Ladies and gentlemen, good day and welcome to SRF Limited's Q2 FY 2026 conference call hosted by Nuvama Wealth Management. As a reminder, all participant lines will be in 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 telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Archit Joshi. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and thank you for joining us today. We at Nuvama Institutional Equities are pleased to host SRF Limited's Q2 and H1 FY 2026 results conference call. We have with us today Mr. Rahul Jain, President and CFO of SRF Limited. I would now like to invite Ms. Nitika Dhawan, Head of Corporate Communications at SRF Limited, to initiate proceedings for the results con call. Over to you, ma'am, and thank you. Good afternoon, everyone, and thank you for joining us on SRF Limited's Quarter 2 and First Half FY 2026 results conference call. We will begin this call with brief opening remarks from our President and CFO, Mr. Rahul Jain, following which we will open the forum for an interactive question-and-answer session. Before we begin this call, I would like to point out that some statements made in this call may be forward-looking, and a disclaimer to that effect has been included in the earnings presentation shared with you earlier. I would now like to invite Mr. Jain to make his opening remarks. Thank you, Nitika. Good afternoon, everyone. I extend a warm welcome to you all, and thank you for joining us today for SRF's Q2 and H1 FY 2026 earnings conference call. I trust all of you have had the opportunity to go through our results and the presentation shared with you earlier. I will begin the call by briefly taking you through the key financial and operational highlights for the period under review, following which we will open the forum for a Q&A session. I am pleased to share that during Q2 FY 2026, SRF delivered an encouraging performance across its key business segments despite ongoing global uncertainties. Our focus on operational excellence, disciplined cost management, and innovation helped us maintain steady momentum. Our gross operating revenue grew 6% to INR 3,640 crore, and EBIT was up 56% YOY from INR 417 crore to 650 crore, reflecting a margin of 18%. That expanded by 93% year-on-year to INR 388 crore. Our chemicals business reported a growth of 23%, increasing from INR 1,358 crore in Q2 FY25 to INR 1,667 crore in Q2 FY 2026. This performance was driven by higher volumes for refrigerants and a positive trend in realizations. Enhanced operational efficiencies across both fluorochemicals and specialty chemicals segments also supported a stronger margin profile. The specialty chemicals segment also recorded better performance led by higher volumes, favorable product mix, and continued cost optimization and efficiency enhancement measures. Recently launched products in the specialty chemicals business also continued their positive traction in Q2. Our product pipeline remained strong with the successful launch of one new active ingredient, three new agro products, and one new pharma product in H1 FY 2026. The development pipeline continues to be healthy, with multiple new pharmaceutical intermediates and agrochemical AI opportunities under development. We continue to collaborate with global innovators on complex molecules, reaffirming SRF's R&D leadership in delivering sophisticated solutions. Additionally, our sourcing efforts have yielded positive results with approval of various new raw materials and suppliers, further strengthening our supply chain and enhancing operational flexibility. Coming to the fluorochemicals business, we achieved record refrigerant sales volume during the quarter, supported by strong realizations across key products. While some sequential softness in volumes was observed in the domestic market due to seasonality and overall lower RAC market, the business continued to demonstrate resilience by enhancing its export sales amid an uncertain global environment. Our Floron blend also expanded its global presence, further strengthening SRF's leadership in the refrigerant market, and Dymel also continued to perform well. We also maintained our leadership position in both room air conditioning and mobile air conditioner segment in the domestic market. Fluoropolymers registered improved volumes and margins, while the industrial chemicals segment maintained its steady performance. A key development during this quarter was our strategic collaboration with the Chemours Company for the manufacture, supply, and distribution of certain fluoropolymers and fluoroelastomers. This partnership will leverage SRF's manufacturing expertise and Chemours's global technology leadership to serve growing market demand. In alignment with this collaboration, the board approved an increase in the capital expenditure with respect to the earlier announced fluoropolymers CapEx from INR 595 crore to INR 745 crore to accommodate the expanded