🔍

AMNPLST - Amines & Plast.

📊 NSE: AMNPLST 🏢 Chemicals 📅 Last Updated: 12/13/2025 18:17

📢 Recent Corporate Announcements

Amines & Plasticizers Launches Campaign for ₹14.38 Lakh Unclaimed Dividends

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Apr 2026, 03:36 PM

Amines & Plasticizers Limited has initiated the 'Saksham Niveshak' campaign from April 1 to July 9, 2026, to facilitate the claim of unpaid dividends and KYC updates. As of March 31, 2026, the total unclaimed dividend amount across various financial years (2018-19 to 2024-25) stands at ₹14,38,160.40. The company is proactively reaching out to shareholders to prevent the transfer of these funds and associated shares to the Investor Education and Protection Fund (IEPF). Shareholders are required to update their PAN, KYC, and bank mandates to receive rightful claims directly.

Campaign 'Saksham Niveshak' runs from April 01, 2026, to July 09, 2026, for KYC and dividend claims.
Total unclaimed dividend amount as of March 31, 2026, is ₹14,38,160.40.
Dividends from FY 2018-19 (₹1.61 lakh) are due for transfer to IEPF on October 28, 2026.
Mandatory electronic payment of dividends and KYC compliance as per SEBI circulars for physical shareholdings.
Company has established a dedicated helpline and a separate website tab for investor assistance.

💡 Shareholders should check the company's website to verify if they have unclaimed dividends and ensure their KYC and bank details are updated with the RTA to avoid share transfers to IEPF.

Amines & Plasticizers Promoters Confirm Zero Pledged Shares for FY 2025-26

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 21 Apr 2026, 12:35 PM

Hemant Kumar Ruia, the Promoter and CMD of Amines & Plasticizers Limited, has filed a formal declaration under SEBI Takeover Regulations for the financial year ended March 31, 2026. The disclosure confirms that no promoter or promoter group member has created any encumbrance or pledge on their shareholding, directly or indirectly. This annual compliance filing provides transparency regarding the stability of the promoter's stake in the company. The declaration includes a list of 10 promoter entities and individuals, ensuring no hidden liabilities against the company's equity.

Declaration submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Promoters confirm zero encumbrance or pledging of shares during the entire FY 2025-26.
The disclosure covers 10 promoter and promoter group members, including Multiwyn Investments and Chefair Investment.
Promoter group members such as Ankita Ruia and Reyaansh Ruia hold nil shares as of March 31, 2026.
The filing reinforces the financial stability of the promoter group regarding their equity holdings.

💡 Investors can take comfort in the fact that there is no promoter share pledging, which reduces the risk of market volatility from margin calls. No immediate action is required as this is a routine annual compliance disclosure.

Amines & Plasticizers Submits SEBI Reg 74(5) Compliance for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 04:46 PM

Amines & Plasticizers Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended March 31, 2026, were processed within the prescribed timelines. It further verifies that security certificates were mutilated and cancelled after due verification and that the depositories' names were substituted in the register of members. This is a standard administrative filing required for all listed entities in India.

Compliance certificate submitted for the quarter ended March 31, 2026.
Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Verification that dematerialized certificates were mutilated and cancelled as per SEBI guidelines.
Confirmation that the name of depositories has been updated in the register of members as registered owners.

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

ICRA Places Amines & Plasticizers' ₹179.75 Cr Bank Facilities on Rating Watch Negative

🔵 WATCH ⭐ 6/10

REGULATORY 📅 31 Mar 2026, 04:17 PM

ICRA has reaffirmed the long-term rating of [ICRA]A and short-term rating of [ICRA]A1 for Amines & Plasticizers Limited's bank facilities. However, the outlook has been revised from 'Stable' to 'Rating watch with negative implications' for the total rated amount of ₹179.75 Crore. This shift indicates potential credit risks or uncertainties that could lead to a downgrade in the near future. The facilities include ₹100 Crore in long-term working capital and an additional ₹50 Crore in short-term fund-based limits.

ICRA reaffirmed long-term rating at [ICRA]A but moved outlook to 'Rating watch with negative implications'
Total bank facilities under review amount to ₹179.75 Crore
Short-term non-fund-based limits were marginally enhanced from ₹28.00 Crore to ₹29.75 Crore
A new additional credit facility of ₹50 Crore was assigned an [ICRA]A1 rating with negative watch
Long-term interchangeable facilities of ₹42 Crore also placed on negative watch

💡 Investors should exercise caution as a 'Negative Watch' often precedes a rating downgrade, which could increase the company's cost of debt. Monitor the company's next quarterly earnings for signs of margin pressure or liquidity constraints.

