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Bharat Coking Coal Terminates Loyabad Mine Development Contract with Loyabad Coalfields
Bharat Coking Coal Limited (BCCL) has announced the termination of its contract with Loyabad Coalfields Private Limited for the Loyabad Coal Mine project. The agreement, which focused on the re-opening, development, and operation of the mine on a revenue-sharing basis, was cancelled following a meeting on March 13, 2026. The company intends to conduct a fresh feasibility review of the mine before deciding on further development steps. This termination may lead to a delay in the expected production and revenue contribution from this specific asset.
Key Highlights
Termination of contract with Loyabad Coalfields Private Limited for the Loyabad Coal Mine.
Project scope included re-opening, development, and operation on a revenue-sharing basis.
Decision approved by the CFDs of Bharat Coking Coal Limited in a meeting on March 13, 2026.
Company to initiate a feasibility review to determine the future course of action for the mine.
💼 Action for Investors
Investors should monitor the results of the upcoming feasibility study and any announcements regarding a new partner for the Loyabad mine. The delay in project execution could impact medium-term coal production targets.
Coal India Files RHP for CMPDIL IPO; To Sell Up To 10.71 Crore Shares via OFS
Coal India Limited (CIL) has officially filed the Red Herring Prospectus (RHP) for the Initial Public Offering (IPO) of its wholly-owned subsidiary, Central Mine Planning and Design Institute Limited (CMPDIL). The IPO is structured as an Offer for Sale (OFS) where CIL will divest up to 107,100,000 equity shares. This move is a significant step towards value unlocking for the Maharatna PSU, potentially providing a substantial cash inflow. The final timeline and pricing remain subject to SEBI approvals and market conditions.
Key Highlights
RHP filed for the IPO of wholly-owned subsidiary CMPDIL on March 12, 2026
Proposed IPO consists of an Offer for Sale (OFS) of up to 107,100,000 equity shares by Coal India
The divestment aims to unlock the market value of CIL's specialized planning and design arm
Proceeds from the OFS will directly benefit Coal India's balance sheet
Filing completed with SEBI, BSE, and NSE as per Regulation 30 of SEBI LODR
💼 Action for Investors
Investors should view this as a positive value-unlocking event that could lead to higher cash reserves or special dividends. Monitor the IPO valuation and listing gains as they will directly impact Coal India's consolidated net worth.
BCCL Senior Management Named in DGMS Complaint Case Over 2025 Katras Area Accident
Bharat Coking Coal Limited (BCCL) has reported a legal complaint filed by the Directorate General of Mines Safety (DGMS) against its Senior Management Personnel. The case, CP No. 706/2026, is linked to an accident that occurred in the Katras Area on September 5, 2025. Shri Raj Kumar, General Manager (Mining/Quality Control), has been named as an accused for alleged violations of the Mines Act, 1952. The matter is currently listed for a court appearance on March 25, 2026, before the Chief Judicial Magistrate in Dhanbad.
Key Highlights
Complaint Case No. 706/2026 filed by DGMS against GM Raj Kumar and other Katras Area officials.
Legal action pertains to an industrial accident that occurred on September 5, 2025.
Alleged violations involve provisions of the Mines Act, 1952 and Occupational Safety Code, 2020.
Court appearance for the concerned senior management is scheduled for March 25, 2026.
💼 Action for Investors
Investors should monitor the court proceedings on March 25, 2026, to assess if any significant penalties or operational restrictions are imposed. While legal risks are inherent in mining, charges against senior management warrant close observation of corporate governance.
Bharat Coking Coal Feb'26 Production Flat at 3.50 MT; Cumulative Offtake Drops 12.5% YoY
Bharat Coking Coal Limited (BCCL) reported a marginal 0.1% increase in raw coal production for February 2026, reaching 3.50 million tonnes. However, the cumulative production for the April 2025 to February 2026 period shows a significant 14% decline compared to the previous year. Most notably, monthly offtake (sales) witnessed a sharp 28.7% drop to 2.16 million tonnes, signaling potential logistics or demand-side challenges. The core coking coal segment also remains under pressure with a 15.3% cumulative production decline.
Key Highlights
Raw coal production for Feb'26 was 3.50 MT, showing negligible growth of 0.1% YoY.
Cumulative raw coal production for Apr'25-Feb'26 fell 14% YoY to 31.1 MT from 36.2 MT.
