Petronet LNG Limited (PETRONET) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Petronet LNG Ltd.'s Q4FY26 Earnings Conference Call hosted by Ashika Institutional Equities. As a reminder, all placement 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 10-0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Krishna Doshi from Aashika Institutional Equities. Thank you, and over to you, Ms. Doshi.

Thank you, ma'am. Good morning, and very warm welcome to everyone. On behalf of Aashika Institutional Equities, I welcome you all to PECRONET LNG Limited Q4 FY26 Earnings Conference Call. Today, we have with us the management to be presented by Mr. Saurav Mitra, Director of Finance and CFO, Mr. Rakesh Chawla, Executive Director, FNA, Mr. Gyanendra Kumar Sharma, GGM and President Marketing, Mr. Vivek Mittal, GGM and President Marketing, Mr. Debrita Satpati, General Manager, FNA, Mr. Vikas Maheshwari, Deputy General Manager, FNA. We thank Petronet LNG Limited for giving us the opportunity to host the call, and we will now like to hand over the floor to the management for their opening remarks, post which we will open the floor for Q&A. Thanks, and over to you, sir.

Yeah, good morning, everybody.

I'm Saurav Mitra, Director, Financial CFO. Thank you all for joining us for the earnings call for the quarter and financial year ended 31st March, 2026. I am pleased to share that the company has delivered a strong financial and operational performance during the current quarter, despite the challenging external environment arising from the ongoing crisis in the Gulf region. The performance reflects the resilience of our operations, the commitment of our teams, and the continued trust of our customers and stakeholders. Coming to the operational performance, during the current quarter, the overall LNG volume processed by the company stood at 219 TB2 as against 233 TB2 in the previous quarter and 205 TB2 in the corresponding quarter. At the Zahej Terminal, LNG throughput during the quarter stood at 201 TB2 compared to 214 TB2 in the previous quarter and 189 TB2 in the corresponding quarter. With regard to the operational performance of the Dahej Terminal, I must mention that despite the uncertainties in the region, the Dahej Terminal continues to operate at strong utilization levels, with capacity utilization at 90.1% during the current quarter and against 93.8% in the previous quarter and 85.2% in the corresponding quarter. I am also happy to share that the OSI terminal achieved its highest-ever annual volume support of 68 TBTU during FY25-26, which is an encouraging milestone for the company. On the financial front, the company reported the highest ever quarterly profit before tax and profit after tax in its history during the current quarter. EBT for the quarter stood at Rs. 1,795 crore as against Rs. 1,144 crore in the previous quarter and Rs. 1,446 crore in the corresponding quarter. For the quarter stood at 1,338 crore compared to Rs. 848 crore in the previous quarter and Rs. 1,070 crore in the corresponding quarter. For the financial year ended 31st March 2026, the company reported TVT of Rs. 5,158 crore and PAT of Rs. 3,843 crore. Ag is against TBT of Rs 5,275 crore and PAT of Rs 3,926 crore in the previous financial year. At the consolidated level, PAT for the current financial year stood at Rs 3,913 crore compared to Rs 3,973 crore in the previous financial year. During the current quarter, the customers also made payment of outstanding use of pay dues amounting to Rs. 630 crore pertaining to calendar year 2022. Overall, the performance during the year was supported by operational efficiency, disciplined execution, and the continued focus of the company on ensuring reliable as well as efficient operations across both terminals. Considering the robust performance, the Board of Directors has recommended a final dividend of Rs. 3 per share for the financial year 2025-26. With this, we now open the floor for the Q&A session. Thank you.

Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and 1 on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use only handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and 1 to ask questions at this time. The first question is from the line of Probil Sen from ICICI Securities. Please go ahead.

Is this better?

Please go ahead.

Thank you. Sorry for that, sir. I just wanted to ask, sir, with respect to firstly the quarter volumes, how has March actually looked in terms of volumes? You talked about utilization of 90%, of course, in the quarter. But if I can just understand in terms of what it was in Jan and Feb, and what was the volume shortfall, if any, in March?

