Thank you. Good afternoon, and namaste to everyone.

Thank you for joining Castrol India's analyst call for the second quarter and first half the year ended 20th 30th June 2026. As a reminder, we follow the calendar year for financial reporting.

I'm joined today by my colleague Ms. Mrinalini Srinivasan, our Chief Financial Officer and Whole-Time Director.

Moving into the commentary for the quarter, we delivered another strong quarter with broad-based growth across our consumer, industrial, and institutional business. This is in context of a very volatile operating environment marked by supply disruptions and commodity cost inflation.

The performance reflects disciplined execution, the strength of our brands, and the portfolio that we have, effective pricing and cost management, and the agility of our global sourcing network, which has really played out in this quarter. Our resilient supply chain and disciplined inventory planning helped us maintain uninterrupted customer supplies while balancing growth and margins.

We also continued to invest behind our brands, innovated on distribution, customer relationships, and operational excellence, which strengthen both current performance as well as our long-term growth foundations. Let me highlight five areas that define the quarter.

Broad-based growth: our consumer, industrial, and institutional business all performed well. In personal mobility, our power brands grew ahead of the rest of the business, supporting a healthier portfolio mix and demonstrating consumers' preference for high-performance lubricants.

The industrial growth was supported by advanced solutions, reliable supplies, and an expansion in customer base. The second big theme for the quarter has been expanded reach.

We maintain a national footprint of approximately 160,000 outlets. We expanded availability of our auto care range to 40,000 outlets, and strengthened our service ecosystem with 34,000 independent motorcycle workshops and 16,000 car workshops.

The Castrol-branded auto service, CAS, is now 850 strong. Our rural distribution continues to expand.

We are now at about 45,000 outlets. On that, we also had added 900 We are now at 950 rural service express, which cater to bikes.

The rural business continues to grow at double digit. We also sharpened execution in key urban clusters to strengthen our premium passenger car portfolio business.

The third theme is innovation and localization. We expanded our fully synthetic range.

We introduced premium variants in Castrol Activ. It's called Castrol Activ Synthetic 10W-30 and 5W-30 viscometrics.

We upgraded GTX 5W-30 to a fully synthetic proposition and introduced a full synthetic under GTX 0W-20. These are all focused on modern engines.

We also advanced localization in our industrial portfolio by introducing Alusol SL 61 XBB. This is a specialized coolant used for demanding industrial applications.

The third theme is the brand and consumer engagement. With Castrol Activ Fully Synthetic campaign on the back of introduction of the products, we reached over 150 million consumers.

Our other premium brand in the motorcycle portfolio, POWER1, in POWER1 We've engaged with 10,000 bikers and strengthened our performance credential for the brand, and that has played out as well in this quarter. Safety continues to be the bedrock of our performance in the way we work.

Our Paharpur plant completed 9 years, and Silvassa 3 years without any significant recorded incident. Silvassa plant also received the NAMC Gold Award, and Castrol India received a Special Jury Award for championing sustainable procurement practices.

These actions reinforce our strategy, which is to broaden our distribution reach, focus on urban clusters to premiumize our portfolio, go deep into rural markets to tap into demand for motorcycle products, especially in agri, and build a strong services-led ecosystem, and we talked about our CAS network in that context. We continue to see meaningful headroom for growth in rural India.

At the same time, we are also building capabilities for specialized EV fluids and working closely with OEMs while recognizing that internal combustion engines and hybrids will remain the dominant part of India's vehicle park for the next many years. With that, I will hand over to my colleague Mrinalini to take you through the financial performance, the drivers of the quarter, and our perspective on the outlook for the rest of the year.

Mrinalini, over to you.

Thanks, Saugata, and good afternoon, everyone. For the second quarter of '26, revenue from operations was ₹1,871 crores.

This is 25% up vs year-on-year basis, and 20 first 1% sequentially. EBITDA for the quarter was ₹494 crores, an increase of 41% year-on-year, and 41% sequentially.

Profit after tax was ₹348 crores, up 43% year-on-year, and 44% sequentially. For the first half, revenue was ₹3,417 crores, 17% year-on-year, and EBITDA was ₹823 crores, up 25%.

Profit after tax was ₹590 crores, up 24%. This translates to an EBITDA margin of approximately 26% for the quarter and 24% for the first half.

