Thank you, Bhoomi. Good afternoon to all, everyone.

On behalf of Monarch Networth Capital, I welcome you everyone to JNK India's Q3 FY '26 earnings call. From the management team, we have Mr.

Arvind Kamath, who's the Chairperson and Whole-Time Director; we have Mr. Anand Agarwal, who is AVP, Accounts and Finance; and we have Miss Annie Varghese, she's the Senior Manager, Investor Relations.

Without further delay, I'll now hand over the call to the management, Arvind sir, for the opening remarks. Thank you, and over to you, sir.

Thank you, Sahil. Good afternoon, everyone, and thank you for joining us today for the JNK India's Quarter 3 FY '26 earnings call.

I am Arvind Kamath, Chairman and the Whole-Time Director. We are grateful for your continued support and interest in our company as we progress on our growth journey.

The Union Budget earlier this year has projected India's GDP growth to remain about 7% in FY '26-'27, and the capital expenditure allocation is around ₹12 lakh crore with a strategic focus on infrastructure, clean energy, domestic manufacturing, semiconductors, and global data centres. For us in JNK India, the last nine months of FY '26 has been a period of strong growth and strategic advancement, reflecting the resilience of our business model and our continued ability to capitalize on emerging opportunities in the key sectors.

Specifically, Q3 FY '26 has been a remarkable quarter for JNK India with a strong performance across all key verticals. We reported a total revenue of ₹2,062.3 million, reflecting an impressive year-on-year growth of 112.8%.

Our operating profit increased to ₹560.2 million with a margin of 27.2%. EBITDA for the quarter was ₹295.1 million, showing a remarkable 202.8% year-on-year growth with a margin of 14.3%.

Profit after tax was ₹180.2 million, reflecting a significant 534.1% year-on-year increase with a margin of 8.7%. We assessed and recognized an impact of new labour code of ₹9.26 million for the quarter and nine months ended December 31st, 2025.

Our joint venture with founders of ChemDist Group, which we had announced earlier this year, continues to be a critical part of our long-term growth strategy. Over the past nine months, we have made strong progress advancing our green hydrogen and sustainable fuels and chemical initiative, supported by the evolving policy frameworks such as the National Green Hydrogen Mission that aims to scale clean hydrogen production and use across the industry.

Additionally, in this budget, the full excise duty exemption on the biogas component of biogas-blended CNG is a positive regulatory measure that enhances cost-competitiveness for renewable fuel adoption and creates a more supportive environment for broader deployment. Together, these developments should strengthen the commercial viability of our growth strategy in low-carbon energy solutions while encouraging long-term investment and market expansion.

This partnership with ChemDist strengthens our global market position by combining JNK India's engineering and project execution expertise with ChemDist technology and intellectual property portfolio. It also supports India's Hydrogen Mission, contributing to our sustainability goals.

As we progress in commercializing these technologies, we expect the joint venture to generate a significant long-term value and enhance our revenue streams. Additionally, in this budget, ₹20,000 crore incentive for decarbonization and carbon capture, utilization, and storage, CCUS, further supports our effort in driving clean energy initiatives and scaling sustainable solutions.

Looking ahead, JNK India remains focused on executing our strong order book and continuing the momentum from the successful projects we have secured. We are well-positioned in the refining, petrochemical, fertilizer, and renewable energy sectors, all of which continue to experience strong demand driven by both domestic growth and global sustainability trends.

The ongoing transition to cleaner energy solutions further aligns with our strategic initiatives, particularly through our JV with ChemDist Group in green hydrogen and sustainable fuels and chemicals. As the industry evolves, we remain committed to adapting to new opportunities and challenges.

Our ongoing focus on operational excellence, technological innovation, and expanding our footprint in emerging sectors will ensure we continue to drive sustainable growth. With our strong order book and strategic initiatives, we are confident in our ability to deliver long-term value to our stakeholders.

Thank you.

Yes, please.

Hi, sir. Good afternoon, sir.

Am I audible?

Yes, you are, Ram.

Hello. Hi.

Sir,

how is our order book pipeline looking forward for next 12 months in terms of order intake or even the Dangote refinery is getting an extension, do you see our prospects there?

Hello, Ram. We already have an opening order book of 17, ₹1,700-odd crore as on 1st of Jan, which is a extremely healthy order book to start with.

