Ddev Plastiks Industries Limited — Q4 FY26

Ddev Plastiks Industries Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=oNHmM_hKSU8 Published: 3 weeks ago

0:00 Ladies and gentlemen, good day and welcome to DJ Plastics Limited Q4 FI26 earnings conference call. This 0:08 8 seconds conference call may contain forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company as of date of the SC. These statements 0:17 17 seconds are not the guarantees of future performance and involve risk and uncertaintities that are difficult to as a reminder all participant lines will be 0:25 25 seconds in the listen only more and there will be an opportunity for you to ask questions after the presentation. Should you need assistance during the conference call please signal an 0:34 34 seconds operator by pressing star zero on touchstone. Please note that this conference is been recorded. I now end the conference over to Mr. Selena Sh. 0:43 43 seconds Don't go in the advisor. Thank you Ani. 0:46 46 seconds Good afternoon everyone. On behalf of Goinga Advisers, I welcome all of you to the fourth quarter and FI26 earnings 0:53 53 seconds conference call of Dave Plastics Industries Limited. Today from the management we have Mr. Narendra Surana, chairman and managing director. Mr. Dave Surana, whole time director and CEO Mr. 1:05 1 minute, 5 seconds Rajesh Kotari whole time director. Mr. 1:08 1 minute, 8 seconds Aran Bhotra, chief financial officer and Dr. Rakkesh Tavari, CEO of Reneovable Energy. I now hand over the conference 1:15 1 minute, 15 seconds to Mr. Dave Surana for his opening remarks and then we will open the floor for question and answer. Over to you, sir. 1:22 1 minute, 22 seconds Thank you. Welcome to the Dave Plastics quarter 4 financial year 26 earnings call. We appreciate your time and continued interest in our journey. 1:31 1 minute, 31 seconds Yesterday, our board of directors approved the financial results for quarter 4 and we are pleased to share with you our performance highlights, key developments and outlook for the future. 1:41 1 minute, 41 seconds In its April 2026 India development update, the World Bank projects India's real GDP growth at 6.6% for financial 1:48 1 minute, 48 seconds year 27, a moderation amid elevated energy prices, yet positioning us among the fastest growing major economies 1:56 1 minute, 56 seconds worldwide. Even as the West Asia conflict dampens market sentiment, a growth trajectory remains resilient, underpinned by robust domestic demand 2:05 2 minutes, 5 seconds and sustained manufacturing momentum that buffers external shock. A growth focused budget with elevated government 2:12 2 minutes, 12 seconds capex alongside fiscal prudence progresses on the FDA's lower US supportive domestic policies will 2:19 2 minutes, 19 seconds further strengthen this outlook complemented by steady investment flows also paves the way for demanded economy recovery. 2:28 2 minutes, 28 seconds Financial year 26 presented challenging external environment shaped largely by the Israel Iran conflict that escalated 2:35 2 minutes, 35 seconds from 28th February disrupting exports, transit routes, tightening raw material availability and triggering steep input 2:42 2 minutes, 42 seconds cost inflation. The demand sentiment to an extent was dampened by consequent rise in selling prices of on the back of a geopolitic political developments in 2:51 2 minutes, 51 seconds the Middle East. But our teams executed with agility and resilience enabling us to sustain momentum. 2:59 2 minutes, 59 seconds Against this backdrop, day plastics delivered a resilient performance. 3:03 3 minutes, 3 seconds Revenue grew by 13%. Exports rose by 30% and export volumes expanded 23% as well. 3:11 3 minutes, 11 seconds Overall volume growth of 6% would have approached 10% under normal conditions. 3:17 3 minutes, 17 seconds Our HFR capacity sustained utilization of nearly 50% throughout this period of turbulence and our new Bihari facility 3:25 3 minutes, 25 seconds commenced commercial produ operations in the last week of April this year. 3:30 3 minutes, 30 seconds This outcome reflects the strength of our operating model disciplined execution and a dominant position as India's largest listed polymer manufacturer. 3:40 3 minutes, 40 seconds India's domestic wires and cable sector continues to thrive with robust growth fueled by surging demand across key areas. The rapid adoption of renewables 3:49 3 minutes, 49 seconds expansion in transmission and distribution networks and the nationwide push for data centers. The ongoing global geopolitical crisis has 3:56 3 minutes, 56 seconds intensified focus on localization in a big way reducing import dependencies and bolstering opportunities for homegrown manufacturers. This plays directly into 4:06 4 minutes, 6 seconds the strengths of the plastics. A leading domestic polymer compound producer with deep roots in in this space and proud legacy spanning three generations, 4:14 4 minutes, 14 seconds positioning us ideally in meeting this escalating demand with reliable highquality solutions for wires and cable manufacturers. 4:22 4 minutes, 22 seconds Our strategic priorities at Dayclass 6 remains firmly anchored to our guided vision of achieving business uh 4:29 4 minutes, 29 seconds consolidated revenue of 5,000 crores by financial year uh 2030 from polymer compounding business. This ambition is 4:37 4 minutes, 37 seconds not merely a target in its natural outcome of a disciplined growth road map built on expanding capacities, deepening our ge geographical footprint and 4:45 4 minutes, 45 seconds fulfilling ever growing demands of our customers. To sustain this momentum, we have strategically invested in both brownfield and green field expansions, 4:53 4 minutes, 53 seconds elevating our total installed capacity to 2 lakh 68,400 metric tons per this fiscal year, adding another additional 30,000 metric tons peranom overall. 5:05 5 minutes, 5 seconds Another 48 uh,000 metric tons dedicated to XLP now operation from April 2026 onward at a committed capex of rupees 80 5:14 5 minutes, 14 seconds crores. This capacity addition will take our overall capacity to a level beyond 3 lakh 15,000 tons per animal. Even as the 5:23 5 minutes, 23 seconds global macroeconomic landscape underwent significant turbulence through FI26, we navigated these headwinds with prudence 5:31 5 minutes, 31 seconds ensuring operational resilience and long-term vision remains intact. In summary, D plastic stands at a compelling inflection point. A proven 5:39 5 minutes, 39 seconds port business growing with intent complemented by a forward-looking entry into the energy storage. uh storage space as well. We are confident that the 5:47 5 minutes, 47 seconds foundations we are laying today will deliver sustained and superior value to all our stakeholders in the years ahead across the organization. Our focus 5:55 5 minutes, 55 seconds remains on executional excellence, translating strategy into outcomes, and strengthening the foundation for long-term growth. Looking ahead to 6:03 6 minutes, 3 seconds financial year 27, we are confident of sustaining our growth trajectory, targeting a volume of 2A 31,000 metric tons peranom with a capacity utilization 6:12 6 minutes, 12 seconds of 73%. and a year-on-year revenue growth of 13%. 6:18 6 minutes, 18 seconds Alongside talkline expansion, we remain equally focused on margin quality uh margin quality with emittita margins anticipated at approximately 11%. 