The performance was driven by broad-based volume growth, pricing actions, portfolio premiumization, and prudent cost management. Our global sourcing network, diversified supplier base, and disciplined inventory planning cushioned the initial impact of the supply disruptions and commodity volatility, enabling reliable customer service and strong operating leverage.

We began to see the anticipated increases in costs a bit delayed, but towards the end of the quarter. We therefore expect the impact of commodity and feedstock inflation to become more visible in the third quarter.

We will continue to monitor costs, pricing, customer sentiment, and demand closely, balancing near-term prudence with continued investment into our brands, distribution, innovation, and customer proposition. The board this quarter has declared an interim dividend of ₹6.25 per share, which will be payable on or before 2nd September 2026.

This reflects the resilience of our business and our ability to continue generating healthy cash flows. With this, we bring forward cash into the hands of our shareholders while maintaining our disciplined capital allocation philosophies.

Looking ahead, we remain cautious given higher inflationary pressures, uneven monsoon conditions, and continued volatility in key commodities. Our focus remains on disciplined execution, careful cost management, resilient supply, and sustained investment in long-term competitiveness.

Thank you, and I will hand back to Saugata for his closing remarks. Saugata, over to you.

Thank you, Linny. With that, we are open to questions from the people on the call.

Hello. Am I audible?

Yes, you are.

Yeah. Hi, sir.

I wanted to know when can we expect the open offer to conclude? There are so many approvals that are pending, what is the expected timeline?

Maybe let me take that, Devansh, if I got your name correct. For the rest of the audience, Devansh is referring to the transaction which is currently underway.

BP announced as a part of its strategic review that they would divest 65% share of the global Castrol company, and Stonepeak emerged as the lead bidder. The transaction currently is progressing well, and Stonepeak is in the process of getting the right licenses and operating methods across the entire world, which is many countries.

Such deals take time, and we'll have to wait for that deal closure statement to come, as per compliance. As soon as the deal is closed, you will expect a notification from the company to SEBI, as well as to the shareholders.

Following that, there are certain timelines that are prescribed, after which the open offer will go live.

Any expectations on the timelines?

Mr. Jain, as I said, the deal is rather large, and it goes beyond India.

It goes to many other markets, many other countries. I think we will have to wait for the deal closure to happen and a formal communication to come your way.

Ma'am. Thank you.

Hi. Thank you for the opportunity.

Yes, sir, as far as the overall revenue growth is concerned, yes, sir, there is strong growth, but then is it possible for you to break down on volume or pricing? I understand you have guided for 2x the market growth, is it safe to assume that it would be 8% volume growth or there was broadly volume growth and less of pricing growth?

That's my first question. Second question on Silvassa plant.

There have been flood-like situation, and some of the other manufacturers have reported some kind of damage. Just wanted to understand the utilization levels at Silvassa plant for Castrol.

These are my first two questions. Thank you.

Thanks, Mr. Popat.

I'll answer your question, and then maybe Mrinalini might want to join. On the second question first, which is on Silvassa plant, yes, you're right.

Earlier in July, which is after the close of second quarter, there were a couple of days where there was very heavy rainfall in Silvassa. We had ceased operation of our plant at that point in time in the interest of safety.

I'm pleased to say that the plant is fully back up. We have a business continuity plan which kicked in, and operating levels of the plant are at the same peak level as it was in quarter two and earlier this year.

As of now, no impact on the plant. That's on your second question.

Your first question, I think broad-based growth, we maintain the range of 2x the market growth. We are in that range.

Different parts of our portfolio have grown at different levels. In the quarter, which is the April to June quarter, we have taken pricing action which are in low double digit.

With that, there are two price increases that we have implemented this year, Jan to June, in context of the supply chain volatility as well as inflation that we're seeing. There is broad-based volume growth across our three businesses.

In the consumer business, a lot of it coming from rural operations and premiumization of the portfolio in urban clusters, that is for the consumer business. In the industrial and institutional business, we continue to expand our portfolio as well as increase the number of customers.

That's not just about this quarter, we've been doing that for the last couple of years. That enabled the volume growth, and the pricing action kicked in on top.

That is purely to make sure that we manage our margins well.

Makes helpful. Next.

Thank you.

Thank you.

Hi. Thanks for the opportunity, and congratulations for very good set of numbers.

What was the volume this quarter? Can you give volume for sequential quarter and same quarter last year?

Mr. Shah, thank you for the question.

I think this is similar to what Dhaval also just asked. We don't follow segment-wise reporting, specifics are avoidable.

