Godrej Agrovet Ltd

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 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. Probal Sen from ICICI Securities. Thank you, and over to you, sir.

Thank you, Moderator. Good afternoon, everyone. And thank you for making the time to join us on this Godrej Agrovet’s Q1 FY '26 Earnings Conference Call.

From the Company, we have with us members of the senior management, including Mr. Nadir Godrej – Chairman of the Company, Mr. Balram S. Yadav – Managing Director, Mr. Sunil Kataria – the CEO and Managing Director - Designate, Mr. S. Varadaraj – Chief Financial Officer, Mr. Burjis Godrej – Managing Director of Astec LifeSciences, and Mr. Arijit Mukherjee – Chief Operating Officer, Astec LifeSciences.

As is usually the case, we would like to begin the call with brief opening remarks from the management, following which we will have the forum open for an interactive Q&A session.

Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared by the Company with you earlier.

I would like to now invite Mr. Nadir Godrej to make the initial remarks. Over to you, sir.

Good afternoon, everyone. I welcome you all to the Godrej Agrovet’s Earnings Call.

Before I commence with the business update, I would like to take this opportunity to express a heartfelt appreciation and thank Balram for his extraordinary contributions to the Company over the years. His unwavering commitment and visionary leadership, marked by wisdom and integrity, has left an indelible mark. I would like to wish him joy, good health, and fulfilling experiences.

I would also like to take this opportunity to welcome Sunil Kataria, who will take over from Balram. Sunil has had a distinguished track record of driving growth and building high- performing teams, and his rich experience will bring immense value to the organization. I wish him all the very best.

Now, I will comment on the ‘Business Update’ for Quarter 1 Fiscal Year '26.

Page 3 of 14 Godrej Agrovet Limited reported strong financial performance for Quarter 1 Fiscal Year '26 with notable growth in revenues, profitability, and operational efficiencies. The growth in profitability was mainly driven by robust volumes and improved operational efficiencies in the vegetable oils business, supported by significant reduction in losses in Astec Lifesciences.

The Company recorded consolidated revenue from operations of Rs. 2,614 crore in Quarter 1 Fiscal Year '26, as against Rs. 2,351 crore in Quarter 1 Fiscal Year '25, registering a growth of 11%.

Profit before tax also improved from Rs. 151 crore in Quarter 1 Fiscal Year '25 to Rs. 188 crore in Quarter 1 Fiscal Year '26.

Coming to the key ‘Financial’ and ‘Business Highlights’ of each of our business segments:

In Animal Feed, while overall volume growth was a healthy 8%, segment revenue and underlying margins were flat due to lower realizations. Volume growth was recorded across all key categories, led by Broiler feed at 13%, Cattle feed at 11%, and Layer feed at 4%.

Our Vegetable Oil segment revenue and margins improved significantly in Quarter 1 Fiscal Year '26 as compared to Quarter 1 Fiscal Year '25 on the back of increased average realizations of Crude Palm Oil and Palm Kernel Oil, coupled with higher Fresh Fruit Bunch arrivals, higher by 50% year-on-year. Oil extraction ratio also improved year-on-year.

Standalone Crop Protection segment revenue grew marginally by 5% year-on-year, on the back of an increase in volume in the in-house category. Lower net realizations in respect of in-house and in-licensing categories on account of channel mix and higher discounts resulted in the segment margins being marginally lower but in line with our expectations.

I am pleased to announce the launch of a new in-licensed maize herbicide introduced under the brand name Ashitaka in July 2025.

Astec LifeSciences’ revenue improved by 31% year-on-year, primarily on account of higher volumes in both the Enterprise and CDMO categories. EBITDA also improved year-on-year, primarily on account of higher volumes and lower raw material costs in the Enterprise category, coupled with better capacity utilization.

In Quarter 1 Fiscal Year '26, our Dairy segment revenues remained flat as compared to Q1 Fiscal Year '25, while milk volumes increased by 2% year-on-year. Unseasonable rains in the months of April, May temporarily impacted the sale of value-added products (VAP).

EBITDA margins declined primarily due to increase in milk procurement prices, compression of markets in key value-added products due to early rains and increased spends in advertising and marketing.

Page 4 of 14 The Poultry and Processed Food segment recorded a decline in revenue and margins, primarily due to lower volumes and muted realizations in the live bird category as we continue to focus on growing the branded business and reduce our exposure to the live bird category.