Amines & Plasticizers Faces ₹3.14 Cr Tax Demand for AY 2013-14; Files Appeal

🔵 WATCH ⭐ 5/10

REGULATORY 📅 30 Mar 2026, 07:59 PM

Amines & Plasticizers Limited has received an Income Tax Assessment Order for the Assessment Year 2013-14, involving a total demand of ₹3.14 crore. This amount includes a significant interest component of ₹1.60 crore. The company also received a Show Cause Notice for penalties, which remains unquantified at this stage. Management has already filed an appeal against the order and believes there will be no material impact on financial or operational activities.

Total tax demand of ₹3,14,30,443 issued for Assessment Year 2013-14.
The demand consists of tax plus interest amounting to ₹1,59,85,045.
A Show Cause Notice for penalty under Section 271(1)(c) has been issued.
The company filed an official appeal against the assessment on March 30, 2026.
This follows similar tax-related communications for AY 2014-15 and 2015-16.

💡 Investors should monitor the outcome of the appeal process as a final unfavorable ruling would impact cash flows. No immediate action is necessary as the company is actively contesting the demand.

Amines & Plasticizers Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 03:46 PM

Amines & Plasticizers Limited (AMNPLST) has notified the stock exchanges regarding the closure of its trading window starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of audited financial results for the quarter and year ending March 31, 2026. The restriction applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the board meeting results are officially announced.

Trading window closure begins on April 1, 2026, for the Q4 and FY26 financial results.
The closure applies to both standalone and consolidated audited financial results.
Restriction remains in effect until 48 hours after the conclusion of the relevant Board Meeting.
Compliance is mandated under SEBI (Prohibition of Insider Trading) Regulations, 2015.
The specific date for the Board Meeting will be announced separately in due course.

💡 This is a standard regulatory procedure and does not impact the company's fundamentals. Investors should wait for the announcement of the board meeting date to assess the upcoming financial performance.

Amines & Plasticizers Receives Income Tax Demands Totaling ₹8.81 Crore

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 21 Mar 2026, 06:37 PM

Amines & Plasticizers Limited has received Income-Tax Assessment Orders for AY 2014-15 and AY 2015-16, with a combined tax demand of ₹8.81 crore. The demand for AY 2014-15 is ₹3.41 crore, while AY 2015-16 stands at ₹5.40 crore, both including significant interest components. Additionally, the company has received Show Cause Notices for penalties under Section 271(1)(c), though the penalty amounts are not yet quantified. The company intends to contest these orders and file appeals, stating they do not foresee a material impact on operations.

Total tax demand of ₹8.81 crore raised for Assessment Years 2014-15 and 2015-16.
AY 2014-15 demand of ₹3.41 crore includes interest of ₹2.08 crore.
AY 2015-16 demand of ₹5.40 crore includes interest of ₹3.77 crore.
Show Cause Notices issued for penalties under Section 274 read with Section 271(1)(c).
Company is in the process of preferring an appeal against the Assessment Orders.

💡 Investors should track the progress of the tax appeals as an unfavorable final outcome could impact the company's cash reserves, despite management's current neutral outlook.

Amines & Plasticizers Receives IT Show Cause Notice for Rs 9.57 Crore Disallowance

🔵 WATCH ⭐ 6/10

LEGAL 📅 27 Feb 2026, 09:03 PM

Amines & Plasticizers Limited has received Show Cause Notices from the Income Tax Department regarding Assessment Years 2013-14, 2014-15, and 2015-16. The notices question the genuineness of commission payments made to selling agents, proposing a total expenditure disallowance of approximately Rs 9.57 crore. The company has contested these notices with legal advice and submitted documentary evidence to support its claims. While the company currently foresees no material financial impact, the final tax liability will depend on the outcome of the assessment proceedings.

Received Show Cause Notices under Section 147 of the Income Tax Act for three assessment years (AY 2013-14 to AY 2015-16).
Total proposed disallowance of expenditure amounts to Rs 9,57,56,643 across the three-year period.
The dispute centers on the genuineness of commission paid to selling agents during the relevant financial years.
Company has officially contested the notices and submitted responses with supporting evidence on February 27, 2026.
Management states that based on preliminary assessment, they do not expect a material impact on operations or finances.

💡 Investors should monitor the final assessment order from the Income Tax Department to see if these proposed disallowances result in actual tax demands and penalties. While the company is contesting the claim, a final adverse ruling could impact future profitability.