As Saugata said, lubricant industry grows 3%, 4%, and our endeavor always is to grow ahead of the industry. We've been able to do that broad based across segments.

We play in automotive across the three spaces as well as in industrial. Volume growth is broad based, is where we would leave it.

Specifics on volume, we don't really share.

In previous call, you always shared the volume number in million liters. You have stopped that practice now?

I think it's prudent in the interest of shareholders that we continue with the practice. We've always maintained the same practice, that is, you have the full P&L disclosures, etc.

are with you to go through, but specific volume numbers, we have not declared in the past.

Okay. Was there any inventory gain in this quarter?

Can you repeat that again? Inventory?

Gain?

Inventory gain. Okay.

Indeed, the one fact is that cost increases are delayed into the P&L. Not all the cost increases have indeed been incurred in 2Q itself.

Some of it to flow into 3Q, as I said earlier. Inventory, specifically that we were carrying from the earlier peak periods, we didn't consume them in the quarter.

Correspondingly, we have some part of our volume coming in at a lower consumption cost. This is normal for any business course, and that's what we've also benefited from.

What I can say is that even excluding these one-time benefits of the inventory, we have grown profitability healthy in this quarter.

Congratulations on this excellent set of numbers. I just had a query like this upcoming sector wherein for data centers and hyper scalers, a lot of products have been developed by the lubricant industry.

Is Castrol India also looking into it, or are they already into this stream? If yes, what kind of revenue and relevant numbers can be shared for the shareholders?

Thank you for your question. Yes, there is work happening on the front of developing data centers in India.

We have in the past also touched upon it. We have a team that looks into it.

The products are ready, and globally we do participate in the data center thermal cooling space. We have various trials that have been ongoing.

This is a B2B business, and at the moment, it is not a material part of the business. Right.

I see. Thank you.

Thank you.

Sir, could you highlight your dividend policy, which is as of now? Regarding the second question, which is on data centers, out of the two technologies currently available, what I know is immersion cooling and direct-to-chip, which one are you more focused on in India, and what is the update about the trial runs you mentioned in the previous conference call that were ongoing for these data center things?

Let me tackle your second question, and then Mrinalini will address the first question on dividend. The technology is a choice by the OEMs who are setting up the data centers for the developers.

Therefore, whoever is setting it up, whether they're looking for direct-to-chip or they're looking at immersion coolant, there are products available for that. I think we'll have to wait and watch in India which technology emerges eventually as the predominant technology.

It's early to say at the moment. We are positioned to participate in both.

Some of the trials that we talked about have resulted in some business, but many of these are long-range trials. The last bit I would say is while there has a lot of announcements of development of data centers, we have to see for a lot of them to convert into operational data centers eventually then they start consuming cooling solutions.

That could be at least 2 years out?

Difficult for me to say, because we're just tracking it. As it emerges, we'll be there to participate.

Okay. What would be the competition like within the lubricants that we give for data centers?

Any competition in India?

Sir, can I just interrupt you? You have asked two questions, if I may just request for Linny to respond to your first question, dividend policy.

Sure. Okay.

Mr. Shah, thank you for your question.

Our dividend policy is on the website, please do go have a look, but let me give you a broad framework. For the past many years, we've fall windows to split our dividend into, one interim and one final.

Usually, we are a cash-generating business, and we like to reward our shareholders with a healthy dividend payout. While we don't have a pay number policy, you would see that our dividend yields are usually in the range of around 5% when I cumulate for interim and final dividend.

Additionally, in case of events, you would have seen over the last 10 years a couple of times we've also given a special dividend to reward our shareholders. That, for example, celebrated 125 years of Castrol globally.

We had done that a couple of years ago. That's the broad framework which manage our cash and reward our shareholders.

I'm sure you've seen also that we have issued an interim dividend as per currently, and framework we've advanced cash into the interim window rather than in the final window.

Okay. Is it safe to assume that you probably intend to pay out around 80% to 90% of your earnings as dividends roughly?

Historically, we've not given a percentage in our policy because I think what we really are guided by is our capital allocation framework, wherein if we have an alternate use case of the cash, we would potentially maybe deviate from the percentage that you mentioned. Like you said, past 3 years we've been in that range.

Thank you for the opportunity. First question is on the pricing side.

You mentioned that we have taken sort of pricing action, two price increases between Jan to June, in the low double digit. We heard from your competitor that probably they've been able to sort of take around four price increases between March to July, even after the end of the quarter as well.