GAVL's joint venture in Bangladesh, ACI Godrej recorded revenue decline of 20% year-on-year in Quarter 1 Fiscal Year '26 due to volume contraction across categories in the backdrop of a challenging political and economic environment.

That concludes our business and financial performance update for the quarter. With this, I close my opening remarks. We will now be happy to answer your questions. Thank you.

Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may please press * and 1 on their touchtone telephone. If you wish to remove yourself from the question que, you may please press * and 2. Participants are requested to use handsets while asking a question. Ladies and Gentleman, we will wait for a moment while the question que assembles.

Ladies and Gentlemen to ask a question , please press * and 1 now. Participants who wish to ask a question may please press * and 1 at this time.

The first question is from the line of Abhijit Akella from Kotak Securities. Please go ahead.

Good afternoon and thank you so much for taking my questions. First of all, if it is possible to share any update on your outlook for Fiscal '26? You had already shared with us last quarter that you expected 16% to 18% top line growth at GAVL and various business-wise commentary as well. But if it is possible, you know, in light of the performance of the quarter gone by and pricing pressure in some of the segments, if it is possible to update your outlook, that would be very helpful.

So, after the first quarter, I think we still maintain the top-line growth to be in early teens. And once we come to questions about different segments, we will talk about different segments also.

But we maintain the same expectation for profit. And you must have seen that we have grown profit in Quarter 1 by 25% over Quarter 1 last year.

Got it sir. Thank you. Just on the crop protection business, if I may drill in one level deeper. On the new product, Ashitaka, if it is possible to share any outlook or expectations you might have regarding market potential for the product. And we had a target of growing revenues in that domestic business by 30% this year. Yet, there is competition and pricing pressure, I guess, in some of our key products. So, what would be the key drivers for this kind of growth in the upcoming year?

I must brief you that we did not have very good quarter as far as Agri products are concerned.

And we expect that in Q2, since the PYNA season has not gone well, because of erratic rainfall,

Page 5 of 14 we might have some returns in Q2, which will be more than what we had provisioned for. It is only towards the end of August that we come to know because till about middle of August, some season continues in different parts of the country. So, by the end of August, we will know that what would be the actual return. But definitely, we know that it will be much more than what we had provisioned for.

Having said that, I must also tell you that the rainfall has been extremely good. And we have several products to be sold in our Rabi season. So, we expect to catch up in Rabi in some of the products, but the kind of setback we have had in PYNA cannot be covered by the other products we have. So, let us see. I think definitely we will maintain an EBIT margin of close to 28% to 30%. That is what the indication we had given on steady state because last year, 40 plus percent was an outlier. But top line growth, we will be only able to come to know once the season is fully over.

Since you have asked about Ashitaka, I must tell you, yes, that is a very, very important product for us going forward. The theoretical potential of Ashitaka is about Rs. 200 crores. And we believe that we will get there in three, four years. But I must tell you, I must marry Ashitaka's story with our corn story in the country.

Corn acreages are going up. You know, this year also till now, about 7% acreage in corn has gone up. Prices of corn are very high. It is a very profitable crop for our farmers, largely because of the ethanol story being played out. We strongly believe similar growth will be maintained in Rabi also.

So Ashitaka’s potential may be much higher than our expectations in time to come because we will produce about 37-38 million tons of corn this year and we will be just hand to mouth because poultry demand as well as ethanol demand is rising.

So, my sense is that in two to three years’ time we have to get to about 45 million tons of corn which will mean that from something like 9.4-9.5 million hectares. We will have to go to 11 million hectares area under corn. So, this is the good opportunity for Ashitaka. So, we believe that our expectations from Ashitaka will be revised further upwards as the time passes.

Regarding the pricing pressure, definitely pricing pressure has come because other competitors for the same products have come. Gracia is also shared by the principal with other companies.

So, definitely when competition grows, we cannot enjoy same level of margins. So, idea is to expand to different crops. We have already got labels for several other vegetable crops. Not only chilli. So, we believe horizontal expansion in terms of crops and area will definitely maintain Gracia volumes and profitability.

Thank you Sir. That is helpful. And on Astec LifeSciences, if it is possible to share your updated expectations in terms of how you are seeing the industry scenario, plus any impact at all of these U.S. tariffs that have been recently announced?

Page 6 of 14 So, Astec is expected to report EBITDA break-even for this financial year. The volumes of the enterprise products have improved over the last two years, but there has been no major improvement observed in the price realization. The gross margins in Enterprise segment are positive in the current quarter, which is a good sign, and it is a sign of recovery. And we are also seeing raw material prices reducing, which is another positive sign.

