Ladies and gentlemen, good day and welcome to Sharda Cropchem Limited, Q3 and Nine Months FY 2026 Post Results Conference hosted by Antique Stock Broking 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 this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Mahawar from Antique Stock Broking Limited. Thank you, and over to you, sir. Thank you, Bhumi. Warm welcome to all the participants on the FY 2026 earnings call of Sharda Cropchem. We have Mr. R.V. Bubna, Chairman and Managing Director; Mr. Shailesh Mehendale, CFO; and Mr. Jetkin Gudhka, Company Secretary on the call. Without any delay, I would like to hand over the call to Mr. Bubna for opening remarks. Thank you, and over to you, Bubna Ji. Thank you, Manish Ji. Good afternoon and a very warm welcome to everyone present on this call. Along with me, I have Mr. Shailesh Mehendale, our CFO; Mr. Jetkin Gudhka, Company Secretary; and SGA, Mr. Deven, our Investor Relations Advisor. Hope you have all received our investor deck by now. We are pleased to report a robust performance driven by strong volume growth and an improved product mix, supported by accelerated product registrations. This has helped us achieve our highest ever PAT for any year, even though our strongest quarter, Q4, is still ahead. The company expects this growth momentum to continue in Q4 FY 2026 and remain strong through FY 2027. As you are aware, we are engaged in the marketing and distribution of wide range of agrochemical products, catering to diverse global customer base. We develop comprehensive dossiers and obtain product registrations in our own name. We continue to allocate substantial resources towards securing registrations, which strengthens our market presence and helps establish a sustainable foothold across key markets. As of December 31st 2025, our total product registrations stood at 3,404. Additionally, 1,076 applications for product registrations globally are in the approval stage. Coming to industry dynamics, global agrochemical market is showing signs of recovery, driven by revival in demand, complemented by gradual recovery in the pricing. Inventories have come to normal levels across distribution channels. In Q3 FY 2026, our total revenues have grown by 39% to INR 1,289 crore, with overall volume growth at 14%. We have seen volume growth in Europe and Latin America emerging as contributor. Volumes from agrochemical segment grew by approximately 15%, and non-agrochemical segment grew by approximately 14% on year-over-year basis. With input costs stabilizing, our gross margins have expanded by 220 basis points to 34.9%. As guided earlier, we expect gross margins to be in the similar range in FY 2026. EBITDA for the quarter stood at INR 246 crores, a growth of 59% on year-over-year basis, with EBITDA margins at 19.1%. For FY 2026, we are on track to maintain healthy EBITDA margins in the range of 18%-20%. PAT for the quarter stood at INR 145 crores, showcasing a growth of 366% on year-over-year basis. Working capital days stood at 70 days as on 31st December 2025, showing an improvement by 48 days as compared to March 2025. CapEx for nine months, FY 2026, stood at INR 399 crores. Cash and bank liquid investments stood at INR 826 crores as on December 31st 2025. For FY 2026, our planned capital expenditure stands at INR 500 crores, supported by strong project pipeline that underscores our resilience and continued focus on growth. With this brief overview, I would now like to hand over the call to our CFO, Mr. Shailesh Mehendale, for discussing our financial performance. Thank you, everybody. Thank you, sir. Good afternoon, everyone. Coming to the Quarter Three financials, FY 2026 performance, revenue stood at INR 1,289 crore in Q3 FY 2026, versus INR 929 crore in Q3 FY 2025, with an increase of 39% year-on-year. Coming to the split, agrochemical business grew by 48% year-on-year to INR 1,141 crore, whereas the non-agrochemical business did grow by 8.1% year-on-year to INR 148 crore. Gross margin stood at 34.9% in Q3 FY 2026, as against 32.7% in Q3 FY 2025, increase of 220 basis points. EBITDA grew by 59%, which stood at INR 245.5 crore, with EBITDA margin at 19.1%. PAT stood at INR 145.1 crore versus INR 31 crore last year, showing 366% growth year-on-year basis. Coming to the 9-month FY 2026 performance, revenue stood at INR 3,203 crore in nine months FY 2026, versus INR 2,491 crore in nine months FY 2025, with an increase of 29% year-on-year. Coming to the split, agrochemical business grew by 34% year-on-year to INR 2,790 crore, whereas the non-agrochemical business grew by 1% year-on-year to INR 413 crore. Gross margin stood at 35% in nine months FY 2026, as against 30% in nine months FY 2025, with an increase of 500 basis points. EBITDA for nine months period stood at INR 526.7 crore, with EBITDA margin at 16.4%, showcasing 64% year-on-year growth. PAT stood at INR 362 crore in FY, in nine months FY 2026, versus INR 101 crore in nine months FY 2025, with an increase of 259% year-on-year basis. The company has already achieved highest ever annual PAT in nine months of FY 2026. We remain net debt-free company and have cash bank liquid investment of INR 826 crore as on 31 December 2025. Looking at the performance, the board of directors declared an interim dividend of INR 6 per share. We can now open the floor for question and answer. