Good evening, ladies and gentlemen, and welcome to the Q1 FY 2027 earnings conference call of Tata Chemicals Limited. Please note that this conference is being recorded. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. We have with us today R. Mukundan, Managing Director and CEO, and Nandakumar Tirumalai, Chief Financial Officer of Tata Chemicals Limited. Before we begin, I would like to mention that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. I now invite R. Mukundan to begin the proceedings of the call. Over to you, sir. Thank you, Sagar. Good evening, welcome everyone to our Q1 earnings call. I'll start the discussion with a brief overview of industry, then move on to our operational highlights across businesses and geographies. Before I begin, I just wanted to say that this quarter we made a significant accounting change, which Nandakumar will explain at the end of my overall presentation in terms of the segment change to align that with the way we are running the business. Instead of two segments, which is basic chemistry and specialty chemical products, we have now renamed them as Living Essentials, Industrial Essentials, and Farm Essentials. The Farm Essentials business is particularly comprising of Rallis and also Morocco, which is reported as a JV income below the line. In terms of Living Essentials, it is mainly comprising of products which are salt, bicarbonate, prebiotics, and everything which goes into feed, food, and pharma. The Industrial Essentials especially is around soda ash, silica, and industrial chemicals, which includes things like bromine, chlorine, and caustic, in addition to soda ash and silica. Let me start now highlighting the demand scenario across geographies for each of these three segments. In Living Essentials, mainly the food, feed, pharma, the core products which are salt, bicarbonate, and FOS, they continue to have a stable demand continuing to grow, supported by premiumization in this segment. Also, prebiotics is expected to grow faster due to rising health and wellness consumption. Industrial Essentials, which is mainly soda ash, the near-term outlook, unlike the previous one, is challenging due to global oversupply, especially coming out of China, and also elevated raw material and freight costs which are caused by the geopolitical tensions in Middle East. Despite these cost pressures, the market was adequately supplied, in addition to which I think there were no major market demand disruptions except in Arabian Gulf. While global soda ash growth, while it is subdued, it has not gone down despite all the other macroeconomic challenges. The long-term fundamentals remain positive, mainly on view of the focus on renewable as well as electrification. India continues to demonstrate stronger demand momentum in terms of the global market. China and U.S. remain mostly flat. Demand in LATAM has strengthened, especially supported by rising lithium carbonate production. Exports to Argentina and Chile increased by 53% and 32% respectively. Southeast Asian market, mainly demand declined marginally. However, this is also a place where there is a maximum pricing pressure coming out of Chinese exports. In terms of Farm Essentials, Indian farm sector outlook remains moderately positive, supported by improved irrigation technology supplies. There is, of course, a focus by the team on monsoon variability, potential El Niño conditions, and higher input costs. We do remain positive in terms of the outcome during the year, despite certain pressures coming on the overall system, especially driven by higher commodity prices, which farmers will have, which will ensure that they will save all the crop and hence use crop protection products to get those products to market. In terms of supply scenario of the bicarbonate, additional supply coming in from competition. Overall, the supply scenario remains balanced. In terms of soda ash, the market are more than adequately supplied. The Chinese inventories reached the all-time high of 1.73 million tons, and Chinese producers continue to operate at high utilization rate. The export volumes from China remain elevated. With no significant supply curtailments which are announced, the market rebalancing will be mainly driven off supply rationalization, which we are closely watching. In terms of pricing environment, as I said, the demand supply environment, especially in soda ash in the Industrial Essentials segment, continues to compress the margin. Chinese soda ash export prices are in the range of INR 160-INR 180 FOB, translating to INR 170-INR 190 CIF in Southeast Asia, which remains the most challenging markets for us. In our view, global pricing is expected to remain subdued given elevated inventory levels. The several domestic markets will continue to have steady pricing and move on the back of steady demand. I'll move to operational highlights. Despite the challenging environment in one segment of our business, which is the Industrial Essentials, the company delivered resilient performance due to higher sales and production volume across segments, more especially in the Living Essentials and in Farm Essentials segment, and strong operating efficiencies and disciplined cost management. The revenue from operation on a consolidated basis was up 14%. EBITDA was down by about INR 100 crore compared to previous year, despite the sharply lower realization. Net debt was INR 5,692, lower than previous quarter on account of monetization of assets. Standalone was a very strong performance. The revenue