project scope. The multi-year arrangement caters to global markets across diverse industries such as semiconductor, automotive, aerospace, chemical processing, oil and gas, and more. The project will be executed in phases and is expected to be completed by December 2026. During the quarter, we also inked an agreement for purchase of approximately 300 acres of land in Odisha, due diligence of which is currently underway. The upcoming Odisha site to be acquired for approximately INR 282 crores is aimed to house large-scale chemical facilities and will play a key role in expanding our manufacturing footprint and supporting long-term growth. SRF's R&D capabilities continue to be a strong competitive advantage, driving innovation and product leadership across both specialty and fluorochemicals businesses. Our R&D team, comprising of over 450 professionals, is focused on developing complex chemistries and advanced applications. SRF now holds 153 patents and has filed 501 process patents. R&D remains at the core of our strategy, enabling process development, scale-up, and commercialization across agrochemicals, pharmaceuticals, and next-generation refrigerants. The performance films and foils business reported a revenue of INR 1,408 crore in Q2 FY 2026, remaining flat YOY but delivering higher EBIT of INR 119 crore when compared to Q2 FY25 of INR 83 crore. Supported by improved volumes and realizations in BOPP and aluminum foil, a stronger product mix, and sustained cost optimization. Volumes and realizations for BOPET were, however, lower. The business also retained its position as India's largest BOPET exporter. GST 2.0 reforms implemented during the quarter seem to have a short-term volume impact due to reprinting, repackaging, and resizing. The business remains focused on scaling value-added products and sustainable structures such as Biolam, PCR, and mono-family films to strengthen differentiation. Our international operations also performed well, with higher margins from Thailand and Hungary, and South Africa delivering stable results. The aluminum foil segment also delivered higher sales and profitability, supported by strong demand in the domestic market, favorable trade measures, and continued focus on value-added sustainable applications. Our technical textiles business reported revenue of Rs 474 crores in Q2 FY 2026 amid a challenging market environment. The segment faced headwinds from aggressive import pricing of NTCF and belting fabrics from China. The demand for PIY was impacted by a prolonged monsoon season. Despite these challenges, belting fabric and NTCF volumes grew YOY, though margins remained under pressure due to lower realizations. The business continues to focus on value-added products and innovation-led differentiation to support recovery and sustainable growth in H2. Lastly, in the other segment, the coated fabric business maintained its domestic leadership in both volume and pricing. The launch of tensile and value-engineered products in Q2 positively contributed to overall sales. The laminated fabrics business also retained its price leadership despite industry overcapacity. During the quarter, we also started the in-house production of knitted fabrics through our new knitting machines. Our finance cost has reduced compared to the previous year, leading to lower expenses in our P&L statement. However, weakening of INR against USD and Euro have negatively impacted the overall Q2 results. With global interest rate cycles trending downwards, we anticipate further reduction in our borrowing costs in the near future and remain committed to making strategic investments that align with our long-term objectives. This quarter, our CSR initiatives reached thousands, from STEM labs and digital literacy programs to mobile health services and vocational training. Notably, over 33,000 youths were trained in green skilling and digital technologies, with 22,630 placed in jobs. During the quarter, SRF also received two prestigious honors, recognized as the Supply Chain Planning Champion and the Supply Chain Champion Diversified Sector at the ISCM Supply Chain Ranking 2025. These awards reaffirm SRF's commitment to operational excellence, strategic planning, and innovation across businesses. In conclusion, the first half of the year has been marked by a steady performance, disciplined execution, and consistent progress across all segments. Our ongoing investments in capacity expansions, de-bottlenecking, innovation, and R&D reflect our confidence in SRF's long-term growth potential. While certain sectors continue to face near-term challenges and difficulties due to the global macro environment, SRF's diversified portfolio, strong R&D and innovation pipeline, and focus on operational excellence position us well to navigate volatility and capture emerging opportunities. As the market situation improves, we are confident in our ability to deliver strong performance and create