Oil India Limited (OIL) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Oil India Q1 FY '27 Earnings Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Kishan Mundhra from DAM Capital. Thank you, and over to you, sir.

Thanks, [ Atara ]. Good afternoon, everyone, and a warm welcome to the Q1 FY '27 Earnings Call of Oil India. And to discuss the results, we have the management with us, which is represented by Mr. Abhijit Majumder, who is the Director of Finance; Mr. Saloma Yomdo, Director, Exploration and Development; Mr. Trailukya Borgohain, Director of Operations; Mr. Bhaskar Jyoti Phukan, MD and NRL; Mr. Ajaya Kumar Sahoo, ED Company Secretary; Mr. Raghunath Mishra, CGM Business Development; and Mr. Abhijit Das, CGM, Finance and Account. So at this point, I will hand over the floor to the management for their opening remarks, post which we will open the floor for the Q&A. With that, over to you, sir.

Thank you, Mr. Kishan. Good afternoon, ladies and gentlemen. I would like to thank DAM Capital for hosting today's investor and analyst call for Oil India Limited. I'm Abhijit Majumder, Director Finance of your company. I'm happy to inform the investor community that I'm joined by my colleagues on the Board Mr. Saloma Yomdo, Director, Exploration and Development, Oil India Limited; Mr. Trailukya Borgohain, Director Operations Oil; Mr. Bhaskar Jyoti Phukan MD and NRL; Mr. Ajaya Kumar Sahoo, ED Company Secretary Oil; Mr. Raghunath Mishra, ED Business Development; and Mr. Abhijit Das, CGM, F&A and CIRO. On behalf of the management, I welcome you to our Q1 '26, '27 earnings call covering the period April 26 to 30th of June '26. The financial results were approved by the Board and duly published on 7th August 2026, based on statutory requirements. It gives me great pleasure to welcome our scheme shareholders and members of the analyst community. I'm very pleased to inform you all that this quarter has been a great quarter as far as the company is concerned, the company has achieved stupendous milestones on several parameters, which all will be covered in the presentation that will follow your continued support engagement and valuable insights inspire us to pursue excellence in execution, uphold the highest standards of accountability and create enduring value through sustainable growth. During the first quarter of '26, '27, our performance reflects the strength of our operational foundation. We maintained steady progress across all our business activities, advance our drilling and development programs and continue to uphold the disciplined approach to financial management. These efforts underscore our commitment to delivering consistent growth while creating enduring value for all stakeholders. So I will now hand over to Chief Investor Relations Officer, Mr. Abhijit Das, who will provide an overview of the first quarter performance. Thank you.