Question in this regard is, normally Castrol has been the one which has been leading the price increase in the Indian industry. Is the structure changing?

Or is it that the competition is catching up with some of the discounts reverting and then sort of increasing the price at this point of time? The second question was about the impact of the price increase.

If at all the industry has taken a higher price increase, do you see a risk to a volume growth as we go ahead? Would there be downtrading?

How have been the experience in the past if you can narrate on the same?

Okay. Let me answer your two questions.

I think we are guided by our pricing actions by two things. One is our outlook on raw material cost.

The second is our direction on maintaining our EBITDA margin at 21 21% to 24%. These are the two parameters within which we run the business.

Basis that, we have modeled what would be an ideal pricing scenario this year, and we have executed those price actions late in 1Q and then again in 2Q. As things stand today, the pricing actions that we've implemented have been sufficient to offset the raw material increase that has come through in quarter two, and we'll see some of the raw material increases also spill over into quarter three, right?

The external environment remains very volatile. If the volatility increases or if facts change, then we stand prepared to take whatever other pricing action is required.

We are guided by our raw material cost profile as well as our outlook on that more than anything else. In the past, whenever such environmental changes have required us to take pricing actions, we've also doubled down on activating consumers and investing in the brand, which we continue to do right now.

In the short term, there may be volatility and there might be some consumer sort of trade-offs happening, but we are guided by, again, a history of about a decade when we have taken this kind of pricing action in a very volatile environment. Generally, the business comes back to a 21% to 24% EBITDA, and we also sort of continue with a certain volume growth.

We feel that in the short term, there might be a volatility, but in the medium and long term, we're pretty certain in terms of the direction of travel of the business.

Thank you, sir. Thanks for the color.

Hello. Am I audible?

My question is on the opening remarks you mentioned the impact of the commodity will be more visible in the Q3, right? Does that mean that the low-cost inventory which we have will be visible in the Q3?

This kind of realization will be continuing in Q3 also?

Mr. Boricha, if I understood your question correctly, you're trying to understand the quarterly profile of our costs.

You heard me say that the environment has stepped up back in April, March. The full impact of that did not 2Q COGS.

Because we carry older inventory at softer prices.

Exactly. That's my question, ma'am.

Sorry to interrupt, but I am trying to understand, do we have that low-cost inventory which will be visible in Q3 also?

No, Mr. Boricha.

I think we pride ourselves in a very lean inventory profile. We do churn our inventory fast, and that's why we are already planning for the inventory that we will use in 3Q to be that which has been bought towards the end of second quarter.

Okay. Ma'am, just a follow-up on this, if you can mention what is our inventory days we kept, what kind of inventories do we kept in terms of days post this volatility scenario?

[unclear]

Actually, your voice is breaking in between.

Okay. I'm going to try again.

Do you hear me better now?

Ma'am. Better.

Yeah. I was just saying that inventory that we carry is a result of our supply chain's physical structure.

Our supplier profile is very diversified. We do buy a lot of our inventory locally, almost about half, and half of our inventory is also bought from international suppliers, which means that lead time in both those cases will be very different, and hence the inventory that we carry on our books will also be different.

Difficult to give a specific answer, but yes, in this volatile time, we have relooked at that. We do plan our inventory very closely to minimize any impact of these surges that we saw in the quarter.

Hopefully, we can talk about that when next quarter is over.

Okay. The last one follow-up on this, ma'am.

Can you quantify the impact of this inventory gain in last quarter in absolute number?

I would stay away from specifics, Mr. Boricha, but you know that our results actually give a lot of details.

If you go through the financials, you may be able to spot them, but I would stay away from specifics.

Ma'am. Thank you.

I just wanted to understand You said that there will be margin pressures in Q3 as well, but I'm assuming you have taken two price hikes, one in Jan to March quarter and then the low double-digit price hike in 2Q. Isn't that price hike enough to offset the RM cost increase?

Because, as I understand, after June, the prices of base oil has also declined. Isn't those two price hikes sufficient to offset the cost?

Or is there something which I'm missing here?

I just wanted to understand that aren't the two price hikes which the company has taken in last two quarters sufficient to offset the increase in RM cost for the third quarter? Because, as I understand, third quarter the prices have cooled off, the raw material prices.

Just wanted to understand on the margin outlook for 3Q.

Right. Okay.