Amines & Plasticizers Receives Waiver of Rs 1.8 Lakh Fine from BSE and NSE

🟢 POSITIVE ⭐ 3/10

REGULATORY 📅 26 Feb 2026, 08:42 PM

Amines & Plasticizers Limited has successfully obtained a waiver for fines totaling Rs 1.8 lakh previously imposed by BSE and NSE. The penalties were originally levied due to brief vacancies in the Audit, Nomination and Remuneration, and Stakeholders Relationship Committees during the quarters ended September and December 2024. BSE, the designated stock exchange, accepted the company's waiver application on February 26, 2026. Under existing SEBI circulars for commonly listed entities, this waiver by BSE also applies to the fine levied by NSE.

Total fine of Rs 1.8 lakh (Rs 90,000 each from BSE and NSE) has been waived.
Fines were related to committee vacancies lasting 2 days in Q2 2024 and 13 days in Q3 2024.
The waiver covers vacancies in the Audit, Nomination and Remuneration, and Stakeholders Relationship Committees.
BSE's approval of the waiver automatically applies to NSE as per the August 2025 circular.

💡 This is a minor regulatory update with negligible financial impact on the company. Investors should view this as a positive resolution of a past compliance oversight, indicating that the company is now in line with exchange requirements.

Amines & Plasticizers Q3FY26 PAT Drops 22% YoY to ₹7.58 Cr Amid Sequential Recovery

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 09:58 PM

Amines & Plasticizers reported a 25% YoY decline in Q3FY26 revenue to ₹142.46 crore, while PAT fell 22% YoY to ₹7.58 crore. Despite the annual decline, the company saw a sequential recovery with PAT rising 23% QoQ as ethylene oxide supply resumed during the quarter. EBITDA margins also improved to 9.02% from 8.17% in the previous quarter. However, management cautioned that a scheduled maintenance shutdown by their raw material supplier in Q4FY26 might temporarily impact production levels.

Q3FY26 Revenue stood at ₹142.46 Cr, down 25% YoY but up 7% QoQ.
Net Profit for the quarter was ₹7.58 Cr, a 22% YoY decline but a 23% QoQ increase.
EBITDA margins improved by 85 basis points sequentially to 9.02% in Q3FY26.
Gas Treating Chemicals & Speciality Solvents remained the largest revenue contributor at 45.52%.
Management warned of a temporary raw material supply constraint in Q4FY26 due to a supplier's maintenance shutdown.

💡 The stock shows signs of sequential recovery, but the upcoming raw material supply constraint in Q4 warrants caution. Investors should monitor if the company can maintain its 9% EBITDA margins despite the expected production curtailment in the next quarter.

Amines & Plasticizers Q3 Standalone PAT Drops 17% YoY to ₹7.59 Cr; Revenue Down 25%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 07:45 PM

Amines & Plasticizers Limited (AMNPLST) reported a weak set of standalone results for Q3 FY26, with revenue from operations declining 24.9% YoY to ₹142.43 crore. Net profit for the quarter fell by 17.2% YoY to ₹7.59 crore, down from ₹9.17 crore in the same period last year. A notable positive was the 66% reduction in finance costs, which dropped to ₹0.87 crore. The company re-filed these results to correct a clerical error where standalone data was previously attached in place of consolidated results.

Standalone Revenue from Operations fell 24.9% YoY to ₹142.43 crore in Q3 FY26.
Standalone Net Profit decreased to ₹7.59 crore for the quarter versus ₹9.17 crore in Q3 FY25.
Finance costs significantly reduced by 66% YoY to ₹87.28 lakhs from ₹257.12 lakhs.
Nine-month (9M FY26) Standalone PAT stood at ₹21.12 crore, down from ₹26.90 crore in 9M FY25.
Basic and Diluted EPS for the quarter declined to ₹1.38 from ₹1.67 YoY.

💡 The significant decline in both top-line and bottom-line performance indicates operational challenges or softening demand in the chemical sector. Investors should exercise caution and wait for the consolidated numbers to assess the performance of the foreign subsidiary before taking new positions.

Amines & Plasticizers Q3 FY26 Standalone Net Profit at ₹7.59 Cr, Down 17% YoY but Up 25% QoQ

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 05:51 PM

Amines & Plasticizers Limited reported a standalone revenue of ₹142.43 crore for Q3 FY26, marking a 24.9% decline compared to ₹189.66 crore in the same quarter last year. Net profit for the quarter stood at ₹7.59 crore, down 17.2% YoY, but showed a healthy sequential recovery of 25.4% from Q2 FY26. A significant positive is the reduction in finance costs, which fell by 66% YoY to ₹0.87 crore. The 9-month performance remains under pressure with total income down 15.5% compared to the previous year.