6:27 6 minutes, 27 seconds Reflecting a continued emphasis on operational efficiency and value accretive business revenue has not been included in the 6:35 6 minutes, 35 seconds above figures and will be additional to these numbers. 6:39 6 minutes, 39 seconds Beyond a poor business, Dave Classic recognized early the transmotive opportunity unfolding in India's renewable energy ecosystem. Accordingly, 6:48 6 minutes, 48 seconds we have taken a strategic decision to foray into battery energy storage system sector. A critical enabler for renewable energy integration and grid stability. 6:57 6 minutes, 57 seconds With India entering a multi-layer storage capacity buildout underpinned by strong policy support, this segment offers compelling and long-term growth 7:05 7 minutes, 5 seconds visibility. Our best road map is ambitious yet measured. We aim to develop 5 gawatt of installed capacity 7:13 7 minutes, 13 seconds in a phased manner with each gawatt projected to generate approximately 800 to 900 crores in revenue. This positions 7:20 7 minutes, 20 seconds be best as a meaningful and incremental contributor beyond our 5,000 cr revenue aspiration from the polymer compounding 7:27 7 minutes, 27 seconds business by FY30 with an anticipated topline additional topline of 2,00 to 2,500 crores alone from this vertical of this. 7:38 7 minutes, 38 seconds Now I hand over to our CFO Mr. BHA for marks. 7:43 7 minutes, 43 seconds Thank you DV G. For the full year ended March 31st, 2026, we are pleased to report a strong and resilient 7:50 7 minutes, 50 seconds performance. Our financial year 26, revenues grew by 13% year-on-year basis driven by robust momentum in the cables and wire segment. 8:00 8 minutes Grew by 12% yearon year with margins at 11% a commendable outcome achieved despite multiple industry headwinds and 8:07 8 minutes, 7 seconds softer trade sentiment amid the ongoing geopolitical tensions in the Middle East. We closed the fiscal at a pad of 8:13 8 minutes, 13 seconds 202 crores registering a growth of 9% year-on-year basis. A reflection of our sustained operational discipline and 8:21 8 minutes, 21 seconds earnings quality. The performance is largely structural in nature and is a direct outcome of our deeply entrenched 8:28 8 minutes, 28 seconds market position wire and cable manufacturers. Our unwavering commitment to quality and our proud record of zero 8:35 8 minutes, 35 seconds rejections to death. The intensification of the Israelan conflict between 28th February till date introduced material 8:45 8 minutes, 45 seconds macro headwinds for our business disrupting export logistics and creating significant volatility in the raw metal availability and cost. The sharp spike 8:53 8 minutes, 53 seconds in input prices necessitated a pass through to selling prices which temporarily softened market demand. 8:59 8 minutes, 59 seconds Encouragingly the situation has begun to stabilize from April. However, we continue to monitor the geopolitical landscape closely and remain agile in 9:06 9 minutes, 6 seconds our response to any further developments. Operationally, our volumes for financial aid 26 to 2 lakh 1,370 9:14 9 minutes, 14 seconds metric t peranom translating a capacity utilization of 77%. 9:18 9 minutes, 18 seconds The modernization in utilization level is attributable to the inclusion of 30,000 metric ton peranom of incremental 9:25 9 minutes, 25 seconds capacities in PVC and HFR added during financial year 26 which had limited operating time during the year. Turning 9:32 9 minutes, 32 seconds to our balance sheet we continued to maintain a strong and resilient financial position. Our net worth increased to uh,3 crores reflecting a 9:42 9 minutes, 42 seconds growth of 179 odd crores over the previous year and underscoring our disciplined approach to cash flow management. During financial year 26, we 9:50 9 minutes, 50 seconds incurred a capital expenditure of close to 100 odd crores. Looking ahead, we plan to invest further 175 odd crores in financial year 27 primarily towards 9:59 9 minutes, 59 seconds expanding our XLP compound capacity with investments earmarked for our diversification into base as well. We are pleased to propose a final dividend 10:08 10 minutes, 8 seconds of 1.25 rupees for shares for financial year 26 as the final dividend reaffirming our commitment to delivering consistent returns to our shareholders. 10:17 10 minutes, 17 seconds With this I end my remarks and now open the floor to question and answers. 10:23 10 minutes, 23 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one or touch on tell. If you wish to 10:31 10 minutes, 31 seconds remove yourself from the question view, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, 10:39 10 minutes, 39 seconds we'll wait for a moment while the question comes. 10:44 10 minutes, 44 seconds The first question comes from the line of Archae with IDBA Capital. Please cover. 10:50 10 minutes, 50 seconds Hi sir, thank you for the opportunity and congrats on good set of numbers, decent performance despite uh the challenging times. Sir, three questions. 11:00 11 minutes Firstly in the opening remark we spoke about 13% revenue growth and 15% volume growth for FI27. So is that we are 11:07 11 minutes, 7 seconds expecting some NSR uh kind of degrowth over FI26. Any challenges on that front sir? 11:15 11 minutes, 15 seconds No, what we have done is we have considered the average realization for current year as the base prices because in the current year there has been 11:23 11 minutes, 23 seconds multiple cycles of uh escalations and the current escalator are expected to be coming down when the war situation 11:31 11 minutes, 31 seconds neutralizes. So we have considered on the NSR which we have achieved this year though for the current first quarter the 11:39 11 minutes, 39 seconds average NSR will be much higher as compared to what we have taken on a conservative basis. 11:45 11 minutes, 45 seconds Okay. Okay. And since this uh 30% growth in export uh is pretty commendable. So can you help us to understand how was 11:53 11 minutes, 53 seconds the performance in Q4 and how were the first two months of Q1 of FI27. Do we see any negative risk to the business in terms of export? 12:04 12 minutes, 4 seconds See as far as the actual scenario is concerned uh I can comment on the month of April. we are we have done reasonably 12:12 12 minutes, 12 seconds well and the consignments stuck in the month of March due to logistics issue a lot of those consignments have been uh 12:19 12 minutes, 19 seconds transited in the month of April so uh on nutshell I can say you the average volume in exports have gone up on a 12:27 12 minutes, 27 seconds month-on-month basis in the month of April and to May as well okay so you are saying that March was 12:35 12 minutes, 35 seconds the kind of the lowest and then things have kind of improved for us right Yes. Yes. 12:41 12 minutes, 41 seconds Okay. And sir uh for this other income in Q4 there has been substantial jump. 12:46 12 minutes, 46 seconds So what contributes this other income sir? 12:49 12 minutes, 49 seconds Actually it's mainly the M2M gain with regards to the uh dattors and all. So there are two different uh reporting parameters as far as India is required. 13:01 13 minutes, 1 second So the gain on the datas and everything is reported as other income which is close to 10 odd crores. Whereas with regards to the forward contracts and the 13:08 13 minutes, 8 seconds imports is reported in the other expenses which is close to 11 odd cr. So if you knock off the net impact is 1 o 13:16 13 minutes, 16 seconds right? Uh understood. Maybe lastly uh if I may uh so this inventory and receivables have gone up at the end of FI26. 