Insecticides (India) Limited (INSECTICID) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Insecticide India Limited Q4FY26 earnings conference call hosted by MUFG in time. 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 this conference call, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Fajal Butter from MUFG in Time. Thank you, and over to you, ma'am.

Thank you, and welcome to Q4 and X 12-month FI26 Earnings Call of Insecticide India Limited. Today on this call, we have with us Mr. Radish Kumar Agrawal, Managing Director, Mr. Sandeep Agrawal, Chief Financial Officer, Mr. Givinder Kumar Ray, Chief Operating Officer, and Mr. Dushin Suh, Chief Marketing Officer. Before we proceed with the call, I would like to give a small disclaimer that this conference may contain certain forward-looking statements which are based on dealings, opinions, and expectations of the company as on date. These statements are not guaranteed of future performance and involves risks and uncertainties which are difficult to predict. A detailed disclaimer has been given in the company's investor presentation, which is uploaded on stocking screen. Now, I would like to hand over the conference to the management for opening remarks. Over to you, sir.

Thank you, Sejal. Rajesh Chakral, this side. Good evening, everyone, and thank you for joining us today. IY26 has been a year of resilience, disciplined execution, and strategic progress for IAL. Despite of challenging global environment, we continued to strengthen our market position, deepen farmer engagement, and building a strong foundation for long-term growth. I will briefly cover the business environment and operational performance, after which CFO Mr. Sandeepji will take you through the financials in detail. So first of all, I would like to talk about the industry and the business environment. The current geopolitical situation... Continues to impact the global agrochemical industry and has created supply-side constraints across several key raw materials and intermediaries. As a result, raw material prices have increased sharply in certain cases to lower by 10% and even higher in case of crude linked products. This has gradually shifted the market towards a more supplier-driven environment. Though in May, market is little sluggish. Due to rising heat across the country and people are waiting for the monsoons, the crop activity though is expected to improve in the month of June as the monsoons hit the Indian coastline. Our response and operation readiness, despite of these challenges, we have responded proactively to ensure smooth operations and uninterrupted services to the farmers. We maintain comfortable inventory levels in the system for the upcoming season. Our pricing approach has remained rational and calibrated to protect both market competitiveness and margins. Overall farming sentiment and dealer activity are improving gradually. Talking about the Q4 performance, Q4 performance remained steady and encouraging. We registered approximately 19% growth in Q4. Supported by both B2C and B2B business. Premium products continue to outperform and deliver about 24% growth during the quarter. For the full year, the company deliver growth of above 7% while remaining broadly profit-neutral. The overall momentum in the business continues to strengthen while maintaining operational discipline. So, I would now like to talk about the premiumization and product strategy. Our long-term strategy of premiumization and differentiated technologies is going strong to action. Over the last three years, we have launched more than 25 products. Several of these products are now witnessing encouraging acceptance from farmers across the country. This growing farmer confidence gives us strong visibility and confidence for the future. Talk about R&D. The products developed through our own R&D such as Ori Super, Centra Nessi, Centra Gelding, received an excellent response from the farmer, also Amuse and many others. Innovation remains a core pillar of our strategy and we will continue investing in the differentiated technologies and solutions. I would also like to share about our partnerships, particularly the global partnerships with Nissan and Koteva. On the collaboration front, we continue dispensing our portfolio through partnerships with global investors, innovators. During the year, we launched advanced products like Altair from Nissan. We have launched Sparkle, Granuvia. And through our collaboration with Coteva, and now we are about to launch two more products, Spinoise and Green Mix. Our partnership with Coteva is progressing very well, and we share a common purpose to provide integrated solution-based latest technology to the farmer. With another major launch during the year, our total launches under our partnerships are going to be four. Going forward, we expect additional differentiated technologies and premium solutions from Coteva. We share a common purpose with Coteva serving forward to integrated and technology-driven solutions. Coteva itself is built on a strong innovation legacy, combining the strengths of DuPont, For protection, DAO agencies, and finance. Here, I think it is also relevant to discuss about our fully owned subsidiary known as Kairos. It's a strategic growth platform. I can say Kairos is another important strategic initiative by IAL. Strategically, Kairos will help us in expansion of distribution reach, build an independent sales channel, improve supply chain effectiveness to direct imports. and enhance bulk supplies capabilities. Cairo's is being positioned as future-ready agri-science platform. Its portfolio will cover all insecticides, herbicides, fungicides, biostumulants, micro-nutrients, and oral health products. The philosophy reliant Cairo's combines traditional farming wisdom and scientific innovation. Through the Dr. Radha identity, We are portraying the story of a young Indian scientist and farmer's son who bridges grassroot understanding and modern agricultural science. World-class product from the strength of IL to expand human business. Talk about the balance sheet. On the balance sheet side, working capital continues to remain at elevated levels. However, our manufacturing facilities at Sotanala and Rahej provide sufficient capacity, headroom for future growth. These facilities also ensure scalability and operational flexibility. Therefore, our capex requirement. Going forward remains largely nominal or in the range of 25-30 crores, which we call as a maintenance capex, once we complete our projects in the year above 27. I would like to talk about the strategic pillars of IL at a broader level. Broader level, our strategy continues to operate around three important pillars, bringing latest technology solutions through internal R&D as well as doable practice, providing integrated crop-based solutions that address the entire requirement of the farmer, ensuring faster introduction of off-patent-day technologies at affordable prices for Indian farm. Talking about the outlook of Fx27, looking ahead, we remain cautiously optimistic about the demand environment for Fx27. Similar activity is improving amid rising prices. The pricing actions may support decent growth during the upcoming season. However, end demand visibility will become clearer as the season progresses. We will remain mindful that prolonged geopolitical tensions may continue to impact business conditions and keep our middle price elevated for some time. So, we will also take care of the evolving global supply chain conditions, the unknown tech, crop mischanged, particularly in the dry crops. In the end, I would like to very proudly tell you that Insecticide India is entering into its 25th year, our Silver Ghibli, and we believe that IL is entering a new era of transformation and growth. Our standard product portfolio, expanding distribution ecosystem, global technology partnerships, manufacturing readiness, and growing farmer trust position us strongly for the future. Going forward, we believe we will continue investing in innovation, premiumization, technology, organizational capabilities, and operational excellence. We will continuously work on improvement of ROSE and building the positive cash flow. We will continue with our aggressive market development activities and farmer training. Just a reference, we touched more than 75 lakhs farmers in the previous year. We will continue to offer premium solutions, comprehensive market for a new-gen solution. Distribution is the key strength of oil and we continue to strengthen it. As we build the next oil, I will say we will maintain a good momentum. Performance will improve day by day. Thank you once again for your continued trust, confidence, and support. And over the line, we are not able to hear you clearly.

