Greenpanel Industries Limited (GREENPANEL) Q3 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Green Panel Industries Limited Q3 and 9M F526 Earnings Conference Call. As a reminder, all participant lines will remain 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 the operator by pressing star, then zero on your touchstone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Vishep Bharal from CDR India for opening remarks. Thank you, and over to you, Vishep.

Good day, everyone, and thank you for joining us on the Green Panel Industries Limited Q3 and 9-month FY26 Earnings Conference Call. We have with us today Mr. Shobhan Mittal, Managing Director. I'm Mr. Himanshu, the CFO. Before we begin, I would like to share some statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. A detailed statement in this regard is available in the results presentation, which was shared with you earlier. I would now like to invite Mr. Shobhan Mittal to begin the proceedings of the call. Over to you, sir. Thank you. Thank you.

Good evening, ladies and gentlemen, and welcome to our Quarter 3 FY26 earnings call. While the retail markets were a little tepid post the Diwali festivities, we continue our renewed focus on channel engagement with more sales and marketing investments to support volume growth during Quarter 3. The quarter began with the announcement of a new foreign travel scheme and ended with The launch of the countries. Strongest, toughest, and heaviest boiling waterproof MDF to supplement our existing product offerings to the customers. This, along with the other ATL and BTL initiatives, about which I enumerated in more details in our last earnings call, will go a long way to assist and create a more sustainable volume growth strategy for Green Panel over the next three to five years. Our domestic MDF volumes grew by 19% year-on-year, and the export volumes were higher by 8.3% year-on-year. Total MDF volume growth, thus being 17.1% for quarter three. While domestic pricing was unchanged from quarter two levels initially, discounting pressures from relevant pairs came back into play post-Diwali, and we too had no option but to offer more discounts between November and December. Much more to the OEMs where pricing is key. As a result, the domestic realization was lower by 1.4% sequentially. Some portion of this was also on account of the change in product-wide salience, post-addition of the new plant at AP, and increasing overall proportion to OEM sales. Private business is yet to revive meaningfully, and we are already working on possible next steps to scale up this business. Maybe I'll be able to share more on this over the next few quarters. Counting the exports and plywood sales as well, total revenues for the quarter grew by 11.4% year-on-year to Rs. 398.8 crores. Given a renewed focus on cost optimization, our gross margins and the operating EBITDA margins were higher both on a year-on-year and also on a sequential basis. Given a strong performance in Q3 amidst a more challenging market, The revised guidance that I shared with you on our last call for the full year of FY26 remains unchanged. We continue to target a high team growth in MDF volumes with operating EBITDA, excluding FX and one-offs of high single-digit to early double-digit average for the full year. With this, I request our CFO, Mr. Himanshu Jindal, for the financial and other updates. Thank you.

Hi, thank you, Shobhanji. Good evening, all. Since Shobhanji has already covered the revenues, I'll try and give you more insights on the cost and margin front. So on the cost side, timber costs, which were gradually receding with improved supplies till early November, were a bit more volatile thereafter with the onset of severe winter conditions in north and heavy rainfalls in south. But we have again started witnessing some bit of cost reduction from January onwards. Cost of chemicals has also come up from the peaks in quarter two over the last two, three months, which is also supporting margins now. More from a cost of production point of view, we were almost flat sequentially. The savings on raw materials, which led to expansion of gross margins to almost 50 percent. We're partially negated by the higher fuel and power costs, which were caused by a seasonal spike on account of the severe winter conditions in the north. We also invested a bit more on the sales and marketing bit to build salience, both in terms of people and pure sales promotion expenses. As a result, our operating EBITDA, excluding the impact of currency movement on the long-term euro borrowing for the new plant, was Rs. 44.3 crores, or 11.2% of our revenues, with MDF at 11.9% and plywood at 1.4%. The above also includes the impact of recognition of the balance approved but not yet accounted power subsidy of rupees 8.5 crores for the old line at Andhra. For clarity, because this is something which may come up as a question during the course of the call, so for clarity, out of the total blessed state government subsidy for the old line, which was 96 crores, 68 was capital subsidy and 28 was pure revenue subsidy. Out of this, in the past, we had already recognized 15 crores of capital subsidy, which was adjusted against the carrying cost of the asset. And on the revenue side, the entire impact was taken into P&L, 20 crores. The balance portion, which was blessed but not accounted for, which is the capital subsidy of 54 crores, has now been adjusted against the carrying cost of assets. And also the balance rate and a half, like I mentioned above, has also been brought into P&L via adding it to the other operating income as a month. Again, in quarter through, we were impacted by the continued volatility on the exchange rate on our outstanding long-term euro-denominated borrowings. This impacted Rs. 3 crores during the last quarter, and cumulatively this year, only on the borrowing, the impact is 43 crores. Bulk of this is obviously unrealized, mark-to-market, non-cash loss. Apart from this, there is also an impact of 10 crores a quarter, which is in form of the incremental interest in depreciation on account of the capitalization of the new plant at AP. Counting these, the PBT was 11.4 crores positive, and the PAT was plus rupees 10.2 crores for quarter three. On the balance sheet side, we did increase inventories to support sales for second half, improve availability. But despite this, our core cash conversion cycle was still maintained at 32 days. The leverage has also stayed very comfortable for us. Our net debt is 163 crores. If we count out the non-cash FX exchange, the actual net reduction has been 40 crores during 9 months, and almost 85 crores from the peak that we saw on 30th of June. On that note, I think we can open the question and answers, please. Thank you.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the first question from the line of Balaji Vaidyanath from Nafa Asset Managers, Private Limited. Please go ahead.

