Oil India Limited (OIL) Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to Oil India Limited Q2 FY '26 Earnings Conference Call hosted by Antique Stockbroking Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Varatharajan. Thank you, and over to you, sir.

Thank you, Sravanthi. A very good morning to everyone. I would like to extend a very warm welcome to all the participants and the top management of Oil India Limited. We have with us today the top management of Oil India represented by Mr. Abhijit Majumder, Director of Finance; Mr. Saloma Yomdo, Director, Exploration and Development; Mr. Trailukya Borgohain, Director, Operations; Mr. Bhaskar Jyoti Phukan, MD NRL; Mr. Ranjan Goswami, ED Business Development; Mr. Ajaya Kumar Sahoo, ED Company Secretary; and Mr. Abhijit Das, CGM F&A. Without much ado, I would like to hand over the call to Mr. Abhijit Majumder for the opening remarks. The floor is yours, sir.

Good morning, ladies and gentlemen. At the outset, I would like to thank Antique Stockbroking for hosting today's analyst and investor call for Oil India Limited. I'm Abhijit Majumder, Director of Finance. I'm joined today by my colleagues from Oil India, Mr. Trailukya Borgohain, Director, Operations Oil; Mr. Bhaskar Jyoti Phukan, MD NRL, which is our materials subsidiary; Mr. Ranjan Goswami, Executive Director, Business Development Oil; Mr. Ajaya Kumar Sahoo, Executive Director, Company Secretary Oil; Mr. Abhijit Das, CGM F&A Oil; Mr. Dharam Singh Manral, CGM, Exploration and Development Oil; Mr. Saket Garodia from NRL Finance team. On behalf of the management, I welcome you to our quarter 2 FY '25-'26 earnings call. Covering the period 1st of July '25 to 30th of September 2025. The financial results were approved by the Board and duly published on 14th of November '25 based on statutory requirements. Now I would like to hand over to our Chief Investor Relations Officer, Mr. Abhijit Das, who will provide an overview of the performance of the current quarter and half year ended 30th September 2025. Mr. Das, please?

