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West Coast Paper Mills Limited (WSTCSTPAPR)

₹840.00 +2.14% last close, 16 Oct

📊 NSE: WSTCSTPAPR 🏢 Paper 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, West Coast's revenue was ₹1,051 Cr (+10.1% year on year, -15.6% on the previous quarter), and net profit ₹142 Cr (+135.4% year on year); the operating margin was 19.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,051	+10.1%	-15.6%
Operating profit	₹203	+31.1%	+29.5%
Net profit	₹142	+135.4%	+162.7%
EPS (₹)	20.21	+145.3%	+157.5%
Operating margin	19.3%	—	—

Full quarterly financials → Results calendar →

WSTCSTPAPR delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 8.45% of the WSTCSTPAPR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.11%. The price rose 2.14% on unusually low delivery, so more of the move than usual was intraday trading. It traded 3.6 times its average daily volume. It closed at a price band (circuit) on 1 session in about the last 20.

8.45%Delivery, 16 Oct

41.11%Own 20-session average

3.6×Volume vs its average

₹840.00NSE close · +2.14%

Delivery in the last 5 sessions: 17.4% · 17.0% · 14.3% · 22.1% · 8.4%

Delivery across the market →Unusual volume today →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

West Coast Paper Mills Clarifies Recent Price Movement Is Purely Market Driven

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Oct 2026, 10:50 AM

West Coast Paper Mills Limited responded to surveillance queries from BSE and NSE dated October 15, 2026, regarding significant movement in its share price. The company confirmed that there are no pending announcements, disclosures, or undisclosed price-sensitive information requiring reporting under Regulation 30 of SEBI LODR. The management stated that the observed price movement across exchanges is purely market driven. The filing is a standard regulatory clarification with no new underlying operational or financial updates.

Responded to BSE query dated 15.10.2026 and NSE letter dated 15.10.2026
Company confirmed zero pending disclosures under Regulation 30 of SEBI LODR
Clarified that recent share price volatility across exchanges is purely market driven
Clarification filed on October 16, 2026

💡 Track the upcoming quarterly financial results and routine corporate disclosures; verify underlying market trends rather than relying on unconfirmed price movements.

West Coast Paper Mills Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 11:42 AM

West Coast Paper Mills Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India Private Limited confirms that securities received for dematerialisation during the quarter were duly processed, confirmed/rejected, and listed on the exchanges. The RTA verified that physical certificates were mutilated and cancelled per guidelines. This is a routine quarterly secretarial compliance disclosure.

Compliance submission under Regulation 74(5) for the quarter ended September 30, 2026
Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026
Formal filing submitted to BSE and NSE on October 06, 2026
Confirms mutilation, cancellation, and substitution in register of members within prescribed timelines

💡 No action required; this is a standard quarterly administrative filing. Investors should focus on upcoming Q2 financial results.

West Coast Paper Mills Releases 71st AGM Minutes; All 8 Resolutions Approved

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 05:46 PM

West Coast Paper Mills has submitted the minutes of its 71st Annual General Meeting held on August 17, 2026. Shareholders approved all 8 resolutions, including the adoption of FY26 financial statements, declaration of a ₹3.00 per equity share dividend (Face Value ₹2), and the re-appointment of key directors including Joint Managing Director Virendraa Bangur. Operationally, the Dandeli paper unit operated near full capacity producing 3,19,933 MT against a 3,20,000 MT capacity.

Dividend of ₹3.00 per equity share (Face Value ₹2) approved by 100% of voting shareholders
Paper Division at Dandeli achieved production of 3,19,933 MT against 3,20,000 MT installed capacity
Cable Division produced 109,564 km and commissioned backward-integrated Optical Fibre Draw Tower
All 8 ordinary and special resolutions approved with requisite majorities

💡 Track subsequent quarterly operational performance and progress on the planned capacity expansion at Andhra Paper Ltd (APL).

West Coast Paper Shareholders Approve All 8 AGM Resolutions Including Dividend & Key Re-appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Aug 2026, 08:38 PM

West Coast Paper Mills Limited has announced the outcome of its 71st Annual General Meeting held on August 17, 2026. Shareholders approved all 8 resolutions with requisite majorities, including the adoption of FY26 standalone and consolidated financial statements, declaration of equity dividend, and the re-appointment of directors. Key executive re-appointments included Shri Virendraa Bangur as Joint Managing Director (97.51% votes in favor) and Shri Rajendra Jain as Executive Director (90.21% votes in favor).