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question comes from the line of Ansh Shah from Smart Invest. Please go ahead. Hello? Hello. Hello. So, sir, congratulations for the good numbers. So my question is on a long-term basis for the CapEx line. So with the strong global registration pipeline of 1,070 products, we are planning to get the registrations. So can you just give an idea about typical approval timelines, and particularly in Europe, what timeframe over which these registrations are expected to be active and contributing to the revenues? Mr. Ansh, your many words were not understood. I would request you to kindly speak slowly and loudly. Repeat your question once again. My question was, so, as we are planning to do a CapEx over around INR 400 crore on increasing our registration pipelines of around 1,070 products, so can you give us an idea about what timeframe should we expect, particularly in Europe, so in which our registrations will be expected to be active and contributing to the revenues? Mr. Ansh, I don't know whether you have tracked the company's record and performance so far. I have repeatedly mentioned in every conference that registration process is full of uncertainties, and nobody can predict how much time will it take. To give you an example, a registration may have been obtained in one year or two years, and the same registration can take six to seven years because of the uncertainties. The government authorities keep on getting new requirements, which is keeping adding to the process of registration and also the cost of registrations. So I have no answer to your question as to how much time we will get these registrations. Thank you. Thank you, sir. Thank you. Our next question comes from the line of Giriraj Daga from Visaria Family Trust. Please go ahead. Hello, sir. Yes. Congratulations on the good numbers. Yes, sir. Thank you. So my question is, my question is related to our FY 2027, next year. Let's say, what would your thought would be that will we be able to see, something like a 15% kind of a volume growth next year? Hopefully, yes. We are very confident that 15% is achievable. ... Okay. And second question, we have been mentioning that 35% gross margin is very much sustainable for FY 2026. Will it be sustainable for FY 2027 also? Yes, sir. Maybe it goes up still further. Okay. Last two, sir. One, CapEx guidance for FY 2027, if you can help us? Sir, again, as I told the previous speaker, the CapEx and the registration process is full of lot of uncertainties. Okay. I would say it will be in the range of INR 450 crore-INR 500 crore. It can be still more, I cannot say. Okay. But it will be the same range. Okay. One last one industry, sir. Have we seen some pricing uptick happening across in our portfolio now? Yes, sir. As we have stated, we have passed through a very bad time about two years back, when there was excess liquidity and abundance of stocks in the pipeline. Those are all dried up, and as the things are getting normalized, the prices are also moving. The speed is less, but it is moving up. Okay, sir. Thank you, and all the best. Thank you. Thank you. Our next question comes from the line of Anubhav Mukherjee from Prescient Capital. Please go ahead. Hello, am I audible, sir? Yes, Mr. Mukherjee. Sir, the agrochemical segment volume growth was roughly 15%, and the revenue growth was 48%. So how much was the realization increase year-on-year, and how much was Forex scheme? One second. See, this, total growth was 38.7%, out of which volume growth contributed to 14.4%, foreign exchange impact was 12.6%, price and product mix impact was 11.6%. Total, 38.7%. Sir, will it be possible to share sales for, specifically the agrochemical segment? No, this is total. This is total, both agro and non-agro. Sir, the realization growth that you mentioned, is it a function of actually prices moving up, or is it an impact of product mix change? Mr. Mukherjee, your last sentence was very low in the... I would like you to repeat- Uh. The question once again. Sure, sir. Is it better