Monthly offtake (sales) crashed by 28.7% YoY to 2.16 MT in February 2026.
Coking coal production, the primary product, declined 15.3% on a cumulative basis to 29.5 MT.
Overburden removal, a lead indicator for future production, decreased 8.3% YoY for the cumulative period.
💼 Action for Investors
Investors should exercise caution as the sharp decline in offtake and cumulative production indicates operational inefficiencies or demand hurdles. Monitor management's commentary on the production shortfall and its impact on the upcoming annual financial results.
Coal India Feb 2026 Production Up 0.7% to 74.7 MT; Cumulative Off-take Down 2.8%
Coal India Limited (CIL) reported a marginal 0.7% increase in coal production for February 2026, reaching 74.7 million tonnes (MT). However, the cumulative production for the April 2025 to February 2026 period declined by 1.7% to 683.7 MT. Off-take performance was weaker, with a 1.5% year-on-year drop in February to 62.0 MT and a 2.8% decline for the cumulative 11-month period. Performance across subsidiaries was mixed, with SECL showing growth while WCL and BCCL faced significant double-digit declines in off-take.
Key Highlights
February 2026 production stood at 74.7 MT, a slight 0.7% increase compared to 74.1 MT in Feb 2025.
Cumulative production for Apr'25-Feb'26 reached 683.7 MT, down 1.7% from 695.3 MT in the previous year.
Monthly off-take for February fell 1.5% YoY to 62.0 MT, indicating slower dispatch to consumers.
SECL recorded strong off-take growth of 11% in February, while BCCL off-take plunged by 28.8%.
Total cumulative off-take for the 11-month period stands at 674.6 MT versus 694.1 MT last year.
💼 Action for Investors
Investors should monitor the trend in off-take volumes as the decline suggests potential demand softening or logistical constraints. While the stock remains a strong dividend play, stagnant production and falling off-take could weigh on near-term revenue growth.
Coal India Prepared for Summer Demand with Record 175.5 MT Total Coal Inventory
Coal India (CIL) has announced a robust three-layer buffer to meet the anticipated surge in summer power demand. The company currently holds 115 MT of pithead stock and 55 MT at power plants, marking the highest inventory levels ever recorded for this period. With an additional 60.2 MT of in-situ coal ready for extraction, CIL is well-positioned to mitigate domestic coal scarcity and potentially reduce the country's reliance on expensive coal imports as international prices rise.
Key Highlights
Pithead coal stocks reached 115 MT as of February 26, 2026, with further increases expected by fiscal year-end.
Domestic coal-based power plants hold record-high stocks of 55 MT, the highest ever for this time of year.
Total on-tap coal accessibility stands at approximately 175.5 MT, including transit and pithead stocks.
In-situ coal exposure of 60.2 MT at major mines allows for rapid extraction and supply at short notice.
High domestic availability is expected to catalyze a reduction in coal imports amid rising international prices.
💼 Action for Investors
Investors should view this as a sign of operational stability and readiness to capture peak seasonal demand. The record inventory levels reduce supply-side risks and support CIL's volume growth targets for the upcoming quarter.
Oriental Aromatics Reports FY25 Revenue of ₹9,283 Mn; Commissions New Mahad Facility
Oriental Aromatics Limited (OAL) reported a consolidated revenue of INR 9,283 million for FY25 with an improved EBITDA margin of 10.06%. The company has successfully commissioned a new specialty aroma ingredient plant in Mahad with a 250 MTPA capacity as of November 2024. For the first nine months of FY26, the company achieved a revenue of INR 7,484 million, demonstrating steady operational momentum. OAL maintains a balanced geographical mix with 45% of sales coming from international markets across over 50 countries.
Key Highlights
FY25 consolidated revenue reached INR 9,283 Mn with a PAT of INR 343 Mn and EPS of INR 10.20.
EBITDA margins saw a significant recovery to 10.06% in FY25 from 5.62% in the previous fiscal year.
Commissioned a new 250 MTPA specialty aroma chemical plant at Mahad, Maharashtra in late 2024.
Total manufacturing capacity across four major locations now exceeds 20,000 MTPA.
Fully internalized heritage camphor brands Saraswati, 3 Pine, and Bhimseni to drive B2C growth.
