Yeah. So for current year '25-'26, we have had certain little bit downside from what we were expecting. Most likely, the production is likely to shift a little bit of quarter into next year. But we

Q2 FY’26 Earnings Conference Call 4 are expecting that again the 21 million metric tons, what we had given, we should be approaching 20 million metric tons for crude oil. And as far as gas is concerned, it would be slightly lesser than that 21.5 BCM that we have projected. Gas would be slightly lesser than 21.5 BCM that we have projected. However, we expect that in the first quarter of the next year, things would make up for all this deferment of production.

Sir, if I can ask, what is the run rate of the Eastern Offshore f ield including KG right now, both gas and oil? And what is the kind of exit rate that we expect?

For KG-98/2, currently, we are having 28,000 barrels of oil per day, and that is what is actually affecting our production estimates for this year.

And for gas, sir?

Gas. It's 3 mmscmd and we had already m entioned earlier on that for KG-98/2, we are to install the living quarters. Once those get installed at offshore during coming December -January, we expect that the gas production would get ramped up at 98/2 by end of the last quarter of this year.

Understood. The secon d question was with respect to O PaL. We have seen quite a sharp improvement in terms of the EBITDA run rate. Just wanted to understand how should we look at the business for the next two quarters. Are we seeing an improvement in realizations? Or, I mean, what has really driven the kind of improvement we've seen in terms of EBITDA? And can we expect a similar run rate for the next couple of quarters?

So, we are expecting that the plant would run on fairly good capacity. It would be 90-plus capacity that we would have for these two quarters. And we are expecting that with the current rates or the prices that we have and the run rate that we would be having, we should have positive EBITDA for these coming quarters.

All right. Last question, if I may. Sir, you mentioned about NWG, the new one that's being up 21% of the total gas revenue. Can we get a sense of what it is of the share of the overall production, right now, NWG?

So, you want the quantum for that NW gas?

If I can get the volume number for a new well gas.

Currently, we have about 13.4%, and we should increase it or ramp it up to 14%.

Q2 FY’26 Earnings Conference Call 5

All right, sir. Thank you. I'll come back. Thank you so much for your answers. All the best.

Thank you. The next question comes from Sabri Hazarika from Emkay Global. Please go ahead. Yes. Good afternoon. So , I have couple of questions. Firstly, in the presentation where you have mentioned regarding the cost optimization, so you have mentioned the 15% cost reduction. So, if I look into your CapEx plus OpEx, it is roughly INR 60,000 crore. So , I mean, just want ed some clarity. Does it mean that INR 8 ,000-9,000 crore of cost reduction will happen over the next few years? How to look about it?

So, we are targeting that we should have a reduction of about INR 5,000 crore in OpEx . Towards that end, we have already started taking action. We have already reduced our cost towards logistics when we have started operations from Pipa vav Port. So, that cuts down on the distance that we have for servicing our offshore locations in the Western Offshore. So , that is reducing the number of vessels that we have to run over there. We have also started our chopper operations from Surat, which takes care of the transfer of manpower from Surat towards the northern end of these fields. We would also be considering f or hiring of bigger vessel sizes because from Pipavav, it being a regular port, it is possible to have a bigger size of vessels to ply between our offshore fields and the mainland then. So , that reduces our logistics costs. It also cuts down on the HSD. We have also optimized the diesel consumption for our drilling rigs, both at onshore and offshore. And we are also taking steps to convert some of those onshore rigs to dual fuel, that is gas as well as HSD. We are looking at reducing our power cost also by considering green gas from the grid as well. And in the long run, we plan to set up our own green solar and wind power plants, which should come up in the next 18 months to two years, which would cut down on the power cost that we would be utilizing. We are also optimizing on the rig building that happens during interlocation movement of the rigs that happens in onshore. We are also reducing our cost on work core operations by utilizing smaller size d rigs rather than the drilling rigs which we use. So, all these are likely to translate into savings for us over a period of time of about INR 5,000 crore.

Okay. So, this is purely on OpEx. And CapEx side?

CapEx, we have our robust CapEx going on. We are not going to cut down on our exploration, etc.…continue to have around INR 30,000 to INR 35,000 CapEx for the years. And even in this year, we will be having on similar lines only.

Got it, sir. That's all from my side. Thank you so much.

Thank you. I request the participants to restrict with two questions in the initial round and join back the queue for more questions. The next question comes from Varatharajan Sivasankaran from Antique Stock Broking. Please go ahead.

