Ladies and gentlemen, good day and welcome to The Supreme Industries Q1 FY 2027 Earnings Conference Call hosted by DAM Capital Advisors Limited. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mrs. Anifa Fernandes. Thank you, and over to you, ma'am. Thank you, Anushka. Good evening, everyone, and welcome to The Supreme Industries Q1 FY 2027 post earnings conference call. Joining us today from the company senior management team are Mr. M. P. Taparia, Chairman and Managing Director, Mr. P. C. Somani, Chief Financial Officer, and Mr. R. J. Saboo, Vice President, Corporate Affairs and Company Secretary. I would now like to hand the call over to Mr. Taparia for his opening remarks. Over to you, sir. Thank you very much. I'm M. P. Taparia, Chairman and Managing Director of The Supreme Industries Limited. I, along with my colleague, Sri P. C. Somani, CFO, and Sri R. J. Saboo, Vice President, Corporate Affairs and Company Secretary, welcome all the participants who are participating in the discussion of the unaudited standalone and consolidated financial result for the quarter ended 30th June 2026. The standalone results and the consolidated results are already with you. I'll give brief on company product operating performance and other highlights. The company sold 157,536 tons of plastic goods and achieved revenue from operation of INR 2,718 crore during the first quarter of the current year, against sales of 183,793 tons and revenue of INR 2,609 crore in the corresponding quarter previous year, yielding volume degrowth of around 14% and revenue growth of 4% respectively. The standalone operating profit and profit after tax during the period under review amounted to INR 398 crore and INR 208 crore as compared to INR 319 crore and INR 177 crore during corresponding quarter of the previous year, achieving increase of 25% and 17% respectively. The business scenario of all the product segment of the company for the quarter ended 30th June 2026, as compared to corresponding quarter of the previous year, has been as under. Plastic piping system business decreased by 15% in volume and remained at flat level in value term. Packaging product segment decreased by 10% in volume and grew by 9% in value term. Industrial product segment business decreased by 6% in volume and grew by 24% in value term. Consumer product segment business decreased by 22% in volume and 11% in value term. The overall turnover of value-added product increased to INR 1,142 crore during the current quarter as compared to INR 933 crore in the corresponding quarter of previous year, achieving a growth of 22%. Business outlook. The first quarter of fiscal year 2027 was impacted by extraordinary volatility in polymer prices, particularly during April 2026, resulted in inventory correction across the value chain and temporarily affected industry demand. While this created short-term challenges, the underlying demand driver for our business remained intact. With polymer prices now stabilizing, the removal of custom duty exemption, and implementation of minimum import price for suspension grade PVC regime, we expect business conditions to progressively improve as general inventory normalize and markets sentiment strengthen. India continues to offer significant long-term growth opportunity, supported by infrastructure development, urbanization, water management project, housing, and expansion of gas distribution network. Supreme is well-positioned to benefit from these trends through its diversified portfolio, its strong brand, extensive distribution network, and continuous focus on innovation. We continue strengthening our growth platform through capacity expansion and new product introduction. The successful integration of the Wavin business, expansion of piping portfolio, growing opportunity in composite cylinder, protective packaging, and packaging products, industrial and material handling products, and the launch of uPVC window business further enhance our long-term growth prospects. The company continued to invest in capacity expansion across key businesses and is progressing with plans to establish manufacturing facility at new locations, including Bihar, Jammu, and Malanpur near Gwalior. The company is also in the process of acquiring additional land in Pondicherry and Erode and will create additional manufacturing setup. Supreme maintains a robust financial position, enabling the company to fund the growth plan, capital expenditure, and working capital requirements through internal accrual. While the first quarter reflected temporary industry headwinds, we remain optimistic about the outlook for the balance of the year and confident in our ability to capitalize on the opportunity ahead. This is a brief and overall summary for the quarter ended on the reference. Thank you for your patience. Now, I and my colleague, Shri P.C. Somani and R.J. Saboo, are available to reply to various queries raised by all of you. 