Are we audible?

Yes, sir. Go ahead.

So, the DAHED's capacity utilization during March was around 53%, and OCHI was slightly more than 20%.

Okay. So, sir, just as a follow-up, how do we look at basically now FY27? Of course, you will have the April data with you, but just in terms of this dispute, if it continues to persist, how much of our volumes can be potentially at risk at this point of time?

Okay, so Vedit, if you can...

We are seeing an increased utilization result in March. That's all I can say at this point of time. Let me guess if the concept continues, it's slightly challenging, but Indian gas demand continues to grow, and power sector is again coming back. So all this is supporting utilization, increased utilization of over-terminus. As you know, we have expanded our capacity from 17.5 to 22.5. Right.

So, sir, just additional supplies, are the additional supplies that have been spoken about quite a bit, particularly in the U.S., are they actually basically playing the balancing factor in the Asian markets?

A couple of countries, not just US. US is one of them, of course. But then Oman, which is very close to India, those supplies continue to come in. Mozambique. There are new countries like Nigeria and Congo. We got a cargo from Congo. We got a cargo from Mauritania and Senegal. So all these new supplies are adding up and which is supporting. And interestingly, you will be aware that a new contract with Exxon, which we signed in 2017, supplies under their contract also started. So, in April, we got the first cargo under that contract. So, in the first year, though, it's 0.5 million, but that will also support to display some part of the volume which has been lost due to this crisis.

Got it. So, from on a year-on-year perspective, therefore, I mean, we should look at March as just a low base, and from here, it could actually at least improve at the margin from the March lows. That's how we should look at it, at least the next two quarters. That's what we need to do. All right. Sir, the second question was with respect to the housekeeping on balance sheet. The big adjustments that have happened in the receivables and the payables, they are all the adjustments made due to the UOP dues and settlement, almost a 2,000 crore reduction that we see in both numbers for FI26 versus FI25.

The receivables and payables, actually, because you see, March, our own volumes from Qatar gas were not coming in March. That's why both sides, the receivable and payable are showing lower.

Okay.

Because, majorly, that is the LNG payable and the receivable with respect to the RLNG correspondingly.

Last question, if I may, any inventory gains that we have recorded this quarter and the third-party REGAS revenue for this quarter, if you can kindly let us know.

So, the REGAS revenue is 879 crores for this quarter, and the inventory gain is 95 crores.

95 crores is the inventory gain. All right, sir. I'll come back in the queue. Thank you so much and all the best.

Thank you. The next question is from the line of Koneet Gulati from HSBC. Please go ahead.

Yeah, thank you so much and congrats on, you know, good performance in this tough quarter. My first question is, have you had any communication with Qatar so far as to what is the status of the trains from which you buy? And when the war ends, how soon can they start supplying?

Okay, so we are in constant touch with Qatar energy, and we are hopeful that the moment this conflict comes to an end, you know, within three to four weeks, supply should resume.

Okay, so no impact on your trains at all, right? That is very clear now.

Yes, that is what we believe.

Okay, good. And secondly, on your project on the petrochemical side, are you getting the supplies properly? Is that on track or is that slightly slower?

So far as the project activity for petrochemical plants is concerned, the project is absolutely on track because, you know, the cattle equipments generally do not come from the Gulf region. So, whatever imports are there, they come from Japan, Korea, China, and from Europe and U.S. So, that way, so far as supply of equipment, plants and machinery are concerned, there is no issue.

Great. That's all from my side. Thank you so much and all the best.

Thank you. The next question is from the line of Praneetha from Morgan Stanley. Please go ahead.

Good morning, sir. Thank you for the opportunity. Am I audible? Yes. I was just wondering, with all the conflicts and the force measures, I wanted to understand how are you thinking about gas sourcing in terms of diversification and the storage infrastructure for LNG on a medium-term perspective?