Also in terms of BPCL Bina itself, the ongoing project, we still have a decent size of order to be received from JNK India as the execution progresses, which will also give us a good further backlog. In terms of the new prospects, there are a couple of prospects already which are quite in the advanced stage, domestically and in export in the Middle East, which should get finalized in a quarter or so.

Other than that, obviously what you mentioned Dangote is a huge upcoming opportunity. You may be aware that Dangote has signed the EPCM, the project management consulting contract with EIL.

They're basically doubling the refining capacity what they have existing in Nigeria. For the last refinery, JNK along with Korea and JNK India, we had executed all the fired heaters, which are commissioned and successfully operating.

We do kind of hope that even this time around, for the new refinery, which is exactly identical to the existing refinery, we would be considered favourably for all the fired heaters as well. Other than that, Dangote has also signed with the four fertilizer streams in Nigeria with EIL.

They've also signed the license with Haldor Topsoe for the technology, wherein there are opportunities for the reformers, which JNK again gets qualified for the reformers as well.

Okay. Sir, just another question.

Generally, we have a bulky Q4 every year. Shall we expect that a large part of execution this year will also be done in Q4 for us?

Generally,

that has been the trend, Ram, but yes, what we have also changed the accounting policy now as we announced earlier. Now it's more on input method than the output method, which we used to follow earlier.

There will be a slight change because of that because whatever we deliver. Still, yeah, generally considering the vendor supplies and typical in India, that's been the trend.

We are trying to keep it as uniform as possible so that it gives more better in terms of cash flows and margins and everything. We'll see how it goes this quarter, yeah.

Last question from my side: how big ChemDist subsidiary business for us in terms of hydrogen, sir, further? When can we start getting order inflows in that subsidiary and numbers start flowing in post the development phase there?

Even in the first quarter, there has been a revenue of about ₹23 crore from the subsidiary in the consolidated results.

In the last quarter, sir? In December quarter?

In the last quarter, in the Q3, yeah. First quarter of the JV, yeah, in the last quarter, that is Q3 for us.

Can you break up the order book there or how does that look like?

There the order book as on January is about ₹100-odd crore as on 1st of January. We expect revenue of about 10% or so for the first couple of years from the subsidiary.

It can grow slowly. The more focus which is, we working on the technologies of green hydrogen and carbon capture and sustainable fuel.

There it would take some time, but we're doing a lot of R&D, and they already have few patents. As certain technologies gets commercialized, we can look at a much larger opportunities, but that would take about maybe two years or so.

We already have one project of Hydrogen Valley on the green hydrogen side, which would take off soon, a small pilot project, yes.

Okay. Thanks, sir.

I have some more questions. I will join back in the queue.

Thank you.

Good afternoon, sir, and thank you for the opportunity. Sir, what is the current utilization of the Mundra fabrication capacity?

Hi, Amit. The current utilization of Mundra is not much because we're not having so much of export opportunities or export under execution as of now.

Because there are only few couple of projects from Petrofac which are under execution there, but as we go ahead, we're looking at a couple of large opportunities, obviously one from Middle East and then Dangote, wherein we have an opportunity to utilize it fully.

Sir, at peak utilization, what could be the maximum revenue potential per annum from the existing facilities?

For us, the facility is not a bottleneck per se because the model what we have, most of the domestic currently we are executing the orders, wherein most of the fabrication and the execution actually it doesn't happen in our own shop, that way. We ensure that we utilize the approved shops of the customer, and which are very close to the project site so that logistically and technically it is easier to handle and manage the project, and manage the execution.

Sir, in flares and incinerators, is demand being driven more by greenfield projects or regulatory compliance retrofit?

Actually, it is both. Not so much on the greenfields, I would say.

Flares and incinerators is more because of the regulatory compliances and wherein the existing plant they try to make it more cleaner.

Sir, last question from my side, sir. How much of the margin expansion came from operating leverage versus the pricing power?

Pardon?

The margin expansion, is it more from operating leverage or versus the pricing power? This,

I would say it's more from the accounting methodology which we changed if you were aware. It's neither from both of that.

I would say our margins are historically to be around this range only. Only in the few last two to three quarters in between it lowered rather, I would say, because of the old legacy projects which was going on in the output accounting method which had to be closed.

Now they are almost closed down, so that's why we see normal margins now. This would continue, yeah.

Thank you. Thank you, sir.

All the best.

Hello, am I audible?

Prashant, you are,

yeah. Thanks for the opportunity.

