GHCL Limited (GHCL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to DHCL's Q4-FI26 conference call hosted by MK Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Beeth Vohra, M.K. Global Financial Services Limited. Thank you, and over to you.

Thank you. Good evening, everyone. Thank you for joining us on GHCL's Q4-FI26 Results Conference Call. I would like to welcome the management and thank them for giving us this opportunity to host them. We have with us today Mr. R.S. Jalan, Managing Director, Mr. Raman Chopra, CFO and Executive Director of Finance, Mr. Manu Jain, Senior General Manager, Investor Relations and Finance. 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 this effect has been included in the earnings presentation shared with you earlier. I shall now hand over the call to the management for their opening remarks. Thank you, and over to you, sir.

Thank you, Mead. Good evening, everyone. I am very well-welcome to the GSL Q4 and full year of FY26. Our results and investor presentation has been published, and I trust you have the opportunity to review them. Let me begin with the industry landscape. Global SODAS market continues to face headwinds, with supply broadly exceeding demand and prices remaining under pressure. It is worth noting that the current pricing environment is a continuation of a cycle that has been playing out over the past two to three years. During this period, GSL operational and cost parameters have remained intact. The net impact has been felt only on pricing. And we believe our low-cost foundation positions us among the first to benefit as and when pricing recovers. China's demand recovery has been slower than anticipated, and this continues to weigh on the global market sentiments. Chinese inventory remained elevated, and while we are beginning to see early sign signals of capacity rationalization, including maintenance closures and financial stress among older synthetic producers, meaningful supply reduction remains some time away. Adding a new layer of complexity, the conflict between U.S. and Iran has introduced a meaningful uncertainty into global energy and raw material markets. We are seeing the effect of resulting in a higher energy and input cost and elevated shipping expenses with supply chain disruptions. In the Indian domestic market, the price is however more, picture is more constructive. Indian demand continues to grow at a healthy pace, and we are encouraged by the momentum we see across key end segments. Particularly in solar glass, where capacity additions are creating a sustained and visible demand tailwind for sodas. We estimate incremental dense sodas demand from solar glass units ramping up in the range of several thousand tons per month, with further upside as new capacity comes online. Interestingly, the same geopolitical dynamics that has pressured cost have also had a moderating effect on import flow into India. Higher shipping cost has made import comparatively less competitive. This has helped us in easing the inventory level in domestic market and provided some support to the domestic realization. On balance, while input cost has a region, Domestic prices have also formed up, and we believe that the worst of the pricing pressure may be behind us. The Indian market appears to be approaching an inflection point. I must say that we have remained focused on our cost discipline and operational efficiency, in what continues to be seen as a demanding environment.

Where cost increase, including

elevated shipping and energy costs, have been unavoidable, we have moved to pass these. Through to customers in the transparent manner. Additionally, rupee depreciation has also provided a degree of natural protection to Indian producers, particularly offsetting the landed cost pressure from import. Our fundamental including cash generation, customer relationship, and operating excellence remain intact. Our focus remain on what is within our control. On our growth initiative, our bromine and vacuum salt projects are in their final stages, and the first leg has already been commissioned. We expect full commissioning to take place in Q1 FY27. The progress made is substantive, and we remain confident in the near term of personalization of these assets. In FY27, make the beginning of a new... Earning layer for GSCL, value-added downstream products will now begin contributing to profitability, curtailing impact of business from adverse industry cycles. These projects remain strategically important as they present meaningful steps in diversifying our product portfolio. On our Greenfield Sodas project, this is... We will continue to provide updates as commissioning milestones are achieved. GSL ends the year in a position of financial strength. The external environment, including global oversupply, geopolitical uncertainty, and cost inflation, is not without its challenge. But let me leave you with what I believe is the right frame of GSL. We are one of the most efficient sodas producers. Our cost delivery has been on plan through a prolonged down cycle, and as pricing headwinds gradually ease, we are positioned to be among the first to benefit on margin. More importantly, FY27 marked the beginning of a new financial earning layer. That is, value-added products are now commissioned, and we will continue meaningful profitability. Reducing our dependence on commodity so does cycle entirely. The domestic demand outlook is improving, the pricing environment is stabilizing, and our diversification investments are beginning to contribute. We remain committed to operational excellence, prudent capital allocation, and delivering consistent value to our stakeholders and all the stakeholders. I would like to thank our investors and stakeholders for their continued trust in GSL Limited. We remain committed towards shareholders return and in FY26, we have rewarded our shareholders with 415 crore in combination of dividend and share buyback. I will now hand over the call to Raman to walk through the financial highlights in detail. Thank you.

