Ladies and gentlemen, good day and welcome to the JK Lakshmi Cement Limited quarter and half year ended 30th September 2025 earnings conference call hosted by PhillipCapital India Private Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital. Thank you, and over to you, sir.
Thank you, Robin. Good evening, everyone. On behalf of PhillipCapital India Private Limited, we welcome you to the Q2 and H1 FY 2026 call of JK Lakshmi Cement Limited. On the call we have with us Mr. Arun Kumar Shukla, President and Director, and Mr. Sudhir Bidkar, Executive Director, Corporate Affairs and CFO at JK Lakshmi Cement. I would like to mention on behalf of JK Lakshmi Cement Limited and its management that certain statements that may be made or discussed on this conference call may be forward-looking statements related to future business developments and statements which are also based on current management expectations. These statements are subject to a number of risks, uncertainties, and other important factors which may cause actual developments and results to differ materially from the statements made.
JK Lakshmi Cement Limited and the management of the company assumes no obligation to publicly update or alter these forward-looking statements, whether as a result of new information or future events or otherwise. Also, JK Lakshmi Cement Limited has uploaded a copy of the Q2 FY 2026 results presentation on the company website, which participants can download. I will now hand over the talk to the management of JK Lakshmi Cement for their opening remarks, which will be followed by interactive Q&A. Thank you, and over to you, Arun, sir.
Yeah. Thanks, Vaibhav, and good afternoon to all of you. Thanks for joining this call. We have already uploaded our result on the website, and all details are there with you. I think everything is there. I think we can take questions right away.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Nigel Mascarenhas from Leo Capital. Please go ahead.
Yeah. Good afternoon, sir. Thanks for the opportunity. I just had one question. Can you summarize the expansion timelines and CapEx plans to get to 30 million tons capacity for each of the projects over the next five years?
Right now, we are at 18 million tons with the commissioning of the Surat Grinding Unit, which we announced in the month of September. From here, our journey with the Durg brownfield expansion will take us to 22.6 million tons by FY 2028. From there we have three greenfield plants, Nagaur, Kutch, and Assam. They will come in 2029 and 2030 of about 3 million tons each for Nagaur and Kutch, and maybe about 2 million tons- 2.5 million tons. We have not yet firmed up on the size of the Assam, but in that region. That is how we are going to reach 30 million tons by FY 2030.
Got it. Also the expected capital outlay for those projects?
Project, right now we are talking of, we have zeroed it only on the Durg brownfield expansion, which is costing us about INR 3,000 crore. We have not yet firmed up on the greenfield for Nagaur, Kutch, and Assam.
Understood, sir. Thanks.
Thank you.
Thank you. Ladies and gentlemen, to ask a question, you may press star and one. Our next question comes from the line of Amit Murarka from Axis Capital. Please go ahead.
Hi, all. Thanks for the opportunity. The first question is on the status of the Durg expansion. Just following up from the previous Q1 call, has the equipment order been placed now, or what's the status of that?
Yeah, you are right. You had asked this question earlier also, and we had confirmed that we will confirm to you in the next quarter. We are happy to confirm that the orders for all the major long delivery items have been since been placed.
Okay, this will be your kiln and grinding units and everything.
Yeah.
Great. The timeline now is March 2027 for the kiln and I believe-
Of the Durg Grinding Unit. Yeah.
I think even now, I think one more grinding unit is targeted by March?
Yeah. We clubbed and take one of the two. Yeah, you are right.
Right. Thanks for confirming that. Also for the quarter, the revenue seems to be a bit high, and even there are some creative purchases in the P&L. Could you give a breakup of the cement/non-cement revenue in that context?
Non-cement revenue in this quarter was INR 153 crore.
Okay.
That is it.
What was the EBITDA margin for this?
EBITDA margin there is only 4%.
4%?
Yeah.
Has the cement realization been higher QoQ for you then?
What you are looking at is a blended. If you really break it up, contribution from our other businesses like SBHS has gone up. It was INR 144 crore- INR 153 crore. That is the one thing. Second is, we have improved our sales pace in North more than East. The proportion in case of North has gone to 69%. North includes, perhaps, Gujarat also, right? We divide our geography into North and East. North includes Gujarat. Our proportion has gone to 69% in these markets, and East has gone down a little bit. That is second. Third reason is, premium proportion has gone up by 3%. If you look at last quarter premium proportion, it was 23% of real volume. In the current quarter or just the September quarter, it was at 26%. Right. This is it.