Thank you, Abhijit. Good afternoon, ladies and gentlemen, who have joined us on this call. I take this opportunity to say Oil India's operational and financial highlights and the performance of our material subsidiary, NRL. From an operational point of view, we have achieved 1.707 million oil and oil equivalent of production during this quarter. The crude oil production for the quarter was 0.95 MMT, which has increased by 11-plus percentage on a year-to-year basis. Our daily crude oil production has ramped up to 10,921 MT per day on 27th of June 2026, which was highest ever daily production of the company has ever recorded. The natural gas production on quarter-to-quarter has increased by 0.4%. From exploration and development forms, the progress has remained strong, in fact, much higher than what we have achieved in any of our previous years. Our company has drilled 17 new wells during the quarter, out of which 7 are exploratory wells and then our development wells. From financial fund, the crude oil price realization was $98.73 per barrel, vis-a-vis $26.2 per barrel as compared to the previous year. The natural gas price stood at $7.19 mmBtu in this quarter as compared to $6.72 in the previous quarter of the last financial year. The stand-alone operating revenue of Q1 FY '27 is INR 7,958 crores. which is highest ever quarterly revenue on by Oil India Limited since it got listed in the financial year 2009, 2010. We have also achieved the highest ever EBITDA during this quarter, which is INR 4,605 crores as the margin is 54-plus-percent as compared to 34-plus percent in the previous quarter of the last year. The profit before tax for this quarter is INR 3,742 crores, which is highest ever quarterly profit achieved by the company after its listing with the stock exchange. We have also achieved the highest ever PAT in this year, which is 2,000 -- in this quarter, which is INR 2,870 as compared to INR 813 crores in the previous year. Our earnings per sales stood at INR 17.65 per share as compared to INR 5 per share. Our earnings per share stood at INR 17.65 per quarter as compared to INR 5 per share in the previous quarter. The performance of our material subsidiary, NRL, I take the opportunity to share with you the performance of New Malige Refinery Limited, the operating income of our material subsidiary was INR 9,146 crores, which was 45% higher vis-a-vis Q1 of FY '26. The capacity utilization of the refinery was 105% as compared to 105%, and the distillate yield is 87% for the quarter. The gross refinery margin is $35.95 per barrel as compared to $5.02 per barrel in the previous year. The EBITDA was INR 1,843 crores as compared to INR 786 crores, as compared to the previous year. The PAT of the company has registered in the current quarter reach INR 1,305 crores as compared to INR 488 crores in the previous year. From a consolidated point of view, I'd like to bring to your knowledge that the company has reported the operating revenue of INR 12,886 crore and registered a PAT of INR 4,026 crores, which is also highest after the company profits to off exchange. Our performance in the first quarter of FY '27 reflects the strength of our operational fundamentals and a disciplined approach to financial execution. As we chart the path ahead, we will continue to focus on delivering execution excellence enhancing production capabilities and unlocking long-term value across our portfolio. With that, I would like to conclude my remarks. We now welcome your questions and look forward for an engaging discussion. Thank you.

[Operator Instructions] The first question comes from the line of Probal Sen from ICICI Securities.

Congratulations on a good set of numbers. Firstly, just a clarification. When you mentioned about the production reaching 10,921 tonnes of oil per day. on the 27th June, just wanted to understand what is the run rate right now for the second quarter as such? Can we expect it to sort of ramp up and maintain at this level? Or it was basically -- just wanted to get some understanding.

Thank you for the question. I'm requesting director operations to respond to the question.

So this is Trailukya Borgohain, Director of Operations. So as you have seen that we are ramping up our production this quarter, one of the finest production we've got. But as of now, also, we are increasing our production because of -- we are doing well in all the 3 fronts. You can see the one -- the first one is in the well-intervention and come activities. Earlier days, we didn't got such a good work over result. And we have done many systemic improvement in terms of work over like we have now have a good tradition place, which is called high-level workover program committee, planning committee. So there's no glaring board meeting in [ PMB ]. Now quarter 2 is that myself and loiterector exploration development also sits together and do it very, very in an integrated manner, our selection of the well, everything Also, on the other hand, we have one particular aspect call that is done by a Director of Exploration, Development, but where I am also in margin, that is called [ EDPM ]. At personal development, portfolio management board, similar to workover and production areas. We do for new wells. So where I am also an invented. Now things are a little bit different. It is not done in earlier days. We are doing it in a very, very integrated manner, allow it extortion and development. So you can see that we are doing very well in all the ports. Including workover, well intervention and also well optimization and drilling. So at present, we are on a path where you can we can see that we are in windowsills to MMT each quarter, this year. The rest of it -- yes. One MMT. Now you are getting INR [ 0.95 ] which we are going to achieve most probably by this quarter, we should assume if everything remains bolstered given everything going good and nothing adverse happens in the field. And we expect that we will be reaching on MMT every quarter from now on word. So let's see, we are keeping our fingers cost. This is what I can tell you. And as of now, after the production, we have a 10,921 for the last quarter, we have increased to 11,017 on third of others. So we are only -- I think we are on a part where we want to increase our production. That's what I can tell as of today. Anything else, you could have -- I'll reply you later. And maybe the Direct of Exploration and Development also if you want. He doesn't want. [indiscernible]

[indiscernible] we are challenging ourselves, and we love to challenge ourselves in the days ahead as well.

