Thank you, Ryan. Good evening, everyone, and thank you for joining us on Rossari Biotech Limited’s Q3 FY26 earnings conference call.

We have with us Mr. Edward Menezes, Promoter and Executive Chairman, Mr.

Sunil Chari, Promoter and Managing Director, and Mr. Ketan Sablok, Group Chief Financial Officer of the company.

We will begin the call with opening remarks from the management, following which we will have the forum open for a question-and-answer session. Before we start, I would like to point out that some statements made in today’s call may be forward-looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with you all earlier.

I would now like to invite Mr. Edward Menezes to make his opening remarks.

Thank you, Mitesh. Good evening, everyone, and thank you for joining us on our earnings conference call.

It is a pleasure to have you with us today as we discuss our Q3 FY26 operational and financial performance. We delivered a healthy 13% year-on-year growth in Q3 FY26, despite a softer domestic demand environment.

The operating backdrop remained challenging. However, our diversified business model and strong customer relationships enabled us to sustain our growth momentum.

All business segments registered year-on-year growth, supported by healthy volumes and sustained customer engagement. While profitability in the near term was impacted by ongoing investments in capacity expansion, product development, and market-seeding initiatives, as well as higher employee-related costs following the implementation of the new labor codes, we remain confident that operating leverage, scale benefits, and an improving product mix will support margin improvement over time.

On the manufacturing front, we are pleased to report that the newly commissioned 15,000 metric ton per annum ethylene oxide facility at Unitop is witnessing a steady ramp-up utilization. Availability of ethylene oxide continues to be a near-term constraint.

However, we are managing supply prudently and are encouraged by indications that the situation should ease during the course of this calendar year. In the interim, we are leveraging the fungibility of our reactors to progressively scale up non-ethylene oxide product lines, ensuring that the new capacity contributes meaningfully to production and throughput.

This balanced approach enables us to optimize asset utilization while we prepare for a more favorable ethylene oxide supply environment ahead. In parallel, our sales capacity expansion program across verticals continues to progress well, strengthening our manufacturing capabilities.

In addition, the board has granted in-principle approval for setting up a greenfield specialty chemicals manufacturing facility in the Kingdom of Saudi Arabia under Rossari International Limited Company, our wholly-owned subsidiary. The proposed project aims to enhance supply chain resilience, improve speed to market, and support the company’s international growth strategy.

With this, I now invite Mr. Sunil Chari to share additional perspectives on our business performance and strategic priorities.

Thank you, Edward sir, and a warm namaste to everyone. Q1 FY26 was a relatively softer quarter compared to Q2, yet we delivered healthy year-on-year growth, supported by our diversified portfolio.

While domestic demand remained muted in certain segments, exports continued to provide support to overall performance through deeper engagement with key customers and expansion in a few geographies. The specialty chemicals segment delivered 11% year-on-year growth, reflecting stable demand amidst muted domestic environment.

The textile specialty chemicals segment delivered a healthy growth of 18% year-on-year, while the animal health and nutrition business reported a strong growth of 39% year-on-year, driven by improved traction across key end-user markets. This broad-based segmental performance helped support overall growth during the quarter.

On the institutional and B2C front, performance remains subdued in quarter three. However, we are making steady progress on costs and portfolio optimization, and remain focused on selectively scaling this vertical with a long-term perspective on profitability.

On the export front, our international business continued to contribute meaningfully, supported growing by 26% in nine months FY26, driven by focused efforts to deepen relationships in key geographies, expand our customer base, and increase wallet share with strategic partners. Our growing global footprint and ability to offer customized solutions chemistry continue to strengthen our positioning across international markets.

Further to what Edward outlined earlier, we view the board’s in-principle approval to set up a greenfield specialty chemicals manufacturing facility in KSA as an important strategic step for the company. The initiative is aligned with our focus on strengthening supply chain resilience, improving speed to market, expand global footprint, enabling flexible and scalable production.