Regarding impact of U.S. tariffs, there is a lot of uncertainty prevailing in terms of what the final tariff rates will be. We understand that trade negotiations are still in progress. We will be able to comment once we get further updates. But thankfully, our exposure to the U.S. in the form of exports only ranges from about 7% to 10% of our total sales. Our major customers are in South Korea and Japan.

Thank you. And just one last thing for me before I get back in the queue. Just within the Vegetable Oil segment, what would the percentage share of value-added products be within total revenues and also profits, if it is possible to break those out? Balram S Yadav So, today, 80% of our sales is now value-added, which is mostly Olein, Stearin and PFAD, because I must also tell you that you need to understand one thing about this business. Today, there is a, actually, government dropped the import duty on CPO by 10%. So, if earlier, the differential between refined and CPO was 8.75%, which went to about 18% plus. Then suddenly refinery has become profitable. And that is why we are passing all our CPO through our refinery.

However, if you take last year's case, it was not the case. Last year, the refining margins were either very low or negative. So, we disposed off most of the oil as CPO because our focus is to maximize profit. So, this will be the, I would say, entrepreneurial decision we will have to take month-on-month, quarter-on-quarter in this particular business. The incremental profit of the refinery segment is about 1 % to 1.5 % depending on prices.

To add to our value-added story, we are in the process of setting up a PKO refinery, which will come into production in Q3. And in Q4, we will also be starting inter-esterification and hydrogenation, which will also enable us to get into further value-added products, like bakery fat, shortening, etc. So, I think we have started this journey. And our strategy is to convert more and more of our Crude Palm Oil and Palm Kernel Oil into value-added products.

Thanks a lot Sir. I will get back in the queue for anymore. All the best.

Thank you Sir. Ladies and Gentleman to ask a question please press * and 1 now. Participants who wish to ask questions may please press * and 1 at this time. The next question is from the line of Aejas Lakhani from Unifi AMC. Please go ahead.

Hi, team. Balram sir, firstly on Animal Feed, could you just explain that comment that is there in the PPT which states that you all have had a higher utilization of the vendor invoice

Page 7 of 14 discounting, which resulted in higher input costs and lower finance costs? So, could you please explain that?

So, in the past, this is Varadaraj. In the past as well, we have sort of, from time to time, taken benefit of the vendor invoice discounting program by taking extended credit on our purchases.

Now, what it does is that whenever you take extended credit on our purchases, that cost goes and sits as part of the material cost, thereby impacting the segment results. Okay. And that is the reason why we have sort of talked about the underlying segment margin as well. Trust this clarifies the question.

Ok. Sir, the second question is on palm oil. Could you first call out what is the quantum of FFB bunches that we got in this quarter?

Sure. Yes, so FFB improvement is 52% over last year. And Q1 FY '26, we got 178k tons. Q1 FY '25, we got about 117k tons, which is a 52% increase. I must say that this is an extraordinary quarter as far as oil palm business is concerned because we have never seen such a good FFB arrival in the first quarter. It is largely because of early rains.

I must also say that we are seeing extremely good oil extraction ratios in the first quarter, which we have never seen in the past. In Quarter 1 of FY '26, we had 18.37% oil extraction ratio as compared to Quarter 1 of FY '25, which is 17.98%.

But I must tell you that these trees are trees. They may produce early. They may produce late.

But they are likely to produce the same quantity with normal productivity increase, which happens with age and management. So, my sense is that this year we are expecting about 15% to 18% increase in FFB arrivals over last year.

Understood. And sir, given that the first quarter was much better in terms of procurement, does that mean that the second quarter will be affected for any reason? Because second quarter season is the best quarter for us.

Yes, so today, we definitely see that FFB arrivals continue to be at last year or slightly more than last year level. But it is early to judge because there was a lot of rain in our areas in July. We feel that Q2 will definitely be the top quarter the way it has been historically. I am very glad to report that OER continues to be all-time high coupled with extremely good prices because of several reasons. So, we believe that from profitability point of view, Quarter 2 will also be extremely good.

Sir, I want to ask another question on OER. Sir, because the OER in this bunch of arrivals is on the higher side, is it a fair assumption to make that for the balance part of the year also the OER expectations on the higher side of 19.8 versus the 18?

It is a fair assumption because that is the pattern we see every day that our lowest OER is in the monsoon season when the bunches are wet. And after that once monsoon reduces and the temperatures become slightly more benign, the oil content increases.