lasting value for all stakeholders. Before we move on to Q&A, I would like to share a brief update. At the close of business on December 12, 2025, I will be stepping down from my role as President and Chief Financial Officer to pursue other professional opportunities. It has been a privilege to be a part of SRF's growth journey and work alongside an exceptional team that consistently upholds the highest standards of governance, integrity, and excellence. The company is in the process of identifying my successor and will ensure a smooth transition to maintain continuity and uphold its commitment to financial discipline and long-term value creation. I take this opportunity to express my gratitude to all stakeholders for their support and trust over the years. I would now like to ask the moderator to open the line for the Q&A session. Thank you very much. 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 queue, you may press star and two. Participants are requested to use headsets 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 Sanjesh Jain from ICICI Securities. Yeah, hi. Hi, Sanjesh. Sanjesh, we are unable to hear you. The participant has dropped from the question queue. So we'll go from Madhav, from Mr. Madhav, from Fidelity. Please go ahead, sir. Am I audible? Yes, you are, Madhav. Go ahead. Yeah, hi, sir. Good afternoon. Thank you so much for your time. So the first question was on the pharma intermediates where we've spoken about some new opportunities ramping up for us. Just wanted to understand, are these sort of intermediates that go into new drug launches or pipeline products for big pharma customers? Is that? Dude, that? Dude, that's an area which is growing fast in India. So are we basically integrating with supply chains of these global pharma majors and supplying building blocks there? Is that the right way to think about it? I think so, Madhav. These are not APIs in nature as of now. They are largely solvents and reagents that are being supplied to the pharma, let's say, the pharma industry. When we say launched, these products are now in the pipeline. They are available for sale. And as the, let's say, the volumes pick up from the customer, we will see commercial sales of these also coming through. Okay. Because pharma intermediates is like an area where we've invested for a few years, and it's probably a long-gestation business. So would it be fair to assume that we are closer to kind of ramping up this part of the business now, given the pipeline progress at the customer's end? Is that the right way to think about it? It will take more time to ramp it up. It is not that it is already done. It is a time-consuming process. We are doing a good job in terms of ramping it up. There will be some more time when you see larger commercial sales of these coming through. But yes, the product pipeline remains very, very strong. And we are hopeful that we should be able to take this forward. Understood. Understood. Got it. Great. Thank you so much. Thank you. Thank you. The next question is from the line of Ankur Periwal from Axis Capital. Please go ahead, sir. So first question on the chemicals bit. In your presentation, you did highlight some bit of deferment in demand from global agro majors. So just wanted your thoughts on our full-year growth guidance on the specialty side. How are you looking at that number? And commensurate to that in H1, how has been the growth overall, combining Q1 and Q2? Again, Ankur, thank you for the question. To be frank about it, yes, there has been some deferment of demand that we've seen in the specialty space over, let's say, when we look at Q2 as such. Although I still maintain that there is volumetric growth that we have seen, our new products have seen good traction. Some of these should bode well for the future. There are certain AIs which are also taking shape, and we hope that there would be some positive on these that can be seen sooner than later. When we think about the overall percentage growth, we have always talked about the chemical business overall growth. I think given where H1 is, 23%+ from an overall growth perspective, I believe we will still be able to. Why still be? We will certainly be able to surpass the 20% number that we had talked about at some point in time, Ankur. Sure, Rahul. That's helpful. Just one clarification. The demand uptick that we are seeing is largely concentrated to newer ones, or the older ones are also seeing some uptick? For H1, I would say it is newer products, but there is enough position to be created from an older product perspective also. And we should see better performance in H2 from a specialty chemical business perspective. But we will also have to understand, Ankur, that we are facing global agrochemical headwinds. Therefore, there is some demand deferment that we have seen. Again, we don't believe that it is lost out. It's just deferment that has happened. Great, sir. And