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 your 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 will wait for a moment while the question queue assembles. Before we proceed, I would like to request participants, please limit your questions to two per participant in order to ensure that the management is able to address from all the participants. We take the first question from the line of Keshav Lahoti from HDFC Securities. Please proceed. Hi. Thank you for the opportunity. Sir, as you indicated in the call, the underlying demand is broadly doing fine. It was more about channel inventory impacting the volume growth. Two, can you give more color about plumbing and agri? Possibly agri season was also weak because of monsoon and fertilizer issues. Secondly, what is the guidance for this year for the volume growth and margin? The agri growth was definitely affected in the April-June. The April prices dropped so steeply that farmers were very puzzled when to start buying. The season, April, May, June is over. The next demand will start from middle of September. We believe that as the water reservoir are filling up, the demand will be quite robust in the remaining part of the year in the segment. Yes, sir. I have also asked what is your volume growth and margin guidance for this year? Volume growth, we have told in the month of April only that we anticipate a volume growth of 15%-17% in pipe division and 12%-13% overall for the company. We maintain the same volume growth guidance. This guidance, do you still maintain this guidance for the entire year or the balance nine months you're talking? The reason I'm asking, y ou know, the first three months have been pretty tough. We are tracking for the whole year. Understood. Got it. Thank you. Thank you all. Come back in queue. Thank you. We take the next question from the line of Sneha from Nuvama. Please proceed. Hi, good evening, sir, and thanks a lot for the opportunity. Just a couple of questions from my end. What would have been the industry-related decline in terms of quarter one volumes? Just wanted to gauge, is 15% higher than the industry volume decline? Actually, industry decline. For the whole industry decline. Yes, for quarter one. No, quarter one, I think the whole country declined. All plastic had early degrowth because it was very uncertain, prices were dropping from extremely high price of the March month, the prices started getting corrected. The whole pipeline, all the industry must have gone into inventory creation mode. Understood. Do we have any numbers here, that it must be 8% drop or a 9% drop industry-wide? That would be helpful in case we have that. Percentage figure is. Industry-wide figures are not known. No idea. Nowadays, import data also didn't come easily. We have no idea. Sure. Sir, secondly, wanted to understand the impact. You can confirm Ramakant, they can tell you. Please. Sure. Secondly, just wanted to understand the impact of the recently imposed MIP. Where are the PVC prices currently standing at? What are the inventory levels with the distributors? What sort of a reaction are you seeing after this MIP coming up, both in terms of PVC pricing as well as the restocking part? The inventory level must have gone down quite steeply in the first quarter, as we are seeing demand is coming a big way in this quarter. Now they are filling up the inventory back. To run the business, they have to have adequate inventory. You mean to say you are seeing restocking happening at this point of time and on PVC pricing, sir? PVC prices also gone up recently by INR 9/ kg. Thirdly, on the margins front, we've seen a phenomenal jump in margins. Could we say that there could be a part of inventory gains also in this particular quarter? Have there been any inventory gain? If there is, can we quantify it? This quarter, the profit has been higher because when we have such a big decrease in demand, it was mostly in the piping segment where the margins are lower. Only pipes. There was big erosion in volume and turnover in plastic pipe. Plastic pipe is a low margin business, and because of that, our overall margin is showing better in this first quarter. That's what it says. Sir, I'll get back in with you. Thanks, sir. All the best. Thank you. We take the next question from the line of Shravan Shah from Dolat Capital. Please proceed. Hi. Thank you, sir. Sir, again, coming back on the volume growth guidance front, two, three things to understand. First, when we are saying that still we are maintaining 15%-17% piping volume growth for FY 2027, that means in the next three months, we need to do at least 25% kind of a growth. In that sense, if you can help us, at least in July, are we seeing that kind of a growth? Broadly in Q2, how we can see the growth? Will it be largely the growth would be in the second half, where if the Q2 will not be that great, maybe the second half, we need to do maybe a 30%+ kind of a growth. I don't know. We believe that there will be good growth in second quarter also. July is only one month of the three months. We are seeing excellent growth in the month of July, and we believe the growth will be quite good in the second quarter, which you will know in the month of October. Yeah. In this current month also, we are seeing a significant growth. Channel inventory is, one can say again, is filling up. They have to fill up. Otherwise, how can they do business? Yeah. No, true. That's what I just wanted to understand from your side. Secondly, in Q1, this 