Yeah, thank you, Rajeshji. I am Sandeep Agarwal, CFO of the company. Yeah, good evening, everyone, and warm welcome to all the participants. As the full year has already gone, so the full year results I will discuss, EBIT 25 vs. EBIT 26. Revenue from operation has improved from 2000 crore to 2140 crore, a jump of around 7%. Gross profit increased from 641 crore to 675 crore, a jump of around 5%. A beta has increased from 221 crore to 227 crore, a jump of around 3%. And the pack, there is a slight decline from 142 crore to 139 crore. And the basic design of decline is a provision of taxes. So defer tax has increased by around 9 crore in this year. That's why it is showing a decline. So, sale by segment, if you'll see in average 26, the 73% contribution has come from B2C, 22 has come from B2B, and 5% from exports. Let me share some other figures also. So, during this year, from all the patented products, the total turnover revenue is 322 crores. The revenue from total combination product is 324 crores. The revenue from in-licensing product is 226 crores. The revenue from 5 products lost during the year is 40 crores. And the revenue from products lost last year has increased from 23 crores to 82 crores. We will see the journey of last 3 years. The EBITDA of the company has increased from 6.8% to 10.6%. Gross profit margin improved from 23.1% to 31.5%, ROE improved from 6.9% to 11.4% and ROC improved from 10.4% to 16.1%. And in addition to this, I want to share one more information with you. So our MD son, Mr. Saskar Agarwal, the new generation, has today joined the Board of Insectives at India Limited. And on the addition of Mr. Sanskar Agarwal, company has proposed ESOPs for the older employees as a gift to employees and to attract the latest good talent from the market. So this is the first strategic move from our new director, the new generation Mr. Sanskar Agarwal. Thank you. Thank you very much.

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 1 on their touch-tone phone. 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. Again, to register, please press star and one. Your first question comes from the line of Arushab Shah with Buble Rob PMS. Please go ahead.

Yeah, hi, I'm Aadabha, sir.

Yes, yes, clearly.

Sir, in one of the calls, you have said that at insecticides, you manage your inventory and receivables very differently as compared to what is happening in the industry. So, could you please explain? Like a bit more in detail, how and what differently are you doing for managing the inventory and the receivables?