just a second question on the ref gas side. Any thoughts on the pricing outlook? There have been some cuts in pricing in China, especially for R-22. But how is R-32 demand outlook? Any changes there versus last we spoke? There is a seasonality play that plays out in the ref gas space also, right? R-32's overall domestic volumes were lower given the weak summer that we had seen in Q2 as well. But we are fairly confident that our volumes now are in good shape. H2, again, we should believe that there is better pricing, or even if not better pricing, stable pricing going forward, as well as better volumes to take them through. Great, sir. That's helpful. Thank you, and all the best for your future endeavors. Thanks. Thank you. Thank you. The next question is from the line of Sanjesh Jain from ICICI Securities. Please go ahead, sir. Yeah, good afternoon, sir. Can you hear me? Yeah, we can. Yeah, yeah. First of all, very, very congratulations and best of luck for your new journey, sir. Thank you for the question. Thank you, sir. A couple of questions. First, on this Chemours thing, now, how should we see this? What was the rationale for the contract, and how should we see this contract unfolding for SRF, say, in FY 2027, FY 2028? And what is the scope? Which are the products are we looking here, and will it be predominantly to the U.S., or is it beyond that market? How should we see this? And a related question to this is that we have increased the CapEx for fluoropolymer from INR 595 crore to INR 745 crore. Now, this increased capacity, how much additional capacity will this additional CapEx give us in fluoropolymer? Okay. So again, the rationale for the Chemours contract is, one, getting associated with a global player, two, thinking about our technology versus their technology as well, thinking about how can we make our fluoropolymer play a bigger fluoropolymer play for us and for them also to a certain extent. It is a position to be created from an outsourcing as well as a global play for Chemours as well. So the rationale for the contract for us also is probably expanding our footprint in products which are global plays rather than localized plays as well. From an overall perspective, in terms of the Capex, the change in the scope for the Capex is because there are certain different grades of products that we would now be manufacturing other than what we had initially planned out. There is some adjustment in capacity. It's a more difficult product to manufacture, and to a certain extent, that's the reason for the increased Capex. My current sense is that there is no large capacity. It's not doubling the capacity. There is incremental capacity change that happens. Very clear. Sanjesh? One follow-up question on this, sir. Now that we will be supplying to Chemours who is a global player, does it in any way stop us from going into the export market on our own, or it's a different grade what we have contracted with Chemours, and it is a different grade that we are looking to go SRF as a company on the fluoropolymer? So these are for two basic fluoropolymer, which is one of fluoropolymer and another fluoroelastomer. The large grades that we will be manufacturing under this contract will be sold to Chemours for their global play. It is an ROI-based contract, which is a fairly decent ROI is what I would say. Got it. Got it. And how should we see this? And again, it does not restrict SRF for, let's say, making its own other fluoropolymer with our own technology. Got it. But this particular product will be exclusively managed, produced for the Chemours? It's a combined arrangement. They will give us some products. We will give them some products. So it's a pretty combined arrangement. It's a distribution arrangement as well. And from the revenue contribution, how should we see this contributing in 2027 and 2028? We will not be commenting on the exact revenue position on it, but I can just assure you that the revenue under this is a fairly large one. Very clear, sir. One on the specialty side, I know you have briefly answered it earlier, but what is driving us confidence on the H2 is that we have a good PO visibility, or you see new product contributing significantly. What is giving us this confidence of a stronger H2 in specialty chemicals? Again, Sanjay, if you look at it historically also, we've always seen seasonality play out in the specialty chemical space also, right? H2 has always been stronger than H1, and that's been the trend probably other than the COVID years, always, so to that extent, there is a procurement pattern that we see with some of our customers as well, right? Again, I would also say that there are certain headwinds that are there in the overall position here. We are finding countermeasures to them. We are looking at enhancing our space. New products should be helpful in us taking that through, so that's how we are looking at it, Sanjay. Got it. Sir, one last