💼 Action for Investors
Investors should monitor the capacity utilization of the new Mahad facility and the margin expansion resulting from the internalization of heritage brands. The company's integrated business model makes it a strong long-term play in the specialty chemicals and FMCG ingredient space.
ICRA Reaffirms OAL's [ICRA]A- Rating, Revises Outlook to Negative for Rs 393.33 Cr Debt
ICRA Limited has reaffirmed the credit ratings for Oriental Aromatics Limited (OAL) but revised the outlook from 'Stable' to 'Negative'. The rating action covers total debt facilities amounting to Rs 393.33 crore, including a Rs 13.33 crore term loan and Rs 380 crore in other fund-based/non-fund based limits. While the long-term rating remains [ICRA]A- and the short-term rating is [ICRA]A2+, the negative outlook indicates potential downward pressure on the company's credit profile. This change typically reflects concerns regarding future cash flows, debt servicing capabilities, or industry headwinds.
Key Highlights
ICRA reaffirmed the long-term rating at [ICRA]A- for debt totaling Rs 393.33 crore.
The outlook for the company's long-term instruments was revised from Stable to Negative.
Short-term rating for fund-based and non-fund based facilities was reaffirmed at [ICRA]A2+.
The total rated amount includes a specific term loan of Rs 13.33 crore and other facilities of Rs 380.00 crore.
💼 Action for Investors
Investors should exercise caution as the negative outlook suggests a possible rating downgrade in the future if financial performance does not improve. It is advisable to monitor the company's leverage ratios and interest coverage in upcoming quarterly reports.
OAL Q3 FY26 Revenue Up 13% YoY to ₹252 Cr; Reports Net Loss of ₹1.92 Cr Amid Margin Pressure
Oriental Aromatics reported a 13% YoY increase in Q3 FY26 revenue to ₹252.03 crore, supported by a 10% growth in sales volumes. However, the company posted a net loss of ₹1.92 crore for the quarter, down from a profit of ₹7.14 crore last year, as EBITDA margins contracted to 5.26%. Profitability was primarily impacted by a soft pricing environment in aroma ingredients and the ongoing ramp-up costs of the greenfield Mahad facility. Despite these headwinds, the company maintained volume growth and a stable net debt-to-equity ratio of 0.65x.
Key Highlights
Q3 Revenue from operations grew 13% YoY to ₹252.03 crore, while 9M revenue rose 11% to ₹748 crore.
Reported a net loss of ₹1.92 crore in Q3 FY26 compared to a net profit of ₹7.14 crore in Q3 FY25.
Sales volumes increased by 10% YoY for both the quarter and the nine-month period, despite seasonal softness in camphor.
EBITDA margin for the quarter stood at 5.26%, down from the previous year due to pricing pressure and Mahad facility stabilization costs.
Net debt-to-equity ratio remains healthy at 0.65x as of December 31, 2025.
💼 Action for Investors
Investors should closely monitor the utilization levels at the Mahad facility and the recovery of global aroma ingredient prices, which are critical for margin expansion. While volume growth is encouraging, the current transition from profit to loss warrants a cautious approach until operational efficiencies improve.
Coal India Solar Capex Surges 2.33X to Rs 961 Cr; Surpasses FY26 Target Early
Coal India (CIL) has significantly accelerated its renewable energy transition, with solar capital expenditure reaching Rs 961 Crores by January FY26, a 133% year-on-year increase. The company has already exceeded its full-year solar capex target of Rs 957 Crores, achieving 132% of its progressive target. CIL aims to reach a total renewable capacity of 3,000 MW by FY28 to achieve Net-Zero status, with capacity expected to jump from 247 MW to 675 MW by the end of the current fiscal. This diversification is supported by falling installation costs, now at Rs 4-4.5 Crores per MW.
Key Highlights
Solar Capex reached Rs 961 Crores till Jan FY26, growing 2.33x compared to Rs 412 Crores in the previous year.
Already surpassed the full-year FY26 solar capex target of Rs 957 Crores by January.
Renewable capacity expected to reach 675 MW by March 2026, up from 247 MW in December 2025.
Targeting 3,000 MW of solar capacity by FY28 with major projects in Gujarat, Rajasthan, and Uttar Pradesh.
Installation costs per MW have reduced to Rs 4-4.5 Crores from the earlier range of Rs 5.5-6 Crores.