When we say we work differently is that we try to generate the demand from the market and then we push the button into the market. So, we reclame what is to be done during the season, we make the bookings in the market, try to receive the orders from the distributor, but we make slow supplies. We see that when we are making the supplies to the distributor, the market should move to the retailer, and once the retailer comes in, then my team starts working with the farmer, and we try that to clear up the market by the end of the season. So that has been the strategy. Though last year it was not a very bad hit because... Here we are going with the process approach, so we are trying to divide the risk by dividing the product.

Yeah, so my second question is one of our competitors has grown in a niche segment like the specialty of herbicides targeting specific crops and they have done well. So just wanted to know are we also targeting any such specific crops or specific problems so that even our ratios and margins would be benefited?

We have launched a lot of solutions in the previous 2-3 years, and we have the specialty over the herbicide segment for all the crops. If I talk about the dry crops, then I have a herbicide for fortuna, a specialty product. I have herbicide, three herbicides for me. I have multiple herbicides for soybean impulses. I have a specialty herbicide for even sugar cane. A lot, many products for pegging. So, we have a lot of products for almost all the products, and we are doing well.

Next question is.

We target almost all the crops. Rice is the biggest crop in the country, so yes, it is my key crop. Along with rice, we work on sugarcane and we work on maize and then we start working on it.

We are definitely expanding on distribution and also educating the farmers on various products that we introduce. My question is on the brand building. How much effort are we taking to build a brand, registering the brand name in the mind? of the farmers so that farmers not only come back for come back to us for same product, but also expand his purchase for upward and lateral purchase of other requirements also because a brand building brand is extremely important, which can be seen in the return ratios of our competitors also. So, how are we working towards that so that even our, like, the ratios or the margins increase because as farmer comes to us, like, come to us for the brand building, so we get the benefit of it.

Yeah, very decent question, I would say. So, we work a lot on brand building. For this, we have set up a huge team in the country headed by the CMO. Under the CMO, I have about 90 people who are the SMMs, means Field Marketing Managers, under them, we have the Field Marketing Executives, and under these people, our team of more than 1,000 CAs, CAs are crop advisors who are working across the country. All this, I am managing through Salesforce. So they have to make an entry for about their activities, about their plans in the coming week, coming month. The entire plans are defined, how many demonstrations they have to make, how many farmer meetings they have to do, how many displays they have to do, how many bela trainings they have to do, how many farmer trainings, everything is very well. They are crop-poils and everything. And the biggest achievement of insecticide delay is IC. So last year we made about more than 30 odd plots and this year we are going to double this.

So I get back in the queue.

Participants, you may press star and then want to ask a question. Your next question comes from Bargirl with Ambit. Please go ahead.

Yeah, good evening, team, and congratulations for launching the ESOP program. It's very heartening to basically hear that. Sir, in your opening remarks, you mentioned that there is raw material inflation and prices are likely to increase. So now that we have closer to 800 crores of inventory sitting on the balance sheet, will we be a beneficiary now, given that a lot of our competitors, especially the smaller ones, may not have this inventory? And essentially, as prices rise, larger players tend to benefit. Is that understanding correct, sir?

Yes, that's correct, actually, provided we are able to encourage that. So, there is every effort that we should take advantage of the current situation, because we generally start our planning from Diwali, and this Diwali to fully exercise whatever we buy, and whatever we make the public special. So, yes, this year, since the prices have gone up, this will be particularly helpful. So, we are keeping the finger crossed for the group monsoons. And as this June season starts in the month of June, the things are going to pick up and we should get the advantage. The understanding is 100%.

Secondly, on the CDMO front, now that we are launching ESOPs, obviously, we'll be able to hire a good talent. So, are you also working on a three to four-year plan to ramp up our exports, especially the CDMO side of the business?

Yes, that's very, very important, actually, and we are trying to build up the plans in that fashion so that we are able to attract these CDMO relationships. So, already there are certain things which are in the initial stages and there will be some small supplies which will be going for trial purposes. So, when I say trial, trial can be one potential trials also. So, we have to build that relationship stronger and we have to see how much we are able to attract in the future.

Great, sir. Thank you very much, and all the best for the future, and congrats to Sanska for joining the board. Thank you so much.

Thank you. Thank you.

Thank you. A reminder to everyone, you may press star and want to ask a question. Your next question comes from Bharat Gupta with Share Value Capital. Please go ahead.