Thank you, sir. Good evening, everyone, and a warm welcome to our earning call for the fourth quarter and full year ended, 31st March, 2026. Our performance remains steady. This is a result of our focus on operational excellence and efficient manufacturing. We achieved this despite the challenging pricing environment in the industry. I will now walk you through the key financial highlights. Revenue for the quarter came in at 808 crore compared to 773 crore in the previous quarter of this year and flat from rupees 807 crore in the same quarter of last year. While the global scenario remains challenging, sequential improvement reflects the changing situation in domestic market, driving better volumes and realization. For the full year, revenue came in at 3,144 crores, which is much similar to last year at 3 to 73 crores. EBITDA for the quarter stood at 194 crores compared to 175 crores in Q3 of this year and 244 crores in Q4 of last year. EBITDA margin improved to 23.9% compared to 22.7% in Q3 of this year. For full year, EBITDA came in at 769 crore, and EBITDA margins at 24.4%. We have been able to protect profitability and margin due to our deep-rooted philosophy of cost optimization and operational efficiencies. PATH for the quarter came in at 120 crore, which compared to 107 crore in Q3 of this year and 153 crore in Q4 of last year. For full year, our PATH came in at 479 crore, which is 15.2% net margin. This demonstrates strong profitability despite the global health benefits. For the full year, we generated 603 crores in cash profit after tax. Out of this, we spent 265 crores on capex, including new bromine and vacuum projects, and we repaid 335 crores worth of borrowings. During the year, we distributed 415 crores to our shareholders in the form of dividends and buyback, which represents a substantial 87% of full-year FI26 SPAT. Further, working capital has reduced by 153 crore, resulting in a net cash generation of 41 crore for the year as a whole. In a period of external volatility, this reflects the strength of our balance sheet, our commitment to shareholders and disciplined capital allocation approach. We have a net cash surplus of 1058 crore at the end of FY26. This financial agility supports our strategic capex execution and provides significant growth headroom. With this, I conclude my comments and would now request the moderator to open the forum for question and answer. Thank you.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

Participants who wishes to ask a question, please press star and 1.

The first question is from the line of Darshita from DSP Asset Managers. Please go ahead.

Thank you for the opportunity. So, my first question was regarding the volume growth benefit that you mentioned. Given that imports were not as possible due to higher freight costs, we got some benefit. However, our top line for the quarter was largely flat on a wide-wide basis. So, I mean, how much would the volume growth be approximately and was it all offset by a negative pricing? Is that how we should think about it?

So, Rajita, if you look at in terms of the volume, there is approximately around 11 percent of the volume growth has happened, whereas your pricing has gone down by 10 percent.

Okay. And do you believe that the pricing should improve from here on? I mean, from your opening commentary, you mentioned that there is some benefit that we are getting on pricing front. So, you expect pricing to improve from here on, is it?

So, Rashida, if I can say, like I said, the global uncertainty is so volatile that saying something definitely is going to be very difficult. But, yes, because of the import getting restricted and globally the supply chain disruptions and the supply chain costs have gone up, definitely pricing improvement is being seen.

Got it. I mean, if we could share some insights as to how much pricing growth we have seen of late in the last one-odd month, ever since the world has stopped.

