Thank you. Good afternoon everyone, and thank you for joining us today.

I will start by sharing an overview of our performance for quarter three FY26, followed by our outlook for the upcoming quarters. During Q3 FY26, our sales performance was lower on a year-on-year basis.

This was mostly due to a combination of climate and market-related factors. Q3 was significantly impacted by unusual weather conditions.

October 2025 witnessed exceptionally high rainfall across the country. India recorded rainfall that was nearly 49% higher than the long period average, making it the second highest October rainfall since 2001.

Rainfall was also erratic and uneven across many regions. North, west, and central India saw heavy rains with parts of Punjab and Haryana heavy flooded, having floods.

These conditions delayed sowing schedule and the overall cropping cycle. At the same time, pest pressure in paddy crops remained very low.

While this is positive for a crop health perspective, it reduced the need for crop protection products. As a result, demand in some of our important markets were affected during the quarter.

In west India and central India, excess rainfall impacted soybean spray programs. Important regions such as Madhya Pradesh and south Rajasthan were affected.

Because of this, inventory from Q2 got carried forward into quarter three. Product placement and field activity could not take place as originally planned.

Official data has indicated that during October to December 2025, all Kharif crops exceptional except paddy traded at discount of 9% to 30% of the MSP that impacted purchases by the farmers. For Rabi, the weather conditions remained favorable with stable temperatures across many growing regions, but we saw less disease and pest in crop like wheat, cumin, potato, and onion.

These crops usually contribute to our quarter three revenues, and this softness has a impact on our Q3 performance. On the market side, industry face challenges related to high inventory of generic at a trade level.

This lead to higher price competition across the industry. Despite these near-term challenges, we remain confident in the long-term fundamentals of our business.

We are taking active actions for improving productivity, better predictability, and increasing profitability. Steps we are taking include database inventory control, ERP analytics for tracking sales and collections, comprehensive app for the sales team operations, connecting dealer and farmer through digital campaigns, and introducing chatbots for the dealers.

These steps have begun to show results, and we hope to leverage data analytics and AI to take a company forward to increase productivity, lower cost, and improve profitability. Our patent product portfolio continue to perform, and our distribution reach remains strong.

I am particularly encouraged by the performance of our two newly launched patent combination, Bestmen and Fitozen. Both products have received strong acceptance from the farming community in this very first year.

Even we got these registration at the end of the season, in the last we can say July and August, in the two months we got very good response for this two products, we are confident that coming year 2026-2027 we will get very good for this Bestmen and Fitozen. Each product has crossed more than 4 lakh treated acres, which is a strong validation of our innovation efforts.

Alongside growth initiatives, we have remained focused on improving operational efficiency. Our continued emphasis on cost optimization, inventory reduction, and disciplined receivables management has helped our balance sheet.

Looking ahead, seasonal activity is progressing well across central, western, eastern, and northern India. Field conditions are improving, and farmer sentiment is stable.

With a strong pipeline, better cost discipline, and improving market conditions, we are positioned for growth in the coming quarters. We remain committed to delivering sustainable value to our farmers, partners, and stakeholders.

With that, I would like to hand over the call to Mr. Vikas Jain, who will walk you through the detailed financial performance for Q3 and nine month FY26.

Thank you.

Thank you, Vimal, and good afternoon everyone. I'll take you through the financial performance for the quarter and nine months ended December 31st, 2025.

Starting with Q3 FY26, revenue from operations stood at ₹202.9 crores compared to ₹274.1 crores in Q3 FY25. This was largely due to unseasonal rainfall affecting crop patterns.

Gross margin for the quarter was ₹65 crores, down from ₹89 crores in Q3 FY25. Despite the unfavorable seasonal conditions, we were able to maintain gross margins of 32%.

EBITDA for the quarter was a profit of ₹3.8 crores, an improvement over a loss of ₹5.8 crores in Q3 FY25, with the EBITDA margin improving to 1.9% from a negative 2.1% in the same period last year. Operationally, we focused on cost optimization, with OPEX, excluding the finance and depreciation, reduced by 36% in Q3 and 20% over nine months, helping maintain financial discipline despite lower revenue.

On the profit after tax front, we reported a loss of ₹12.7 crores, improving on a loss of ₹24.2 crores in Q3 FY25. Looking at the nine-month performance, revenue from operations was ₹1,101 crore compared to ₹1,540 crores in nine months FY25.

Gross margin stood at ₹345 crores, down from ₹468 crore in the same period last year. EBITDA for nine months FY26 was ₹127 crores, with an EBITDA margin of 11.5%, while PAT for the period was ₹46.1 crore compared to ₹91.8 crore in nine months FY25.