Thank you, sir, for the introduction. Good morning to all who have joined this earnings calls of Oil India Limited. A brief strategic overview of our performance during the quarter and the half year ended for FY '25-'26. Oil India continued in a steady transition into an integrated energy company. On upstream front, we have continued to strengthen our resource base through the acreages expansion, the focus exploration and the new prospective areas achieving drilling targets as planned and at par production. The midstream pipeline expansion is progressing well, and we are glad to announce you that the mechanical completion of our Numaligarh-Siliguri pipeline was commissioned on 12th of October 2025. On the downstream side, expansion of Numaligarh refinery is gathering momentum with commissioning of select units on track, and we are well planned to get commissioned on December 2025. A brief operational highlights for this half year ended. I will now provide the highlights of our company's operational and financial performance for the current quarter. We experienced a minor dip in our upstream operations this quarter. The combined oil and gas production for Q2 FY '26 is 1.652 million metric tonne of oil equivalent and here it is 3.332 MMTOE. The crude oil production for the quarter stood at 0.848 million metric tonne, a minor decrease of 0.6% on quarter-to-quarter and 3% -- rather 2.58% on year-to-year. The natural gas production for the quarter stood at 0.804 BCM, a marginal decrease of minus 2.8% on quarter-to-quarter and increase in 0.6% on a year-to-year basis. The key rationale of our production dip was driven by a temporary production slowdown owing to the external factors in the Northeast region of the country. However, the operation have now normalized and daily production is again on its normal pace. On the exploration and the development front, progress has remained strong. Oil India has drilled 18 new wells in Q2 FY 2026, achieving 100% of our target drilling, and drilled 32 wells in FY -- in HY 2026, an increase of 28% on year-to-year. Additionally, our offshore exploration campaign in Andaman Basin has achieved a key milestone with gas occurrence in East Andaman. A brief on our international front. Oil India holds 4% in Area 1 in Mozambique through its joint venture entity, BREML. In April 2021, declaration of the security situation in Cabo Delgado provinces in Mozambique necessitated the Area 1 concessionaries to declare force majeure and suspended the development activities. We have a good news here that the force majeure has been withdrawn from April -- from November 2025. The Honorable Prime Minister inaugurated the Assam Bioethanol plant, a joint venture of our material subsidiary, NRL in Golaghat, District of Assam. On September 14, 2025. This is India's first 2G bioethanol plant that uses bamboo as its feedstock. A 200 TPD formalin plant is commissioned in Boitamari, Bongaigaon by Assam Petro-Chemicals, our joint venture company in the Northeast. A brief financial highlights of our company during the quarter 2 of FY '26 and half year FY '26. Here, the average crude oil price realization during Q2 was $68.19 per barrel versus USD 79.33 per barrel in the previous quarter of the previous year. In FY '26 half year, the crude oil price realization was USD 67.22 per barrel versus USD 82.09 per barrel. There is a decrease of 18.11% in the crude oil price realization. This was the major impact on our revenue because of reduction in crude oil price by 18%, our revenue has gone down and nearly about 44% as compared to the previous year. The natural gas price is almost steady as compared to the previous year. It was $6.78 per MMBtu versus $6.70 per MMBtu. Gas was performed almost in line with the previous year. The price of crude oil has been regulated by the benchmark aligned by the Government of India during the half year. The stand-alone revenue for Q2 FY 2026 was INR 5,456 crores, which has grown on quarter-to-quarter around 9%, which is mainly due -- quarter-to-quarter around 9%, and FY '26, it was INR 10,469 crores. Because of reduction in revenue and well write-offs, our EBITDA margin has also gone down to 34% as compared to 47% in the previous quarter. The PAT for Q2 FY 2026 was INR 1,044 crores reflecting 28.8% growth on quarter-to-quarter. For half year, the profit stood at INR 1,857 crores as compared to INR 3,300 crores in the previous year, which is primarily because of lower price realization and higher provisioning of our E&P activities. Because of lower profit, the EPS has also come down to around INR 6.42 per share. However, it is reflecting 28% growth on quarter-to-quarter. A brief performance on our material subsidiary, NRL. Our material subsidiary, NRL -- the revenue of our material subsidiary, NRL during this quarter was INR 6,442 crores, which is up by around 2.5% on quarter-to-quarter and almost 24% on a year-to-year basis. The refinery achieved a capacity utilization of 100% plus and the distillate yield stood at 86% for Q2 of FY 2026. The gross refinery margin was USD 10.56 per barrel for Q2 FY '26 and up by 110% from the previous quarter and $7.73 per barrel for FY 2026 for the half year. The EBITDA was INR 989 crores for the quarter with PAT landing to INR 725 crores. And for FY '26, HY EBITDA was INR 1,774 crores and PAT was INR 1,213 crores. And a brief consolidated view of our company. On the consolidated basis, Oil India reported a turnover of INR 9,175 crores and PAT of INR 1,644 crores for Q2 FY '26. We are pleased to inform you that the Board has declared a dividend and the dividend amount is INR 3.50 per share during this quarter. This is the first interim dividend declared by the company. Oil India has delivered a resilient and disciplined performance in the quarter -- disciplined performance in the second quarter of FY '26, supported by the operational stability and prudent financial execution. As we look ahead, our focus remains on the execution excellence, production growth and long-term value creation across the portfolio. With that, I conclude my remarks. We now welcome your questions and look forward to an engaging discussion. [Operator Instructions]

[Operator Instructions] The first question is from the line of Gaurav Jain from ICICI Prudential Mutual Fund.

Sir, first question on other expenses, if we will see, it has come out on the higher side around INR 6,094 crores. This is way higher than the steady-state run rate that we have been seeing. So if you can help us understand what all are the one-off items here, sir?

That's a good question. I think CGM F&A would be -- can take this question.

Thank you, sir. During the quarter, as you have witnessed that there is a higher other expenses as compared to the previous year, there is only one minor reason of having higher expenses because during the first quarter, what we have done, we have provided for our 2 blocks, one is in for Bangladesh and one is for Gabon. Both these blocks, we have already provided in our financial statement during the first quarter. It was amounting to around INR 700 crores. And one well which we have drilled during the quarter in our Andaman basin in Vijaya Puram-2, we have also provided for that in around INR 723 crores. This is the only reason which we are having higher other expenses during the quarter as compared to the previous year.

Sir, on this Bangladesh and Gabon write-off, how should we be thinking about it going forward because it is now appearing in quite a few quarters?

No, see, Gabon, as far as Gabon is concerned, we have thought of exiting from that area. So whatever expenses we have incurred, maybe a little more expenses would arise based on the closure efforts that are going on. So apart from that, Bangladesh is also a closed chapter as far as the entire JV is concerned. We are in partnership with ONGC there. Both of us have decided to exit from that particular block. So we don't anticipate any further major increase in expenditure in each of these 2 areas.