13:27 13 minutes, 27 seconds So is that some contracts are still to be fulfilled or how exactly the numbers are there? So, so the uh since we have 13:35 13 minutes, 35 seconds highlighted already the average raw material prices have gone up substantially there's a steep increase in the prices close to 50 plus 13:43 13 minutes, 43 seconds so now uh that is the impact of that only if you see if I even consider 50 is 60% price increase last year we had an 13:51 13 minutes, 51 seconds inventory of close to 50 odd crores and if if you out% even that then also the current inventory is comparatively 13:58 13 minutes, 58 seconds comparable and same is the situation dattors are comparatively on a more controlled levels as compared to the inventory. 14:06 14 minutes, 6 seconds Okay, understood sir. So, thank you so much and all the best sir. Thank you so much. 14:14 14 minutes, 14 seconds Thank you. Next question comes from the line of bar with Ambbit Capital. Please go ahead. 14:22 14 minutes, 22 seconds Yeah, good morning team and uh congrats on a good set of numbers. Uh sir my first question is that in your guidance uh you mentioned that uh you are not 14:31 14 minutes, 31 seconds including the revenues coming in from Bess. 14:35 14 minutes, 35 seconds Any particular reason why we are not including this? 14:39 14 minutes, 39 seconds This is the first year for us. So we this there will be some ramp up time which will be required to stabilize the production and that is why as far as 14:47 14 minutes, 47 seconds revenue guidance is concerned though we consider it will be in the range of 200 of revenue. However for revenue guidance we haven't considered anything. 14:56 14 minutes, 56 seconds And u at what levels can we break even in this business as a separate unit? Ben 15:05 15 minutes, 5 seconds close to the revenue we anticipated for this year. 200 plus cr of revenue will be a good uh break even point. 15:14 15 minutes, 14 seconds So there won't be many loss as such in FI27 from this. No. 15:21 15 minutes, 21 seconds Secondly sir, uh obviously we got the benefit of price hikes in the month of March given our inventory but in April 15:31 15 minutes, 31 seconds uh is it fair to say that uh we've taken the full price hikes or it is happening on a calibrated manner. 15:38 15 minutes, 38 seconds So um in the month of March also we have played a I will say balanced approach. 15:45 15 minutes, 45 seconds Wherever we had inventories we have committed to our orders and wherever uh I think the new orders were taken at 15:53 15 minutes, 53 seconds an average better rates. I think Kotari can add much better to what I can add. 15:59 15 minutes, 59 seconds See uh in the month of March also we were able to pass on the increase uh to a great extent and in the month of April 16:08 16 minutes, 8 seconds also means uh March was the worst performing month. If you look at uh the uh what you call pass on effect is 16:16 16 minutes, 16 seconds concerned. So uh we don't think that appel will be worse than March. It'll pro it should be probably better than March. 16:23 16 minutes, 23 seconds No because sir in March we would have low cost inventory but in April obviously inventory purchased in March would get sold out. So in April also we 16:31 16 minutes, 31 seconds have taken price hikes or uh yeah yeah we we had taken price hikes starting from the March itself. Okay. So 16:38 16 minutes, 38 seconds e even even for the contracts okay which we were holding in hand and whatever the shortfall was there for the inventory 16:47 16 minutes, 47 seconds there also we have been able to effect some price impact price hikes and customers have accepted looking at the situation. So March of course uh means the full price hike was not available. 16:58 16 minutes, 58 seconds So March there was an impact on our profitability from the uh pass through point of view because the inventories 17:06 17 minutes, 6 seconds when we talk about the inventories there are two kind of inventories one is there in your hand and another is the orders which are in transit. So what happened 17:13 17 minutes, 13 seconds that in the month of uh March the cargos which were supposed to come in the month of March they didn't arrive of the low 17:20 17 minutes, 20 seconds price. So you have to buy at the spot price which was higher and we passed it on to the customer to some extent. So March we took some heat on account of 17:29 17 minutes, 29 seconds buying something on the spot but the advantage of held up cargo coming in the month of April at a lower price and that 17:37 17 minutes, 37 seconds being used against the higher price. So April will uh in fact would show better picture than March. 17:44 17 minutes, 44 seconds Okay. And lastly sir on the [clears throat] export side if you can uh spend some time which geographies you 17:51 17 minutes, 51 seconds are incrementally seeing uh demand post the war situation. Any particular country where we are gaining significant market share post this uh Iran war. 18:02 18 minutes, 2 seconds No all all markets uh have contributed well up to Europe I would say because it had not impacted uh means demand sales 18:11 18 minutes, 11 seconds point of view. Latin America and North America has not shown any growth but uh rest of the world say Mina region mainly 18:20 18 minutes, 20 seconds Middle East and North Africa has contributed strongly to our numbers. 18:24 18 minutes, 24 seconds So there we are seeing business it's not that the business has become negligible in the No no no no no there the business is strong. 18:33 18 minutes, 33 seconds Okay great sir. Thank you very much and all the very best. Thank you. 18:40 18 minutes, 40 seconds Thank you. A reminder to all the participants that you must press star and want to ask a question. Next question comes from the line of Jenam 18:48 18 minutes, 48 seconds Kilani with Swan Investments. Please come up. Hi sir, thank you for this opportunity. 18:55 18 minutes, 55 seconds So my first question is that currently overall you can witness that government is decreasing its spending which could 19:02 19 minutes, 2 seconds impact infrastructure. So do you see that this could dampen our demand for wires and cables and thus have further 19:09 19 minutes, 9 seconds pressure on us and have pressure on our working capital because of delay in payments. 