Q4 25/26

May 18, 2026

Summary

FY26 revenue, EBITDA and PAT increased, with Q4 EBITDA margin reaching 25%. Growth projects underpin guidance, while volatile raw-material costs, DME transport approval and slower battery-sector uptake remain key uncertainties.

Ladies and gentlemen, good day, and welcome to the Balaji Amines Limited Q4 FY 2026 earning conference call. As a reminder, all participant lines will 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 call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gagan Dixit from Elara Securities. Thank you, and over to you, sir. Yes. Thank you. A very warm welcome to everyone to discuss Balaji Amines Q4 FY 2026 results. It is our pleasure to be able to bring to you the management of Balaji Amines Limited, led by Mr. D. Ram Reddy, who is the Managing Director. We would also like this opportunity to congratulate their management on its excellent set of numbers. With these words, I will now hand over the conference to the Balaji Amines management. Over to you, sir. Thank you, Gagan. Good evening, everyone, and a warm welcome to Balaji Amines Limited earnings conference call for the fourth quarter and financial year ended March 31, 2026. I hope all of you have had an opportunity to go through our financial results, press release, and investor presentation, which have been uploaded on the stock exchange and on our company website. Financial year 2026 was a year of steady performance for Balaji Amines. Despite certain external challenges during the year, the company was able to maintain operational stability, improve profitability, and continue progress on its strategic growth projects. The performance during the quarter was supported by stable demand across the key segments, better operating performance, improved cost absorption, and continued contribution from our integrated manufacturing model. Coming to the consolidated financial performance for the quarter, our total revenue for Q4 FY 2026 stood at INR 403 crores as compared to INR 361 crores in Q4 FY 2025, registering a year-on-year growth of around 12%. Our consolidated EBITDA for Q4 FY 2026 stood at INR 102 crores as compared to INR 68 crores in Q4 FY 2025. EBITDA margin for the quarter stood at 25% compared to 19% in Q4 FY 2025 and 18% in Q3 FY 2026. The improvement in margins was mainly supported by better operating leverage, stable raw material conditions, prudent inventory planning, improved cost efficiencies, and a favorable product mix. Profit after tax for Q4 FY 2026 stood at INR 65 crores compared to INR 40 crores in Q4 FY 2025 and INR 31 crores in Q3 FY 2026. Diluted EPS for the quarter stood at INR 19.99 per equity share compared to INR 9.49 per equity share in Q3 FY 2026. On a standalone basis, Balaji Amines continues to remain a zero debt company, which reflects our strong financial discipline and prudent approach towards capital management. Moving to the full-year performance, consolidated total revenue for FY 2026 stood at INR 1,454 crores as compared to INR 1,430 crores in FY 2025. Consolidated EBITDA for the year stood at INR 294 crores as compared to INR 265 crores in FY 2025, registering a growth of around 11%. EBITDA margin improved to 20% in FY 2026 from 19% in FY 2025. Consolidated PAT for FY 2026 stood at INR 169 crores as compared to INR 159 crores in FY 2025, reflecting a growth of around 7%. PAT margin for the year stood at 12% as against 11% in FY 2025. Our consolidated balance sheet continues to remain strong. As of March 2026, consolidated net worth stood at INR 2,152 crores as compared to INR 2,018 crores in March 2025. Consolidated debt stood at INR 133 crores, mainly on account of ongoing expansion-related activities. During FY 2026, the company generated INR 104 crores of net cash from operating activities. Cash flow from investing activities stood at negative INR 344 crores, reflecting investments towards ongoing growth projects. On the operational front, total consolidated sales volume for Q4 FY 2026 stood at 27,341 MT as compared to 25,871 MT in Q4 FY 2025. Within this, amines volume stood at 7,746 metric tons. Amines derivatives volume stood at 8,935 metric ton and specialty chemicals volumes stood at 10,660 metric ton. Overall volume remains stable, supported by consistent demand across key end user industries such as pharmaceutical, agrochemical, solvent, and other specialty chemical applications. During the quarter, production was briefly impacted in March 2026 due to an external geopolitical situation. However, the company was able to manage the disruption effectively through prudent inventory planning and uninterrupted availability of raw materials. This enabled us to maintain supplies to customers and ensure that plant operations remained stable. This performance once again highlights the strength of our integrated manufacturing model, supply chain capabilities, and execution discipline. Demand conditions across certain end user industries remained stable during the quarter. Our established amines, amine derivatives, and specialty chemicals businesses continued to provide a stable operating base. Alongside this, the company continued to make progress on its strategic priorities, including the ramp-up of electronic-grade DMC, DMF, and other products. These products are expected to strengthen our presence in high-value segments and remain an important part of our long-term growth strategy. Let me now provide an update on our three projects. The Dimethyl