Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
DMCC Speciality Chemicals Ltd (NSE: DMCC) Q4 2026 Earnings Call dated May. 19, 2026
Corporate Participants:
Bimal Gokuldas — Managing Director and Chief Executive Officer
Analysts:
Abhishek Mehra — Analyst
Arham Gandhi — Analyst
Unidentified Participant
Tanmay — Analyst
Hanil Bagadia — Analyst
Anubhav Sahu — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Q4 and FY26 earning conference call of DMCC Specialty Chemicals Limited hosted by Till Advisors Til Advisors. As a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask question after the presentation. Conclude should you need assistance during the conference call, please signal an operator by pressing star and zero on your touchtone 4. Please note that this conference is being recorded. I I now hand the conference over to Mr.
Abhishek Mehra from TIL Advisors. Thank you. And over to you sir.
Abhishek Mehra — Analyst
Thank you. Danish Good afternoon and welcome everyone. Thanks for joining this Q4 and FY26 earnings conference call of DMCC Specialty Chemicals Limited. The investor updates have already been uploaded on the stock exchange and on the company website. In case you do not have a copy of the same, please feel free to reach out to us to take us through the discussion we have with us from the management team. Mr. Bimal Gokuldas, Ms. Managing Director and CEO Mr. Sunil Goyal, Chief Financial Officer and Mrs.
Pallavi Padnekar, Company Secretary and Compliance Officer. We’ll be starting the call with a brief overview of the business performance which will then be followed by the Q and A session. I would like to remind you all that everything said in this call reflecting any outlook for the future which can be construed as a forward looking statement must be viewed in conjunction with the risks and uncertainty that the company faces. These risks and uncertainties have been mentioned in our annual report.
With that said, I’ll now hand over the call to Mr. Bimir Gokundas for opening comments. Over to you sir.
Bimal Gokuldas — Managing Director and Chief Executive Officer
Thank you. Thank you Abhishek for the introduction. And good morning to all our investors and shareholders who are listening in on this call. Thank you for joining us. I’m Bimal Gokuldas, M.D. And CEO of DMCC and I’d like to give you a little introduction about the last quarter as well as the last financial year. After that I’m open to questions along with my team here. So the biggest, you know, the event happening of course is the Middle east crisis and a lot of changes have happened in the last quarter which have affected overall performance of the industry in general and also lives of people around the world as well.
And I think I’ll take a minute to give a little background to what are the issues affecting us, particularly as A company, most of the sulphur traded flows through the Gulf of Hormuz. In fact, about 50% of global sulphur trade is through Hormuz. So that has affected availability and therefore the price of the product. Not only in India, but also in other parts of the world, including China. Prior to that also, the availability of sulphur was short compared to the demand. So if you look at the last couple of years, the sulphur price has just been rising dramatically.
Nothing to do with the war by itself initially, but more because demand, particularly from a new nickel smelter in Indonesia which requires sulphuric acid and therefore sulphur, which pulled away something like 3 million tons of sulphur, disturbing the market even before the war started. After the war started, of course, the availability itself became an issue, not just the price. So as probably most of you have read our presentation, the price increase has been dramatic. In fact, we have two manufacturing locations.
One at Dahej in Gujarat and one at Roha in Maharashtra. And at one of the locations we did have to slow down the plant in order to ensure that we don’t run out of sulphur. In a sulfuric acid operation, it’s expensive to shut down and restart and therefore we try to avoid that if at all possible. Which also means that downstream products can get affected. Happy to say that that situation doesn’t exist. Now we are. Although price of sulphur has gone up for the moment, the availability is ensured not only for the sulphur business but also for the boron chemicals business.
I’ll also give you a little background about boron chemicals because last year, in the financial year 25, 26, the first half of the year, we lost a lot of production because of disruption in supply of the boron ore from our main supplier in Turkey. And this affected supply to India in general. And for a few months we couldn’t operate our plants. In the second half of the year we started the plants at full capacity and now we have adequate stock to run that as well. Some of you may have noticed in the results that there was a large increase in the top line.
So we went from 150 crores in the previous quarter to 177 crores in the last quarter, which is a sizable increase. But again, most of this is connected to the price increase of the raw materials which we were able to pass on to the customer. The overall year we ended at 582crores, which is one of the highest top lines in the company. And again, some contribution of that was because of higher pricing of raw materials and therefore also of finished product. So while we didn’t expand our margins, we did manage to pass on all the price increase to our customers.
