Thank you. Good afternoon, friends, and welcome to the quarter four and FY '26 earnings call of Greenlam Industries Limited.

I have our CFO, Ashok, on the call, as well as the team from SGA, our investor relations advisors. I'm sure by this time you've had the opportunity to look at the results and the investor presentation, which are available on our stock exchanges and the company's websites.

I'll give you some updates on the quarter and the FY before I hand over the call to Ashok. Firstly, I'm pleased to communicate that the company crossed an annual revenue of ₹3,000 crores in FY '26 with a growth of about 18%-plus on a year-on-year basis.

This growth was driven by improved performance across all categories. Our core business continued to grow.

The new businesses of plywood and allied also grew reasonably well. The chipboard business did quite well in the first year of operation.

I think within the first year of operation, I think we've come to be amongst the top players in the chipboard business. The EBITDA also last year, despite the losses of the new businesses, before forex, grew at about 20-odd percent.

The PAT numbers look a bit depressed due to the losses on the new business, increased interest costs, increased depreciation costs, but clearly, I think, as we move ahead, as we get more leverage, I think you will see improvements on the revenues, on EBITDAs, and on the PAT profitability. Despite new businesses, again, working capital cycles were largely maintained at 57 days, despite that we had a brand new business of chipboard.

Clearly, I think last year was an important year for us. It was a first full year of operating all the five factories, after maybe three years where, in FY '23, '24, '25, three years we kept adding capacities, started new plants, two new product lines, several initiatives in the domestic market, several new warehouses in the international market.

Last year was the first full year of actually just being focused on running the business and focusing on the execution part of it. FY '27 will be one more year where we are not getting new capacities on board, we're just focusing on ensuring the investments done are converted to revenues and profitability.

During FY '26, we also took an important step of consolidating our brand strategy with two brands. Earlier, we had Greenlam, NewMika, Mikasa, Decowood, we brought everything under two brands, Greenlam and Mikasa.

Mikasa now carries plywood, laminates, veneer, flooring, doors, and Greenlam that's our flagship brand of laminates and the melamine chipboard. This initiative has also helped us better position ourselves in the market, bring in more leverage towards the brand costs and the channel, and I think that's also moving in a good direction.

Starting March, with the war and the conflict, this led to a substantial increase in raw material costs, specially the chemical costs, and we were mostly able to pass on all the increase in the domestic market. In the export market, we could pass on about 4% to 5% price increases, plus there was a rupee depreciation, which kind of benefited, or eased out the cost increase to an extent.

All additional freight beyond a certain point, which has been in agreement with customers for several years, that was passed on to the market. By and large, the most of the RM cost increase have been passed on to the market.

Since then, there has been a little bit of softening on RM costs, specially in the chemical side, and some minor corrections have also been done in the market, basis the RM movement. As far as the logistical challenges concerned, in terms of availability of raw material, by and large, we didn't have disruption of raw material or supply chain, and yes, there was some delays on imports, we've had some delays on exports with transit times increasing a bit, sea freight increasing in both inward and outward side.

I think the team's been able to manage the situation quite successfully. Otherwise, I think, from a war perspective, as of now, things look more or less under control on our side.

As far as the demand is concerned, we're not sure how things will pan out in the future, but so far, we've said we'll do an 18%-20% kind of a top line growth in FY '27. We said that earlier that we'll be maintaining that growth for the next few years.

FY '27 also we should be able to maintain a 18% kind of a top line growth despite the RM costs and maybe some disruption on demand if that does happen in the near future. We do export to Middle East, and yes, it was impacted in the month of March and somewhat impacted in the month of April, but May was reasonably normalized, and on overall scheme of things, we don't see it'll be much impact.

Some other markets should be able to take on that load, but yes, as far as Middle East market is concerned, there was an impact in business in March and in April. If I go segment-wise, the laminates business continues to do well.

We had a good operating revenue in the quarter and the year. We had one of the highest EBITDA value in laminates last year, nearly ₹400 crores of EBITDA we did in FY '26.

I think as we move on, we should continue to do well in this category. We're adding two new lines of laminates, as announced earlier, and they should be coming into production by end of this FY.

I think that's going to happen at the Andhra Pradesh plant. We said that earlier that we have enough brownfield expansions now in laminates in both Andhra Pradesh and Gujarat plant, and we don't need a fifth plant.

That's on the laminate side. Plywood and allied categories also, I think we continue to win market share in that premium category we are present in, and we still have to do more to bring the business to EBITDA break-even.