Q2 FY’26 Earnings Conference Call 6 Thanks for the opportunity, sir. Sir, if you can give us the guidance on production for FY27 as well and what all will contribute to that production growth, primarily from Western offshore, Mumba i High, as well as Daman and other developments? Anyways, Eastern Offshore, you have already given some idea.

Yeah. Varatharajan, good afternoon. And I'll just give a brief about this thing. See, you are aware that we have already engaged BP as a TSP for MH field. And we had mentioned that hopefully, it will start giving us some green fruits from January onwards. We are happy to no te that, yes, we are already seeing certain uptick happening in our production of oil and gas for MH field. So , that is on the Western Coast. So, we do expect that during this year itself, we could have some positive story coming from over there. Then, we have also mentioned Daman upside project, it is running ahead of schedule. We expect that in the last quarter of this year, we should have production coming out of that field also. For the next year, we have already mentioned on DSF-II field, which is already under development. And in that case, for the last quarter of FY26-27, we expect that production to come up on stream as such.

So just for completion sake, if you can give us the number as well in terms of production for oil and gas. As we've iterated previously, so our standalone production, for the current year, oil, we expect 19.8 MMT, and for next year, it is 21 MMT. And as far as gas is concerned, it is 20 BCM for the current year, and it is 21 .5 BCM for the next year. And thereafter, it would be in the same lines that we would come up with a figure once some of our projects, as sir already told, would be reaching their peak production.

Great. Thanks. My second question was on Mozambique. We keep hearing a lot of news online. If you have an official version of it, you can please reiterate that. Thank you.

Yeah. As of now, all the partners have decided to lift the force majeure. So, we are expecting that ballot to happen either today or tomorrow. And once that happens then it will be officially that force majeure will be lifted. Already, all the partners have decided that they would lift the force majeure. However, till the ballot happens, it would not be a final event, so to say. So , maybe in a couple of days, we should be in a position to confirm that. But you would have already read that Oil India and BPRL have already informed the stock exchange that they have decided or partners have decided to lift the force majeure. So once it is lifted, we would also be informing accordingly.

So, in that case, if you can have any update on the hike in CapEx cost. And that case the hike has to be also officially approved by all the partners, is that a requirement or you are already okay with that?

Q2 FY’26 Earnings Conference Call 7 So, currently total project cap ex…it has been a pproved for the $18.2 billion, but after the force majeure lifting, if the situation as well as revalidations of the all projects, if it goes beyond that, so then we will come to CCEA for further approval, and the decision you may know.

Okay.

Could you get that, Varatharajan?

Yeah. I got it, sir. If I may, like, you know, I just wanted to follow-up on that as well. So effectively, once you lift the force majeure, you're back in terms of full -fledged activity, in terms of development, or is there another step? Because you were also mentioning last time about the government also supposed to complete some procedure of approval.

So, Mozambique government, are you asking?

Mozambique government already has given the no d for lifting this force majeure approval. Only, the operator…they want to get some sort of security clarity from the government, so that part is also over. So, now a ll the partners have agreed for the force majeure lifting even though the regulator, ENH, we have submitted the force majeure lifting to ENH. Only the Ministry we have to submit……

So, it is expected that both the parties, that is all the contracting parties and the Government of Mozambique have already more or less arrived at a finalization of lifting this FM, and this is likely to happen in a couple of days. That is what we are waiting for.

Great. So that's very useful. Thanks a lot.

Thank you. The next question comes from Mayank Maheshwari from Morgan Stanley. Please go ahead. Thank you for the call, sir. So , I had one question on OP aL, and one was related to, I think, any impact that you are seeing on the OVL side because of geopolitical tensions. If you can kind of talk about on OPaL, obviously, your utilization rate this quarter came down versus last quarter. You're talking about 90% or so. Like, at what level of PE prices you think it will kind of become a bit more

Q2 FY’26 Earnings Conference Call 8 profitable because it is still kind of going through that losses right now. So, is there a pricing level where you kind of thought about? And why did you see a bit of utilization rate cut? And, the second question was on OVL. Like, you've seen production decline again this quarter. So, can you just give a bit of outlook on what's going on there?