💼 Action for Investors
Investors should recognize this as a strong execution of CIL's ESG and diversification strategy which may lead to a valuation re-rating. Monitor the timely commissioning of the 400 MW Gujarat projects and the 1,375 MW JV projects in Rajasthan and UP.
BCCL Revises Surface Transportation Charges and Introduces Volume-Based Cash Discounts
Bharat Coking Coal Limited (BCCL) has announced a revision in Surface Transportation Charges (STC) for all coal products, effective retrospectively from September 26, 2025. The new STC rates range from Rs 172 to Rs 275 per tonne for distances up to 20 KM, with longer distances charged at actual cost plus 10%. Furthermore, the board approved cash discounts of up to Rs 200 per tonne for large-volume rail bookings of raw coking coal in e-auctions held through March 2026. These measures are designed to optimize logistics cost recovery and incentivize high-volume procurement via rail.
Key Highlights
Revised STC rates set at Rs 172 (0-3km), Rs 219 (3-10km), and Rs 275 (10-20km) per tonne.
STC revision is applicable retrospectively starting from September 26, 2025.
Tiered cash discounts of Rs 100, Rs 150, and Rs 200 per tonne for bookings of 10-14, 15-19, and 20+ rakes respectively.
Discounts apply to all grades of Raw Coking Coal under the CIL e-auction Scheme 2022 for auctions until March 2026.
💼 Action for Investors
Investors should monitor the retrospective impact of STC revisions on the next quarterly financial results as it may provide a one-time revenue boost. The volume-based discounts are a strategic move to accelerate inventory liquidation and improve rail-mode logistics efficiency before the fiscal year-end.
BCCL Announces Strategic Growth Initiatives in Mining and Coal Beneficiation
Bharat Coking Coal Limited (BCCL) has announced new strategic initiatives aimed at driving growth across its mining and coal beneficiation operations. The disclosure, filed under SEBI Regulation 30, indicates a focus on capacity expansion to meet the rising demand for coking coal in the domestic steel industry. While specific financial figures were not detailed in the cover letter, the move signals a long-term commitment to increasing production and improving coal quality. This expansion is part of a broader effort to reduce India's reliance on imported coking coal.
Key Highlights
BCCL is implementing capacity expansion plans across its mining and coal beneficiation segments.
The announcement was formally disclosed to BSE and NSE on February 13, 2026.
Strategic focus on enhancing domestic coking coal production to support the Indian steel sector.
The growth initiatives are being communicated through multiple social media platforms to increase stakeholder engagement.
💼 Action for Investors
Investors should monitor future quarterly reports for specific CAPEX allocations and production targets related to these expansion plans. The stock remains a key beneficiary of the government's push for self-reliance in the coking coal sector.
Oriental Aromatics Q3 FY26: Revenue Grows 13% YoY, but Swings to Net Loss of INR 19 Mn
Oriental Aromatics reported a 13% YoY increase in Q3 FY26 revenue to INR 2,516 Mn, but profitability was severely impacted as the company posted a net loss of INR 19 Mn compared to a profit of INR 71 Mn in the previous year. EBITDA margins contracted significantly by 490 basis points to 5.25% due to lower demand in specialty aroma and fragrance segments. For the nine-month period, the company recorded a marginal net loss of INR 7 Mn despite a 10.9% growth in top-line revenue. While sales volumes grew 10% YoY, rising finance costs and depreciation weighed heavily on the bottom line.
Key Highlights
Revenue from operations grew 13% YoY to INR 2,516 Mn in Q3 FY26, though it declined 7.3% sequentially.
EBITDA fell 41.6% YoY to INR 132 Mn, with margins shrinking from 10.15% to 5.25%.
Company reported a Net Loss of INR 19 Mn for Q3 FY26 and INR 7 Mn for the 9M FY26 period.
Finance costs surged 45.3% YoY to INR 93 Mn in Q3, significantly impacting the Profit Before Tax.
Sales volumes showed resilience with a 10% YoY growth for both the quarter and the nine-month period.
💼 Action for Investors
Investors should exercise caution as the company is struggling with severe margin pressure and rising interest costs despite steady revenue growth. Monitor the recovery in demand for specialty aroma chemicals and the company's ability to manage its debt-to-equity ratio of 0.65x.