19:17 19 minutes, 17 seconds Yeah. So see uh of course uh this industry is connected with the government government spending but over 19:24 19 minutes, 24 seconds a period of time we have seen that this industry has diversified means the cable producers today are not only dependent upon the government spending on infra 19:33 19 minutes, 33 seconds project because solar and all activities are are equally done in the private sector. Solar installation is done with 19:42 19 minutes, 42 seconds the equal intensity from the private sector players be Adani, be it Tata, be it GSW, be it Reliance. So that is 19:50 19 minutes, 50 seconds continuing to generate demand. That is one part. Second is of course uh one may assume that government spending will go down but again government has to 19:58 19 minutes, 58 seconds prioritize where to spend and looking at the energy disruption energy sources disruption the government is putting 20:06 20 minutes, 6 seconds even uh more vigorous uh effort on renewable side. That is second. Third, we might have all seen that the peak 20:14 20 minutes, 14 seconds demand for energy during the summer season is is going to be a big challenge and for that lot of efforts are being 20:21 20 minutes, 21 seconds made to keep our grid and the distribution uh system in a healthy manner. So all these things are going to support the demand for wire and cable 20:30 20 minutes, 30 seconds industry and on top of that the demand for the reconstruction and demand for uh keeping the safety stock of all critical 20:38 20 minutes, 38 seconds capital goods item. the cable demand has gone up in the Middle East and North African region. The reasons which have been affected uh very badly by this war. 20:47 20 minutes, 47 seconds So we do not see uh in any impact on our demand or our financials or our cash flows because of this perceived uh uh 20:56 20 minutes, 56 seconds cut in the government spending and so we are guiding volumes of 2.3 lakh for FI27 while our capacity would 21:06 21 minutes, 6 seconds almost be 3.3 lakh tons. So are we trying to be conservative or are we expecting some headwinds during the year 21:14 21 minutes, 14 seconds because of which we are giving a lower guidance? 21:17 21 minutes, 17 seconds No. No. So capitalap capacity addition is 21:21 21 minutes, 21 seconds [clears throat] 21:22 21 minutes, 22 seconds uh being done in the spur because say for example in BY we put up a capacity of 48,000 tons knowing fully well that 21:29 21 minutes, 29 seconds 48,000 tons will not be consumed or cannot be sold out in one year's time. 21:34 21 minutes, 34 seconds But you cannot because there is a scale with regard to your equipment installation and this and that to achieve that scale and to give the mass 21:42 21 minutes, 42 seconds to that particular unit. Uh we have gone ahead with the capacity addition of 48,000 tons which should be fully 21:49 21 minutes, 49 seconds utilized maybe uh the next financial year means 202728. 21:53 21 minutes, 53 seconds So because of that you'll see a little lower capacity utilization against that uh capacity addition and as Arianth also said in the opening remark that this 22:02 22 minutes, 2 seconds year capacity addition versus the utilization might seem low because much of the capacity has come up in the uh 22:10 22 minutes, 10 seconds last say 3 4 months time if you look at the total capacity of 315,000 tons you will see 80,000 tons has come up in last 4 months. 22:20 22 minutes, 20 seconds Okay. So would it be fair to say that in FI28 we assume volumes of almost 2.7 to 2.75 lakh or that is a bit higher on the higher side? 22:29 22 minutes, 29 seconds See see if we are saying 2.3 this year so 12 to 15% jump for that that year also which will take it close to those levels. 22:39 22 minutes, 39 seconds Okay. Got it. And sir for our best project have we uh signed or approached any new clients or as of now or that 22:48 22 minutes, 48 seconds would be post the commencement of the capacity itself is here though I would just like to add 22:58 22 minutes, 58 seconds though can give it a better shot. We have started approaching customers. We have started discussing with them. We 23:06 23 minutes, 6 seconds have started to understand their requirement and in lot of areas we are discussing on the technical front as well. Tiar if you can add a couple of sentences. 23:17 23 minutes, 17 seconds Hello good morning to all of you. This is Rakkesh Tari uh CEO of D clean energy. Uh we had already discussed with 23:25 23 minutes, 25 seconds the all the tier one uh developer in India uh uh including Stan in Wilson and 23:33 23 minutes, 33 seconds uh Enrich and Orange. So this customer we already started to pigeons and uh demand is high and just uh we started to 23:41 23 minutes, 41 seconds have their quality quality parameters validation quality supply chains all the documentations need required. So we had 23:50 23 minutes, 50 seconds submitted all the uh documentation to validate by the supplier quality audit audit point of view. So next couple of 23:57 23 minutes, 57 seconds months uh they will see this our factory readiness and after factory readiness we'll sit together and we'll sign for a 24:05 24 minutes, 5 seconds long-term to supply in the gigawatt hour scale our is not only container and our base container with our solution. So we 24:14 24 minutes, 14 seconds we are working for a uh all these sectors where this grid is instable and 24:21 24 minutes, 21 seconds the uh government is mandatory that you have to put uh solar plus renewable energy sectors. So solar cannot be put 24:29 24 minutes, 29 seconds across the country without energy storage system. So we already discussed with this all this developer uh running 24:37 24 minutes, 37 seconds from 20 years in solar sectors. So this is the my remarks and if you any particular question please uh let me know. 24:46 24 minutes, 46 seconds That's it for my pleas. Thank you. Thank you so much. 24:52 24 minutes, 52 seconds Thank you. Next question comes from the line of Fun Singh with Alpha Accurate Advisor. Please go ahead. 24:59 24 minutes, 59 seconds Yeah, thank you for the opportunity. Uh my first question is uh regarding uh this battery energy storage [clears throat] system. uh I think uh in 25:07 25 minutes, 7 seconds the PPP you called out some 200 cr rupee of investment uh and uh over and above this 175 cr we are supposed to outlay 25:16 25 minutes, 16 seconds for the compounding capacity expansion so net net around 375 or 400 cr would be the total cables for fi 27 is that 25:25 25 minutes, 25 seconds understanding correct no no let me correct you uh total outlay for this financial year is 175 crores 25:32 25 minutes, 32 seconds including best and out of the 200 crores of Best there is a phased manner of implementation which will be happening. 25:40 25 minutes, 40 seconds So this year we are allocating close to 70 plus odd crores for best. 25:47 25 minutes, 47 seconds Oh I see. So 70 cr for best and the other 100 cr would be for the that capacity expense. Yeah understood. 25:56 25 minutes, 56 seconds Understood. And uh when you said that the initial AIA margin are paid 5 to 8% lower than the core compounding 26:05 26 minutes, 5 seconds business. So uh uh I mean this means what the AIA margin would be just 2 3% 26:13 26 minutes, 13 seconds in FO 27 in this segment for best. 26:18 26 minutes, 18 seconds Yeah. Yes. Yes. For best as I mentioned just a couple of minute uh minutes ago. Mhm. 26:25 26 minutes, 25 seconds We are target break even in this particular financial year of achieving a turnover of close to 2 200 50 50 odd K. 26:33 26 minutes, 33 seconds So margins from that perspective may be comparatively less. 26:39 26 minutes, 39 seconds However in longer term it also entails a good margin beyond uh 10%. 26:46 26 minutes, 46 seconds Okay. So in FY28 we should expect uh maybe around 10% AIDA margin right 26:55 26 minutes, 55 seconds understood understood understood and uh also uh like uh so you you are expecting 27:02 27 minutes, 2 seconds around 300 to 500 cr revenue in the financial year 27 and maybe a neutral 27:09 27 minutes, 9 seconds pad but in FI28 that 900 cr revenue should uh uh contribute put minimum 27:18 27 minutes, 18 seconds uh maybe 1890 per toida that understanding is right correct we getting closer to 200 250 27:27 27 minutes, 27 seconds close because the machine will stabilize there will be ramp up it will be taking some time however next financial year 27:34 27 minutes, 34 seconds yes you are right we are targeting 1 gawatt hour of sale and close to 800 to 900 crores of revenue expecting IDA margins of 10 plus 8 to 90 k of IDA 27:43 27 minutes, 43 seconds which you are anticipating is which we have also factored in in our estimates. 