bookkeeping question. What is the CapEx number expectation for FY 2026? FY 2026 should be roughly in the range of about INR 2,200 crore-INR 2,300 crore. This includes the land fees that we spoke about to a certain extent. Got it. Including the Odisha land parcel. That's the cash spend. Got it. Got it. In that sense, this is lower than what we thought at the start of the year, right? Excluding land, probably we were at INR 2,400 crore-INR 2,600 crore. Again, we have not curtailed any capexes. Just that initially when we were thinking about it, we were talking about INR 2,400 crore-INR 2,500 crore. It's been in the range of about INR 2,300 crores. I don't think we excluded land even at that point in time. We had budgeted for land there as well. Okay. Okay. Okay. Got it. Got it. That's great, Rahul Jain, always interacting with you, and best of very luck for you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit yourselves to two questions per participant. Should you have a follow-up question, you may rejoin the queue. The next question is from the line of Kumar Saumya from Ambit Capital. Please go ahead, sir. Hi, sir. Good afternoon. Sir, I just have one question on the Electronic Components Manufacturing as of yesterday. Kumar, your voice is cracking. Could you pick up the phone and talk, please? Yes, sir. Is it better now? Slightly. Slightly better. Kumar, please go ahead. Yes, sir. So yesterday, there was an in-principle INR 500 crore BOPP project from the electronic component manufacturing scheme. If you could just give me some details as in what it. Hello? Operator, could you tell Kumar to repeat the questions? It's been completely garbled. Yeah, sure. Hello? Sir, could you please repeat your questions? Hello? Can you please repeat the question? Yes, sir. So the question was regarding the INR 500 crore CapEx that is announced from the electronic component manufacturing scheme. If you could give me some details as in the subsidy structure and the INR 500-INR 60,000 crore CapEx that we have in the electronic component manufacturing scheme. Sorry to interrupt. But But your connection seems unstable. Could you please repeat the question? Yeah. Sure. Thank you. The next question is from the line of Abhijeet Akela from the company KIE. Please go ahead, sir. Yeah. Good afternoon, Rahul Jain. And first of all, best wishes to you for your next steps. Thank you. Thank you. Yeah. Just two from my side. First one was regarding an update on some of the important growth projects we've highlighted in the past. Any update you could share on the INR 1,100 crore investment in the fourth-generation refrigerants and what sort of revenue number we could estimate maybe for fiscal 28, if any, from that project? And then also on the performance segment side, is it correct that there are three projects currently underway over there, including the BOPP one, the capacitor-grade BOPP, as well as a plain monolayer BOPP? And so is it 125,000 tons being added? And if so, what sort of timelines and volume revenue contributions could we expect in fiscal 2028? Sorry for the long question. Okay. So the first question is with respect to the growth projects around the fluoropolymer and I assume on the HFO side. Again, to be very frank about it, we don't give out numbers in terms of what is the potential revenue. Again, the way I look at it and the way you should look at it is to be able to think about what's been our revenue positioning overall. I think we will remain in similar ranges from an overall perspective. The HFO project probably gets commissioned in 2027. I don't remember the exact month, but 2027 is when it will get commissioned. It will take time to ramp up. So FY 2028 probably is the first revenue position that we will start to see from the project. The full revenue potential, let's say on a 10,000-ton basis, you could estimate on your own. You are right that on the packaging film side, there are three projects that are going on currently. The first project being the capacitor-grade film. There is the BOPP film that is going on, and there is the new polypropylene film that we have recently announced. The aggregate capacity of this is roughly, let's say, about 100,000-110,000 tons overall. Abhijeet? Okay. Got it, sir. Got it. Thank you. That's helpful. And just one other small thing from my side on the quarterly results. These are unallocable expenses that have increased quite meaningfully quarter on quarter this time around. Is that because of the foreign exchange, in fact, or is there something else within that? Largely, I think it is the INR 30 crore foreign currencies that we see on the main slide, where you would see the unallocable expenses going up from INR 40 crore to about INR 62 crore. A large part of that forex loss would be on the other unallocable side. Understood. Thank you so much and wish you all the best. Thank you. Thank you. The next question is from the line of Vivek Rajamani