Mathematically, it looks in percentage terms as if the margin has come down. But in absolute terms, even in a quite a turbulent and difficult supply chain situation, we were able to maintain the absolute margin finance wise. We also needed to expand our working capital requirement substantially. First of all, for the boron business, which went from a situation of where we were getting credit and picking up material from stocks in India to a position where we had to pay advance and got material 90 days to 120 days after paying the advance.
So again, that blocks more money. And on top of that, the sulphur price increase results in higher debtor requirement, higher stock value requirement, and therefore overall working capital has gone up, which is why you will see the short term borrowings being, you know, expanding substantially. Overall, we are still at a very healthy percentage of working capital to sales, I think less than two months overall, which is well within the industry norms and other parts of the business. You know, Europe continues to struggle.
So our specialty chemical business has reduced in Europe, but it is improving in other parts of the world. We are selling some product into China, a little bit in Japan, and also developing new markets in Latin America. So overall, that’s the picture at the moment and I’m happy to take any questions that you may have. Thank you.
Questions and Answers:
Operator
Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and one on their Touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2 participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question comes from the line of Arham Gandhi from Molecue Venture. Please go ahead.
Arham Gandhi
Good morning everyone. Am I audible?
Bimal Gokuldas
Just speak a little louder please.
Arham Gandhi
Yeah. Sir, you have mentioned in the press release that date continued to operate normally through the quarter while ROHA faced raw material availability challenges. Could you give us some color on the extent of this disruption at roha? Are we talking about a few days of lost production or something more prolonged? Any quantification, even directional, on the volume or revenue forgone at ROHA would be helpful.
Bimal Gokuldas
Okay, do you have any other questions or should I answer that?
Arham Gandhi
Yeah, I have other questions, but one by one.
Bimal Gokuldas
Okay. So the ROHA plant essentially was affected in the month of March Only. Okay, so it is. We didn’t shut down the plant as such, but we slowed down the plant to about 60% capacity. And just to ensure that we didn’t need to shut down, it took us a while to organize sufficient raw material. The reason for this is that in Dahij we are able to source enough sulphur domestically. In Roha, the plant is typically far away from the refineries and therefore we need to have imports on a normal basis. Of course, currently imports are not available, so we had to.
It took us a while to organize the supply chain and now it’s again back to normal, as I mentioned, but for maybe 15 days we ran at perhaps 60% capacity.
Arham Gandhi
Okay, sir, got it. Then on the boron business you called out that while the boric acid silent normally the non boric acid portion saw some softness due to disruption in use application industries. Could you help us size this impact and what was the approximate revenue or volume hit to the non boric acid business in Q4? And is this something you see persisting into Q1 FY27 or is it normalizing?
Bimal Gokuldas
So, you know, in terms of the non boric products, which are things like, you know, ceramics, glass, all that, they depend a lot on energy in the form of gas. So CNG or natural gas is the main source of fuel, the most economical source of fuel, which, you know, became a bit of a crisis and continues to be a bit of a crisis in all the consuming centers, you know, like Moorbi and other places where they’re making the fritz. So what happened is that they stopped consuming whatever raw materials they had they were selling into the market.
And this resulted again in disruption in the market in terms of pricing and oversupply in terms of volume. So while I can’t exactly quantify the amount, it did lead to a bearish sentiment in that market because of a glut. And until the gas situation becomes normal, the demand will not come back. However, the glut will not continue because it was a one time thing of when the consumers of say the borax pentahydrate borax decahydrate, they liquidated their stocks. Then they don’t create a stock again.
So the distress sale does not continue, but the demand overall is less. Hope that is clear. Okay,
Arham Gandhi
Sir, okay. And the working capital requirements have staged meaningfully this quarter and the interest cost has moved up quite sharply. Could you tell us at what rate these incremental working capital lines have been drawn and what’s your expectation on when this working capital Intensity starts to ease.
Bimal Gokuldas
So it’s about 9%, 8.75 to 9% in that range is a percentage of interest. It’s not a question of borrowing at a high rate. It’s a question of that the absolute amount has gone up. And that’s sort of in line with our top line, number one, and also in line with the increase in the stock value. Now in the boron business, as I mentioned, we have adequate stocks, we are well protected for any supply chain disruptions over there. And sulfur also. Now we are in a much better position. But the absolute value value of the stocks, debtors, everything has gone up, which is why we needed the extra working capital.
