AG Ventures Ltd (NSE: OCCL) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
Akshat Goenka — Managing Partner
Anurag Jain — Chief Financial Officer
Analysts:
Aditya Khetan — Analyst
Riddhesh Gandhi — Analyst
Anubhav Mukherjee — Analyst
Madhur Rathi — Analyst
Piyush Bangar — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to Q3 and nine month FY26 earnings conference call of Occa Limited as a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Before we begin, a brief disclaimer. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call.
These statements are not the guarantees of future performance and it may involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Akshay Goenka, Joint Managing Director of OCCL Ltd. Thank you and over to you sir.
Akshat Goenka — Managing Partner
Good afternoon everyone and a very warm welcome. Joining me today are Mr. Anurag Jain, our CFO along with our investor relations advisor SJA. We’ve already shared our financial results and investor presentation for the quarter nine months ended 31 December 2025 on the stock exchanges and our company website and we hope you have had the opportunity to review them. The broader macro environment has also been supportive. Calendar year 2025 witnessed strong growth in automobile sales driven by multiple positive factors such as reduction of GST income tax reductions and a more accommodative monetary policy. India’s economic performance has remained resilient despite global headwinds and these developments have led to higher vehicle production and improved capacity utilization.
Across the Thai industry, a large share of exports is directed towards Europe where relations remain stable and constructive. Additionally, the reduction in US tariffs from 50% to 18% is expected to aid contribution over time which will help improve our margins. On the domestic front, following the imposition of anti dumping duties on imports from Japan and China, combined with the strong performance of the Indian automobile industry, the operating environment has become increasingly favorable. This positions the company well to pursue its strategic objective of growing domestic market share and increasing it over time. Though all time high prices of sulphur are affecting our margins, we expect either the sulfur prices to come down or our competition and us to pass on these increasing raw material prices to our customers.
The Indian tire industry is expected to grow by 7 to 8% in FY26. This outlook has been further strengthened by recent budget announcements, particularly the increase in government capital expenditure. To conclude, supported by a strong financial foundation, operational agility and long standing customer relationships, we remain confident in our ability to emerge stronger as market conditions stabilize with signs of recovery already visible in the domestic market.
Now I’ll hand the line over to Mr. Anuram Jain.
Anurag Jain — Chief Financial Officer
Thank you, Akshay. I will now take you all through the financial of the company. The highlights of Q3FY26 are as follows. Total income for Q3FY26 stood at Rupees 114.6 crores as compared to Rupees 96.5 crores. In Q3FY25, a growth of 19% year on year. EBITDA for Q3FY26 stood at rupees 20.2 crores as compared to rupees 16 crores in Q3FY25 a growth of 25% year on year. EBITda margins stood at 17.6%. Profit after tax for Q3FY26 stood atrupees 6.5 crores as compared to rupees 5.2 crores in Q3FY25. Sorry, packed margin stood at 5.7%. Now let me highlight the performance for the nine months ended FY26 as the company had accounted for the demerger of the chemical business of Ag Ventures Ltd.
Formerly known as Oriental Carbon and Chemicals Ltd. Into the company with effect from the appointed date of 1 July 2024. The nine month results for FY26 are not comparable with the corresponding nine months period of the previous year as the company did not have operations till 1st July 2024. Total income for nine months FY26 stood at Rupees 258.7 crores. EBITDA for nine month FY26 stood at Rupees 67.1 crores. EBITDA margins stood at 18.7 crores. Profit after tax stood at Rupees 28.4 crores while PAT margins were 7.9%.
We can now go to question and answers.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya Khetan from Smith Institutional Equities. Please go ahead.
Aditya Khetan
Thank you sir for the opportunity. Just a couple of questions, sir. When we look at the sulfur prices from August 2025 till date, so definitely the prices have Doubled like in this period of time? Yes sir. Want to know how are we passing on this cost and what. And I believe sir, I have read some reports wherein they are mentioning like for the complete this calendar year also prices might even might remain at an elevated level. So now what is the strategy? Because for present prices isn’t to seem to come down. Any outlooks are like now how will the company strategy will change? Or the contracts can be renegotiated at higher prices because already the demand is weak. So how much the customers can absorb this sort of higher cost?