Understood. The second question was with respect to gas production. Now I do understand that there are still some monetization challenges. If you could update us a little bit in terms of the progress of the monetization downstream pipelines that are under different stages of implementation. And when can we expect maybe a ramp up back to the 0.85, 0.86 BCM levels that -- of the 0.8, 0.8 level that we were doing earlier. That will be very helpful.

Actually, there are many pickups because of the shutdown of the sale of the downstream industries. Is it because of books are down and some workers and maybe want early turndown data. The other thing is that seasonal ratio will also come now because October was regarded they will take a little bit of less than what we are doing as of now. So in all in balance, what we are expecting is -- if this pipeline comes, that will have the evacuation bottleneck gone out of this old storing. So by next year is, we are expecting that all the specialties will be done. And if we talk about gas by 2028, we'll be having all the pipeline averaging ready, and it will go to rest of India, whatever, yes, we have additional gas we are planning to send our additional gas where she 5 to 4 MMSCMD will be able to emerge from that area. So there we are planning, we are thinking that it will be by around December 2027, it should happen. So we -- also [ DSB ] is also 1 small thing is there. around 200 meters of line musically is reported to be laid inside and RL. Now DSL has done a new mandate from the government with [indiscernible] and the common career. Now what will -- and an if there is a tail then we can put it into the main line and put it into the [indiscernible]. And when an [indiscernible] can distribute it in the rest of the players, they are doing in either and also for the [indiscernible]. So this is going on. It will take a few months, 2, 3 months, maybe machine. Once it is done, then we will have more developers on of guests probably present capacity also.

Got it, sir. So what I understand is FY...

[indiscernible] In fact, in the past as well, we have transported gas beyond. That has already happened in the past. Now this particular communication formalizing DNPL apps come carrier has come. So that will only help us through what we have already done in the past. And as Gio has already mentioned that once IGGL [indiscernible], then there will be no stopping actions. We will be able to overcome the seasonal challenges that are there the regular shutdowns that the existing customers that they take. All of those can be overcome once these 2 facilities come into effect, only a 200-meter theme is still to be done within [ NNL ] Compass and IGL by end of the next financial, it will be over. So things will be pretty smooth for us as far as gas is concerned.

Got it, sir. So if I understand correctly, FY '27 and maybe H1 FY '28 may see slightly flattish or slower improvement. And then a big jump can be expected maybe by the third or fourth quarter of FY '28 in terms of achieving our long-term target of getting to 5 BCM on an annualized...

Within first quarter. That will happen in first quarter.

Last question, if I may...

FY '29. [indiscernible]

FY '29, sir. Got it.

[indiscernible] We have an additional 1.5 MMSCMD by virtue of NRL coming up. This could be in the financial.

So that argument is going to already done because now once has also get into operation from Sabus next summary. Then definitely, there will be increase in gas also.

There will be an immediate spike in the uptick when another comes into be and maybe NRL by end of -- [indiscernible], sir, would you like to add anything here?

I have only a couple of things to add. And as Director of [indiscernible] told that BNPL has become a common carrier. So currently, the pipeline, as you know, is one [indiscernible] as we will be able to connect with a 200-meter pipeline from Nomoligar to ICGL, and will be in a position to give them shutdown so that they augment their capacity from 1 MMSCMD to 2 MMSCMD immediately, then they are after up to 2.5. So they were requesting for a shutdown of the geopolitical the because it was also it would have resulted also in the shutdown of the Numaligarefinery, and we needed diesel and petrol badly because of the geopolitical situation, we will not be allowed to give the cut down to debt. Now that the things have eased and we can do web that shutdown because we can operate with the gas from the ideal due to this 200-meter connectivity, which is going to come in 2, 3 months' time. we will be in a position to give a very short shutdown to NPL to amend their capacity to 2% and eventually to 2.5%. That gives a start of around 1.5 million which, if not consuming NRL, can also be given to the Natural grid. So the fact is that NRL is going to start continuing additional gas as in the last -- second or third quarter of next financial year. But -- before that also, this 1.5 MMSCMD can find their way to national grid. That is the limited point that I wanted to make.

