you for the opportunity and season's greetings to the entire team. Uh, it's a couple of questions. The one is, uh, we've guided for a roughly ₹5,600 crore top line and ₹520 to ₹530 crore EBITDA. Uh, which implies that in, uh, in H2 we will need to do somewhere around 10.2% of EBITDA to reach that number, and we are currently at around 8.3%. So, uh, how do we, you know, uh, how do we— what is going to take us to that additional 1.5-2% considering that from Q3 the base is going to normalize? So we're not going to see these high double-digit growths in the top line. You can just throw some light on that. That's my first question. Uh, see, again, I refer back that you look at EBITDA per ton, not on the percentage basis, because if you see, the selling prices have changed dramatically over the last 2 quarters. So if you're going forward, yes, we had said between ₹520 to ₹550 crores as the EBITDA. And to achieve that, if you don't look at the percentage terms, look at the per ton EBITDA, we will achieve that easily. Okay, uh, and, uh, but that is going to be a function of that, right? So essentially how we will calculate if you reach that number, uh, even if you calculate, uh, by EBITDA per ton, essentially it's going to work out, work down to some EBITDA percentage at the end of the day, right? So that means we are a bit— a bit of tonnage will have to be substantially higher to reach that one way or the other. No, see, EBITDA per ton, uh, more than higher. What is the difference is if you see the Punjab facility, the first quarter, because we were operating at only at about 76-77%. The EBITDA ton was about close to ₹2,500-3,000 a ton only, which is substantially higher this quarter and which will be higher even more in the coming quarters. Okay, uh, so second is that the FDI imports from China, that since they have taken out the, uh, BIS and the quality control Is that— what is the impact on it for us on sales? Or which— is it flooding the market, not flooding the market? Or with the, the recent rise in the yuan price, is it helping us? You can just throw some light on that. Uh, the Chinese operations have been a little hampered over there because of the availability of paraxylene to them. That's one part. The second part is the Chinese domestic as well as their selling prices have been much higher than our domestic prices. So landed Chinese material is today more expensive than domestic material. And if you look at it, since the time BIS has been removed, there's very little imports that has come into the country. So we don't see that happening imports coming in and being a threat to us at all. And is it— is this same scenario maintained in the export markets as well, or are we facing a more tough time in the export market with China? From the Chinese suppliers? No, as a country level, what we have been exporting in the last 2 quarters, I think more or less we have achieved the same numbers. Okay, so just last query, uh, what was utilization for Selvassa in Punjab in Q2 and H1? If you can just share that number. Uh, Silvassa, we have been always operating at about 95%, and we have achieved that, uh, here at Punjab. As I said, the first quarter we operated around 76-77%. This time we are closer to 90%, and we aim that in the next 2 quarters we will be up to about 95-96%, which is what our target efficiency is. Okay. Thank you so much for answering the question, sir. Thank you. Thank you. The next question is from Glanav Dev Mehta from Unique PMS. Please go ahead. Yeah, yes, am I audible? Yeah, you are audible. Yeah, uh, so just wanted to get an insight from you. One of our competitors mentioned that, uh, in European Union, uh, earlier these, uh, countries like Bangladesh and Vietnam used to get, uh, a lot of advantage because of their LDC status. Now that's going away, and with the EUFTA coming in, how are we positioned for the particular trade feed going ahead? And how do we look at the exports? Uh, your information is correct that yes, we were at a disadvantage over Bangladesh in the European Union market. There, uh, with the FTA coming in, yes, we will now be at an advantage in terms of yarn exports also, and more so with the fabric and garment exports. Uh, fair enough. So how do we look at our exports as a percentage of revenue going ahead? Indirectionally, no, uh, if you can this guide. And what are the differential in margins, uh, between domestic and exports? Yeah, as I mentioned a lot of times earlier, at Silvassa, uh, we primarily, uh, have been doing exports ranging between 4 to 5% on the lower side and as high as 16-17% on the higher side. And the only reason for this swing is the better netbacks. If you get better netbacks locally, we switch more to local. If you get better netbacks there, we go. Looking at the— your question on the FTA, I feel with the FTA coming in, yes, exports from Silvassa will definitely move up to double digits in the coming months. Uh, fair enough. And what would be the difference in the margins? Do we get higher margins in exports, or, or are they similar with our domestic margins? It's, it's, uh, it's a rotational thing I have seen because yes, the