On a sequential basis, our material cost has gone down from around 78% to 74%. Any color you can give on that and would that be a sustainable trend going forward?

As I just replied, Prashant, it depends on the project mix because earlier we had some old projects, wherein the accounting policy was different. That's why the material cost was seemed higher.

Generally the material cost should be in this range. Again, if the service component is more in that particular quarter, then the material cost can be further lowered.

It depends on the exactly revenue what we will be invoicing for that particular quarter, whether it is on the material side, supply side, or on the services side.

Going forward, assuming that the same mix will continue, what should be the range that we should be looking forward?

Range of?

Material cost.

Material cost, yeah, should be in the range of about 70% to 75%. Again, if the services component is more, it could come down drastically as well.

Oh, I thought because if it is a service component, material cost will come down and the margins will go up. Understand, understand.

The second thing is if we have a very sizeable order book of around ₹17,000 crore and our annualized...

₹1,700 crore. More than that, sir.

Thanks for that. What steps would we take to improve the execution rate?

Most of our new order execution is per se, it's going quite well within the schedule or as per the schedule because execution rate also depends on various factors in terms of the customer, in terms of the approvals from the customers and also the availability of material from the vendors and supplies and things like that. From within our side, whatever efficiency we need to build up, we have done that in last two years or so.

To improve it further, it will also have a kind of a impact on the other aligned or other allied territories as well.

Okay. The other way around, what would be the best book-to-bill ratio that we can look forward to?

Anywhere between, see, our execution time frame takes on an average of, say, 2, 2.5 years. Anywhere between book-to-bill ratio of around 2 to 2.5 is a very healthy for company like us, yeah.

Okay. Fair enough.

I have other questions, I'll join back the queue. Thank you.

Thank you.

Yeah. Thanks, and congratulations for excellent set of numbers and delivering what you have promised at the beginning of the year.

My first question is with regard to the BPCL Bina refinery. Now, how much orders or worth of orders is pending to receive, let's say, and what could be the timeline?

Hi. Good afternoon, Kamlesh.

Basically, thank you for your congratulations. BPCL Bina order, the execution is going quite well, and we've already received orders worth of about ₹1,050 crore from JNK Global, which we are executing.

As as this is a contract which is goes for almost 2.5 years. There is an order yet to be received which is in the tune of anywhere between ₹400 to ₹600 crore, that would be the range.

I think it should come somewhere in next two quarters or so.

Great, sir. Sir, with regard to that Dangote, EIL receiving that order, Dangote, what could be the timeline, sir, when you are going to put bid for that, and what could be the timeline with regard to getting that order or visibility of that order?

Dangote, this time what we understand as on now is that Dangote would like to go a bit fast because it's more of a repeat basis, the refinery they are planning to build. Most of the enquiries will be sent to the existing suppliers and the approved EIL suppliers.

They're going on a bit on a fast track. The enquiries are expected in one quarter or so.

Ideally for such kind of a large project, what we expect is the order finalization for a long-lead item like heaters or reformers should happen sometime in next two to three quarters. Something like quarter third of FY '27.

Okay. In FY '27 we expect if we are successful, then we can expect that order to count in FY '27.

Correct. Ideally, that's the timeline, yeah.

Lastly, sir, our margin guidance remains 13% to 14%. There is no upgrade or downgrade to that margin guidance?

Actually, the last quarter we had our original margin was 15% plus in terms of EBITDA, but obviously because of the new labour code, we had to take care of the financial this thing to the extent of almost ₹9.26 million. That's how it has come down to 14.3%.

We would like to maintain the margin what we had given the guideline last year as on now because, yeah, we do have the quarter one which was there a bit lower, just to ensure that to take care of the complete year.

Great, sir. Great.

Thanks a lot for answering the question, and best of luck, sir.

Thank you, Kamlesh.

Hello, sir. Thank you for taking my question.

Sir, in terms of the big ₹1,000 crore order, in the earlier call you said it out of the three years, first year will be slow, second year will be the fastest. What is the status on that order now?

The BPCL Bina order, what we'd booked ₹1,050 crore, yeah, it is going as per the expectations. We have not booked any revenue till date of that order.

We might book only some part of revenue in the last quarter, but, yeah, as I said, the majority of the revenue will be booked in the next year in FY '27, wherein we should be able to book something like maybe around 50%, 60% of the revenue.

Given such high booking, what kind of estimate do you think we should be having for FY '27? I think that should be much better year in terms of growth.