We hope in FY '26—sorry, FY '27, we'd get to that level. We're still not present across the country, and this year too we're not taking the brand national as yet in the plywood business, limiting it to south, some parts of western India, and eastern India.

On the panel and allied segment, I think we've done quite well in the first year of operation. The plant's well stabilized, product quality has been quite well acceptable.

We have worked on product development. A new category of HMR was launched in Q3.

In the coming year, too, we are looking at adding some more premium items in this category. I think on the plant side, product, distribution, I think we made good progress, and I'm assuming and I'm hoping that this year, too, will continue winning more business and winning more market share in the chipboard business and improving volume, improving value mix, and bringing the business to a EBITDA break-even or positive within this FY.

FY '27, besides the two lines we're adding in Andhra Pradesh plant of laminates, we're not adding more capacities. We're going to be focused on ensuring these capacities we've invested over the last three, four years, they kind of get to doing more business for us, and we bring in more revenues and profitability.

That's broadly from our side. I'll have Ashok take you all through the financial numbers, and then we can kind of address your queries, if any.

Ashok, over to you.

Thank you, sir. Good afternoon, everyone.

I'll take you through the financial performance for the quarter four and for the full year. Coming to the quarterly performance on consol basis, our net revenue grew by 25 26% on year-on-year basis to 100 ₹858 crores as compared to ₹682 crore in quarter four last year.

This is our highest-ever quarterly revenue supported by the growth momentum across all business segments. Excuse me.

I'm so sorry. Yeah.

Gross margin grew by 80 basis points to 51.5% in this quarter from 50.7% in Q4 last year. On a sequential basis, gross margin degrew by 410 basis points majorly due to rise in input costs.

Gross profit in absolute terms grew by 28% on year-on-year basis to ₹442 crore as compared to ₹345 crore in quarter four last year. EBITDA margin before forex fluctuation grew by 250 basis points at 12.5% in this quarter as compared to 10% in Q4 last year.

EBITDA before forex fluctuation in absolute terms grew by 57% to 104 ₹107 crore in comparison to ₹68 crore in Q4 last year. Net profit during the quarter stood at ₹40 crore ₹40 crore.

Moving on to yearly performance, our net revenue on consol basis grew by 18.6% and stood at ₹3,046 crore as compared to ₹2,569 crore in last year. Gross margin was up by 130 basis points to 53.6% in this year from 52.3% last year.

Gross profit in absolute terms grew by 22% to ₹1,633 crore as compared to ₹1,343 crore last year. EBITDA margin before forex fluctuation grew by 30 basis points and stood at 11% from 10.7% last year.

EBITDA before forex fluctuation in absolute terms grew by 21% to ₹334 crore in comparison to ₹276 crore previous year. Our net profit was down by 18% to ₹56 crore in this year as against ₹68 crore in the last year.

This was due to operational losses in the chipboard and higher interest and depreciation for the chipboard. This is the first full year of operation.

Now I'll move on to segmental performance. Laminate and allied revenue for the quarter four grew by 14% on year-on-year basis to ₹658 crore from ₹575 crore in the Q4 last year.

EBITDA margin before forex fluctuation stood at 17.2%, a growth of 350 basis points on year-on-year basis. Production volume stood at 4.87 million sheets and at a utilization level of 79%.

Sales volume for the quarter stood at 5.15 million sheets, grew by 4.5% on year-on-year basis. Our average realization for the quarter stood at 1,200 ₹43 crore ₹243 per sheet.

For the year as a whole, laminate revenue grew by 9.3% and stood at ₹2,433 crore. EBITDA margin before forex fluctuation stood at 15.9%, a growth of 210 basis points on year-on-year basis.

Production volume were at were at 21.01 million sheets and at a utilization level of 86%. Sales volume for the year was 20.65 million sheets and grew by 4.6% on year-on-year basis.

Our average realization for the year stood at ₹1,144 per sheet. Now I'll move to another segment, which is plywood and allied.

This consists of plywood, decorative veneer, engineered floors, and engineered doors. Revenue of this segment grew by 18% on year-on-year basis to ₹119 crore in this quarter from ₹101 crore in quarter four last year.

EBITDA loss before forex fluctuation stood at ₹3.8 crore. For the full year, for the full financial year, revenue grew by 18.4% on year-on-year basis and stood at ₹400 crore in this year from ₹338 crore in the last year.