Okay. On OP aL, there was brief reduction in that capacity utilization because they had a breakdown in one of the equipment, which has since been made good, and it is again operation al. So for about one month, there was a breakdown in OPaL plant. That is why the capacity utilization has been missed. However, they are back on steam, so to say, and they should be performing at 90- plus capacity during these two quarters as such. So, we do not envisage anything adverse now, and we are expecting that the prices that are there for petrochemical, they would be EBITDA positive. That is for as far as OPAL goes. As far as with OVL, Mandal Ji, can you add?

About the OVL production, for this H1, the production was around 4.8 MMTOE and effective for this current year the production will be 10 MMTOE…this will continue for next year too. Last year production was around 10.28 MMTOE…little drop in H1 …Sakhalin 1 was under shutdown for 1 month…under planned shutdown… and hopefully, in the H2, the things will be normal and ….

And any update on the Vietnam extension?

Vietnam extension was there for 16 years, but currently, the production from the block 06.1….so, we have ceased production from July 1, 2025 because it is uneconomical. So, we are just awaiting the Government of Vietnam to develop the PLDCC areas….if we are able to drill those wells in that PLDCC area then we can resume our operation further. But, currently, as it is uneconomical, so from July 1, 2025, we have stopped our production…..this Vietnam is end of the project….

Okay. Thank you.

Yeah. Just to add…. even when this, the OPaL plant was not running to full capacity, we have had an EBITDA of INR 225 crore positive. Going forward, as capacity utilization improves, it will be better.

Perfect. Thank you.

Thank you. The next question comes from Gagan Dixit from Elara Securities. Please go ahead. Yeah. Thanks for taking my question, sir. Sir, my question is regarding this your Mumbai High plan with the British Petroleum. So , can you break into that s ome complete milestones for FY26 - 27? I mean, number of wells, workover, what are your plans? And also, when we expect that this contract will convert it into the performance from the fixed fee? If some idea you have, sir.

Q2 FY’26 Earnings Conference Call 9

So, as far as the number of wells, etc ., is concerned, that is not yet there. Both the companies are working together on the technical part of it, and they have started utilizing the existing CapEx that we have over there, or the wells that we have over there. And now onward it will start coming up. That plan is currently under preparation, and it should be there by this calendar year end as such. And coming to incentive part of it or move out of that fixed fee, it is two years from the start of the project, which was sometime in January this year. So , January '27 onwards, that fixed fee should stop.

Okay. And, sir, how will those payments will be shown up in your P&L? It's OpEx or CapEx or something like support, sir?

Should be OpEx only because its a service provider.

Okay. That that's from my side. Yeah. Thanks.

Thank you. The next question comes from Nilesh from HDFC Securities. Please go ahead. Yeah. Hi. Good afternoon, sir. While answering one question, you mentioned that this year, your production crude oil as well as gas production will be before your expected time. And in next year, Q1, you will recoup that and the production is expected to go up. So , what are the steps th at you are taking to do that in Q1 and that gives you confidence that volume will go up for crude as well as for gas?

So, that production which I have said that it will be coming up more in the first quarter of the next year is more of a deferred production, so to say, because for KG-98/2, we would be having our living quarter setup being installed during December -January and January-February, it would happen. So, part of that production, which otherwise we were expecting in the last quarter will get deferred as such. And some we are expecting from TSP, as I've already mentioned, that from TSP from January, we are expecting green shoots. We are expecting that the re should be more healthier production subsequently. So , that is how we are expecting that the production will be increasing from the first quarter of the next year.

Sir, Prakash sir mentioned about the estimated production for FY27. So , this includes those increase, particularly 98/2, sir?

No. What he had mentioned was when we had earlier planned this living quarters, etc., to happen way in November-December this year, and that production to start for the full quarter in December and January of this year as such. So , that is gett ing a little delayed. It is coming in December - January, which moves everything partly into that monsoon period also, which then affects this

Q2 FY’26 Earnings Conference Call 10 thing. So, that is why part of the production which was scheduled to come in this year has reduced. It will go into the next year. What Prakash told you, those figures do not have that additional product or the deferred production, so to say, as of now.

Okay. Thanks for answering all my questions. Thank you.