So, I'm not sure if you have had a look at the certain news clippings today morning or yesterday which we had.

So, yes, diversification from India perspective is definitely on end and

we have been over last two or three years, you would have seen India has signed close to 10 to 12 million tons of long-term deals from the right sources. So, that diversification has always been part of India's strategy. In fact, some of our capacity holders have been the major buyer of this LMG, which include Gale, Indian Oil, DTC, LG, SBC. So, all of that So, the conversation has gone out in the market in the last 2 years, and so, they're energy from portfolio players, US based companies, Australia based companies, so that diversification is already on the envelope and it's taking place. As far as the capacity for storage is concerned, yes, on the strategic side we are definitely thinking, India as a whole, as an inspectorate, to develop more tanks so that in times of time, those volumes are available for the market so that immediately there is no impact.

Thank you. And I just wanted a clarification on the earlier comment you made on the Exxon contract. This is the Gorgon contract which you were expecting in Kochi sometime this year, right? It's the same contract.

Yeah, it's the new contract with Exxon Mobil Asia Pacific PTA. It's not a Gorgon contract. Exxon has a contract, a right to supply from their portfolio, where Gorgon is also one of the primary zones. So, it's that contract which is started in April this year. This is in addition to the existing 1.42 million ton contract with Exxon, which is already in clear.

Thank you. The next question is from the line of Nitin Tiwari from Philip Kapi. Please go ahead.

Hi, sir. Good morning. Thanks for the opportunity. So, my first question is actually a clarification on the EOP accounting treatment. So, we received about 6.30 crores. The reversal in PNL for provision is about 4.95. So, is it right to understand that the rest of about 1.30 is booked

See the reversal actually for CY22 whatever provision we had done, that reversal we did and some provision was in the current quarter itself for CY23 and CY24 as well. So, adjusting that I mean the reversal adjusted by the current provision this number has from 493.

If you can help me with that breakdown, sir, I mean, like, how much was reversed and how much incremental provision is made in this quarter, that would be very helpful.

Just a minute. Just give me a minute.

In the meantime, we think if you have any other question, you may continue to ask.

Yes, sir. Sure, sir. So, secondly, on basically KPEX projects, so if you can help us understand that what was our total capital expenditure in FY26 and what is the plan for 27? How much? And the capacity expansion that we have commissioned, have we capitalized that or we are going to capitalize that in the first quarter? So, I mean, we can give some color on that.

Okay, so far as the capitalization is concerned, yes, we have commissioned the project apart from a particular, you know, facility. So excluding that particular facility which will be commissioned in this current quarter, the entire expansion capacity, you know, has been commissioned and capitalized.

So, any amount that you can help us understand which has been capitalized in this quarter?

We have capitalized 390 crores and balance around 100 odd crores will be capitalized in the next quarter. Understood sir.

Understood.

So, Nitin, coming to this provision question, the results are 550 crores for CY22, and for CY23, the provision is 35 crores, and CY24, the provision is about 6 crores, 580 crores. Sorry, how much was that, sir?

For CY24, you mentioned?

About 6 crores, you can take.

Oh, okay, sir.

And there is a, there is a, also a waiver, because of the higher volume brought, waiver of about 13 crores in the current portal. So, if you adjust the 35 crores, 6 crores, and the 13 crores from the 550 crores, you will get the number of 496 crores.

Understood, sir. And lastly, if I may, like, you know, just ask a clarificatory question on the question we asked earlier on utilization levels. So, you mentioned that the March utilization level was at 53%, and some offset has been brought in from some other location. So, what is the ballpark utilization number that we should consider for the year ahead, I mean, for the 527, if this problem continues? If suppose the volume from Qatar doesn't come back, I mean, for one quarter or two quarters, what is a broad ballpark number we can look at?