I think we are looking at how to execute, focusing on Q4 as on now. I think when we complete this quarter, we'll be in a better position to give a guidance for the next year, Ankur.

Sir, in terms of Q4, what percentage of this order will we be going in Q4?

Q4 will be hardly any percentage, yeah. There will not be anything much, maybe just 3%, 4% or so.

That order has started for us?

Execution, it has started, yeah, absolutely.

Got it, sir. Sir, in terms of new order wins, how are we looking at things?

As I said earlier, Ankur, there are a couple of good opportunities which we are focusing on. One decent opportunity in domestic and one decent opportunity in exports, which both are likely to finalize in a quarter or so.

Those are immediate opportunities. Other than that, in terms of the larger opportunities, obviously, I just explained about Dangote, which is another major opportunity which has come through EIL, which we have done already execution last time, about 10 years back, and so that also can be a great opportunity, upcoming opportunity for FY '27.

Sure,

sir. Thank you and all the best.

Thank you, Ankur.

Hi, sir. Just a few questions from my side.

Sir, what could be the opportunity size with the Dangote refinery? If you can give us in the absolute number, if at all, what could we expect here?

See,

just to quantify, about 10 years back when JNK Global had taken the full contract, fired heaters was about $140 million. Going by in last 10 years, the price has almost doubled.

You can just understand the quantum this side. Not only that, as I said, they're also coming up with the four fertilizer streams, which they've already signed up with EIL.

There also there would be four packages of reformers, which is also a good opportunity for us.

Any number that you can give us for the reformers? That will be smaller orders.

Each reformer package is generally anywhere between $30 to $40 million kind of an opportunity. One line of reformer package, yeah.

Got it. Secondly, if you can help us understand any progress on the Russia orders that we were expecting?

Hello?

Yeah.

Sure.

Yeah. Arvind sir, am I audible?

Yes, you are. Sorry.

Sir, my question was any progress on the orders you are expecting from Russia?

Russia, not yet. The proposals are there, but I think somehow they're going extremely slow in finalization.

Right. Thirdly, where are we on the completion of the HPCL and Reliance orders now?

Can we expect a March completion or are we looking for a spillover to April or May, is it, both the orders?

No, the HPCL would largely get completed by March, and Reliance would spill to Q1 of next year as well, yeah.

Got it. Lastly, would it be possible for you to share the bid book in the domestic and export markets?

Aunty Bhoomi, they've got disconnected. Can you please reconnect?

Arvind sir?

Regret the inconvenience because of the generator issues, yeah.

I was just checking if is it possible to share the bid book in the domestic and export market?

We can share that with you.

Okay. Lastly, on the margin profile for the ChemDist revenues, would that continue to be low at this level only or can that improve going ahead meaningfully?

No, it will definitely improve. It is just the first quarter of operation and there were also a lot of expenses in terms of the starting up and things like that.

This Q4 onwards, we definitely look for similar margins as ours at least, yeah.

Okay. Thank you, sir.

Yeah. Hi.

Good afternoon, sir, and congratulations for good set of numbers. Sir, just wanted to check it out couple of things.

Firstly, if you can give the broader sense in terms of the large-ticket order like we mentioned, there is also some opportunity we are exploring in this Middle East market. What is the quantum of that order?

If you can also give some sense about it.

The Middle East opportunity which we are currently focusing on, which would likely to get finalized in a quarter, that is about anywhere between ₹200 to ₹250 crore kind of an opportunity.

Okay. Secondly, sir, if you can also give the broader sense, what is the kind of the arrangement with the JNK Global?

Let's say, like Bina refinery, if we have got the order of ₹2,500 crore, how it is distributed between the JNK Global and JNK India?

This being a large cracking furnace contract, JNK Global had a references for a similar project and that's how they were qualified to bid for this project by the licensors. Obviously, we did all the work in terms of the bid preparation and everything.

How this thing gets split up is all the imported components here, basically whatever has to be imported from Europe mainly and anywhere other places was taken care by JNK Global, and all the Indian supplies and Indian services is completely being handled from JNK India.

Okay. When you say there is going to be the incremental opportunity for the Bina refinery of worth ₹600 crore, this would be completely a new bidding or some portion would be distributed from the JNK Global to JNK India?

That is from the existing contract only, Deepak.

Okay. If you can also give the sense, is there be any further decent large-ticket opportunities we are exploring and also from the international market point of view?

