Petronet LNG Limited (PETRONET) Q3 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Petronet LNG Ltd. Q3 FY26 Earnings Call. As a reminder, all participants' 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 touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Tiwari. Thank you, and over to you.

Thanks, Sina. Good day, ladies and gentlemen. On behalf of Philip Capital India Limited, I welcome everyone to today's earning call. From the management team of Petronet LNG, we have the pleasure of having with us today. I will now hand over the floor to the management for their opening remarks, which shall be followed by a question and answer session. Over to you, sir.

Good morning, I am Saurabh Mitra. Thank you for joining us for the earnings call for the quarter ended 31st December 2025. I am pleased to share that the company has delivered a strong operational and financial performance during the current quarter, supported by improved capacity utilization and operational efficiencies. During the quarter, the overall LNG volume process by the company stood at 233 TBTU, reflecting a growth of 2% over both the previous quarter and the corresponding quarter, where volume stood at 228 TBTU each. At the Gehege terminal, volume throughput during the current quarter was 214 TBTU compared to 211 TBTU in the previous quarter and 213 TBTU in the corresponding quarter. Capacity utilization at Zahed improved to 94%, up from 92% in the previous quarter, and 93% in the corresponding quarter. At Kochi terminal, PLL achieved the highest level capacity utilization of 29% during the current quarter. On the financial front, the company reported TVT of Rs. 1144 crore for the quarter. Registering a 5% growth over PBT over the previous quarter, which stood at Rs.1083. The PBT of the corresponding quarter stood at 1169. Profit after tax for the quarter stood at 848. Reflecting a 5% growth over Pact of Rs.806 in the previous quarter. The pack in the corresponding quarter was Rs.867 floor. For the nine months ended 31 December 2025, the hedge processed 632 TB2 as compared to 686 TB2 during the corresponding nine months. The overall LNG volume processed by the company during the current nine months stood at 682 TB2 as against 729 TB2 in the corresponding period. During the current nine months, the company reported a PBT of Rs. 3,363 crore compared to Rs. 3,829 crore in the corresponding nine months. Profit after tax for the current nine months stood at Rs. 2,505 crore as against Rs. 2,856 crore in the corresponding period. With this, we open the house for the Q&A session. 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 their 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. The first question comes from the line of Puneet from HSBC. Please go ahead.

Yeah, thank you so much for the opportunity. My first question is if you can talk a bit about your, you know, contract that you signed with ONGC for Ethane, etc. What are the broad terms of those? It will be very helpful.

Okay, so first of all, you know, I won't be able to share the commercial terms because that is that those are specific information which I cannot disclose in the public. And so far as the borrowed contours of the agreement, I would request Mr. Vivek Nathan, Group General Manager, to speak about it.

So, I presume we have listened to the regasification agreement, which we signed recently. So, it's a master regas agreement. Which is a framework agreement wherein if ONGC brings cargo, then the terms and conditions which include the storage period, what would be the previous charges, what would be the panel provisions or the use of a provision. So all those concourse are covered under that agreement. It is a standard agreement like any other previous agreement which we have signed with the long term capacity holders. Aim is also that we convert this into a long term capacity agreement with ONGC. So in that direction we have signed this framework agreement.

Second question is on the UOP, you know, charges. Is it fair, by understanding correct, that another 48.9 crores were due, still stand due end of CBER 25?

Yes, it is 49 crore, as you said, that has arisen in CY25.

And what is the update on the liquidation of the balance dues, any progress?

As you know, that the CY21 has already been paid up. As for the CY22 dues, the due date was 31st December. However, the bank guarantees are valid till 31st of March. So, yeah, so the receipts can be done before 31st of March. Endeavor is being done for that. And CY23, it is the sunset has not arrived yet, as for the settlement arrangement.

Sorry, there is no bank guarantee for 23, you said?

23 also, most of the customers, we have received the bank guarantees and the contract.

Okay, so by March, the 22 reliability should be settled, right?

Yes.

And lastly, just if you can give that number for service income and any capex project that you want to talk about.

Service income has been 865 words.

Okay. Perfect. Thank you so much and all the best.

Thank you. The next question comes from the line of Achal Shah from Ambit Capital. Please go ahead.

Hi, sir. Am I on the call?

Yes, sir, you are.