The structure, this has been seen in the, like I said, if you look at the last quarter, in the month of March, some increase has been felt. Industry, whatever the inventory they had, the budget kind of reduction in the inventory. So, probably, you will be seeing some benefit. Of course, on the other side, the cost is also going up because of energy cost, because of your, what you call, raw material cost. The costs are also going up, but prices are also getting improved.

Okay.

In a way, you can say that whatever the cost increases are happening, we have been able to pass on that to the consumers.

Got it. Yeah, okay. That's what I was trying to understand. And are we facing any raw material unavailability issues, or is that all taken care of?

We have taken care of that. Fortunately, we had a very well planning of the raw material, and we have a sufficient inventory for a few minutes, I would say four or five months of the raw material, and we are taking care of that. Absolutely no use for that.

Okay. And just lastly, on the new Sodaesh facility, do we have any update here as to when will the construction begin?

The setup, like I mentioned in the earlier quarters as well, I think some land acquisitions are kind of taking longer time. So at this point of time, very specifically, it will be difficult to say when we are starting the construction. We are in the process of making those land acquisitions and land conversion happening. And once that happens, we will come back to the investors and give them a specific timeline.

Great. Okay. Thanks.

Thank you, Sipad.

Thank you, Sipad.

Thank you. Participants who wishes to ask a question, please press star and 1.

The next question is from the line of Ojas Singh, from Celestial Crest Capital. Please go ahead.

Thank you for the opportunity. Hello, sir. Thank you, Remy.

I'm sorry to interrupt. We are unable to hear you, sir.

Hold on. Hello. Are you guys able to hear me now?

Yeah, better. Much better.

Yeah, thank you. Thank you for the opportunity. See, I don't want to talk about the operations because you guys are the subject meta expert. But I just want to, I just have two or three questions. The first one is, as you guys are expanding into a new Greenfield project, I just wanted to know, are we doing it through internal calls? Because this is my first conference call. I haven't yet been on any of your other calls. So is this being done through a mix of debt or internal rules, or this is all debt, or what is the mix? A. B. What would be the timeline of us deploying that capital? And this is a follow-up to that question. Wouldn't it be beneficial for the company to hold some cash on the balance sheet rather than giving it to us, like shareholders, rather than giving it to us in form of buybacks or dividends? Wouldn't it be beneficial to hold that cash onto your books and not take debt and then fund our acquisition or fund our expansion through that?

No, I'll just thank you very much for these very valid questions on both. In terms of the acquisition which we are talking about, the investment of the greenfield project of the new SODA project which we are talking about, definitely it will be a mix of internal approval as well as some debts. However, debt will always be very well within the limit because we have clearly articulated to our investors that our debt equity ratio will never cross one. Because, see, first and foremost, when we start investing into this project, it will take approximately around three years of time, two and a half years to three years of time. Today, already, we have around 1,000 crore on the balance sheet. We have the reserves of the cash balance on the balance sheet of 1,000 crore. And the way we are seeing, this figure can be significantly higher, because the capital expenditure will happen in the rear end of the project. Yes, But of course that it will be there. Second, your question about the payout to the shareholders versus retaining the balance sheet. I think we have been retaining a sufficient balance at this point of time, but we also believe that some kind of a reward to the shareholders is also very important, and therefore we are taking a very conscious call on this buyback under dividend, and we are doing a very justified kind of understanding of how do we kind of distribute to our shareholders.

Correct. But I feel that giving out 80% of your pad, isn't it way too much for us? I know because you guys will expand. It will eventually create value for us. But you guys giving out 80% of your pad to us, I don't know. I think it's way too much of returning value to the shareholders. But I feel that you can just hold on to a little bit of cash and expand on it.

Your point is valid, Ojas, and I think till last year, this 24-25, the similar philosophy was there. That kind of a return we have not done. I think this is the first time we have done that, that a substantial amount of bottom line has been distributed to the stakeholders. And depending upon how the progress of this project happens, we will be able to kind of take this kind of allocation of the capital differently. These two, both these projects, which I have just mentioned in my opening remarks about this vacuum salt, which are a strategic investment, this all has been funded through the internal record world only.