So, we should not be unnecessarily pessimistic about the entire year. We have the numbers of April as well as May. So, we would like to restrict ourselves, you know, in these two remarks, and we hope that this, you know, ongoing situation Sorry, I cannot be sure there's a significant situation in the Gulf, we will end very soon. And like I told you earlier that the moment it stops, Qatar Energy would be able to start operations in three to four weeks time, and so we are confident that maybe from the first First week of June, the entire supply will come as per the annual delivery plan. And we are also talking to Qatar so that whatever volumes we have lost, if they can make good during the current year itself, that will be great for the company as well as for the country Got it.

That's very helpful. Thanks so much. I'll get back with you.

Thank you.

And I think you had also asked about the proposed CapEx budget for the current financial year. So, it's around 9,000 crore.

Thank you, sir, for answering all those questions. We'll take the next question from the line of Yugesh Patel from Dollar Cap. Please go ahead.

Thanks for taking my question, sir. Again, continuing with the same question on the CapEx, if you could provide the breakup of 9,000 crore CapEx for the FY27, that would be helpful. This is one. Second is related to the tariff hike at a Kochi terminal from April. What was the tariff hike quantum on that side? Was it a 5% or lower?

5%? That's constant. And so far as the proposed CapEx budget for the current financial year is concerned, the major amount will be spent on the PetCom project only. So that's about 7,500 crore odd, plus minus, you know, you can assume 10%. So, we are targeting to achieve around 7,500 crores. So, let's see that we are more or less confident that we'll be able to achieve that target. And the rest are like the third jetty that we are constructing. So, around 600 outcodes on the third jetty. And Khopalpur terminal also, we are planning to start our activities, construction activities in this current year. So, there also we plan to spend around 300 to 400 octrores. So, this is a broad recap. The rest are all small, you know, additional facilities, the routine capex. We also have a plan to put up our fifth small-scale LMG plant at Kochi for which land has already been acquired, and we are planning to spend around 70 octrores in their particular budget. So, I think these are the broad numbers.

Okay, sir, small observation on the cash flow statement side. As you guided, around 3,000 crore kind of capex for FY26 in our year, Paul. But the cash flow statement is indicating 2,500 crore for the FY26. And secondly, a small question on the capex side again. Can we assume the same kind of capex or on-term for the FY28, a 9,000 crore?

Sorry, can you please come out once again with your questions?

Yes. So, observation on the cash flow statement side, in an earlier call Q3 FY26, you had guided that a kind of a 3,000 crore kind of a capex for FY26, while if we look down into the cash flow statement, it is indicating 2,500 crore. Is there any delay in a capex for a particular The project, if you would clarify on that side, that's one thing. Secondly, just wanted to take a guidance on the FY28 capex. Can we assume on a tentative side, a 9,000 crore kind of a capex for FY28?

Yes, see what happens is the cash flow statement depicts the actual cash flow that is done, it does not take into account the provisioning. So, the provisioning are different and the cash what has been spent is 2511 pro, so we can say that whatever has been projected, it is going according to the plan. And for, again, for the same principle, we will also apply for FY27 as well. There would be, out of this 9,000 growth, there would be at the end of the year, some would be done in cash and some would be in the provisioning list.

Okay, sir. Thanks a lot.

Thank you. The next question is from the line of Vineet Banka from Nomura. Please go ahead.

Hi, sir. Thanks for the opportunity. Sir, in terms of potential offtaker for the spot energy that we are bringing in, so who could be the potential offtaker at this price, $15 to $17 per member to you?

We are not, we are not bringing spot other than the customers like ONGC for whom we are making endeavors to bring. It is being brought by our capacity holders for onward supply to Okay,

and sir, so Gujarat gas has guided around 5 to 6 NMSQ and the additional gas demand from May onwards. So, assuming that all of this demand flows through petrol and LNG, so I think incremental volume could be around 1.5 million tons per annum, which is close to 6-7% of your current volume. So, is it the right understanding?