Third, of course, I think because of the commissioning of Surat Grinding Station, our volume has gone up in Gujarat, which is a better realization market than us. These are the reasons.
Sure. What is the CapEx guidance? I see in 1H it is only, I think a INR 250 crore kind of CapEx that I can see in the cash flow.
Yeah. We are talking of about INR 1,000 crore- INR 1,200 crore in the current year, full year. First six months, there has not been much, you are right, in the cash flow. That is what we are talking of. Maybe INR 1,300 crore- INR 1,500 crore over the next two years.
INR 1,300 crore- INR 1,500 crore per annum you mean, next two years?
Yes.
Okay. Does this include anything from Northeast expansion or this is only Durg expansion?
No, it does include marginal expenditures for that as well.
Right. Because INR 3,000 crore is Durg, right? I'm assuming that.
Yeah. As of now, that is there.
Sure. I'll come back next week. Thank you.
Thank you.
Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Shravan Shah from Dolat Capital. Please go ahead.
Hi. Thank you. Sir, just continuing this, so out of the total INR 3,000 crore Durg CapEx, how much we have already spent till September?
September, I do not think we have spent much. Barring about INR 50- odd crore, we would have done most of that.
No, till now, out of INR 3,000 crore for Durg, how much till now we have spent?
We are talking of that only. INR 50- odd crore only has been spent. Rest will come in the remaining part of the current year and next two years.
Okay. Total we are saying INR 1,000-INR 1,200 crore for this year and next year also INR 1,300-INR 1,500 crore and even for FY 2028 also. Then we are not even factoring the CapEx for whether the Nagaur or Kutch or Assam?
Kutch we are only pursuing with the land acquisition. The major expenditure will happen in the last two years, which is 2028 and 2029. We will be focusing more on the Durg expansion brownfield up to 2028. You can see the brownfield spend over the next two years, that is INR 3,000 crore. INR 1,000-INR 1,200 in the current year, that is INR 4,200. Out of that INR 3,000 goes for Durg. Remaining INR 1,200 is for maintenance CapEx and other small land acquisition, some ordering of equipment, even some land acquisition in Northeast and all that. But majority of that expenditure will flow in 2029 and 2030.
But sir, considering both these are Nagaur and Kutch are greenfield, at least it should take three years in terms of the cash flow CapEx spending, if we want to start by FY 2030?
Initial expenditure is primarily on the land acquisition and the land development. It starts only when you start ordering the equipment and the equipment start arriving. It will be more rear-ended rather than. Initially we only need to open LCs and all that. That is what we believe as of. It may undergo change for FY 2028, maybe later as we come closer to that time period.
Okay, got it. Sir, now coming to on the cost front. This quarter also, if you can specify the cost because the power and fuel cost seems to have gone up significantly. Even to some extent the freight cost has also gone up, QoQ I am talking about. Just wanted to understand how one can look at, because we were having INR 100-INR 120- odd cost saving over 12 months-18 months. From here on how much more savings one can look at?
Yes, I think we mentioned last time also, those levers are there. I just mentioned a couple of minutes back that we have improved our product.
Yes, during the September our distribution cost has gone up. Of course, lower demand.
Sir, sorry to interrupt, but we seem to have lost a few words for you in between. May I request you to please repeat the last sentence, sir?
All those levers which were going to drive performance main aim which we discussed last time. Which is about improving premium product, reducing distribution cost, working on efficiency in the plant level using technology, ESR, renewable power. I think those things remain. I think we are working on that, and we will continue to work on that. And whatever we have promised that 18 months-24 months time, we are going to have at least INR 120 of savings. That will definitely help. And we are on the track. And one of the things which I just mentioned was premium product has moved from 23%- 26%. We are going to take it further. A new brand which we had launched, which we call Green+, that is doing very well.
And that is also one of the reasons that we have been able to bridge our price gap with the competitors quite a bit. That is reflecting in our NOD also. All those actions are ongoing, I think. And we keep on exploring new avenues, and one of the newer avenues to my mind is technology, how we can deploy effectively all those autonomous AI digital algorithms in our silo process and grinding station. That is the next phase of performance drivers for us to info.