Sir, so latest and long-term data shows that the rivalry terminals in the similar vicinity to Daesh are not able to ramp up volumes versus PLL's Daesh. So, sir, is it because of PLL's Daesh having long-term contracts due to better network connectivity or is it the pricing power? So, if you can give a sense of this dynamics and if any customer wants. Yes, in that area, why the incremental volumes come to Zahed versus the rival terminals? Okay. This is question number one. Okay.

So, shall we go by question? So, see, you have already answered the question that you have raised. Here, the hedge terminal enjoys some, you know, critical advantages. In terms of evacuation, because any terminal simply having the e-gas capacity cannot function to its fullest capacity and efficiency. So the hedge terminal, the present capacity is 17.5 mm tpa, and we are ramping it up to 22.5 mm tpa by the end of this financial year. But, it already has an evacuation capacity of 35 million metric tons. So, this gives an added advantage to the hedge over other competitor terminals. Number one. Number two, as you have already said, the pricing. We are one of the lowest cost operators and our charges are also one of the lowest in the industry. The third factor is the storage factor. You know, Daesh gives a unique facility to all its customers of not only regasification at a very low rate, but also provides them with huge storage capacity. So we have eight tanks over there, and none of the terminals in India are having so much of storage capacity, which gives flexibility to the offtakers in its operations.

Sir, so can you give a sense of how much time it would take for this incremental 5 MMT ramp-up utilization?

Sir, I have already told VA will be mechanically completing the construction by end of the financial year. So, 30th March is our target to complete its mechanical completion.

So, sir, what I meant by that is, like, how much, like, how much time it would take for that 5 MMT to get utilized, like, at, let's say, 80% or 90% or 100%. Okay.

So, see, LNG business, it's a mix of long-term agreements as well as port agreements. And it is neither good for any consumer or a country to 100% depend on the long term agreements or you know the spot contracts. So we have kept our facilities for both spot cargos as well as long term cargos. So in this regard, we are already talking to many of the customers. And these are all at advanced stages. And we have already, you know, experienced that in the last IEW, we have signed, you know, agreements with MGL for, you know, servicing their cargos and buying cargos on their behalf. So, slowly and slowly, we will try to... You know, match the ramp-up capacity with our, you know, customers, lining up customers for better implementation of the terminal.

Sir, just one follow-up here. So, is it safe to understand or assume that whatever this PyMMT capacity utilization would come from incremental?

You are correct, you are correct. There is an increasing gas demand which is evident from the performance of our both the terminals at Dahej and Kochi. So, with favorable gas prices, which we are expecting in the coming years, because of, you know, a lot of liquidation facilities coming up in the U.S., Mozambique, so there will be affordable energy in the market. It will definitely increase the gas consumption in the country, and we are actually spruising up our facilities to cater to the demand of the, cater to the incremental demand.

Got it, sir. Sir, my second question is on the EBITDA or let's say the PBT contribution from these new investments in Petrem, Gopalpur, and the third JT. So, could you give a sense of... What could be broad line numbers for these? With respect to financials, like we all know the investment and the timelines, but how much contribution at EBITDA level or at a cross margin level are we expecting from these new investments?

Yeah, see, we have maintained

that for this petrochemical, we are yet to finalize the commercial contract. You have seen in the past that we have done a 600 KTPA contract with ONGC. Now these contracts are being made. So these details are sensitive and we are not sharing it in any of the forums. That is the reason why it is not being shared. But as and when, all the commercial contracts will be done in due course of time, we will come out with the numbers.

Mr. Shah, you may rejoin the QN for the follow-up question. A reminder to all the participants, please restrict yourselves to questions. The next question comes from the line of Yogesh Patil from Dalat Capital. Please go ahead.

Thanks for taking my question. Sir, couple of questions. 49 crore use or pay will become a part of receivable or it will be treated separately? Need small clarification on this side.

See, as of 31 December, it is not part of receivable. It is, as you know, that the user pay charges are charged as a penalty or LD. So, and we recognize the revenue. So, the revenue has been recognized right now, and it has been, and the due date has not arrived yet, because we have just issued the invoice, etc., communication, etc.

Okay, sir. Fair enough. Second question on the capital expenditure. How much capets we have done in a nine month, and what is the plan for FR26, 27, and 28? If you could throw some light on this number.

See, we are expecting to have the approximate capex of, by March, around 3000 plus crores in this year. See, we have targeted slightly more than that, but due to the Petcan orders in process, we will be restricting our capex during the year around 3000 crores. So next year, we are targeting to spend around 9000 crores. Mainly, main outgo will be on account of Petcan. And then followed by jetty. So others are very small, small items. So total capex south crore will be around 9000 crore.

