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SESHAPAPER - Seshasayee Paper

📊 NSE: SESHAPAPER 🏢 Paper 📅 Last Updated: 12/14/2025 13:02

📢 Recent Corporate Announcements

Seshasayee Paper Re-appoints N Gopalaratnam as Chairman; Appoints Anurag Mishra as Nominee Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Mar 2026, 11:31 AM

Seshasayee Paper and Boards Limited has received shareholder approval for the re-appointment of Sri N Gopalaratnam as Whole-time Director and Chairman for a three-year term, effective from April 1, 2026, to March 31, 2029. Additionally, Sri Anurag Mishra, an IFS officer and Special Secretary (Environment, Climate Change) for the Government of Tamil Nadu, has been appointed as a Nominee Director. These appointments were approved via a Postal Ballot on March 12, 2026. The move ensures leadership continuity with a Chairman who has over 55 years of industry experience.

Sri N Gopalaratnam re-appointed as Chairman for a 3-year term starting April 1, 2026.
Sri Anurag Mishra, IFS, appointed as a Nominee Director representing Government of Tamil Nadu interests.
Chairman N Gopalaratnam brings over 55 years of specialization in the Pulp and Paper industry.
Appointments were ratified by shareholders through a Postal Ballot concluded on March 12, 2026.

💡 No immediate action is required as these are routine board appointments that maintain leadership stability and regulatory representation.

Seshasayee Paper Re-appoints N Gopalaratnam as Chairman for 3 Years

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 12 Mar 2026, 11:29 AM

Seshasayee Paper and Boards Limited has received shareholder approval to re-appoint Mr. N Gopalaratnam as Chairman for a three-year term effective April 1, 2026. Mr. Gopalaratnam is a veteran in the paper industry with over 55 years of experience in pulp and paper management. Additionally, the company appointed Mr. Anurag Mishra, an IFS officer and Special Secretary to the Government of Tamil Nadu, as a Nominee Director. These appointments, approved via postal ballot on March 12, 2026, ensure leadership continuity and maintain strong ties with state regulatory bodies.

Mr. N Gopalaratnam re-appointed as Chairman for a 3-year term from April 01, 2026, to March 31, 2029.
Chairman brings over 55 years of specialized experience in the design and management of the pulp and paper industry.
Mr. Anurag Mishra, IFS, appointed as a Nominee Director representing the Government of Tamil Nadu.
Resolutions were passed by shareholders with an overwhelming majority via postal ballot on March 12, 2026.
The appointments comply with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.

💡 The re-appointment of a highly experienced Chairman ensures leadership stability and strategic continuity for the company. Investors should view this as a neutral-to-positive governance update that maintains the current management trajectory.

SESHAPAPER Shareholders Approve Re-appointment of Chairman with 99.95% Majority

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 12 Mar 2026, 11:18 AM

Seshasayee Paper and Boards Limited (SESHAPAPER) has announced the results of its postal ballot, where shareholders overwhelmingly approved the re-appointment of Sri N Gopalaratnam as Chairman and Whole-time Director. Additionally, the appointment of Sri Anurag Mishra, IFS, as a Nominee Director was cleared. Both resolutions received approximately 99.95% support from the votes cast. The total voting turnout represented 49.04% of the company's total outstanding shares, indicating strong participation from the promoter group and institutional investors.

Sri N Gopalaratnam re-appointed as Chairman and Whole-time Director with 99.95% of valid votes.
Sri Anurag Mishra, IFS, appointed as Nominee Director with 99.95% approval.
Total votes polled reached 3,09,31,347, which is 49.044% of the 6,30,68,140 total shares.
Promoter and Promoter Group (holding 2.71 crore shares) voted 100% in favor of both resolutions.
Public institutional support was high, with over 98.9% of their cast votes in favor of the appointments.

💡 The approval ensures leadership continuity and stability at the board level, which is a positive sign for long-term strategy execution. Investors should maintain their positions as the current management retains a strong mandate.