Thank you. Ladies and gentlemen, if you have any questions, please press * and 1 on your telephone keypad. The next question comes from Ramesh S, an individual investor. Please go ahead. Thank you, and good evening. So, if you look at your new well gas production, we've been given to understand in the past that it's a ramp-up by a certain proportion every year over the next 5..10..15 years. So, can you give us some idea in terms of the production profile to peak production? And how long that kind of profile can be sustained, say, o ver the next 10-15 years? And when will it start declining based on the investments you're making in field in drilling new wells? See, I'm Ajay Singh, Chief Corporate Planning. Every year, there is a natural decline of 7 %-7.5% from the natural gas that we are bridging by the way of drilling new wells or by intervening in the well by way of workover. So , whatever we are intervening in the well or we are drilling the new well, that comes under the new well gas.

That I understand. So , I'm just asking for the new well gas production, but for every investment you're making, is it possible to give us some kind of a production profile for the increase and then peak production? And then when that new gas production still will start declining?

See, for the next four to five years, when we are introducing our Daman upside, which is likely to come in this current year, we are expected to add by 5 MMSCMD of gas in this year. And next year, we are going to commission the DSF -II, which will be adding another 4 MMSCMD. So both put together, 9 MMSCMD is the addition. So currently, what we are producing is around 20 BCM. So, we'll be producing near about 24 BCM. So, that considering the decline 24 to 25 BCM. So that is the target. And another , the CBE 27 -28, will be producing in this range only. So , this is our projected plan. So, you can see that near about 30% to 35% of our entire production will come from the new well gas.

Okay. So you're saying that, basically, based on the increase in the new well production for gas, you'll be able to offset the decline and see some incremental growth, and that will sustain for about five, ten years. That's what you're saying, right?

See, right now, I'm not talking five to ten years. We are talking about three to four years in the short term. And long term, we have another plan which will be included in our Andaman field also and in deepwater, which may come. So that's right now, we'll not be able to tell you that.

Q2 FY’26 Earnings Conference Call 11

Okay. So, if you look at the segment number, the EBIT margin you're reporting in the onshore is lower than that of the offshore EBIT margin for the latest quarter. So, is there any operating reason for that, what exactly? Because onshore cost should be lower. So, what is driving that difference in the higher EBIT margin for offshore compared to onshore?

So normally, offshore operations are more profitable as a thumb rule also. And onshore production, because it is lesser, there are a number of costs that are involved over there because most of our onshore fields are mature fields. Some of them are older than 60 years. So, they naturally are more expensive to operate. Therefore, onshore is always a little bit lesser positive than offshore fields.

Okay. So, one last question on this BP contract. So , once the BP consulting inputs are already showing the benefits, when do you start seeing the benefit of the higher oil and gas production? And from which quarter can we expect that to actually be visible in your EBITDA and profit after tax? Can you give us some rough sense on what will be the ramp -up in that production volume, let's say, over the next 2-3 years?

So, as I've already mentioned earlier, under TSP, we are likely to see green shoots from coming January onwards. We have got some positive indications already. But as you mentioned, to make a difference as far as the profit is concerned, it should happen from January onwards. And under this contract, what has been committed, so t o say, by BP is that over a ten-year period, we should increase our oil and gas production from MH field by about 60% on a cumulative basis.

So, this 60% increase, when will that peak production happen just to get a sense of when it will start showing the full bene fit of the free cash flows ? Will it be by FY28? Will it be by FY30? Any sense you can give on that?

So as of now, no schedule has been given by them because the work is still under progress by the end of the second year, which I said January '27. They are likely to come up with a full -fledged plan on this issue. However, what we are expecting is that nor mal case in such projects, you have peak production coming in after three to four years after the start of that project. So I think , we should start having it from '28-'29, '29-'30 onwards.

Okay. That's helpful. Thank you very much, and wish you all the best.

Thank you.

Thank you. The next question comes from Somaiah V from Avendus Spark. Please go ahead.

Q2 FY’26 Earnings Conference Call 12 Yes. Thanks for the opportunity, sir. A couple of questions, sir. So, first is on the CapEx. So , in terms of OP aL, what would be the normal CapEx requirement? And any further equity infusion required? And also if you could just help with the net debt at OPaL level?

So for OP aL, we do not expect any additional CapEx or equity infusion required as of now. So , whatever we have infused that should suffice for OPaL as such. As far as net debt is concerned, currently, OPaL is about INR 25,188 crores as of end of September. And we expect that this should move down to a lower interest debt also. So , the interest cost should go down. We already have started taking action on those lines.

Sir, any I mean, in terms of that, would you be able to quantify that interest cost that could decline?

So currently, the interest rate on these debt is around 8 .5% broadly, which we are expecting that we should be able to bring it down more than a percentage point.