In FY28, it would be the same in the range of 9000 crore?

No. See, by FY28, the additional of them will be Gopalpur. So, we are expecting by that time, Gopalpur construction will also start. And right now, it will be difficult to estimate the correct number because most of the capex will be, cash also will be over in case of Pecton, and the addition will be Gopalpur. So, as of today, I can tell you only about the next financially, but overall capex should not be more than this in many next year.

Last one from Michael. Any discussion or updates on the 7.5 mmtp capacity for the rigorous type negotiations with the optical? And when can we expect the final conclusion on this matter? Any timeline if you could provide?

We are working on various business models for it. As of now, I cannot give you a firm timeline, but we are hoping that next six to eight months we'll have a better clarity and hopefully we would have done some agreements as part of that 7.5 length and management.

But there are a number of outtakers. Any one of you have started negotiations and the things are...

It is not separate, individual negotiations. So we are already in discussion with all of them, and they are not multiple, they are only three, Gale, IOC, and DPCS, which is the existing agreement also. So in line with that, we are having some discussions. Certain commercial agreements have already been frozen, certain agreements are yet to be executed. Thanks a lot, sir, and all the best.

Thank you. And on the, just to add on the rupees 49 crores user pay dues, that is the revenue has been recognized, the cash is yet to be received. That's a. Really helpful. Really helpful.

The next question comes from the line of Pranita Shetty from Morgan Stanley. Please go ahead. Good morning, sir.

Thank you for taking my question. I just wanted to understand, is there a bit of discussions on the expanded capacity when you're having discussions with the potential clientele? Is there discussions on, they are looking for a longer term contract or are they looking for something more spot in the near term? Or is there any discussions on the Regas charge, what you put in? Like, I wanted to understand the impact of competition there specifically. That's my first question.

As we know, Sahaj has always been offering competitive targets, so our aim and endeavour will always continue to be there. And in this regard, yes, we are having discussion both on spot, short-term, wait-term, and long-term basis with existing capacity holders as well as new capacity holders. And in that direction, we recently signed an agreement with OMGC, which was currently for spot, short-term, but eventually we aim to convert it into a long-term capacity agreement. And de-gas charges, we have standard de-gas charges, but there could be certain incentives if they do additional volume. So, we are still working on that element.

Thank you. And I just wanted to understand any updates on the Gopalpur terminal, what you're setting up, any updated timelines on those? I'm sorry, I missed the earlier part of your... No, no. It's okay.

No problem. Gopalpur, we are actually in discussion with the Ministry of Environment for Environment Clearance, and we expect They have sought certain more clarifications, which we have already submitted, and we expect the positive results to come out very soon.

Okay, so thank you. I just wanted an update on petrochemical CAPEX as well. I know that you're doing a bulk of the CAPEX next year. It's just timelines, what we had discussed earlier, still stand.

Sorry, can you please come up with a question once?

Once, one minute. Hello, sir. I'm a clearer right now.

Yes.

So, in regard to the petrochemical CAPEX or the BDH-PP plant, any update on the commissioning of those projects?

Well, the plant construction is on track, and we expect bulk of the CAPEX during the financial year 26-27.

And commissioning, sir, like what is the target right now?

Mr. Pranitashetti, you may rejoin the queue for the follow-up question.

Sure, thank you.

The next question comes from the line of Sommel from Eventis Park. Please go ahead.

Thanks for the opportunity, sir. So first question on the annual escalation that we've taken. So for this year, Jan, that's been taken. Can you confirm on that? Sir, also on the utilization front, Kochi, we have been seeing an improvement. It has moved almost to 30% now. If you can just help us with details in terms of increased reasons for the increased offtake and also the Kochi bandwidth pipeline, the status, and what is your expectation for next year?

So, Kochi Terminal, you mentioned that it has been increasing optic primarily as the price is often. So, there was incremental optic from the existing customers, which primarily include MRPL, OMPL, and Kochi Refinery. So, primarily on that account, this was incremental optic was there. And as far as pipeline connectivity is concerned, GAIL has been still maintaining March 2026, but we believe by June 2026, we should be connected to natural gas grid to Kochi, Kupinat, Bangalore, Bangalore. Have a great day.