KSA also offers strategic proximity to key export markets, for example Europe and MENA, including Africa, and deepening presence in segments like oil and gas, enabling faster delivery and improved customer responsiveness across the region. Subject to customer evaluation of and receipt of necessary regulatory and statutory approvals, we will move towards implementation of the project, which is intended to be funded through a prudent mix of equity, debt, and internal accruals, while also exploring available regional incentives.

Once commissioned, the facilities are expected to cater to strong regional demand for value-added specialty products and support export opportunities. We believe this platform will play a pivotal role in accelerating our international growth and strengthening Rossari’s positioning as a leading global player in specialty chemicals.

To summarize, Q3 FY26 reflects our ability to deliver steady growth in a challenging environment while continuing to invest for the future. With our expanding capacities, strengthening product portfolios, and strategic steps to build a more resilient and globally competitive manufacturing platform, we believe we are well positioned to drive sustainable, profitable growth going forward.

With that, I now request Ketan to take you through the financial highlights for the quarter. Thank you once again for your continued support.

I now invite Ketan to share the financial highlights for the quarter.

Thank you, Mr. Chari, and good evening everyone.

Let me take you through the financial highlights for the quarter ended December 31st, 2025. In Q3 FY26, consolidated revenues grew by 13% year-on-year to 581.7 crores, supported by steady performance across our core businesses and continued contribution from international markets.

Consolidated EBITDA for the quarter stood at 68.9 crores, with an EBITDA margin of 11.8%. Profitability during the quarter was impacted by ongoing investment in capacity expansion, new product development, market seeding initiatives, as well as the impact of implementation of new labor codes.

Excluding the institutional and B2C business, our core B2B operations delivered an EBITDA of 72 crores, with a margin of approximately 14%, which is marginally lower than our normalized margin band of 15 to 16%. Our institutional and B2C businesses continued to operate in a challenging environment during the quarter, with growth of these verticals remaining muted.

Losses have continued to moderate, driven by our focus on improved product mix, enhancing operational efficiency, and maintaining cost discipline. We are also closely evaluating our plans for non-profitable products in this portfolio and assessing their contribution to the growth relative to their impact on profitability.

On the capex front, our phased expansion program across Rossari and Unitop continues to progress. These investments are being funded through a mix of internal accruals and debt, and are aimed to strengthen manufacturing capabilities and improving supply reliability and supporting the future growth.

With respect to the proposed greenfield specialty chemicals manufacturing facility in KSA, for almost a year we have been exploring a few geographies for setting up potential specialty chemicals manufacturing facility. We now see the possibility to be able to do this in KSA, and hence the board has granted us an in-principle approval for this.

Now we will be evaluating this further towards setting up of a manufacturing facility. The project progress will be subject to all customer evaluations and the necessary statutory and regulatory approvals.

We will keep updating the progress to the investors going forward. Our balance sheet remains strong with healthy liquidity and conservative leverage, providing us sufficient flexibility to pursue our growth initiatives.

On working capital, the position improved sequentially in Q3 with better collection during this quarter, while we continue to hold selective strategic inventory for key raw materials overall the working capital is moving back towards the normalized levels. As we look ahead, our priorities remain focused on improving capacity utilization, strengthening our product portfolio, and remaining financially disciplined to drive sustainable and profitable growth.

With a clear investment roadmap, we are well placed to execute our growth initiatives in a calibrated manner. With this, I conclude my remarks.

Thank you everyone, and I would now request the moderator to open the floor for questions. Thank you so much.

Yeah.

Oh, can you?

My question is on the Dahej and Unitop, the capacity additions. With the successful commissioning of 3000 metric tons and 10,000 metric tons, when do we expect operating leverage to fully kick into the consolidated EBITDA margins to the 13 to 25?

Yes, Rehan, I was not very clear, but I think I have got the gist of what you are asking. Part of the ethoxylation capacity came up in the last quarter, and we shall, second phase is expected to come on stream in this quarter, which is Q4.

The ramp-up will then happen. The first phase is now slowly getting ramped up.