Arham Gandhi
Okay, sir, Clear. Sir, in the Q2 call, you had spoken about encouraging early traction in the Latin American markets as part of your effort to replace the lost European business. Could you give us an update on where that stands and have any of those conversations moved to form orders or commercial supply more broadly? In the current environment of elevated commodity prices, have you been able to pass on the raw material cost inflation to your specialty chemical customers as well? Or is the pricing dynamic and specialty different from what you are seeing in the commodity business?
Bimal Gokuldas
So that’s a good question. You have two parts to it. One is whether we have been successful in developing the markets. And the answer to that is yes. We have been able to replace most of the European business with business in Latin America. And we are also looking at, you know, as I mentioned, Japan, Korea and China. So what happens in the specialty chemical business is there’s always, I mean, you are able to, to pass it on, but there’s always some kind of a lag because these are not spot prices and they’re not spot contracts.
So you would give a contract on a quarterly basis. So what I’m supplying in, say April, May, June is a price I would have negotiated in January. And if there’s a sharp increase temporarily, I will see a lower realization. But all these are long term customers and in the, you know, in the next quarter I’ll recover what was there. So overall, if the price, you know, as the price averages out, you average out the margins as well. It’s a much more stable business. But there could be a lag in passing it on that you understood, right?
Arham Gandhi
Yeah. Answer one last question that we have been wanting to ask. While the company has the land parcel at Amber Nath, is there any active plan to monetize this asset? Have you been able to get a formal evaluation done on the parcel? And are there any steps that, that have been initiated in terms of finding a buyer. Any update here would be appreciated.
Bimal Gokuldas
So that is not at Amber Nath. It is near Amber Nath, a place called Nalimbi. It. You know, it was land which. The. Which was declared as forest land. And then recently there was a Supreme Court verdict in our favor. Not only in our favor, but several other litigants. The Maharashtra government has still not transferred the land back to our name in spite of the court order. So we are not able to monitor it as yet. We are looking at. We’re looking at options for that though.
Arham Gandhi
Okay. So that was by my side. Thank you.
Bimal Gokuldas
Thank you.
Operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press star. And one next question comes from the line of Sejal Kapoor with anti fragile thinking. Please go ahead. Sejal, you may please proceed ahead with the question.
Unidentified Participant
Hi, Bimal, I think it’s fair to say that Dean. Am I not audible? Hello?
Bimal Gokuldas
Now you are audible. Yeah.
Unidentified Participant
Hello. Am I not audible?
Bimal Gokuldas
I can hear you.
Unidentified Participant
Hello,
Operator
Sigil, we can hear you. Please proceed. Yeah,
Unidentified Participant
Yeah. Hi, Bimal. Thank you. I think. Yes, thanks. Okay. I think, I think it’s fair to say that DMCC changed its name before it changed its economic identity. What was the economic justification for renaming the company to include, quote, unquote, specialty chemicals when bulk chemicals still contribute the majority of revenues and sulfuric acid economics continue to dominate, margins continue to dominate, working capital and profitability? Of course. That’s my first question. Thank you.
Bimal Gokuldas
Right. So if you recall, when we had, when we did the name change, we were about 30% in terms of commodities and about 60 to 70% in terms of the bulk and chemicals. What has happened since then is we made the investment in Dahij to expand our footprint and our manufacturing capability. The price of the raw materials has gone up substantially and the price of the sulfuric acid has therefore also gone up. Our volumes have also expanded in sulfuric acid because of the investment at Dahij. This has sort of correlated with a drop in the European market which was entirely specialty chemicals.
So that’s the reason you’re not yet seeing the numbers which we would like to have going back to say 30, 40% of bulk and about 60% of specialties. And we do have the capacity. And as we, as we have newer markets, we will see the change going there.
Unidentified Participant
I was also coming from. Point taken. I was coming from the gross margin perspective. So, I mean, even back then when we changed the name, our gross margins were hovering near 40%. And I’m sure you would Agree, a true specialty chemical should have a gross margin of 50% and above. At what point should investors objectively consider DMCC a true specialty chemicals company rather than a sulfur chemistry company with a small developing specialty segment?
Bimal Gokuldas
So the correct time for that would be as we of course increase our specialty chemical portfolio to at least 50%. I would say that is a fair number.