Got it, sir. On the employee expenses side, also this quarter is on the higher side, sir, anything to call out there?

Sorry, could you come again, please?

Sir, employee expenses, if you will see at INR 526 crores, that is also higher than the run rate that we have been seeing a little on the higher side?

Yes. CGM F&A, would you like to answer?

See for employee expenses, what we have -- you have witnessed that there is around INR 60 crores of more expenses as compared to the previous half year. So during the -- our pay revision, government has mandated that once your DA percentage will increase up to -- across 50%, then your gratuity amount will increase from INR 20 lakhs to INR 25 lakhs. So during this quarter, we have witnessed that our DA has crossed 50%. It is 51-point around 29% during the quarter. So as the gratuity liability of the company has already increased, we have carried out the actuarial valuation, considering the liability of the employee strength from INR 20 lakhs to INR 25 lakhs. So the actuarial deficit, which has been accounted during this quarter is around INR 60 crores. That is the only reason which the employee benefit has gone up as compared to the previous half year. Rest, normal -- marginal increase of our employee costs in relating to increase your normal salary and some medical benefits. But the major amount which has increased in employee benefit is for the increase in actuarial valuation of [ A1 ] your gratuity expenses, which is INR 60 crores.

Got it, sir. That was helpful. Next, sir, on the production side at 1.65 metric million tonne of oil equivalent, when we say that we are now back to like Q2, there were some one-offs, which impacted the production. And in Q3, we are now back to steady-state production. Will it be possible for us to guide as to how should we think about production into Q3? And what is the steady state that we are back to now?

Okay. I think Director, Operations can take this question. Yes, sir, if you would like to answer.

Yes, yes, yes. Can you hear?

Yes, sir, you're audible.

Yes, yes. So there are a few factors actually that affected Q1 and Q2 both. Q1, mostly what happened is that we had a little bit extra loss due to LPG shutdown that was unwanted and we never planned it. So because of that, we had some more loss in the first quarter. And also in the second quarter, what happened is that -- I'd like to correct one line that the production impact dropped from 9,720. We achieved 9,720 metric tonne per day at the end of the year also in the month of September. September 16, we -- September 15, we achieved 9,722 metric tonne per day, which goes to -- which pro rata, which goes to about 3.52, 3.53 something like that. So what happened is that -- and we were on a track where we were going to be around 10,000 metric tonne per day this time. But what happened is that there are a few ethnic groups here, 6 ethnic groups. And one of the ethnic groups in the Eastern part, because they want the ST status because of that, they did an economic blockade, not against Oil India, but it is to the government. But in the process, what happens is that -- what happened is that we had to close down well because people cannot move for work inside and outside the facilities, oil facilities. Because of that, the production dropped to 8,100 metric tonne per day. Now we are hovering -- we have brought it back to 9,600, close to 9,600. So we are -- because what happens when the natural flow is disturbed in some of the wells, around 10, 11 wells, which didn't come. But we have tried with other wells and also from new drilling, we have added to this amount. And the decline, which we thought that it will create, it didn't create that much. But we are again on right track. And it is -- if no such blockade happen, then we are expecting that we'll be around 3.5 plus this time. It is -- this is beyond our hand actually. Did I answer it properly? Got it.

That was helpful. Last question, sir, on DNPL capacity augmentation, we have mentioned in the presentation that 15th November is when we were expecting mechanical completion from 1 MMSCMD to 2.5. What is the status on mechanical completion, sir? Is that achieved?

DNPL pipeline know?

Yes.

DNPL pipeline, I think...

I think, [ Sunil ] will take this question.

Please.

Thank you so much, sir. Good morning, everyone. So yes, the DNPL pipeline mechanically, we have completed all the works. Now the next step would be to obtain PESO and PNGRB, PESO approvals and PNGRB authorization for the expanded capacity. And also, there is one critical step in terms of hooking it up with the existing pipeline. For that, we would need 7 days of disruption in the pipeline. So we are planning it as we proceed along with the PNGRB authorization.

Got it. So we continue to expect that what we mentioned by April '26, all of this will be done, we continue to expect the same?

Absolutely. We will be up and running before April '26.