from Morgan Stanley. Please go ahead, sir. Hi, sir. Am I audible? Yes, you are. Please go ahead, Vivek. Yeah. First of all, sir, all the very best for your next chapter and with respect to the questions. Sir, there was one comment on the presentation where you mentioned the R-32 gas market will be better in H2. Beyond the seasonality, would this also reflect SRF's effort to maximize volumes for the quotas? And in connection to that, given that you will see some new capacities come through, just wanted to get some thoughts on the strategy to maintain or potentially grow market share over the next couple of years. Thank you. Vivek, yes. I think that's the strategic call that we have always talked about. We also want to ensure that our volumes are high. We will produce to the extent that we can from the plants. I think the good part is that some of the bottlenecks on the HFC thing are now almost sorted so our capability to produce more is higher and therefore the position remains that we will continue to ensure that the quota position plays out well for us. Again, I think a more detailed call on the HFC position and the quota was done in the past. I think it is available as a transcript on our website as well. Maybe you want to go through that again if you want to. Again, each one to their own in terms of what quota positions they are building. Given our SRF situation in the market, our capability of selling it through the observation period, we seem to be in fai rly good shape here, Vivek. I'm sure, sir. That's helpful and maybe just one last bookkeeping question for me. Could you just give the domestic and the export mix for both the specialty and the ref gas business? So for specialty chemicals, the quantum of export would probably be in the range of about 65%-66%. And And as export, for fluorochemicals, I think the number is probably 60% export and 40% domestic. So about 60% for both of them, and this would be based on value, correct? I said 65% for the specchem business and about 60% for the fluorochemicals business. Sure, sir. Thank you so much. And all the very best. Thank you. Thank you so much. The next question is from the line of Rohit Nagraj from B&K Securities. Please go ahead, sir. Thanks for the opportunity and all the best for the new endeavor, sir. First question on the AI. So we have developed and commercialized the first. Yeah. So the first question is on the AI front. We have developed and commercialized the first one during this quarter. And we had indicated earlier that we are working on six, seven AIs. So in terms of the pipeline of commercialization, do we have any visibility and the overall potential from these six, seven AIs once they are commercialized and scaled up? Thank you. So Rohit, again, I think the work on the AI piece is going on well. We've always said that it will take us some time to see larger commercial sales on these AIs. The good news is that some of these are now starting to see traction. I'm sure you've gone through the export data and looked at it as well. Some of the analysts have given me to understand that there is a positive AI traction that is also starting to build. Hopefully, some revenue is what we will start to see during H2, and let's say over the next 12 to 18 months, they should become a larger piece from a specialty chemicals business perspective. Sure. Thanks. Second question on the R-22 gas front, just a clarification. So given that the quotas are going to come into place for currently and for the next one month and a half, one year or so, will we be operating our capacities to the maximum to gain maximum out of the quotas? Thank you. I think that's what we have said. That's the position that we want to operate the plants at whatever maximum capacity that we can. So no doubt on that, and currently also, we are operating the same? Just a clarification. Pretty much. Okay. Fair enough. That's all. Thanks a lot and all the best, sir. Thank you. Thank you. The next question is from the line of Surya Narayan Patra from PhillipCapital. Please go ahead, sir. Yeah. Thanks for the opportunity. Congratulations for the great set of numbers, sir, in a non-season. That's true. My first question is on this Chemours contract. Sir, here it is specialty intermediate, including fluoropolymer. That is what it is mentioning. So that means whether we are trying to do. Don't think we ever mentioned specialty intermediates. We always said fluoropolymer, including fluoroelastomers. So that's what we said. We've never said specialty intermediate in context to the Chemours contract. Okay. Because Chemours wording is in that way. So that is why I thought I should clarify. One never really includes that. O kay. Thanks, sir. And sir, you have already given the capacity or CapEx relating to the TEMOS association. But whether the revenue opportunity would be proportionate to the CapEx or it is beyond that? Again, how do I answer that? I have