Unidentified Participant
Sure, sure. And as we stand today in the business, I mean, would it be possible, either in annual report or otherwise, to demonstrate hard evidence that the specialty segment is structurally improving the quality of the business, specifically through higher gross margins, lower working capital intensity and greater earnings stability? I don’t know if would it be possible to split the margins and show the difference? Because there are certain companies in India who separately show ibuprofen and the non ibuprofen business to just highlight the difference in the margin profile rather than, you know, simply adding more downstream products on top of a fundamentally commodity sulphur chain?
Just a thought process. I mean, because we need to showcase the evidence that yes, we are heading in the right direction, we are increasing specialty year over year. It may not reflect quarter over quarter.
Bimal Gokuldas
Yeah, we have taken the view, and we continue to take the view that we are in a single segment, which is chemicals. And so we are. We do not wish to report individual segments in that sense. It’s all interlinked for us because it’s not that they are independent businesses. The sulphur chemicals feeds into the specialty chemicals. You know, we get a lot of the utilities from the sulphur business into the specialty chemical business. So one, you know, without the other is difficult to visualize. And any distinction that we might make in the, you know, can be quite subjective, not objective.
So we’ll continue to report a single segment. And you know, you may think that we are getting margins from the sulphur chemicals business, the bulk business, but in fact that’s not the case. And as we, as the price of sulphur keeps going up, the pressures on sulfuric acid also keep increasing. And last year we had multiple issues. I don’t know if you read the previous conferencing, but even the boron business was affected dramatically in the early part of the year. So we are seeing a lot of, you know, a lot of.
I mean, it’s a different problem all the time. It’s been a very volatile year. Continues to be very volatile year, even this year. And you know, Europe exiting the market and Chinese taking over the European production and all is also has affected us and will affect a lot of Other companies as well. So that’s something we need to be mindful of.
Unidentified Participant
No, absolutely. I take that point. And these are external factors that are beyond our control. But what is internal and within our control is the R and D intensity. So would you be able to share some data points around R and D intensity? How much R and D we were doing three, four years back? Off the top of my head, I think we have been no more than 2 crores annual R and D spend. And I’m sure you would agree that a specialty chemicals company cannot be created by doing such a low intensity R and D.
So have we stepped up our R and D efforts? Are there any plans to increase the R and D intensity? Because without R and D there is no way a company can become truly specialty player. Would you agree?
Bimal Gokuldas
Absolutely. And most of our RD is focused on process development and process improvements. And the cost you are seeing is essentially like a people cost. But we do have some plans for increasing this and you will see that in coming quarters.
Unidentified Participant
Thank you. Thank you. That’s all from my side. Thank you.
Bimal Gokuldas
Thank you.
Operator
Thank you. Reminder to all the participants, if you wish to ask a question, you may press star and one. Next question come from the line of Tanmay from 361 Capital, please. Correct.
Tanmay
Hi. Hi. Just. Am I audible?
Bimal Gokuldas
Yes.
Tanmay
Yeah. I wanted to ask my first question on the sulfur inventory. Could you tell us out of the 92 crores of inventory we have, what proportion of it is sulphur and at what price did we buy it and the current market price.
Bimal Gokuldas
So sulfur inventory is normally not more than, you know, 15, 20 days at each location. You know, so it’s about say 1500 tons at each location. I couldn’t tell you exactly what is the price we bought it and what is the price. Now I think that’s not relevant to this kind of discussion. But just to say that about 15, about 15 days is the maximum inventory we would keep.
Hanil Bagadia
Okay.
Tanmay
And can you comment on the capacity utilization that we would see in FY27 for the specialty chemical?
Bimal Gokuldas
So this year again, it’s too volatile to give a projection. But all I can say is that we expect it to be better than it was in 2526.
Tanmay
Okay, got it. Okay. Yeah. That’s all for now. I’ll get back in line.
Operator
Thank you. Our next question comes from the line of Hanil Bagadia from Equicorp. Please go ahead
Hanil Bagadia
For the opportunity, sir. So starting with some of the macros. So have you seen any ceiling of contracts? Because I think so. Some of the Chinese suppliers have also declared force majeure due to the government regulations there to stop sulfuric acid directly. And also some of the downstream chemicals of sulfuric acid. And also they’ve got some shortage out there. So any color there if you can provide.