margins will be better once the duty component goes there. Our netbacks will improve. On the exports, then the industry improves on the export percentage and more material is shipped out, then local margins correspondingly post that also increase. So it's a It's a thing that goes on quarter-to-quarter basis, but yes, overall that will impact the export margins also, and also sequentially on that impact will also come on the domestic margins. Fair enough. And just a final question, uh, now approximately 5 million tons of PTA capacities are being added— IOCL, GAIL, and Reliance. Uh, if we accumulate all 3 of them in, let's say, next 1, 1.5 years. Uh, so just wanted to ask you, what about the finished yarn capacities coming up? Are there any major capacities? Because I believe Reliance has also mentioned a huge capacity, right? So if you can just throw some insights on that. Yeah, uh, you are right, about 5 million tons is increasing between, uh, GAIL, uh, IOCL, and Reliance. Uh, the only difference is you said 1 to 1.5 years. No, GAIL will commission this year, uh, IOCL will commission the first half of second— next year, and Reliance will probably come sometime uh, '28. So it's about 2-year window where all this capacity will be coming into the country. You mean the yarn capacity as, as That ours was the last announced project which was commissioned. Post that, there has been no proper announcement of any capacity addition. And once that is done and once the kickoff date of that project has come, uh, once it kicks off, it takes typically about 2.5 years for that capacity to bring out production. Fair enough. I don't see for the next 2 and a half, 3 anything too substantial to be added to the— so with incremental addition of And the finished yarn capacity, uh, such a huge raw material capacity, ₹2-3 EBITDA per kg savings is per estimate going ahead considering that yarn capacities are not coming. All right. I won't comment on is it a fair estimate or not, but yes, there will be an increase, uh, on the margins due to the lower raw material supply to us. Okay, fair. Thank you. Thank you. Thank you. The next question is from the line of Tanishka Agarwal from Niveshaya Investments. Please go ahead. Hello. Hello, am I audible? Yes, you are audible. Oh, thank you for the opportunity. So my first question is, uh, regarding this Hello. Yeah. Oh. So the participant left the queue. We'll move to the next. The next question is from the line of Parth Sheikh from Smith & Thompson. Please go ahead. Uh, yeah, sir, I just had a couple of questions. Uh, first of all, congratulations for the good set of numbers. Uh, first question was, uh, like, with Silvassa technical textile capacity increasing from 9,000 to 18,000 MTPA, uh, what is the current utilization of the expanded capacity? ओके सो न्यू कैपेसिटी क्या है ओके 94 एंड लाइक Uh, just a second. Uh, how much incremental revenue can we generate, uh, in like FY27? Uh, we are, we are, as I mentioned earlier, we have totally stabilized on the production and we have placed the materials. So we are utilizing, uh, the new capacity also at about 94-95% as we stand now. Uh, increased revenue from the technical textiles addition. Oh yeah, yeah. ओके ओके एटी टू नाइंटी सीआर Okay, okay. Uh, and the second question, uh, is the 400 CR, uh, MP Cotton Project progressing as planned? Uh, like, has land possession been completed? And when will the construction and machinery installation begin? Yeah, so because we have come in in August, so let's say September, so we have about half a year's capacity. This typically, this would give us an additional टॉप लाइन ऑफ़ अबाउट 150 करोड़, 160 करोड़, सो वी शुड गेट अबाउट 80-90 करोड़ एडिशनल फॉर एफआई 27. Uh, it's, it's on track to what we had planned. We aim to start getting set foot on ground by early January, and we aim to get into production by end of the calendar year. and stabilize fully by the end of the financial year. Okay, okay, okay. Thank you so much. That's from my side. Thank you. The next question is from the line of Tanishka Agarwal from Nivashay. Please go ahead. Um, hello. Thank you for the opportunity. So my first question is regarding our revenue per TGE rise both at Silvassa and Punjab facility. So could you throw some light what is the mix, uh, it is yarn prices or the product mix? No, no, can you just repeat that? I did not follow your question, please. No, I can, I, I can give you a consolidated number, uh, like we did in this quarter, about ₹14,000 crore per ton EBITDA. at a, uh, consolidated basis at Silvassa and I mean, we aim to carry on, on the same basis. तो रेवेन्यू पर केजी राइस पोटेट्स सर्वासन पंजाब के स्रोती सो हाउ मच इस डेट केम फ्रॉम यान प्राइसेस एंड हाउ मच इस फ्रॉम मिक्स द प्रोडक्ट As far as revenue mix is concerned, on a consolidated basis, polyester contributed close to 87% of the revenues, cotton close to 10%, and technical textile close to 3%. And it was on a console basis. standalone basis, polyester continues to contribute 77%, cotton around, uh, 18-odd percent, and balance 6% towards technical textiles. at Silvarta. Okay, and on standalone basis And my second question is regarding how we are