Sanil Jain

I just have two questions. So, the first one is, can you let us know the CAPEX outlay for 2026 and 2027?

INR 2,500 crore for FY26?

Okay. Understood. And the second question is that , if we see the phenol spreads, they have declined sequentially. But if we see the gross margin of the Phenolics business, then the gross margins have improved by 150 bps sequentially. So can you help me understand the disconnect between the spreads and the gross margins?