Ether, or DME plant at Unit IV is expected to be commissioned during the first quarter of FY 2027. DME has applications in the aerosol industry and can also be used as a replacement for LPG in industrial and commercial applications. Our N-Methyl Morpholine, our NMM project, with a capacity of 5,000 TPA is currently under execution and is expected to be commissioned during FY 2027. The improved process-based Acetonitrile or ACN plant is also under execution and is expected to be commissioned during the second quarter of FY 2027. All these projects are progressing as planned and are being funded through internal sources. Coming to Balaji Speciality Chemicals Limited, the company is under a major expansion of around INR 750 crore in a phased manner. This investment is being made for a wide range of products including hydrogen cyanide, sodium cyanide, EDTA-2Na, and other advanced chemical products. The Industries, Energy and Labour Department, Government of Maharashtra, has granted mega project status to this expansion under the Package Scheme of Incentives 2019. At Unit I, the brownfield project of our EDA-based value-added products including DETA, TETA, PIP, AEEA, and AEP is expected to be commissioned during the first half of FY 2027. At Unit II, which is the greenfield project at MIDC Chincholi, erection and installation work is currently in progress. This project is proposed for the manufacture of HCN, NaCN, EDTA, and EDTA-2Na and is expected to be commissioned during Q4 FY 2027. These projects are strategically important for the company as they will expand our specialty chemicals portfolio, increase our presence in import substitution products, and create a stronger platform for future growth. More importantly, they are aligned with our broader strategy of moving towards value-added products, improving integration, and enhancing long-term profitability. Strategically, our focus remains on three broad areas. First, we are continuing to strengthen our core amines and derivative business by improving capacity utilization, operating efficiency, and product mix. Second, we are increasing our presence in high-value specialty chemicals and electronic-grade products, which cater to industries such as pharmaceuticals, agrochemicals, water treatment, refineries, EV battery chemicals, paints, dyes, and other industrial applications. Third, we remain focused on import substitution and indigenous manufacturing technologies, which have been important strengths for Balaji Amines over the years. Looking ahead, we enter FY 2027 with a positive but measured outlook. Our focus will be on improving utilization across plants, completing ongoing projects on schedule, strengthening operating leverage, and scaling up new products in a disciplined manner. The commissioning of DME, NMM, HCN, and the expansion projects of Balaji Speciality Chemicals will be important milestones over the coming quarters. While we remain watchful of raw material prices, global demand conditions, and geopolitical developments, we believe Balaji Amines is well-placed for gradual growth. This confidence is backed by our integrated manufacturing model, diversified product portfolio, strong customer relationships, expanding specialty chemicals platform, and disciplined balance sheet approach. With this I would like to thank everyone for joining the call. We can now open the floor for questions. Thank you. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Priyansha from Vallum Capital. Hi, sir. Thank you for the opportunity. Just a broader question, looking at your expansion plan. We are at a capacity as a standalone company at 293,000 metric tons. When we were to see the quarterly volumes, we roughly at a company level operate at 35%-40% utilization. Just wanted to understand why would we continue further expansions despite remaining at such a low utilization? Which would be those products where the utilizations will be furthermore low, and if you can highlight a few products where the utilizations are higher than the company average. Thank you, Priya. The new projects were not the same products increasing the capacity. They are all new products. We are talking about the dimethyl ether, which is an alternate to the LPG. This we have talked about four, five years back by contacting the NITI Aayog. That product, we will be commissioning probably maybe in this month only. Another thing is acetonitrile, because that was the old technology, we have just improved the technology. You are talking about the utilization. Yes, only one or two plants are utilized very low capacity, like DMF and butylamine, like EV battery chemicals, DMC and all, because the battery manufacturers are yet to pick up. That is the reason those clients. We are gearing up and we are getting ready for tomorrow's requirements. Got it. The second question on given the supply chain disruptions that are happening globally, and then we are seeing those realization getting benefited for you in this quarter. So would be also the profit margins that reflect the spread improving on the EBITDA level. If you can just highlight what is the average price hikes that you would have taken in the current quarter, and what is the realization growth that we should think of it in the ongoing months and the quarter till the time the disruption remains globally. What would be that quantum of price hikes that you are looking at it? The prices you are aware that because of the current geopolitical situation