Understood. Sir, if I can just sum it up. I don't have any other questions. So if I look at 1.5 MMSCMD that translates to maybe about 4 and 5 BCM coming through gradually over calendar year 2027. As NRL commissioning is done and the 200-meter connectivity is done. And then when all the other pipelines are in place, another 2.5 to 3 MMSCMD, 2 MMSCMD can come through, which is essentially another that 1.5 [indiscernible] That is how we go from currently 2.93 BCM to somewhere around 5% this year by FY '29. Is that a proper way to sum it up?

I think that's the correct understanding.

The next question comes from the line of Vivekanand from AMBIT Capital.

So Dr. Ranjit, 2 questions. So the recent regulatory changes that happen...

Excuse me, our CMD sir is not attending this con call.

I see. I see. Okay. Apologies. [indiscernible] Yes, Mr. Abhijit, yes, my question to you is on the recent regulatory changes and budgetary support that has been given to the upstream sector. How should one look at this in the context of your CapEx program for the next couple of years? Because my understanding is that you have drilled around '25 exploratory wells last year. Just to help us understand how your exploration program will look like in FY '27 and '28, both in terms of wells drilled as well as in terms of capital outlay considering the reimbursement that the government is giving. That is question one. The second question, I see that NRL has reported an exceptionally high CRM and this, I believe, would include some inventory gains. Could you help us understand the normalized CRM that NRL reported this quarter? Because we understand 1Q FY '26 had refining losses and this quarter is likely to have had refining -- sorry, inventory gains?

I'm requesting [indiscernible] to take this question.

The first question was about the drilling plan for '27, '28 and how we are going to support the CapEx for that, right?

Yes.

Like last year, we drilled 74 wells. This year, we are targeting 100, which includes onshore as well as offshore. So currently, we are on track to achieve that big ambition of drilling, completing hybrid wells. And going forward, we would obviously stretch like to stretch ourselves further and try to again rise on a 10% at least increase in the number of wells to be drilled. Now whatever wells that we are drilling primarily in onshore is from our own resources. But you've seen that the current acreage holding that we have, about 55% of them are in offshore. And the chunk of them are in deep offshore and naturally offshore. So with the new P&G rules, which have been announced, -- there are a lot of opportunities for enhanced exploration. For example, if you feel that your block is extending beyond your exploration lease, then you can also Please, you're right for a further extension of the for the lease area to bring it under your under your exploration campaign. Then there are other things. And most recently is the [ Samudra Manson ], which has been announced. The formal net equities are yet to be announced, but it has already been announced that some amount of money will be reimbursed by the government for seismic activities. And around INR 675 crores per well, which is the maximum ceiling will be provided for drilling deepwater and after deepwater wells. And also some INR 10,000 crores or something will be utilized for common infrastructure hub. And so with this especially for deep open alterative water, we have already worked out and shocked out a plan where we have identified how many wells we'll be drilling in the deep water and after the quarter in the next couple of years. Especially since we have already acquired the vintage 2D and 3D data, and they are currently being processed and interpreted. In the deepwater and audit quarters of Mahanadi and KG, we have already acquired completed 4,200 kilometers and 5,300 square kilometers of 3D data within a year of the PL being awarded to us. So by January, we'll be finishing the seismic equation processing interpretation of the Mahanadi and KG basins, which is roughly about 40,000 square kilometers. As of now, we have already identified possible prospects to be drilled. And that is the reason why we have already tendered out the rig requirements. So the first rig is going to come in June, July '27, and the second rig is going to come by March '28. And that will kick start our deepwater exploration campaign. And one where we are also going to drill next year in Mahanadi, but that is also going to be sponsored by the government. INR 800 crores will be sponsored as part of the stratigraphic well campaign. And then the other wells, we are going to tick up through the [ Sambara Manthan ] route they'll be supporting us with the funds. And most importantly, we are also trying to -- we are also de-risking these prospects to be drilled because apart from our in-house and external consultants. Total is also looking at this data in each and every detail and advising us -- and now Petrobras have also come on board. They will also be doing an independent interpretation of this data so that they will also come up with their own independent interpretation. So this is in broad what is the outlook that we have for us in the next coming years. Does that answer your question?