15%-16% degrowth, this is across three months, April, May, June, or will it be more in April and May, and June we would have seen a kind of a flattish growth? Broadly, directionally will help. Worse was April only. In May, we had a small growth. June also will be a small growth, but April was it came reduced by more than 50%. Okay, got it. For EBITDA margin, that 14%, 14.5% for FY 2027, that guidance we are maintaining? We are maintaining. Thank you. Yeah. As you said, this quarter there is no inventory gain in Q1. When prices are dropping, how can there be inventory gains? I don't follow. Yeah. Was there any loss? Because we have maintained a decent margin. That's what I'm asking. I have nothing to talk about inventory gain or loss, please. Okay. Got it. Now, do we see the current PVC prices, which has increased INR 9/ kg, given the crude also again have fallen. Will the current prices will stay it is because for us it is becoming very difficult in terms of modeling the numbers, because both on the volume and prices, the significant volatility is there. That's what I'm trying to understand, whether in Q2 can we see a QoQ improvement in PVC prices or a realization for us? There's nothing difficult for us. Nothing difficult. Anyway, dear friend, PVC is not a 100% crude product. 47% is chlorine product, which is coming out of caustic soda production. It's not 100% crude product, please. Okay. The guidance in terms of the CapEx for full year, INR 1,000 crore odd, we are maintaining that? Maintaining. Yes. In Q1, how much we would have done on the CapEx front? Committing the money depend on the machine arrival. We've committed up till now INR 500 crore. Q1 we have already done INR 500 crore odd. Okay. Committed investment. Yeah, please. Okay. After the equipment, payments are made. Okay. In terms of the working capital? Sorry to interrupt, Mr. Shravan. Yeah, no issues. Thank you, sir. Thank you. Yeah, please. It is a reminder to the participants, please limit your questions to two per participant, as there are several people waiting for their turn. We proceed with the next question from the line of Ritesh Shah from Investec Capital. You may proceed. Yeah. Hi, sir. Thanks for the opportunity. Sir, two questions. First question, sir, three parts. Sir, can you speak more about gas piping, the progress that we have done? Same thing for windows and doors business. Third is basically Indo Green Plus 3 Layer PPR pipes. How big these businesses can be? Some color over here for these three segments. That's the first question. Sir, second question, probably I'll take it afterwards after you answer this, please. Thanks. I'll reply first question only. As on today, based on the inquiries and plan by so many gas company, we believe the piping business, including pipe and fitting, may be around INR 600 crore this year. Okay. I repeat. Yes, sir, INR 600 crore, I heard that. Big number. Sir, on windows and door business and PPR pipes? Window we have already started. We started marketing when the British were around, only 50,000 tons in the whole country. We just started only recently. Our capacity only 5,000 tons per year. Okay. Spring pipe is a regular business. This is nothing new. Our company started small to supply the farmers. They require our spring pipe because we are very committed to quality, so they are very happy with our quality. Okay. Sir, just a follow-up on INR 600 crore number, what you are indicating for gas piping, have you already started getting orders over here? I think you had indicated we had some orders from Pune last year. We started getting orders, we supplied already. Sir, any orders from any other city states that you can detail? I told you that we have got the order of the gas pipe system, pipe and fitting both, and we have supplied. Customer is very happy. Okay, perfect. Sir, my second question is, there is a CAG report with respect to Jal Jeevan Mission out for two states. This includes Maharashtra and Karnataka. Sir, have you gone through it? How should we look at the agri demand specifically, which is coming out from the JJM scheme? What do you mean? CAG report. I've not seen the report. What is the report? I have no idea. Okay. No worry, sir. Good. Thank you so much. Thank you. Thank you. Thank you. We take the next question from the line of Praneet from SK Investments. Please proceed. Hi, sir. Thank you for the opportunity. I wanted to understand in terms of the window and profile, that business, how much have we invested so far, and what kind of revenues do we expect to generate in the next two to three years? We invested INR 220 crore. [audio distprtion]. Revenue generation of about INR 350 crore, once it is normal utilization. Okay. Do we expect to go in next two to three years or will it take longer, normal utilization? Should be. We went in production we hope that next year we should get much better utilization capacity. We already started selling in the market. Understood, sir. Regarding our piping division, sir, I understand this quarter has been little bit off, but in terms of our CPVC growth, how are the growth prospects? Will this continue to take share of the overall piping market or is OPVC also taking over? How is it right