Nine-month year-on-year sales declined by 28%, with 23% attributable to volume decline and 5% due to price variation. Despite the overall decline, the patented portfolio remained relatively stable with only a 5% reduction, whereas the non-patent portfolio declined by 48%.

Sales return were also much lower than last year, largely due to implementation of the stringent sales return policies. This concludes my overview of the financials.

I now hand over to Mr. Sai, who will walk you through other business highlights.

Good afternoon, everyone. I will quickly take you through what's happening on the international business front, mainly around exports, registration, and IP.

Starting with our exports market, things are moving steadily across regions, across key markets, progress remains steady. Our registration for our patented products in Sri Lanka are moving well.

Dossier preparation is underway for finalized products in Vietnam and in Morocco. We continue discussions around pesticides and our patented nano urea.

On the execution front, we finalized our third export shipment to Sudan. We continue to do these exports on a cash basis.

The IP side has been particularly strong. We secured three patents for novel combination formulations.

In addition, we were awarded a process patent for an intermediate with export potential. This patent improves the yield and purity of the product.

Beyond this, we have filed four international patent applications, which continue to strengthen our global IP position. We also received our first grant in a nano formulation.

Our nano particulate fertilizer is aimed at improving nutrient efficiency across crop needs. Overall, we are seeing a steady progress, both in expanding our international footprint and in building a strong innovation and IP-led pipeline.

That's a quick gist from my side. Thank you.

We can now open the floor for questions. Thank you.

Hi, sir. Good afternoon.

Good afternoon.

Sir, in the previous concall, we were discussing mostly about the sales return and the H2 numbers. You were very, very confident that you will achieve 600 crores in H2 with a positive PAT in both the quarters.

What happened, sir, suddenly?

No, it's not about the sales return. What we talk about sales return there is not that is under in the provision only with sales return we've got.

That is under the provision only.

Hemant, mostly in the sense, if you are aware, most part of September, August and September and including October, there was continuous rainfalls. Especially in the north, most of the flooding has also happened.

This impacted a little bit of sales. We were confident that we'll be positive.

Can you hear me?

We had this call in mid of November, sir, not October.

Yes. You're right.

What I'm saying is that the liquidation and all the impact of sales return we come to know only at the end of December and at the end of the quarter. Even though we were hopeful that we might do a good placement for Rabi, but even Rabi is little softer, the placements also for Rabi has not happened up to the mark.

That was the reason that some sales was missed. Still, as was committed that we'll not have major losses like last year.

Our key improvement was that we had reduced our inventory drastically along with a reduction in OPEX, even though we missed out a little bit on the profit front.

Sir, even in one of the call which you had in this end of December with one of the news channel, you were clearly mentioning that you are trying to have profitability in both the quarters. It is just a week before the quarter-ending, and I'm not understanding why this suddenly how this loss has come.

Mr. Hemant, as I mentioned, mostly the Rabi happens from the placement happens from end of December and most of the liquidation will happen during now.

Presently liquidation is going on. Yes, we were confident with respect to our profitability.

We had missed a little bit on the placement front because of the soft Rabi season. Still, as you see, our losses are still pretty limited to 12 crores, which we could have done based on the placements what we were expecting, but that didn't happen.

Again, our expectation is that Q3, Q4 we should be not having losses. We had little losses this year.

Again, we are trying for Q4 not to have any losses.

Okay. In terms of this warrants issue, sir, do you have any communication now with the shareholder?

Are they willing to pay before May of this year?

Still based on the market prices, we have to wait for few more months before we can take any call as to what what will happen.

If they don't pay before May, what will happen, sir?

As per the terms, the amount will get forfeited. We don't want that situation to happen.

Based on the market situation, we will take a call and discuss with the investors.

Okay. Sir.

Thank you from my side.

Thank you. Thank you.

Hi, sir. Thank you for this opportunity.

I would like to understand if we have been losing market share if we compare from FY24 to currently. The revenue went down from 1,800 Cr to about 1,400 Cr trailing 12 months.

I want to understand what were the sales volume for nine months of FY25 versus the nine months currently to understand if we're losing any market share or not. Because if you see, one of our competitors, Dhanuka Agritech, they have been maintaining their revenues as well as improving their EBITDA margins.

For example, our EBITDA margins in FY23 were about 18%, and theirs were also the same then. Now theirs have gone up to about 20%, but ours has come down to 10%.

Can you please help me understand all what's going on?

With respect to the market share, obviously Dhanuka and we are obviously in a different growth phase because ours is mostly recently that we have gone into B2C in recent three, four years. Compared to the volumes, our endeavor at the beginning of the year itself was that we want to increase our sales of patented product.

Which we were able to do. Our patent portfolio compared to last nine months and this nine months was just about -4%.