For example, I must tell you Q4 FY '25, the OER was 19.66%. So, as compared to that, Q1 is lower, 18.37%. But I must say that this year we are going to have an extremely good year in OER. And you know OER is direct injection into our profitability.

Sir, thirdly, could you tell me about crop protection? Actually, what went wrong in the crop protection this year for us? Because the season has been fairly good. So, was it to do with the channel, the product? Could you just speak a little more on the segment?

So, I am saying that we were better off in terms of market information. Most of our digital programs had already been initiated and have reached certain levels of maturity in tracking of our stocks, etc. And we have improved our sales and distribution. Everything, according to me, was right, except this season is very unique. So, the rain started early. There was a lot of rains.

And you know, the sowing also started. And most of the sowing was completed about one week or 10 days before the time.

Now, our PYNA products, particularly Hitweed Maxx, is to be sprayed at two leaf level. Now, that is the level where you need certain amount of irrigation for this herbicide to be effective.

Unfortunately, for about three weeks, there was total dry period in the areas of Vidarbha, Marathwada and several parts of the country where cotton is grown.

You must have also heard about reports that just because of a dry period, there has been resowing in several areas as far as cotton is concerned. And not only us, anybody, all the companies which have been in the early-stage herbicides for cotton, they have had huge amount of unsold material in the market.

Having said that, I must say that this is one of the issues with this business, and that is why efforts around to balance the portfolio improve. Today we are very skewed towards Kharif, but most of the products in pipeline are also focused at Rabi crops. Rabi is increasing in salience over the past years as far as this business is concerned. And we believe that Rabi will be equally balanced in two years once the new molecules which are in different stages of registration are launched.

I would like to add that as regards Hitweed and Hitweed Maxx, we are in the midst of the season.

And as the season progresses, we will get more and more clarity in terms of what is happening in terms of the inventory in the market, etc.

Understood, But sir, this is, I mean, in the earlier part of the call, you said that maybe you may have to take some returns, and this will be more than provided for. This is a little conflicting to what you mentioned earlier. So, could you please clarify?

Page 9 of 14 So, we still maintain that we will have returns. It is the tail end of the season. But the only thing is that last year also we had seen that surprisingly our liquidation was much more than what we expected. So, that is why we are a little cautious. But I still reiterate that the returns will be more than expected. How much more is something which we will only be able to tell towards the end of August.

You must also remember one more statement I made which was resowing of cotton. So, even the cotton season in some of the areas is delayed. But it is so vast and the kind of information which is needed to be able to predict all this is not there. So, that is why it is very difficult to take an informed guess on what percentage of returns, etc., at this time of the year.

Understood Sir. And, sir, Gracia, you said that Nissan has given it to other competitors. So, could you explain, I thought that the in-licensed products, the arrangement was such where they used our distribution network and that was mostly exclusive to us. So, for what period do you have the exclusivity? When does it then get open to competition? And given that Gracia was very important in the scheme of things, could you call out what was the size of Gracia in the crop protection business and how much do you think that would get diluted by incrementally?

Ladies and Gentleman , the lines for the management have been connected. Thank you and over to you sir.

Sorry. We got disconnected, Can you please repeat the last question? Because we were not able to hear the last question.

Sir, my question was that Balram sir made a point that Gracia has now been shared by, you know, to other competitors by Nissan. So, I just wanted to understand the kind of arrangement that you have with Nissan. Is it that these products are exclusive to you for a certain duration?

Is that like sort of is it product by product? Because they are leveraging of our distribution network. So, some semantics around how the relationship works.

And secondly, could you call out what is the size of Gracia in our crop protection business?

Because it is a material product for us. And incrementally, how much runoff do we see from that product?

So, as far as the in-licensing is concerned, no Japanese Company nowadays gives exclusivity to anybody. The only difference which has happened in last year is that earlier the other Company used to be given material through us. Now it has been made direct.

But definitely that was part of the deal that eventually they will service at least two partners in the country directly. Rashinban we have exclusivity for some time, I think two years or three years. So, exclusivity for two years in Rashinban, I think three years in Rashinban. But we will revert on that. But we have some exclusivity there.

Even Ashitaka, which is another molecule from another Japanese Company, which we are launching today, in different brand name, it is with one more partner. The salience of Gracia last year in Quarter 1 was 18%. This year Quarter 1 is about 5%.

And sir, could you call out Gracia for the full year in FY '25 and how you expect it to run off in '26?