Got it, sir. And also, what would be the normal maintenance CapEx in this space?

For OPaL?

Hardly any maintenance CapEx. Because most of it would be OpEx for them.

Okay. Sir, also on the Mozambique equity contribution, if you could just help us with, I mean, anything that we need to spend in the next couple of years so far, what we have spent? And also whether these are included it in the INR 30,000-33,000 crores that we are planning for the year?

So, while they look up the figures exactly what you want, I would just broadly say that once that force majeure gets lifted, which is in a couple of days, formally, that gets lifted out, then all these companies, the contracting parties will have recourse to financing arrangements also. And therefore, they would not be required to infuse any further equity as such in this project. So, you wanted what is the equity that has been put in….that figure? Is that it?

Yes. Our total investment so far and what remains based on existing cost of the project.

Q2 FY’26 Earnings Conference Call 13

So, all the CapEx as on FY26 Q2 is around USD 6.6 Billion. This includes acquisition cost of USD 4.1 Billion.

And anything further that you, what is the further that you are like?

I'm sorry. I was not able to hear these queries.

Okay. What he has mentioned that till now, they have spent about USD 6.6 billion including the acquisition cost. This is OVL's spend as of now. And you also want what is likely further spend on this thing?

Yeah. Based on the existing cost of the project.

Now, we have a project financing. So, for that was around USD 16 Billion financing at a JV level.

So, how much would it be?

So, it will be in the range of USD 16 billion to USD 17 billion.

Additionally?

No.

Total. So cumulatively, it will be USD 16 billion to USD 17 billion at the existing costs that have been there, out of which USD 6.6 billion has already been, incurred by OVL. Somaiah, just a correction. I said USD 6.6 billion is already included in USD 16.1 billion. It is actually addition. So, it is USD 6.6 billion is for own equity, and USD 16.1 billion would be additional financing , project finance. So, USD 16.1 billion is by all the concessionaires at project level. Means, by the contractual party as such.

I'm sorry. I mean, if I get it right, USD 16 billion plus USD 6 billion of USD 22 billion is the total cost, that's what we are referring to?

Q2 FY’26 Earnings Conference Call 14

No. USD 6.6 billion is OVL portion. So, that is one portion. Then USD 16.1 billion is project finance, which is there for all the contracting parties, out of which 16% -- so, 16% of USD 16.1 billion is share of OVL. So adding to that USD 6.6 billion, which we have already men tioned, it will be around USD 8.8 billion as far as OVL is concerned.

Okay. So, the other question is on the renewables front. So, if you could just help us with, I mean, what are the CapEx that we plan to incur on this front over the next couple of years? Satish Kumar Dwivedi We have already invested for the acquisition of RE assets worth INR 5,000 crore. And we are in the process of awarding a job again for amount of INR 5,000 crore for building our own asset. Beyond that, we are looking for both the ways , organic also, inorganic also and the plans will be known to you very soon.

In a gist, what we are doing is we have planned for about 10 gigawatts by 2030.

Sir, in terms of CapEx, we plan to do INR 30,000 crores to INR 33,000 crores per year. So , this includes the renewables also?

No. This is a standalone E&P CapEx.

Okay. So, this INR 5,000 crores that we planned is over and above this?

Could be additional to that.

Okay. Understood. Sir, also in terms of the production, just wanted a bit of clarification on KG Basin. I think at the beginning, you mentioned oil is around 28 kbpd. So, it was at 30 kbpd, I think, a quarter back. So, when do we expect to reach the peak production of 45 kbpd? That's one. And also gas, I missed the number that you mentioned in terms of current….in gas. And also, the peak production of 10 MMSCMD when is expected to reach?

So, I've mentioned 3 MMSCM for gas currently, and we had also been mentioning earlier on also that this was constrained because we do not have that living quarter which has a compressor package, etc. So, that module is getting installed in December -January now, currently. Once that is installed, we should be in a position to ramp up the gas production from KG Basin as such. As far as this oil production is concerned, yes, it has gone down because that is how the well activities have happened. We need to take action as far as the well s are concerned. We are trying or we are doing already action on these wells, and we are expecting that this should recover and the production should increase. There is also th at we would have to do certain additional works that

Q2 FY’26 Earnings Conference Call 15 for this production to ramp up to 45 kbpd as such. But what we had earlier on start of initially in this project was around 35,000 barrels per day. With the current work that we are doing on these wells or actions that we are taking on the wells, we are expecting that it should improve -- that production should improve.