now? Are we increasing our market share? Yeah, our market share must be going up now. I think so. Okay. OPVC also now getting good acceptance. We are now getting another machine also for eastern India. We saw machines are running in western India. We are building more capacity also. Understood, sir. One more thing regarding our pricing. So far despite having a large brand and extreme presence, so in the market it's been known that there's been little bit price competitiveness to compete and gain market share. When are we going to start reducing this competitive intensity and aggressiveness in the market, or do we plan on continuing for the next one to two years? Actually, the pricing of the product depends on the raw materials. The price gets adjusted. If the raw material prices goes up, then finished goods prices also goes up, and correspondingly, we reduce the prices when the raw material prices comes down. It is in synergy with those raw material prices. That is a industry phenomenon. That is what we want to say. No, sir, at least in the dealer network, you're bringing very aggressive pricing, and despite having a large brand, you're still positioning your pricing is, let's say, little lower than what you can charge. In terms of that, I was trying to understand, do we expect to increase our prices compared what we can or we just want to maintain at this levels for the next one to two years? No. You see, to get the better market, we are passing on the benefits what we are deriving from economies of scale or the proximity to the market. Since we have in-India manufacturing presence, so our logistic cost gets rationalized, and that is the benefit to the end customer. Understood, sir. Is there a possibility that we might just not pass it on and increase our margins for this, or do we continue to want to pass it on? That depends. Right now, we are more focused on the return on capital employed, not for the margin necessarily only. Understood. We still want to grow, and we are growing. Got it, sir. For the next two years, probably we'll still continue to maintain our strategy with this, right? We are building a new system, new SKU in these systems, and reaching more market and now going vigorously in export market also. We hope that we will go on growing nicely. Understood, sir. That is it from my side. Thank you. Okay. Thank you. We take the next question from the line of Praveen Sahay from PL Capital. Please proceed. Hi, sir. Sir, related to the capacity expansion, Bihar, Malanpur and Jammu, what you are expanding. Can you give how much of the capacity addition in these three locations you are taking in? No, we will complete the project in next two years. We'll be building small capacity one after another. Not a large capacity immediately to put up. Overall capacity will come up in over a period of two years. We have to go on creating market further and go on putting capacity as the market demands. There'll be a piece of land in Bihar, 21 acres, in Jammu, 13 acres. Hopefully, after two years, it may be more than 50,000 tons in both the plants together. Okay. Malanpur, sir? Malanpur is a material handling system. That is a material handling system dealing with large volume. We don't go by volume. What is required in the market, accordingly, we'll put the item because they're all bulky items, weight-intensive items. Okay. We're making variety of crates and variety of pallets. Lastly, on the Pondicherry and Erode also, the land acquisition you are looking for. What kind of a product you are going for there? Pondicherry, we are going to shift our existing factory product, which we are making for Whirlpool, and in our existing factory, we are going to put more capacity to make furniture for export market. Okay. Got it, sir. Thank you. All the best. Thank you. We take the next question from the line of Rahul Agarwal from Ikigai Asset. Please proceed. Yeah. Hi, sir. Good evening. Thank you for the opportunity. Sir, one question I had was to understand the customer behavior. I understand that the channel destocking happens when prices fall. In history, whenever such prices fall, we have seen volume degrowth across all four segments. Is this permanent sales lost or you think there is some pent-up demand which comes back whenever prices stabilize? In history, if you can just share your experience, sir. Not forever. When the prices start moving onwards, the pent-up demands comes up. That is naturally, because the destocking which takes place in the channel, obviously the channel gets normalized when the prices get stabilized. Somani, from the channel perspective, I understand, more so from, let's say, non-pipes. Packaging and industrial segments have also seen volume degrowth. Does this demand also comes back fully into subsequent time? In packaging also, you understand, Rahul, because there are many applications for insulation, for civil, for construction. Those people may differ demand for a month or two or three. You see normal course, most of the demands comes up. Which stock and sale item they give reference. Stock and sale item. Got it, sir. How does it work in industrial, Somani? Industrial is the OEM supplies, so it all depends upon their end market position. By