now? Yeah. Sir, I was asking the realization growth year-on-year that you mentioned, is it driven by actual prices moving up of products? Or is it more product mix change-driven? Mr. Mukherjee, I think that you are new into this system. It is driven by both, product mix- Okay. as, as well as the prices realized. Very good. So, sir, since you also mentioned that, prices are now moving up, so, do you see, like, scope for, significant improvement from, current levels also? See, significant is a very ambiguous word. It is, it will be growing, and nobody can predict how much, but it is on the way up. And we accept, we expect the growth in our total revenue to be around 15%-20% in the year FY 2027. Get that. And sir, this quarter as well as for nine months, FY 2026, Europe has shown a very good growth. Specifically this quarter, it's almost doubled year-on-year. So can you provide some color on how Europe is doing so well, yeah? See, I'll say there are three, four factors. One is good climate, good atmosphere for agriculture, and good demand for, for the products. Okay. So, Our ability to meet the demands of the customers on time. Okay. Is there any element of one-off restocking happening in Europe, or it's like more demand-driven? I didn't understand this one-off point, but I have, I would say it is demand-driven. Got that. Sir, on the other hand, like, NAFTA region witnessed a decline year-on-year in this quarter. So is this any impact of tariffs or anything? Mr. Mukherjee, I have repeated on various platforms, and I'm repeating again: agrochemical products are not impacted by tariff. As you know, they are not freely tradable products. They require to be registered first, involving a huge investment, and very few companies or people believe in this huge investment on registrations, which is a intangible asset. So saying that, fortunately for agrochemicals, the tariff is not, I mean, affecting at all, particularly to the suppliers. We are able to pass on all the tariff smoothly to our customers, and customers have no other choice to buy from anywhere or anywhere.... they have to source the products only from registered sources, and registered sources are very limited for every product. And the- Thank you. -product has to be sourced from an approved, manufacturer, approved factory. It cannot be manufactured anywhere as you like. So the customer knows this, and he accepts the adding of the tariff, and he smoothly and gracefully, makes the payment, and the payments are also on time. Clear? That's great to know. Yes, sir, very clear. Thanks. Just last question from my side, Sorry to interrupt you, Mr. Mukherjee. Please rejoin the queue for a follow-up question. Sure, I will do that. Thanks. Thank you. In order to ensure that management is able to address questions from all the participants, I request you to limit your questions to two per participant. Our next question comes from the line of Nilabja Dey from SMIFS Research. Please go ahead. First of all, congratulations, sir, for actually for sticking to whatever guidance you gave for the last, previous Q1, Q2. So actually, first of all, just like to confirm that you have, in Q earlier, you were telling your margin is from 15-18, now you are putting it on 18-20. Am I right? Just to confirm. Yes, sir. For FY 20... Yes, sir. This particular margin guidance is valid for FY 2027 also? Yes, please. Okay. And in terms of the, sir, in terms of the demand, you have clearly mentioned demand is improving. So can you just give some qualitative color that from what has changed from the last six months, apart from the inventory? You mentioned that inventory has gone down significantly at the, whatever people are holding. So, can you just give some color? That's my only question. Sir, I can only say, answer your question in very general way. The demand goes up when you are able to supply the goods in time to the customers. They are seasonal products and seasonal demands, so if you cannot supply the products on time, then it's a nuisance and hassle for the customer as well as the supplier. So we have been able to deliver the goods on time, and secondly, is the quality. Okay. If you can supply, goods and good quality and on right time, the demands has a natural tendency to go up. Okay. Thanks. Thank you. Thank you. Thank you. Our next question comes from the line of Ankur Kumar from Alpha Capital. Please go ahead. Hello, sir. Congrats for a very strong set of, very, very strong set of numbers. Sir, given you said, and it is already known that Q4 is your best quarter, so given such strong demand outlook, can we expect to close this year at, say, INR 5,400 crore type? Maybe, or in the nearby range. Could be less, could be more. But