27:49 27 minutes, 49 seconds Understood. Sure. Sure. Okay. Thank you very much and wish you all the best. Thank you. 27:58 27 minutes, 58 seconds Thank you. A reminder to all the participants. I'll do my best and one to ask a question. Next question comes from the line of Niktoshi with Bay Capital. 28:07 28 minutes, 7 seconds Please go ahead. 28:09 28 minutes, 9 seconds Yeah. I just wanted to understand bit more on the uh battery energy storage system project. uh what is the means what are the raw materials how are they 28:17 28 minutes, 17 seconds sourced from where they are sourced and uh are there any challenges uh in sourcing of the raw materials and uh 28:27 28 minutes, 27 seconds supply chain so uh 28:35 28 minutes, 35 seconds yes uh sir actually uh we already identified uh with our uh uh supplier as 28:42 28 minutes, 42 seconds is mainly like lithium cells and other component like a enclosure and harness, 28:49 28 minutes, 49 seconds DC cables, sensors, cooling system, cooling system, liquid cooling systems. So these are the major 28:57 28 minutes, 57 seconds major uh things we need to make battery and we can make our container also. So total totals 29:06 29 minutes, 6 seconds [clears throat] totals vendor is very limited uh and number of vendors too much across the globe. We have already 29:14 29 minutes, 14 seconds identified and we already visited to all the supplier their abilities in terms of financial in terms of quality in terms 29:22 29 minutes, 22 seconds of their long long durations reliabilities and we already identify each and everyone supplier. So regarding the sourcing 29:31 29 minutes, 31 seconds point of view we are make sure that the all the supplier should not be any hampered with our uh production and 29:39 29 minutes, 39 seconds which we can achieve our target. So we selected the supplier the based based on their the quality the must and their 29:47 29 minutes, 47 seconds delivery time and the of course their tier one financial ability so that the supplier can continuous to provide the services year on year for a long time. 29:56 29 minutes, 56 seconds So these are the typical which I uh uh just mention the main is like our little 30:04 30 minutes, 4 seconds and the enclosers harness system DC cable BMS the main four component which are in the energy 30:13 30 minutes, 13 seconds storage systems. So we already identified and log this our supply sourcing for a long longer period time. 30:19 30 minutes, 19 seconds Thank you so much. And is there any uh approval cycle from the customer side once you supply a this storage system? 30:26 30 minutes, 26 seconds Is there any process for getting this approved? And is there a time cycle related to that because when the regular supply starts or something? 30:35 30 minutes, 35 seconds Yes. Yes. So so so so so far that we already mentioned uh in the last questions uh which I asked with someone 30:43 30 minutes, 43 seconds my friend and uh these these are the pro system is mandatory in a battery energy storage system like a solar because the battery energy storage system is a 30:51 30 minutes, 51 seconds reliability products it cannot be for the one year it's like 30:59 30 minutes, 59 seconds these are the reliability customer is validate uh your factories your your products and whatever the reliability 31:08 31 minutes, 8 seconds test is mentioning like a charging, discharging, IP test, wattage test, heating test, pack test. So these test these tests are mandatory and these test 31:16 31 minutes, 16 seconds are mandatory based on what because they they ask about the certification certification IC62 954A 9540 E1 38.3. 31:29 31 minutes, 29 seconds So these are the basic uh guidance the developer follow the as per IC standards. Uh so that because as per IC 31:37 31 minutes, 37 seconds standard is fire and fire fire and safety concern. So these they are validating from documentation to reliability each and every parameters. 31:45 31 minutes, 45 seconds So we started to discussion we already discuss submitted what we have and what we applied for this uh longer period 31:53 31 minutes, 53 seconds [clears throat] for certification or all the things. So it takes around 3 to 6 month minimum three maximum 6 months to board on the any big developer. So we 32:02 32 minutes, 2 seconds already started from the uh before 3 month ago. So those data we have available we already submitted and those 32:09 32 minutes, 9 seconds we are under process like a factory audited and the certification will process and we'll submit it in couple of the month. Thank you so much. 32:17 32 minutes, 17 seconds So so we don't expect any delay in supplies because of this approval cycle or anything. So whatever we have assumed for next year we are confident that we'll be able to deliver right. 32:26 32 minutes, 26 seconds Yes sir. So that's why so that's why we already started to follow the process with the all the developers. So the we are we are this because they have the 32:34 32 minutes, 34 seconds long long and long period of validation of the from factory readiness to documentation. So we are parally working 32:41 32 minutes, 41 seconds on for that that so that we should notide we should not be surprised when our product will be start to and sell in the market. So before that we will 32:50 32 minutes, 50 seconds submit all this necessary document to developer and get the developer approval from that from website. Thank you sir. 32:57 32 minutes, 57 seconds And uh regarding the polymer business this uh just wanted to understand we guided for 11% Amida margin uh which is almost same as the FY26. 33:08 33 minutes, 8 seconds So I I will not expect any operating leverage uh to on the margins uh for FA 27. 33:17 33 minutes, 17 seconds Arant uh maybe our CFO Mr. Arant will uh reply for this question. Arant over to you. Yes. 33:25 33 minutes, 25 seconds So see in the current fiscal year we have already seen elevating uh elevated 33:31 33 minutes, 31 seconds uh raw materal prices because of which the availability as well as the uh risk of any substantial price increase and 33:39 33 minutes, 39 seconds decrease volatility remains. So we don't want to have a uh you can say aggressive uh estimates which may be difficult to 33:48 33 minutes, 48 seconds come in tomorrow. So we have always presented a conservative approach every time we have uh projected our numbers 33:56 33 minutes, 56 seconds and that is the same way we have projected this time as well. 34:00 34 minutes Okay. Okay. Okay. Thank you very much and all the best. Thank you. 34:06 34 minutes, 6 seconds Thank you. The next question comes from the line of Arya with the whitest stone PMS. Please go ahead. Hi am I audible? 34:14 34 minutes, 14 seconds Yes. 34:15 34 minutes, 15 seconds Yeah. Hi. Thank you for the uh thank you for the opportunity. I just wanted to understand the HFR and XLT market. So 34:22 34 minutes, 22 seconds basically who is our competitor and what is the entry barrier and are we the biggest player there? 