If that happens, you ourselves have calculated numbers, and the numbers seem to be correct, but it all depends whether it is on a perpetual basis or a month-on-month basis. Primarily, I think they are targeting Morbi markets, which is incremental of 500 to 600 in SKB, which is what I think Jigradhyas has mentioned.

Okay. So, lastly, I think you said for the quarter it was around 90%, And March, it was 53%. So, I'm not trying to get what would be the utilization implied for Jan. It's over 100%, right? So, yeah.

It was on an average of about 108%.

So, yeah, 108% for Jan and Feb. Okay. Okay. Yeah. That's all. I'll go back with you. Thanks, sir.

Thank you. The next question is from the line of Ardarsh Hinduja, an individual investor. Please go ahead.

Hi. Yeah, I think my questions have been answered already. But I wanted to understand one thing from you. There's a lot of different natural gas markers like the JKM, TTF, there's the US energy of natural gas. So, when you buy spot cargos, typically what rates do you negotiate these contracts at?

Spot cargos in India typically are linked to JKM, or there is a specific index called a West India Marker, which is also very closely related to JKM Marker, which is a price for JKM Marker.

And could you comment on what your, in the month of March, what your spot cargo prices were, the purchase prices?

The spot prices were around $20 in the month of March. Okay. Got it. Thank you so much.

Thank you. The next question is from the line of Hardik from ICICI Securities. Please go ahead.

Yeah, thanks for the opportunity, sir. I just want to check on, you know, there is a substantial increase in non-current assets and the other financial assets. Sir, can you just explain on that part?

See, other financial assets when it is increased from 406 crore to 1319 that is mainly due to classification of fixed deposit

which is more than one year old that is has been classified to into other financial assets and which are below 1000 crore that are coming under cash and cash review accountants.

So, this may be a grouping issue.

And as far as the non-current assets are concerned These are, these also include the capital advances of about 906 crores, which pertains to our ongoing CAPEX programs.

Can you please share what was the CAPEX that was held on the PACOM project in FY26? The next question

is from the line of Pritesh Chheda from Lucky Investments. Please go ahead.

Yes, sir, just one question. So, you know, based on we seeing largely normalization of cargo, some total for the year, what kind of utilization do you see at the aggregate level for your assets, which is additional starting May? So, some total, what kind of a utilization one should assume for your assets?

We firstly, we never said that May onwards things will be back to normal because it all depends on the conflict in the middle street and how it pans out and what happens and when it resumes supplies. So it is very difficult to give a number at this point of time. But yes, you are right, the contract with Equinor will also start, where the performance chemist, which is a part of Deepak Pedalizer's group, will start bringing their cargo and their first cargo is scheduled for arrival on 12th of May.

So, we have two additional contracts, right? The Equinor and the Exxon?

That's right.

Yes. These two volumes, which are additional, is what number?

Roughly 1,020,000 in this year. Yes, sum to it.

Okay. And so just for purposes, considering, you know, what will and may, and theoretically, if from June, normalize, then considering that assumption, what is the utilization one should, you know, consider for your assets, along with these two new contracts that you have?

Yes, sir.

I mean, the theoretical…

Very theoretical, you're right to mention.

Yeah, yeah, theoretically, yeah.

We, as we have already spoken, we are optimistic about the future, and from June, things may start looking long alive, but whatever numbers will happen, it is very difficult to put any number at this point of time, and what indications you can calculate, we have already informed you what has been the March utilization level, what has been the January, February. So, let us see what happens. These numbers, please, then you can calculate whatever the assumptions you already explained.

So, I would request you to wait till the end of this quarter and see how things pass.

Is there substantial improvement in the April and May utilizations?

No, no, no. It's, it's, it's, no, more or less at the same level, that much.

Thank you. The next question is from the line of Sartak from DSP AMC. Please go ahead.

Hi, good morning. Thank you so much for the opportunity. So I just have one question regarding the storage facility that is available and how much CAPEX do we need to do? Because there was a highlight on the press release yesterday also that we need to be very vigilant as a nation that storage facilities are very lower. So, as a company, we are looking at our facilities and increasing storage facilities in the various assets that we have, and how much extra capex that we will need to do. Just wanted some clarity on that.