in versus, I think because our last Q4 was INR 1,800 type crore, which was very good year-on-year, so we expect demand growth to improve on that, more than that, right, in Q4? Yes, sir. Our Q4 is the best quarter, and because of the seasonality of the business, Q4 is always the best, and this year also, the same trend continues. Got it, sir. Sir, on volume growth, you said 14% growth, it came... So we expect this type of volume growth to continue in Q4 as well as next year? Yes, sir. Got it, sir. Sir, given how USD and euro are behaving in January, I think we can have some FX gain also. Do you like to comment? Yes, sir. You have understood our business more minutely and good in detail. Thank you. Yes. Thank you, sir. Thank you, and all the best. Yes. Thank you. Our next question comes from the line of Deepak Poddar from Sapphire Capital. Please go ahead. Yeah. Hi, thank you very much, sir, for this opportunity. So just wanted to understand, so what's the Forex gain in third quarter? Forex gain? Yes. It should be quite good. Let me see. I'll ask Mr. Shailesh to reply this question. Yeah. So, see, in the quarter, quarter three, this quarter, we are having a loss of INR 4.5 crores, Forex loss, and that is mainly on account of our Forex payable trade payable realignment. Mm-hmm. Okay. Okay, understood. Understood. Yeah. I mean, in terms of tax rate also, I think our tax rate is lower. So, what should I look at going ahead in terms of tax rate? Yeah, I think if you look at on annual basis, probably it is in the range of 18%-20%. Okay. Why our tax rate is lower? Huh? Why is it lower? Why our tax rate? See, if you look at on, on, consolidated basis, there are certain geography where there is a, tax, no tax. So if you look at overall basket, there is a 18%-20% tax for company on consolidated basis. Okay. Understood. Okay. Yeah. On the growth part, I mean, nine months we have grown by about 29%. We had, I think, earlier guided of 20% growth for the entire year. So how should one look at going forward? I mean, given the fourth quarter is the strongest, so you expect this 20%, I mean, you want to revise it upwards? Mr. Deepak, you must also see what is the base. Mm-hmm. The base has been always already high in the fourth quarter. Okay. We are talking about increasing from the good growth which we achieved last year. So we maintain 20% growth rate, FY 20- Yes. Yes, sir. Understood. And just one last thing from my side- Sir, I can ask you- Any new regions we are targeting? I mean, just, just one small thing last. I mean, it's the last one. In terms of export, I think we are very strong in Europe, NAFTA, and LATAM, right? Any new region we are trying to build our presence? Sir, these three regions constitutes almost 80% of the world. Mm-hmm. Or 90% of the world. Mm-hmm. Okay, okay. So, so you- For agriculture, for agriculture and agrochemicals. Mm-hmm. Correct, and you want to penetrate deeper in this region only, that's right? Yes. Okay, okay. Fair, fair point. I... That would be from my side. I wish you all the very best. Thank you so much. Thank you, sir. Thank you. Our next question comes from the line of Vignesh Iyer from Sequent Investments. Please go ahead. Hello, sir. Congratulations on great set of numbers. So my first question is on the gross margin side. So can you help me with the data on gross margin geography-wise? Again, Mr. What is your good name, sir? Uh, Vignesh. Vignesh. Vignesh, again, you have to be a little more specific, loud and slow rate of speaking, so that I can- Okay. Understand your question very well. Certainly, sir. Sir, my question is on Gross Margin, part of the business. Yes. I wanted to understand if you could share gross margins geography-wise for quarter three, FY 2026? Yes, sir. Gross margin has been 43% in Europe, region, 23.5% in NAFTA region, 29.2% in LATAM, and 37% overall, in the rest of the world. Overall, 35.9%. Okay, sir. Thank you. Sir, and my second question is, on the registration part of it, I wanted to understand the geographical breakup, in terms of registration and upcoming? Can you repeat your question once again, sir? Yes, sir. So, sir, my question is on the registrations, total registrations, that you have done. Wanted the registration breakup geography-wise, Europe, NAFTA, LATAM, and also wanted to know the registrations which are upcoming, that if you could give geographical breakup for the same. One minute. Give me one or two minutes. Sure. Yeah. Registration-wise, European region, 1,675. NAFTA, 321. LATAM, 760. ROW, 248. Total, 3,004. Okay, and the upcoming registrations? Oh, in the pipeline? Yeah, pipeline, yeah. Pipeline is, Europe, 698. NAFTA, 100. LATAM, 153, and rest of the world, 125. Total, 