OAL Q3 FY26: Revenue grows 13% YoY to INR 2,516 Mn; reports Net Loss of INR 19 Mn
Oriental Aromatics reported a 13% YoY revenue increase to INR 2,516 Mn in Q3 FY26, but faced a sharp decline in profitability. The company swung to a consolidated net loss of INR 19 Mn from a profit of INR 71 Mn YoY, as EBITDA margins contracted from 10.15% to 5.25%. This was attributed to lower demand in specialty aroma ingredients and seasonal weakness in camphor. For 9M-FY26, the company remains in a marginal net loss of INR 7 Mn despite a 10.9% rise in top-line.
Key Highlights
Q3 FY26 Revenue at INR 2,516 Mn, up 13% YoY but down 7.3% QoQ.
EBITDA margins eroded significantly to 5.25% in Q3 FY26 from 10.15% in Q3 FY25.
Consolidated Net Loss of INR 19 Mn in Q3 FY26 vs Net Profit of INR 71 Mn in Q3 FY25.
Finance costs surged 45.3% YoY to INR 93 Mn, impacting the PBT which turned negative at INR 18 Mn.
Sales volumes for 9M-FY26 grew by 10% YoY, showing resilient demand despite pricing/margin pressure.
💼 Action for Investors
The shift from profit to loss despite revenue growth is a major concern, suggesting inability to pass on costs or high fixed-cost pressure. Investors should wait for signs of margin stabilization and a reduction in finance costs before considering new positions.
Coal India Declares 3rd Interim Dividend of ₹5.50; Sets Record Date for Feb 18, 2026
Coal India Limited has announced a 3rd interim dividend of ₹5.50 per equity share for the financial year 2025-26. The record date for determining shareholder eligibility is February 18, 2026, and the company will transition to 100% electronic dividend payments, discontinuing physical warrants. Tax will be deducted at source (TDS) at 10% for resident shareholders with valid PAN, while a higher rate of 20% applies for those without. Shareholders have until February 20, 2026, to submit tax exemption documents through the company's dedicated tax portal.
Key Highlights
Declared 3rd interim dividend of ₹5.50 per equity share with a face value of ₹10.
Record date for dividend eligibility is fixed as Wednesday, February 18, 2026.
TDS of 10% applies to resident shareholders; no TDS if total FY dividend is below ₹10,000.
Non-resident shareholders can claim tax treaty benefits by providing TRC and Form 10F.
Deadline for submitting tax-related declarations via the online portal is February 20, 2026.
💼 Action for Investors
Investors should ensure their bank account and PAN details are updated in their demat accounts to facilitate electronic payment. Those eligible for tax exemptions should submit Form 15G/15H on the Coal India tax portal before the February 20 deadline.
Coal India Q3 PAT Falls 16% to ₹7,166 Cr; Impacted by Wage Provisions and Lower Production
Coal India Limited (CIL) reported a 22% YoY decline in Profit After Tax (PAT) for 9M FY26 to ₹20,163 crore, with Q3 PAT falling 16% to ₹7,166 crore. The bottom line was significantly impacted by a one-time provision of ₹2,201 crore for executive pay upgradation and a 3% dip in coal production to 529.19 MT. Despite lower earnings, the company achieved strategic milestones including the listing of its subsidiary BCCL and a maiden foray into Rare Earth Elements (REE). EBITDA margins contracted to 35% from 41% in the previous year due to lower realizations and higher employee costs.
Key Highlights
9M FY26 Profit After Tax (PAT) declined 22% YoY to ₹20,163 crore, while Revenue from Operations fell 4% to ₹1,00,953 crore.
Coal production and offtake both saw a 3% YoY decline during the 9-month period, reaching 529.19 MT and 545.74 MT respectively.
One-time estimated provision of ₹2,201 crore for executive pay upgradation effective August 2023 weighed on profitability.
Average realization per tonne decreased by 1% to ₹1,645, with e-auction prices dropping 6% to ₹2,356 per tonne.
Strategic developments include the listing of BCCL on Jan 19, 2026, and securing the Kawalapur REE Block in Maharashtra.
💼 Action for Investors
Investors should note the short-term earnings pressure from wage provisions and production dips, but remain focused on the long-term value from the BCCL listing and diversification into critical minerals. Monitor Q4 production targets and the impact of the increased 18% GST on coal on working capital cycles.