FY '25 full year was 18%. FY '24 was 29%. Last year Q1 was also 5%.

Sorry, but last year Q1, this year Q1 same at 5%. And now we have more labels. So, my sense is that if the season is good, the salience will also be beyond 18% according to us. And it is the need also because since Hitweed Maxx have not performed, in case we have to recover lost ground, it has to be from the products like Rashinban, Gracia, Ashitaka, Bounty, Combine, Double. All these products will have to be sold in higher quantities than we have budgeted for.

Understood. And sir, finally on dairy, just could you call out what has been the VAP share for the quarter? We were expecting our EBITDA margins to be in that 5%, 6% range and building on that incrementally. So, what has happened really? Because something seems to be amiss.

Yes, so I must also tell you that we are glad to say that our salience continues to be at 42%, which was at the last year level, considering there was a lot of unseasonal early rains, which definitely hurt the drinks business and flavor drinks business in this segment.

The second thing is that we have started investing on brands. Our ad spends in the first quarter are Rs. 5 crores higher than the last year. And I think that those results will be seen in future because that is the strategy.

Lastly, I must tell you that our EBITDA margins, including working media, are close to 6.5% to 7%. And we will be able to maintain that easily. And probably, once our value-added product post-advertising, the salience goes up, we are aiming at another percentage or 1.5% improvement in EBITDA plus working media margins in time to come.

So, the entire effort of this business is now to increase rapidly the value-added product business.

And we are budgeted much higher salience in the coming year going up to 50% salience for value-added product in two years.

Understood. But sir, just to follow up, you are saying that even after the ad spend, you are likely to do 6% to 7% EBITDA for the full-year FY '26. Yes.

And sir, finally, on chicken, on live birds, what is the proportion now in the business?

Page 11 of 14 So, let me just repeat. It is 6% to 7% including working media. EBITDA plus working media. Okay?

So, basically 6% to 7% is including the media spends. So, if I exclude the media spends, then EBITDA is expected to be reported. Okay, fine. Okay, I understood. 5.5% to 6% you can take on the annual basis.

And sir, just for chicken, could you call out what is live bird share?

So, live bird share, as a strategy, we have started bringing down live bird significantly. And that is why the top line growth of this business has affected. But we are glad to say that live bird share is 15% of the total sales. 85% today are value-added products. Yummiez and RGC.

Understood Sir. Thank you and all the best.

Thank you Sir. Ladies and Gentleman to ask a question press * and 1 now. Participants who wishes to ask question may please * and 1 at this time. The next question is from the line of Aman Vohra from Premium Capital. Please go ahead.

Hi ! I would like to thank you guys for the opportunity to ask a few questions. My first question is about Astec LifeSciences. It is good to see an improvement in volumes, but does our outlook for FY '26 remain the same? And how do we plan to use the proceeds from the recent rights issue?

So, this is Varadaraj. As far as the utilization of the recent rights issue is concerned, the same is being used to repay our debts which were there in the books. And that is what the primary purpose of the rights issue has been. As regards the other questions Arijit will walk you through.

Yes. So, we should report EBITDA break-even this financial year, which is a significant improvement over last financial year. And we are aiming for turnover of Rs. 500 crores.

Alright. Thanks a lot. My next question is in regards to the Astec CDMO business. Which geography is currently showing the strongest traction in this CDMO business?

So, the CDMO business is quite diversified across various geographies. We are targeting the major European innovators as well as the North American innovators. And the end product goes into multiple geographies. So, all are important. We have strong existing relationships with Japanese and Korean companies. Now we are targeting more of the western innovators.

That sounds great. In regards to the corporate structure review, can you please update us on anything incremental on the strategic review of the corporate structure of the business to enhance shareholder value, something we discussed in the past?

Page 12 of 14 So, I think the step one was the major step where significant investments have been made. We own 100% of Godrej Foods, 100% of Creamline Dairy now. The idea was that we just wanted to make the ownership very clean so that whatever portfolio decisions we need to take in future, we don't have to take anybody into confidence or seek permission from anybody.

So, I think this is the first significant step which was the material step because in total we have invested close to Rs. 1,250 crores in last six months and buying out partners in these two businesses. So, I am saying that keep glued on more to follow.

The line for the current participant is disconnected. The next question is from the line of Siddharth Gadekar from Equirus. Please go ahead.

Hi Sir ! First on the CDMO business, last year we did roughly around Rs. 204 crores revenue.

What is the target for this year? And where do we see us going into FY '27 and '28 on the CDMO business?