EBITDA loss before forex fluctuation stood at ₹29.5 crore. Now I'll move to another segment, which is panel and allied.

This consists of chipboard. For the quarter four, chipboard revenue grew by 47% on quarter on quarter on quarter basis to ₹80 crore in this quarter.

There is no year-on-year figure because it was it was launched towards the end of last year. EBITDA loss for the forex fluctuation EBITDA loss before forex fluctuation stood at ₹2.2 crore.

Production volume stood at 35,300 cubic meter at a utilization level of 49%. This is the highest utilization level in the last year.

Sales volume for the quarter stood at 38,800 cubic meter, a growth of 34% on quarter-on-quarter basis. Our average realization for the quarter was at ₹20,562 per cubic meter.

Move on to annual performance, chipboard revenue for the year stood at ₹213 crore. EBITDA loss before forex fluctuation stood at ₹23 crore.

Production volume were at 1,13,450 cubic meter and at a utilization of 39%. Sales volume for the year stood at around 1,10,000 cubic meter and at an average realization of ₹19,370 per cubic meter.

Move on to some of the balance sheet items. In the current quarter, working capital cycle improved by 4 days and stood at 51 days as compared to 55 days in the quarter four last year.

For the full year, working capital cycle stood at similar level of 57 days despite new business of chipboard which got added which was at the full year in this year. Net debt as on 31st March stood at 2020 as on 31st March 2026 was ₹940 crore.

We were able to reduce the debt by close to around ₹50 crore in this year. That's all from my side, and now we will open the floor for the question and answer.

Thank you.

Hello, am I audible?

Yes, Deepak, go ahead, please.

Hello.

Yes, Deepak, we can hear you.

Yeah. I would like to know that what growth we are expecting in the laminate segment, and are we outpacing the industry, and if so, and what are the reasons?

I think we should expect a 10%-12% kind of a top line growth laminates in FY '27, that range. Are we outpacing the industry?

Maybe yes, but can't kind of authenticate that data. What are the reasons?

I think just distribution, product range, a decent presence across both international and domestic markets. Yeah.

Are we looking for any newer export geography?

We already are present in about 120-odd countries now. We are not necessarily looking at new geographies at this moment.

I think we're looking at deepening our presence in the markets we've already opened. Might add one or two countries here and there, but nothing very significant for FY '27, as far as the laminates export is concerned.

Okay. Thank you.

Hello, sir. Thank you for giving me this opportunity.

My question is on the plywood business. Our realization in FY '26 was around 5 257.

With this business maturing in next couple of years, what are your expectations on the realization front? Will it move up from here or stabilize?

Could you just throw light on this?

I'm so sorry. Which business did you say, please, Priya?

Can you come on that again?

Sorry?

Which business are you asking this for?

Plywood business, sir.

Yes, okay, plywood. Okay.

Yeah.

No, ply realization in Q4 was ₹246 a meter square.

Sir.

For the year was 257. What is your question?

Will realization improve? Is that what you're saying?

Sir, my question is with this business maturing in next couple of years, what are your Maturing,

okay.

Expectations on the realization front.

Realization in the ply business may not go up in any significant manner. I think probably it'll be in a similar space, because we'll be increasing volumes.

The volumes may increase in the, not only the premium segment, but in the lower segment of the premium categories we are present in. We're not present in the tier two category at the moment.

Even with the existing product range, my sense is the realization may not improve or will not improve in any significant manner. We already at nearly top of the realization in the category in the market.

I think it'll be similarly in this space, maybe few percent points around the existing figure.

Sir. Understood.

Thank you.

Hello. Hi, sir.

My question is,

what is your views on the competition in the laminates in the domestic and international business?

When you say view, sorry, you complete your question. Go ahead.

Sorry.

Hello, am I audible? Yes,

yes.

Yeah. My question is, what's your view on the competition in the laminates in the domestic and international business?

When you say view, what do you want to understand? Who are the players in the market or what would you like me to help you understand?

What is the players and what is the market scenario? All right.

Market is quite dynamic. In the domestic market, obviously, the market is large, and we have both organized players, pan-India players, regional players, as well as players who are unorganized, who are playing in the lower segment in the unorganized segment.

I think our closest competitor is probably of the similar size as we are in the domestic market. Internationally, we compete with the regional players in those markets we operate in.

We compete with the global players like Wilsonart and Formica Group. At times, we compete with the exporters from India also.

I think it depends on every geography on who the competition is. What I can say is that in the domestic market, as laminate production and laminate companies, the larger companies are winning more market share versus the unorganized or the mid-sized companies.