Last question, if I may squeeze in, sir, last question on NRL, sir, the throughput at 0.75 metric million tonne was also on the lower side. If you look at quarter-on-quarter, we operated at 100% utilization. Was there any maintenance shutdown and if that is complete now?

MD NRL, if you would like to answer this question?

Yes. See, we did not take any shutdown. There was -- as we are dependent on the crude supply from Oil India, and there was a very marginal dip on the availability, that also affected us, but we are still more than 100%. And this quarter, we have accumulated crude and then we are getting some imported parcel as well. So this quarter will be above 100% again actually. So there was no maintenance-related shutdown in the Q2. And Q3, there was a small shutdown that we had to take on safety-related thing in our primary unit, but we are out of the shutdown. So hopefully, in Q3 also, we will exceed 100%. So we will maintain more than 100% for the entire year.

The next question is from the line of Probal Sen from ICICI Securities.

Firstly, on the Andaman write-off, just wanted to understand what were the results of the drilling campaign so far? And what has led to the write-off of the well plus how many more wells are we actually planning at this point of time in terms of our drilling campaign in the region?

That's a good question. We have with us ED exploration. I request ED to respond to this.

So very good morning to all of you. So Andaman exploration has been quite a success for us in the sense that we had ventured into Andaman's way back in 1980s when we drilled 7 or 8 wells. So thereafter, after a long time, we had again been into offshore waters because this is the thing which is happening all around the world where the discoveries are being made. So right now, we have completed 2 number of wells. One was -- the number one well was Vijaya Puram-1 and the second well was Vijaya Puram-2, where we could see the occurrence of hydrocarbons and the gas was even flared. Now what we are exactly doing is that we have moved to the third well, and we are currently drilling it. But our plans are to appraise the Vijaya Puram-2 occurrence of gas for which we are planning supplementary 3D seismic, which is going to give us tighter control of the subsurface to plan future well and define the new strategy for exploring and exploiting hydrocarbon resources from there. And as far as the total number of wells goes, so we have in line of sight 3 plus 1 wells as of now, which includes the 2 number of wells which have already been drilled, the third well, which is under drilling, and there is 1 well in the Andaman West. But depending upon the success in the appraisal, the exploration strategy will be charted out, and we will go ahead with the momentum of discovering the hydrocarbon resources and the number of wells may increase in due course of time.

Just to understand, sir, thank you for the detailed answer. The write-off basically happens anyways as a matter of course, even if there is a reasonable -- even if there has been a successful discovery of hydrocarbons. Is my understanding correct?

I think that's correct. Because write-off is independent of discovery or occurrence of hydrocarbon because write-off is basically an accounting treatment, which is done based on the assessment of the situation there. It has got nothing to do with the discovery or the future prospects. So I believe that answers your query.

Got it, sir. And any sort of time lines you can put on when we can get an estimate, even a contingent resource kind of a number from this region? Any assessment that your exploration team or seismic team has done at this point of time?

Yes, ED Exploration will respond.

As I told you in my -- as I told you that a very thorough appraisal of the occurrence of gas is required, irrespective of the well, which is being drilled because each of the wells will be taken into account accordingly. So we are planning a supplementary 3D seismic, which gives you a better image and tighter control of the subsurface. Once that is available with us, which we are planning very shortly within -- I think within another 3 to 4 months, we'll be carrying out the supplementary seismic in Andaman. So this will give us those numbers, which are much awaited by us as well.

So basically, sir, end of next financial year is when we can expect to hear more concrete updates as far as numbers are concerned. Is that a fair way to look at it?

Right, as we progress more number of wells, as we complete our seismic exploration, as we image, as we interpret, as we integrate them, we'll have numbers in our hands, yes.

The second question was with respect to the NRL numbers. Is it possible to share if there was any significant inventory component in the $10.6 GRMs for this quarter?

So MD NRL, would you like to take that question?

Yes, I would pass this question to Saket. I don't think there was any significant contribution of inventory, but let Saket answer this question. Over to you Saket, if you're there?

MD sir, if Saket is not there, I'll just give a response.

Yes, you have the numbers. So you can share the numbers. Yes.

Mr. Sen, actually, this $10.56 has an impact of only $0.44. So this is very minimal.

So therefore, the inventory was not the factor here. Actually, we enjoyed a very good margin in the second quarter. And the good news is that, that kind of margin still continues in the quarter 3. So basically, the quarter 2 margins, which were available has resulted in this GRM that you have seen.

Got it. Sir, one final question.