But your point is very well taken.

Yeah, thank you. Thank you. Just that. I just wanted to ask those two questions. Thank you.

Thank you. Participants who wish us to ask a question, please press star and one now. The next question is from the line of Rohit Sinha from Sunlidi Securities. Please go ahead.

Yeah, thank you for taking my question, sir. Just one thing on this slide, I would say delay in this bromine and vacuum salt project, although now that is pushed to Q1. How the pricing right now is there, and if at all we are going to start it, are we looking at a better situation as compared to what it would be in the Q4 or earlier if we have started?

See, if you look at the bromine, I think bromine, the pricing has been significantly higher now as compared to what we thought of. So, obviously, that will have an advantage to us. In terms of the vacuum, I would say that the prices are more or less on the stable pricing. So, I think there also will be kind of a, we have anticipated the bottom line will continue with the same, what we thought of. When the project starts, definitely, looks to be, the return will be better.

Sir, any specific or rough number we can get, what kind of revenue size would be contributing in the RPA27 for this project? On this bike.

Yeah, basically, just the number, I'll just tell you the number. Broadly, the number will be at this point of time. Roughly, the top line will be roughly around 160 crores, and both the projects put together, and EBITDA range will be something around 40 to 45 percent kind of a range. This is for a full level. EBITDA range. The number of 627. EIS. And if it's fully operational, its numbers will be significantly higher.

Fair enough, fair enough. And again, looking at the, I mean, at the world that we have.

Roy, sorry, Roy, I just measured up the number. This is, this number which I have told you is more of a full year benefit. In the FY27, this number will be 120 crore approximately. The margin remains almost the same level that I say is 40 to 45 percent.

Got it. Got it. Okay. Any thoughts about expanding the capacity once we will be looking to? I mean, reach the peak utilization or peak level at this thing, how basically just wanted to understand how the market outlook you are seeing in this segment, whether it would be better for us to expand the capacity in this particular segment only or would be looking to spend something on a different scale?

You're surely right on this project. Both are, like I said, margins look to be very attractive. Once the project is getting commissioned and we start getting the benefit and we stabilize that, because both this business we are going first time. Okay, once we complete and we start realizing the benefit and we stabilize on that operation, we will look at the opportunity of expanding.

Got it. One last question, just from the China angle, how has been the import in the recent time, and given the current situation in China, how we are looking at the situation going forward with imports being competitive to us?

At this point of time, like I said in the opening remarks, the imports have significantly come down in the last quarter. And we're hoping that because of this elevated freight cost, supply chain, delays, the customers are also kind of preferring to have a domestic production or domestic supply. I think it looks to be that the geopolitical situation continues to be the way it is. Imports will be on the lower side. But another good part is the demand growth in India is also significantly better. Like I said, last year the growth was significantly better, almost around 6% growth. And hopefully this year also the growth will be there, led by this solar glass and all those things.

Okay. Okay. So overall, what kind of volume growth would we be looking at for FF27 in the Sodaesh?

See, basically, like I said, the volume growth per se will be there, and we are kind of a number. We are producing 100% of our production. In terms of the volume growth may not be very significantly higher, but this may have a better outlook on the pricing side.

Got it. And what pricing has been changed from last quarter, I mean, from Q3 to Q4, and post-March, what has been the price, if at all you can share the number?

As I said, Raghuram, like whatever the cost increase which has happened, that has been kind of a fully been able to pass on to the customers. So obviously the price has happened, but on the other side, the cost has also gone up.

That's it for my tech. Thank you.

Thank you. Participants who wishes to ask a question, please press star and 1.

Ladies and gentlemen, to ask a question, you may

please press star and 1 now. The next question is from the line of Rohit Navraj from 361 Capital. Please go ahead.