The last question is on this five-monthly expanded capacity. Based on, you know, whatever the contracts or discussions that we had so far, what is our expectation in FY27 in terms of utilization of this capacity?

We don't give that at this point of time. As in, when the contract is formed, we'll report sending notification to SEBI and the NFC and PSC. But at this point of time, we cannot.

Okay, trading gain and inventory gain or loss in this quarter?

There has been no trading gain and inventory gain is 27%.

Thank you.

Thank you. The next question comes from the line of Mayur Patel from 361SX. Please go ahead.

Yeah, thanks. Some of the questions got answered. Was, Kocchi, you said June is the pipeline connectivity expected. Thanks for that. Second thing is, given the large CAPEX and chem plan for next year also, is it fair to assume that we'll still be able to maintain around 40% dividend payout? Yeah, please, can you please repeat that question? I think our dividend payout has been very healthy in the range of 40 to 50% of profits. So, given that you said 9,000 crores capex in pet cam would happen in FY27. So, in FY27, also, despite that, we'll be able to manage 40% payout on dividend?

We have a healthy cash balance carried in our books. So, We expect to, you know, maintain the similar range of dividends.

Okay. Thank you, sir. And Gopalpuram, is it fair to assume that when we will start the construction, we will have some visibility about the evacuation connectivity of pipeline and also the offtaker, at least in principle, demand from the offtakers?

That's what we are working on. In fact, the aim is to tie up at least some part of the capacity before we start construction. And as far as pipeline connectivity is concerned, so there is already a Shrikakula-Mangul pipeline, which is around 30 kilometers from the proposed location. So for that, the connectivity would be done by Petra at this 30 kilometers, but the rest of it is already in place. Okay.

Thanks, Vivek. Thank you. Thanks for your question, gentlemen.

Thank you. The next question comes from the line of Hardik Solanki from ICSI Securities. Please go ahead.

Thanks for your opportunity, sir. I'm going to check on what was the Petcamp CapEx till date. Can you mention that the next year Petcamp CapEx will be available?

Mr. Solanki, you are not audible.

I hope now I'm audible.

Yeah, it's better. It's better. Yeah, please go ahead.

The line for Mr. Solanki has been disconnected. We will move forward with the next. The next question comes from the line of Adarsh Sunil, an individual investor. Please go ahead.

Hi, can you hear me okay?

Yes. Hello?

Yes, please go on.

Yes, sir, we can hear you. Please proceed with your question.

Firstly, congratulations on the great performance. My questions are regarding the Economics Times article. First question was that with the U.S. trade deal, Petronet might buy LNG from U.S. So given that we already have long-term existing contracts, do we have bargaining power on the price, or will we be buying this at a higher price? Second question. For the gas energy plants in India, at what price does it become feasible for them to use LNG? As from the article, the usage is pretty low, less than 25%, if I'm not wrong. And third question is regarding the hedge expansion. At India Energy Week, I was made aware that the 5-mm PPA additional shortage is already in place, so we can expect it to finish by the end of this financial year.

Okay.

So, first of all, you know, thank you. Thank you for the compliments. And secondly, I will come to the point of buying LNG from U.S. Yesterday, during the press meet, our MD has already clarified that such a deal is only possible if I know LNG is available at an affordable price. Number two, the second, what was the second question? Can you please repeat? Regarding the domestic gas,

they have not been taking, buying a lot of LNG because of the price. So at what time is going to become favorable for them?

Okay, so... I cannot give an exact number over this call, but definitely it has to be competitive with respect to the other alternative fuel options. Definitely when I'm selling alternative energy options, I'm not comparing it with coal, but yes, maybe... If we take the pricing available today of other alternate wells, something around $7 to $8 per MMBQ would be, I think, affordable for the power industry to get up and running.

Got it. Sounds good. And then the Hades Terminal Expansion, we are expecting it by the end of this year?

Yes, I have already announced that we will be mechanically completing it by the end of this financial year.

Amazing. Amazing. Thank you so much and best of luck.

Thank you. The next question comes from the line of Nilesh Ghok from SDFC Securities. Please go ahead.

Yeah, just one question from my side. Sir, third corporate regasification charges for Q3, for 27, how much it was?

11.79, sir.

Sorry, sir? 11.79, sir.

Okay. Thanks. Thanks a lot, sir. That's all for my side.

Thank you. The next follow-up question comes from the line of Hardik Solanki from ICICI. Please go ahead.