We would have done about utilization slowly of about 10 to 15% during this quarter. Optimal utilization of both these facilities will take at least two years plus for us to reach the optimal capacity utilization.

That's what the plan is, and most of as the capacity utilizations go up, we will see some of the operating leverage playing out.

Okay. I just want to wrap up that you are saying by till the end of second phase, we see operating leverage kicking in, right?

Yeah. The ramp-up, the utilization will take, as I said, two years.

Around 27. By 27, we should see these capacities getting fully utilized.

Okay. Secondly, on your MNC customer targets, you have mentioned targeting MNC customers for cross-selling.

Does the move toward an overseas manufacturing setup imply that your current export model from India is facing logistical or cost-related advantage that your gain manufacturing 50% tariff can no longer mitigate risk?

No, I think what I understood, our plans of exploring overseas expansion is not really got to do much with the tariffs, because the tariffs came out now while we have been working on this almost a year now on our future strategy and plans. It's not really linked to the tariff.

We have been able to grow our exports pretty well in the last one and a half, two years, and I think that is one of the reasons what drives us to set up a facility outside, because now our export market is pretty strong. We have a good customer network, and I think based on that, we will be able to really service these customers pretty well from a facility which is outside India.

That was the overall thinking.

Okay. Fine.

Thank you.

Good afternoon, sir. Thanks for the opportunity.

I got three questions. First on the expansion into the KSA, can you help us understand what kind of investment are we looking there from a setup perspective?

Because it's a greenfield, we have to buy the land and then put the capex, probably an admin office there. What kind of investment are we looking there?

Hi, sir, Sanjesh here.

No, I got your question. Yeah.

As I was saying, after looking at a few geographies over the past few months, we zeroed down on KSA, and now the board has given us an in-principle go-ahead to start evaluating this further, and that's what we are going to do now. We've already formed the company in KSA, as we had disclosed a few quarters back, and this project, as and when it comes up, it will come up under this entity.

Now we'll all start working on the evaluation process, the project cost, the land availability. We are already speaking currently to a few authorities in KSA in terms of availability of land, raw materials, and other things.

As these things get more fructified and we have a more clear understanding of the project, I think that would be the right time for us to come back and give a little more details about the project. To go ahead, we have talked to the board, and the board told us that in principle we can go ahead and start exploring this opportunity.

KSA kind of suited us well in terms of supply chain, expanded global footprint, more flexibility, scalable production opportunities, and it also had the close proximity to a lot of our export markets, Europe, Africa, MENA region, and also the fact that we are also now exploring to get a little deeper on the oil and gas side of the business. That is basically what this KSA initiative is as of now.

Just to understand what advantage are we looking at that's not offering, which India doesn't offer, because I haven't seen many of the Indian chemical companies not going outside of India. If somebody has explored purely there for the technology now, or there are some kind of restrictions from India to export, but really from a chemical manufacturing perspective, at least the larger setup in India has always been in India.

Now why does the change of thought as far as Rossari goes, and we don't have a real established export business. We are a new baby in the export market, and we are trying to invest so much ahead of the time without any anchor customer or a very large contract.

What is giving that confidence, or what is driving this all expansion through KSA? So

the primary advantage that going in KSA is the availability of raw material. We are already speaking to a few suppliers with whom we plan to get into a long-term contract at a specific pricing formula, which will give us a substantial advantage in terms of both availability and price.

Secondly, in terms of the technology and the product profile, we just set up a project here in India, and the current plan is that the facility will be on similar lines as what we've done here in India. We are already aware of the technology, the product dynamic.

Thirdly, on the customer front, we have done a complete mapping of the requirements of customers, both in the GCC region and in Europe. Europe and Latin America, any which way we are already working from here.

Within the GCC region, and specifically locally in KSA, we have also talked to a lot of customers, and as this project moves ahead, we have an understanding with at least two customers ready to buy for supply of products. Much of these actual agreements and documentation will happen as the MSRP project goes forward.