most of the raw materials, sometimes it is doubled, even three times also, two and a half times of its regular prices. Because of maybe some of the plants might have shut down because of this situation, we got the proper uptake from the customers for this current quarter. Because of our proper inventory management, we could be in a position to maintain these profit margins. With the guidance in coming quarters also, because of the new plants or new products are coming up, I hope that the volume growth should be in the coming financial year. This year maybe partly they are coming up, but I am talking about the 2027 end. There should be minimum 25%-30% volume growth should be there from the current volumes. The EBITDAs should be sustainable between 22%-23% on the total sales. Got it. One last question on methylamine. One of the large metformin customer manufacturers has backward integrated. Would it be possible to quantify what kind of risk do we run on this one large customer in terms of over capacity as a percentage? See, for you are feeling it is a large manufacturer, but for us, what we have seen is their requirement of the dimethylamine hydrochloride, maybe about 15%-20% of the total our outflow. Secondly, even today also they are buying. Even this month also they are buying from us. I do not know where from they got, and maybe they have some problems, or maybe our cost is lesser than their cost of production. Even today also they are buying from us. Got it. Wonderful. Thank you, sir. Welcome. Thank you. The next question is from the line of Pratik Misha, Goerge. Hello, am I audible? Yes, sir. Thank you. I had these two questions. Earlier, the management guided that they are targeting INR 3,000 crore type of revenue by FY 2028. Majorly, Balaji Speciality Chemicals will contribute and the AEP will contribute. From that side, I had a question. In DME, we still have to get the approval from the government side, so that is a big policy risk there. On the Balaji Speciality side, the end market demand is still growing in a single digit. What is the reason that we are doing such a big CapEx? We announced this CapEx 2 years ago also, and we haven't been able to ramp up very fast. These are the questions that we have. See, number one, this is regarding their dimethyl ether approvals. Nothing is pending from the manufacturing point of view. We are already having the permission for the manufacturing. Only thing is, for the transportation part of the approvals have already been on the place. That's the reason we are going ahead. Plant is already fully constructed. Just commissioning is going on. Now, the commissioning activities are going on. As per the consumption of DME country presently, India is importing almost 25% to 30% of LPG from outside country. We are talking about only 100,000, and that is 1 lakh tons capacity we are putting up. As I said, we are targeting only aerosol and commercial establishments. You are aware that the Government of India has increased almost INR 1,000 per cylinder recently. I think 10 days back only, they have increased for the commercial cylinders. Definitely, we think that we should be in a position to continue this project very profitably. The second thing, as regards to Balaji Speciality Chemicals, I do not know where from you got the figures. The new products, value-added products, which I have mentioned in my speech, that is the TETA, TEPA, and AEP. These are all products having very good demand in the world market. For the TETA, nobody is making in the country, so there is a good demand. Like other products, like green field, hydrogen cyanide and sodium cyanide, there is a good demand in the country as well as outside country also. Are you still on so you are saying that we will be able to reach INR 3,000 crore revenue by FY 2028? Definitely. If you have not heard fully, I said if situation goes like this, we will be definitely reaching INR 3,000 crores in 2028. Okay. Sir, on the DME side, I wanted to ask, just a last question. What will be the amount of volume of DME which India will require? Is there import risk from China, that China will dump at lower prices in India? No. As of now, China has not come to the India because this being in the gas form, I don't think there will be much competition from the outside country. You asked about what is the See, when I say this is the alternate to the LPG. Right. Wherever the LPG is used, there we can use this. Like aerosol market, that itself is more than 30,000-50,000 tons currently, using the other gases. So there it is easy to target by giving this DME. In the same way, commercial establishment. There are many commercial establishments like baking industry, bulk industry, ceramic industry. They're all depending on the natural gas or the LPG, where we can replace this. Specifically, in current situation, there's a tremendous shortage of the LPG. So I don't think there should be any problem. Okay. So you are saying that from this Q1 only, you will be start supplying DME to the Government of India, right? Yes. Okay. Got it. Thank you. The next question is from the line of Nilesh Ghuge from HDFC Securities. Please go ahead. Yeah. Good afternoon, sir. Good afternoon. My first question is on our consolidated numbers. There is a sharp reduction in other expenses in consolidated numbers. What are the steps or the effort that you have taken to reduce it? What number we should build in for FY 2027 for modeling purpose? I didn't understand. It