was up 10%, EBITDA was up 35%, and profit after tax from continuing operations was up 12% compared to Q1 of last year. In terms of unit-wise performance, as I mentioned, the standalone has done well, both on higher volumes and stronger realizations with higher fixed cost control. We also capitalized some of the projects, which has led to higher depreciation. The domestic demand has remained steady right across all products. The input costs have increased due to Middle East conflict. U.S. has a higher revenue previous year due to higher volumes, partially offset by slightly lower pricing during the quarter. EBITDA was impacted due to lower realization and higher fixed cost, which fixed costs were fixed in USD. Because of the exchange rate impact, in INR terms, they were higher. Demand remained stable. Markets were well supplied, especially in most of the export market, especially in the Southeast Asian market. U.K. had higher revenue than the previous year due to higher volumes. There was a lower pricing in some of the product market segments. EBITDA was impacted due to higher variable cost on account of Middle East crisis, which was mainly due to higher gas prices they had to buy. Kenya, higher volumes were partially offset by lower prices, especially in the Southeast Asian market. Fixed costs were under control. Singapore, the integration plan is going well and rather saw an overall revenue growth due to higher volumes and higher pricing. EBITDA growth primarily driven by better volume and cost protection and optimization of fixed cost. With this, I hand back to you for Q&A session. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their touch-tone phone. 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. Participants are also requested to limit their questions to two per participant and can rejoin the queue in case of further questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Saurabh Jain with HSBC. Please go ahead. Hi. Thank you for the opportunity. My first question is relating to the reclassification. Can you please give out more details? What are the objectives that you wish to meet by changing this classification? Are there any measured targets or outcome that we can expect because of this reclassification, which may affect on the P&L? Yeah. Saurabh, I think the whole objective here is to make sure that we can continue to focus on reshaping the portfolio towards what we would call as non-cyclical set of products. These also are the products which are sustainability led. There's a lot of application focus in these products and customer saliency and customer stickiness is very high and less volatility in pricing. We are fundamentally focused on making sure that our portfolio moves in that direction. Our capital allocation will be done on that basis. We are also building deeper customer engagement here because the sales marketing, the operational teams are all geared around following similar processes. If you look at food, feed, and pharma, the regulatory environment under which that operates, especially the food regulatory environment, the pharma regulatory environment, is very different from industrial segment, which is why we have carved that out. As you know, the Farm sector anyway is run in a separate subsidiary. This effectively brings focus into each business to build its own capability. Over a period of time, this will also show itself in terms of capital allocation. We are already seeing part of it, but this would be more sharply seen in going forward, especially with investments being focused on the Living Essentials and Farm Essentials. If I can add to Mr. Mukundan on that segment here. Earlier we had one basic chemistry segment, having everything in that in terms of soda ash, salt, bicarbonate. Based on investors' feedback over the last few years, the feedback was more in terms of having a different segment in terms of non-cyclical. This segment would give investors and analysts a better view on the company on what is the revenue towards non-cyclical and cyclical part here. Earlier was one big segment where you are unable to make out within that what is driving the growth. Now we can look at the components of each segment and see what is driving growth for Tata Chemicals. There's attempt towards that and based on investors feedback given so far. Is there an added cost also involved here when you try to restructure your sales marketing team or other processes and possible can you quantify it? Also, can you quantify any realizable benefits because of this restructuring, any synergies if some of those calculations would have done on the back of the envelope? In fact, this was the way we were running the company. The operations, the segmentation reflect the way our company is structured. The benefits are greater administrative control, and also greater ownership of the outcomes, especially from the customer side. In terms of financial and operational benefits, effectively, we will have one view of bicarbonate, one view of higher grades of salt. It then becomes very easy to look at a global view in terms of the overall specific products rather than geography view. This is just to drive one solution for every customer. Many of our customers are present in multiple geographies. If you take customers in the food area, customers in the pharma area, customers also in industrial area, they are present in multi-geography. They also want a single point of accountability, which is the way we have been structured. The financial reporting also is structured