From the US and Europe market, if you can give some sense of how should we look, are there any opportunities which we can capture there as well?

In terms of the large opportunities, yes, there are. Even Dangote would be a quite a large opportunity and the other petchem opportunities which will come up in India, they'll also be large because we are now getting qualified for this cracking furnace contract, which are a very large opportunity.

It's large-size opportunities, basically. Once you have executed one large contract, the advantage is you get qualified to bid and qualified as a supplier for similar large opportunities in the other upcoming projects as well.

In terms of Europe and US, see, the main Europe per se, there are not many projects which are coming up, but in the Eastern Europe like Algeria and Lithuania, those countries we do supply. We're already supplying certain equipment now.

In US, we are supplying a fired heater to a licenser as on now. More opportunities could come up, but not so large-size opportunities are coming up as on now.

Okay. Sir,

finally, if I were to look into the broader whatever discussion we had, we are anticipating this Bina refinery project of ₹400 to ₹500 crore and then there are some other opportunities. Putting it all together and considering execution of Q4, probably beginning of next year we will have a order book close to ₹3,000-odd crore.

Like you mentioned, our average execution period is 2 to 2.5 years. Would it fair to assume based on that opening order book, we can execute to the extent of ₹1,000-odd crore next year?

If you can just give a broader sense, am I right in my understanding, can you please throw some light on these numbers?

See, generally, broadly, yes, as whatever the figures you mentioned, but what happens is the timing could be depending on quarter on quarter because these are kind of a bit of a large-size opportunities. That's why I said regarding the next year, we would be in a better position to give a guidance while we end this quarter, that way.

In terms of the more accurate guidelines, that would be an appropriate time. In a broader sense, what you're saying, generally, obviously, it is just a typical like a maths, when you do 1 plus 1 is 2, so that's how we can arrive at, yeah.

Okay. Sir, in terms of the working capital cycle, if you can also give the sense how much is the funding and non-funding limits which are available to us to explore the new bid pipeline as well as to execute the current order book?

Are we comfortably placed on the working capital limit to execute these orders and to explore the new opportunities? See,

as on now, yeah, we are comfortably placed to execute the existing contracts. In terms of the non-fund-based limits, we have almost around ₹500 crore or so, and fund-based limit is about ₹100 crore, so that is sufficient for the execution of the existing contracts.

Obviously the advantage what we have is, with JNK Global taking this contract like BPCL Bina, which is a large contract, what happens is they could give a bank guarantees from Korea. The bank guarantee burden doesn't come on us directly.

That also gives us a bit more leverage in terms of taking up the new contracts as well.

Okay. What is the utilization of current fund and non-fund limits?

See, the non-fund-based limit in terms of the bank guarantees is utilized to the extent of almost ₹470 crore or so, mainly because of the Reliance contract, which is whatever the progress payments we receive, we have to give the bank guarantees. That would free in a couple of quarters per se, but, yeah, as on now, the limit utilized is around ₹470 crore.

In the cash limit, yeah, it just varies. It's about ₹70 crore as on now.

Okay. Since you mentioned about Reliance project is going to get executed by Q1 or maximum by Q2, post that, majority of this non-fund limit get free.

I think there would be some kind of the performance guarantees as well, right?

Performance guarantees would be to the extent of 10% of the contract value. That would be blocked, but other than that, whatever we gave towards the progress payment, those will be free.

Okay. That would be sufficient enough to explore the new opportunity, like the project which we discussed?

It would be, then again, as I said, if the opportunity is very large, we also have a support of JNK Global or we could also explore the additional non-fund-based limit based on the project basis because the limits what we have was also given to us when we got the Reliance contract. From that point of view, once we do have a project, that time also we can get additional limits from the banks as well.

Sure. Thank you, and wish you all the best, sir.

Thank you.

Hi, sir. Thanks for the opportunity.

Sir, first question is what is our current

Hi, Anukool. See, the capacity, kind of a bottleneck what we have is mainly on the manpower, that is the engineering manpower and the employees what we have, and I would say the earlier question referring towards the financial limits, because in terms of the execution or the fabrication, supplies, manufacturing, there we can expand depending on the project and the type of execution and where the project is, that way.

In terms of manpower and financial, I would say we are somewhere around current utilization is something like 70% or so.

Understood, sir. Other question is on the side, we had earlier guided for a 40% or growth for FY '26.