All 8 ordinary and special resolutions passed with required majority via remote e-voting and AGM e-voting.
Shareholders approved the dividend on equity shares for FY26 with 99.9999% favorable votes.
Re-appointment of Shri Virendraa Bangur as Joint Managing Director approved with 97.5069% votes in favor.
Re-appointment of Shri Rajendra Jain as Executive Director passed with 90.2065% votes in favor (9.7935% against).
Total shareholder count on the record date (10-08-2026) stood at 46,929.

💡 Track subsequent corporate disclosures for the exact dividend payout timeline and updates on the ongoing INR 2,000 Cr capex expansion at APL.

West Coast Paper Mills Shareholders Approve All 8 Resolutions at 71st AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Aug 2026, 08:34 PM

West Coast Paper Mills completed its 71st Annual General Meeting on August 17, 2026, with shareholders passing all 8 ordinary and special resolutions. Key approvals include the adoption of FY26 audited financial statements, declaration of equity dividend for FY26, and the re-appointment of Joint Managing Director Virendraa Bangur and Executive Director Rajendra Jain. Overall voter participation stood at 71.68% of outstanding shares (47,346,014 votes polled across 66,048,908 total shares). All resolutions were approved with high approval margins ranging from 90.21% to 100.00%.

All 8 resolutions passed with majorities between 90.21% and 100.00% of votes cast.
Total voter turnout was 71.68% (47,346,014 votes polled out of 66,048,908 outstanding shares).
Adoption of FY26 financial statements and dividend approved with >99.99% shareholder support.
Re-appointment of Joint MD Virendraa Bangur approved with 97.51% votes in favour.
Re-appointment of Executive Director Rajendra Jain approved with 90.21% votes in favour.

💡 Track subsequent corporate filings for dividend payout dates and the operational progress of the ongoing INR 2,000 Cr capacity expansion at Andhra Paper.

163% QoQ PAT Growth to ₹141.84 Cr in Q1 FY27; Margins Expand 900 bps

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Aug 2026, 03:29 PM

West Coast Paper Mills reported a strong recovery in profitability for Q1 FY27, with consolidated PAT surging 163% QoQ to ₹141.84 Cr. While consolidated revenue declined 16% QoQ to ₹1,051.26 Cr, EBITDA grew 55% to ₹247.97 Cr, indicating significant margin expansion. The PAT margin improved from 4% to 13% sequentially, driven by operational efficiencies in the Paper Division and better realizations in the Cable Division. This performance marks a sharp rebound from the compressed margins seen throughout FY26.

Consolidated PAT increased 163% QoQ to ₹141.84 Cr from ₹53.98 Cr in the previous quarter.
EBITDA margins improved significantly, with EBITDA rising 55% QoQ to ₹247.97 Cr despite lower revenue.
Consolidated PAT margin expanded by 900 basis points to 13% in Q1 FY27.
Quarterly EPS stood at ₹20.21, nearly matching the entire TTM EPS of ₹22.81.
Standalone PAT grew 122% QoQ to ₹108.68 Cr, supported by a 1000 bps margin expansion.

💡 Investors should monitor the sustainability of these higher realizations in the Cable Division and the progress of the ₹2,000 Cr capacity expansion at APL. The sharp margin recovery suggests internal efficiencies are offsetting industry-wide pricing pressures from cheap imports.

WSTCSTPAPR Q1 Results: Consolidated PAT Surges 135% YoY to ₹141.84 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 02:59 PM

West Coast Paper Mills reported a strong Q1 FY27 with consolidated revenue growing 10.1% YoY to ₹1,051.26 Cr. Net profit witnessed a significant jump of 135.4% YoY to ₹141.84 Cr, compared to ₹60.26 Cr in the same quarter last year. This growth was bolstered by a 105.8% YoY surge in the Telecommunication Cables segment revenue. Despite a lockout at the Kadiyam unit of subsidiary Andhra Paper during the quarter, operations have resumed and reached 93% capacity as of July 2026.

Consolidated Net Profit grew 135.4% YoY to ₹141.84 Cr from ₹60.26 Cr.
Telecommunication Cables segment revenue doubled to ₹152.19 Cr vs ₹73.94 Cr YoY.
Consolidated Revenue from operations increased 10.1% YoY to ₹1,051.26 Cr.
Kadiyam Unit (Andhra Paper) resumed operations on July 15, 2026, and is at 93% capacity.
Standalone EPS for the quarter stood at ₹16.45 compared to ₹6.21 in Q1 FY26.