Anurag Jain
You are right. The Average price for Q3 was about Q3 I.e. july. The September was about 29 rupees. Current price is about 52 rupees. So there has been a substantial increase in sulfur prices. The only way we can pass it on we have been able to pass some of it on in the domestic market, not in the international market. The only way we can pass it on is if the competition also increases the price. We think that looking at the sulfur price increase as temporary, the competition might have not increased the prices as yet. But now since it has been rather a long period of price increase, we feel that will be difficult for even the competition to absorb the price and they are bound to increase prices which would help us. Secondly, obviously wherever our pricing are formula based there the pricing will follow the formula and we will get the increase or decrease as applicable. However, in sulfuric acid we have been able to pass on the increase because sulfuric acid is always sold based on the sulfur prices.
Aditya Khetan
Got it sir. My second question is is there any change in outlook in exports market? Because we were targeting earlier the North American market and you had highlighted earlier that there has been some competition issues. It now like India stands at an advantage compared to global peers. So is there any sort of increasing volumes we can see in US market and the Europe market like any change in strategy or any sort of higher volumes like which can take our material utilization to higher levels because our utilization still remains underutilized only. Any thoughts on that?
Anurag Jain
Yes, when the. When the American tariff was increased, we had to be discounts to maintain our supply to America which affected our margins. But since the bad tariffs have been rolled back significantly, so will our discounts be rolled back even though our tariffs are at advantage Visa with China. But in America, most of the supply of insoluble sulfur is local from American plants. So it does not depend on tariffs. Our strategy vis a vis export market continues as before. But it was suspended because of the tariff. Now that the tariffs have been rolled back. We are looking at the export market with renewed vigor. But as always it will take some time.
Aditya Khetan
So during the quarter if you can like give some quantitative idea like how much volumes we could have lost and how much discounting we could have taken potentially hitting EBITA and top line, any sort of a quantitative number.
Anurag Jain
So see when, when the tariffs have gone from 0 to 50%. So you can very well imagine to same to you know, to maintain the same price we have had to give discounts in the American market in the range of 25%.
Aditya Khetan
Okay.
Anurag Jain
Right. Yes.
Aditya Khetan
Okay. During the quarter other expenses also some materially they look lower when you compare. But top line has definitely increased. It seems there is a one off in that. And the second continuation question, considering that today’s financial position seems like the complete anti dumping duty benefit has been taken away, how are you seeing like going ahead? What are the.
Anurag Jain
Sorry, Sorry. Can you repeat the second part of the question? I didn’t get you the second part of your question.
Aditya Khetan
My question was considering that these raw material prices of sulfur the complete benefit of anti dumping duty had been taken away. Like we are back to like. So how you see like volumes and margins playing out in the near term.
Anurag Jain
So to answer your first question. To answer your first question, in September 30th there was one time expenditure on account of duty and also account of duty pursuant to demerger. And also there is a sulfuric acid annual shutdown expenditure which is sitting. That is why it is seeming a bit higher last year. Sorry in the preceding quarter. But it is the same as the same quarter last year. And coming to your second question. Yes, you are absolutely right. The fact that the Chinese did not increase the price even though the raw material prices have increased have taken away the whole benefit of the anti dumping duty as far as the quantities are concerned.
The way we look at the domestic market is sense the margin. That means that whatever the margins our. Our strategy of getting the domestic market share remains the same. So we are aggressively looking at increasing our share in the domestic market. And that strategy is going to get more focused in the coming year.
Aditya Khetan
So the pressure on prices that will remain and competition will continue to remain intense you mean to say.
Anurag Jain
The pressure on pricing is there? I mean pressure on margin. Let me put it this way because even though we got an entry dumping and we were able to increase our prices, our margins did not increase. In fact it came down a little bit because of the sulfur prices. Now we are hoping that since high sulfur prices have sustained for more than Six months there is going to be an impact on the profitability of the competitors and they’re also going to increase the prices or else the sulfur prices will itself come down.
Aditya Khetan
Got it, sir. Thank you.
operator
Thank you. The next question is from the line of Discover Capital. Please go ahead.
Riddhesh Gandhi
Just want to understand how much would you estimate is the impact of this tariffs in the US and now that they’ve been removed, what sort of an impact do we see in terms of ebitda?