That was also because of the prices, otherwise our volumes are up. For the non-patent, because last two years we had suffered little higher on the sales return front wherein we had to take little bit of inventory that also affected our working capital, our sales of the non-patent was lower.

That we said was lower by 35% to 40%. Yes, we might have lost a little bit, but not on the patent portfolio, but on the non-patent sales a little bit.

With respect to Dhanuka, yes, only for Q3, if you see, most of the companies who were able to show better results was because of the exports. If you see other peer players what we have, most of them had a reduction of 10% to 20% reduction in the sales as well as in the profitability.

Sir, overall, our volumes are fallen by about 30%, 35% if we compare year on year. Whereas the competitors, their volumes have not fallen this much.

Can you help me understand why are we losing market share? What are we not doing right, and what is the way forward for us?

Yes, Mr. Gunit.

In fact, you cannot say we are losing our market share. It depend on the products.

Last some years, we were doing mix of some generics and our patent portfolio, and now we are mainly focusing our patent product. Definitely, if I say, when our patent product are selling more and our generics are we are not selling that way, definitely our profitability should be higher, our EBITDA margin should be high.

That is correctly your question is very correct, and our concern is the same. At the same time, when we are pushing, when we are developing this kind of our patented molecule, which in India if you see any of the company, you say the name, no company have that much of own patent molecules they are doing in India.

This is the period where the last year and this year we had we are totally changing toward from generic to patent, and when we are developing this kind of patent products like our one product because you know some that also, the Ronfen. That itself one Ronfen product is we are selling more than 200 crore.

It was we are started in 2022 mainly. In you can see in three year, four year, '21 we started, but '22 was the main year.

In three year, one product we are getting 200 crore. Definitely, what about the other?

We are in the phase where we are doing marketing more, where we are doing sales force more, where our expenses is more. The main reason is our expenses is more and sometimes this kind of condition, climating things, and to develop the new molecule this is little bit harder.

That is the only thing. If we talk about next year and one year is enough for us if it will go well, I can say like this way.

We are in some of the product like I said beside you two product, Fitozen and this our Bestmen, these two products are fantastically doing. That can be bigger than Ronfen in coming years, that we are can see.

It depends. Of course, but result is a result where we are now standing at near 10%, 11% of EBITDA, and we have to reach 20%.

We are not far away, but definitely results are results, and I hope next year will be very good.

Am I understanding it is because of the R&D spends this year that the margins are falling down? Is that correct?

How much is the R&D spend for nine months, and what are the EBITDA margins for the patented products?

No, I am not talking about R&D. I am talking about the expenses on the sales and marketing.

Sales and marketing, as well as R&D, but not R&D is not that big part, but major part is sales and marketing for the new products.

Yes, sir. If we talk about our gross margin,

if you talk about our gross

Please go ahead.

If you talk about our gross margin, our gross margin already is around 32%. Gross margin is good.

When we come into the EBITDA, EBITDA less just because of the new product, it is taking some time. If any climatic change things or anything come, that will hit us more than others because we are in a new product and development stage.

Definitely nobody will drive if there is a very less demand or already market is sitting in that way. The way we are doing, the way we are doing our new products, I think one year is enough to change all the scenario because we are on the same path and I think we are on the right path.

Last two, three years, we have seen generics slowly, slowly it is decreasing, and the exclusive molecule which we have is increasing year by year. Definitely, we are ready with the product, whenever a chance we get, and one year is enough to come back.

Sir. Based on the current demand scenario and outlook, what do you feel should be our top line and EBITDA margins for FY27?

Please, Vikas. FY27

still pretty early to say. For this year, for FY26, already for nine months, our sales are around 1,100 crores.

We expect to close the year between 1,300 to 1,400 crores. This is for the current year, which will close by March '26.

For 26-27, still we are in the process to have our number, but we should see our growth coming back and we should be coming back to our earlier numbers which we had seen in our earlier two years.

All right, sir. We did an acquisition of about 140 Cr in March 2024.

If we look at the numbers for FY25, it does not reflect either in the revenues nor in the bottom line. Can you throw some light on how the operations are going there and, why did the numbers not reflect in our revenues?

See, this year, we are already at the beginning of the year itself, we had given to say that this year we will stabilize, because what happens is when the sales team in last two years were in a mode to do a lot of placements and do higher sales, but because of sales return, we were getting affected on our inventory and working capital front. This one year, it takes time for the sales team to come to newer policies, and we had already informed at the beginning that this year we will stabilize.

Once we are in good shape with respect to our balance sheet, next year we can think of growing our sales. It was not that it was a it was surprised to some extent because of the continuous rainfall that we missed around 70 to 100 crores of sales, but otherwise, this year was expected as we had thought at the beginning of the year with respect to, as I said, inventory front, reduction in inventory, reduction in sales return, and reduction in OPEX.