Thanks for the opportunity, and apologies if I'm asking the question again because I missed the first 10-15 minutes commentary. So in terms of cost escalation, what kind of cost increase we have seen, both in terms of, say, raw material and from the operating cost perspective because of increase in coal cost as well as the midnight cost. Thank you.

Now, Rohit, as you rightly said, on the cost side, there are two costs where the cost has gone up. On one side is the limestone. Limestone, as you know, the industry is importing from the Middle East the limestone where the cost has gone up. And the second is energy cost. So these are the two costs primarily. Of course, there are some others like packing materials and other costs has also gone up. But this cost has gone up. Our work, like I said, we have sufficiently covered in terms of our inventory, and therefore supply disruptions we are not seeing in that. In terms of the number, of course, the number will be getting reflected. At this point of time, I would say that the energy prices, which is more of a goal on the index, it has gone up from $120 to roughly around $136. Approximately, I'm giving the number, which is a very volatile number. It changes on a day-to-day basis. On the limestone, the supply chain cost has gone up. The freight from Middle East has gone up. These are the two major impacts which have happened.

Got that, sir. So, and just a question on curiosity in terms of the logistic cost. So, what has been the increase in terms of the logistic cost? If you could give us a per metric ton, because I think that could be one of the elements where if the imported prices go up and if we are able to pass on or rather, you know, wet our prices based on the import parity, Then we may have some chance of, you know, increasing the domestic prices. So just to get a perspective, what is the absolute increase in terms of per metric and cost of Sodaish imports which has gone up?

See, right, two things. You know that the soda is getting imported from many parts of the world, okay? Something is coming from U.S., something is coming from Turkey, something is coming from China. Everywhere has a different pricing increase or the supply chain cost. But the important part in this whole piece is even the rupee dollar. As you know, rupee-dollar kind of a rupee has depreciated. All these put together, there is a kind of a substantial increase. And second is the supply chain disruption itself. So probably all these three factors have led to kind of a, been able to, the domestic industry had been able to kind of a, pass on the cost pressure, what they have been, because of this increase in the cost, to the customers.

Sure, sure. Fair enough. Sir, just one last clarification from an industry perspective. We heard from the comparator that there have been certain capacities which have been shut down in different parts of the world. So could you give us any understanding, broader understanding of the stream, and whether that will also be an element for incremental increase in the sodash crisis? Thank you.

See, Roy, you rightly said in terms of one of the U.S. facilities has been kind of a mouthful, okay, which is roughly 1.3 million tons. In China, also, there are a lot of maintenance activities are being taken because, see, as I said in my opening remarks, China is seeing the heat of cost pressure on the synthetic soda ice. And I've said in my opening remarks, That a lot of stress, financial stress are being felt by the Chinese producers. But the meaningful supply reduction in the China, which is more of a scientific soda, is some time away. This will happen. But as you know that in the last three years, The new capacity of natural sodas, majority of the new sodas capacity has happened in China, which is Inner Mongolia. At this point of time, obviously, supply is more than the demand.

That's right. Got it. And just for the last clarification, in terms of the Inner Mongolia capacity, is it being fully now operational, and what is the full capacity as of now in terms of production?

And in terms of the total, fully operational, I think last year they have added to approximately around 2.5 million or 3 million some kind of a capacity they have added. And overall, it is around 13 million of the total. Sorry, 7 million tons of the new capacity in Mongolia has happened.

Sure. That's all from my side. Thanks a lot and all the best, sir.

Thank you. Participants, MFG, press star and 1. The next question is from the line of Saakit Kapoor from Kapoor & Company. Please go ahead.

Yeah. Can I ask that?

Hope I'm audible. Yeah, Saakit Ji. Yes.