34:31 34 minutes, 31 seconds Yeah, HFR is is a kind of a product the XLP is a kind of a product which is used 34:38 34 minutes, 38 seconds for the cable. I think uh for this discussion uh it it might not be the appropriate uh platform because for this 34:47 34 minutes, 47 seconds you need some graphics and something like which we can explain that what is the cable and what is the role of the conductor. Conductor carries current and 34:55 34 minutes, 55 seconds the insulation compound is insulating compound over a conductor and then HFR is executing compound to protect the 35:02 35 minutes, 2 seconds entire system against fire against the RDS conditions and as far as the competition is concerned in in XLP we 35:10 35 minutes, 10 seconds are the largest player we are having major market share. So in XLP uh the competition is from overseas players 35:18 35 minutes, 18 seconds like DA and borealis. Now the low voltage plus segment there are a couple of Indian producers like KJ uh polymers 35:25 35 minutes, 25 seconds and in HFR Shakon polymer is the which is now part of Orbia group from Mexico. 35:31 35 minutes, 31 seconds They are our competition and uh as far as the entry barrier is concerned it is as uh means it is a very critical and 35:37 35 minutes, 37 seconds reliability related product. So proven performance is the biggest entry barrier. Those who are performing for long period of time will gain business. 35:47 35 minutes, 47 seconds somebody coming up the capacity instant and trying to secure the business. It is not uh something which is possible. You have to go through the approval cycle 35:55 35 minutes, 55 seconds and even despite going through the approval cycle once you are approved then you have to establish your performance over the period of time to become a leading and reliable supplier. 36:06 36 minutes, 6 seconds Okay. And so we're not seeing any import pressure from China or anything like that for these two compounds, right? 36:13 36 minutes, 13 seconds No. See China import pressure direct or indirect will always remain in every segment but our scale and our capability 36:20 36 minutes, 20 seconds is quite strong and and uh we we are able to face it off uh without any challenge. 36:27 36 minutes, 27 seconds Okay. So my next question is about the so basically there's a price volatility going on right now. So we still operate 36:33 36 minutes, 33 seconds at a fixed AIDA margins of rupees 14 to 15 per kg or it has changed. 36:40 36 minutes, 40 seconds Yeah, we we see we we we are able to pass through the price increases uh which means we are able to maintain our fixed margins per kg basis. 36:50 36 minutes, 50 seconds Okay. And sir also I wanted to understand that are we supplying to any data center cable operator or an optical 36:58 36 minutes, 58 seconds fiber something like that in those segments. See the data center uh because we are supplying to the cable producers 37:06 37 minutes, 6 seconds and they are in turn supplying to data centers as well as for the optical fiber application purpose but for this optical fiber our product application is limited 37:15 37 minutes, 15 seconds but for data center of course uh our products are used by cable producer every cable producer is using our product for the cables being supplied 37:24 37 minutes, 24 seconds for data center okay thank you okay thank you that's it thank 37:33 37 minutes, 33 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question 37:39 37 minutes, 39 seconds comes from the line of Shita Shanka the Safari capital. 37:47 37 minutes, 47 seconds Uh yes hello thank you for taking my question. Um so I had a question on the ramp up of best that we are going to do. 37:54 37 minutes, 54 seconds you mentioned that this year we can have around 200 to 250 crores of revenue from that and then in FI28 we can go up to 1 38:02 38 minutes, 2 seconds gawatt R. So beyond that is are we since we need we are going to add 5 GT R in 38:09 38 minutes, 9 seconds total uh are we going to keep adding 1 G R per year or how is that going to be how is the ramp up going to be? 38:20 38 minutes, 20 seconds So it is uh more dependent on the uh forward forward strategies which we take dependent on the first gawatt sold in the market and the market dynamics. 38:31 38 minutes, 31 seconds There are multiple opportunities in the market. Uh there is opportunity for solar plus base, there is opportunity for standalone base, there is 38:38 38 minutes, 38 seconds opportunity for data center batteries and there are opportunities for CNI as well. So uh as we move into the market 38:46 38 minutes, 46 seconds we will slowly and gradually pick each segment uh smaller proportion wise and that is how we will at the next stage 38:54 38 minutes, 54 seconds decide which segment to be ramped up faster. So uh as of now it seems utility scale solar plus west and standalone 39:02 39 minutes, 2 seconds west are uh direct segments where the supplies can be going faster whereas CNI and data centers are area where the 39:10 39 minutes, 10 seconds product is much more complex but it entails a very good margin. So we will be having a mix of both and slowly and gradually we'll be ramping up the capacities. 39:22 39 minutes, 22 seconds Okay. Okay. Understood. And uh uh just a clarification um uh am I uh correct on 39:30 39 minutes, 30 seconds the part that in FI28 also you mentioned we'll uh we are assuming 15% volume growth over the base of FI27. 39:39 39 minutes, 39 seconds Yes FI 26 base to 27 or 27 base to 28 what is the exact question? 39:45 39 minutes, 45 seconds Uh in FI28 we are expecting 15% volume growth with on the base of FI27. Am I correct? 39:52 39 minutes, 52 seconds Yeah. Yeah. See Arian this question uh with regard to polymer compounding so we we we are expecting 15% growth volume 40:01 40 minutes, 1 second growth over what we achieve in 2026 627 means if in 2026 27 if you are targeting 40:10 40 minutes, 10 seconds a polymer compound volume of 230,000 tons then in uh 2027 28 uh you can add on another 15% on that 230,000 tons. 40:21 40 minutes, 21 seconds of of industries. Yeah. Thank you. 40:29 40 minutes, 29 seconds Thank you. Next question comes from the line of fish Jeri CBA asset management managers LLP. Please go ahead. 40:37 40 minutes, 37 seconds Thank you for giving the opportunity. So the first question is uh what is the general price uh pass through lab which 40:45 40 minutes, 45 seconds we take into consideration? uh with the the price volatality and how do we tackle the fixed price contracts 40:57 40 minutes, 57 seconds you you'll answer or should I please please please you answer yeah so so can can you please repeat the question I couldn't get the question clearly 41:06 41 minutes, 6 seconds okay so so the first part was that uh whenever there is a price hike or drop what is the pass through lag uh do we 41:14 41 minutes, 14 seconds immediately pass through or there is a lag that is felt on the books. 41:19 41 minutes, 19 seconds Yeah. See the it mostly it is a lag of 7 days to 15 days but again it depends upon the intensity of the price hike. 41:28 41 minutes, 28 seconds For example the price hike is less than a percent. Okay then 7 to 15 days uh lag is there but if price hike as we have 41:36 41 minutes, 36 seconds seen which was very volatile and very aggressive price hike in the month of March then the pass through was instant. 41:45 41 minutes, 45 seconds Okay. And how do we tackle the fixed price contracts or annual contracts? 