the demand they are getting for their product, what they are offering, air conditioner or any item whatever they are offering, their sales accordingly they buy. Those are not governed by the raw material prices. You see, it is always cost plus price margins. Because of the price effect, it is the ultimate demand situation. Right. Industrial volume degrowth this quarter is more organic. It's more that their business was not growing and hence we saw degrowth. Is that correct? Correct. The value wise if you look at [audio distortion]. Yeah, it's grown. Yeah. Just last question on exports. Could we talk about which products we are talking about for exports, which markets to start with, and should we see pickup in export growth starting current year itself, or it is more longer term? No, now only with a plan of six, seven-year plan we have made. Last year export was $26 million overall. We are aiming to reach $150 million in six to seven years from $26 million. From $26 million, our aim is to reach $150 million in all our product segment in six to seven years. Got it, sir. Which products we are talking about? All the products except industrial component. Which markets? Market, world market. Any particular geography? Mostly where the Government is entering into FTA, all those geography we want to cover. Got it, sir. Where Government is entering into FTA and FTA is in place, those countries we give top priority. Got it, sir. Last question was, did CPV? Sorry to interrupt, Mr. Rahul. Yeah, okay. Could you please join back the queue? Sure, I'll join back. Thank you. Thank you. Before we proceed, a reminder to the participants, please limit your questions to two per participant. We take the next question from the line of Karan from Guardian Capital Partners. Please proceed. Yeah, hi. Thanks for the opportunity. My first question is, what is Supreme's current capacity and the utilization levels for composite cylinders? Current capacity is about 9 lakh or 10 lakh, depending upon the product mix. Okay. Per annum. That is cylinder. Cylinder. I'm telling you 9 lakh to 10 lakh cylinders per annum is the current capacity. Utilization all depends upon the domestic oil marketing companies. Currently, it is between 25%-35%. Understood. My second question is, recently with HPCL's initiative to sell composite cylinders on Instamart and BPCL's plan to expand composite cylinder availability to over 100 cities, how do you see the performance of this business segment evolving for us? There are good opportunities coming up. I think HPCL has just completed one tender of two lakh pieces. We have got the LOI for 60,000 pieces. Supply will start from next month onwards. Yes, this initiative is definitely very good, and we look forward to the opportunities in this segment. Do you see utilization ramping up quickly over in the near to medium term? Unfortunately, it is not a stock and sell item, so the time lost is always lost time, because you have to manufacture cylinder as per the design, as per the serial number, many things as per the order. Exactly. It all depends upon how the order flows take place from the domestic oil marketing companies. Understood. Thank you. That's it from my end. Thank you. Thank you. We take the next question from the line of Disha Chamriya from Trinetra Asset Managers. Please proceed. Hello. Am I audible? Hello. Hello. You just speaking loudly. Yeah, please speak loudly. Yeah, sure. Yes, sir. Most of my questions are already answered. Just two questions from my side. What's the current gross margin or EBITDA margin that you expect to stand for the FY 2027? Is it going to continue at this base level or go back to the historical ranges? We anticipate between 14%-14.5% for the full year. Okay, 14% and 14.5%. For the FY 2028 and FY 2029, do we see margin expansion? We talked FY 2027 only. Okay, sir. My second question was, the demand we see in market, like in the plumbing and agriculture industrials and newer segments like cylindrical composites and packaging. Any specific pockets of weakness or strength you have seen in this quarter? Anything that you look forward to be performing well for the upcoming demand categories, sir? Your voice is breaking. Generally, we can say our all product segments are doing better and looking for better demand situation. Majorly, the plastic piping system, which is the biggest business of the company, is looking for 15%-17% volume growth for the full year, in spite of the 15% degrowth in volume in the first quarter. Definitely demand in that segment is looking much better. Prices of raw materials are now stabilized or firming up. We will see a good situation coming up. Okay, sir. Thank you so much. Thank you. We take the next question from the line of Tejas Pradhan from Citigroup. Please proceed. Yeah. Hi, sir. Just on the quarter, if you look at the EBITDA margin in the plastic piping segment on a YoY basis, there is a substantial improvement, right? Just wanted to understand, you mentioned that there is no inventory gain. Is this entirely because of mix or some cost benefit we had because of older PVC inventory or some other aspect that I'm missing? As we told you, there was less sale of pipe. The volume destruction was