Yes. Just small follow-ups. So one is how much CapEx did you incur in 1Q? And if you can give a bit more details about the well drilled, how many were exploratory last year? My understanding is around '24. How many exploratory wells are you planning to drill this year? And if you can give a breakup of onshore versus offshore, that would be great.

So the CapEx, if we have asked the question for how much we have actually spent for Q1 '27. The total amount spend is around INR 3,050 crores which for survey, we can -- it is 450. For exploratory drilling, it is 1,200 crore development drilling we have spent. For our capital equipment and our projects, we have already spent 350 and investment in our subsidiaries and joint ventures and overseas investment was around 350. So it's sum up to around INR 3,050 crores for FY '27. Our total budget estimate for the whole year is, as of now, it is INR 8,600 crores. So it will go undergo some changes and revisions, including our next review and actual expenditure for the previous year was INR 13,026 crores. So FY '25, we drilled 22 exploratory and 35 development wells. FY '26, we drilled again 22 and 23 exploratory and 52 development wells. And FY '27, we are targeting 42 exploratory and 57 development wells.

Can you answer my question on [indiscernible] now.

So Phukan, sir.

Yes, I had a friction on the DRM. I think the DRM reported was that accounts for around INR 2 crores that we have gained in terms of inventory gain. So if you back that out, it the GRM increases basically because of the difference between diesel and crude prices, MS and diesel and crude prices. So those prints were extremely high. In fact, this is after backing out the discount that we had to give to OMCs to keep the prices stable as the understanding. So therefore, this is the GRM that we had. So generally, our GRM hovers around $7 to $8 that you may have observed in last annual reports and all. So now we are clocking in the past quarter around 35%. That includes INR 2 crore as inventory gain. If you back it out, it will be 33%. So did I answer your question?

The next question comes from the line of Somaiah V. from Avendus Spark.

So my first question is on NRL expansion. Could you provide us an update in terms of the commissioning. So earlier, I believe DTU units were expected to get started. So where are we and what is our expectation in terms of output for this year and also FY '28?

I think I can answer this question. MD and [indiscernible] So as we had -- in the last interaction, we indicated that in the first quarter, we will be commissioning our senior video. We have mechanically completed that in it. We had subjected subjecting it to inspection by -- why is the followed by peso. These are statutory inspections that are required to be carried out before we do a start-up activity. Otherwise, we are in for start-up. PSP Unity is ready EBIT, which is required prior to commissioning of DCP unit is almost getting completed, maybe another couple of months' time. we should be able to start the DSC along with SR. So these 3 units will be commissioned by, say, October or November as -- and rest of the unit, we are still taking a target of commissioning by 31st March 2027. So having done that, our actual production in a graded manner will start from next financial year. Gradually, we will heat up to around 75% of the total capacity utilization by end of year 2. So at Q4, I think we will hit around 75% of our debt capacity of 9 million tonnes. So that is what our plan is.

Understood, sir. Sir, also on the related infrastructure there in terms of the for the [ Malaga ] pipeline. So there was 2 kilometers that was pending. So any update there? When is that expected to be?

Actually, they have been very good progress over there also. And the [indiscernible] of ROU barring only 8-kilometer stands [indiscernible] as of now. So we are in a good shape there. We are getting good traction, good support from and governments associated with ROU. Because we are traveling to 4 states. So all of them are [indiscernible] By December, we will commission the pipeline here. October, we are taking a target for mechanical completion.

Understood, sir. Sir, also in terms of...

Sorry to interrupt, sir. may I request you to please rejoin the queue.

It's okay. Can I just ask one clarification? Hello?