Now, all these three are mostly achieved, and there is already awareness in the market with respect to dealers and sales team that we are more concentrating on our patented products and we will not accept such huge sales return, which is stabilized this year. Next year, again, we are talking about the present numbers what we are taking from sales team.

We are pretty confident of having our growth back, specially that we are our three products which we introduced last year, it was little late, but so next year we'll see the good results. Also, three new products which are going to come.

Our growth will be back from next year after whatever we have done in this year with respect to stabilizing the inventory and working capital.

Sir. My last question would be, what is our revenue potential from our existing capacity?

In your judgment and opinion, do you think that the worst is behind us and, our revenues and EBITDA margins cannot go below the current levels and there's only upside going forward?

Our capacity, earlier at 1,800 crores also, we had sufficient capacity. Based on our existing capacity, we can do 2,000-plus crores.

Capacity is not a constraint. That thing, more or less, we can easily achieve from our existing capacity without actually adding anything.

It was only because our B2C business was pretty much happened or we pushed a lot in last two, three years. Whatever we had gained from around 400 crores to today 1,000 crores in our branded business happened in last two to three years.

We took a year to stabilize that operation. We'll see that next year's our numbers will go up.

Our capacity is more than enough for us. Even our OPEX, which we had reduced drastically, has have stabilized.

We had done a lot of restructuring on our locations on the territories. That also has happened and have stabilized this year.

All right, sir. Got it.

Thank you very much. I'll join back the queue.

Hello, sir. My name is so thank you for numbers.

I just want to understand what is the projection for the international expansion for Best Agro going forward? Because the margins will be much better.

Where we are looking in terms of numbers or in terms of potential in the international expansion?

Yes, please. In terms of a new revenue stream, exports and international markets will definitely be one big area.

In that front, one of the key challenges in case of international business is the number of registrations. Currently, we are progressing on our patented portfolio registrations, which are expensive and then we have found very good partners who are doing that.

In addition to this particular registration process which is going on, there is a parallel R&D which is going on in terms of identifying certain intermediates which can also be sold abroad where the registration cost or the registration challenges do not exist. The third thing that is been working on is in the area of nano urea, where we are seeing a good amount of a potential abroad.

As a result of these multiple initiatives that we have taken on the export front, we opened our China subsidiary. China subsidiary currently is doing at least it is doing some degree of a revenue, although it is okay on the gross margin.

There is a slight amount of a loss in terms of the net profitability, that is because of the initial expenses. This China subsidiary is currently doing some degree of a trading practices for buying and selling in China itself.

Overall, there is a potential upside that we see in terms of our export revenues. It would be a little bit difficult to be able to give a hard number because that will be a projection.

We do expect our export revenues to be a good percentage of our top total top line. As you mentioned correctly, yes, India has been doing a significant amount of exports.

We are one of the largest exporters of pesticides in the whole world. Given the challenges in China and other things, I do expect and the options and the advantages in India, I do expect this export market to grow.

We are a little slow on this particular front because initially we have not been able to, leverage and catch this bus. Yes, this will be one big area for us going ahead.

The follow-up question is that, let's say, for example, the patent is granted, how much time it takes from registration because we I don't have an understanding of how that registration works. If I want to understand if registration is completed, what is the time frame or a time period from which the revenue gets start generating after the patent is granted?

Because I in the recent discussion, you have mentioned one of the patent is granted, right? That does mean that a product can be developed on that, or what is the time frame or a time duration that it takes from a patent granted grant to convert into the real numbers, like what the journey looks like?

Yes, that's a good question because in case of the agrochemical industry, what happens is getting a patent is very different from being registering that particular agrochemical in that country and being allowed to export and sell. The two are different.

Now, what happens is while we are getting a patent portfolio, as far as the export is concerned, that country's registration time takes anywhere between two to six years. In case of Brazil, it may take even more longer than that.

The reason for that is very simple. This is a patented product, and hence it is a new formulation or a new technical sort of combination in that particular country, and hence the amount of regulatory oversight is more.

We have started multiple products registration in multiple countries. These will come up anywhere between the next, I would say certain things will be available for, registered in the next year, especially in Vietnam and Sri Lanka.

From the year that is '27 onwards, you should be able to see a good amount of revenue. Once it is registered, the sale of that particular product can happen.

Okay. This is similar to the Sharda Cropchem is doing the export.

Basically, is there any kind of a European agreement that recently completed deal with European Union, is that going to be any benefit for Best Agro, a trade deal? As of this

Yeah, yeah. As of this minute, if we had had multiple active registrations for registered product, we could have immediately been able to utilize the opening up of the both the UK market, European market, as well as certain parts of the Australian market.