on that basis. We will still be relaying to all the analysts the specific geography-wise P&L so that you also get a view of what each geography is doing. Sure. Okay. The way it has happened, because of restructuring, which has happened over a period of time, while the split is happening in India, where there is a split of standalone revenue into Living and Industrial, U.S. and Kenya fall fully in Industrial and U.K. falls fully in Living. It already has happened because in U.K., we have shut down the Industrial businesses 100% because they were unsustainable. The reflection is also coming in the way that we are looking at the market. Singapore is folding into the Living Essentials, more or less. U.K. would be in the Living, right? We have our salt and bicarbonate. Yes. Okay. Understood. When I look at your CapEx plan, it shows a skew towards your Living Essentials segment. Now, going forward from a mid to long term point of view also, once you are done with these CapEx, are you focusing more on the Living Essentials, trying to deploy more capital on that side and less capital on Industrial Essentials? Or is it only for the next two to three years, and then you might need incremental CapEx on industrial side also? Yeah. Very clearly our objective is to move away from cyclical business. If you look at the cyclicality of the business, it is the highest in soda ash. Not that we want to reduce our soda ash operational strength today. It will continue to remain because when it comes back, it is going to be one of the biggest profit drivers. Within Industrial segment, our focus will be on focusing on silica, which is also slightly more non-cyclical than soda ash itself. We will be focusing our CapEx more towards what you explained, that we drive growth in food, feed, and pharma, and also specific segments within the Industrial Essentials, and try to de-commoditize our portfolio as much as we can, because that is a strategic direction we have been undertaking for the last few years. Okay. Any timeline from your silica plant expansion, 50 KT? Yeah. Actually, timeline for all the projects because I see that the timeline is missing in the presentation. Yes. I think if you look at the salt plant in India, IVSD 82.5 KTPA, that should get operational by this year end. You should start it supplying to market by first quarter of next financial year. The 210-KT plant in South India, which is mainly there, has a 24-month execution time. Similar is the execution timeline for our 50 KTPA silica plant. They will become operational early 2028, sometime during 2028. Okay. Understood. If I may ask one more question, more insight into your- Sorry to interrupt. Okay, sure. Sir. I'll get back into queue. Thank you. We request participants to limit themselves to two questions each and rejoin the queue for further follow-ups, please. The next question comes from the line of Sumant Kumar with Motilal Oswal. Please go ahead. My question is for India business. We have seen a significant improvement in operating level. Apart from whatever the reason you talked on the initial commentary, is there, because of West Asia war, the freight cost has increased, because of that, the realization is higher. salt business, I think volume is higher. Any other reason apart from that? My understanding correct? I think the main driver of this India growth has been the volume increase. That's fundamentally right across all products. Also, there is a higher realization in soda ash because of the foreign exchange shift which has happened. We had taken a pricing adjustment because the products are linked to, especially soda ash, is linked to import parity pricing. Freight cost also played a role? The freight and forwarding cost did increase during the quarter, but they were more or less passed on to the customer. Okay. When we talk about the pricing for India business, how is the revision for contract and how is the mix, contract and spot market for us? For us? I think India has taken a price increase of about INR 2,000 per ton, which I think is a spot price. The contracts are quarterly, as you know, and quarterly they get reviewed with the customers. U.S. significant deterioration. How is the scenario in export? Because of tariff war, overall, the export market is unviable and domestic is also subdued. Any outlook for the U.S. business, how $48 per kg [EVN]. It's going to be reached at that level, or it will take time? In terms of U.S., I think one of the key approaches we have is that the biggest impact in the shift which has happened in terms of margin is on the export front, especially the export volumes which we were sending to Southeast Asia. They are just at breakeven level or near unremunerative, and that is likely to remain so at least through the year. Unless some capacity rationalization happens in China, it is unlikely to see uplift. Next one year and fourth quarter. Sorry to interrupt. Mr. Kumar, we request you to return the queue. Thank you. Thank you so much. Thank you. Your next question comes from the line of Ankur Periwal with Axis Capital. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Continuing with the geographic performance there, especially in U.S. Last quarter, we did rationalize some bit of volume, saying that Southeast Asia was not as profitable, so we had taken a strict call there. We are seeing good volume growth here, but your comment on Southeast Asia pricing being lower. We are still supplying at lower margin or was it a tactical call? If you can throw some light there. Same question on Kenya. Good volume growth, but margin is not there. Your thoughts, please. No, Kenya fundamentally has been because of the pricing as well as their HFO prices have increased. I think if you really see that it has been not so much the market price pressure. Kenya had a very high impact of the war, and that is directly related to oil prices. When oil price goes from $70 to $100, that clearly reflects in their HFO pricing, which leads to compression in margin. We will try to pass that increase to customers as we can, as much as contracts allow. Clearly, that is a tough spot they are in. As the spot prices come down, I think Kenya would also adjust itself. They have since bought hedged HFO, which covers them up to October, but we will have to see what happens beyond October if the war drags on beyond that. In terms of U.S., while the input cost prices are more or less under their control, they have done well mainly on back of higher exports to mostly the LATAM and Northeast Asian market. There were some exports Southeast Asian market, but we have more or less vacated, like most of the U.S. players, the Southeast Asian markets to Chinese. Sure. Given the Chinese inventory being higher, probably that pain may continue as you rightly mentioned. The domestic part of U.S. is doing good? Domestic part of U.S. is stable, while there is no volume increase growth as such, the pricing levels are more or less stable, maybe a $3, $4 shifts here and there. The cost pressure we are facing in U.S. is on logistics and transportation, we are engaged constantly with customers to pass that on to them. That remains an open item in terms of customer by customer to ask them to change the logistic cost. Sure, sir. Just last bit, the same question on the U.K. business as well, on the profitability side. Your thoughts, given the ramp-up in the salt business there as well, still the margins don't suggest so. I think U.K. had basically, fundamentally two big events which were one-offs of adding up to about GBP 2.4 million, which is one was on the loss on sale of UTS. This is likely to come back by October quarter because we go through a cycle. Second, there has also been one-off issue related to some of the prior period adjustments. That has led to a fall. Overall, I think our expectation is U.K. should be EBITDA positive as well as tending towards PBT breakeven. Breakeven for the full year, that is? Just that clarification. Breakeven full year, but also during from next quarter onwards, because these one-offs, we don't expect it to repeat. Okay, great, sir. Thanks for the answers. I'll get back into the queue. Thank you. Thank you. The next question comes from the line of Abhijit Akella with Kotak Securities. Please go ahead. Yeah. Good evening. Thank you so much. My question is on the India business. First of all, we are seeing soda ash sales volumes down about 12% sequentially and bicarb sales volumes down about 19% sequentially. What were the reasons for that? Number two, despite this volume decline, we've seen a really sharp margin expansion. EBITDA margins are 28%, more than 10 percentage points higher quarter-on-quarter sequentially. Is this some sort of maybe temporary benefit because of some low-cost coal inventories that you were sitting on during the quarter? In your view, is this margin sustainable next quarter, or should we expect margins to revert back to, say, the 18%-20% kind of range in India EBITDA? In terms of the inventory benefit which are there, I think there are two elements here. One is in terms of the overall plant itself. There's been a bit of an optimization done to deliver higher volumes of salt to the market, which has led to certain throttling of soda ash production at the production level, nothing to do with market demand. In terms of bicarbonate, it's fundamentally some of the contracts getting realigned, especially some of the tendered contracts we had to forego during the quarter because of certain pricing issues, which we hope to get back during the year. Certainly, in terms of inventory gains, we do believe that there'll be certain inventory gain which will happen in coal, which would come back to impact the cost in the next quarter. Because as the past inventory of the coal goes out, the fresh inventory of coal is coming at pricing, which is elevated, not because of the basic price, but more due to the higher freight cost. We let this play out in the marketplace in terms of whether we can get better pricing from all the customers because the price increase also have not been transmitted to everyone. It's been the only spot price increase which has happened. We let it play out. Certainly, your point of view that while volumes may remain more or less steady, there could be a marginal pressure driven mainly by the cost side. Yeah. Sorry. Thank you. Just to clarify, what would a sustainable margin range be for the India business, if it's possible to spell that out? Just the other one that I had was, you made a comment about a reduction in debt because of monetization of assets. Actually, could you please just help us understand what assets were monetized exactly and what the value was? Thank you so much. Nandakumar, you want to address the monetization? Yeah. We have sold some land in Q1, we sold some of the shares we are holding, that contributed to the debt coming down in Q1. That's the answer for that. Yeah. In terms of sustainable margin, would be somewhere around 18%, which you referred to. I think that would be broadly the number I would