mostly in pipe. Pipe is a low margin business. As the pipe business was extruded, then the remaining margin became better. Right. From a full year perspective, you would expect the product mix to broadly remain the same, so the benefit that you have, in terms of margin, could sort of normalize over the full year? Yeah. We already committed to you. Actually, we're going to be between 14% to 14.5%. Okay, understood. Secondly, could you share the inventory level at the company as of 30th June? Inventory level compared to our turnover, normally we keep two and a half month turnover level because we are handling very large volume of business. We have to keep proper adequate inventory so that we are responsive to supply to our customers. Understood. Lastly, on the MIP, that has come for a period of six months. From a longer term basis, do you think this could be extended or some other form of protection could come in? What would be your views on that? Extension part, you can only take from the Government of India. Okay. Thanks. Thank you. We take the next question from the line of Durgesh Shukla from InCred Capital. Please proceed. Hello, sir. Thank you for the opportunity. I just wanted to ask, what is the Wavin contribution in this quarter, and what is the expectation for the full year? Wavin capacity, what we acquired of 70,000 metric tons, we are ramping up also, and the plants are running fully integrated. About 50%-60% capitalization has taken place in the first quarter. In overall company, we look at piping capacity utilization about 70%. All the plants. 70% up to 5,000 PC also. All the plants will be same line. I'll give you 71,000 tons. We utilize it for the year, 70% of that. Basically, you're saying on the capacity of 70,000 ton, the utilization is 70%, right, sir? Yeah, that's similar to our capacity. Okay, sir. The product, what we were making, they're making. Okay, sir. Thank you. That's all from my side. Thank you. We take the next question, from the line of Utkarsh from Anand Rathi. Please proceed. Yeah. Hi, good evening, sir. My first question is on the pipe segment margin for the June quarter. If we see our pipe segment, EBIT margin has improved from 8.8% in previous June quarter to 11.4% in this June quarter. Can you please help us understand why the margin has gone up when we have seen a sharp decline in our volume? Utkarsh, I think the same answer which has been given for the operating margin applies for the company. When the low-margin product of pipe is reduced from the volume, naturally the remainder business of the piping has better margins. Okay. Is it because of a sharp decline in the agri pipe volume we have seen a good improvement in the margin? Not only agri pipe, other pipe also. Okay. It will come down. There is huge destocking by our distributor. Fine, sir. Sir, my second question is on your EBITDA margin guidance. Last year, sir, you were guiding EBITDA margin of 14.5%-15.5% EBITDA margin, which was quite a difficult year for the industry as PVC resin prices were under significant pressure. This year, we are guiding 14%-14.5% for FY 2027, where if we see, we have already clocked 14.6% EBITDA margin in this June quarter. Margin in Q4 generally turns out to be significantly better for us compared to the first three quarters. We will also see the benefit of higher PVC resin prices in the coming quarters, which was not the case last year. Can you please help us understand why we are guiding a much lower margin compared to what we were guiding earlier? We are not guiding lower margin. The first quarter, the margin has shown improvement because of disruption of demand for plastic pipe. We anticipate when we are saying that we anticipate 15%-17% volume growth, we will supply adequate quantity of plastic pipe now in remaining nine months. They are low margin, but they are required. Otherwise, if there is no pipe, then what is the business of piping system? You cannot do any business, cannot do any work of that, either for water or anything supply. If you have no pipe, you can't do any business. Pipes are required. Sir, your point-- [audio distortion] nine months. The pipe business you got no margin. No, sir, your point is well taken, sir. Earlier we were expecting, say, in FY 2026, we were expecting the pipe volume to grow at 15%-20% rate, and we were still guiding EBITDA margin of 14.5%-15.5%. What I'm trying to understand from you, why we are guiding 14%-14.5% EBITDA margin now, when we were expecting much higher range earlier? We are giving the guidance with a very-- On a conservative basis. Responsible manner. We don't want to give unnecessary, very rosy picture. No, we don't want to give. Okay, thanks a lot, sir. Thank you. We take the next question from the line of Shailly Jain from Dolat Capital. Please proceed. Hi, sir. Thank you for the opportunity. Could you please provide me the value of inventory, debtor, and payable as on June? Inventory and debtor. Inventory, debtor, and payable. Our inventory remains 2.5 months, as told in the earlier question. Our debtors remains 15 days of receivers of the turnover. Payable, sir? Payable remains between 50-55 days. Okay. Okay, sir. Thank you so much. Thank you. We take the next