We are currently also not signing up too much because we want to first evaluate the project, the cost, the returns, etc., and then go ahead. Both on the raw material side as well as on the end customer side, we have pretty much a very good level of discussions with both suppliers and potential customers.

My next question is on the profitability. I was just looking at the numbers.

Starting from Q23, we are at 3Q26. Our numbers at the PAT level has been broadly at around 300 million per quarter.

It has barely changed, and our ROCE now stands at sub-15%, closer to 13%. Now, how are we looking at scaling the profitability now?

It's been three years, ROCE is at a level post-tax, close to that. How do we are looking this financial metrics changing in next two years, and what will drive this?

I think profitability has been around the same level now for last many quarters. We are strategically now looking at bringing out a little more higher-margin segments.

One is that the B2C segment of us is really pulling us down. We had certain plans and strategy to grow that business, but it seems that the things in the B2C vertical are not really playing out the way we were expecting it to do.

We are re-looking at that business all over again to reduce losses. On a longer-term basis also we are assessing this piece of business of ours, and maybe in the next few quarters we may take some decision around how we really plan to or what we plan to do with this B2C vertical.

Apart from that, I think some of these capacity additions which we have started, which partly have come up in the last quarter, some of them will come up in this quarter. We are quite hopeful that the margin profile going forward should start seeing some upside.

The only challenge currently, because of the overall subdued market, we are not facing any issues in terms of EO availability. As the ramp-up starts happening in the next year, it could be a few months where EO could be an issue.

We really don't know how it's going to pan out. The expansion on the side of the supplier is going on stream, and we've been told that the additional volumes could come up, should come up by quarter three of FY26.

Hopefully post that, then there should not be any issues on EO availability. That's how, at least for the next year or two, we are looking at the India part of the business to grow.

Ketanji, just one question here. I thought we had a lot of opportunity locally, where Mr.

has talked about extensively, the new product development we have done, the strategy development we have done, through vertical development, credit that we have done in the last three years. I thought there was a heavy lifting done in India, and I thought that would be more focused on encashing the efforts that have gone in the last three, four years.

We are stretching the management bandwidth by expanding into KSA and all. Just wanted to understand for next two years what remains the priority, both on the revenue category growth investment and on the profitability.

Keshav, I think we've been very focused on product development. We've now kind of enhanced our entire R&D capability.

Last six months we've brought in certain senior people in the R&D function. Some of these product developments that are going on currently, we should see some of these playing out in the near future.

In terms of priority, I think both the India business remains the topmost priority for us, and that is the reason why we've done so much of investments in the last one year. The priority will remain to ensure the capacities get utilized ASAP, and these new product developments that currently are happening, they start showing up in the numbers.

In terms of the KSA, the KSA team, we are slowly setting up. As I said, it's currently just a work in progress.

Now we will start, now that the board has given us, we will start a little more deeper, the project side. That team is going to be completely different.

We've already identified two senior project professionals who are going to join us once we internally give a green light to this project. Both of them will be based out of KSA.

I don't think the current management will really have... The current teams will not get stressed.

It will be a completely separate team, with an overall view from the senior management here and the senior project team here. These are some of the initial planning.

I don't think there is priority one and priority two. Priority continues to be the India business, and then the KSA business, as and when it expands out, we will have separate people looking at that.

I thought we had developed a team in Vietnam and Bangladesh to develop the export market. I think...

Yes. The team in Vietnam, Bangladesh, were primarily focused for the textiles business to start with.

The fact that you are seeing the textile numbers showing an improvement has got a lot to do with the textile export seeing a significant growth in this quarter. We are very much aligned on both these geographies.

Also to add to that, we are also in the process of doing that small formulation facility in Thailand. That should also come up stream maybe by end of Q4 or early Q1.

There also to start with we will see textile formulations and textile products manufacturing, and then probably once that gets set up, we can add other products of VHL and maybe some products of HPPC. If you see textiles, all these Vietnam and Southeast Asia nations are primarily for textile.