Hello. Good evening, Sandeepji and Rajeshji. I hope I'm audible.

Yes, yes, clear.

Yeah, sir, a couple of questions. So, just first, can you share the breakup of volume lead growth during the quarter and for the full year?

Thank you very much.

So during the quarter, the volume growth is 500.

Right. Sir, any price increase which we have taken recently during the quarter one?

Yes, we have taken two price increases in the month of April, and they were quite successful. Though May is a little sluggish, as I talked about in my commentary also. So, let's see how June behaves, because it depends on a lot of geopolitical factors and other things. And, of course, since it's an almeno year, So, people are a little worried with the heights, because in many parts of the country, 48 degrees are normal, which is new for many, many people.

And so far, whatever price increase which we have taken, that has been absorbed by the dealers and distributors?

April, the first price increase was very much appreciated. The second one, there were some issues. So, some discount we had to offer in the month of May. So, we are thinking about June.

You're right. And sir, considering the recent spike in the raw materials family because of the crude derivative nature, so how should we think about the gross margins and the EBITDA margins going ahead? And given our capability in the backward integration side, so do we see a meaningful margin extension potential for us during fiscal year 2020?

It is difficult to comment at this moment.

And sir, given out the heat phase and the labor shortages which has been seen across the market, so any expectations or do you see any increase in the herbicide category of demand? And how is the channel inventory out there in the system currently?

Overall, the herbicides are seeing refraction and there is a lot of This year, I'll see you next time. Now, a lot of the specialty herbicides are already entering into market. Yes, the farmer is waiting for the rains. So that is one reason that the placements are not happening.

And sir, how do you see the traction which is going across the B2B side of the business?

B2B is also good, actually. We are able to maintain last year's number. So, upland was an increase. Good morning, everybody.

And just a last question, can you just provide a breakup of the B2C revenues which you have done for this year to the last year?

Last year was 73% B2C.

Sir, I was asking with respect to the share of competitive products, combinations, as well as the new product share.

So, can you just provide an update?

Last year, the patented product sale was around 330 pounds. And sale from combination of products was 311 pounds.

And for the other product category, sir?

For in less than three products, last year sales were 229,000, this year 226,000.

Great. Great. That's it from Vaisai, sir. And wishing all the good luck to the company for its delivery, as well as for Sankar for joining the pool. Thank you, sir.

Thank you very much. Thank you.

Thank you. Participants, you may press star and then want to ask a question. Your next follow-up question comes from Rushab Shah with Bugle Rock PMS. Please go ahead.

Yeah, hi, thanks for the opportunity again. Sir, just wanted to know how do you manage your channel? Like when we have unsellable inventory, which is, so do you directly take a write-off or do you keep rotating your, the unsellable inventory along with the fresh products which we introduce into the channel? Just wanted to know your relationship with, with our channel.

Like, we don't take any right-offs in the market. So whatever is left at the end of the season, we pick that up from the channel. We don't leave the inventory with the channel at all. Because if I leave the inventory, instead of 5, we count 10. And he is not going to pay to me. So to keep the things safer. So, I don't leave the inventory. It's the mistake of my team that they are not able to dispose it of to the farmer or they are not able to take it to the retailer. So, we take it that way. So, we don't leave anything with him. And then, the next season, we do a fresh placement to him. So, first, we try to move it from north to south depending on the seasonal requirement. If that gets consumed within the year, it's fine.

What is your vision related to, sir, exports? Since, like, actually, we could not scale it up the way we were thinking. So what do you think? How much percentage would we command?

Exports has been slow for us, but I see it growing with our growing numbers. We are able to maintain the export figure roughly around 5%. I see it growing up to 10% in next 2-3 years. And I see the contribution from Expo to Goop, particularly linking to CDMO, till last year we were making a lot of brands, I would say white labeling business.

My last question is, in R&D, what is our, like, hit ratio means how many products are successful as compared to the trials done at the back end because R&D is the backbone of our company and huge amount of investment goes into it.

It's a very tricky question, actually, because we do different type of R&Ds. So, we are into basic discovery, we are into formulation development, we are into reverse engineering, and we are also into biologists. So, the ratios in everything are different, entirely different. So, when it comes to basic discovery, we are doing about, we are studying more than 10,000 products every year since last over 10 years. Our R&D was started in 2014, and we started with 12,000. And now that my mother is gone, Thank you very much.