I think the mid-sized companies and the unorganized players, of what I understand, are in tremendous pressure in terms of costs, price points, cash flows, et cetera. The industry is gradually getting consolidated and larger companies are getting better.

Internationally, not too much capacities are being added, and in many markets the capacities are more or less fixed, and that's why you see exports from India gradually increasing year on year in both quantity and value. We end up winning more market share because our product quality and certification, et cetera, are at par or slightly lower than the international players.

Okay. Got it, sir.

Got it. Thank you so much.

Hi, good afternoon, team. Thanks a lot for the opportunity.

Just a couple of questions from my end. Firstly, on the demand front, given that across the board we've seen significant increase in prices thanks to the sharp movement in raw material spend, what is the impact on ground that we are seeing on the demand across our board products, be it plywood, be it particle board, be it laminates?

When you say that the price increases were implemented practically from April, because March went without pricing. The communication was done, but actual implementation happened in the month of April.

For the last two months, I think it's been okay. As a company, we've not seen demand destruction or low demand.

What we hear from the market that secondary sales are a bit weak, cash flows are a bit tight, some people want to postpone projects. This is the communication we hear from the market is a certain sense of uncertainty.

Because depending on the category, one or two increases have happened, and people have stocked up material also. People are uncertain on how things will shape up.

Some people think RM costs will come down, they don't want to further stock in. They just buy what they need for the completion of projects.

I would say mixed kind of information is coming on that side. On the supply side, at least in March and April, we believe there was supply disruption from the unorganized or mid-sized companies in plywood, in particle board, and also in laminates.

Gradually, I think that's also getting stabilized because now we don't have availability issues in the chemicals. Yes, the costs are still elevated.

I can't give you much exact clarity on what's going on, but it's a mixed bag on what we hear from the market.

Got that. On the plywood front, what's your guidance in terms of utilization levels, where are we at this point of time, and where do we see our utilization levels reaching up in '27, '28?

On the plywood division itself, any plans of getting into mid-tier category? Of course, I understand we are right on to the premium and category itself.

Right, right. No, so ply like Q4 Q3 obviously ply sales was weak and there was some disruption due to certain certifications.

Q4, since the certification issue got dissolved, we had a good sales in, March and part of February, in in realization was also good, mix was good, the volumes went up. Right now, as you probably know that we are still not present pan-India, and even in FY '27 will not be pan-India.

We'll just be focused on the markets we have opened in the last We've been in the business for about 2.5 years now. We're not looking at adding new geographies in FY '27.

We want to, improve our presence and bring in more revenues from the markets we've opened. My sense is maybe FY '28 will go pan-India for for the plywood.

If you look at utilization, Q4 we were nearly at a 45%-50%, kind of a utilization, and we hope this will improve, this year meaningfully, and probably by FY '28 we should come to a near full capacity utilization of the existing plant or near full capacity utilization of the existing plant. As far as the tier two category or mid-price, at the moment, that's not a area we're looking at because we haven't gone pan-India.

One, I think it's too early for us to venture in that because we're still to stabilize our, premium category, in the premium brand. This is the way we're thinking on the plywood business, Sneha.

That does. I'm sorry, but lastly, if I may, this last question on the chipboard segment of yours.

What is the portion that we have prelaminated at this point of time? If at all you could mention the same thing that where are we in terms of overall utilization, how do we see this inching up over next two years, and especially the share of the prelaminated sales, where are we and where do we see that going up?

Ashok has asked me not to answer the share of pre-lams, I cannot do that. Sorry, Ashok.

I'll share with you this.

He'll share with you offline. What I can say is that our share of pre-lam is going up.

As we've said in the past, in particle board and with the quality we're achieving for the plain board, we can go up to nearly 100% of production to be laminated. That's our ambition.

Each month we're getting better. I think we have a fairly high percent of prelamination boards already.

Even in prelamination, I announced that earlier, we'll still be introducing more products in this category. Our country is not had in the past, which have done well in Europe.

Now also we did HMR in Q3. Last quarter, we launched, although in a smaller way, matching edge band to all of pre-lam particle boards.

We will be implementing our ideas on innovation and product finishes and textures and different decor papers, et cetera, in the range. As far as utilization is concerned, Q4 we were nearly 50% utilization in the chipboard business, and I think we should keep improving as we move ahead, Sneha.

Got that, sir. Got that.