💡 Investors should monitor the full normalization of the Kadiyam unit and the margin sustainability in the Telecommunication Cables segment, which provided a significant boost this quarter.

135% YoY Profit Growth in Q1 FY27; Consolidated PAT Reaches ₹141.8 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 02:46 PM

West Coast Paper Mills reported a robust Q1 FY27 with consolidated net profit surging 135.4% YoY to ₹141.84 Cr, compared to ₹60.26 Cr in the same quarter last year. Consolidated revenue grew 10.1% YoY to ₹1,051.26 Cr, driven by a massive turnaround in the Telecommunication Cables segment which saw profits jump from ₹0.45 Cr to ₹74.02 Cr. This performance is particularly notable as it comes despite a month-long lockout at the Kadiyam unit of subsidiary Andhra Paper in May 2026. The company's quarterly EPS rose significantly to ₹20.21 from ₹8.24 YoY.

Consolidated Net Profit surged 135.4% YoY to ₹141.84 Cr from ₹60.26 Cr in Q1 FY26.
Telecommunication Cables segment profit grew exponentially to ₹74.02 Cr from ₹0.45 Cr YoY.
Consolidated Revenue from operations increased 10.1% YoY to ₹1,051.26 Cr.
Subsidiary Andhra Paper's Kadiyam unit resumed operations on July 15, 2026, and is currently at 93% capacity.
Standalone revenue stood at ₹638.10 Cr with a standalone PAT of ₹108.68 Cr.

💡 Investors should monitor the sustainability of the high margins in the Telecommunication Cables segment and the progress of the ₹2,000 Cr capacity expansion at Andhra Paper Limited (APL).

West Coast Paper Mills Clarifies No Undisclosed Information Behind Trading Volume Spurt

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 23 Jul 2026, 09:32 AM

West Coast Paper Mills Limited has responded to a surveillance query from the National Stock Exchange (NSE) regarding a significant increase in trading volume. The company clarified on July 23, 2026, that it has no pending announcements or undisclosed material information that could influence the stock price. Management stated that the volume increase is purely market-driven and that they remain in compliance with SEBI (LODR) Regulations, 2015. This filing serves as a standard clarification that no internal corporate developments are currently driving the market activity.

NSE issued a query regarding volume spurt on July 22, 2026
Company submitted its formal response on July 23, 2026
Confirmed compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Stated that no pending disclosures or events are required to be reported

💡 Investors should treat the recent volume spurt as market-driven rather than news-driven, as the company has officially denied any pending material developments.

West Coast Paper Mills Schedules 71st AGM for Aug 17, 2026; Proposes Leadership Re-appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 21 Jul 2026, 02:42 PM

West Coast Paper Mills has issued notice for its 71st Annual General Meeting (AGM) to be held on August 17, 2026. Key agenda items include the re-appointment of Joint Managing Director Virendraa Bangur for a 3-year term and Executive Director Rajendra Jain for 2 years. The company reported a consolidated PAT of approximately ‑156 Cr for FY26, a significant decline from ‑335.6 Cr in FY25, reflecting industry-wide pricing pressures. Shareholders will also vote on a dividend declaration for FY26 and the ratification of cost auditor remuneration.

71st Annual General Meeting scheduled for August 17, 2026, via video conferencing
Proposed re-appointment of Shri Virendraa Bangur as JMD for a 3-year term ending June 2029
JMD remuneration cap set at 5% of net profits if annual pay exceeds ‑5 Cr
FY26 consolidated PAT calculated at ‑155.75 Cr, down ~53% from FY25 levels
Cost Auditor remuneration for FY27 proposed at ‑2,00,000 plus expenses

💡 Investors should review the full Annual Report for updates on the ‑2,000 Cr capacity expansion at APL and management's strategy to counter cheap imports.

West Coast Paper Mills Files Q1 FY27 Dematerialization Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Jul 2026, 02:05 PM

West Coast Paper Mills Limited has submitted its quarterly compliance certificate for the period ending June 30, 2026. The filing, issued by Registrar MUFG Intime India Pvt. Ltd, confirms that share certificates received for dematerialization were processed, mutilated, and cancelled as per SEBI (Depositories and Participants) Regulations, 2018. This ensures that the company's electronic share records are synchronized with the stock exchanges. As a standard administrative procedure, it has no direct impact on the company's financial performance or valuation.

Reporting period covers the quarter ended June 30, 2026
Compliance maintained under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Registrar MUFG Intime India Private Limited confirmed all certificates were processed within prescribed timelines
Physical certificates were mutilated and cancelled after due verification by the depository participant

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming Q1 FY27 earnings release for material business updates.