Bimal Gokuldas
So you know, sulfur continues to be in short supply and which has resulted in ever increasing prices to all time high levels. So the Chinese are facing it as much as we are facing it. And while they decided not to export sulfuric acid, that’s more a decision to protect their home industry, particularly the fertilizer segment. And in India also the imports through hormones have virtually stopped and unless it restarts, the crisis will continue. So it’s more a question of availability of of course because of low availability commodity, whoever has got the material is able to push up the price.
But there will be a point at which some consumers may not be able to pass on the price to their consumers. So that I don’t know when that point is because I don’t know all the business of all my customers or all other customers of Sulta products. But that will be the point when consumption may drop and therefore result in again a more balancing of the pricing and supply situation. Also we expect, you know, if the straits open up even then there’s been so much damage and destruction that the supply chain will take a few months to come back to normal.
So we don’t think it will, you know, bounce back to old levels. Even if the fighting would totally stop right now.
Hanil Bagadia
If we actually see the COVID situation where I think the oil shipments had also stopped for a certain time and the prices had shot up significantly, this situation is much different. But if we see that situation versus this situation, how much time or I mean what kind of efforts were taken to normalize the supply chain back to the normalized levels. If you’ve got any understanding of that. And also have you got any one time contracts because of any force measure from similar products that have been supplied to the Chinese or the Koreans, any one time contracts or any some medium term orders that you’re seeing there in any of the daytime or the Japanese markets out there.
Bimal Gokuldas
So you know, just coming back to your first question, it is not comparable to Covid at all here. There is a genuine crunch in supply because you know there’s a lot of sulfur which even if it was not made in the Middle east was coming through Middle east and through hormones. For example sulfur from Kazakhstan, you know, large exporter of sulphur but using Iranian port. Now you can’t get that you can’t get Omani sulfur, you can’t get any of the adnoc material. So the situation is very different. You know, India does not have.
As much sulfur as it could be called. Also of the type of crude being processed. And if you are processing Russian crude that is generally lower in sulphur, if you are processing other types of crude it’s higher in sulphur so you get more output. It’s dependent on a very complex scenario and very difficult to predict. But there’s no comparison to the COVID time. So the second part of your question, there is always a move to try to by all customers to try to diversify their supply source and even more so now.
So I don’t think we got any significant single order because of this. But I’m sure people will be looking around and will be more open to alternates to Chinese material now and in the near future.
Hanil Bagadia
Okay sir. And lastly if I could just touch one more time upon the sulphur part, sir. Sometime back when Kutch Copper was actually coming up, people were scared because I think the amount of sulfuric acid that was going to come from the smelter and as the Adanis were going to raise it to about more than a million in some years as per 2030ambition that was actually going to crash the prices. So any understanding there that the supply from there are coming and I mean the Dahit can be done at a high utilization to comp off with roha’s low utilization.
Bimal Gokuldas
So again, two different questions. I’m not privy to the actual operations of Kutch Copper but it appears that they are not operating at capacity. And I think that copper smelter and you know the copper ore business has its own dynamics so that you’ll have to ask somebody there for it. But in terms of the quantities which they could potentially sell, we are seeing a lot volume at this time. I don’t know how long that will continue. And for us, you know, most of the Dahij if it’s running at you know, 95% capacity and Roha is running lower capacity, you can’t compensate that much.
Delta number one. Number two, you can’t transport these products at least the sulfur based bulk chemicals very far. So it’s not that you can make it and ship to customers near Roha. So it’s difficult to compensate that.
Hanil Bagadia
Okay, thanks a lot for the answers and wish you best of luck.
Bimal Gokuldas
Thank you.
Operator
Thank you ladies and gentlemen, anyone who wishes to ask a question by Press Star and one, our next question come from the line of Anubhav Sahu from MacPro Research. Please go ahead.
Anubhav Sahu
Hello. Yeah, thanks for the opportunity. So my first question on again on sulfur sourcing or sulfur. So we want you to understand in current situation how much of the sulfur we are getting from domestic sources and what other options we are exploring internationally.
Bimal Gokuldas
Today most of the sulphur we are getting is domestic. And we are continuously exploring whatever origin material we can get. And some, you know, if some comes through. Imports are coming at a trickle right now. But you know if they do come in, the Roha site will would be more suited for the imports in Gujarat. We have enough sources from domestic even in normal times.
Anubhav Sahu
Okay. Okay. If this situation continues and as you also indicated in your opening remarks that even if you know the situation state of harm was resolved, it will still take time to normalize. So given that fact, what kind of utilization level you foresee for our plants both at Bahij and Rohaan?