Thank you for your question. I'll attempt to answer, and then maybe Mrinalini will add to it.

We have taken the two price increases with a certain scenario built in on inventory not just for quarter two, but for the rest of the year. There's also an element of foreign exchange in that, right?

As things stand today, the pricing that we've taken has modeled whatever you are seeing by and large in quarter three. That being said, environment remains very volatile, and as you would have seen in the last couple of weeks.

We is the price but the absolute cost will remain to

Let me try again. Are you able to hear me all right?

Hello? Okay.

As I was saying that there are two aspects to the cost inflation. There is the raw material price, which is base oil predominantly, and there's also foreign exchange.

We have modeled a certain cost of goods for quarter two as well as for the second half of the year, based on which we've taken certain pricing actions. Having said that, the environment remains very volatile, and at this point in time, the stance that we've taken is if the cost of raw materials and/or foreign exchange further sort of moves adversely, then we stand ready to take pricing action.

That's one part of the equation, but separately, we have also done a lot in the last quarter to bring down structural costs in our raw material as well as some of our other areas where we've intervened. We are also tackling all our cost lines to be as efficient as possible so that we also balance our pricing actions with our ambition to grow our market share.

Sure, sir. Thanks.

That is helpful. Thank you.

Thank you.

Hello. Thank you for taking my question.

Sir, you mentioned that we are present in both the cooling technologies that are used in data centers. If you can, for our understanding, explain how are these two cooling technologies different, and how does our product add value here?

Also if you can share a bit about the competition in this space. Thank you.

Look, at a very high level, the two cooling technologies are different in the sense that there's an immersion cooling approach where an entire server blade is immersed into a fluid, a chamber holding a fluid, and that dissipates heat while it doesn't allow for electrical conductance, and therefore, that's how the computer works. In the other case, the architecture is such that the heat is taken off the chip directly with the way the frame has been designed, and there are liquids which flow beneath that which are then recirculated, and they remove heat.

That's at a very high level. I'm not the technical expert, but that's how the two technologies work.

We have products that apply for both, and as you can from a competitor set, there are lubricant companies which operate in this space. There are also other chemical companies that operate with fluids in that space.

I hope that answers your question.

Yes, sir. Thank you for the answer.

Thank you.

Yeah. Hi, sir.

Thank you for the opportunity, and congratulations on a great set of numbers. I just had one question.

I see there's a loss of around ₹66 crores in the OCI. Can I know what it's pertaining to?

Mr. Patel, it's not a loss as such.

It is a revaluation of our investment into Ki Mobility. You would recall that the company had made this investment close to about 4 years ago.

Our accounting policy guides us that we must revalue this asset every 6 months. The method of revaluation is really based on external market.

We use similar comparative companies, and we do a revaluation of our asset. To that extent, external companies have gone through a very volatile season, and hence, as a result, while valuations are impacted, we have done the job of really reflecting that valuation into our balance sheet, and that's the impact that you see here.

We'll continue to do this even in the following quarters, and I do expect this revaluation of the asset to keep moving up and down depending on how the external comparative companies perform.

Got it. Thank you for the answer.

That's it. Thank you so much.

Thank you for the opportunity again. I just wanted to understand current mix in B2C and B2B business, and whether you're planning either to go more on B2C or either on the front of B2B more from a strategy perspective.

Second, on sourcing mix. I remember last time you said 55% is sourced domestically.

Is that correct? Or are you sourcing 45% as Is there some change in sourcing that you have done that would have also led to increase in margins?

Okay. Thank you, Dhaval, for the question.

I think the guidance on 55-45 broadly remains. Having said that, given this year has been very volatile, we have first focused on making sure products are made available to our customers, and we keep the market supplied with our products.

Therefore, we take tactical calls during the quarter to keep keep our availability at the level at which we want. Broadly, the 45-55 will remain the way it is.

Within a quarter, it might move around a bit. Then there has been a lot of volatility also in terms of availability of products, and we have we have taken action to offset that.

On your first question on B2B, B2C, our B2C business, which is the branded which is the Castrol-branded business that you see widely distributed in the market through retail stores, that is something that we look at independently. It's not this either/or.

The B2B business for us is the business that works closely with institutional share institutional partners such as OEMs, Tata Motors, Maruti, and so on and so forth. On the second, we will be guided by the growth of these OEMs.