Akshat Goenka
So, you know, it’s very difficult to give out figures like that because these tariffs actually happened midway through the year. So while we have our own internal calculations as to how much margins would have been hit had these tariffs kept going and how much, of course they will recover by, but it will not be possible to give out numbers which will then correlate to the pnl.
Riddhesh Gandhi
Is it safe to assume that even at the existing prices of alpha and the existing prices of our product that we should see a reasonable amount of enhancement happening in Q4 given the tariffs have now gone away, at least the next couple of hundred basic points terms of EBITDA market.
Akshat Goenka
I’ll allow Anurag to answer, but I would like to make one clarification for everybody on this call. The tariffs have not gone away as yet.
Riddhesh Gandhi
Okay.
Akshat Goenka
And we don’t know which day the tariffs are going to go away. At least I am not aware of that. That it’s not been notified?
Anurag Jain
No, it’s not been notified.
Akshat Goenka
So we don’t know which date will be notified. It could happen right now.
Riddhesh Gandhi
So effectively right now anything you export is subject to the tariffs. Is it still.
Akshat Goenka
Yes, yes, yes, it’s still something.
Riddhesh Gandhi
Okay, so I’m saying, so I’m assuming that it goes away. Let’s assume it goes.
Akshat Goenka
My understanding is it’s still subject to 50% tariff. I think this is a gray area. No, no.
Riddhesh Gandhi
So I’m saying, I’m saying let’s like leave us side whether it’s applicable for now or after a notification, which hopefully should come. But what is this sort of do we expect a reasonable uptake or is it like a marginal uptick that we expect?
Anurag Jain
No. So as far as the sales in America is concerned, I have already said that we have had to give 25% up in the range of 25% discounts.
Riddhesh Gandhi
And right now how much is the approximate revenue from America?
Anurag Jain
So that is something we cannot disclose. But yes.
Riddhesh Gandhi
Roughly in terms of how we talk about a 15, 20% of revenues, are we talking about a 30% of revenues or is it an inconsequential. How do we get some sense?
Anurag Jain
Look, the revenue. See the problem is that the revenue that we have is an amalgam of sulfuric acid as well as of insoluble sulfur. And this keeps, the percentage keeps on changing depending on the price of sulfuric acid. So for me to say that this is so much percentage, the revenue is not something which will be correct because that percentage can keep on changing even if the tonnage of insoluble sulfur remains depending on the sulfuric acid price.
Akshat Goenka
But what we can say is that our estimated calculations on the bottom line are not insignificant.
Riddhesh Gandhi
That’s okay, fine.
Akshat Goenka
I mean this tariff continues long term, then it would have had a decently decent impact on the bottom line.
Riddhesh Gandhi
But right now you’re saying if stuff normalizes there should be a reasonable impact on the bottom line once the tariffs go.
Anurag Jain
Yeah, but we have to, you have to see that had it not gone away, there would have been because the tariffs remained in place from August till Feb. Right.
Riddhesh Gandhi
If I’m saying whether it goes away in Jan, end or end, Feb or end March, whenever.
Anurag Jain
Let’s say what I’m saying. What I’m saying is in the current year the impact of tariff is only from August and not for the first form.
Riddhesh Gandhi
I’m not talking about the entire year at all. I am talking about. We’ve seen the, we’ve seen what the numbers are in Q3, right? Assuming in Q3 there was no lead tariffs, we would be at a reasonably higher EBITDA number.
Anurag Jain
Yes, that is right.
Riddhesh Gandhi
Okay, so the other question is a part of the reason why we are unable to pass on the higher RM prices Because there’s also a little bit of a supply glut where the supply is higher than a demand.
Anurag Jain
Yes, yes, that is true.
Riddhesh Gandhi
So do we. How long before that it normalizes? And then I’m saying that if is there’s always a bit of a supply glut and people have already put up incremental capacity and so you would then want to sort of run utilization as high as you can even if you have to take a hit in terms of margins. Right. Given you already have that capacity. So could this lead to a multi year sort of compression and lower, you know, margins?
Anurag Jain
See, the current capacity utilization levels around the world are between 70 to 75% as per our reckoning. And if we are looking at say 2 and a half to around 2 to 3% growth globally in the demand of insoluble sulfur. And if we think that 85% capacity utilization is a healthy capacity utilization. So we can do the math as to see how maybe four, five years of this.
Riddhesh Gandhi
So until then we.