Yes, sir. Thank you, sir, for this opportunity, first of all, and thank you, firstly, sir, for also amending the dividend distribution payout to your investors from 15% to 25% and maintaining the absolute number at 12%. We hope the same gets cleared through the AGM part, but kudos to the team, the KMPs and the Board of Directors for considering the same. Sir, now, firstly, with respect to the capital work-in-progress closing balance, We find the closing balance at 450 crore. So, if you could just explain, are these mainly attributable to the bromine and the vacuum salt project, or what portion will get capitalized in the first quarter, still?

So, Sakai ji, as you rightly said, this capital work in progress is primarily driven by the vacuum salt and the bromine project. And once the project gets commissioned, like I said, in the first quarter, this post will be capitalized. Around 300 crores will be from this account. Then there are some other projects like a pipeline project and all those things, and that will also get commissioned the moment this project gets completed. I think this year, probably, that project also will get commissioned.

That pipeline is also pertaining to our existing facility only, sir?

Yes, yes, I think, yes.

Okay. Sir, as you mentioned to the other participant that the additional revenue from the bromine and the vacuum salt project for the current financial year 26-27 is approximately 120 crore. Correct. I am correct on that now. Yes. Sir, at what utilization levels are we concluding with this figure of 120 crore?

You see, Saketji, this will be a gradual increase, as you know, that the project will get commission now in the month of May, June. After that, the gradual expansion will happen, and end of the year, we will be running at a full capacity.

Correct, sir, but what should be that number? 120 crore represents what percentage of utilization levels ramped up till the next financial year, till the end of this financial year.

Can you just calculate that? Can you just calculate that? I said that the peak numbers will be 170 crore, and this number is 120, so you can just calculate what is the percentage.

Okay, sir, I missed it. I missed that 170 number. So 170 will be the peak capacity at fully utilization levels for the project. Sir, when we look at our EBITDA margin trend, I think so in the presentation, you were very well articulated that our averages have been above 26-27%. And now with the vagaries of the lower realizations and the other dumping aspect, we are now trending in 22-23 sub-levels. So, what should be the likelihood of the EBITDA margin trend with your opening commentary wherein you have articulated that things look positive going ahead? How should this line item shape up for the current financial year?

See, Sakit, first and foremost, like I said in my opening remarks also, the market is so volatile. You know that because of the geopolitical situation, completely uncertainty. How does this shape up going forward? Nobody knows about it. I think in the month of February, we did not know that this geopolitical crisis will happen. But having said that, there are two things which are very important, I want to highlight. What we have in our control, we have done a remarkable job on the cost side of best efficiencies, best in class of raw metal consumption norms, and so on and so forth. So that's one part of it. The second part of it, at this point of time, when we stand, and the way there's a geopolitical situation at this point of time, I said, on one side, the costs are also getting increased. On the other side, the realisation is also getting increased. So overall, per se, at this point of time, slightly it will be more neutral to kind of a little bit of a positive side. But how this will shape up in the next month, we don't know right now.

Okay, sir. For the sodium bicarbonate part of the story, I think so we did some capex in doubling our capacity there. How are the utilization levels and the demand outlook for sodium bicarbonate shaping up?

The strategy, this year our volume of sodium bicarbonate has also grown up, and we are expecting that the next year also will be growing up. We have almost around, I would say, 80%, 85% kind of a utilization we have been able to achieve in the sodium bicarbonate. And hopefully, the way we are looking at the demand, probably this number will be slightly better in the coming years, 26, 27.

As in your presentation also, this was mentioned that we are more moving towards the glass utilization levels in the country as a whole, and hence the requirement for dense soda ice would be higher. So, what proportion of our sales mix is dense versus the light soda ice mix?

As you rightly said, Saketji, the trend is more towards the growth in the glass sector, particularly led by the solar glass. Right. At this point of time, approximately around our capacity was around 55%. 50 to 55% is the capacity, which is of a glass, and 50% is approximately around on the detergent side.

Yes, sir. We have heard from your competitor that they are making some changes and upping their DELT SODA facility in the times to come. So taking into account, do that kind of canvas or landscape work for us also that going ahead, we will be also doing the same changes or we are comfortable with this mix in terms of the demand outcome?