Shravan, sorry to interrupt you. Just to let you know, sir, that you have background sound on your line. May we request you to mute your line when the management is addressing your question, sir.
Sure. Thank you Yeah. Sir, just coming back in terms of the price and the cost and ultimately the profitability. How one can look at, so in one [ICP] broadly look at around INR 700- odd EBITDA per ton. Going forward, two aspects. One, currently what we understand is in October until now the east prices have kind of has a decline. If you can confirm. Now third and fourth quarter how one can look at in terms of fourth, because the price effect is lower and the further cost reduction. How one can look at the profitability?
I think, Shravan, all those actions of improving performance is little midterm, long term. All those actions which I mentioned is not going to give benefit right away tomorrow. What is important for us is to really all those ongoing levers which we are working on, which again, I mentioned that improving our price positioning of Green+, newly launched brand, which is doing quite well. Improving our premium product, improving the supply chain efficiency. These are the imminent things which we are working on, we will keep on working on that. Definitely, this will give some benefit in this Q3 and Q4 also. This is one. Second, we have started deploying AI/ ML and using technology in improving our performance. That will give some benefit maybe going forward in the next three to six months.
All those external factors, we have to move along that only. You can't do much about that, and you cannot worry about what is happening outside. Our focus has been inward and which will keep on doing.
True. So in terms of current, I got it, sir. Just one thing to understand further. Currently, the pricing east, north or wherever we are operating versus the Q2 average or maybe exit of September, how the prices are currently?
Shravan , trade prices are almost intact everywhere. Gujarat has gone down a little bit. But I think because of the demand pressure maybe, which happens during lean phase. Non-trade dilution has happened in almost all markets. You can take like trade is almost intact and non-trade prices have gone down even beyond 22nd September prices. One was passing on benefit to our customers, which we have done. And even after that, prices have gone down in case of non-trade segment everywhere. Perhaps once demand improves, then non-trade prices will inch up for sure. This is what I believe. And November onward, I think that demand will look up and non-trade prices, which perhaps I think got eroded in the last maybe a month or so, will come back to the normal level. That is what my thought is.
Okay. Lastly, some data points, sir. Trade share, blending ratio, lead distance, TKL cost and Green+, sir, for Q2.
Yes. I think you have asked everything.
Of course.
Our retail is at 53%. Blended cement at 2%, premium 26%. Lead has gone down last quarter from 399 km- 395 km. Green Power is at 46%.
TKL?
1.61%.
1.61%. Will it further inch up or will remain the same?
That depends. Sorry, 1.5%. Just hold on. September, yeah. It is 1.54%.
Okay. Got it, sir. Thank you, and all the best.
Yeah.
Thank you. Ladies and gentlemen, to ask a question, you may please press star and one. Our next question comes from the line of Milind S. Raginwar from BOB Capital Markets Limited. Please go ahead.
Thank you, sir, for this opportunity. If we can focus on the line items, you mentioned INR 1.153 crore as the non-cement revenue. Can you please further give the breakup between RMC and the other components?
RMC is INR 72 crore, AAC is INR 52 crore, rest is the other.
Can you please have this number for the September 2024 quarter also? That is, the year-on-year quarter.
Overall, it was INR 120 crore total against INR 153 crore, and RMC was INR 66 crore and AAC was INR 40 crore.
Okay. Sir, just in detail, this has been asked in the call previously, is about the pick of an inch up, which is a bit sharp on the power and fuel cost on a QoQ basis. Anything specific that you would like to mention about it or call out for that increase that we are seeing?
Yes. One is, of course, I mentioned that my green power proportion in last quarter is only 46%, which has gone down. That is primarily because of we take shutdown during this quarter two, right, of all in. So WHRS production goes down. This is one of the major reasons. Second, you also have less solar power generation because of the weather. This is second one. Third, I think we have seen that petcoke prices also have gone up little bit. So that has impacted our power and fuel cost.
Okay. Is there any possibility of this normalizing in the subsequent quarter, or is this going to be a run rate kind of for us going forward? I am talking about a per ton basis.