Are we sticking to that guidance?

Around that. I think we gave a range, we will definitely be within the range, yeah.

Understood, sir. Yeah.

That's it from mine. Thank you, sir.

Thank you, Anukool. Yeah.

Hi, sir. Sir, I remember you executing CBG project for Indian Oil Corporation.

While government of India had big plans of setting up CBG, not much has progressed on that front. Can you throw some light in terms of where could be the issue in terms of CBG not taking off as ethanol has taken up?

Is there any technology issue or is there any feedstock issue?

Hello, Paresh. We have executed one contract of CBG to hydrogen fuel station from JNK.

We did bid for a couple of CBG opportunities as well from vegetable this thing to CBG project. They have not taken off as much.

I think even as I mentioned, even in this budget, they've given certain concession, and slowly, I think, the plants are getting stabilized. As you rightly mentioned, the technology and stabilization is an issue whereas even in India there are very few CBG plants are operating as on now comparing to the Western world like Europe and Spain and things like that.

I think we have a long way to go, and as the technology stabilizes and the raw material supply for the plants stabilizes, I think there will be more opportunities coming up.

Okay. I think it's going to be the technology which is going to be the main challenge because lot many players are trying for setting up the CBG plant, but technology is something which is creating a bottleneck.

Absolutely correct, because based on the various raw materials like mud press or vegetable, the paddy straw, what raw material is we are using, for every raw material a different type of technology is required to ensure that you are able to get a pure and clean gas. That's where the issues are, and many of the companies who put up the plants are facing these issues.

I think now slowly people are focusing more on technology and more on the technology which are proven in Europe for the specific raw material and trying to use that. I think slowly coming of the age now, and I think that we should see some better plants coming up soon.

Isn't there a possibility of we partnering with someone in Europe to take the technology and developing the technology over here?

We are looking at those options as well, Paresh. Actually, one of the projects we did quote in that sense, in a similar fashion, with tying up with the European company.

It also depends on the raw material specific, though, but then, yeah, we are looking for such opportunities as well.

Okay. That's it from my side.

Thank you.

Thank you, Paresh.

Just a query with regard to one of the questions, you had answered that apart from this Bina left-out order and Dangote opportunity, you are also expecting some orders from other segments. Can you highlight that and I really forgot the numbers on the quantified numbers which you told about.

Yes, Kamlesh, there are two opportunities, one is on the waste gas handling from the Middle East where we are bidded, and the other one is more like a clean fuel project in India. Both of here we are technically qualified, and commercial negotiation should happen or price bid opening from Indian perspective should happen soon.

This is two opportunities which looking to get finalized in next 2 to 3 months' time. Both are in the range of ₹200 to ₹250 crore, yeah, each of them, yeah.

How much, sir?

₹200 to ₹250 crore.

₹200 to ₹250 crore. Sir.

Thanks a lot. The timeline would be a couple of quarters?

About a quarter, 2 to 3 months.

Okay. Great, sir.

Thanks a lot, sir.

Thank you. Our next question is from the line of Satish, an individual investor.

Please go ahead. Congrats for good set of numbers, sir.

My question is do we have anything relevant the ammonia project in Kakinada?

Hello, Satish. As on now we don't have any relevant supplies or opportunities in the ammonia project at Kakinada, which is coming up.

We do work with the some technology licensors in terms of the green ammonia project in putting up the certain parts ourselves. Okay.

ChemDist, they do also have a technology itself in green ammonia, which is coming up, and they're working on it, yeah. Okay.

Thank you. Sir, and my next question is can you give us some insights onto what kind of order book size we can have from ChemDist and green hydrogen projects by end of this financial year or December?

See, as on December 2025, their order book size was about ₹100-odd crore. As I said, in first 2, 3 years, we're looking their revenue or their order book to the extent of about 10% to 15% of our JNK India standalone.

Yeah. Okay.

Thank you. That's it from me.

Thank you.

Hello. Hello.

Yes, Venkat. Please go ahead, yeah.

Sir, after giving the good results and why this panic selling is happening in this...

Venkat, you're not audible to us.

My question is after getting the good results in the two quarters, and why it is having pressure in this JNK India?

Pressure on what?

You're not clear, Venkat.

Hello.

One second. Is it audible?

After giving the good results in quarter 2 and quarter 3, and why it is getting under pressure?

What is under pressure, Venkat?

Like selling lot of...

Thank you. Thank you.