Anurag Jain
Sorry, sorry. Though the Indian market is growing at a much faster pace. So that is a different story. Yeah, please continue.
Riddhesh Gandhi
And, and so, but, but, but, but, but with, with, with regards to India, what we’re seeing, what we are seeing if I hear you, is that the benefits of the add, effectively the Chinese are taking the hit in terms of prices just to get the volumes going.
Akshat Goenka
Yeah. So basically I would say that the ADD impact has kept our margins intact in spite of sulfur prices going up. Okay, so our contribution has not improved, but at least it has remained stable. Had AD not been there, then our.
Anurag Jain
Contribution would have been really badly.
Riddhesh Gandhi
Got it. So we, so I mean. Okay, this is the last question I have if that’s okay. Or I can rejoin the queue. Okay, I’ll rejoin the queue. Can I ask you either way? Just let me know.
operator
Thank you. The next question is from the line of Anubhav Mukherjee from Treason Capital. Please go ahead.
Anubhav Mukherjee
Am I audible?
Anurag Jain
Yes, you are.
Anubhav Mukherjee
Hello sir, can you share like, what is the current realization in the domestic market in India compared to like pre ADD. Situation? Like if. What I understand is that before the ad was implemented, prices in India were below $900 per metric ton. So how, like how is the current prices in the domestic market?
Anurag Jain
See, the ADP that was imposed was in between of about $300, right? 300 odd dollars. And therefore the impact is not exactly $300. Because material is coming from Malaysia, Japan and China. But at an average we were, you know, able to get increase in selling price in terms of rupees, say around 200 plus minus dollars from that time.
Anubhav Mukherjee
Okay. And even with this $200 we are only able to sort of mitigate the impact of sulfur price increase is what you are seeing.
Anurag Jain
Till now we have been able to mitigate. But if it remains this, obviously my contribution is going to be a little bit lower. But yes, as Akshat has pointed out that till now we have been able to mitigate the price because that is the increase. The impact of increase is about 20, 22 rupees. Till now it might go up to 25 rupees.
Anubhav Mukherjee
Ankar, like in January and very recently have there been any price increases? Because I was reading that in the domestic market some players have taken price hike to pass on sulfur price increase. Is that the case or that is.
Anurag Jain
Not seen now which players have taken the IDUM in insoluble sulfur or some. But Some other people insoluble sulfur have taken us on the sulfur prices. We have been in touch with the domestic market player with our customers in domestic market. And we have been able to get some increases with some tire companies but it is not consistent throughout. But we have been able to get some increase but not to cover the whole price increase because our capability to get increase is marked by the import prices.
Anubhav Mukherjee
Get that. And the import prices have not seen any recent improvement.
Anurag Jain
We hope to see it in the future. But till December there was no significant improvement in the port prices.
Anubhav Mukherjee
Okay. And sir, have we seen any market share improvement in the domestic market with the help of ADB or like the import volumes are still at same level.
Anurag Jain
It is very difficult to talk about market share on a short term basis. We will be able to tell you more about market share say in the month after the six month of the current year are completed. Only then I think we’ll be in a position to tell you that you know how our market share has moved for a short term basis. You know it depends on many, many things such as imports coming more in one month and then less in the other and the consumption is not entirely linear. So it’s not. It’s very difficult for me to comment on the market share. Even if my sales are growing then it could still not be a result of increasing market share because the demand may be growing. So please allow us time till June and we will come back and tell you whether we are seeing a market share increase.
Anubhav Mukherjee
In the previous call we had mentioned that we are witnessing like imports from Malaysia rising. So is that still the case? And a follow up is that we were also trying to like take it up with the government. So any any updates on that?
Anurag Jain
Malaysia is also continues to you know play aggressively in the Indian market and their prices are also affected by the Chinese prices. We had planned to go against Malaysia and we are under consultation with our lawyers for the same. And let us see you know what it says. Okay, the second thing. Yeah, yeah.
Anubhav Mukherjee
Please go on sir. Sorry, I didn’t mean to interrupt.
Anurag Jain
Please go, go.
Anubhav Mukherjee
You were mentioning something, we’d be happy to listen.
Anurag Jain
It’s okay, please do that.
Anubhav Mukherjee
Did we face any tariff when exporting to and did this change the will that let go of it?