Right now, we don't have that. Once our products get registered, yes, obviously, the open trade regime which is happening, that will help us a lot.

In fact, it will help us more because Yeah, yeah. It will help us more because what we are registering is all high-value, high-margin products.

Sir. Thank you.

Okay.

Hi, good afternoon. My question is basically regarding receivables.

It has been observed that receivables below six months are continuously being increasing ratio-wise than the receivables more than six months. Can you please elaborate in this front?

Receivables more or less, it's in line with what we had previous year. This year because of the continuous rainfall and there was a delay in the produce and the same being repaid by the government, there was a delay by just about a month or so.

Most of the receivables are under control and there's not a big surprise there.

Actually, ratio-wise, if we see ratio-wise, initially in financial year previous financial year if we see, ratio was lower side, three month particularly if we see three months below, it was somewhere around, I'll just open that thing. If we look at the balance sheet, in it was

So, Mr. Kailash, I'll be

I'm getting details, I'm so sorry for that. For the time being, I'll ask second question.

Yeah.

as you mentioned that you are more focusing on the patented products, what is the TAM for these products? Total addressable market.

We are focusing on the patented products. We are not focusing on non-patented, the generic ones.

Yeah. and

with respect to TAM, it's not see overall market for the agri industry, in that we define which are the highest selling crops, and within that crops, which are the solutions we want to provide. For each of the crops, it would be different, but, yeah, we are still as others are playing, we are playing in the overall market, which is around $3.5 billion or so.

Okay. That receivable part in the March 2022, receivable six months were 38 crores as compared to receivables under six months were 223.

Now, it has increased drastically for year 2020 5 if we see. It is 182 over six months, and under six months, it is 400.

Ratio-wise, it is very at the higher side. That part I was talking about.

As I said, in our business, the collections period is defined based on how the produce sells and the money flows from the government to the farmers, dealers, and to us. This year mostly it has been delayed by a month or so, but we don't see any major surprises, as I said.

Most of our collections will happen now between December to April. Each month we are getting collections, and each month we see that there's a reduction in the six months.

March, once you see, you will see a improvement in our more than six months from what you would have seen in September or March numbers.

Great. Great, sir.

My last question is as you mentioned that the company will try to achieve somewhere between 1,300 to 1,400 Cr of revenue in this particular financial year, can you please let us know about the EBITDA margin?

EBITDA with respect to EBITDA, we will be similarly our endeavor would be to possibly not to have losses, but we'll have minimum profits. Our EBITDA would be little higher than what we have in Q3 because Q3 and Q4 are softer seasons compared to main Q1 and Q2.

Again, how we had planned for Q3, our plan is not to have losses. EBITDA would be in similar lines like current quarter, but it would be little better.

Our try we will try not to have losses in main Q4.

Actually, I was talking about annualized basis for financial year 2026.

Annualized basis Annualized basis, we will be in the range of around we'll be at around 12% or so. That would be our EBITDA targets.

Thank you. That's all from my side.

Hi all. Good afternoon.

Basically, I have a question regarding the outstanding warrant. The current exercise price for them is ₹64 per share, okay, while the current market price is around 18.94, and it may face further downside because of the recent results, as it is in lower circuit today also.

In this context, I just wanted to know what is the management view on this warrant conversion and how should the shareholder think about the potential impact of this?

Our price was 640. That was pre-split and pre-bonus.

If I consider the split and bonus, it becomes Yeah,

after considering the split and bonus, it is supposed to be 42. So, 640 is equivalent to 42.

Instead of 42, yeah, we are at around between close to 20 or so. As I said, we are hopeful that we are improving, we are not having the losses like what we had last year.

We hope that the prices would come to a level wherein investors would feel that, okay, they will pay that balance amount. We are still wait for our March numbers and then we'll take a decision.

During I am following it since two years, okay? During this period, the company's revenues have been continued to decline.

I understand that the business model has undergone changes you are focusing more on patented products, but in several earnings because mostly I hear all the earnings, the management has indicated that the worst phase is behind, but the financial performance whether it is revenue or profitability, something happens sometimes the weather issue, sometimes something. Can you tell us when we can expect the revenue growth to be back at least when it to our peak numbers?

I think it was around 20 2021 or 2022. Can we expect the same revenue prospect?

Yeah. For this year, it was not that in one or two quarters, we could have come back to our normal term.

For the entire year, our guidance was that our revenue would be lower, but we would still go on to improve our profitability per percentages and reduction in our OPEX, because we had spent heavily on the nine patents what we had launched. Most of it we are able to achieve in terms of what we had given the guidance, but it's not that this year is was a big surprise.

A surprise was, as I said, was only to the extent of 50, 100 crores, which we missed. Otherwise, our results would have been better.