If you see in nine months, the entire growth of textiles that has happened has all come out of exports. Exports have grown almost 30% year on year.

That's what the export was for.

Sanjeevji and

Ketanji, the Bangladesh team also has been able to ramp up. The animal nutrition exports, we have now good exports of P.H.

into the Bangladesh market. Our new gut and vitamin premix, the plant which is there is already now the enzyme premix plant, which is now ready to start hopefully in this quarter.

This will add good volumes to this. Sanjeevji, I also want to add here that it was a Trump tariff, which saw this muted, but we are seeing, December has been very, very strong for us, and that we are very bullish now, in these times now, that in spite of all the problems, global specialty chemical industry, especially from China, we have continued to grow quarter on quarter.

Third quarter is normally a little weaker quarter, because first and second quarter are agro. We hope to do much better in this quarter in terms of the export and to add for the Saudi Arabian plants.

What we realized in the last couple of years after ramping up our exports is that there are a range of products which have a good potential in surfactants and also non-EO products, and where we saw that there is a possibility for us to get raw materials in Saudi Arabia at close to 35% cheaper cost in India. This is something where, different raw materials, because Saudi Arabia is a hub for the petrochemical industry, and the products which are competitive compared to China in Saudi Arabia are the products we are focusing.

We are still finalizing, and we expect a very healthy IRR and, ROC for the projects, and the board is convinced, on this possibility. Sanjeevji, I interrupted.

Please continue.

No, that was very helpful, Charanjitji. Just one last question on the profitability.

We were at 18% odd when we did the IPO. It came down to 14.

Now we are at sub 12. How should we see this profitability?

This is on the back that raw material prices have significantly dropped from where we were today. I think per kg basis it would have deteriorated further.

How do we see profitability from here? I think that is very critical from the return ratio perspective.

See, Sanjeev, at least for the balance part of this year and the next year till the EO supply situation comes through by Q3, we would hedge that our margins would be in the similar range, about between 12 to 13%, unless we get, unless we take what we talked about on the B2C business. If something happens on that side, then maybe there could be some improvement.

Otherwise at an overall company level, it should be between this 12-13% at least for the next year, while we are working on improving the product mix. As I said, some of these products which we are developing now should see the production coming up in next year, but short of the B2C, I think we should be in that 15% odd range.

Thanks. Thanks, Ketan.

Sanjeevji, I want to add here the new R&D products which we have developed. If you see our sales of new products now is 20% plus, especially because of the part where we are planning to sell part of our consumer business.

This part of the consumer business we are expecting even about 150 crores coming into the company for sale of this year, expecting a good valuation for the sales. Consumer businesses require money investment, some amount of cash burn, investment in marketing, promotions, free sampling, which we are not doing now.

We think the board feels that is better. This selling the consumer business should automatically bring our profits back to 15% and the new plants which are there, all the new for the fermentation, the biosurfactants, we have the best impact today.

We have used that, the best personal care company in the world has approved our biosurfactants. Two big multinationals of the world have approved this globally now.

We are hoping that we will do whatever chain it turns for biosurfactant next year in the production would all get sold up. We are expecting a much better percentage of EBITDA in the coming financial year, besides growth in terms of amount.

This year, whatever we do, we will see a healthy growth, both in percentage and also in amount, definitely.

Got it, sir, and congratulations for your successful approval of the biosurfactant. I hope that turns out to be a big churner for us, at least from the margin perspective.

Great to see it.

Yes, definitely. Thank you, sir.

Thank you,

sir. Thanks for all those updates and best of luck for the coming quarters.

Thank you.

Yeah. Basically, I wanted to understand the capacity expansion what we are talking about.

Can you quantify the kind of capacity utilization currently at the new facility at Dahej under Unitop as well as in Rossari also?

This new facility at Unitop has just got capitalized in the last quarter. The runs are happening.

It will take some time for the plant to stabilize. Currently if you ask me, in this quarter the utilization would be at a low of about between 10 to 15%.