Thanks a lot to you, and all the best.

Hi, good evening. Just on laminate side, could be our peak utilization on the current installed capacity?

We ended with 86% for '26. How should we think in terms of peak utilization at the optimum mix in terms of large, small?

Rishikesh, in the past, we have gone up to 108%, 110% on a annual basis kind of a thing. Of course, in some month, it can be higher than that also.

We can touch around 108%, 110%, but that will depend upon the product mix kind of a thing. Sure.

Now

the idea is that do you feel there's a need to undertake next leg of expansion in this product category considering you're already inching up fairly ended with a fairly high utilization, probably not immediately, but let's say, 6-9 months down the line?

We don't think that is needed as of now. As we have already announced 2 million capacity, which will be which will coming towards the end of this year.

We believe that should be enough for enough for at least for next year, and at 86% utilization, we still have close to around 20% capacity available. We believe that should be enough for us us for at least till the next financial year.

Of course, we keep this reviewing on a every quarter-on-quarter basis, and as and when the need arises, we will we will take that call. Since this will happen as a as a brownfield at one of the existing location, either at the in the south or at the Gujarat plant, it will take, in comparison to a greenfield, a shorter time.

Okay. Thank you.

Hi, sir. Good evening.

Thank you for the opportunity. I just wanted to ask that in Q4 in laminates, we have done a pretty good margin, close around 17%, 17.2%.

I just wanted to understand what's your view on margins 2 to 3 years down the line that includes all your segments. How are we looking at laminates?

Will we be able to sustain the Q4 exit rate? In terms of plywood and particle boards, when do we expect break-even, and when do we expect them to positively contribute to our EBITDA going ahead?

Hi, Shruti. As you rightly said, laminate margin was 17% for this quarter and around 16% for the full year.

We expect laminate to perform in the similar manner, and going forward maybe over a period of time, it may go up also. As of now, we can safely presume it's around 16%-17% margin for the laminate.

For the others, as you rightly pointed out, this plywood and chipboard, we are very close to break-even. In fact, in the chipboard, the quarter four loss was come down substantially and it was around ₹2 crore only.

As we have said in the past that around 50% utilization, we will be breaking even. We expect that break-even to happen in this financial year, and they may contribute in terms of positive margin.

Going forward, as and when the revenue get increases or the capacity utilization increases, we expect them to contribute to the overall margin.

Sir, ply?

Yes, ply also. That's what, plywood and chipboard, we expect both of these segment to break even in this financial year.

Okay. That sounds good.

Also additionally, I have been hearing that some of the particle board plants in India are considering to be converted to MDF given that the particle board economics are not favorable as MDF. Have you been hearing anything around these lines, and if in case that's true, then how do you see the competitive intensity shaping up for the next 2 to 3 years?

Did you say that chipboard particle board plants are getting converted to MDF? Is that what you're saying?

I've been hearing around these lines something.

I've not heard that. Are you saying same plants are being converted, or people are putting up more MDF capacities and not particle board?

What is the question?

The particle board presses have been converted to MDF. I don't know if that's technically possible, but I've been hearing this.

Thought I would check with you on what's your view here.

I'm not aware of any such development, if Ashok knows that.

Shruti, whatever we know and till now we are not come across any situation wherein the same because both are product and process are little bit different. Wherein the same plant get converted into MDF, at least we are not come across.

In theory, the press is possible, but the process is not. In theory, if one wants to do it, but Mr.

Vinay is that process.

We are not come across any such situation as of now. Having asked that question, let me inform you that the chipboard particle board market is projected to undergo meaningful growth considering the QCO implementation for furniture manufacturing of furniture products in India.

For most of the flat applications, commercial applications, shop fit-outs, office furniture, even residential furniture like wardrobes and some parts of kitchens also, melamine chipboard will keep winning market share. We've seen that in Europe also and many of the markets that chipboard gradually over the period of time has become one of the largest substrate or panel product.

Yeah.

Understood, sir. Sir, lastly, what's your mix between B2B and B2C in chipboard?

Shruti, actually this entire thing, I will say, directly, some we sell directly to the OEM, other we will be selling to the distributor. It will go to smaller kind of a OEM or contractor.

As of now, it's a very initial stage, it will be difficult to say from the distributor whether it is It's not a retail product per se as a carpenter can use it, even though a small contractor can use it, but I think more time will be needed just to understand exactly where it is going. As of now, you can say that mostly it is being used into the OEM segment and furniture segment.