actually said that we are not giving out revenue numbers on this as of now. The fluoropolymer piece on this is expanding on a continuous basis. This gives us a relationship advantage, and we want to leverage that relationship going forward on other products as well. But I am not in a position to give you any numbers around what is the potential on revenue purely on that contract. Not possible, sir. Okay. Second question is, sir, on the intermediate specialty intermediate side. So we are seeing some kind of uptick in the pricing situation. So is it because of some uptick in the demand, or it is the replenishment of the inventory, or it is a product mix? Could you clarify what is this? Are you talking about SRF, or you're talking about the industry as such? For SRF also, that is the kind of a trend possibly. Not really, sir. When I look at it from an overall basis, I think pricing has remained flat to only small positives. Volumes of the new products have done well. Some of the older products, we have seen some deferment happen, and I think that's what we had commented on in the press release as well as the earnings presentation. Okay. Okay, and any specific plan for the Odisha site? It's a new site. So it would be targeted for any particular segment, or it is a kind of a new site to embrace all the business? It's a new site. It will be for the chemicals business only. But like our Dahej site, like our Bhiwadi site, it will be for both the specialty chemicals as well as the fluorochemicals business. Not one single business. It is going to be a site for both the businesses put together. Okay. Just one clarification, sir. This PP film for the capacitor under the PLI that we have got today. So whether it is the same thing what we had already announced, the capacitor-grade BOPP films? Yes, largely. Okay. Okay. Yeah. Thank you, sir. Wish you all the best for your future endeavor out there. Thank you, Surya. Thank you. The next question is from Keyur Pandya from ICICI Prudential Life Insurance. Please go ahead, sir. Thank you. Sir, you mentioned about an HFCs volume that near optimum utilization. Does that mean that for next year, I mean, the scope for volume-led growth would be very minuscule? And for that segment, the heavy lifting has to be done by spec chem. Is it fair understanding? To be frank about it, that's probably a bad way to look at it. I would really say that the volumes that have played out in H1 versus H2, we will be in better shape in H2. But saying that, will there be a volume-taking increase in FY 2027? Very difficult to be able to give you a number. The capacity utilization, if we can get to full 2027, is also a year. Calendar 26 is also a year, which is also an observation year. So yes, to a certain extent, capacities for the HFC positions are limited. From a fluorochemical business perspective, I think fluoropolymers and a few other, as the Chemours contract through, we should see the positive on that coming as well. But you are right to a certain extent that the capacity, if we are able to exit fully, will remain from an HFC perspective pretty much full. Okay. Okay. And just follow-up. So either because of the Chemours-related project or otherwise, when this plant would be available for production? You mentioned December 26, and you mentioned in phases as well. So that is the start of the first phase, or by that time, everything would be available for production? Phase manner, there will be some products that will come through prior to that. But December 26 is what we are targeting for the final product to also get commissioned. Understood. Understood, sir. Sir, thanks a lot, and all the best to you and to the company. Thank you. Thank you. The next question is from the line of Krishan Parwani from JM Financial. Please go ahead. Yes. Hi, Rahul. Good afternoon. Firstly, all the very best for your future endeavors. It has been a pleasure interacting with you. Just two questions from my side. First, on the AI. So, of the five to six AIs, when do you expect full ramp-up of the recently launched AI? And when do you expect launch and commercialization of the rest four to five AIs? I think it is a question that has been answered multiple times, Krishan. I think we have said that some of these will see light of day from a commercial scale perspective in H2. But there is a 12-18-month period that we have spoken about. Obviously, some of that has passed. And as progressively things are happening positively, we have kind of talked about it. Every quarter, this is not going to change. Okay. And given you mentioned limited volume growth for FY 2027 for HFCs, so do you have any plans for HFC capacity expansion using your 22-quota entitlement? Not really, I think. Nothing. Okay. Okay. Fair enough. Thank you. And wish you all the best once again. Thank you. Thank you. The next question is from the line of Sunil from Ambit. Please go ahead. Hello. Yes. Hello. Yeah. All my questions