1,076. Okay, sir. Got it, sir. That's all from my side. Thank you. Thank you. Thank you. Our next question comes from the line of Hitendra Pradhan from Maximal Capital. Please go ahead. Hi, sir. I hope I'm audible. Uh, yeah. I'm new to the sector, so please, bear with me. My question is related to the China export rebate policy. They are rolling back the incentives from April this year, and the incentives on the formulation will continue. Sir, I would like your reading on the impact of this policy on the prices on technicals and on formulations and on your business as well. Thank you, sir. Mr. Hitendra, again, your question is very long and voice is low and, what do you call? Energy- I can repeat. Sorry, sorry. Little, put some energy in your voice. Yeah, yeah, yeah, sir. Yeah, now. It is related to the China export rebate policy. They are- What is China export rebate policy? What is China export rebate policy? Yes, sir. So they are rolling back the incentives from April of this year on the technicals, like they used to provide the export incentives to their technical suppliers, which they are rolling back from this year, from April of this year. So we are expecting that, you know, that will have some impact on the prices. Mr. Hitendra- Yes, sir. If you have understood China and the style of working of Chinese government, you will have to understand that they are not very transparent.... Right, sir. These permissions are not made available to the public, particularly foreigners, so it's very difficult for me to comment on this. The only thing I can say, that China does give some incentives to the Chinese citizens for export. Now, how much and what is their policy and what is the variation, it's very difficult to gather, and it doesn't affect us. Right, sir. Right, sir. You understand? Yeah, because we are on the- Right. Formulation side, mostly. Yeah. Okay. Thank you. Our next question comes from the line of Dhruv Muchhal from HDFC AMC. Please go ahead. Yes, sir, thank you so much. Sir, the Europe for us is, Europe has done very well for us this quarter and even for nine months, even for last few quarters also. So, sir, is the growth driven by, getting new dealers or probably entering, new geographies, or adjacent regions in the European market, or a mix of both, or so what's driving this? Sir, it's a mix of both. So, uh- New dealers and getting better access to the market. So we have also expanded the geography. So for example, if you're operating in one part of the country, we have also started operating in another part of it. So is that also driving growth? Yes, that is also there. Sir, I understand you probably will not have this, but is it possible to share how much is probably coming from existing dealers, which is driving growth and new dealers which are driving growth? Is it some degree which can give us some more comfort in terms of the growth? Mr. Dhruv, I think I know you for last 10 years, and I know you are very intelligent, so you already answered the question. You know more than me on this part of the question. Sure, sir. And, sir, just to understand a bit, on the Europe thing, sir, is it a few molecules which are driving growth, or it is across molecules which is that we are seeing growth? It is across molecules. Across molecules. There will be some molecules which are driving more, but then it's very difficult to. Yeah. Differentiate. Sure. Great, that's all. Thank you so much, and I'll give it. Thank you. Thank you. Thank you. Our next question comes from the line of Sonal from Prescient Capital. Please go ahead. Hi, sir, this is Sonal Minhas. I'm with a model. Yes, please. Sir, I had a small question to ask on the working capital. We see that your working capital days have reduced from 98 days in December 2024 to 70 days now. Just wanted a subjective commentary on what is it that is company has done to reduce the inventory days. If you could give us a subjective feedback on it, that would be helpful. Sir, I would say consistent increase in the demand and confidence of the suppliers on the credibility of Sharda Cropchem Limited. They are giving us very comfortably extended credits, and again, the demands are increasing, so the customer also... customers are also paying on time. European region is known to be the most disciplined region in terms of the question of payments. They're very punctual. Sometimes they pay before time. Got it, sir. Got it, sir. This is helpful. Sir, second question: This quarter, the NAFTA region has de-grown for the agri chem segment. If you could give any subjective commentary on what is it, is it a one-off? Or if you could give us any guidance on what has happened in that region as far as demand is