Good evening, and congrats for the recovery that we have seen. And if you could, you know, throw some light on the import scenario and how we are seeing it play out, you know, for the rest of the year, please, to begin with.

Sure. So, imports are still quite muted, to be honest with you, and, you know, a few companies have received the BIS certification. However, you know, with the current pricing situation in the OEM segments where imports were more prominent, the current pricing from the domestic producers itself is quite competitive to allow any additional imports coming in at this point of time. There are certain specific applications because of raw material characteristics where domestic material is not suitable. In those applications, imports are coming in. These are limited to, you know, specific applications where thin panels use, like laser cutting, et cetera. But otherwise, barring that, there is not any immediate or foreseeable threat from imports at the current price points.

And, you know, this will also be supplemented by an incremental QCO, which you spoke about last quarter. So, Banji, could you give us any update on that?

So, the new QCO standards have been implemented. In fact, we are now ourselves in the process of, you know, rebranding and, you know, calibrating our own specifications to the new QCO standards. So, of course, these end up being more stringent than they were previously, you know, in the BI standards, and they should further restrict imports coming in and compliance with BIS.

Thank you. And question to Himanshuji on the raw material side, you know, especially on the urea, if you could give us some more color on, you know, in terms of how you see this playing out and whether the worst is over?

See, we don't buy urea directly. We buy only resins, right? These are manufactured by someone else, our vendors, and we buy them on a competitive basis, right? So for us, I think the consequence is how much do we buy at the chemicals, end of the day. I think, you know, we did see a spike, like I mentioned earlier on the two calls, during quarter two, and thereafter the prices are coming down with increased supplies. I think, you know, today where we are, I think, you know, I think the pricing environment per se is pretty stable now. It's already come down.

Okay, thank you so much. I'll get back in the queue.

Thank you. We take the next question from the line of Utkarsh Nopani from Anandratti. Please go ahead.

Yeah, hi. Good evening, sir. Sir, my first question is on the MDF segment. So, like if we see our domestic MDF revenue has remained stable on a Q&Q basis, but our margin has slightly improved. So, can you please specify what is the reason for the margin improvement in December quarter, and what would be our MDF EBITDA margin guidance for FY27?

Yeah, yeah, no problem, I can. So, you're right, sequentially, the volumes have been flattish on the retail side, on the domestic front, right? But yes, we have sold more of exports, right? So, you know, when you sell more, obviously, operating leverages also play out, and this is why you see operating margins going up.

Yeah, otherwise, like I said, like, sorry. The export commands pretty significantly lower margin compared to the domestic volume. So it should actually pull down the margin, but it does actually...