question from the line of Nikunj Shah from I-Sec. Please proceed. Yeah. Hi, sir. Sir, how was the CPVC growth in Q1? Q1 there was very minimal growth. Just so you've answered this question, I'm just trying to re-understand. Was this the case that the plumbing pipe business was better off in Q1 and agri grew significantly, which led to that 15% kind of volume degrowth in case of pipes total? No. Total business, agri and plumbing, both had a degrowth in the first quarter. Sir, agri was significant degrowth, or was it similar, both were similar? Agri, plumbing business, every piping demand, every piping segment had a degrowth in the first quarter. You are right. Pipe, agri pipe or polythene pipe was severe degrowth. Severe erosion in the volume in the polythene pipe was quite very heavy. In PVC pipe also we were Distribution, there was decrease in demand. Sir, Yes. This agri pipe, whatever we lost out because of the pricing, you expect that recovery to come through when the season really picks up in September and February. Am I correct, sir? From second half of September to March, demand will grow very nicely. Sir, with MIP coming in, that fluctuation in PVC, let's assume PVC stays in the same range of INR 80-INR 85. You think this is very good, demand will come from the agri side because of this. Am I correct, sir? No, we don't know. Because MIP may give still nobody stopped them to increase the price further now. MIP doesn't mean that they cannot charge a high price. The only thing they cannot charge lower than the $766. True, sir. High price, nobody will stop them. It depends how West Asia come to the scale and nobody knows. Yes, sir. Thank you very much, sir. Thank you, sir. Thank you. We take the next question from the line of Vipulkumar Gupchan Shah from Sumangal Investment. Please proceed. Hi, sir. What is our agri and non-agri mix, sir? We have no idea because several states they are using agri pipe for housing also. We have no idea. Okay. Sir, secondly, since Lubrizol is starting production of CPVC resin in India, will our cost come down? That part Lubrizol can only reply. How can I reply? Whether they are going to keep lower price, I can't say. For your information, Reliance is also coming. Okay. Thank you, sir. Thank you. Participants, in order to ask a question, you may press star and one on your touchtone telephone. Participants, in order to ask a question, please press star and one on your touchtone telephone. [audio distortion]. We take the next question from the line of Varun from 360 ONE Capital. Please proceed. Yeah. Hi, sir. Thank you for the opportunity. I just wanted to understand this realization improvement which happened in the other segment, packaging, industrial, consumer. This entirely was due to the polymer price or was there any kind of price hike? As far as we fully passed on the price hike because of the polymer or the cost inflation that we saw. Yes. It's only a customized solutions. You see, packaging, we provide a lot of customized solutions, which gets better realization. The industrial segment also, the pellets, dustbins are better value-added products. It's the product mix which plays the role. Yeah. I just want to understand, after, say, this quarter, if things normalize and if the polymer prices fall back, are we going to stick to a similar price or will it move along with the polymer price only for the other segments? I understand PVC still a lot of pass-through happens, but for other segments. We not only use PVC, we use other polymer also, dear friend. We use large volume of polyethylene. We also use polypropylene, polystyrene, ABS. We use variety of raw material. We are not PVC company only. Yes, sir. In case that declines again, that packaging, industrial, whatever pricing, that also will decline simultaneously. That's what I want to understand. Depend on the product. Okay. No direct correlation, that's what I'm guessing. Not so much direct. Okay. Okay, sir. That's it. Thank you. Thank you. We take the next question from the line of Tejas Pradhan from Citigroup. Please proceed. I would request Mr. Tejas to unmute and then speak. Sorry. In terms of the other resins like CPVC, et cetera, was the pricing volatility and the quantum of restocking, destocking that we saw through last quarter and this quarter similar or a different sort of intensity? It happens in all the polymers. Actually, polyethylene, polypropylene are much more volatile because the crude price is jumping up and down now, and they are directly linked to crude oil. Only PVC is least affected. PVC is not linked completely to crude oil. Polyethylene, polypropylene have a much more volatility. This is normal, they're commodity polymers. Right. On CPVC, I think you had mentioned there was minimal growth. Were the CPVC prices a lot more stable through the quarter, because of which they did not see too much impact of the destocking? CPVC price is more or less stable now. The PVC price was also more or less stable. Only PVC price has come down in the month of April-May wave. They have jumped in the month of March and corrected in April. Thereafter, the prices are not moving at all too much. After 20th April or something around there, thereafter, there is not too