concerned, that will be helpful. Sir, there's nothing that is available to us and which is open and transparent for this region. It has de-grown, could be partly, I think, partly it's responsible for the climate. There's been very heavy, unpredictable and unusual climate conditions that has affected the demand. Got it, sir. That's it from my end. Thank you, sir. Thank you. Thank you. Our next question comes from the line of Rushil Selarka from PINC Wealth. Please go ahead. Hello? Hello. Yeah, sir. Am I audible? Yes, please. Yeah. Sir, my question is that, you know, regarding just wanted your thought process, you know, on the recently India, we have signed a FTA with, you know, India-EU trade deal has happened. So how this can, you know, benefit to our company or the sector? If you can just give some, you know, your view on it. Sir, what I have seen about this treaty, there is no mention of agrochemicals anywhere. They are talking about cars and they're saying import of cars into India and all those things which are totally unconnected with our business modeling. As far as agrochemicals are concerned, I don't think there is any mention or any impact on the either tariffs or any other things. So- Okay. Our business remains as usual, and it's growing. Okay, sir. Got it. Thank you, sir. Thank you. Thank you.... Next, we have a follow-up question from Anubhav Mukherjee from Prescient Capital. Please go ahead. Hello, sir, am I audible? Yes, please. Sir, just one question. So compared to like pre-COVID levels, currently, like price realizations, how much are they still down, compared to those levels? If you could share some color. They are quite down. They are quite down compared to the- Yes. - pre-COVID levels. Is it like some geographies are more affected by it, or is it like similar across geographies? Sir, you are asking a very difficult question, and we don't go into so many details. We just face the situation as it comes, but we don't sit down and then analyze what geography and all that. In general, the price levels are low. Pre-COVID level prices were very high, but again, the costs have also our, sourcing costs have also gone down considerably. So in terms of percentage, we are better off than pre-COVID levels. Mm. But as the margins are down. Sir, on the procurement cost from China, that you are seeing at stable levels or is there some inflation happening there as well? No, there is a slight, I mean, improvement time to time. The prices are going up, sourcing as well as selling prices. Okay. Margins are improving as far as Sharda is concerned. Great. Thanks, sir. That's all submission. Thank you. Thank you. A reminder to all the participants, whoever wishes to ask a question may press star and one. Our next question comes from the line of Ankur Kumar from Alpha Capital. Please go ahead. Hello, sir. Thank you for the follow. Sir, recently there was a news article that China is looking to tighten agriculture and chemical exports. So, are we able to source effectively, easily from China or is there any issue on that front? Sir, I am hearing for the first time from you that they're trying to tighten their agrochemical sources. As far as we are concerned, we are not impacted at all. Nice to know that, sir. Nice to know that. Sir, on, as in, again, harping on the same question, Q4 may, things are looking like 18%-20% growth can come in Q4 also, or how are we thinking? And pricing also, if you can comment, how much is it improving maybe year-over-year on trend? Sir, you have put the question first and then also answered. I am again repeating, we expect the same growth in Q4 also. Both in volume and pricing? Yes. Sure, sir. Thank you and all the best. Thank you. Thank you. Our next question comes from the line of Vivek Rathi, an individual investor. Please go ahead. Hello, sir. Congratulations on the set of numbers. So I have a simple follow-up question on the, I think, previous participant asked on the- Sorry to interrupt. Mr. Rathi, can you please speak a little louder? Okay. Am I audible now? Yes, this is better. Sir, you are audible, but you are speaking very fast. You have to also speak slowly and put more energy into your words. Slowly and loudly. Okay, sure. Okay, sure. So my, my question was in continuation to previous participant who, who asked on the European discount, that it is not going to impact your answer. So just wanted to understand, because from previous calls, I remember you said we still source maximum or almost 100% of our, our different supplies from China. So are we looking at, anything, I mean, anything changing with this, or no, or having our resources and for getting something, some supplies from India or some other country, or still