Standalone Revenue from Operations decreased 24.9% YoY to ₹142.43 crore from ₹189.66 crore.
Net Profit increased 25.4% on a sequential basis (QoQ) to ₹7.59 crore from ₹6.05 crore in Q2 FY26.
Finance costs saw a sharp reduction to ₹87.28 lakhs from ₹257.12 lakhs in the year-ago period.
9-month FY26 Net Profit stands at ₹21.12 crore, a 21.5% decline from ₹26.90 crore in 9M FY25.
Basic EPS for the quarter improved to ₹1.38 from ₹1.10 in the previous quarter, though lower than ₹1.67 YoY.

💡 While the YoY decline in revenue is concerning, the sequential growth in margins and significant reduction in interest costs suggest improving operational efficiency. Investors should watch for sustained top-line recovery in the final quarter of the fiscal year.

AMNPLST Opens 1-Year Special Window for Physical Share Transfer & Demat (Feb 2026-2027)

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Feb 2026, 06:09 PM

Amines & Plasticizers Limited has announced a special one-year window from February 5, 2026, to February 4, 2027, for the transfer and dematerialization of physical securities purchased before April 1, 2019. This move follows a SEBI circular to assist investors with legacy physical holdings or previously rejected transfer requests. All shares transferred through this window will be credited in demat mode only and will be subject to a mandatory one-year lock-in period. The company and its RTA, MUFG Intime India, aim to process complete requests within a 70-day timeframe.

Special window active for exactly one year from February 5, 2026, to February 4, 2027.
Applies to physical securities sold or purchased prior to the April 1, 2019, regulatory cutoff.
Mandatory 1-year lock-in period from the date of registration for all transferred securities.
Processing turnaround time set at 70 days from the receipt of complete documentation by the RTA.
Excludes securities already transferred to the Investor Education and Protection Fund (IEPF) or those in legal dispute.

💡 Shareholders still holding physical certificates of AMNPLST purchased before April 2019 should use this window to dematerialize their holdings. Ensure all KYC documents and original certificates are submitted to MUFG Intime India before the February 2027 deadline.

Amines & Plasticizers Submits SEBI Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 02:48 PM

Amines & Plasticizers Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed correctly. It ensures that the securities are listed on the stock exchanges and that physical certificates were mutilated and cancelled as per law. This is a standard administrative filing confirming the integrity of the company's shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar MUFG Intime India Private Limited confirmed processing of demat requests.
Securities comprised in the certificates are confirmed to be listed on stock exchanges.
Physical certificates were mutilated and cancelled within prescribed timelines after verification.
The filing confirms the substitution of depository names in the register of members.

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

Amines & Plasticizers to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Dec 2025, 12:08 PM

Amines & Plasticizers Limited has announced the closure of its trading window for designated persons starting January 01, 2026. This is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is in anticipation of the board meeting to approve the unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the financial results are publicly disclosed.

Trading window closure commences on January 01, 2026, for all designated persons.
The closure pertains to the review of financial results for the period ending December 31, 2025.
Window will reopen 48 hours after the conclusion of the board meeting where results are approved.
The specific date for the upcoming board meeting will be announced separately in due course.
The notification covers both standalone and consolidated financial performance.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the Q3 FY26 financial performance.

View All AMNPLST Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations grew 1.66% YoY to INR 655.84 Cr in FY25 from INR 645.13 Cr in FY24. In Q1 FY26, consolidated revenue stood at INR 140.29 Cr, representing a 2.05% YoY increase compared to INR 137.48 Cr in Q1 FY25.

Geographic Revenue Split

Exports account for approximately 40-50% of total revenues (48% in FY23). Key international markets include the UAE, Turkmenistan, the USA, and Turkey. Domestic sales contribute the remaining 50-60% of the revenue mix.

Profitability Margins

Net Profit for FY25 was INR 39.89 Cr, a 1.5% increase from INR 39.30 Cr in FY24. Standalone PBT for H1 FY26 was INR 18.14 Cr, a significant 23.8% decline from INR 23.82 Cr in H1 FY25, primarily due to a maintenance shutdown in Q1 FY26.

EBITDA Margin

Consolidated EBITDA margin for Q1 FY26 was 9.31%, a contraction of 173 basis points from 11.05% in Q1 FY25. EBITDA fell 13.96% YoY to INR 13.07 Cr from INR 15.19 Cr due to operational downtime and volatile input costs.