Participants, you may press star and then one to ask a question. The next question comes from Madhur Rathi with Countercyclical Investments. Please go ahead.

Sir, thank you for the opportunity. Sir, I wanted to understand regarding our technical plans. Also, are these plans currently operating on a break-even level or are these profitable? And sir, of the Shotaan Allah plans, sir, where are we in commissioning that technical formulation at that location?

Okay, I'll go step by step. So, the base one is already done on technical plans. In Bahir, we have recently added one more building, which is called L&B. So, in the L&B, the one question has just started, and it is going to take its name, and it will... Thank you. So, in fact, that's what's on the line. It's on the line, it's on the line, it's on the line, it's on the line.

Secondly, what percentage of our raw material requirements are met through the Daesh Technical Plant?

Thank you.

No problem, sir. No problem. Sir, we have launched 25 new products over the past 3 years. So, how should I look at our share of the patented or the premium product in our B2C revenue? Can it reach 70% over the next 2-3 years? Is that a fair estimation?

We divide our products into Maharatna and Shopas Maharatna segment, which is a premium segment. At this moment, they are contributing roughly about 60. So, it's my vision to take it to 60, 70%.

So, how should I look at our revenue growth and margin for the upcoming year with whatever, because technical prices have increased, can we expect to maintain the margin that we did in FY26, or can we expect to improve it further, and what kind of volume and revenue growth can we expect conservatively for this year?

It's a difficult thing to say, but I can say that the both top line and bottom line will be positive. Good morning, everyone. I am sure on the margin front, of course, on the margin front also. We have already crossed double digits. I wish to improvise. So let's see, because the seasonal conditions plays up. So thank you very much, everyone, and welcome to the call. And I'll get more visibility.

Just a final question from my sir. What is the target working capital cycle that we would like to reach maybe in one or two years, sir? Can we reach 120-day working capital cycle from our current 140-150 days?

It's not a difficult target. We are already working on reducing the inventory levels. We wish to grow without increasing the inventories. And we are also working on the average freight days, BSOs, what we provide to the market. So since there is work which is going on in both the directions, and we are working for brand building, so in totality, we will all lead to reduction in the working revenue cycle. So yes, it is achievable, and we should be able to achieve your target. It won't be difficult even in this year.

So it depends on the condition.

If the season comes, I will be in a better position. If I am going to liquidate everything now, then it says Got it.

Sir, that was from mine. Thank you so much and all the best. Thank you.

Thank you. The next question comes from Praneet with SJ Investments. Please go ahead.

Hi, sir. Thank you for the opportunity. So, one question I had regarding our focus on generics. You mentioned that in our last calls that we've done well in our patented products, but in generics, there was a space which you wanted to expand in. So, could you give some guidance on what's happening there?

When I say we play with generics, then it's more in the field of technical rather than the formulations. So, we do a lot of generics formulations also because my gold range itself contributes about 35% of my total sales, and they are all generics. So, there are certain products where we are very weak in terms of popularity, in terms of the market demand for many products. Laura Gang this year.

And next is regarding Kairos. Could you explain the strategy behind it? I understand that we wanted to expand this as a standalone brand, but in the past, you mentioned that you might want to put the B2B business in this. Could you just give some guidance if there has been a shifting strategy with this brand and going forward, what is the strategy?

Thank you. Target number two is to make the imports from China, which we are not doing for Insecticides India at all. So we can make these.

In terms of identity, how would the Tractor brand versus Pairos be different in the market? You mentioned you wanted to do parallel distribution, right? What are the exact differentiation between both?

We will do parallel distribution. So Tractor brand is already a symbol of growth.

We have a cheaper alternative to our partnership products. You mentioned that the farmers who wanted a relationship with IAL and was not able to get it are going to be able to monetize through this Kairos. Can you explain why we're not able to get it? Don't you think this will cause some channel in harmony because the reason you're not able to get another distributors in similar areas is because you had a partnership, but won't this already existing partner be not happy with you that you're also partnering with someone else, the competitor?

As a strategy, there is no common distributor in both the companies. So people had the reservation initially because many of the distributors wanted to. Also, along with IAM.

Give some idea from today, how will tractor and IIL move forward, and how will it be established versus Kairos? I'm just trying to understand how different are both of these going to be. I understand in terms of efficiency of working at the product, it will all be similar to today.