Not to do with the spread.

Understood, sir. Understood. Sir, one final question about the expansion. If you can kindly just once again refresh what's the latest time line for physical completion and commissioning of the expanded capacity for NRL?

We have already done around 95% in one of the plant called [ DSDT ]. So that is ready for -- actually, in fact, pre-commissioning is underway. The primary unit, CDU/VDU pre-commissioning is underway. So we are hopeful that by end of December, we should be in a position to commission our primary unit. And gradually, other units will come. But since it is a very, very complex refinery, you will understand that, and you have seen other refineries. So it takes a while, maybe 2 quarters to stabilize. So you can look forward for some production in the Q3 or Q4 of -- I mean, the Q2 of next year -- Q2 of next year, yes.

The next question is from the line of Kirtan Mehta from Baroda BNP Paribas Mutual Fund.

First question was about the exploration write-off fee. You mentioned that this is independent of the occurrence of discovery or future prospects. So in what scenario do we capitalize the exploration well expenses?

This is CGM F&A, who is answering? Sir, but could you please repeat your question?

On the Andaman exploration well, we explained that we have written it off despite there has been a hydrocarbon discovery and we have a plan to appraise. So I just wanted to understand the accounting policy in terms of when do you actually capitalize the exploration expenses for well?

Sir, first of all, it's not a discovery. What we have basically informed the community is that we have observed traces of hydrocarbon in that particular area. So for it to be declared a discovery, it needs further studies. And maybe ED exploration can take it up to further explain. Once a discovery is established, then we certainly capitalize. However, before discovery can be declared -- before a discovery can be declared, lots of studies need to be carried out, which we are in the process of carrying out. So ED exploration -- I think that answers your query or you need further clarification?

So basically, even the third well expense that we are drilling as well as the appraisal well, could also get capitalized because this will also get written off in that sense. Is that a right understanding?

Yes. Yes, that's a right understanding. And capitalization would depend on so many other factors. But everything begins with the traces of finding out hydrocarbons. So that is the first step, which we have basically just crossed.

Right. And could you also sort of highlight on the exploration well CapEx that has been planned for this year as well as next year? And how much of them is likely to be written-off under this policy till we have actually a discovery?

See, write-off is not a policy-driven thing. Write-off is a decision which is taken based on the studies carried out based on various other factors. So once a decision to write it off is taken, then only it is taken. For us to write off, we would be awaiting the results of various studies are both in-house and outside. So that is how it happens. Now CapEx, I request CGM F&A to please answer.

During the current year, we had budget about around INR 7,000 crores of our total CapEx. The total CapEx has been distributed between your E&P activity as well as your normal PPE. So out of that E&P activity, we have around INR 1,927 crores of budget of development, drilling around INR 1,700 crores and our seismic is around INR 650 crores. If you add up this -- all these 3 figures, it will be around 60% of our budgeted figure of INR 7,000 crores. And normal PPE, what we have budgeted for this current financial year is INR 2,200 crores, around INR 84 crores. As of now, till date, what we have been able to achieve is around INR 5,561 crores has already been spent on account of our CapEx expenses. This INR 5,561 crores also includes a contribution towards equity to our material subsidiary of around INR 550 crores. So our achievement to a large extent is around 70% to 75% within this last 7 months, we are expecting to be beyond our budgeted figure.

So just to add on to what CGM F&A has just said, our CapEx year-on-year has been rising over the last few years. If I can just quote the numbers for '24-'25 against a budget of INR 6,880 crores, INR 6,880 crores, our spending has been INR 8,000 crores. So basically, we -- going by our track record, we exceed the budget provision. So the same is likely to happen this year, too.

Sure, sir. In terms of the FY '26 production, could you also sort of -- would there be any implication of softer production on the FY '26 targets?

Would you like to take this question?

Yes. Can you repeat the question?

Kirtan, if you could repeat the question.

Sure, sir. I was asking, we had sort of a softer production in the Q2 than our own expectation. So will this have any implication on the FY '26 target? Or would we be able to compensate overheads during the second half?