is other expenses. Huh. Other expenses in consolidated. It is because of the specialty chemical, because the subsidiary is not working in full position because of the It is for the modification. It is working 10 days, working and 15 days is working for the modifications. Repairs are going on, which goes into the expenses, which going for the modifications, definitely goes into the capitalization. Okay. This is the impact. Can we work out with the quarterly number as a normal number and the other expenses for FY 2027? If you have specific numbers you want other than what we have presented- For example, approximately. Sure. Sir. I will do that. Drop a mail to CS. We will definitely try to give you your answer to your question. Yeah. Okay, sir. And sir, second question. In the subsidiary numbers, there is a growth at top line. However, at a gross level, the rise in raw material cost is very steep. Any specific reason in terms of ethylene diamine prices have increased or something like that? Yeah. There is an increase in the raw material prices. Okay. Monoethanolamine. Okay. It's almost three times than the normal. Okay. That's why our subsidiaries, the kind of gross margins are much, much lower compared to last quarter. Yeah. Because, see, we cannot consider these numbers, Nilesh. The reason is- it's already working. 15 days. Okay. Twenty days, times even 10 days it has worked. Okay Only thing is after this modifications, from the third quarter onwards, you will see the real figures of this existing plant. Okay. So meanwhile, we can take the annual number or maybe the six-monthly number as a benchmark. Is that right, understanding, sir? Instead of quarterly numbers. No, this is very difficult to compare. Okay. Because almost 9 to 12 months it is on the modifications type of things only happening. You cannot consider them as a benchmark, right? This will be last question. Sir, what are the prices of EDA in Q4, particularly in the month of March? What are the prices now? It is between INR 280 to INR 300. Even it went up to INR 400 also in the smaller quantities. Okay. This is where you are talking about the Q4 number, average Q4 number. Average Q4 numbers are about 300, and today it is about 270, 280. Yeah. Okay. There is a dip. Okay. Thank you, sir. And all the best, sir. Yeah. Thank you. The next question is from the line of Pritesh Shera from Lucky Investment. Please go ahead. My first question is, what is the arrangements for raw material, especially methanol and ammonia on the standalone side? Then, on the EDA side, how are we positioned on the raw material and continuation of manufacturing things? Hello. Yeah. Yes. That is my first question on the raw material. Yeah. Raw materials we are regularly buying. For the ammonia, there is no problem. Only prices are up, but availability is no problem as of now. We are getting regularly. Methanol also, there is no problem. Only thing is prices and volatility in the pricing. One need to alert every time. See, earlier what we should do, one, you buy order today and for the entire month you should keep quiet. But now we need to be alert. Every 3 days, 4 days, we are observing what is happening in the market, and we are buying in shorter quantities for shorter period. There is sufficient arrangement to make sure that the plant which was running at 25,000 TPA volume for all these last Q4, right, 20,000 per quarter. So you have necessary arrangement to make sure that at least plant runs at the run rate what you were always doing, right? Yes, you are right. My second question is, I did not understand your 30% volume growth guidance. From what will you drive that 30% volume growth? Are you prepared from the raw material side to deliver that 30% growth? Yeah. 20% to 30% volume growth I said, because considering the three new plants. One is Acetonitrile, Dimethyl Ether, and your NMM. These three new plants are coming up. Even the battery industries, which is yet to start. We hope that in the current financial year they will start and next financial they will stable. Considering all this, I have taken very conservative number of 30% volume growth. My next question is on the ethylamine portfolio side and the EDA portfolio side. If you could tell us the pricing that you experienced in March and the pricing that you are experiencing now, or the spread which you are experiencing in March and the spread which you are experiencing now. Are they holding on? Are there any changes? See, there was a change in March also, three, four times. Even now also every three, four days there is a change. Even if I give you some numbers today, the price is going on this. That will not work for your calculation because of this current geopolitical situation, every two days, every three days, there is a change in the prices. The only thing is one needs to take alerts, both the sides, sales as well as from the procuring the raw material side. Then only we should be able to maintain the margins what we have assured. Okay. My last question is on the three new products which you referred to, which is Acetonitrile, Dimethyl Ether and the one more other product. What is the pricing range that they are at? So they are at that 200 plus range or 300 plus range pricing, what is it? See, one is, this is about 100 plus, 100, 120 rupees, the Dimethyl Ether, what we are thinking around INR 100 based on the current situation. Acetonitrile is about INR 240 today's situation. NMM is also about INR 250-INR 