Thanks for the opportunity. Sir, what is the GPEG for the Pactium year spent till date? And, you know, as you mentioned that 9,000 crores will be spent in next year. So, you know, how the 21,000 crores will be spent in the next couple of years? Can we just give a timeline on that?

Okay. So, See, till March 26th, which is currently ongoing, total PETCAM outflow will be approximate, say, 2,300 crores, and next year's budget year, which is March 26th, say, until March 27th, PETCAM we are expecting around 7,500. So here it becomes total around 10,000 crores. Total cash upload may not be 20,000 crore because it includes soft cost including interest during construction period, etc. And balance will be out to the next two financial years because second payment will continue even after commissioning because second part is stopped. So till March 27th, we are expecting around 10,000 crore total fax and capex. When I say 9,000 crore total budget, it takes care of JT and other business capex services. So, 7500 around for PECM and balance for other activities.

Okay, so even if you assume, you know, instead of 20,000 crores, the capex is 15,000 crores, so the next 5,000 crores would be in FY28, right?

See, right now, exact breakup, I am not doing anything, but it is around, say, balance, will not be even tense on it. I told you, it includes printers during construction also.

Okay, got it, got it.

Got it, got it. Hello. Yeah, sir, in terms of the renewal of the contract, I just want to know whether the tariff escalation clause will be applicable?

These are commercial sensitive information. We cannot disclose it over the call.

Okay, okay.

Thank you. It is expected it should be there, but we cannot give you any further items on this point of time. Okay, okay.

Yeah, thanks.

Thank you. A reminder to all the participants that you may press star and 1 to ask a question. The next follow-up question comes from the line of Achal Shah from Ambit Capital. Please go ahead.

Sir, can you give a broad sense of this 17 mmT at the age? So, how much of these volumes would be price-sensitive versus... And also, do I understand that either they have user pay or take-off pay, but sometimes they don't take the volumes and move to alternative fuels. So can you give a broad sense of this dynamic?

So we have already, as you know, we already have two major agreements. One is for 7.5 million tons, and another for 8.25 plus recently we signed 0.5 million tons. So 16.25 million tons is already committed on long-term basis or mid-term basis on firm use-or-pay or take-or-pay basis. So in addition to this, we do on spot short-term basis capacity booking, which is on top of the 16.25 out of the 17.5 existing capacity.

So, sir, these long-term contracts are, if I'm not wrong, till 2028, is it?

So, as you know, the last SBA, which is Qatar, is still 2028, which has now been renewed for another 20 years, so it turns to 2048. The capacity agreement, most of these capacity agreements are till 2036.

Got it.

Thank you. A reminder to all the participants that you may press star and 1 to ask a question. The next follow-up question comes from the line of Somae from Evendus Park. Please go ahead.

Just a clarification of the Pitkin Capex that you said. So, just want to know the total project Capex, if you could just repeat, and also that 7,500 crores, that breakup that you said, if you could just repeat.

The total capex approved by the board for Pax & Project is 20,685 per rupees. Okay, now we take care of escalation, depreciation, rupee depreciation, and interest during construction, etc. And what we are expecting, we have placed almost all the orders for all the long-lived items. So we will be spending money wherever deliveries are being sealed or advanced against capital orders. In next one year, current, say from, starting from up there. So, while we are expecting that we will be making cash upload around 7500 crore in next financial year on account of that payment.

Sir, by the end of FI 27, we would have spent 10,000 crores out of this 20,000 crores, so the remaining has to be in FI 28, 29, that's what you have said, sir.

The remaining will be FI 27, 28 and 28, 29 because even after commissioning, certain payments remain pending, which are kept on hold for certain tests, etc. So the balance payments will feel over in next two financial years.

Thank you, sir. Also on other projects, specifically, Gopalpur, if you could just help us with the expected CAPEX there, and the cash outflow will begin from FI 28 onwards.

See, as already told by our director, finance, that Gopalpur construction will start immediately after certain clearances are pending. So, the cash flow is immediately re-adapted.

So, within this 9,000 flows of KPEX that for FI27, 7,500 is for KPEX. And what is the expectation for Gopalpur in FI27?

The balance is approximately 800 per road is bulked for jetty, third jetty which is under construction, this will also be completed during this year.

Can you hear? Hello? Understood, sir. It's 800 for the balance portion of the JP, and then 1 for Gopalpur in FI27. So, just looking at the total capex for Gopalpur and the majority of that will start in FI28. Is there the right understanding? Major capex on Gopalpur will be FI28. And the total project apex, if you could just.