Bimal Gokuldas
So as I mentioned at the moment now we are able to run at capacity and there’s no restriction right now. But you know it’s a very dynamic situation and prices continue to rise. First we had the supply restrictions. There could come a time when there are market restrictions because customers may not be able to absorb the price and pass it on for their products. So too dynamic to give a futuristic prediction. I can tell you that currently we are operating the plant capacity.
Anubhav Sahu
Okay. Could you also. I mean I understand the Roha plant has installed capacity of something 350 tons per day. If we just talk about sulfuric acid, what catheter do we have at Dahesh or in total? If you could put in the numbers.
Bimal Gokuldas
Yeah, both plants are very similar.
Anubhav Sahu
Okay. Almost 350 tons per day around that for the hijack.
Bimal Gokuldas
Right.
Anubhav Sahu
Okay. And also if you. Sir, if you have the trends available for you for the sulfuric acid imports into India in last two months since the crisis came in in Middle east, how is the picture there? I mean do Korea, Japan continue to be dominant supplier? Is there a import deficit on that front which probably would be an opportunity for us. Anything on that and any trend which you can highlight.
Bimal Gokuldas
No, we’ve never imported sulfuric asset ourselves and we don’t intend to. There is
Anubhav Sahu
From the. Sorry. At the industry level. I mean.
Bimal Gokuldas
So the most of the import of sulfuric acid was on the east coast, very little on the west coast of India. And I’m not familiar with what the end users there are doing. It’s mostly the large fertilizer companies. So recently whether They’ve been able to get or not, I don’t know.
Anubhav Sahu
Okay. Okay. And so final question. I think you tried to address this thing but I’m still trying to gain more as well as the business thought process behind it because sequentially we have seen bulk chemicals share has actually eased up. So are we kind of prioritizing sulfuric acid sales compared to captive consumption for specialty? Is that the case given the higher spot prices?
Bimal Gokuldas
No, not at all. Because sulfuric acid by itself is a low margin, although the price goes up, doesn’t mean we make a higher margin. But we have a limitation on the market side for the specialties. So it’s not a production limitation, it’s a market limitation.
Anubhav Sahu
Okay. Okay, got it. Many thanks for this.
Bimal Gokuldas
Thank you.
Operator
Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star and 1. Our next question come from the line of Tanmay from 361 Capital. Please go ahead.
Tanmay
Hi. Hi. I just want to ask if any of the specialty chemicals that are under research the past few years or now are going to reach a commercial stage in FY27 or 28? Can you comment a bit on that?
Bimal Gokuldas
Yes, we do expect that but you know, difficult to. If you ask me how much are you going to sell, what is going to be the margin? Difficult for me to say that right now.
Tanmay
Can you describe the products a bit?
Bimal Gokuldas
So we are working on couple of specialties in the boron business and we are working on one particular product which is used in making a polymer which goes into enhanced oil recovery and some other applications like that. So currently we’ve started some commercial sales. But again I can’t give you any projection of how much is going to be, etc.
Tanmay
Okay, got it. And on the land that we have received, I know you said that the name, the registry of DMCC’s name yet and it’s still in the hands of the government. Is there any timeline that you can provide on the. And the proceeds of that land once monetized would be used for what?
Bimal Gokuldas
Well, we could use it for Capex or debt reduction.
Tanmay
Okay. And on the timeline,
Bimal Gokuldas
Very much out of my control.
Tanmay
Okay, thank you.
Bimal Gokuldas
Thank you.
Operator
Thank you ladies and gentlemen. That was the last question for today. As there is no further question from the participant. I now hand the conference over to Mr. Bimal Gokulas for closing comments. Thank you. And over to you sir.
Bimal Gokuldas
Thank you. So thank you all for the patient listening. It’s really my style not to give futuristic projections. I’ll continue that way. I know it may not satisfy all of you, but that’s the way we’ve taken the company over the past few years. And happy to discuss, you know, past performance, past quarters, past year, and look forward to I look forward to interacting with you all again. Thank you for the quality of questions. It’s also a learning for us to see what angle you are looking at and we look forward to further interactions.
Thank you.
Operator
Thank you so thank you so much. Ladies and gentlemen, thank you so much for joining today’s conference call on behalf of DMCC Specialty Chemicals limited that concludes this conference. Thank you for joining and you may now disconnect your line.
Arham Gandhi
Thank you.