300. Okay, sir. Thank you. If I have more questions, I will come back. Thank you very much. Thank you. Thank you. The next question is from the line of Bhagwat from Prosperity Wealth Management Private Limited. Please go ahead. Thank you for the opportunity. My question is regarding the dimethyl ether plant. Could you please comment on the expected utilization of the plant, along with the potential revenue and EBITDA margins for current year and next year, please? This is very difficult question, Mr. Bhagwat. Utilization, I can say if the situation goes like this, we can utilize fully. Only thing is we are waiting for the permission and the transportation, road transport permission. We have applied to the government and we are following up. We expect that in a month's time that will come. Production, yes, we will continue the production till what we have the storages. We fill up our storages. Margins, it is very difficult to say. Only we can say today's margins, okay, with the line of other chemicals, it is there. Tomorrow it is very difficult to predict what will happen at the raw material front. If you get the road transportation permission, since the time we can utilize the plant. Right. How difficult it will be? We- Okay. Current financial year maybe about 30%-40% we should be in a position to utilize, because there will be some teething problems in the production, even it's and also using the new product. It's being the first time in the country. There also adjusting three products also will take some time. By end of the year, we should reach to 50%-60% capacity, and the coming year it will go to 80%-90%. Okay. At 100% utilization, what is the potential revenue? Which I am telling you today's price, even if you take conservatively INR 80-90 also, our capacity is about 100,000 tons. That is, even if you take 80%, 80,000 tons. You can calculate. Okay. And the margin that you have mentioned is similar to the other chemical margin that's around 20%-23% approximately? Today's situation. Today's situation. Okay. That's around 22%. Maybe less 22. Okay. Thank you for your answers. Thank you, sir. Thank you. The next question is from the line of Anil Shah from Insightful Investing. Please go ahead. Yes, hi. Just wanted to know what would be your CapEx that is still remaining in the standalone for these three products, that is the DME, NMM, and the ACN for this year. I think hardly INR 20 crores is there. We already spent almost all the money. We paid the advance for some of the on the way. Only balance is there, maybe INR 20 crores. For all three products combined, you are saying about INR 20 crores is balance. Yes. Right? Yes. Correct. From a subsidiary perspective, what is the likely CapEx this year that we will be doing, Balaji Speciality? It is total INR 750 crores. In first phase, we will be spending about INR 350-INR 400 crores. Okay. Out of which, how much will be this year? This year is about We already spent more than INR 110 crores. We will be spending about another INR 250 crores current year. Okay. Basically, we are looking at anywhere between INR 250 crores to INR 5 crores of CapEx combined on a consolidated basis this year? Yeah. INR 275 to INR 290. 275 to 290. Just to touch upon in terms of the DME, obviously, while we await the road transport permission, have you already been approached by prospective buyers? Is there a volume understanding agreement which has been signed? Or is it all going to go on spot? How does this work? If you could just explain a bit. We approached almost all the customers who are equivalent to our capacity. The only thing is, this being a gas, we cannot provide them the sample. People are asking for the sample. Now we ordered about 100 cylinders of 500 kg each. Those we will be sending one cylinder to each customer, even though they are the bulk consumers. They will be testing with 500 kg, and after that testing, once these trials are done successfully, then they will be placing the order for bulk requirement. Of course, after receipt of the transport permission. Agreed. So more likely than not, we should see the actual booked revenues only probably in the second half of the fiscal. Yes. Because permission it will take some time. I have not considered anything. If you heard my earlier answer to the question, I told them that there will be 30% to 30% volume growth, Utilization in the next financial year, considering all these products. I thought you said 30% to 40% utilization for DME in FY 2027 itself, right? 30% to 40% utilization. Yes. Conservatively, I said these all three products, like Acetonitrile, partly we are selling, but when that comes, that sales will increase. These two products are new. Again, one is the NMM, N-Methyl Morpholine, and the second is the VITAS. Also, I have seen any product when you go first time in the country, there are two types of the teething problem. One is our side to get the quality of the customer's specifications. Number two, their acquaintance for the product being manufactured first time in the country. When we talk about the alternate to the product, one they are using already. Okay. There also they will take some time. Secondly, all these things we said this year it will be very marginal, but next financial, we'll definitely see 60%-70% of the growth of utilization should be there for this product. For this particular year then, what kind of volume growth and what kind of revenue growth? More important is volume, because value growth is obviously subject to a lot of raw material prices moving up and down. So what kind of volume growth for this year as a company that we should be looking at? Because I appreciate the fact that DME, ACN and NMM will take its time, and you're not factoring in too much for this year, and that's understandable. If I had to pin- I imagine it will be 10%-15% volume growth should be there. 