West Coast Paper Mills to Close Trading Window from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 11:23 AM

West Coast Paper Mills Limited has announced the closure of its trading window for all designated persons and insiders starting July 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure precedes the declaration of the company's financial results for the quarter ending June 30, 2026. The trading window will remain shut until 48 hours after the results are officially announced to the exchanges.

Trading window closure effective from July 1, 2026, for the quarter ended June 30, 2026.
Applies to all designated persons and insiders as per the company's Code of Conduct.
Window will reopen 48 hours after the declaration of Q1 financial results.
Complies with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals; investors should wait for the upcoming Q1 earnings release for performance updates.

West Coast Paper Opens Special Window for Physical Share Transfer Re-lodgement

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Jun 2026, 03:22 PM

West Coast Paper Mills Limited has announced a special window for shareholders to re-lodge transfer requests for physical shares. This action is in compliance with SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated January 30, 2026. The company has published formal notices in Business Standard (English) and Karavali Munjavu (Kannada) on June 20, 2026, to notify eligible shareholders. This is a procedural update aimed at facilitating the transition or transfer of physical shareholdings as per regulatory mandates.

Compliance with SEBI Circular dated January 30, 2026, regarding physical share transfers.
Special window opened for the re-lodgement of transfer requests for physical shares.
Newspaper advertisements published on June 20, 2026, in Business Standard and Karavali Munjavu.
Administrative update focused on shareholder services and regulatory adherence.

💡 Shareholders still holding shares in physical form should review the newspaper advertisements or contact the company's RTA to utilize this re-lodgement window. For most equity investors, this is a routine administrative matter with no impact on company fundamentals.

West Coast Paper Sets Aug 10 as Record Date for Dividend and 71st AGM

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 17 Jun 2026, 11:41 AM

West Coast Paper Mills Limited has scheduled its 71st Annual General Meeting (AGM) for August 17, 2026, to be conducted via video conference. The company has fixed August 10, 2026, as the Record Date to determine shareholder eligibility for the dividend and voting rights at the AGM. If approved by shareholders, the dividend payment will commence on or after August 21, 2026. The register of members will remain closed from August 11 to August 17, 2026.

71st Annual General Meeting scheduled for August 17, 2026.
Record date for dividend eligibility and AGM voting is August 10, 2026.
Book closure period set from August 11, 2026, to August 17, 2026.
Dividend payment to be processed on or after August 21, 2026, subject to approval.

💡 Investors interested in the dividend should ensure they hold the stock before the ex-dividend date, which is typically one working day prior to the August 10 record date. Existing shareholders should also mark the AGM date to stay updated on the company's strategic direction.

West Coast Paper Mills Sets Record Date for Dividend and 71st AGM on Aug 17, 2026

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 17 Jun 2026, 11:35 AM

West Coast Paper Mills Limited has scheduled its 71st Annual General Meeting (AGM) for August 17, 2026, via video conferencing. The company has fixed August 10, 2026, as the record/cut-off date to determine eligibility for the dividend and participation in the AGM. If approved by shareholders, the dividend will be paid starting August 21, 2026. The register of members and share transfer books will remain closed from August 11 to August 17, 2026.

71st Annual General Meeting scheduled for August 17, 2026, via Video Conference.
Record/Cut-off date for dividend eligibility fixed as August 10, 2026.
Book closure period set from August 11, 2026, to August 17, 2026.
Dividend payment to commence on or after August 21, 2026, subject to shareholder approval.

💡 Investors seeking the dividend should ensure they hold shares before the record date of August 10, 2026. Monitor the AGM results for final confirmation of the dividend payout.

View All WSTCSTPAPR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY25 was INR 4,076 Cr, a moderation of 8.5% YoY. The Paper & Paper Board segment contributes 93% of standalone revenue, while the Cable Business contributes 7% (INR 189 Cr in FY24). H1 FY26 revenue remained flat at INR 1,997.67 Cr compared to INR 2,005.15 Cr in H1 FY25.

Geographic Revenue Split

The company maintains a pan-India marketing presence. Exports contribute approximately 8% of revenue for the subsidiary Andhra Paper Limited (APL).

Profitability Margins

Operating Profit Margin (OPM) declined from 24.99% in FY24 to 13.93% in FY25. Net Profit Margin fell from 18.15% in FY24 to 11.34% in FY25. H1 FY26 OPM further moderated to 8.9% from 15.8% in H1 FY25 due to pricing pressure and high wood costs.