No, no, no. So please try and appreciate, you know, even in the last quarter, my fixed costs were already absorbed. Now with additional volumes coming into play, see, every cubic meter that I sell, I get more and more contribution. Even exports make money for me, not that they don't have a contribution level basis, right? So it's only recovery of fixed costs that I'm working on via exports. If the domestic markets are a little challenging and there is an opportunity on the export front, I still go ahead and sell. Same with OIIs. If the retail markets are great, I'll try and push in more and more on retail, right? So I think there is definitely some advantage which flows in not only on my operating leverage, but also otherwise on my direct expenses, on my power, fuel, on the, you know, on the quality of the product also, So one way or another way, when I run my lines more sustainably, and this is what you are seeing in my margins now, going in.

Okay. And, sir, like, given Rupee has weakened quite a lot, so I just wanted to know from your strategy perspective, whether you would be planning to take any price hike in near future, or you would target to quickly ramp up the south plan by keeping the prices relatively stable for the next few quarters?

On the pricing, when you're saying, yeah, I didn't understand. When you're saying, Price, height, are you talking about in the export segment or the domestic segment? It's a domestic market, sir. No, so, you know, like I mentioned earlier, that at the moment, we don't foresee any major threat coming in from exports. My understanding is what you're referring to is that exports will become more expensive, sorry, imports will become more expensive in rupee terms. Is that right? That's what you mean? Yeah, but like I mentioned, you know, imports are not really a threat at this point of time because domestic pricing itself is at a price point where we are already very competitive. So, today, in the segments where imports were being consumed, the real competition is from the domestic players. It's not from imports, to be honest with you. And because of the domestic competition and pricing pressures, I don't foresee we'll be able to factor in the, you know, the rupee devaluation into our pricing to the customers.

Okay, got it, sir. And, sir, lastly, sir, like on the subsidy part, if you can kindly help me, like how much ETCG benefit we have recognized in December quarter, and if you can also specify the subsidy amount which we have mentioned in the footnote, like 8.5 crore you have already mentioned that it has been recognized as part of operating income, 19.3 crore which we have received where it has been recognized, and the 53.7 crore which is yet to be received where we have recognized in the footnote.

Okay, let me try and answer this. So, EPCG is on exports. If we export more, we recognize more EPCG. In the last three quarters, I'll give you all the figures so that you get all the figures for the current fiscal. In quarter one, we had five crores EPCG. In quarter two, we had six. In this quarter, we have eight. That's EPCJ, which is there as part of your other operating income. So every quarter we are getting, you know, more or less between 5 to 8 crores. Yeah. Now your second question is on subsidies. As I mentioned in my opening remarks, anticipating this question will obviously come in. So for you to know, there was 96 crores that I had to receive from the government of Andhra Pradesh for the old line. A large part of this was capital subsidy, which was 68 crore. The balance was basically power subsidy, which is revenue in nature, 28 crores. Now, in the past, the company had recognized already 15 crores of capital subsidy and 20 crores of revenue subsidy in books, which means 35 was already accounted for, money not received. This was the status till 30th September. Since I received money in October, which was 19 crores against these receivables, I brought down my receivables from 35 minus 19. That's the receivable that I was carrying, in a way. But then, because money is flowing in already, and there's 20% of the money which has come in, based on our assessments and based on the discussions with the auditors and otherwise, we said we will recognize the balanced, unaccounted, but approved subsidies in our books. Now, what have we done in this quarter? Out of the balance, unaccounted capital subsidy, which is 54 crores, that has been adjusted against the carrying cost of the assets, the fixed assets. So this is why my fixed asset block has come down to that extent, 54 crores, on which, you know, obviously, going forward, the depreciation expense is going to be lower, based on the remaining life of the asset. The revenue subsidy, which was approved but not accounted for, was only 8.5. Which has now been brought into books via the P&L, getting it added to the operating income. Does this simplify or answer what you wanted to know?

Yeah, it is pretty clear. And, sir, lastly, like, sir, how much EPCD benefit bonuses left, which we can accrue in the community?

Okay, so 51 was the opening. You remember the opening figure actually, or, you know, before we started recognizing EPCG was 86. Last year, last fiscal in quarter four, we had accounted for 35, which meant opening figure, this fiscal was 51. I explained to you 568, so 19 crores almost has been accounted for in this fiscal. Balance is still to be, you know, still to be recognized. So, there's 32 EPCG, which is shown as liabilities in my book, which the moment I export more and more, I'll keep recognizing. To your question, how much will be recognized in this fiscal, the run rates are already there with you. If I get an opportunity to export more, I'll recognize more this year. The balance will obviously flow through in the next year. So, maybe in the next four to six quarters, this entire amount will come into books.