pick. Approximately about 32%-33% Gross margin. Yeah. Got it. Okay. Thank you so much. I'll come back in the queue for any more. Thank you. Your next question comes from the line of Rohit Nagraj with 360 ONE Capital. Please go ahead. Thanks for the opportunity. Sir, the question is on the annual report research and development. A couple of things that we have stated here is on the LFP battery recycling process, and we've also developed indigenous sodium-ion battery technology. Can you just throw some little more color on the same, how things are likely to shape up? Where are we in terms of the commercialization process and any timelines around that? Thank you. On the battery side, I think we have certainly made the first battery pack and it's undergoing testing. At the same time, I think we are reviewing the entire business strategy for the sodium-ion battery, especially for the storage application. It will not be appropriate solution for mobility. It will remain as energy storage mainly for renewable power as well as data centers. That's the main focus of that. We'll come back to you with the specifics of the plan. Right now we are going through the phase of proving the product and also piloting it. That itself should take better part of this year. After that, once we get through that, we'll come back with specific plans to enter the market and launch the market. Certainly, we can see that several strides have been made by the competition in China in the sodium battery. We remain very positive about it, especially since it uses soda ash as one of the cathode active material, which is what we make as a product. It has been patented, and we will be looking to commercialize, basically take it through a pilot phase as soon as our testing protocols are over. In terms of the cathode active recycling business, we are working internally to set up this entire unit, and no major CapEx is needed. It's more or less we are trying to set this up in Mithapur. Initial lot is very small because the volume of vehicles which are more than seven or eight years old is very small at this point of time. This will be a business which will be built on OEM tie-ups, especially with the auto manufacturers. Thanks. Just one clarification on the sodium-ion battery. In terms of soda ash requirement, any ballpark numbers in terms of 1 GW or 1 MW battery, how much soda ash is required? We'll come back to you with a specific number. What we do indicate to market is for the lithium battery, for lithium carbonate production, you need two parts of soda ash for every part of lithium carbonate. On sodium, we'll come back with specifics as soon as the piloting phase is over. Perfect, sir. Thanks a lot, and all the best. Thank you. The next question comes from the line of Abhinav Mandowara with Aequitas Investments. Please go ahead. Yeah, hi. My first question was regarding the pricing impact which has happened quarter-on-quarter. We are seeing a lot of rationalization in EU and even India. How has the quarter-on-quarter prices of soda ash have changed? Do we still see China dumping since China have additional capacity of 10 million tons? Any idea around that? I think this threat from China is good for all markets in the world. It is not just Indian market or U.S. market or Southeast Asian market. We will work actively, especially since there's manufacturing facilities in India, we will work with regulatory authorities in making sure that domestic industry is kept healthy as far as we are concerned. In terms of the pricing, as I mentioned, the big impact in pricing has been due to foreign exchange rate movement. Broadly, I think Indian market has seen about INR 2,000 price increase. Some contracts have got it, some contracts still on the old prices, but we'll see as it rolls out. We don't see pricing in China dropping below anywhere around $160-$170 odd at FOB level. It has been holding steady for quite some time. Moving in tandem with what the yuan/ USD rate is. The fall in yuan sale price of soda ash in China has been commensurate with the depreciation of dollar, which effectively meant the pricing has remained more or less flat. We don't see any big shift in this. We are probably at the I don't want to say this, but maybe we could say that 170 was the bottom. It is close to 160 to 170. It's pretty much at the bottom. Most Chinese manufacturers are, in effect, are losing money on cash basis. This is the reality of the market. Okay. On your raw material side, how has the cost of raw material been, and how are you fairing? We can't hear you clearly. Can you- Sorry to interrupt. There is a lot of background noise from your side. Sorry. I'll join back in. Thank you. The next question comes from the line of Mithil Bhuva with unlistedindia.com. Please go ahead. Thank you, sir, for the opportunity. I have one question. Sorry to interrupt, sir. We are not able to hear you clearly. Mithil sir, if you are using any other mode, may we request you to use handset, please. Can you hear me now? This is much better, sir. Please go ahead. Yes. I had one question. We have seen the price of soda ash coming down because of the excess capacity in China. Similar trends is expected in bicarb also? I think every market will have a very different reaction to this. If you look at our units in U.K. and in Singapore, we sell to premium markets, which need customer approval and the plant to be cleared by the customer before the supply starts. These are not technical products, we don't see a big shift impact on those two units. Certainly, within