So, would it be fair to say maybe mid of next calendar year, we'll be getting closer to the peak production, both oil and gas, in the KG?

By June-July, if you are asking, yes, we would start ramp up of the gas, and we should be starting off for the gas up to 10 MMSCMD would be there in the next year. For the oil, we have to wait for the actions that we are taking, how the results of the actions that we are taking, and then we would be in a position to sort of confirm on that. Although we are hopeful, but as of now, it's still work in progress.

Got it, sir. And also, when our guidance for FY27 in terms of both oil and gas, so from gas standpoint, how much are we taking from Daman project of the 5 MMSCMD for FY27?

Daman, from FY26-27, it will be 5 MMSCMD.

Yeah. So, I hope you have been answered.

Yeah. Yes, sir. So, the upside from Daman project entirely, it is expected to come in FY27. So, just I want to clarify on that. Got it. Thank you, sir. Thank you.

Thank you.

Thank you. The last question for the day comes from Vikash Jain from CLSA. Please go ahead. Hi. Thanks for taking my question, sir. So I have a few of them. Firstly, ForEx loss, which is included in OpEx for this particular quarter, can you please give me the number?

It's INR 1,045 crores.

Okay. And the other question that I had was, so we expect that sometime middle of next calendar, that is June '26 or so, we should go from 3 to 10 MMSCMD in KG and all of Daman's peak

Q2 FY’26 Earnings Conference Call 16 production of 5 MMSCDM should come by then. So, there's an extra 12 MMSCMD that we believe should happen from now in the next six months or so. Is that what we are expecting for gas?

It will start off from June onwards. Daman, we start off from the last quarter of this year. So , whether it will hit 5 MMSCMD immediately on the first day, no. I can't say that. But yes, it will ramp up, certainly. And June '26 onwards, we would be ramping up that eastern offshore project gas and then move up to 10 MMSCMD.

So, this is more like happen by September quarter or so?

Okay. I would not be able to put a figure on it. But yes, next year, it will certainly happen.

Okay. And the other question was on oil. Incremental upside on oil production, where do we get confidence on that now that the KG part will have to wait for results of the interventions that you're doing. So, where can we expect that to happen?

So, I think one very prospective area or promising area is TSP from Mumbai High field. So there, as I mentioned already, from January onwards, we should see some production , which would actually make a difference to our profits and all that.

January '27. Right?

26.

Okay. So, as soon as coming months, okay.

Yeah.

Yeah, okay. And the incremental bigger gains from anything that BP is doing is still maybe more like a 2027 kind of a thing?

Okay. That is how the things stand today. Maybe it could be better. Could be earlier. But, no. I would not like to stick my neck out today.

Q2 FY’26 Earnings Conference Call 17

Okay. Just one final thing on something was mentioned about new wells gas share going to about 30- 35%. So which is from about, you said, 14% right now, right, going to 35%, say, by in four years' time, is that what was mentioned?

Yes. It is between 3-4 years.

So, from FY26 to, say, FY30, from 14% will go to about 30-35%. So, one-third of the gas will be new well gas.

Vikash Ji, one thing what he was saying, 14% is currently there. Then we do have got that 7.5% if we maintain at the current production level, that 7.5% adds it up. Okay? In addition to that, what he had said was 5 MMSCMD of gas we are expecting from Daman upside, which would totally qualify for this 20% premium gas. So, there are some other projects a lso. So, we do expect it to increase gradually. But that 35-40% is saying four years, I don't think so. It would come earlier to that.

Yes. Correct. Understood. Okay. I think that's it. Thank you so much for taking my questions.

Thank you.

Thank you. Now, I hand over the floor to Shri Vivek Tongaonkar for closing comments.

Thank you very much, and thank you all for joining on this conference. And we hope that we would be in a position to have maybe a better meeting the next time around that we are there. And just to remind everybody that our consol has increased. And although net profit on standalone basis were a bit subdued, we do believe that with the actions that we are taking, we s hould have or we are likely to give some good results as such. So, thank you very much as of now, and see you again.

Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabha's conference call service. You may disconnect your lines now. Thank you and have a good day.

Thank you.

Q2 FY’26 Earnings Conference Call 18

Thank you, sir.

1. This document has been edited to improve readability 2. Blanks in this transcript represent inaudible or incomprehensible words.