This year, as I this year would be the worst, what we say, and the worst will be behind for us. From next June onwards, already we have our plans and we have our policies, which are in place, which till last year was we were about we were changing those policies.

Now we are more stable with respect to our the number of people, the policies what we have, and the products which we want to sell, and also on the supply chain front as well. The growth will come, and it will come from the next year immediately.

From June onwards, you'll see the growth, which will be back.

Okay. Just wanted to know one thing.

Suppose if we want to do 1,800 crores or 2,000 crores of revenue and so when can we expect that? Within one, two years or it will take more time?

What should be the PAT at that time, profit before tax and profit after tax? What can be the operating solvency?

If you can tell a little bit, if you can guide it.

Your question is right. In fact, next two year, we are of course changing that number.

Next year, we will come around 1,600, 1,700, or maybe 1,800 also because just I told in the Mr. Gunit question also that we are already in the same path where we are developing our new products, and each product will give us good revenue in coming year in FY27.

I firmly believe FY28 will be the again very good year because each of our product which is patented, each of our product will have, two-year, three-year, four-year, five-year history. When there is a history of three-year, four-year, there will be a bigger revenue we can expect from these products.

That profitability will be again very high. Again, I want to say earlier we were doing in a different way, and then we change our way because that was also important because our inventory level now is very drastically down, which we which is required by our which were required to our balance sheet, good balance sheet.

Also, our debtor side reduced. That was our agenda for this current year.

Definitely, next coming year because of our patented molecule, definitely we will do better. The revenue is almost I can say in next two years, again we will touch to more than whatever we have did in the past.

What can be the OPM percent? Can you tell me if you told around 20% we can expect, right?

After two years, yes, you can say.

This year, it won't be 20%, if we talk about this year, this and the next financial year that is coming. Yeah.

Not 20, but definitely our target is there, but I cannot say 20, but definitely it will be 16% to 17% will be minimum.

You are sure like the worst is over, like it can't be worse than this, right? just wanted to confirm that thing.

We can say. We can say because I told you everything why it is hit, because we want to create a discipline and we have in my commentary also I said we have done very well many things, the database inventory control, ERP, and our comprehensive apps, and also we are now directly looking at the liquidation at the farmer level.

Definitely when we are tightening this and making something like chatbot for the dealer, so many things we have did in the one year. It was a developing year for us for the new product, again I would say, and definitely I can say for improve performance of balance sheet, definitely you can say to I can say we have seen the worst, and now it will be better only.

Okay. Thank you so much for your answer.

Really helpful. Yeah.

Thank you.

Yeah. Dhanyawad, sir.

Hope, sir, I am audible.

Yeah.

Yeah.

Vimal, just taking into consideration jo bhi abhi tak hamara discussion hua hai, usme, sir, aap ye point par zaroor articulate happen kar rahe hain ki jo course correction exercise aap apni organization mein laana chahte hain, use aapne implement kiya hai aur ab samay ke sang hi wo parivartan aap profitability, revenue aur uske baad profitability mein dekhna chahenge dekhenge. To ye dharana sir sahi hai ki sir jo course correction aapko karne the, wo already ho gaye ki abhi aur bhi kuch baaki hai karne ke liye?

Aur sir, aap promoter hain company ke, 50% stake equity aap hold karte hain aur yahan par jitne bhi baaki niveshak, analyst hain, wo sab minority shareholder hain including me. To hum sabhi ka yehi dhyeya banta hai, sir, ki hum ek achhi organization jisme promoter ki integrity ki maanyata rahe ki jaisa wo kahein depending upon the market conditions.

Agar market conditions bhi kharab ho jaati hain, external environment hi, God forbid, kharab rahega, to aap alag se to outperform nahi kar sakte. Other than that, jo bhi trajectory aap outline karte hain, aap jab baat karte hain, you walk the talk.

To us sandarbh mein aap kya hum niveshakon ko at least ye message is madhyam se de sakte hain ki yes, you are there on the track. Ab usme kuch 5% ki EBITDA margin 2% aa sakti hai, 8% aa sakti hai kuch na kuch variables ke kaaran, but aisa bilkul bhi nahi akasmat hoga ki jisme numbers haywire dikhein niveshakon ko aur unhe hairani ka saamna karna pade jaise pichle varsh hua tha.

Sir, at least iska sir cognizance aap hume ye aashwasan de sakte hain?

Ji Saket, thank you and main dekhta hoon aap always hote hain calls pe bhi and thank you for that showing the interest. Definitely, your concern is correct and as you said, I have a major shareholding, definitely my concern are the same always with the company, within the company.

Definitely, what I can control and what I can change here as a small shareholder you cannot do, but definitely I am doing my job and our team is extremely doing very well. In other part if I will say, because we all are because you are our shareholder, stakeholder, I can frankly tell you, even other way I would say, I am very happy with the teamwork which groundwork they are doing.