Got it, sir. Thanks a lot, sir.

Thank you. Ladies and gentlemen, in the interest of time and fairness to others, we request you to restrict to two questions per participant and rejoin the question queue. We take the next question from the line of Keshav, Vijayaratan Lahoti from HTSC Securities. Please go ahead.

Sir, as you highlighted, you know, 8.5 crore power subsidy, which you recognize this quarter. So, this MDF margin, which is coming around 12%, includes that subsidy also, which is more like one-off in nature. So, fair assessment. Yes.

Yes, it does.

Got it. And one last question from my side, how are the tender prices moved in this quarter, and what is the outlook for the same?

So, I tried covering it, you know, as part of my speech and also as part of the answer that I gave just now. So, what I said, Keshav, was the timber prices month on month sequentially were dropping, and this continued to be the trend till November, mid-November. But then you saw winter setting in north, and you saw heavy rainfall in Tamil Nadu or Andhra. And therefore, there was a bit of a spike which came into play. Now, for the last, you know, since January beginning, we are seeing again prices coming down. I think we should also remember there was a play of, you know, the timber recipes or the way we mix timber at our end now to produce MDF. I think all of that is playing together. Sequentially, every single quarter, we are getting savings. I think between quarter two, quarter three, largely counting in everything in, we were more or less at par, right? Now, to your questions on resins or chemicals, generally, like I mentioned, there were some supply challenges in quarter two because of which the prices had hardened. From there, every single month, we are seeing prices come off. You know, so I think the peak was sometime in October, November, early November, and thereafter, the prices have continued to come down. Today, we are pretty stable.

Okay, got it. Thank you so much.

Thank you. We take the next question from the line of Yash Sanathleya from Edelweiss Public Alternates. Please go ahead.

Hi, team. Thank you for taking my question and congratulations on good set of numbers. So, like you already alluded, you took the price rate of, I think, 1.4%. So, I wanted to understand specifically for the south plant, what was our price change? Like, what was the decline specifically for the south plant?

So, we don't look at it like south and north anymore, to be honest, because we, end of the day, see, the same plants are being used to service all locations. There are certain, see, lines are today fungible. Markets are, again, can be fed from both the plants. So, wherever we can produce something at the best economics, we go ahead and produce that product and supply it to the market. Right? So, it's very difficult to specify what is the price for a particular plant today in the current context. But, yeah, prices are, you know, the same wherever they come from. Whichever plan, at the end of the day, the customer should get it at the same price.

Got it, got it. And second, like 1.4 was due to price realization decline and other was due to product mix change. So, was it because of the test production we did in our new plant or it is structurally, consciously we are taking the call to cater to more OEM because of the market scenario?

So, if you look at my domestic realization, it was down 1.4. If you look at my export realization, it was also down incidentally by the same proportion sequentially, right? But when you see my exports going down, automatically the blended realization appears to be 2.5% lower, right? Right. So I think that should answer, you know, more importantly, again, between retail and OEM on the domestic front, as Shumanji mentioned, OEM is what, you know, has, you know, there has been a volume upsurge for sure. Right. So that's in a way. So retail markets, the discounts may not be in line with whatever we are giving to OEMs. OEMs command a higher discount.

But this is purely a function of demand, to answer your question. Today, we are not in a position to pick and choose what we sell and who we sell to. At the moment, the focus, because of surplus capacity, both at the company level and in the market, is to capture any demand that is available in the element of the product base that it's offering.

Understood. And one last follow-up, like if you can help me, the channel makes Q3FI 25 and what is right now in Q3FI 26 between OEM and other channels.

So, OAM is roughly 25% of the MDF domestic that we sell. Balance 75 is retail. If you compare it with service sequentially, it was more or less similar. Last year, I think 2-3% here or there. So, retail, I think, last year was 77% odd. And this year, like I said, it's already 75.

Got it. Thank you.

Thank you. We take the next question from the line of Sneha Talreja from Nuwama. Please go ahead.

Hi. Evening, team, and thanks a lot for the opportunity. Just a couple of questions. One, you said that, you know, in November and December, you observed incremental discounts coming up, and that's where you had to increase discounting. Any signs that we are seeing for price increase happening in MDS? If not now, when would we potentially see it?