India, the competitive intensity has increased in the short term, not so much because of China, but because one competitor has brought in some capacity in, which will get absorbed due to growth in the market. We do expect during the course of the year that capacity will get absorbed and intensity will drop. We haven't seen a big shift in the bicarb as such as of now. China has a surplus in bicarb, but that can impact mainly the technical grade. Okay. What is the reduction in debt amount? INR 300 crores. INR 300 crores compared to March. Okay. Thank you. Thank you. The next follow-up question comes from Abhinav Mandowara with Aequitas Investments. Please go ahead. Am I audible now? A bit better? Yes, sir, this is better. Yeah. My question is regarding the cost of raw material side. How has that been fared, and have you seen any increase in raw material which may impact margin going forward? I think your question is on raw material side. Yeah. Clearly, I think it is depending on unit and unit. Let me just telegraph that properly. In U.S., there is no impact on the input raw material, in input cost side, except for the logistics, which is outsourced. There will be impact, and we are working with customers to make sure that it's passed on to the customers. The U.K., there will be an impact from time to time. We do believe that U.K., we will be hedging going forward. Fundamentally, there's an open item we keep in U.S. because we do believe U.K., because we do believe the gas prices will revert back to mean at some point. In Kenya, as I said, our contracts are clear up to October. Right now, if the prices remain high, they will certainly get impacted with the high price beyond October. India, of course, we are mostly on coal, and the biggest impact in coal is in terms of the logistic cost of getting it imported from Indonesia. We do see if the conflict continues beyond certain point of time, which is beyond October, November, we will have an impact coming in in terms of the limestone. The limestone stocks and the domestic production can only cope with production there, and we will have to bring in fresh consignments from Middle East, which today's rates are extremely high, and mainly because of the transportation they have to incur to get the product to Fujairah. Really, the inputs for India, the biggest impact is to see whether the war does drag on beyond October. Right now we are planning that we will be able to find solutions on that. Clearly watch out for Kenya HFO, India limestone, beyond October. Energy cost increases in India are mainly driven by logistic costs and the cost increase in U.S. driven by, again, logistic cost. Thanks a lot. Thank you. Your next question comes from the line of Arjun Khanna with Kotak Mutual Fund. Please go ahead. Thank you for taking my question. Sir, the first question is, back to the sodium ion. In our annual report, we have talked of using it for a drone flight test. Drones are likely to be the least amongst the transportation segment to adopt sodium ions. Just curious, why would you use it for a drone flight test? If you could talk a little bit about the output our product is getting in kilowatt, density, et cetera. Thank you. We will come back to you with the details going forward. This was just to prove the product in extreme application. Clearly, in terms of customer specifications, this is more suitable for static application. We will not be selling it for mobility, including drone going forward. It's a proving flight, we have gone through several tests, both on static, proving flight. Mobility has been done in some of the lab tests also. We do believe that the competitive positioning is absolutely right for static applications, stationary applications. Sure. Any metric that you could share in terms of energy density or number of cycles, et cetera, that we have been able to produce or battery? We'll come with a very specific number on this because, as I said, it's undergoing testing and we don't want to give a number which the testing doesn't prove. We will come back with number which what our pilot units can do. As of now, our view is that the product does meet the minimum requirement for stationary application. Sure. Secondly, just in terms of CapEx, if you could talk about how much do we envisage on spending in FY 2027. Are we looking at further sales of investments? You mentioned we have liquidated INR 300 crores of investment, partly stock, partly land. What's the plan for the remaining part of the year and what's our outlook on CapEx? Yeah, I'll come to that. See, our annualized CapEx will be around the depreciation number. We will try not to exceed it, in fact, be below that. I think that's our plan through the year going forward, including all the CapExes which we have lined up. In terms of the Sorry, what is the second question? In terms of spending, I mean, in terms of liquidating investments. We have sold INR 300 odd- I'll let Nandakumar answer. I'll let Nandakumar answer. See, we have some non-core land available in the country there. We're looking at monetizing some part of that in the second half or after Q2 onwards. We will also look at what we can do in terms of any other non-core we can look at monetizing. We can't comment on that now in this call, but we can look at as and when required. Sure. We spent roughly, INR 1,200 crores as consolidated depreciation for FY 2026. Should we take that as the CapEx and maintenance CapEx number for FY 2026? Yes. You can take the number. Perfect. Thank you, and wishing