Capital Expenditure

Historical PPE as of March 31, 2025, was INR 79.44 Cr. Cash outflow for the purchase of Property, Plant, and Equipment in H1 FY26 was INR 0.61 Cr, compared to INR 2.57 Cr in H1 FY25. No large debt-funded capex is planned for the immediate future.

Credit Rating & Borrowing

The company maintains a healthy credit profile with an interest coverage ratio of 7.0x in FY25. Finance costs decreased 23.7% YoY to INR 9.80 Cr in FY25 from INR 12.85 Cr in FY24, reflecting debt reduction. Gearing was 0.5x as of March 2023.

⚙️ Operational Drivers

Raw Materials

The primary raw material is Ethylene Oxide (EO). Other major cost drivers include natural gas and utility costs. Raw material costs (Cost of Materials Consumed) reached INR 430.57 Cr in FY25, representing 65.6% of total revenue.

Import Sources

Raw materials are primarily sourced domestically from Maharashtra (Reliance Industries), while some components are imported to provide a natural hedge against export receivables.

Key Suppliers

Reliance Industries Limited (RIL) is the sole supplier for Ethylene Oxide (EO), creating a high supplier concentration risk.

Capacity Expansion

Current manufacturing facility capacity is not explicitly stated in MT, but the company recently completed process modernization and fabrication capability enhancements in its engineering division to improve throughput.

Raw Material Costs

Raw material costs increased 1.96% YoY to INR 430.57 Cr in FY25. Profitability is highly sensitive to EO price volatility, which is dictated by the sole supplier, RIL.

Manufacturing Efficiency

Operating margins moderated to 9.3% in Q1 FY26 due to a planned maintenance shutdown. Efficiency is expected to improve as revenue ramps up post-shutdown through the remainder of FY26.

Logistics & Distribution

Distribution and other expenses totaled INR 118.90 Cr in FY25, up 4.6% from INR 113.67 Cr in FY24, driven by export-related freight and handling.

📈 Strategic Growth

Expected Growth Rate

2.05%

Growth Strategy

Growth is targeted through a strong pipeline of new molecules and process modernization. The company is leveraging its engineering division for fabrication capability enhancement and focusing on high-margin segments like MDEA for oil refineries and EMEA for pharma.

Products & Services

Methyl Diethanolamine (MDEA) for oil refineries, Ethyl Mono Ethanolamine (EMEA) for pharmaceuticals, and N-Methyl Morpholine Oxide (NMMO) for the viscose fibre industry.

Brand Portfolio

Amines & Plasticizers Limited (APL).

New Products/Services

The company is developing a pipeline of new molecules expected to strengthen the product portfolio and support long-term growth, though specific revenue contribution % is not yet disclosed.

Market Expansion

Targeting expansion in the EMEA and US markets for specialty amines. The company aims to ramp up revenue post-Q1 FY26 maintenance to stabilize annual profitability.

Market Share & Ranking

APL holds a dominant position in the domestic market for MDEA and EMEA, being one of the primary manufacturers in India.

🌍 External Factors

Industry Trends

The industry is shifting toward specialized amines for carbon capture and advanced pharma intermediates. APL is positioning itself by modernizing its engineering division to handle complex chemical fabrications.

Competitive Landscape

Faces intense competition from Chinese manufacturers, particularly in the NMMO solvent segment, which has pressured pricing and volumes.

Competitive Moat

Moat is built on 40+ years of technical expertise and a strong domestic market share in MDEA. This is sustainable due to high entry barriers in specialized chemical manufacturing and established client relationships in the refinery sector.

Macro Economic Sensitivity

Highly sensitive to global oil and gas prices, as these dictate the cost of Ethylene Oxide and manufacturing utilities.

Consumer Behavior

Increased demand for pharmaceutical-grade amines (EMEA) and cleaner refining processes (MDEA) is driving steady demand.

Geopolitical Risks

Trade barriers or economic shifts in Turkey and the UAE could impact nearly 50% of the revenue derived from exports.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to stringent pollution control norms and chemical manufacturing standards under the Companies Act 2013 and environmental protection laws.

Environmental Compliance

The company is ISO 14001:2015 and ISO 45001:2018 certified, indicating ongoing investment in environmental and occupational health standards.

Taxation Policy Impact

Effective tax rate for FY25 was approximately 25.8% (Total Tax Expense of INR 13.89 Cr on PBT of INR 53.78 Cr).

Legal Contingencies

The company has disclosed pending litigations in Note 30 of the FY25 financial statements. While it confirms these impact the financial position, specific INR values for the claims were not provided in the summary documents.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (EO) and utility costs (Natural Gas) could impact margins by 3-4%, as seen in historical fluctuations between 7% and 11% EBITDA margins.