Exactly, you can do activity around 600 euro, not 800, but it was 26, 27. See, the total CAPEX scheme is around 6,000.

Thank you. The next question comes from the line of Indra Kumar Gupta from PL Capital. Please go ahead.

Can I hold them?

Yes, sir, you are.

Just one clarification. So, KPEX in effect, Indra's expense will be 3,000 crores?

Approx, yes.

And the question can you please provide some guidance in terms of volume in FI 27 and FI 28 if possible.

And as of now, you know the firm contract which we have already given in the previous question. So, as of now, our guidance is based on the capacity book. However, we are making endeavors to book additional capacity, and as prices often, we are very hopeful that volume should increase.

Okay.

Thank you. The next follow-up question comes from the line of Achal Shah from Ambit Capital. Please go ahead.

Sir, thanks for taking the follow-up. So, sir, in case this pipeline at Kochi Terminal, near Kochi Terminal gets resolved and the connectivity opens up, where do you see the incremental demand coming from? Is it the CGDs in near Bangalore or is it the industrial sector near that area? So, can you give a broad sense of how much?

Thank you. Your question is quite valid, but let me give a perspective to it. Once it is connected with the national gas rate, number one, part of the question you yourself has answered. It is the CGD demand, as you know, it is going to be minimum, minimum 4 to 5 fold in the next 4 to 5 years, and apart from that, you may be aware of for CGD's major slide deal of CNG and domestic CNG demand, irrespective of where they are, the zone 1 tariff of 54 rupees will be applicable. So, it doesn't matter which EGD in which part of the country is, the demand needs to be mapped. And Cochi terminal once connected, so it will be catering to the demand of whole country, number one. Number two, as you and all of us are aware of, it is expected LNG prices are It's going to soften in the next five to seven years, owing to the capacity buildup from supplier side. And as we know, other geographical regions across the world are either saturated or maybe not having that economic growth, which whole world is Talking about around 6-8% growth, consistent growth of India, leading to energy consumption, virtually more than 40% incremental energy consumption is expected to come from India. Because of all these reasons, as we know, it is energy, whichever means, is cost-effective and ready to propel and fuel the growth, sustainable growth. And such kind of lethal combination, perhaps, India is at the cusp of the opportunity available in the world. This is about to say that the universe is favoring India at this opportune time, and the demand is expected to more than double in the next 5-7 years. So, of course, CJD will be the major demand center, but given the softening of LNG crisis, India itself is having ready-made demand of 25 million tons from power, apart from multiple refineries and petrochemical plants. are under extension and India's capacity buildup of petrochemical itself is likely to double and as you know, they have the dual facility of either burning their naphtha or gas. Considering jet crisis is softening, we are expecting refineries, petrochemicals, power, apart from TGD. Every sector will contribute hugely and with India is coming big way. And its growth engine will be fed by GAP, LNG. And Petronet will be one of the beneficiaries having the infrastructure already readily available and enhancing its infrastructure at the Hague as well as we are coming at Gopalco. I hope I could answer not only to the point question, the larger context. So, we are looking at the inventory where the government will be the major contributor.

Just one follow-up here is that can you give some specific guidance with respect to, let's say, Cochi terminal getting connected with the grid and then incrementally how much will come from CGD, assuming it is in zone 1, and versus, let's say, LNG, where there is still that I doubt that if spot LNG price is moderate, then our utilizations improve. So, if some specific guidance with respect to Kochi terminal utilizations getting improved, that would be really helpful.

Even the existing capacity of 5 million tons will fall short. As I told you, CZD demand is going to be multiple folds. So, I... Particularly answer this question, fourfold CEGD demand intriguing, it is the Pochi terminal, even I think, I am not allowed to say, given the opportunity, we should be in a position to even further expect this terminal. Of course, I am not giving any speculation, but India's capacity is going to grow.

Okay, sir. Thanks. Thanks a lot for the full clarity.

Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to management for closing remarks.

Okay, thank you. Thank you for your continued interest and engagement. We sincerely appreciate the trust and confidence proposed in the company by the shareholders, analysts, and all other stakeholders. I would like to say that we remain committed to operational efficiency, discipline, financial management, and long-term value creation for the investing community. And thank you once again for joining us today. Look forward to connecting with you in future.

On behalf of Philip Capital, India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.