Most of the usage of chipboard goes to a workshop, to a furniture manufacture, OEM. Just for your knowledge that in our country, carpentry is increasingly becoming off-site.

Panel products are being produced, finished in a small or a large or a medium-sized factory setup and being installed on the site. Carpentry at the site is not growing.

Carpentry off-site in a factory setting is increasingly growing. We increasingly see more and more furniture and parts of furniture being produced in a factory setting, even wardrobes, kitchens, doors obviously also we see, shop fit-outs, any finished panel, increasingly see that happening in the market.

Understood. That's it from my side, sir.

Thank you.

Yeah. Hi, sir.

Sir, I have just one question. If the West Asia war continues to put pressure on the RM prices, would you see slow down on the demand side of the laminates business?

No. Demand side in India, exports, or Middle East, or is it a general question?

Jigar, are you asking demand side generally across all the markets or a particular market?

No, across all markets, generally.

I'm not so sure because we have increased prices. Then, like I said earlier, some roll back has happened on the RM costs of chemicals, and some minor corrections have also been done in the market.

Logically, there could be a demand slowdown in the market, because if prices go up, demand comes down, that's logic. I'm not so sure how it's going to impact us.

Like I said, supply-side disruptions also been there. Not too clear, could be because all building materials costs have gone up: steel, cement, paints, laminates, plywood, chipboard.

I think one has to see how that whole demand situation is prevailing in the market.

Got it, sir. Thanks.

Thank you for taking up my question. I just have one question.

Sir, we've seen that you are doing capex on the laminates front, and likewise, other companies have been doing capex on the laminates front. If this West Asia war hadn't taken place, then did you anticipate some kind of an industry tailwind or a demand surge for laminates?

We're undertaking two lines of laminates capex. I'm not sure how many other people are expanding in our industry at this point, maybe one or two more adding few more capacities.

The products we will produce from these lines are largely going to be for the international markets and more specifically for the European markets. What was the exact question you asked?

Sir. Had it not been for this war, generally, was there an anticipation for a demand surge overall in the overall market and also for the European markets, sir?

Because we've seen that other players who've been servicing the European market on the laminates front, even they've been adding more capacity now.

It's not too many people serving European market from India, maybe four or five companies. See, the international market and European market in specific, there is not much organic growth happening there.

We are winning market share from the local producers in those geographies or maybe exporters into Europe from nearby markets. Our positioning in Europe is quite strong with two warehouses, one in Italy, one in Germany.

We have our own teams in Germany, Italy, Spain, Poland, Romania, we are well spread across the market. Our expansion is more in line with our customers and our market opportunity.

Demand surge, again, laminates, you don't have big demand surge. I think it's just more like a inch-by-inch kind of a business model where you keep winning market share basis your distribution setup and your product offerings, supply chain.

While some companies are growing, there are enough and more companies who are losing market share and who are not able to grow the business. I think in European market, the organic growth is not happening.

We're winning market share with our product offering, with our distribution, with our working in the market. I think that's the story.

Were we expecting a demand surge? Maybe not.

Yeah.

Okay. That's on the industry level, there's no demand surge.

Got it. Thank you.

Correct. I think

it's more company-specific.

Okay. Got it.

That answers my question. Thank you.

Thank you.

Good evening, and thanks for the opportunity. I just want to ask how do you see the current geopolitical scenario affecting?

Do you see it as a crisis, or you see it as an opportunity going ahead when the situation normalizes? Also, what's your view on demand per se domestically compared to outside of India?

With our focus on consumption and per capita income rising, do you see the demand for products increasing domestically also in the near future?

Yes. Thanks for your question.

Clearly we see this is an opportunity. We've always done that in the past also.

Whenever there's been a problem or a crisis, I think we've won market share in both domestic and international market. I sincerely hope this happens because we're well positioned with our teams, inventory, people, our product range, et cetera.

Clearly we see this as an opportunity more than a crisis. I think even in the month of March and probably even in April, my sense is we must have won market share on ground.

Domestic and international, I think, two different geographies. Domestic, our approach is, along with laminates, we are also doing more categories.

I think in both the geographies, we are pretty well positioned, and we expect business to grow in both the geographies, the international market across so many markets and also in the domestic market.

Yeah. Thanks for clarifying.

Thank you so much.

Thank you, everyone, for joining the call today. For any further queries, you can get in touch with us or SGA, our investor relation advisor.

See you all in the next conference call. Thank you.

Thank you, everyone.