So, for our Gopalpur project, we have already announced that we will be constructing two tanks. And we are also planning to set up one more tank in Kochi. So, that's right now, we can say our current plan is all about increasing the storage. However, as mentioned by our CEO yesterday in the press conference, that some more tanks are also being planned at the Hitch, and we are looking for land, because land is an issue. Availability of land is an issue in the Hitch, but we are actively scouting for some additional We will be able to put up some 3 to 4 additional tanks. But regarding these additional storage tanks at Dahej, right now, there is no immediate plans. It's definitely, we wish to put up additional storage facilities out there.

But immediately, we can say that, yes, Gopalpur,

which is a board-approved project, there will be putting up two tanks. And one more tank we are actively considering for our Kochi terminal.

Great. Just one small follow-up. Any KPEX number in your mind for the one-addition tank in Kochi?

It's about around 1,200 crores.

That's it from my side. Thank you.

Thank you. The next question is from the line of Malik Patel from Equirus. Please go ahead.

Yeah, hi. Just one question. Any update on that extension of contract from 2028? Have you entered into agreement with an opticus on that?

I think I would only say that discussions are ongoing with opticus, and once those contracts are done, it will definitely involve investors as well as stock.

And just our contract with Qatar is from the train number 3, right? Is that correct?

Can you please come out with a question? Can you please repeat the question once again?

Our contract with Qatar for the current existing contract of 8 million turn is the train number 3 of the Southfield, right?

Yeah, Malik, this information we are not sharing, actually. We do not end.

Okay, got it. Thank you.

The next question is from the line of Vivekanand Subaraman from Ambit Capital. Please go ahead.

Yeah, just extending on Balik's question on the negotiations with the optakers for the back-to-back contract. Now, I understand that it is from 2028, but you have signed a contract which is now DES, right? So, which was earlier FOB from Qatar. So, from a commercial standpoint, do you expect any meaningful changes in the nature of the contract based on the discussions that you have had so far? That is my first question. The second one is on the contracts that you had been signing for the expansion in the hedge, which is with the Deepak Group and ONGC. Is there any further discussion that you have had with your customers that you can update us on in terms of new business models like ethane, storage, handling, or say monetization of that KPEX? Thank you.

So, regarding the, you know, future business plans, as and when we find definitive agreements with the customers, we'll definitely reach out to our different stakeholders, including the stock exchanges. And so far as your first question is concerned regarding the change In terms of cargo from FOB2 deaths, we don't see any need for renegotiating the inco terms.

Okay. Thank you.

Thank you. The next question is from the line of Nitin Tiwari from Philip Kapgi.

Hi, sir. Thanks for the opportunity. I think just about keeping question, what is the India's impact for the fourth quarter and also for FI26 as a whole?

Yeah, the index impact is for the fourth quarter, 119 positive at gross margin level. Then there is a correct loss of 91 crores, and positive 8 crores at opaque level, and then Then depreciation 77 crores and interest expense on lease liability 59 crores. This is for the quarter and for the year at gross margin level positive 629 crores, the forex loss is 199 crores, the opex level positive is 30 crores, then depreciation 322 crores and finance cost 228 crores. Understood sir.

Thank you. The next question is from the line of Vartaraj and Sivsankaran from Antique Limited. Please go ahead.

Thank you for the opportunity. Sir, on the trading gains part, do we have any numbers we can share?

Yes, 118 crores.

Secondly, on this, parcels which have been procured from other regions like Nigeria and so on and so forth, What is the general spot availability, what we see, which has potential to be diverted to India? In general, if you look at the volumes flowing currently, what proportion of it would be contract angle, what proportion would be spot?