Yes, go ahead.

Sir, just on the CapEx part on NRL. So also, if you could just help with what is the net debt at NRL -- of the INR 35,000 crores to INR 40,000 crores of expansion CapEx, how much have we spent so far? And what is the plan for the next couple of years?

We have invested around INR 30,000 crores so far. So we should be completing the refinery projects around INR 34,000 crore to INR 35,000 crores. And we should also be completing the PPU project by spending another INR 7,200 crores or INR 7,300 crores. So that is the outlook of CapEx that we have.

The current net debt at NRL and what is the actual cash CapEx that we have spent for?

We -- 30,000 figure that I spoke is a total pain that we have made Out of that, around 26 will be around 19 will be the borrowings that we have done.

So the debt component is INR 19,000 crores, yes.

So this is at NRL levels?

Yes, absolutely NRL level.

Okay. And the consol level, including upstream and international? [indiscernible].

From a stand-alone point of view for foreign investment, we are having $1.4 million loan. From oil super oil is concerned, it's only for our Mozambique project. And in consolidated label, another one bond we have from this thing Foreign subsidiary in Singapore, which is $550 million of bond, which is to be repaid in the next year, '27 May. And from NRL point of view, as I already told this INR 19,000-plus crores. So this is in a group level, if you see some of these 3 figures, this will be our debt. total debt in the group level, which is around INR 37,233 crores is our total debt.

[Operator Instructions] We have the next question from the line of Yogesh Patil from [ Dolat Capital ].

Congratulations for the good set of numbers. Question pertains to discovery in [indiscernible] demand. What are the upcoming steps or the procedure plan for this field to help us gauge volume reserves and that can be produced commercially. If there is any new exploratory well plan for [ Dan damn ], what would be the time line for this completion? And when can we anticipate the results? This is my first question.

Well, as you are aware, we have drilled so far 3 wells in Andaman. And first well, we drilled and we went to the second well because the sand that we encountered was tight. And with the current testing system, we couldn't test the well. So we decided that we will come back prepared for testing the first well. So we went to the second well where the gas was reported. Then in the second well, but it was flowing very intermittently. But in a third one, which we drilled on the gas was flowing continuous. So that was a technical discovery, which we have also intimated to the [indiscernible]. So in the first well, we are now going back. And even as we speak, we are preparing to test the sand there using hydrofrac for which a separate contract has been mobilized. And the hydrofrac is a well stimulation mechanism, which can help you to test sets. So the fleet or gas can come out easily. So this will take about a month in [indiscernible] for the testing to be complete. And then we will demobilize this current rig semisubmersible rig that we have because it has completed its contractual too. So the fourth where we are going to go in and demand with a [indiscernible] rig and this, we are going to be drilling by December this year. And the fourth well is further up north in the demand block at the water depth of about 90 meters. So this rig is actually currently drilling in our KG offshore [ DSF ] block. So once we complete this well in KG offshore, which in a few days, we will be testing in KG, then we will mobilize this with on demand and drill the fourth well. In the meantime, based on the discoveries in [ Visa ] program 2 and 3, we have -- we have secured additional pipe 3D seismic data because the discoveries we sort made were based on 2D data and 2D data interpretation. So we thought we will have an opportunity to map the subsurface better using [ 3D ] seismic. So in and around [indiscernible] program 2, we took 300 square kilometers of 3D. And in and around [indiscernible] program 3 also, we took around 300 square kilometers of additional 3D. So this 600 square kilometers of 3D data is currently being processed by [ Schlumberger ], which is going to be completed by October. Sorted by January, we have completed the interpretation. And then after going through our normal assessment and QC, especially leveraging on the partnership, technical services agreement that we have with Total and Petrobras. So after having a detailed there were discussions with our service providers based on the new 3D data, we will take the next course of action to undertake the campaign in [indiscernible] in and around [indiscernible] 2 and 3, for which most probably will be drilling up rise wells, and that won't help us to delineate the reserve further. And also with more conclusive testing coming up, we will be coming -- we'll be able to come up with some numbers regarding the size of the structure or the fluid in place, gas in place and possible production rates.