Coal India Declares 3rd Interim Dividend of Rs 5.50 Per Share for FY 2025-26
Coal India Limited has announced a third interim dividend of Rs 5.50 per equity share for the financial year 2025-26. The decision was taken during the board meeting held on February 12, 2026, alongside the approval of Q3 FY26 financial results. The company has established February 18, 2026, as the record date to identify eligible shareholders. Shareholders can expect the dividend payout to be completed by March 13, 2026, via electronic transfer only.
Key Highlights
Declared 3rd interim dividend of Rs 5.50 per share on a face value of Rs 10
Record date for dividend eligibility is fixed for February 18, 2026
Dividend payment will be processed on or before March 13, 2026
Mandatory electronic-only payment mode implemented as per updated SEBI regulations
💼 Action for Investors
Investors should hold the stock before the record date of February 18 to qualify for the dividend. Ensure bank account details are linked to the demat account for seamless electronic credit.
Coal India Declares 3rd Interim Dividend of ₹5.50 Per Share; Record Date Feb 18, 2026
Coal India Limited has declared its third interim dividend for the financial year 2025-26 at ₹5.50 per equity share of face value ₹10. The company has established February 18, 2026, as the record date to identify eligible shareholders for this payout. The dividend distribution is scheduled to be completed by March 13, 2026. This announcement follows the board's approval of the un-audited financial results for the quarter and nine months ended December 31, 2025.
Key Highlights
3rd Interim Dividend declared at ₹5.50 per equity share (55% of face value).
Record date for dividend eligibility fixed as Wednesday, February 18, 2026.
Dividend payment to be processed on or before March 13, 2026.
Mandatory electronic-only payment mode adopted as per latest SEBI regulations.
💼 Action for Investors
Investors interested in the dividend should ensure they hold the stock before the ex-dividend date. Shareholders must verify that their KYC and bank details are updated in their demat accounts to receive the electronic credit.
Rajesh Kumar Appointed as Director (Finance) of Bharat Coking Coal Limited
Bharat Coking Coal Limited (BCCL) has appointed Shri Rajesh Kumar as Director (Finance) and Key Managerial Personnel effective February 10, 2026. He takes over the role from CMD Shri Manoj Kumar Agarwal, who was previously holding the additional charge. Shri Kumar is a seasoned professional with over 35 years of experience within Coal India Limited and its subsidiaries, specializing in corporate finance and large-scale project financing. His appointment brings a dedicated focus to the company's financial strategy and internal controls.
Key Highlights
Shri Rajesh Kumar assumes charge as Director (Finance) effective February 10, 2026
Brings over 35 years of experience in Coal India Limited and subsidiaries like BCCL, MCL, and NCL
Holds CMA and MBA (Finance) credentials with expertise in SAP-FICO and Ind AS compliance
Previously managed financial modeling for multi-crore expansion projects including Jayant Expansion and Washery Projects
CMD Manoj Kumar Agarwal ceases to hold the additional charge of Director (Finance)
💼 Action for Investors
Investors should view this as a positive step towards strengthening the leadership team with a dedicated finance head. No immediate action is required, but the appointment may improve financial reporting and project execution efficiency.
Coal India Approves ₹3,132.96 Cr Equity Infusion for JV with DVC in ₹20,886 Cr Project
Coal India's board has granted in-principle approval for a ₹3,132.96 crore equity infusion into a 50:50 joint venture with Damodar Valley Corporation (DVC). The total indicative project cost is estimated at ₹20,886.40 crore, which will be funded using a debt-equity ratio of 70:30. This strategic move focuses on power generation, including thermal and renewable energy projects, to enhance energy security. The investment marks a significant step in Coal India's diversification beyond coal mining into the broader energy sector.
Key Highlights
Equity infusion of ₹3,132.96 crore approved for a new JV with DVC
Total indicative project cost estimated at ₹20,886.40 crore
Project to be financed with a 70:30 debt-to-equity ratio
50:50 ownership structure between Coal India and Damodar Valley Corporation
Focus on thermal and renewable energy projects to meet rising energy demand
💼 Action for Investors
Investors should monitor the progress of regulatory approvals from DIPAM and the Ministry of Coal as this project represents a major long-term diversification for the company. While capital intensive, it strengthens Coal India's position in the power value chain.