This will be purely speculation if I have to answer this question, to be honest with you. So as of now, if you ask me, do I foresee any price increases coming in? Answer would be probably not.

Understood. Secondly, for FI27 as a whole, of course, you've given guidance for this year. FI27 as a whole, you know, given the current rising, what's the kind of a volume growth that you're likely to see and any margin guidance there with the current rising?

I think we will want to wait to see how quarter four pans out before giving the guidance.

I'm Dushukhya. Thanks a lot. That was a lot from my end. All the best, team.

Thank you.

Thank you. We take the next question from the line of Park Balsar from Investec. Please go ahead.

Hello. Hi, sir. So, thank you for the opportunity. So, I just wanted one clarification to start with. So, if I heard it right, so there was an EPCG benefit of 8 crores in Q3. And besides this, we also booked a power subsidy of 8.5 crores, which was in our favor, which is part of EBITDA for MDF, right?

Yes.

Perfect. Perfect. So, that was my question.

Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1.

Ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the next question from the line of Anu from Anandrati. Please go ahead.

Yeah, hello, sir. Am I audible?

Yes, please.

Yes.

What is the volume growth target for Q5, FY26, and FY27?

So, for Q4, as we said, you know, on an average, we should have a mid-to-high-teens volume growth on an annual basis. And for FY27, we'd like to refrain from giving any projections till the quarter-four numbers are out, please.

Okay. And what would be our MDF EBITDA margin guidance for FY27?

Yeah, that would again be dependent on the volume growth. So, as mentioned earlier, we'd like to refrain from mentioning that at this point of time.

Okay. And whether the margin on export has become lucrative due to weak rupee?

It's improved. So, there's not been, I would say, any material price reduction on the export side. So, yes, because of a higher rupee value against the dollar, it's improved slightly. Yes.

Okay. Also, can you specify what would be the sustainable EBITDA margin for MDF?

Well, in my opinion, with proper utilization, proper product mix, you know, high teams is very much possible, up to 20%.

Okay. And, sir, last question, like, what is the export margin in Q2, Q3, and how it is likely to be in the coming quarter?

Himanshu, do you have that, Papa?

I mean, see, I think, Anu, you need to realize that, you know, we look at exports as a filler, right, to do more volumes and a more consistent, you know, just to ensure that my capacities are running optimally, right? Yes, we produce contribution, which is what I look at, you know, sales price minus the variable. Do I make money or not? And then, obviously, there's an upside in terms of early recognition of EPCG, right? So I think these are the advantages which export software, and this is something that we monitor, you know, that's, I think, that's something that we can say, okay?

Okay. Thank you. Thank you so much.

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Patanjali Srinivasan from Sundaram Mutual Fund. Please go ahead.

Thank you for the opportunity. I have a couple of questions. So, firstly, the new plant coming up, utilizations have dropped quite a bit at a company level, and what level would the plant be operationally like EBITDA positive, and where are we today in terms of utilization at the new plant?

Okay, I'll take that, Shobhanji. So, 60 utilizations, same time last year for Tanjali, were roughly 66% without the new capacity coming into play, right? You were right with this new capacity, even on a holistic basis, all the three plants put together, my capacity utilizations have been almost similar, right? So, we've done 63-64% capacity utilizations in this quarter on a production basis. Now, you know, are we absorbing all the fixed costs already? We are. The new line is running very well. You know, all the three lines put together, like I mentioned, we are already 63-64, and the new line is also more or less similar, right? So, you know, we are already making money, positive EBITDAs, on all the three lines.

Okay, and you didn't mention about what the utilization levels would be at the plant.

Sorry?

I missed. What the utilization level will be at the new plant?

The new plant is already operating at a 60% capacity, so no problem. All the three lines, like I mentioned to you, are roundabout the same. So, today we are agnostic. You know, any demand which comes in, we look at which line can produce and feed the demand at the right economics, right? So, you know, wherever we can feed, whichever way, you know, we feed, looking at overall economics.