SESHAPAPER Shareholders Approve Re-appointment of Chairman with 99.95% Majority

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 12 Mar 2026, 11:16 AM

Seshasayee Paper and Boards Limited (SESHAPAPER) has successfully passed two key resolutions via postal ballot with overwhelming shareholder support. Sri N Gopalaratnam has been re-appointed as the Whole-time Director and Chairman, receiving 99.95% of the valid votes cast. Furthermore, Sri Anurag Mishra, IFS, was appointed as a Nominee Director with an identical approval rate of 99.95%. The total voting turnout was approximately 49.04% of the total equity, reflecting strong participation and consensus among the promoter group and institutional investors.

Re-appointment of Sri N Gopalaratnam as Chairman secured 99.95% approval with 3,09,14,677 votes in favor.
Appointment of Sri Anurag Mishra as Nominee Director passed with 99.95% support from 475 members.
Total votes polled amounted to 3,09,31,347, representing 49.04% of the total 6,30,68,140 outstanding shares.
Institutional investors showed strong support, with over 98.9% of their votes cast in favor of both resolutions.

💡 The high approval ratings indicate strong shareholder trust and ensure leadership continuity for the company. Investors should view this as a sign of stability in the company's strategic direction.

Seshasayee Paper Shareholders Approve Chairman Re-appointment with 99.9% Majority

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 12 Mar 2026, 11:15 AM

Shareholders of Seshasayee Paper and Boards Limited have overwhelmingly approved the re-appointment of Sri N Gopalaratnam as Whole-time Director and Chairman. The special resolution received 99.95% support from voting members. Additionally, the appointment of Sri Anurag Mishra, IFS, as a Nominee Director was approved with a similar 99.95% majority. The total voter turnout represented approximately 49.04% of the company's total outstanding shares, reflecting strong institutional and promoter alignment.

Sri N Gopalaratnam re-appointed as Chairman with 3,09,14,677 votes in favor (99.95%)
Sri Anurag Mishra, IFS, appointed as Nominee Director with 3,09,15,250 votes in favor (99.95%)
Total voter turnout recorded at 49.04% of the 6,30,68,140 total outstanding shares
Promoter and Promoter Group cast 2,71,37,945 votes with 100% support for both resolutions
Institutional investors showed high consensus with over 98.9% support for the management's proposals

💡 The overwhelming shareholder support for the Chairman's re-appointment ensures leadership continuity and stability. Investors should view this as a positive sign of corporate governance and management alignment.

Seshasayee Paper Withdraws CRISIL Rating; Maintains ICRA AA- (Stable) and A1+ Ratings

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 23 Feb 2026, 04:21 PM

Seshasayee Paper and Boards Limited has announced the withdrawal of its credit rating from CRISIL for its working capital facilities. This action was taken at the company's request following a No Objection Certificate (NOC) from its bankers. The company continues to maintain its credit ratings with ICRA, which recently assigned a Long-Term rating of 'ICRA AA- (Stable)' and a Short-Term rating of 'ICRA A1+'. This consolidation of rating agencies is a standard administrative move and does not indicate a change in the company's underlying credit profile.

CRISIL rating for fund-based and non-fund based working capital facilities withdrawn at company request.
ICRA maintains Long-Term rating of 'ICRA AA- (Stable)' for the company's debt facilities.
ICRA assigned a Short-Term rating of 'ICRA A1+' for bank facilities, including a 97.60 crore limit.
The withdrawal was supported by an NOC from the company's bankers, suggesting no credit distress.
The latest ICRA rating was communicated to exchanges on January 30, 2026.

💡 Investors should view this as a routine administrative consolidation of rating agencies. No action is required as the company retains strong investment-grade ratings from ICRA.