See, first and foremost, what we have been doing is, and that we have been very successfully being done, without any major capital expenditure, we have expanded our SUDAS production, which used to be around 40%, now it's around 55%. And our endeavor going forward will be, from the existing assets that we have on the GENs, we expand the production itself on that. And hopefully, we will be able to improve upon that. That will be sufficient at this point of time.

Okay, and this ratio will improve. That is what you are conveying?

Yes, yes.

From 55%? Okay.

We are trying to increase it to more numbers.

To higher numbers. We are going ahead. Right. Sir, in the last point is for Raman, sir, when we look at our cash flow, there is a 7 crore, I think so, loss from the subsidiary part. So, what will that attribute to, sir? 6.6 crore to be precise.

In fact, this is the income which we were receiving from the sale of assets subsidiaries. Standalone basis, that income was reflected in the standalone numbers. So when you consolidate, because it's your subsidiary, that gets knocked off. So on one side, say payout, on another side, this is an income basis. So there is no negative on the consolidated basis from that aspect. So it's just an accounting treatment which is there. So the income has been recorded in a standalone basis. I hope I've been able to clear that.

So, Sakaiji, this is income only of 7 crore, which has come from the subsidiary, but while consolidating, this gets knocked off, and because of that, you don't see that. There is no loss on the investment.

Right. Sir, I'm joining the QC, and all the best to the team, sir, for the good work there.

Thank you.

Thank you. The next question is from the line of Oja Singh from Celestial Crest Capital. Please go ahead.

Mr. Ojas Singh, please go ahead with a question. Your line is unmuted.

Mr. Ojas Singh, please go ahead with a question. Your line is unmuted.

Yeah, are you guys able to hear me? Sorry, hello.

Yes, we are able to hear you now.

Yeah. Just one more question. I just wanted to know, what was your rationale behind that 300 crore buyback? Were you seeing the stock price being, say, undervalued, or what was your rationale behind that 300 crore buyback?

See, I don't think I'll be able to comment on the business. I see the underpricing or things like that. Our purpose was to kind of reward the sales. And that was the rationale behind that. Pricing whether undervalued or not, that's the investors to kind of decide.

Correct. Thank you. I just wanted to know because I thought that you guys must have been some, there must have been some rationale behind doing that 300 crore buyback. That's it. Thank you. That was my last question. Thank you. Thank you.

Thank you. Thank you. The next question is from the line of Saket Kapoor from Kapoor Company. Please go ahead.

Yes, a small addition in terms of this anti-dumping duty and the safeguard duty parts, where are we currently acting? So, we have filed fresh application for the same and any updates that you can share on the same?

Yes, I can say so far the anti-tumping is concerned. I think in the last call, I have kind of updated. It has been recommended that it has gone to the finance ministry and that no decision has been taken at the finance ministry. So that is, hold by the finance ministry. Okay. At this point of time, I am assuming that they are not considered as favorably. Now we have filed another application which is a safeguard on the quantitative restriction under the safeguards. That is under investigation and that is under the process that will take some months of time to finally come to a conclusion. Once that happens, they will come back to the server. Let's update on that.

Correct. Correct, sir. Right, sir. That was our closing remark. Thank you, sir. Thank you.

Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to management for closing comments.

Thank you very much, and thank you to all the stakeholders, stakeholders, about the continued support. Like I said, I always said in my comment, That we are trying to do on our part which is in our control. And as I said, over a period of time, we have been able to bring a lot of efficiency, a lot of cost optionally. And because of that, we are one of the lowest cost producers at this point of time in this space. And any upside on the sodas, of course, for two, three years, the sodas prices are under pressure, but any opportunity of increase in the outlook of the sodas, we will be the first one to kind of get an advantage of that. So we will continue to do what is in our control and try to deliver the performance on that basis. Thank you very much for your support.

Thank you. Ladies and gentlemen, on behalf of MT Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.