41:51 41 minutes, 51 seconds No, we don't have uh those kind of annual contracts. Maximum cycle of the contract what we have and that is for mostly export and that is around say you 42:00 42 minutes can say maximum 90 days and there also we have backtoback import bookings. So that kind of open-ended contracts are not there. 42:10 42 minutes, 10 seconds Okay. Understood. And sir, given the uh disruptions in the export market, how do we see exports panning out uh in Q1 as 42:19 42 minutes, 19 seconds well as for the full year? What is the export growth guidance that we are uh commenting on? 42:26 42 minutes, 26 seconds See first quarter uh visibility is already there. So we say that first quarter we'll see uh the continuity of the growth which we have seen in the 42:33 42 minutes, 33 seconds last quarter and projecting at this point of time with this kind of uh geopolitical uncertaintity for the second or third quarter would be a 42:41 42 minutes, 41 seconds little bit of a challenge. So but the important factor is that uh we are having so many approvals and reach to so 42:49 42 minutes, 49 seconds many markets for so many years. So we are confident that we'll continue to do well but putting an exact uh uh growth 42:57 42 minutes, 57 seconds percentage would be a challenge but uh we see that our core markets which is Mina region is is growing and also some 43:05 43 minutes, 5 seconds parts of Europe they are growing very well so we are confident of maintaining the growth momentum. 43:12 43 minutes, 12 seconds Okay sir thank you and all the best. Thank you. 43:20 43 minutes, 20 seconds Thank you. A reminder to all the participants that you must press star one to ask a question. Next question comes from the line of Apurva with ANS as well. Please go ahead. 43:32 43 minutes, 32 seconds Thank you sir for the opportunity. Uh so my [clears throat] questions are uh on the uh compound manufacturing side what 43:39 43 minutes, 39 seconds are our major raw materials and uh from where do we source it like whether we source it from domestically or do we import and is there still an 43:47 43 minutes, 47 seconds availability issue and how much the price movement been there. 43:53 43 minutes, 53 seconds So we source Arian go ahead please. 43:56 43 minutes, 56 seconds Uh thank you. We source from both domestic and import sources. In domestic we have all the big petrochemical 44:02 44 minutes, 2 seconds players as our suppliers. Similarly on import side we rely on a lot of big players in the Middle East as well as in 44:11 44 minutes, 11 seconds European countries and uh there were issues till I will say mid of April where the supply constraints were there. 44:19 44 minutes, 19 seconds However, today the supply is more or less normalized. In India we are getting sufficient material and slowly and gradually are coming into the country. 44:29 44 minutes, 29 seconds As far as the price is concerned, there has been substantial volatility and the prices have gone up beyond 50% uh uh 44:36 44 minutes, 36 seconds inflation and now the prices are comparatively stabilized and now not much uh you can say volatility is there 44:43 44 minutes, 43 seconds in the prices unless and until there is the price this war is uh over and then the crude prices gradually come down. 44:53 44 minutes, 53 seconds Got it sir. So my next question is uh how's the demand currently because of the uh the spike in the prices right? 45:00 45 minutes Are we getting sufficient orders right now and and is everything normal because of war or do you feel this might uh 45:09 45 minutes, 9 seconds continue? As Kotari highlighted earlier that cable manufacturers have diversified over a period of time and 45:16 45 minutes, 16 seconds now they have sufficient demand not only with regards to government but private demand private capex as well. So we are 45:23 45 minutes, 23 seconds getting sufficient order book and there is no lag as far as the booking is concerned. 45:30 45 minutes, 30 seconds Okay. Okay. I say my last question on the uh industry side. Uh so do we possess risk of our clients going 45:37 45 minutes, 37 seconds backwards integration and with our clients doing compound manufacturing as well? 45:44 45 minutes, 44 seconds Yeah. Yeah. See it it is a a a risk which is attached to our business and it 45:51 45 minutes, 51 seconds will always remain that customer can go for backward integration but again it is uh the the effort versus return every 45:59 45 minutes, 59 seconds customer has to look at and the scale at which they can beat our size and the scale then only they can think of and then you need to have the uh skill and 46:08 46 minutes, 8 seconds scale both and that is where we are finding that uh for last so many years sustaining with this risk of backward 46:15 46 minutes, 15 seconds integration. We have continued our journey and we continue to grow. So yes uh theoretically this risk is there but 46:23 46 minutes, 23 seconds we are doing everything possible uh and within our means to to mitigate that that is by increasing our scale increasing our skill and adding product 46:32 46 minutes, 32 seconds range which is not easy for somebody to go and do the backward integration. Got it sir. Thank you. 46:40 46 minutes, 40 seconds Thank you. 46:43 46 minutes, 43 seconds Thank you. Next question comes from the line of Arya Sha with Whiteststone PMS. 46:48 46 minutes, 48 seconds Please go ahead. Uh thank you for the opportunity once again. Uh so regarding best what exactly are we doing? So basically are we going to like 46:56 46 minutes, 56 seconds import cells from China and then assemble here or what exactly are we doing on the best side? 47:03 47 minutes, 3 seconds Yes, initially for the initial period we are going to import it from China and over a period of time we will be working 47:11 47 minutes, 11 seconds on backward integration orization of many components which are easily available in the country. Still as of 47:19 47 minutes, 19 seconds now uh we don't have sufficient capacity in the country and it will be imported for the near future. 47:27 47 minutes, 27 seconds Okay. So okay so basically it's an assembly line for the on the best side right. Yes. 47:33 47 minutes, 33 seconds Okay. Thank you and all the best. 47:38 47 minutes, 38 seconds Thank you. A reminder to all the participants that you must press star and one to ask a question. Next question comes on the line of Ghan and individual mess. Please go ahead. 47:50 47 minutes, 50 seconds Yes. Uh hi good morning. Uh it was a good set of numbers but I have a question on BSS segment. Uh so actually 47:58 47 minutes, 58 seconds in the BSF segment you uh the management has confirmed that it is going to be an assembly line. The actual IP lies in uh 48:07 48 minutes, 7 seconds energy management system or battery management system right. Uh are we planning to even uh import that product 48:14 48 minutes, 14 seconds or uh are we going to have our own IP on those things? What is the plan right now on those things? 