At least on two counts, like this Green Power, definitely it will improve this quarter because of more WHRS generation and more of solar availability. On a fuel part, and in our case, because we import petcoke from outside, that is dependent on a lot of other things, geopolitics which is existing, and supply chain issue which is there. Though I think petcoke prices are around $116-$120 per ton now, but I think if that goes up, then maybe, I think we will have some impact on that. Otherwise, I think we see reasonably within control in the next two quarters, as far as WHRS, green power, and other cost elements go.
Okay. On the freight side, sir, again, on the per ton basis, both year-on-year and QoQ. Year-on-year is something which I want to understand more. Is there something that we try to reach out to newer geographies? Because there is about an 8%- 8.5% jump in the freight cost on a per ton basis.
Yes. During this lean quarter, we definitely try to go to some of our non-core market, which is one of things. That has happened in case of quarter two, because we sold some quantity in areas where normally we do not go. Even going forward also, we do not go. This is one. Second, some of the market we are seeding for future, which will keep continuing even coming quarters as well. Like, as Mr. Bidkar mentioned that we are going to have blending station in Bihar and then Prayagraj and somewhere in Jharkhand. So those markets, we have just started seeding, so that will keep continuing going forward also. But some of the markets are occasional markets where we have gone in the last quarter, will not go when things are going to come back to the normalcy.
Great. Sir, on the balance sheet, we see the receivables nearly doubling from March to now. Is there anything specific that you want to call out on?
Nothing is specific. Generally, March, we make extra effort to ensure that it is at the lowest, but it is normal. Nothing much to highlight on that.
Okay, nothing specific that you are mentioning on this.
Right.
Right. Sir, just finally on the conveyor belt, RV in the East. Is there anything that new development that you would like to call out on?
I think from the last quarter when we discussed on this topic, I had mentioned that SAIL board has approved this leasing out of the land and the right of way for that overhead conveyor belt. That is now pending with the Ministry of Steel for the final approval. That we are pursuing to get this as fast as possible. This is what the update is.
Sir, can I just ask one strategic question? This has been long pending, so are we giving some timeline to this, that how much is this going to be prolonged? Or we will take something else as an alternative for this because this has been stretched beyond too much on a timeline perspective. Anything that we are internally thinking on this?
I agree with you. I think it's taking a little longer time than what we expected, but we can't help something which you cannot really control. I think we can just put the effort in the right direction, which we are doing. Second, I think we keep on exploring alternatives also, right? Plan A, Plan B, Plan C kind of thing. That is anyway I think is there. I think it's not firm, but, yes, we do keep working on Plan B and Plan C as well.
Right. I do know that we will refrain from giving any volume guidance, but now that we have done 6.2- odd in the first half, anything we have in sight for the full year for 2026?
What I said last time, I think our growth is going to be a little higher than the industry, so that I still maintain. In the first two quarters, I think we have seen that. We have done better than industry in terms of volume growth. That is what I believe that in the remaining two quarters also, we will keep that kind of momentum. But giving that definitive kind of volume, perhaps too premature now because things keep on happening. Like quarter one, we have seen a very muted growth, right? Quarter two was a little better for the entire industry, about 6%-7% of volume growth. I believe that quarter three, quarter four is generally good. But this time, I think, little, I will say, non-conventional trend was that October was not that way because of course, Diwali.
Second, I think, unseasonal rain, I would say, which prolonged for quite some time in case of our geography in North India, East India, and part of West India, right? With a reasonable kind of assumptions, I do believe that we will do better than industry in the coming two quarters.
Okay, sir. Thank you. Thank you for the opportunity.
Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Amit Murarka from Axis Capital. Please go ahead.
Yeah. Hi. Thanks for the opportunity again. Just clarifying a couple of things. You mentioned that in Q2, the geographical mix changed a bit, which led to better blended realization. Now as we kind of get out of monsoon, will that mix go back to the older levels, which means that at least on a realization basis, that could go back to similar trends as what we saw in Q1 on a mix perspective.
Amit, you are absolutely right. As I mentioned, that is occasional move, which we take just to improve little bit of our utilization.
Got it.
Yes.
Yeah. That is what also kind of maybe changed, although it is a bit of freight cost and all also?
Yeah. Definitely. Yeah.
Sure. I just wanted an operational update on the WHRS. Where are we right now, and what is the visibility of the completion of the same?
This overhead conveyor, I mentioned just a couple of minutes back.
Oh, sorry, I missed it.