If anybody on the call who knows the farmers and every, who has related to the dealers, if you check in our some of the market like Maharashtra or if you check some of the Maharashtra like Gujarat, Haryana or some of the states, there our brand is, they don't about they don't know about balance sheet, they don't know about share price, they don't know about anything, but they know about the new company, which is the new company who is growing very fast in the brand image of the company, like Ronfen, Best Agro. It is very popular in the in the farmer community, I would say.

Ye cheezein agar aap dekhte hain, to I feel sometime very happy, but definitely it is we are doing business, profitability is equally important, and revenue is also equally important. I can say from next year, it will be definitely better, and again I would say jo last sajjan the unke bhi maine bataya ki unhone direct question kiya ki it was worst.

I cannot say worst, but definitely we have done much corrections, and I don't think so there is any surprise on the downward side you will get. Of course, I am hoping you should get surprise on the upward side, and we are doing for our best.

That's it. Theek hai, sir.

In fact, sales return pe whatever course correction was needed, I think so Vikasji would be answering that better. That provision and all, if you could just give us some color for the quarter, how much have been our sales return and aap jaise pehle bata rahe the ki abki baar provision hume shayad add back karna padega ki jo humne extra provision kiya, waisa kuch hamare sales mein raha hai is quarter

ke liye? Overall if I tell you overall matlab agar pure saal bhar ka bataun, to last year hamara almost around 280 crores jitna return tha nine months mein, is saal hamara 180 crores hi tha.

We had drastically reduced, matlab jitna hum target kar rahe the, utna kaafi kuch kam kiya tha. Jitna kiya utna nahi hua kyunki jo last mein jo sales matlab jo excess rainfall ho gaya, for example, ab is is baar humne around 70 crores ka kiya tha provision, but what we got was around 90 crores.

We thought we'll end up with 40, 50 crores of sales return, but sales return zyada hi aa gaya kyunki excess baarish ke chakkar mein kaafi saare sprays miss ho gaye the is baar across different crops. Still, the deviation matlab overall agar nine months, nine months dekho to humne kaafi improve kiya hai, 40% to 45% kam kiya hai sales return and on specific question of Q3, humne around 70 ka kiya tha, but returns actually humko baad mein 90 ka

aaya tha. Sir.

Aur sir, fourth quarter bhi lean period hi rehta hai? Kaisa maine agar seasonality ko factor karein pesticides ke liye?

Fourth quarter Rabi season ka rehta hai, Haan. lean hi rahega, but Rabi season rehta hai abhi.

We will do little bit of sales, but with respect to sales return, wo humne almost clear kar chuke hain. To Q4 mein jitna last year tha, utna hum sales return to kaafi 50%, 60% se kam hi dekh rahe hain already hum, to itna nahi rahega sales return.

Haan, sales jo bhi Rabi season ka thoda effect to hai hi hai kyunki jo baarish aur jo paani ke chakkar se kaafi saare hain jo pest attack kam hua hai aur products mein bhi affect kar raha hai because of the product prices, unke price kam ho chuke hain, to farmers expense nahi karte hain utna. To theek-thaak hi rahega, itna kharab bhi nahi hai na itna achha hai, but we will do reasonably okay and try to ensure ki hum log last quarter Q4 ka to kaafi zyada losses tha hamara, is baar hum yehi try karenge ki hum losses

nahi losses mein nahi aayein. Aur aakhiri, sir, CAPEX aapne hold pe rakha tha if I remember correctly.

Uspe abhi kya aage ka hai?

It is still on hold. Hum log

usko teen-chaar mahine ke baad hi sochenge abhi to. Theek hai, saab.

Aasha karte hain, sir, ki hum log niveshak hain, hum to sirf management pe vishwas kar rahe hain. Na jaise sir ne kaha na hi sir hum pesticide dekhne ja rahe hain, na uska kuch anubhav kar sakte hain.

Hum aapki, Jain saab, Sai saab, aap logon ki baaton pe aur jo numbers hume reflect ho rahe hain, jo auditor jo numbers de rahe hain, unke anusaar ek informed decision le rahe hain market mein. Aur aasha karenge, sir, ki hamara ye nirnay hume sahi fal dekar jaye, that is give us gains that we are anticipating.

We hope for we will be participate in this journey with Best Agro. Thank you, sir.

Dhanyawad aapka.

Thank you.

Hi, sir.

Yeah. Want to understand whether we have utilized the proceeds which we have got from the preferential allotment.

Whether we what?

The amount which we received during the preferential, have we used it or not?