Seshasayee Paper Proposes Re-appointment of N Gopalaratnam as Chairman for 3 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Feb 2026, 01:04 PM

Seshasayee Paper and Boards Limited has issued a postal ballot notice seeking shareholder approval for key leadership positions. The company proposes the re-appointment of Sri N Gopalaratnam as Whole-time Director and Chairman for a three-year term starting April 1, 2026. Additionally, the board seeks to appoint Sri Anurag Mishra, a nominee from the Government of Tamil Nadu, as a Non-Executive Nominee Director. Shareholders can cast their votes electronically between February 10 and March 11, 2026.

Proposed re-appointment of Sri N Gopalaratnam as Chairman for a 3-year term effective April 1, 2026.
Appointment of Sri Anurag Mishra, IFS, as a Nominee Director representing the Government of Tamil Nadu.
Remote e-voting period scheduled from February 10, 2026 (09:00 AM) to March 11, 2026 (05:00 PM).
The cut-off date for determining shareholder eligibility for voting was February 6, 2026.
Results of the postal ballot will be announced on March 12, 2026.

💡 Investors should view this as a routine management continuity exercise. No immediate portfolio changes are recommended, though shareholders may participate in the e-voting process.

Seshasayee Paper Q3 Net Profit Dips to ₹15.5 Cr; Revenue Down 10% YoY Amid Export Challenges

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 31 Jan 2026, 03:35 PM

Seshasayee Paper reported a 10.3% YoY decline in Q3 revenue to ₹386.81 crore, primarily due to sluggish domestic demand and a 44.4% drop in export volumes caused by US tariffs. Standalone Net Profit for the quarter fell slightly to ₹15.53 crore from ₹15.81 crore in the previous year. The company faced headwinds from GST 2.0 reforms and cheap imports from China and Indonesia, though it has announced a 2% price hike in January 2026. Management is set to commence the ₹270 crore MDP-IV expansion project in February 2026 to boost capacity by 20%.

Revenue from operations for Q3 FY26 stood at ₹386.81 crore, down from ₹431.27 crore in Q3 FY25.
Export volumes plunged 44.4% in 9M FY26 due to US tariffs and global supply chain disruptions.
The company announced a ₹270 crore Mill Development Plan (MDP-IV) to increase capacity by 20%, starting Feb 2026.
Capacity utilization at the Tirunelveli unit was low at 73%, while the Erode unit operated at 105%.
Management implemented a ~2% price increase in January 2026 as market sentiments improved.

💡 Investors should monitor the progress of the MDP-IV project and the impact of the recent price hikes on margins. The stock remains under pressure from cheap imports and trade barriers, making it a 'Watch' for signs of sustained recovery in the notebook segment.

Seshasayee Paper Approves Postal Ballot for Re-appointment of Chairman and New Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Jan 2026, 02:40 PM

Seshasayee Paper and Boards Limited has approved a Postal Ballot Notice following a board meeting on January 31, 2026. The company is seeking shareholder approval for the re-appointment of Sri N Gopalaratnam as Whole-time Director and Chairman. Additionally, the board has proposed the appointment of Sri Anurag Mishra, IFS, as a Nominee Director. The cut-off date to determine shareholder eligibility for voting has been set as February 06, 2026.

Board approved the Postal Ballot Notice in a meeting held on January 31, 2026
Proposed re-appointment of Sri N Gopalaratnam as Whole-time Director and Chairman
Proposed appointment of Sri Anurag Mishra, IFS, as a Nominee Director on the Board
Cut-off date for shareholder voting eligibility is fixed for February 06, 2026

💡 These are routine management and governance updates; investors should monitor the final voting results for continuity in leadership.

Seshasayee Paper Re-appoints N Gopalaratnam as Chairman for 3 Years from April 2026

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 31 Jan 2026, 02:38 PM

The Board of Seshasayee Paper and Boards Limited has approved the re-appointment of Sri N Gopalaratnam as Whole-time Director and Chairman for a three-year term starting April 1, 2026. Mr. Gopalaratnam, aged 79, brings over 55 years of specialized experience in the pulp and paper industry to the leadership role. This extension ensures continuity in management and strategic direction for the company through March 31, 2029. The appointment is subject to shareholder approval via a postal ballot process.