Definitely, because if it would have been a small hiccup, we would not have been bothered. But this is -- this really impacted a little bit on our production because for around 2020 now, if you look at September 16, now today is November -- what today's date is November 17. Almost 2 months, if you -- out of these 2 months, almost 1 month, our production went below close to 9,000 which we were producing at 9,720. Now we are bringing it up. But we are trying our level best because we have changed our strategies also. Now I'm here in field headquarters looking at both production and some other aspects also so that we can bring the production up. I am already here last some 20 days in the field headquarters only so that we can bring the production to that level. And maybe we'll bring it to the level, but I don't say that we'll be able to go to a very -- the expected level. But we are trying our level best to bring it to the level if it is not below -- not up to the expected level, but quite close to expected level. That is what our attempt is. I appreciate we are doing optimization. Every day, we are trying to bring in new wells. Every day, I am going well by well with the teams so that I can bring the production to the level which we expected, yes.

So I think Trailukya is cautiously optimistic there, but I'm quite hopeful that they will be able to kind of face the challenges, and we are slowly coming back to our earlier level of production. I hope that possibly if we might be able to surpass the target that we have set for ourselves, but I will otherwise go with DO, whatever he has said.

Sure, sir. One last question from my side. We have been working to sort of have the international partner for our deepwater exploration. Could you update the progress that we have made during the quarter on the side?

Yes, ED Exploration, if you can.

Yes . So reaching out to international oil and gas majors has been at the core of our building momentum to getting into deep and ultra-deep offshore waters. And in this context, let me tell you that we have a service agreement with TotalEnergies, which is an oil and gas major, which has enormous amount of experience when it comes to deep and ultra-deepwater exploration. And through this service level agreement, what we have done in the past is that we have leveraged their expertise in terms of well design, planning and other engineering strategies so that our exploration activities can come to fruition. And we are further trying to even work upon with them, engage with them to expand our scope of services. And I'm not going to declare it right now because we are still working on it over and above what we already have. Apart from this, we have been reading out to many other regional and international oil and gas majors. One of them is Woodside Energy, where we are hopeful that we'll be able to get some sort of engagement with them so that we can partner together, more than the financial part, what our objective is that the technical knowledge base and expertise is what builds upon success in any exploration activity per se. So this is a forte and this is what we are looking for so together, we can synergize together and lead to some good discoveries in the offshore frontiers of Indian sedimentary basins. So outreach is at the core of Oil India's activities.

Actually, I like to -- DF, sir.

Yes, speak.

I'd like to add to it, actually, that we are in advance discussion with TotalEnergies regarding this thing, especially whatever exploration is going to happen in terms of setting up a big trap like Mr. CGM ED and [indiscernible] has told, this is -- these discussions are at a very high level, and it is going on. So we are engaged with them. And in all future exploration in especially in deepwaters, they will be our kind of technical partners at least. So that is there. The next thing, I didn't tell the number actually. So what we are expecting is that the number in terms of production will be around 3.5 to more than 3.5 actually. So we are -- so 3.5 will be -- we must cross, but we are asking for 3.55. That is the target. Like you asked me for a number. So I said that 3.5 to 3.55 will be my target for the production.

The next question is from the line of Sarthak Tita from DSP Asset Management Private Limited.

Am I audible?

Yes, yes, you are.

Sir, just coming back on the production target. Last quarter, we had highlighted that we had 3.7 million tonne of oil and 3.65 BCM of gas production target for this year. And subsequently for FY '27, 3.95 million tonne for oil and 4.31 for gas. Just wanted these 4 numbers, updated numbers post the weak production that we had in Q2.

So what exactly is your query? You want some numbers from us or you want a clarification or what exactly are you looking for?

Sir, I want updated FY '26 and FY '27 production guidance for oil as well as gas.

So the updated production outlook is like this, FY '26, 3.776 million metric tonnes. However, going by the disruption that has happened in the -- in our producing area, we may have to scale it down to 3.55 million. We are still trying to achieve that target, but we are keeping our fingers crossed. As far as FY '27 goes, our number would be 3.798 you can take it as 3.75 on a conservative side. And FY '28 would be 3.98 or you may take it as 4, if I'm a little more optimistic, then you can take it as 4. So by FY '28, we'd be touching 4. As far as gas is concerned, this year, we expect to achieve a production of 3.6 BCM, FY '27, 3.8 and FY '28, 4.6. That's the overall outlook for next 3 years.

Okay. Got it, sir. This was very helpful. Just one more thing. On FY '27, you mentioned in gas, 3.8 BCM, right? That is significantly lower than the Q1 guidance that we had in -- for gas for FY '27. Considering BNPL to come up by April, which DO mentioned, any further reason that we see that the weakness on the gas production outlook?