have been answered. Thank you. Thank you. To the operator, if there are no more questions, we may want to close the call. As there is no response from the line of Sunil, the next question is from the line of Naushad Chaudhary from Aditya Birla AMC. Please go ahead, sir. Yeah. Hi. Thank you for the opportunity. Congrats and all, sir, for your new endeavor. Two clarifications wanted. You touched upon the ramp-up of AI will take time. Just wanted to understand when you're saying it will take longer to ramp up, will it be more than two years, two years, three years to ramp up, or you are saying? That's a question. I don't think I can add any further color to it. Okay. Okay. On the utilization of the R-gas capacities, assuming we exit 2026 with full utilization, so for 2027, we would be only specchem and PTFE ramp-up should help the overall chemical business growth in 2027. Is that the right understanding? Again, you are right, and I have also answered that question in response to a previous question on that. I think it was from KL. Yeah. Thank you so much. These two were the questions. Thanks. Thank you. The next. Thank you. The next question is from the line of Aditya Sen from Findoc. Please go ahead, sir. Thanks for the opportunity. Sir, can I? can I? Could you be a bit louder, please? I'm unable to hear you. Give me a... Is it better now? Yes, much better. Thank you. Y Yeah. Sir, can you please share the prices of the HFOs or the prices of R-22 for the last three, four quarters? Has it been increasing, decreasing? What is the situation as of now? We don't look at HFO prices as of now, Aditya, because we don't produce any of the HFOs. R-22 prices, again, have been in range bound and doing pretty much all right. But generally speaking, we don't give out exact prices of each of the HFCs. No, no. It's fine. I just want the color on this R-22 and, if possible, R-32 also. Again, trending-wise, over the last three, four quarters, we've seen positive trend on HFC and 32 prices as well. All right. Positive trend. Thank you. The next question is from the line of Akash Mehta from Canara HSBC Life. Please go ahead, sir. Hi, sir. And best of luck for your journey ahead. Just had one question. In terms of this U.S., I mean, in terms of the tariffs and all, in direct and indirect exposure, in terms of the exports, any color you can just give in terms of what portion kind of is impacted for SRF as such? I mean, some color. Two or three things to think about. There is some impact on our packaging film business. We've already implemented some countermeasures around it for our U.S. exports to start going from our Thailand unit. That's something that's already been implemented. Let's say the fluorochemical or the ref gas side, HFC side, again, we've had to take some impact of it in terms of the pricing for the HFCs. Although still, the pricing remains pretty solid. So we are in good shape on that side. On the specialty chemicals business, there is export that we do. Last year, the number was roughly about INR 300 crore from India versus U.S. perspective on specchem business. So not a major number from an overall SRF perspective also. So that's how we are looking at it, Akash. Sure. That's helpful. Yeah. Thanks a lot. Thank you. The next question is from the line of Yash Shah from Aditya Birla Sun Life Insurance. Please go ahead. Hi, sir. Firstly, congratulations on the move. I just have one question from my side. More of a clarification. Of the INR 745 crores of CapEx that we have announced for the fluoropolymers, can you give a broad idea, sir, of how much will be dedicated towards Chemours? Because, as you mentioned, that majority, the Chemours contract will be contributing significantly to the revenue. So just wanted some kind of a broad idea of how much will it be contributed, how much of the capacity will be dedicated to Chemours. Give me just one minute. I will have to look it up. But give me just one second. I will give you a rough estimate of it. Sure. So of the total, let's say roughly from an overall perspective, the CapEx of INR 745 crores, I would say roughly INR 450 crores is for one of the products, which is non-Chemours. And the balance is largely the two products for Chemours. Got it. Understood. Yeah. That's all from my side, sir. Thank you. And all the best. Thank you. And now I would like to hand over the conference to management for the closing comments. Thank you, everyone. I hope I have been able to answer all of your questions. If you have any further questions, we would be happy to be of assistance. We hope to have your valuable support on a continued basis as we move ahead. On behalf of the management, and specifically on my personal behalf, I once again thank you for taking the time for joining us on this call. Thank you so much. On behalf of Nuvama Wealth Management Limited, that concludes this conference. Thank you for joining us, and you may disconnect your line.