Anurag Jain
No, no. The terrific to use marginal and it is within the limit which is revised. So I don’t think there is going to be any change in the tariff in your anyway marginal and it is not going to impact with the new tariff policies. And the last question from My side.
Anubhav Mukherjee
Is, of course you mentioned that you took some hit of 25% discount from exports to us. But were we able to maintain like the sales volume to us in the current quarter or did we suffer some decline in exports volume to us as well?
Anurag Jain
So on a long term basis we have been able to maintain. But in a short term basis, when the duty was transitioning for one or two months, our supplies went down. So that is. That is the chat we took for those one or two months. But then once the rates were renegotiated, they started again at the previous level.
Anubhav Mukherjee
So there were some volume impact or Maybe also in Q3.
Anurag Jain
Marginal volume impact for that in Q3. Yes, you are right.
Anubhav Mukherjee
Okay. I’m sure are is export still more profitable compared to domestic sales for us? I think that was the case in FY25.
Anurag Jain
Yes. Yes.
Anubhav Mukherjee
Okay. It still continues to be more profitable.
Anurag Jain
Yeah. If you look at it to the overall average, we still make more margins on exports.
Anubhav Mukherjee
Yes, sir. I’ll get back.
operator
Thank you. The next question is from the line of Madhurati from Countercyclical Investments. Please go ahead.
Madhur Rathi
Can you quantify that? Out of the 20 crore EBITDA in this quarter, how much was the contribution from sulfuric acid?
Anurag Jain
It is significant. Sulfuric acid has done well. So the contribution is significant. I will not be able to give you the exact number, but it is better than what it has been previously.
Madhur Rathi
But on a steady state basis, out of our whatever EBITDA we do annually, what on an average sulfuric acid contributes what percentage?
Anurag Jain
It’s not a fixed percentage. Right. It changes because sulfuric acid is a very sensitive.
Madhur Rathi
Okay, fine.
Anurag Jain
It’s a very seasonal product. Right. So it might be a negative one month in one quarter and then very bumper in the next quarter or on an annual basis. Yes, this. This year sulfuric acid has been good. So the contribution is very good. But there is no guarantee that it will sustain even for Q4 itself.
Madhur Rathi
Right now also recently in this. The. Government reduce the taxation on share buyback and for corporate promoters that the shareholding is in corporate entities or promoters. It is 22% tax. So. And please tell us the net debt of the company and any plans to do a share buyback. Because earlier two years back we were waiting for the demerger to happen and now that all of that has happened. So any update over there?
Anurag Jain
No, there are currently no plan for share buyback as of now.
Madhur Rathi
Right. Okay. And what’s the import duty right now on our exports to Europe which will become zero once the free Trade agreement comes into play.
Anurag Jain
I did not say that it will become zero. I said it is very marginal because it depends on the HSN codes and everything. But it is marginal. If I remember correctly, it’s around 2.5% or less.
Madhur Rathi
Okay. The import duty on Europe on our product.
Anurag Jain
Yes. Yes.
Madhur Rathi
Okay. Okay. So just one question sir. Would our beta would be higher by 7 to 8 crore had we gotten the $200 realization benefit for this quarter from the anti dumping duty for the domestic market?
Anurag Jain
Sorry, I did not get your question.
Madhur Rathi
Sir, I’m trying to understand that we are. We. We would have gotten the 200 realization benefit from the anti dumping duty which was offset by increase in the sulfur prices. So.
Anurag Jain
I said in that range. Yes, right. Please. Yeah.
Madhur Rathi
200 rupees or $200 for metric 10.
Anurag Jain
We sell in rupees in domestic market. Right. What I’m saying is we have not been able to get the full 360 equivalent somewhere between, you know, in that area. That, that is there. Yeah.
Madhur Rathi
Right. So like. Yeah. So if I look at on a per metric term basis the $200 realization that would have ideally been. Majority of that would have been flowed to our bottom line so that 7 to 8 crore, our EBITDA would be higher. That’s what I’m trying to understand. Just doing a back of the envelope calculation.
Anurag Jain
See, the impact, annual impact of the duty that we had estimated earlier was in the range of 12 to 14 crores or 11 to 14 crores per annum. And this has been now negated by the increase in the sulphur dynamics.