The 25% amount what we got, those as part of our utilization listing, we already utilized it for the working capital purpose. We need to

we have actually planned for a CAPEX, right, some a new plant. I thought that we are using that particular amount to fund the CAPEX.

Am I wrong?

The CAPEX was only from that second tranche, on from that 75% which we had thought. That we'll see only once we get that balance 75%, we'll think of the CAPEX.

Are we looking for any fundraise because we are already at a lifetime low in our share prices? Are we looking for any fundraise from promoters or from some institutions?

For CAPEX, we are not doing anything as of now.

Sir, but we have a due of due around June, right? As the earlier participant asked that the price is 50%, 60% down from what they have actually subscribed.

It looks like impossible to receive the balance 75% amount. Is there any plan B?

See we don't want to commit as of now that, okay, we are not going to get that 75 and we'll do something else. The CAPEX plan can hold because we have enough capacities to go for our target for next two years.

We will see if the situation will improve, if we feel that we are in a better position, then we'll think of taking the funding from outside. Presently we are not thinking about that.

Sir, we have report from weather agencies, there's a fall possible of El Nino in current time in next financial year. Do you have any plans because you have now your promoters start giving a guidance of 1,700, 1,800 crore, and if at all there is a possibility of El Nino, then do you feel that there is a risk even to the current revenue levels?

So, 1,700, 1,800 was for next two years, in the sense so next year our plan would be to achieve at least at around higher than 1,500 crores, 1,500, 1,600 crores, and then going up to 1,700, 1,800 crores. El Nino obviously there are presently some articles going on to say that there are El Nino effect which might be there.

Our nature of industry is that we cannot be waiting to see that how it pans out. We have to work on our supply chain much before.

We will work with a caution, but because we have already put good some good policies to ensure that we'll not place too much and then later on take it, that will help us. Yes, El Nino effect might be there, but it will show only in July, August.

Before that, we have to prepare ourselves with the inventory, which we will do, but we'll go with a caution.

Sir. There is a person called Raj Kumar in our shareholding pattern, is there any connection to him with the promoters?

Not clear. I'm not aware of Raj Kumar.

No, there's a person called Raj Kumar who is holding 7% to 8% equity in Best Agrolife, is there any connection with the promoter group?

No, I don't think so.

Because he's a huge equity person in Best Agro, and he has sold quite a large chunk during the split and bonus time. I felt that he's an insider or something because Yeah.

There's no relation as such. Yes, possibly he might have higher holdings, but then we don't know about it with respect to the relation with promoter.

He's no relationship with promoters? Okay.

There's no relationship,

yeah. What's your expectation from Q4 because we are already at a 12 12 crore loss in Q3?

Do you think that it will continue or we'll have a better quarter?

Our expectation is not to have losses, in Q4 last year, we had very high losses. Based on already we have worked on the OPEX part, which we are reducing it drastically.

Sales obviously, as I said, the demand is little softer, we don't expect very high sales, but we expect not to go into losses and have even though small profit, but our plan is not to have losses.

Sir, because we are already paying 50 to 55 crores interest to the banks, and our profitability is below since last few years, how do you think that the business is sustainable because our interest cost is more than our net profit?

See, there is a huge potential because based on the market situation, we see that many of the companies doesn't have this kind of portfolio what we have. Now, obviously company is going through a situation wherein we had gone heavily into the market and faced certain situation, which we are trying to improve.

This year, we already knew that these steps if we'll take, they might be some reduction in the sales. Yes, sales are down, profitability is not so heavily lower, we are still profitable for full year, and we will remain profitable.

It's only that after going through these policies, now we are in much comfortable position with respect to our inventory. Even our dealers are more comfortable with respect to the policies what we are doing, and even our sales team is more stable now, because last year they because of restructuring of territories, they might be situation where people are moving from one place to another.

Now everything is pretty stable, and we are in a much better position to grow because of our portfolio strength. That will we are going to do this year, and we are hopeful that if everything goes well, we'll see much, much better numbers this year.

Sir, why has the interest cost gone up in Q3?

Interest cost obviously would be based on the loan what we would have utilized. If if there was a delay by a month or so wherein dealers have paid late, generally we charge dealers with a little bit of interest for delayed payments.

That we do based on after they do the payment. Even though on one side there would be interest, this next this quarter or next quarter, you'll see that we might we will charge in some amount as recovery of that interest.

It's not that we are paying higher, we would be recovering this from the dealer who are paying little later to us.

Thank you everyone for your time today. We appreciate your interest, feedback, and confidence in the company.

Your engagement will help us sharpen our focus and stay aligned with long-term value creation. I would also like to thank our employees, partners, customers, and investors for their support and commitment.

We look forward to staying engaged with you and updating you on the progress in the coming quarters. Thank you very much, and have a good afternoon.