much variance in the price. Okay, understood. Too much in the month of March, and they got corrected in April. Right. Just lastly, obviously we lost volumes in the first quarter. From a customer perspective, I know you had mentioned the recovery by September, but given that at least PVC prices are starting to increase and they are anyway slightly close to the MIP level, we might not expect further decline in PVC prices from here. Would you expect the lost volumes to be recovered in the second quarter itself, or it will take time to recover it through the balance of this year? Most of the lost volume will be recovered, and we will have growth in first half. In the first half, you would expect a YoY growth. First half, we definitely are confident that we will have volume growth. Okay, understood. Thanks for that. Thank you. We take the next question from the line of Roshan from Antique Stock Broking. Please proceed. Yeah, thanks for the opportunity. Now with the minimum import price coming into effect, do you think the PVC prices should stabilize at this level? We are not sure. Now, nobody can stop them. They can go up also now. Decline stopped but [audio distortion]. Going up, there is no restriction that they are not allowed to go up. Right. I understand. You have highlighted that FTA with U.K., EFTA as a significant opportunity. What share of revenue do you expect to generate from exports over the medium term? FTA. I can give you example of U.K. U.K., the country has entered into FTA, where import duty on plastic pipes, now it become zero. There's opportunity, like that in so many countries now government entered into FTA. What is the export opportunity? Sorry. What is the export opportunity you are looking at? Overall, the world import trade of plastic pipes itself, alone one item, is $41 billion last year. Our company exported $5 million. In $41 billion market, we exported only $5 million. We see huge opportunity. We'll be spending money on participating in several exhibitions. We appointed several resources. They will go to the market. We will introduce new product also required in that market. We will get our product certified as required in that market. We will be spending huge investment to achieve the objective. Right. I understand. That's helpful. Thank you. Our company not restricted now to serve only 1.5 billion, we want to serve 8 billion people. Okay, that's helpful. Thank you. Thank you. We take the next question from the line of Anu Parakh from Anand Rathi. Please proceed. Yeah. Hi, sir. Can you please quantify the amount of inventory loss in Q1? Nothing to report. Sir, is there a scope for inventory gain in Q2 due to the recent increases in the PVC resin price in July month? Nothing report either on inventory gain or inventory loss. If anything happens, we'll be talking end of the year. Okay. Thank you, sir. Thank you. We take the next question from the line of Pratyush, an individual investor. Please proceed. Thank you for the opportunity, sir. I just wanted to ask about the channel inventory. Like in March, April quarter, some of the companies had stated that there was a lot of restocking in one particular month, and then there was again a destocking. Is that phenomenon still continuing or has the demand from channel partners been consistent? When we told you we will have a growth in this quarter, there's no destocking taking place. When we are saying we will have growth in this quarter, and we also said that in first half we will have growth. In spite of degrowth in first quarter, for the first half, we will have growth. Okay, got it, sir. Thank you. It's quite clear now, different. Yeah, sorry. Thank you. I joined late, actually. We take the next question from the line of Karan Bhatelia from AMSEC. Please proceed. Good afternoon. [audio distortion]. Thanks for the opportunity. Sir, how is Wavin portfolio doing? Wavin? Wavin doing very well. We got certain new item, which are not there in our portfolio. We added those product in our portfolio, which are very helpful. We stick to our guidance of selling 50,000 metric ton for FY 2027 with much better profitability? Yeah, the quantum of volume what we have said is fine, 70% utilization of capacity. 70% capacity utilization. We anticipate 15%-17% volume growth for the full year as on today in plastic piping system. Right. Sir, on the EBITDA margin front, how do we see within in comparison to Supreme? Same range. Nothing of a different range. Right. Any clarity on the packaging defects, the one which we were eyeing for the export market? No, completely, fully sold out. Okay. Thank you. A reminder to the participants, in order to ask a question, you may press star and one on your touchtone telephone. [audio distortion]. They will close that. Now, madam, there's no more question. We close it. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. Over to you, sir. Thank you very much. We are very impressed by the analytical question asked by various industry friends. We thank them very much to spare time to ask question. We hope that we have adequately replied to your satisfaction. Thank you all. Thank you very much. Thank you. Thank you. Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.