As they grow, we'll participate in that growth. Separate from that, on our B2C business, we have we have seen that in rural India, there's a lot of opportunity to grow as mobility kicks in over there with more disposable income.

In urban India, there is a big opportunity to premiumize our portfolio because more people are buying premium cars. Therefore, we have divided the country into those clusters where we participate with our entire portfolio in rural India to tap into emerging consumers, and we participate with a premium portfolio in parts of urban India where we participate in the new premium vehicles that are coming in.

Our industrial business, which you may not have referred to, but is an important part of our growth agenda, has been growing at high double digit for the last couple of years, and we think with the tailwind in manufacturing, that will continue as well.

Is it possible for you to just give a split? As in I understand this is a follow-up, but how would you split your overall revenue coming from, as in on percentage basis, if you can provide any color?

I'll pass on that question to my colleague Mrinalini. She'll respond to that.

Hi, Dhaval. It's Linny talking again.

Industrial business, as you would remember in the past, we've spoken about it, has contributes to about 15% of our overall business. It is growing faster than the rest of the company, and hence, that percentage slowly will increase, but it is still in that ballpark range.

Within automotive, what we do with our institutional sales and aftermarket, I think that split is perhaps not relevant, but I assume that you are interested more to know how industrial is doing.

No, just so 15%, of course, industrial, and then B2B and B2C, I understand B2C is obviously higher, or about 50% higher than B2B business. Broadly,

I think the volume would be there. Margins are quite different.

Okay. Thank you.

Hello, team. Congratulations on good set of numbers.

I just was wondering and wanted to know that are there any major capex plans or strategic investments that are planned over the medium term?

Hi, Muskan, and thank you for the question. You've heard us talk about this in the past.

We do spend our capital either in our manufacturing units to make sure that they have the latest standards of health and safety, or for capacity expansion, etc., and we spend our capital in market to make sure that we have the right level of visibility for our dealers as well as workshops. That continues to be in the range as we've always declared for the years that we spend about ₹100 crores, almost about half-half across both of them.

To your second part of question, are there any strategic investments, etc. being considered?

We always do that. It is a part of our regular journey.

We many investments. There's nothing to share at this moment, but we will be sharing as and when we are ready.

I see. Thank you.

That sounds wonderful. Thank you.

Good afternoon, sir. I have two questions.

I believe Castrol is transitioning itself into full synthetic or semi-synthetic kind of lubricant across categories. When does the transition becomes full, or is it more gradual?

Because if we see category 3 base oil, there is a shortage, and the price increase has, I think it has become 2x or 3x. How do you see the situation over the next 1 to 2 years?

Second question is with respect to E20 fuel. Do you see it triggers increase in more synthetic lubricant for India?

Thank you so much.

Thank you, sir, for your question. Both very important and interesting questions.

Let me tackle the first one, which is on the high-grading of our portfolio in the cars business, and we have done it for bikes as well, where we introduce fully synthetic products. This is not new in terms of what Castrol does.

We are always there to introduce our latest offering to consumers, and that is what you're seeing. At what pace this takes off and changes the entire portfolio into fully synthetic will be determined by consumer uptake and how the vehicle technology evolves over time, right?

I don't see that becoming a biggest part of our portfolio in the next 2 years, but we are introducing products which are world class and making it available to Indian consumers, and then we will invest behind the brand to premiumize our portfolio and create more reasons for them to buy our premium products. That's the first part, answering the first part of your question.

I think there's subtext to it, which is in terms of Group III base oil. Yes, it's elevated, and it is being impacted by the Middle East prices.

Again, as I mentioned to somebody a short while back, our pricing actions are determined by our guidance of EBITDA of 21% to 24%. If the raw material prices go up, then we will take pricing actions to compensate for that.

At the same time, we remain very, very focused on operational efficiency through our supply chain to bring down our operating costs. We look at pricing as well as cost management.

Your second point was about If you don't mind, what sorry? E20.

E20.

Was on E20. That's a as as most people would know right now, it's a fuel choice, right?

Therefore, engines that have been not optimized for E20 will there would be implications for them. That does not impact the lubricant specifically in being used in those in And we'll have to wait and watch to understand how the OEMs respond to it and how does the whole ecosystem of transporting and and dispensing, biofuels works out in the country.

Yeah. I would also add an a quick one, which is most of our brands in the passenger car business are already compliant with the requirements of, operating with an E20 fuel into the engine.

Thank you so much. That was quite useful.

Thank you.