Re-appointment of Sri N Gopalaratnam as Chairman for a 3-year term starting April 1, 2026
The appointee has over 55 years of experience in the design, operation, and management of the paper industry
The term extends until March 31, 2029, ensuring long-term leadership stability
Approval was granted by the Board on January 31, 2026, following recommendations from the NRC and Audit Committee

💡 Investors should view this as a sign of leadership stability and continuity in the company's strategic vision. No immediate action is required, but shareholders should monitor the upcoming postal ballot results.

Seshasayee Paper Appoints Anurag Mishra as Nominee Director w.e.f. Jan 31, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Jan 2026, 02:36 PM

Seshasayee Paper and Boards Limited has appointed Sri Anurag Mishra, IFS, as an Additional Director in the capacity of Nominee Director effective January 31, 2026. Mr. Mishra, who is the Special Secretary for Environment, Climate Change and Forests for the Government of Tamil Nadu, replaces Sri Ashish Kumar Srivastava. This appointment is a nomination by the State Government and is subject to shareholder approval via a postal ballot. Given his background in environmental governance, his presence on the board aligns with the regulatory needs of the paper industry.

Sri Anurag Mishra, IFS, appointed as Additional Director (Nominee Director) effective January 31, 2026
He replaces Sri Ashish Kumar Srivastava, IFS, as the nominee of the Government of Tamil Nadu
Mr. Mishra currently serves as Special Secretary (Environment, Climate Change) for the State Government
The appointment is subject to approval by the company's shareholders through a Postal Ballot process
The appointee is 58 years old and has no reported relationships with other directors on the board

💡 This is a routine management update involving a government nominee and does not necessitate any immediate change in investment strategy. Investors should continue to monitor the company's operational performance and environmental compliance.

Seshasayee Paper Re-appoints N Gopalaratnam as Chairman for 3 Years; Appoints New Nominee Director

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 31 Jan 2026, 02:20 PM

Seshasayee Paper and Boards Limited has announced the re-appointment of Sri N Gopalaratnam as Chairman and Whole-time Director for a three-year term effective April 1, 2026. Additionally, Sri Anurag Mishra, IFS, has been appointed as a Nominee Director representing the Government of Tamil Nadu, replacing Sri Ashish Kumar Srivastava. These leadership decisions were approved during the board meeting on January 31, 2026, and are subject to shareholder approval via postal ballot. The re-appointment of the 79-year-old Chairman, who has over 55 years of industry experience, ensures management continuity for the company.

Sri N Gopalaratnam re-appointed as Chairman for a 3-year term from April 1, 2026, to March 31, 2029
Sri Anurag Mishra, IFS, appointed as Additional Director (Nominee Director) effective January 31, 2026
Chairman Sri N Gopalaratnam brings over 55 years of specialized experience in the pulp and paper industry
Shareholder approval for these appointments will be sought through a Postal Ballot process with a cut-off date of February 6, 2026
Sri Anurag Mishra currently serves as Special Secretary (Environment, Climate Change) for the Government of Tamil Nadu

💡 The re-appointment of the long-standing Chairman ensures stability and continuity in strategic direction. Investors should view this as a routine governance move that maintains the status quo of the current management team.

Seshasayee Paper Re-appoints N Gopalaratnam as Chairman for 3 Years; Appoints New Nominee Director

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 31 Jan 2026, 02:10 PM

Seshasayee Paper and Boards Limited has approved the re-appointment of Sri N Gopalaratnam as Chairman and Whole-time Director for a three-year term effective April 1, 2026. The board also appointed Sri Anurag Mishra, IFS, as a Nominee Director representing the Government of Tamil Nadu, replacing Sri Ashish Kumar Srivastava. These leadership decisions were finalized during the board meeting on January 31, 2026, and are subject to shareholder approval. The company will conduct a postal ballot for these appointments, with the eligibility cut-off date set for February 6, 2026.