Madhur Rathi
Got it. So wanted to understand that what the current price of insoluble sulfur. You had mentioned that it had fallen from two thousand dollar ton to eight hundred fifty dollar ton. So has it reduced further or is it stable or has it gone.
Anurag Jain
It has not reduced further.
Madhur Rathi
Okay, so it remains the same.
Anurag Jain
Prices have reduced. What we are saying is they are. They have not increased.
Madhur Rathi
Okay. So it’s stable at $850 ton.
Anurag Jain
So let me correct this assumption. The Prices range from 850$ to 1100. 1150. What I said was it has come down to that level also.
Madhur Rathi
Okay. So there has not one price.
Anurag Jain
It is not one price at which it cuts. Right. There is a variation.
Madhur Rathi
Okay, so basically in the past few quarters the insoluble sulfur prices internationally have not gone down. They are range bound.
Anurag Jain
They are range bound. Yes, that is true.
Madhur Rathi
Okay. But now if you see the rupee has fallen significantly. So anyway, $350 anti dumping duty on top of that rupee depreciation which is making imports more expensive. So I mean adding both these factors together, don’t you think there should be a significant tailwind on our ebitda?
Anurag Jain
Yes, there should have been a tailwind. It has been eaten away by the raw material functions which are again impacted by the rupee depreciation as well.
Madhur Rathi
And. And lastly what’s the net debt on the company?
Anurag Jain
See, the long term debt as of as of now is 22 crore 75 lakhs. Other than that we have the CC which working capital which of course keeps going up and down.
Madhur Rathi
Okay, but it would be in the range of like any.
Anurag Jain
Range of between 30 and 40 crores.
Madhur Rathi
Okay, thank you.
operator
Thank you. Ladies and gentlemen. In order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participant. Should you have a follow up question, please rejoin the queue. The next question is from the line of Piyush Bangar from Widget Global Services Private Limited. Please go ahead.
Piyush Bangar
Hello, I have two questions. The first one is what. What is the production volumes in the Q3 FY26 and how do we expect this for the next quarter?
Anurag Jain
See, the volumes have been stable. We have either increased the volume and the next quarter also we are not looking at any significant increase in volumes.
Piyush Bangar
And the capacity utilization for the current quarter. If you could mention.
Anurag Jain
Just give me one moment. So the capacity utilization is around 70%.
Piyush Bangar
70%. And do we expect the same capacity utilization for that by 27?
Anurag Jain
FY27. We do expect some increase obviously but it’s very difficult to say just now how much because the things will crystallize more in in the month of May June.
Piyush Bangar
Fair enough. Just the second question is that if the current sulfur prices and the both the tradies, the US trading and the EU tradie as an impact as it seems. So what is the steady state of EBITDA margin range management releases sustainable through the cycle for the quarter F Q4 and FY27?
Anurag Jain
Again a very difficult question, you know, because all as far as EU trade deal is concerned that should not have any impact on the trade on our margins that is margin neutral because we all there is not much impact either on the access to the market or on the tariffs. So that is neutral for us as far as the trade deal with us is concerned. As we have pointed out that obviously we will reduce the discounts significantly from the level that which we had to give them. As far as sulfur is concerned, we don’t know where it will come down and when it will come down. So for me to say how much it will impact the EBITDA margins as of now will be a pure, pure speculation and nothing more.
Piyush Bangar
Okay, okay. Fair enough.
Anurag Jain
Sorry.
Piyush Bangar
Given the global oversupply and the pricing internationally, are we prioritizing on volume retention or margin production in the exports market?
Anurag Jain
Obviously. Obviously our first priority will be to capture market share.
Piyush Bangar
Fair enough. Thank you very much for the opportunity.
operator
Thank you. The next question is from the line of Anupam Jain from Indra Security. Please go ahead. Mr. Jain, your line is unmuted. Please proceed with a question.
Anurag Jain
Can we go on to the next one, please?
operator
Anupam Jain. Since there is no response from the participant, we’ll take this as the last question for today. In the interest of time, I now hand the conference over to the management for closing comments.
Akshat Goenka
I’d like to thank everyone for being. Part of this call. We hope we’ve answered your questions. If you need more information, please feel free to contact us or. Mr. Devin Dhruva from SGA, our investor relations advisors. Thank you.
operator
Thank you very much on behalf of OCCL Limited. That concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.