As the plant gets stabilized and as the product continuous process starts going through, I think the capacities will slowly see a ramp-up. We expect an optimal utilization happening over the next two years.

So 10 to 15% capacity utilization, we are talking about 75,000 metric ton capacity, installed capacity. We are talking about that.

We are talking about 15,000 tons.

Sir. By end of FY27, what kind of ramp-up, though it may not be very clearly visible, but if you can just some ballpark number that what kind of capacity utilization this facility may see by end of FY27?

Sir,

it can go up to 90% capacity utilization. Okay.

And

we see in this quarter, that textile business, what you said, has seen very strong performance. Going forward, is it because the last few quarters has been muted, and so we see a sudden spurt in demand, or you see this is going to sustain over a few quarters now?

Textile, much of the growth this quarter, it has happened across both the domestic and the export markets. The export is driven by customers.

We have added a lot of new geographies, Turkey, Uzbekistan, Morocco, Philippines. These are all new countries where we have started adding customers.

We have also increased the number of stock points. In India, of course, the demand is a little soft because some of the end customers, the large ones like Welspun, Indo Count, have got a little impacted because of the tariff situation.

Otherwise we have seen a good offtake in other markets like Surat and Ludhiana and all. This quarter we saw some of that playing out, because last couple of quarters the domestic was very slow, but maybe some demand came in, we were able to see a good ramp-up in the domestic also.

Going forward, I think in Q4, I think it will be an average growth for us, because domestic, I think unless and until something, some clarity comes on the tariff side and the end market demand goes up, we do not expect any major increase in sales. Export should continue to do well, and we are already working in some more markets and some new products, so that should keep doing well.

Next year I think a lot of the textile growth will happen through the export side, as our Thailand unit will also become functional, and then we will be able to supply a lot of our newer customers in Southeast Asia, Bangladesh, etc., from the Thailand entity.

One last question on capex side, although that greenfield facility at KSE is under evaluation, but apart from this, major capex, we believe, have already been done for FY27 if you could guide something about the capex for FY27.

Most of the capacity enhancement capex has been done. Now for the next two, three years we may have some capexes towards new product development, piloting, R&D, etc.

Capacity enhancement capexes are done, and the aim would be now for the next two, three years to optimally utilize these capacities, bring in new products, and fill up the plants in India.

How much capex we are capitalizing in FY26?

By the end of FY26 we would have capitalized total close to, I think, about 200 crores. I don't have the exact number, but it will be around that number across the business.

That's it. Thank you, and all the best.

Thank you.

Hi. Am I audible?

Yes.

Hi. Good evening to the team.

Can you help me bifurcate the revenue growth in Q3 and nine months FY26 between volume and price growth on a consolidated level and if possible in the three business segments as well?

Yeah. As I was saying, most of the growth that we have seen on a YOY basis has all come out of the volume growth.

Some price increase would have taken, but I think that the increase in one gets knocked off by a decrease in pricing in the other. On an overall basis, we are seeing our volume growth happening close to almost 10 to 12%.

We can assume that the entire growth is out of volume basis.

This would be true for nine months FY26 as well?

Yes.

Okay, okay. I think in your earlier comments you had alluded to the fact that there is some demand softness in the domestic market.

Can you just probably go into a bit more detail as to which end user segments are seeing this weakness and some of the reasons as to why?

In the domestic, I think particularly we have been impacted in the textile division. That's where the end-use segments or the end-use customers have seen a drop in volumes.

Also in HPPC business in Europe, the sentiments have been very low. There also we have seen on the export side some softness.

Overall we've been able to make up for Europe with other geographies like MENA and the Middle East and Turkey, etc. If you see our months of October and part of November were really very, very soft for us.

The demand was very low, especially in the HPPC. Then again in the month of December we saw the demand picking back and a lot of the subdued demand actually came up in December.

We are hopeful that going forward, at least in Q4, we should see a better demand outlook compared to what was there in Q3. Apart from that, I think textile, as I said domestically, yes there was softness.