Just for everyone's understanding, basically, barring very thin panels, all three lines are capable of producing all the SKUs that we offer to the market. So, looking at the plant efficiency, looking at our production planning, looking at the freight economics, we choose on a, you know, there is a lot of variability on what we produce on which line at any given point of time. So, if the line, you know, in other places, line 2 is occupied with a certain product, we may choose to produce a line 2 product and a line 3 just to service it faster. You know, if there is restrictions for the north plant, we can produce those products in the south and still supply the economics work out. So there's a lot of, you know, flexibility now that we have in our production process. So it's not, you know, fair to look at one line's capacity alone, because we may intentionally produce that line's product on another line if it's giving us better economics.

Got it, sir. Okay. And I just have one more question. I think a couple of quarters like we had indicated about margins improving because we will see deflation in raw material cost and timber related issues were there because of a previous four or five year back period where things were not great in terms of, there was a delay in terms of availability of wood and all of that. But that will all ease towards Q3. And can you tell me like how much of it is translated? Because I do get a sense that you mentioned that by December there was a decrease in cost, but there's an increase in cost because of some seasonality and now it's again falling. But would we see like a fair bit of decrease here in terms of cost and also what would be a raw mat mix between resin cost and timber cost?

See, I think, you know, Patanjali, the margins are a mix or a derivative of two things. One is how do we behave or how competition, more importantly, behaves in the market, apart from the supply-demand economics and pricing. So, I think, you know, maybe a few quarters back, pricing was not such a big, or let me say we were disciplined. Today, we are behaving the way competition wants us or allows us to behave. So, therefore, you have seen some price reductions coming into play to ensure that we have enough volume, you know, we sell enough volume, we produce and sell enough volume. The second piece is on cost. I didn't mention seasonality, but like I also mentioned, my cost of production sequentially was more or less similar. between quarter two and quarter three. ASP cost environment also becomes more conducive. I'm sure that is a margin that we can keep with us, right? Unless the market becomes more aggressive and they start discounting. So I think for now, I think the conclusion is my gross margins today are at 50%. I think, you know, in this quarter, I think, you know, it's a little difficult for us to preempt, but costs remaining where they are, pricing remaining Thank you. Thank you. We've been doing it.

Yeah, I wanted split between resin cost and timber cost.

Yeah, so I would say chemicals, you know, and I am saying chemicals and timber of my raw mat cost would be roughly 50-50 today.

Got it. Okay. Sure. Thank you so much.

Thank you. We take the next question from the line of Praveen Sahai from Prabhuda Sliladhar Capital. Please go ahead.

Yeah, sir. Thank you for the opportunity. The first question is related to the volume. And this quarter, the 17% of the volume as a whole or 19% is domestic. And especially in the domestic, 19%. Last year, the commercial grade volume were also accounted. And if I exclude that, the growth in the domestic is nearly around 45%. So, for a fourth quarter, why you are guiding for a mid-teens kind of a growth, whereas second quarter and third quarter, we had seen X of a commercial grid growth has been very good.

So, I think, you know, what Shobhanji mentioned was for the full FY2026 number, right, Praveen. So, he said, I think, if I heard him correctly, he said, medium to high teen growth in MDF volumes overall. This is what we said. And he used to remember in quarter one, my volume, there was a degrowth which happened. So, we're counting that in and saying that overall for the full year, the revised guidance, what we shared in October and November, holds. Today as well. This is what we meant.

Okay. Okay. So that clearly indicates that the higher growth in the fourth quarter. Is that understanding, right, sir?

I spelled it out for you. I said, yeah.

Second thing, sir, on the margin. So, because in the presentation you had mentioned MDF margin of 11.9% and which is excluding one-off. So, you have one-off, the power subsidy also one-off in that?

No, other operating income includes the impact of this 8.5, right? But this was always power. It was related to power. It was always accounted for in the past periods in that way. Yeah, till the time we were accounting. So it is already there, right? But one of essentially mean FX, you know, if I were to ask, if I were to answer this, FX has been a bigger consequence for us this year. As a whole, right? And that's the larger, one of which has been excluded, when I say operating EBITDA.

Oh, got it. That was my question. Thank you, and all the best.

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

We thank everyone for joining this call, and we look forward to speaking to everyone at the end of next quarter and the financial yoke. And if anyone has any further questions, please do not hesitate to reach out to us. Thank you very much, and have a good evening. Thank you.

Thank you, sir. On behalf of Green Panel Industries Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.