48:22 48 minutes, 22 seconds Yeah. 48:25 48 minutes, 25 seconds Yes. Uh thank you so much for your uh uh concern and uh yeah it is very important question regarding the BMS and EMS. Yes 48:34 48 minutes, 34 seconds uh in future uh we are going to make our own BMS and own EMS already started to 48:40 48 minutes, 40 seconds working on that because the EMS uh is India will be restricted in the after 48:48 48 minutes, 48 seconds after one year they are going to start the EMS must be from India. So we already started to work from EMS BMS for 48:54 48 minutes, 54 seconds EMS concern as a for AC side of AC side of the DC block. So uh but for a BMS 49:03 49 minutes, 3 seconds definitely we'll have to import from China initially from tier one supplier because the hardware part of is available only in China and few made in 49:13 49 minutes, 13 seconds India they are started to develop BMS in India. Meanwhile, government of India is allowing you can import BMS from uh 49:22 49 minutes, 22 seconds China. But EMS you you you must start to developing made in India. So because BMS is the core of the battery energy uh 49:29 49 minutes, 29 seconds storage system and uh so the government does not want to any risk to uh is is 49:36 49 minutes, 36 seconds like that not available in India. So they allowed that you can you can from 49:44 49 minutes, 44 seconds China but uh Yeah speakers, sorry for interrupting. Your voice is breaking. Can just come to range and talk please. Thank you. 49:51 49 minutes, 51 seconds No no no no actually just I'm just explaining I'm just explaining about BMS. BMS is the core bone of battery 49:58 49 minutes, 58 seconds management systems and without BMS EMS cannot get any information from the battery sides. So BMS definitely will 50:07 50 minutes, 7 seconds starting we will buy from tier one supplier from uh China. But in future in the couple of month we will have our own 50:14 50 minutes, 14 seconds IP of BMS and EMS both. This is our future plan but initially we will start from China. 50:24 50 minutes, 24 seconds Okay. 50:24 50 minutes, 24 seconds Sure. So what is the plan for working capital requirements as uh in the call you have mentioned that it will be uh in 50:33 50 minutes, 33 seconds a singledigit margin right? uh and if the revenue expectation is about 800 to 900 cr for 1 gawatt uh if it is 5 gawatt 50:42 50 minutes, 42 seconds in future how are we going to fund the working capital requirements for BSS projects. 50:49 50 minutes, 49 seconds So uh for the first phase of 1 gawatt hour we have plans that the total working capital requirement will be in 50:56 50 minutes, 56 seconds the range of 200 to 250 odd crores and we have sufficient limits available with us for that funding the same as well as the margins for them are also similarly 51:05 51 minutes, 5 seconds available with us as an free cash flow as far as the full 5 gawatt hour capacity is concerned definitely we'll 51:12 51 minutes, 12 seconds work out and uh think of uh increasing the cycles uh from banking channels as well as other channels as well. 51:23 51 minutes, 23 seconds Thank you. Thank you for for all the information that you have provided. Uh we actually look forward to do something 51:30 51 minutes, 30 seconds in India in the future on the manufacturing side as well apart from assembly. Thank you. Thank you. Thank you. 51:40 51 minutes, 40 seconds Thank you. Next question comes from the line of Aloc Vakil and individual man. Please go ahead. 51:47 51 minutes, 47 seconds Yeah. Hello. Am am I audible sir? 51:49 51 minutes, 49 seconds Yes, you're huh. So uh uh in XLP we are we have reached up to the capacity of 132 KVN uh 51:58 51 minutes, 58 seconds 66 and 132. So what about further 440 and all uh reaching that uh where are we in uh 52:08 52 minutes, 8 seconds compounding of for that higher kilowatt walls. 52:14 52 minutes, 14 seconds So if you see uh each and every high voltage cable stabilization take times as well as the next voltage stage will 52:22 52 minutes, 22 seconds be requiring a lot of certifications for which the lifetime the life required is minimum 3 to 4 years time. So right now 52:31 52 minutes, 31 seconds uh once 132 KB stabilizes in the Indian market we'll start working on 220 which is expected to take around 3 to three 52:38 52 minutes, 38 seconds and a half years minimum on or for getting the certification and then the testing uh period. So we anticipate 4 to 52:46 52 minutes, 46 seconds 4 and 1/2 years. We have targeted 2030 for our 220 KV cable compounds whereas 440 will take further time based on this. 52:56 52 minutes, 56 seconds Okay. And what about HVDC side for uh this solar and wind and all? 53:03 53 minutes, 3 seconds Uh will be again HVDC again HVDC is for the higher voltage applications mostly. So it the 53:11 53 minutes, 11 seconds these are the products of the future and and globally if you look at they are very limited players in this segment. So of course uh we will uh attend and uh 53:20 53 minutes, 20 seconds manufacture these products but not having any concrete plan at this point of time. At this point of time, our plan is highest is up to 220 KV by year 2030. 53:32 53 minutes, 32 seconds Okay. Okay. Thank you. Thank you. That's it. Thank you. 53:38 53 minutes, 38 seconds Thank you. A reminder to all the participants that you must press star one to ask a question. Next question comes from the line of Apura with ANS spell. Please go ahead. 53:49 53 minutes, 49 seconds Yeah, thank you sir for the opportunity. 53:50 53 minutes, 50 seconds So my one question was uh what is our major raw material if you can name few uh for polymer compounds? 53:59 53 minutes, 59 seconds Yes. Yes. 54:00 54 minutes The polymers whether that is polyethylene based polymers or polyvinyl chloride based polymers. 54:08 54 minutes, 8 seconds Uh I mean over compound manufacturing business side. Yes. 54:15 54 minutes, 15 seconds Okay. And sir and what percentage of do we uh import the raw material? 54:21 54 minutes, 21 seconds Right now we are importing close to 10 to 15% of our requirement as an import. Okay. Okay. Thank you. So that's it. 54:29 54 minutes, 29 seconds I think that was the last call. We have already 11:00 speakers. Uh do you want me to uh close 54:39 54 minutes, 39 seconds the floor? We have no more questions at this point. 54:43 54 minutes, 43 seconds All right. So ladies and gentlemen as we have no more questions we have reached the end of question and answer session and now I'm the conference over to the management for closing. 54:54 54 minutes, 54 seconds Yeah I want to thank everybody for the participation and as we all know in such global uncertaintities we still uh managed to 55:03 55 minutes, 3 seconds perform and match the projections. So that is testament to our efficient business model and core competencies. 55:10 55 minutes, 10 seconds But as we all know like with all uh challenges that there also come opportunities. So just like after uh happened we saw a lot of growth 55:19 55 minutes, 19 seconds opportunities in the export sector. So even now because of uh the disruption in supply chains globally uh this is also 55:26 55 minutes, 26 seconds pres presenting uh a good opportunity for exports as well. So as we are seeing a good uh increase in uh the number of 55:33 55 minutes, 33 seconds queries coming in from uh new export customers and new geographies. So that we also see an opportunity there and as 55:41 55 minutes, 41 seconds uh the team also highlighted the emergence of renewables uh along with the existing infrastructure transmission and distribution networks also provides 55:51 55 minutes, 51 seconds us a good opportunity where we will see robust demand with the combination of uh the existing platform and the renewables emergence of renewable sector as well. 56:00 56 minutes So we are very positive on our growth trajectory and we will uh continue to work best for all our stakeholders. Thank you. 56:08 56 minutes, 8 seconds Thank you. 56:10 56 minutes, 10 seconds Thank you on behalf of DD Plastic Limited. That concludes this conference. Thank you for joining us.