Right of way approval is now pending with Ministry of Steel. Board of Steel Authority of India has already approved. We are now trying to get approval from Ministry of Steel, which may happen in the coming days and months. It is very difficult to give timeline because this is something which we cannot really control. Since SAIL board has approved, I do believe that things would come in place in coming months. It is very difficult, Amit, to give a timeline because you know how things work.
No, right, absolutely. As far as that, also that Agrani, that INR 125 crore payment that we have made to them. I think that is also recovery process right now after that lease issue that happened. What is again the expectations of how that will play out?
Right now the matter is sub judice, so we will wait for the court verdict before we take a call or talk much on that.
Got it. Lastly, I just also wanted to get the gross debt and net debt right. I have a number with me, but just if you can spell it out?
We have put it on our website in the presentation.
Okay, I will take it from there. That is all. Thanks.
Thank you.
Thanks, Amit.
Thank you. To ask a question, you may press star and one. Our next question comes from the line of Dharmesh Shah from JM Financial. Please go ahead.
Thanks for the opportunity, and sir, congratulations on good set of realization. Sir, is it possible to provide the geographical breakup for the regional mix for the first quarter and second quarter?
Dharmesh, right now I have not handy with those information. I will give you separately.
Thank you. Secondly, sir, we were earlier mentioning about the guidance of around INR 1,000 EBITDA per ton for FY 2026. So the asking range rate looks very high for the second half. Are we on track for the guidance, or how should we look at for the second half, or there will be any revision in the guidance?
That is, I think [inaudible]. You know that our entire industry is [inaudible] you know that. Because of whatever competitive landscape we are in, our effort has always been to kind of be closer to our peer group in our related market. If you look at the peer group and the market where we operate, I think we are very close to them. The gap has gone down, and that gap will keep going down even going forward. That is what our effort is. If the entire industry is not doing so well on EBITDA, I think it is very difficult because internal efficiencies you can drive to an extent. The overall market has to really support conditionally to go to that level.
What I said, I still believe that our effort is to reach to that first milestone of INR 1,000 and being amongst top companies in terms of EBITDA per ton. We kind of keep our ambition in that even now.
Okay. Sir, just sorry, going back to the mix perspective, because when I look at the overall our trade share perspective, it has declined on a sequential basis. I am just still trying to understand from a realization perspective, is there will be a significant shift in the geographical mix this time?
As I said in my previous calls also, now if my non-trade improves in Gujarat, maybe you see-
Sorry to interrupt, sir, but your line seems to be crackling in between. May I request you to please repeat the last sentence?
Is it clearer than before?
Yes, this is clearer, sir.
Yeah. Sorry for the inconvenience. As I said, if I sell non-trade in Gujarat, it is better in terms of net price in case of North and East. Whenever our mix changes, even if trade non-trade goes the other way, you will find that in your realization. I said during my opening question also that because of Surat commissioning and improved volume in Gujarat, you would see that our realization or the net prices have gone up. Right. Though you may see or you are seeing that overall non-trade has gone up and trade has gone down. I think we need to look at these things along with the, I would say, landscape of pricing in different markets where we operate.
Got it, sir. And sir, just last question, are we eligible for any incentive in the Udaipur Cement Works plant?
Yes, we are eligible for a capital incentive. Right. We have already applied for that, and we are working towards realizing that incentive in coming months.
Sure. Thank you. Thanks for the opportunity.
And in fact, we have not taken any of the incentive.
Thank you.
Yeah, thanks.
Thank you. To ask a question, you may press star and one. Our next question is from the line of [Ritesh Dutt], an Individual Investor. Please go ahead.
Hello, sir. In the Q1 con call, you discussed about exploring inorganic expansion. Is there any update on that now?
Yeah, we keep exploring that. That is a continuous exercise, provided that comes at the right valuation and right location and makes strategic sense for us. No update further on that other than what we have been routinely doing quarter- after- quarter.
Okay, thank you.
Thank you. Ladies and gentlemen, this will be a final reminder. To ask questions, you may press star and one. Our next question comes from the line of Shravan Shah from Dolat Capital. Please go ahead.
Hi, sir. Just to check Durg 1.2 million ton and Madhubani 1.2 million ton will come in March 2027 and 1.2 million ton Prayagraj will come in September, October 2027 and Patratu will come by March 2028?