Very difficult to give an answer because, as you know, capacity is booked by Gail, Indian Al, BPCS. So, it is their prerogative, and they have capacity in other terminals in India also. So, it is their pedagogy which cargo they want to bring to the head and which cargo they want to take to the other terminal. Very difficult to give a number that what will be the proportion of spot cargo visas with their terminal.

I am more concerned about like, you know, globally and especially in the regions where you just referred to, are there more spot parcels available and has that spot parcel availability increased post-war?

As when new facilities come up, so those volumes are typically broadly on spot on with portfolio players. So, recently you would have heard that Golden Pass started export of the car for the US. So, all those volumes will be becoming available to the market on spot. Thank you, sir. Thanks a lot.

Thank you. The next question is from the line of Somaya V. from Evendis Park. Please go ahead.

Yeah, thanks for the opportunity, sir. My first question is on the time charter, which were mentioned in the footnotes. So, we'd be able to get back to normalcy if the straight-up home issue gets resolved, and we'd be getting the Middle East cargoes. It's the right way to understand. So, we'd be able to utilize those three time charters.

Yes, those time shutter vessels are specifically, you know, hired for carrying cargo from Qatar to our terminals. So, once the supply resumes, these time shutter vessels will be again engaged and being done earlier.

Got it. Sir, and what are the existing contract duration for these time shutter vessels? Like six months, still how many, in terms of the existing contract, how many more months to make?

So it is aligned with the SEA term. So as and when SEA term makes, the comes to an end, the time chart will be long.

So in, I mean, because it's a forced major kind of a situation, so that's why we believe the 90 crores kind of a demand that's been placed for March and subsequent periods also is something that we are not liable to pay. So that's the thought. Is that right to understand? Yes. What would be the run rate for FI 28 in terms of CAPEX? So, it would be similar to this 9,000 cores of 27?

Yeah, it's, see, as has been discussed in the last call also, basically the FI 28, FI 27, we are saying 9,000 cores, and FI 28 also should be at the same level, around 10% more or less.

And, sir, in terms of payouts, so the historical payouts is expected to continue despite the expansion because of the cash in the balance sheet.

Yes. Short answer is yes.

See, I will not go by the payout percentage, but, you know, in absolute terms, the endeavor is to maintain the same level of dividend.

Thank you. The next question is from the line of Gagan Dixit from Ilara Securities. Please go ahead.

Yeah, thanks for taking my question, sir. What is the status of this Mochi-Bangalore pipeline? What I know, I think that Gain has pushed the timeline to, I think, September 2020. So, is there any updates for this? And what is the...

Whatever the concept you're trying, it's perfectly in order.

Okay, okay, it's the first half of FY27.

Yes.

So, what is the Kochi utilization that you expect for, I mean, for FY28 when the full volume will be available on FY27?

When the FY27 is complete, what will be the utilization of Kochi?

So, definitely, it's going to go up. There's no doubt about it, because it will be opening up a different market and get connected to the national gas field. So, definitely, the utilization will go up.

And so, my final question is about the swap volume. I think this many of the, I think, especially from the game, this many swap volume coming from the U.S. to the Middle East route. So, I assume that from us, that does get stopped, actually. So, are you still getting the volume directly from the U.S., from those customers, or is this the shipping customers?

So, it is about capacity holders and optics of who are bringing in these volumes.

Okay. That's all.

Thank you. The next question is from the line of Falguni Datta from Manasar Ovar Financials. Please go ahead.

Hello. Yeah, good morning, sir. I just had one clarification question. What was the capacity utilization for Dehej for March that you mentioned?

Around 53%.

5-3?

5-3, yeah. Okay.

Thank you, sir. And, sir, would it be possible to say that how much is it now as we speak?

Please and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you, and over to yourself.

So thank you. Thank you for joining us. And we hope that the situation in the Gulf improves very soon, which is going to have a very positive impact in our operations and as well as on the financials. And we also expect to come out with a brighter picture of the financials of the company when we meet next. Thank you so much.

Thank you, members of the management. On behalf of Ashika Institutional Equities, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.