So, we are aiming for a revenue of over Rs. 300 crores in CDMO business, CDMO and new products. And that should be about 65% of our total sales.

And sir, beyond '26, any guidance on this business? Beyond '26.

I think it depends on the pipeline and we will keep you posted as it matures because the gestation period is where it is. So, we will look to grow more than 30% every year. Let's see where it goes as the base increases.

We do have 10 molecules in our pipeline. It should be commercialized after FY '27.

Secondly, in terms of the enterprise business, we were talking about doing some refitting to the plants and trying to diversify away from these legacy products. Where are we on that or that is still a status quo?

So, now, all the new projects which will be commercialized is based on the old plant only. So, all the refitting, once we told that there are new projects on pipeline, whenever the commercialization starts, the refitting will be done.

In fact, if you are looking at the website, you will get information about some of the old plants, the new plants which have come up in the last 2-3 years. That's been the CapEx which has been mentioned earlier. And it is those plants which will be used for the new CDMO products.

And most of our plants are multipurpose plants. So, it can be used for a little bit of refitting. It can adjust to any products.

Page 13 of 14 Thank you Sir. The next question is from the line of Rikin Shah from the Boring AMC. Please go ahead.

Hi team!.Just wanted to understand, we are guiding for a break-even in Astec LifeSciences for FY '26, but we have a significant share coming from CDMO, 65%. So, at what kind of spreads are we seeing in the Triazole business? In terms of if not the amount, but like direction, are we seeing any improvement in the Triazole spreads throughout the year? And if we are not looking at that and if we see supply not moving, so are we going to probably take a call on the Triazole business?

No, we expect the Triazole business to continue. It is an important cash flow generator for the business. So, we are going to put our efforts into growing sales on that. We are already seeing improvements in gross margins for the business, improvements in raw material prices which are coming down. And we are putting a lot of effort on growing sales in these businesses in key geographies. And we also want to use Triazole as a platform for the CDMO business to do CDMO based on Triazoles and similar chemistry. So, that will continue to be important for us.

Got it. But sir, in Triazole, if you are looking to do CDMO in Triazole, we don't have many new molecules apart from, you know, there is only one which is launched by Corteva in 2024. And the last one was Mefentrifluconazole in 2019. So, the scope for doing CDMO work using Triazole as a platform seems to be limited.

No, there is scope for that. We see other companies doing that on exclusive contracts for Triazoles. And Metconazole we consider in the new Enterprise products in CDMO category. So, we are happy to aim for exclusivity with anyone who wants that. Additionally, there are pharmaceutical intermediates that are in the Triazole class. So, that is something that we can look into as well. Alright Sir. That all from my side.

Thank you sir. Ladies and Gentleman to ask a question, you may please press * and 1 now.Participents who wish to ask question, please press * and 1 at this time.The next question is from the line of Pavan from Nayan M Vala Securities. Please go ahead.

Hi thank you for the opportunity. I am audible sir.

Page 14 of 14 And what we expect in extraction ratio for FY '26?

FFB arrival in FY '25 was 536k tons. Oil extraction ratio was 19%.

And what is our expectation for FY '26 in oil extraction as we have given an 18% rise in -- We have already grown in Quarter 1 by 50%, but overall, we will grow between 15% to 18%, and OER will be better than last year. That is what our expectation is.

And in terms of realization, considering the drop, import duty dropped by the government, what do we expect to realize?

As I already said that we have shifted to refining, where there is no drop in import duty. And I have already conveyed that we will take the calls, whether to sell CPO or to sell refined oil depending on how the refining margins are. We have that flexibility.

Okay. And in terms of crop protection standalone, what do we expect in top-line growth?

Top-line growth we are expecting about, as of now, when things, particularly in Hitweed and Hitweed products don't look very encouraging. But we have several products which will be sold in next 6 - 7 months.

What we are saying is that we are still assessing how this PYNA season or Hitweed Maxx season is going. I think the best assessment will be made sometime after 3-4 weeks, once we know what is the situation of current stocks in the market, etc. So, I would not hazard a guess right now. Okay. Thank you Sir. Thats from my side.

Thank you Sir. As there are no further questions from the participants, I now hand the conference over to management for closing comments.

Thank you. I hope we have been able to answer all your questions. If you have any further questions or would like to know more about the Company, we would be happy to be of assistance. Thank you once again for taking the time to join us on this call.

Thank you, sir. On behalf of Godrej Agrovet Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.