Sri N Gopalaratnam re-appointed as Chairman for a 3-year term from April 2026 to March 2029.
Sri Anurag Mishra, IFS, appointed as Nominee Director representing the Government of Tamil Nadu.
Chairman N Gopalaratnam brings over 55 years of specialized experience in the pulp and paper industry.
Postal Ballot process initiated with a cut-off date of February 6, 2026, for shareholder voting eligibility.

💡 The re-appointment of the long-standing Chairman ensures management continuity and stability. Investors should support these governance resolutions during the upcoming postal ballot.

Seshasayee Paper wins GST appeal; tax demand slashed from ₹7.12 Cr to ₹16 Lakhs

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 12 Jan 2026, 02:12 PM

Seshasayee Paper and Boards Limited has received a favorable ruling from the Commissioner (Appeals) regarding a major GST dispute. The original tax demand of ₹712.24 lakhs and a penalty of ₹100.93 lakhs have been drastically reduced to ₹16.00 lakhs and ₹1.06 lakhs respectively. This dispute pertained to alleged short payments of GST under RCM and excess Input Tax Credit claims for the period FY 2017-18 to 2021-22. The ruling significantly mitigates a potential financial liability for the company.

Commissioner (Appeals) ruled materially in favor of the company in a GST tax dispute
Total tax demand reduced from ₹712.24 lakhs to just ₹16.00 lakhs
Penalty amount slashed from ₹100.93 lakhs to ₹1.06 lakhs plus applicable interest
The case involved GST RCM and ITC claims for financial years 2017-18 through 2021-22

💡 Investors should view this as a positive development as it removes a significant contingent liability from the company's books. No further action is required as the legal risk has been substantially mitigated.

Seshasayee Paper Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jan 2026, 03:11 PM

Seshasayee Paper and Boards Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its RTA, Integrated Registry Management Services, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that physical share certificates were mutilated and cancelled after verification. This filing is a standard administrative requirement to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
RTA confirmed that dematerialization requests were processed and reported to depositories and exchanges.
Physical security certificates were mutilated and cancelled within the mandated 15-day period.
The name of the depositories has been substituted in the register of members as the registered owner.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming quarterly financial results.

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💰 Financial Performance

Revenue Growth by Segment

Paper is the only reportable segment. Standalone revenue from operations for H1 FY26 (ended September 30, 2025) was INR 731.58 Cr, representing a 10.84% decline compared to INR 820.56 Cr in H1 FY25. Consolidated revenue for H1 FY26 was INR 731.72 Cr, down 10.84% from INR 820.70 Cr YoY.

Geographic Revenue Split

Domestic sales grew 4.8% in volume terms for Unit-Erode, while export volumes saw a significant drop, particularly to the US market where exports were suspended from June 2025 to September 2025 due to steep tariffs. Export tonnage for H1 FY26 was 2,333 tonnes compared to 14,062 tonnes in H1 FY25, a decline of 83.4%.

Profitability Margins

Net Profit After Tax (Standalone) for H1 FY26 was INR 34.66 Cr, a 45.09% decrease from INR 63.12 Cr in H1 FY25. Net profit margins were severely impacted by a drop in average realizations per tonne of paper and elevated input costs.

EBITDA Margin

EBITDA margin experienced a steep decline from 19.07% in FY24 to 6.88% in 9M FY25. This compression is attributed to lower realizations caused by cheap imports from China and ASEAN countries and a drastic increase in raw material prices.

Capital Expenditure

The company spent INR 28.33 Cr on the purchase of Property, Plant, and Equipment in H1 FY26. Additionally, the company is planning to incur INR 100 Cr for the repair, refurbishment, and upgradation of the newly acquired Unit-III (Servalakshmi Paper assets).

Credit Rating & Borrowing

CRISIL has assigned a rating of 'CRISIL AA-/Negative' for long-term facilities and 'CRISIL A1+' for short-term facilities. The negative outlook reflects pressure on profitability. The company maintains a strong capital structure with total outside liabilities to adjusted networth at 0.26 times as of March 31, 2024.