What are the advantages with IIL? IIL is a popular name. IAN has got collaboration, the international collaboration, the products are first coming to IAN, IAN has got its own R&D centre, the products are first coming to IAN, and Kairos is the following company. When I say following, tomorrow, if I am inventing two things, when I say inventing, inventing is the wrong one here, I should say innovating. So IAN brings ten mixtures. So we may decide that four mixtures we are going to give exclusively to Kairos, and six mixtures IAN will market. So, carers go, let choose advantages, but they are going to first come to us.

So, basically, all the international partnerships, the premium products will come to IIL first, but after, let's say, the partnership has matures, the particular formulation that you already have partnered with, you'll probably create with Kairos also. Is that right?

Yes and no, because, again, if there is exclusive commitment with one company, they will not give it to the other company. They might not want to do it. There may be certain other cases where they choose to do it. So it depends on the scenario, but generally it don't happen.

So right now as Kairos will be a standalone brand, whereas tractor brand will be more associated with international partnerships, Kairos will be more, let's say, around formation and innovation. Is that right at least?

Yes, that question is correct.

Understood, sir. And in terms of brand building, like how long, where do you see this, how long do you think it will take to establish, and when will it meaningfully start contributing to our revenues? In the next, will it be two years, three years, or will it be longer?

I have purchased this company less than 6 crores. This year, the pat market is 4.5 crores.

Sir, you mentioned the revenue of 6 crores in the PAD is 4.5.

Revenue is not 6 crores. PAD purchased this company two years back. This car was purchased for 6 crores, less than 6 crores. And this year, in the second year itself, the PAD margin is 4.69. About 5 crores, the PAD margin.

Got it. So in terms of revenues, how are they today? And how do you think they'll scale up?

About 100, 100,000. Triple one in this year, where we have not started the brand fully, and this year is the brand operating year, so we should be at least doubling this potential software.

Understood, sir. So, could it be a fair assumption that we'll continue to double our sales for the next 3-4 years for this land, and IAE will continue to go in a moderate pace?

Yes, Kharos will be one of the contributors. We should contribute 5-7-8% to IAE's value, and of course, IAE should also grow by a similar number. So, IAE has a double difference.

Understood, sir. Got it. So, last question is regarding our partnership with Nissan. Are we any close to commodising more products, or what is the stage right now?

We keep on doing it regularly. We sign products, we sign technology, and the product takes three to four years to come with Nissan. So, already in the last fiscal, we have launched on here. In the next fiscal, we have a product visible. We should be launched somewhere in the middle of the year. So there are many technologies which are already signed, and there is one more technology which is being signed with Lesage and one more company. So we have different types of agreements for different products. So Lesage will continue giving us products, already we have salons, and many more are going to join that.

Understood, sir. I was also referring to the joint venture we have with OAT. So, OAT and IIL, so Labit. So, it was a commercializing, I was asking the new products, like the products we are innovating right now in the joint venture.

That is, with OAT, we are doing the new product discovery. So, the discovery product is also expected to hit in 2027, the first one. So, we have not made an application so far. For every product, you get a chemical name, and then you get an item. Name of the product. So we have proposed a name that did not clear, so we are proposing again. As the name comes in, That's it from my side.

Thank you so much for your answers.

Thank you. Your next question comes from SA Narayan with Capricorn Research. Please go ahead.

Najesh, compliments for coming across with good performance. One small bookkeeping query. Your finance cost for the year is more than doubled. 16.87 crore current year, FY26, and the previous year, 6.86 crore. I'm talking of consolidated figures.

Why would this be, and how would we unwind these costs?

Yes, we are working on that. The inventory level should be not fiscal, but a little more, one part. Second part is, yes, we utilize our main limits. Number third part is, we invested on the new products. So the total investment which went for the new products were about 94 crores. So, I must say that we have taken the money from the regular course of business, but still, yes, the investment was more and the inventory was more. So, in both these directions, we need to work, and we also need to work on faster cash collection. So, we have started working more on... Let's be out of the- When we do our model, what do we consider likely interest costs for FI27?

Just give me a ballpark figure.

Unlike if you are talking about particularly modeling costs, I am not sure it is conservative at that time because if I cross that, then it becomes a problem for me. But internally, there is a target that will reduce it by at least 25-30%. Thank you, and wish you all the best.

Thank you. Ladies and gentlemen, this was the last question for the day. I now hand the conference over to the management for closing comments.

I thank everyone for the active participation and asking the very relevant questions from us. Thanks for always advising us and giving...

Thank you. On behalf of Insecticides India Limited, that concludes this conference. Thank you, everyone, for joining us on Human Autism Connection Line.