Any possible time line that you declared or share the results in terms of the gas reserves into that field in the next 6 months, 9 months down the line after doing all these exercises.

Yes. So the fourth well, we are going to drill by December, so in about 3 to 3.5 months say, by March, we will be able to have some assessment of the fourth well, which is again a pure exploratory venture. Then the appraisal wells that we are going to drill in [indiscernible] that will depend on the interpretation that we competed by January. And by February, we should be able to take a call like how many additional wells we will be required to be drilled [indiscernible].

Sir, my second question related to 8% Y-o-Y decrease in gas production. How long will the petrochemical and power plants continue to use the less gas because we have been seeing this issue of a shutdown for late gas consumption from the petrochemical side. The question here is that could you throw some light on the challenges the [ BSPL ] is consuming a late amount of gas? Or anything which you can highlight on the late consumption from side power plants and any lower offtake.

Actually, we supply suppose as for our power consumption, which apply to what an is that Nemo like to lay for you because of out of our [indiscernible]. They have been hide power at this same time, and they are having the gas as power project. Now with the increase in gas price, they are not actually able to match the price of hydro. So in this case, what they do, there is a little bit of kind of try to consume late and they try to increase the of the hydro initiative. So this is what they do. Number two, like you have said about the [indiscernible]. So we have, basically, BCP as service on kind of what you can call a subsidy. So in all part of the players actually as far as the economy goes, maybe there are no that able to make a very great headway in terms of finance and in terms of our economy with scale. I think that is their issue. But once we have this connectivity, then we'll definitely have it exported to Western part. And also, you regard to the rest of rest of the country. But another thing there is some upside there because government of Assais also taking interest in increasing the domestic supply of CCD. So we have -- we still have some upside, and we are in talks with our same guest company so that they increase their intake because there are a lot of areas for [indiscernible] so that gas consumption can increase if government were some discovery increases their consumption. Otherwise, this situation continues. So I cannot take the alluded. But the only thing is that since [indiscernible] is coming up, and we have like already told that we will be supplying a total of 2.5 or maybe 2 to 3 to [indiscernible] Limited once they start ramping up their production. So as you already told, it is coming up. So -- but I'll...

Ladies and gentlemen, the line for the management is disconnected. [Technical Difficulty] We have the management's line connected with us. And you may proceed.

For [indiscernible] also joined in this call now?

Yes, sir.

Yes. So [indiscernible] , shall I complete my -- so the other thing is that we have a deep DFL, rules and feedline that is being done by [ IGGL ]. Indoors [ gets limited ]. So that -- once that is connected, we have to guess immediately, we can be up with. That should not be an issue. One good thing about deadline is that most of the places we have the [indiscernible] we have our own like they will pass through in some parts except some 140 kilometer, rest of the places, we have the ROU, one of [ PCP ]. The other one is the [indiscernible]. And so there should not be any much issue in laying the pipeline, this is already under going to be constructed very soon.

Sir, BCPL consumptions have improved after the maintenance shutdown is over or still the scale consumption levels for the gas are still lower in the current quarter Q2 also.

[indiscernible] It has picked up and is currently stable. So they take net around 1.32 to 125 [indiscernible]. So -- and -- so the rest around [indiscernible] If we look at [indiscernible], we are basically taking a very narrow view why we are focusing on DSL, the NPL, these are all long-term things, which will help us kind of transfer the gas to other parts of the country. merely relying on BCP or IPO and few other customers in the Northeast, we all know that, that will not help us evacuate the potential that we have -- so BCPL little up down, this will not really change the scenario drastically. For us to really have a head start, big head start is BFL has to kind of happen. DMCL has more or less happened except for the 200-meter stretch DNRM that will happen in due course as NBNRLhas already pointed out. So that is the larger picture.

The next question comes from the line of Varatharajan Sivasankaran from Antique Limited.