We are seeing that for the past almost many quarters. In this quarter, if you ask me specifically, as I said earlier, we saw a little bit of demand coming back in textiles, but we would not assume that that is going to be the story going forward.

It was just probably a quarter-specific phenomenon. We'll just have to wait and see how that plays out.

We are going to make it up more through our exports.

This quarter you've seen quite good growth in the animal health business. If you could just elaborate as to where this growth is coming from and how sustainable is it going forward?

In AHL, I think we saw good demand this quarter. The second half generally is a better half for AHL when you compare with the earlier half.

Also now in AHL, we are focusing to drive sales through key accounts. Some of that is playing out now.

Hopefully we should see that coming up also going forward. Again, our export initiative in AHL is also now play out.

We've seen some of it happening in this quarter. There are a lot of countries we are adding, some of them being Nepal, Bangladesh.

We've also done some business in Egypt, Nigeria, Thailand, and also a few countries in South America. We are also working towards registration to a few more countries in Southeast Asia and in the Central European region.

I think these will play out, plus our premix plant will come on stream by the end of this quarter or early Q1. Next year premix plant should also add into the AHL volumes.

I think a lot of the back-end work for the next growth trajectory for AHL has been done in the last six months, and we should see some good numbers at least going forward from next year.

Just one last one from my end. Based on some of the comments you just made, the sense I'm getting is that this quarter and perhaps in the next coming quarters, exports is perhaps something that is going to perform better than domestics, but your long-term focus or long-term growth is still going to be driven primarily by the domestic market.

Is that a correct understanding? Well,

so if you see most of, if you see the export trajectory of ours, it has consistently grown quarter on quarter. Some of the muted demand of the domestic market has been more than made up by the exports.

If you see in this nine months, export has grown almost 26% versus last year, while domestic has grown only 10%. Today in this nine months, the export piece is close to 30% of our turnover.

Maybe three, four years back this number used to be less than 20. Going forward also we expect the export to keep growing, maybe not at this rate of 26%, but it will see a good rate of growth.

Probably the rate of growth will be better than that of the domestic market, unless the domestic sentiment really changes, especially in textiles and the FMCG business. Otherwise exports will continue to grow.

Okay. Thank you so much and good luck for the forthcoming quarters.

Thank you.

Thanks. Could you share the export contribution for this quarter?

Hello? Can you hear me better?

Yes, just two quick questions. First, export contribution for this quarter, and you had also announced non-EU-based capexes in Rosari.

Is there any delay in the commissioning of those capexes?

Export contribution in this quarter is 33% of the total turnover. On nine months basis, it is about 30%.

All right, sir.

All capexes are going as per plan. They are on stream.

The balance detoxification capacity should come on stream in this quarter itself.

No, I'm saying non-EU-based capacities that was announced for Unitop, TriStar and Rosari.

Those will happen in the next year. They are more phased-out capexes and more towards product development.

Second half?

Yes, some of them will come in Q3 and some in Q4.

Sir. Just one last one.

You had announced that for Saudi Arabia, there was an investment of roughly 8 billion dollars— 8 million dollars. Apart from this, will there be any other capex to set up the facility?

I didn't get your question.

You had mentioned that there will be around 8 million dollars investment.

No, that's not the capex amount. That 8 million dollars was just an approval taken for doing any kind of equity infusion for us to do the evaluation process and all.

The capex will be substantially higher than that. That was only an initial approval we had taken to, we start.

As I said, now in-principle approval has come and we'll need to start doing a lot of groundwork there. Once that, for that we'll need some spend, which will happen there.

The reason we have taken an initial approval of equity infusion of 8 million. That's not for the capex.

The detailing of the capex will happen once, we've done our assessment and evaluation exercise, for which we'll come back once we get a formal approval on the capex amount.

Sir. Thank you so much.

Thank you everyone. I hope we have been able to answer all your questions satisfactorily.

Should you need any further clarifications or would like to know more about the company, please feel free to contact our team or CDR India. Thank you once again for taking the time to join us on this call.

Good evening.