10%-15% volume growth, and this is for Consolidated PAT, right? Yes. Consolidated? Yes. Okay. The last question. In terms of the EV battery chemicals unit, how much would we have spent, and is that unit being commercially operational or it is still we are not showing it as commercially operating? It is already started the production, but not for the EV battery chemicals. They are giving to the other sectors also. There is some consumption, like agro and pharma. So it is running at 20%-25% capacity. The production is going on. Because all these batteries people, I do not know, everybody is talking this month, next month. Somebody said that from April onwards it will come into the full swing, so we will have to wait. The moment they start, then we will be in a position to utilize our capacity also. Yeah, I understand that. Sorry, I'm just extending the same question. It's not a new question, but has a product been approved by the respective battery manufacturers? Yes In terms of the trial runs, in terms of samples, all that part has been done. It's just the fact that they need to start, commercial orders to be placed. Is that correct? Yes. Some of the people placed the commercial also, some 100 tons like that, some of placed. They said that it is not exactly. I'll tell you two things. One is the battery- -based chemicals and other is the electrolytes. Yes. Our product goes in the EV battery chemicals electrolytes. Okay. People who are buying from us presently, who bought about 100, 150 tons, they said that Indian companies are not yet ready. We are selling this to outside country. They bought our chemicals, they made an electrolyte, and they are selling it outside country. Got it. We are hoping for some better utilization in that particular segment. Yes, definitely. Okay, thanks. I'll join the queue. Thank you so much. You're welcome, Madhav. Thank you. The next question is from and then Richard. Please go ahead. Yes, sir. Congratulations on the good set of numbers. Sir, my first question is regarding increase of stake in BSCL from 51% to a higher level. I would appreciate, I have been asking this question since last few con calls. If we can increase our stake in BSCL from 51% to a higher level, it would be good. Could you update us, please? See, it does not happen just by saying it. Both the boards are involved, both the shareholders are involved. They will take at appropriate time, both the boards will take the decisions and will take place. Are we going for IPO or are we going to increase the stake? Any hint can you give us? It is too early. It is too early, Raju, to discuss. Why the IPO is postponed, because we want to come with all the products into the market, then we will talk about what action to be taken. Okay. My next question was this, the greenfield and brownfield CapEx. I had come to you, and we had visit the plant visit in June 2023. Now it has been three years. Not even the phase one of the greenfield CapEx has started. Is there a delay of more than expected? No. The things what we said in 2023, they are already in the production. Like ethylamine and the LEMP and all. Those products are already in the production. Now, the modifications we have taken last year only, the modification decision for the Balaji Speciality Chemicals, Unit I, which is going on. You yourself was telling that you did not visit from 2023. How can you say what is happening at plant level. Once you visit, you will understand what quantum of work is involved, what type of machinery is involved. Once you visit, probably by this month end or next month mid, we will be inviting the investor stakeholders for the visit to witness the expansions going on. Okay. My next question was on anti-dumping duty on DMF and EDA. Any update on that? DMF, we have not yet applied that old one. Old case is still there. EDA, it was at final stage, but because of this geopolitical situation, government has withheld many products. They have made it duty-free. You forget about regular duty anti-dumping. We will have to wait till end of June because those orders given by the Government of India for exemption of certain products is right up to, I think, end of June. Probably after, we will come to know status of all these cases. Okay. I will get back in the queue. Thank you. We take this as a last question. I now hand the conference over to Mr. Gagan. Thank you and over to you. Yeah, thanks for all the participants, and special thanks to the Balaji Amines management for sharing their views on the company's fourth quarter fiscal year 2024 performance. I would like to take this opportunity to thank Mr. Ram Reddy and his team once again. Would you like to make any closing comments, sir? Yes. Thank you. Thank you, Gagan. I would like to thank you, all the participants, all the stakeholders, our valued shareholders, to all the shareholders to showing interest on our company. Definitely, we will not let you down. I once again assure you all. As I said, we will be inviting whoever is interested to witness the expansions going on. So thank you once again. Thank you.