Yeah. Broadly, we are talking of 2.2 million ton by March 2027 and balance by March 2028.
Okay. Because Prayagraj will not be commissioning maybe four or five months earlier than the March 2028?
We are trying but difficult to say. We are trying.
Okay. Got it. And sir, broadly, if I have to look at this 3 million ton greenfield Nagaur and Kutch, and also if you can specify how much clinker there also we are looking at? Maybe Assam also 2.5 million ton. Roughly ballpark in terms of the CapEx, size will be how much one can look at?
As I mentioned, we have not formed it about this project, but will be in the range of what otherwise a greenfield cement works, 3 million ton. So clinker would be about, and 3 million ton will be the cement. We have not yet formed up. However, it's in the range of anywhere between 2 million-2 .5 million ton cement.
Sorry, sir. Are you saying that clinker will be 2 million ton?
Yeah. For Nagaur and Kutch, 2 million ton clinker and 3 million ton cement.
Okay. But in terms of if you look at the other companies, around $80- $90 + would be there for greenfield per ton basis, if one has to look at. Because being a greenfield, it will be closer to $100- odd per ton?
Since it is going to come by 2029/ 2030, it will be closer to $100 only. I'm not commenting on the capital cost of other companies. But that is that, taking into account the inflation for next four, five years, at least $100 would be there.
Yeah. Because even if we, let's say, take that number also, around INR 2,700 crore, then INR 2,700, INR 5,400, and then maybe INR 6,400- odd crore. That, as you said, mostly the entire CapEx would be in FY 2029 and 2030 if we want to achieve a 30 million ton?
Yeah. We will be more clearer closer to maybe in six months or a year's time from now. We can give definite number of CapEx for those years as well. Since the project cost is not yet formed up and we are busy in acquiring land and taking other external clearances, difficult to put a number of CapEx for this year. Maybe six months to a year's time we will definitely be able to share with the proper guidance.
Yeah. But broadly, we will not be crossing 3 x Net Debt to EBITDA, even whatever the odd. There is a possibility that is likely to happen. Maybe FY 2030 could be FY 2031 also possible.
We would much rather like cross that 3 x- 3.5x Net Debt to EBITDA line.
Okay. Thank you, and all the best, sir.
Thank you, Shravan. Thank you.
Thank you. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to Mr. Vaibhav Agarwal for closing comments. Over to you, sir.
Yeah. Thank you, Robin. Sir, before we end, I had one question for Mr. Arun Kumar Shukla, sir. Sir, we have a feedback from our distributors and our channel partners. Except for the geographical mix, et c., what we have changed, we also have a feedback that you are working hard towards identifying leakages at the ground level, and that has also helped us. Basically, you are identifying a lot of conflict of interest between your ground partners or C&F agent, sales promoter, et c. That effort has also helped in the realization. Is that feedback correct, sir, as per you? Is it a sustainable number or is it a number which can roll back in quarters to come? How much of it is sustainable and what do you say about this feedback, sir? That is my question.
Absolutely. I think you are right, Vaibhav. I think this ground-level discipline, having less conflict between channels like multi-role channel partners, that we have already started working on. I would not say those things have completed or accomplished. We have started working on that, and that is also benefiting us in many ways. One, of course, I think improving our price positioning and the price perception in the market, one. Second, also further improving our efficiency of supply chain. I think you are right. There is a lot of things to be done in this area. But good thing is we have started that, and the initial, I would say, the impact of all these actions is very positive, and that is helping us in many ways.
Sir, I know it is difficult to identify a number or put a number to this perspective, but if you want to say a number in Q2 vs Q1 or maybe H1 vs last year, how much of gains in realization to your guess you can put to this particular area and how much is flow through market, if you can put a number, just for the sake of it.
Very difficult, Vaibhav. Maybe, I think I will have a very kind of scratchy calculation. I give you a little later. But right now, very difficult to really quantify.
No problem, sir. Thank you very much. On behalf of PhillipCapital India Private Limited, we would like to thank the management of JK Lakshmi for the call, and many thanks to everybody for joining the call. Thank you very much, sir. We do not have any further questions. Thank you. Robin, you can conclude the call. Thank you.
Thank you, everyone. Thank you. Bye.
Thank you. On behalf of PhillipCapital India Private Limited, that concludes this conference. Thank you all for joining us. You may now disconnect.