you all the best. Thank you. Thank you. Your next follow-up question comes from the line of Saurabh Jain with HSBC. Please go ahead. Yeah. Thank you for the opportunity again. Again, trying to understand more on the sodium-ion battery side. When you say indigenous developed technology, is it like a part of the whole battery that you have developed indigenously, or it's like a complete battery solution that you have then developed indigenously? Going forward, which part of the battery would you look to scale if you want to go ahead with your plans for the battery space? We have produced a full unit, including BMS. Full assembly, including BMS, to be tested by power companies and data center for their application. In terms of which parts we do, we will certainly be doing the chemicals and cathode active material, but whether we get into the full prismatic cell or the cylindrical cell, I think we will come back to you specifically as our plans unfold. At this point of time, we are extremely focused on getting the piloting done with as many customers as possible. Okay. Sure. I understand that you would not be able to share more details on this side, but can this also be scaled up for export purposes, or it is going to be more focused on the domestic needs? As we see it, the demand in India itself is going to be very strong with a number of data centers coming and a number of the focus on renewable power. We are not ruling that out, how we deal with exports. We've not put it in the strategy, but it remains something which we will be open to in case the plans develop even better than what we've anticipated. When can you be in a position to- Saurabh interrupted. Saurabh, may we request you return to the queue for further follow-up questions, please? I was just completing it. Any insights into when can we expect more details to be shared on this side? See, we expect the piloting to finish in about six to nine months so that we at least get a clear understanding of what is the customer responsiveness. After that, we'll come back to you. End of the year, we should have some element from lab to at least initial customer, let's say, offers and units. The full scale plant, as I said, will come after that, two years after that. Okay, understood. Thank you so much, and all the best. Thank you. Your next question comes from the line of Abhijit Akella with Kotak Securities. Please go ahead. Yeah, thank you so much. Just two, three quick data-related questions. One is the staff cost this quarter includes some INR 45 crore reversal, is it? The staff cost would actually have been higher by INR 45 crore. Is that correct? That was point number one. Number two, would it be possible to just share a breakdown of U.S. volumes between domestic sales and exports? The last one was on IMACID. Seems like the income from associates has gone into negative zone this quarter. Is that because of the higher sulfur prices? If so, any outlook for the IMACID business? Thanks a lot. All good questions. I think, firstly, let me start with IMACID. IMACID did not produce during the quarter because of high sulfur prices. I think they have just begun operations during this quarter, so we'll see how it progresses. Certainly, I think that part of the business is under pressure in terms of margin. I think they'll be profitable for the year. I think the first quarter, they took a call to not run the unit. The second piece in terms of the- Employee cost. Employee cost, you're right, about INR 43 crore. I think the normal run rate should be INR 43 crore more than that. That's a one-off during the quarter. There was a third question. U.S. export, domestic split. Split, I think we'll give next quarter, if you don't mind, Abhijit. Just to clarify, this employee cost would have been closer to INR 590 crore, which is up from about INR 517 crore last year, INR 524 crore in 4Q. Is that largely a rupee depreciation impact that's flowing through or something else? It's largely rupee depreciation. Also, I think many of the quarter one usually the high number during the quarter, especially removing the rupee number, it is also the period when we also pay out all the people's variable pays and all that. The large impact is from the overseas segment. Okay. Thank you so much. All the best. Thank you. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference call over to Mr. R. Mukundan for closing comments. Thank you. Thank you all for joining today for the conference call. As discussed, the operating environment remains dynamic with ongoing uncertainties and disruptions. There is a price challenge as well as the cost challenge in one of our biggest businesses, almost 50% of the revenue in soda ash. Despite these headwinds, our business continue to demonstrate resilience, supported by disciplined execution in terms of the volume of products sold and our customer engagement. We do have a diversified portfolio and the revised segment results also will highlight which parts of the business are stable and continue to be non-cyclical. This is backed with a stronger customer relationship right across portfolio. On behalf of the entire management, I would like to thank our customers and our partners for their continued trust and confidence, and look forward to your ongoing support. Thank you all for joining this call, and we look forward to speaking to you again in quarter two FY 2027. Thank you. On behalf of Tata Chemicals Limited, that concludes this conference. Thank you everyone for joining us, and you may now disconnect your lines.