EBITDA Margin

Consolidated EBITDA margin for 9M FY25 was 17.8%, a significant drop from 29.6% in 9M FY24. EBITDA for 9M FY25 stood at INR 566 Cr, down 45.3% YoY.

Capital Expenditure

Planned consolidated capex of INR 350-450 Cr in FY26 for a new tissue plant and machinery upgrades. A major long-term expansion of over INR 2,000 Cr is planned for the APL subsidiary to add 1.5-2.0 lakh MTPA capacity.

Credit Rating & Borrowing

Maintains a strong credit rating of Long Term AA/Stable and Short Term A1+ from ICRA. The company has low debt dependence with a Gross Debt/Equity ratio of 0.06x and negative Net Debt/Equity.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Wood (major cost driver), Virgin Pulp (200,000 TPA in-house capacity), Chemicals, and International Coal.

Import Sources

Wood is primarily sourced domestically; coal and certain chemicals are subject to international price trends and imports.

Key Suppliers

Not specifically named, but the company manages an extensive network for wood procurement and international commodity sourcing.

Capacity Expansion

Current combined capacity is approximately 5.8 lakh MTPA (3.2 lakh MTPA at Dandeli and 2.6 lakh MTPA at APL). Planned expansion at APL will add 1.5-2.0 lakh MTPA beyond FY27.

Raw Material Costs

Significant rise in wood prices led to a 44.26% decrease in operating profit margins in FY25. Raw material costs for 9M FY25 were INR 1,880 Cr compared to INR 1,622 Cr in 9M FY24.

Manufacturing Efficiency

Maintains robust capacity utilization; however, Q2 FY26 efficiency was impacted by a 14-day planned maintenance shutdown and labor strike at APL.

Logistics & Distribution

Distribution is managed through an extensive pan-India dealership network; costs are included in 'Other Expenses' which moderated by 10.7% in 9M FY25.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be driven by a INR 2,000 Cr capacity expansion at APL (adding 1.5-2.0 lakh MTPA), the launch of a new tissue plant in FY26, and a strategic shift toward higher-margin specialized paper products.

Products & Services

Writing paper, printing paper, cupstocks, specialized paper, optical fibre cables (OFC), telephone cables, and power cables.

Brand Portfolio

West Coast Paper, Andhra Paper.

New Products/Services

New tissue paper production line expected to contribute to revenue following the FY26 capex completion.

Market Expansion

Seeking geographical expansion opportunities beyond current Karnataka and Andhra Pradesh hubs to leverage its pan-India marketing network.

Market Share & Ranking

One of the oldest and largest producers in India with a dominant position in the domestic Writing and Printing Paper (WPP) industry.

Strategic Alliances

Acquired a 72.20% stake in Andhra Paper Limited (APL) in 2019 to consolidate market leadership.

🌍 External Factors

Industry Trends

The Indian paper market is evolving with packaging (55% share) growing rapidly, while WPP (25% share) faces long-term threats from digitisation.

Competitive Landscape

Faces intense competition from domestic players and low-priced imports from international markets.

Competitive Moat

Moat is derived from a 70-year brand pedigree, integrated pulp manufacturing (200,000 TPA), and captive power, which provide a cost advantage over non-integrated peers.

Macro Economic Sensitivity

Highly sensitive to domestic GDP growth and education sector spending, which drives demand for writing and printing paper.

Consumer Behavior

Shift toward sustainable packaging is increasing demand for paper-based boards, while digital adoption is slowing WPP growth.

Geopolitical Risks

Vulnerable to global demand-supply imbalances and trade dynamics that facilitate the influx of cheap paper imports into India.

⚖️ Regulatory & Governance

Industry Regulations

Subject to pollution control norms and safety standards for hazardous chemicals; mandatory safety training is provided to all employees.

Environmental Compliance

ISO 14001 certified; operations are subject to strict environmental norms regarding water usage and chemical effluent management.

Taxation Policy Impact

Effective tax rate is approximately 25%, with INR 98 Cr tax paid on INR 387 Cr PBT in 9M FY25.

Legal Contingencies

Related party transactions include rent payments of INR 95.18 Lakhs to Veer Enterprises Ltd and INR 58.84 Lakhs to Shree Satyanarayan Investment Company Ltd. CMD remuneration was INR 479.66 Lakhs in FY25.

⚠️ Risk Analysis

Key Uncertainties

Volatility in wood prices and global paper cycles could impact margins by over 10-15%. Labor relations are a risk, as evidenced by the Q2 FY26 strike.