⚙️ Operational Drivers

Raw Materials

Key raw materials include wood pulp and wood. Wood pulp prices have been highly volatile, and the company faces continued scarcity in wood availability, leading to price hikes that cannot be fully passed on to customers.

Import Sources

Not specifically disclosed, but the company is impacted by cheap finished paper imports from China and ASEAN countries which compete with its domestic production.

Capacity Expansion

Current capacity utilization for Unit-Erode is 103%, while Unit-Tirunelveli operated at 76% in H1 FY26. Planned expansion includes the revival of Unit-III (Servalakshmi Paper), which was acquired as a going concern through an e-auction.

Raw Material Costs

Raw material prices increased drastically in FY25, contributing to the EBITDA margin drop to 6.88%. The company uses strategic initiatives like tree farming and contract farming to mitigate wood supply risks.

Manufacturing Efficiency

Unit-Erode shows high efficiency with 103% capacity utilization. Unit-Tirunelveli's efficiency was hampered by external trade factors, dropping to 76% utilization.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be driven by the refurbishment and recommencement of operations at Unit-III (Servalakshmi Paper), which is expected to add significant capacity. The company is also focusing on the Writing and Printing Paper (WPP) segment, which is supported by demand from the New Education Policy and increased 'work from office' trends.

Products & Services

Writing and Printing Paper (WPP), copier paper, and other printing grades.

Brand Portfolio

Seshasayee Paper and Boards (SPBL).

New Products/Services

Not specifically disclosed, though the company is focusing on high-demand WPP grades for the education sector.

Market Expansion

The company is focusing on domestic market growth (4.8% volume growth in Erode unit) to offset the 83.4% drop in export volumes caused by US tariffs.

Market Share & Ranking

The company was ranked 1087th on NSE and 1113th on BSE by average market capitalization during H2 2024.

Strategic Alliances

The company entered into a Share Purchase Agreement and Energy Supply Agreement with the Indian subsidiary of Zelestra Corporacion S.A.U. for renewable energy.

🌍 External Factors

Industry Trends

The paper industry is inherently cyclical with long gestation periods for capacity. Current trends show a shift toward green energy and sustainable wood sourcing (tree farming) to combat raw material volatility.

Competitive Landscape

Faces intense competition from low-cost imports from China/ASEAN and domestic mills aggressively liquidating stock at low prices.

Competitive Moat

Moat is built on integrated operations, extensive promoter experience (5 decades), and a strong financial profile with nil net debt. Sustainability is supported by voluntary ESG compliance (BRSR).

Macro Economic Sensitivity

Highly sensitive to global pulp prices and domestic education spending. The New Education Policy is a key macro driver for WPP demand.

Consumer Behavior

Increased demand for WPP due to the rollout of the New Education Policy and a return to physical offices.

Geopolitical Risks

Significant risk from trade barriers; US tariffs imposed in June 2025 led to a suspension of exports to that region, impacting the Tirunelveli unit's utilization.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental clearances from the EAC of MoEF & CC. The company is also navigating the legal complexities of the Insolvency and Bankruptcy Code regarding its Unit-III acquisition.

Environmental Compliance

The company is voluntarily complying with Business Responsibility and Sustainability Reporting (BRSR) for FY25. It is also seeking MoEF & CC approval for expansion projects.

Taxation Policy Impact

Income tax paid in H1 FY26 was INR 14.27 Cr. Deferred tax liabilities stand at INR 129.25 Cr.

Legal Contingencies

The e-auction sale of Servalakshmi Paper Limited (Unit-III) for approximately INR 100 Cr is being challenged in the National Company Law Appellate Tribunal (NCLAT) by several appellants.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the volatility of wood pulp prices and the outcome of the NCLAT appeals regarding the Unit-III acquisition, which could impact expansion timelines.