seeing the realization, uh, and also volume growth incoming. Quotas. No, no, I, I can— can you just repeat that again, please? How we are seeing the realization trend and volume growth? Going forward, the realization trend, uh, see, barring some hiccup internationally, I don't see any major Uh, disturbance on the realization front. And that's why, uh, we, uh, we had said about ₹520-540 crore EBITDA for the year. We are also now talking about north of ₹550 crores as the EBITDA target for the year. On the revenue side, you're asking? Okay, and on the volume growth side, in all the 3 segments No, volume growth, right? The volume growth side. Yes, in all the 3 segments. No, I, I have mentioned about cotton yarn, we are stable at Silvassa. The filament yarn, we are stable at Silvassa. As far as the technical yarns is concerned, yes, we have doubled, so we will add about 7 months of production there, uh, of that 9,000 tons. As far as Punjab is concerned, we are operating today at 700 TPD, and in— we are moving towards the second phase, which is 900 TPD. Which portion we will commission by the end of December, beginning January. So we'll get one quarter of a part production there, and finally by June, July of next year, we will be completing the 900 tons per day. Okay. Thank you. The next question is from the line of Tejas Chakkar from TNJ Investments. Please go ahead. So thank you for taking my questions again. Uh, what, what are we looking at in terms of— can you just throw some light on the top line growth for, let's say, '28, '29, next 2-3 years? How do we see that panning out? Uh, you're talking about revenue or— yeah, revenue going up. Yeah, as we said, we had targeted this year FY27 with the revenue of about 56,000-5,700. But we are on course to do more than ₹6,000 crores for FY27. For FY28, we are looking at a revenue of about ₹7,200-3,300 crores. And FY29, we should be close to about ₹7,700 to ₹8,000 crores. Okay, and, and this, uh, so this is about 10-12%, 15% is what we're looking at in the next foreseeable future going forward, roughly. That's true. Got it. Uh, so second question was pertaining to the, uh, the technical textiles. Uh, the, the— if I'm not wrong, and pardon me, not very, uh, good with the technical part, but the low shrinkage or the ultra, uh, low shrinkage, if, uh, technically I know, suppose that this is used in the fiber optics, I'm not wrong, is that correct? And do we have any, uh, inquiry on that. Low, low shrinkage goes into multiple uses, and yes, we do make a lot of low shrinkage yarns, and we have our customer base which is regularly buying from us on that. And they are on different applications. One of the applications is what you mentioned, but there are many other applications also. So are we seeing any specific demand drivers from fiber optic per se as of now? Are we witnessing that? Uh, see, it's, uh, we don't look at it that way. We are just looking at it from the way that whatever we are making, we break our production into different products. One of the products is the low shrinkage one. And yes, we are seeing a higher demand on the lower shrinkage. Yes. As far as the application is concerned, because all the, uh, applications where low shrinkage is moving, all are growing, so we really cannot pinpoint which one is growing a little more than the other. Okay, sir, no worries. Thank you for answering the question. Thank you. Ladies and gentlemen, as that was the last question for the day, I would now hand the conference over to the management for closing comments. Over to you, sir. Thank you all once again for joining us this evening. As we move into the second half of FY27, our confidence continues to rest on 3 pillars. Operational resilience. In Q1, we kept both facilities running without interruption through a period of real supply chain stress. In Q2, we built on that stability with higher volumes and better utilization. Second, a normalizing demand environment. As we said last quarter, The deferral of purchases in April and May was a reaction to price, not to underlying consumption. With prices stabilizing, Customers returned to normal buying patterns in Q2, and domestic demand for our products stays very strong. Third, a scalable growth, growth platform. Punjab now is contributing meaningfully to volumes and profitability. Our expanded technical textiles capacity at Silwasa, which has commenced production on October 28th, 2026, will add to our EBITDA as it ramps up. And will further strengthen our product mix. On Phase 2 at Punjab and our proposed cotton yarn expansion at MP, we will share a further update with you separately as we go ahead in that journey. We believe we are well positioned to create long-term sustainable value. I would like to sincerely thank all our employees across all locations for their commitment through the quarter. I also extend my gratitude to our shareholders, customers, lenders, and business partners for their continued trust and support. Thank you everybody for your participation today. Good evening and thanks. Thank you, sir. On behalf of Sanathan Textiles Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.