we are completely reliant on China? Mr. Rathi, I have not understood your question very clearly, but what I have understood, you are probably asking whether we are sourcing or we are also looking for sourcing from India and China and all that. Am I right? Yeah, yeah, multiple countries, because I thought our maximum was from China. Now, Mr. Rathi, again, I think you are not exposed to the agrochemical business very well and in detail. I have explained many times that registration is very critical, and when the authority registers the product, they not only register the product, but also the manufacturing plant from where we are sourcing. It is a condition that registrant can source it only from the plant which has been exposed for the purpose of registration. We cannot change the manufacturer, so we have to buy it only from the same source. We are given the freedom to add another supporting manufacturer. So as far as Sharda is concerned, we are having at least three or four manufacturers for the same product and for the same registrations. This gives us the flexibility, and we are not exploited by the manufacturer. But I cannot have a choice that I can source one product from India, and next time I source from China and all that. We have very little sources, registered sources from India.... Majority of our sources are from China. Have I answered your question, sir? Yeah, yeah, you did, you did. Thanks a lot, and, yeah, sorry for confusing. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one now. Our next question comes from the line of Sachin Kasera from Svan Investment Managers. Please go ahead. Good afternoon, sir, and congratulations on delivering a very strong set of numbers. I have just one question. We are already sitting on a very good amount of cash on hand, and going by the strong outlook we are talking of, I think the cash in the balance sheet is going to increase further. So are you looking at some acquisitions, or will we look at increasing the dividend payout? Because the very high cash on the balance sheet is then going to start impacting our return on capital employed. Sir, we have already started looking into the line that you suggested. We are looking into increasing the dividend, but we are not looking into the acquisitions. Great. Thank you. We have declared a very good dividend for this quarter, yesterday. Okay, sir. Thank you very much. Thank you. Thank you. Our next question comes from the line of Pratik Patel from Counter Cyclical Investments. Please go ahead. Hi, sir. Sir, our top sales from top 10 dealers in the last year was something around 16%-17%. So is that similar to that number this year as well? Mr. Pratik, again, I'm sorry, I have not understand your question. Again, I request you to speak slowly and loudly. So my question was, last year, our top revenue from top ten dealers and distributors was something around 16%-17%. So that in current year also, it's near about that percentage? Yeah, it'll be more or less near about that. Okay. Sir, can you show some highlights on the top 10 products' revenue share? I mean, what will be the top 10 products' share in our revenue? One minute. Our top 10 product share in revenue is about 43% in this year. 43% for this year? Okay. Four-three. Have we... 4, 3, 43%. Okay. Yes. Great. And, sir, you have said that, you know, for the current quarter, the product registration for Europe is 698, which last quarter was something around 710. So this quarter we have got approval of something around 12 products in Europe. So is that correct? My understanding is correct? No, 698 is, What do you call? I'll ask Mr. Shailesh to reply this question. Mr. Shailesh to reply this question. Yeah. So can you repeat your question about the Europe registration? Last quarter, the number for registration in Europe was something around 710, which has been reduced to this quarter at 698, if I'm not mistaken. Right. So my understanding is correct, that 12 products have, you know, we have received approvals in this quarter- Yeah, yeah. for the Europe registration? Correct. You're right. Okay, great. Okay, okay. Sure, sure. Thank you. That's from my side. Thank you. Yeah. Thank you. As there are no further questions, I would now like to hand the conference over to management for closing comments. Yeah. Thank you, everyone, for joining us. I hope we have been able to answer all your queries. We look forward to such interaction in the future. We hope to meet your expectations in the future, too. In case you require any further details, you may contact us or SGA, our investor relationship partner. Thank you. Thank you. On behalf of Antique Stock Broking Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.