Goodluck India Limited — Q4 FY26

Goodluck India Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=Fg3skaW1h-U Published: 3 weeks ago

0:00 Ladies and gentlemen, good day and welcome to the Goodlet India Limited Q4 FY26 earnings conference call. As a 0:08 8 seconds reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. Should 0:16 16 seconds you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:23 23 seconds this conference is being recorded. I now hand the conference over to Mr. Mina Pandit from Captify Consulting Investor relations. Thank you and over to you. 0:33 33 seconds Thank you. Uh ladies and gentlemen, on behalf of Captify Consulting Investor relations team, I welcome you all to the 0:40 40 seconds Q4 and FI26 post earnings conference call of Good Luck India Limited. Today on the call from the management we have with us Mr. Mc G, chairman and managing 0:49 49 seconds director, Mr. Ram Agarwal, chief executive officer and Mr. Sanjay Bansil, chief financial officer. I would now 0:56 56 seconds request the management to detail us about the business and performance highlights for the period ended March 2026. The growth plan and vision for the 1:04 1 minute, 4 seconds coming year post which we'll open the four for Q&A over to you sir. 1:12 1 minute, 12 seconds This is chairman Good Luck India Limited. Good afternoon everyone and a very warm 1:19 1 minute, 19 seconds welcome to the QVO FY26 earnings conference call of good luck India limited. 1:28 1 minute, 28 seconds Thank you all for joining us today and for your continued trust and support in our journey. 1:34 1 minute, 34 seconds FY26 has been an important and defining year for our company. Over the past few years, we have been consciously 1:43 1 minute, 43 seconds transforming the company from a conventional steel product manufacturer into a diversified engineering solution 1:51 1 minute, 51 seconds player and increasing focus on high value technologydriven and application effective businesses. 2:04 2 minutes, 4 seconds Today our presence spans across multiple sunrise and historic structure including infrastructure, renewable energy, 2:13 2 minutes, 13 seconds defense, railways, oil, gas, precision engineering, heavy fabrication and industrial application. 2:20 2 minutes, 20 seconds The diversification is helping us build a stronger and more resilient. 2:27 2 minutes, 27 seconds I'm again emphasizing more resilient business model with improved earning quality and long-term sustainability. 2:35 2 minutes, 35 seconds The global operating capital environment during the during the whole year remain very volatile with fluctuation steel 2:44 2 minutes, 44 seconds prices elevated in cost geopolitical uncertainties and changing demand dynamics across 2:51 2 minutes, 51 seconds various markets. Despite these external challenges, company demonstrates resilience through discipline, 3:00 3 minutes execution, [clears throat] operational agility and a clear strategic direction. 3:06 3 minutes, 6 seconds What is satis satisfying that our transformation strategy is now becoming 3:13 3 minutes, 13 seconds increasingly visible in our financial and operational performance. We are steadily moving up the value chain with 3:22 3 minutes, 22 seconds growing contribution from value added in products and specialized solutions. 3:28 3 minutes, 28 seconds This strategic shift is improving margining strengthening return ratios enhancing the overall quality of our business. 3:38 3 minutes, 38 seconds Another important highlight of Y26 has been our critical focus on financial 3:46 3 minutes, 46 seconds discipline and capital efficiency. We maintain we maintain prudent revenues 3:54 3 minutes, 54 seconds while sim simultaneously investing for future growth opportunities. 4:00 4 minutes Strong stronger internal acro disciplined working capital management and better operational efficiencies 4:07 4 minutes, 7 seconds enabled us to further strength during the year. 4:23 4 minutes, 23 seconds As we move forward, our priorities remain very clear. Increasing contributum from high high margin value 4:33 4 minutes, 33 seconds added engineering businesses such as 4:40 4 minutes, 40 seconds control cube and condu pipes of mo defense renewal energy railways 4:48 4 minutes, 48 seconds infrastructure sectors enhancing operational efficiencies and assert utilization 4:57 4 minutes, 57 seconds maintaining Discipline chemical allocation and balance sheet strength expend expanding our export positions and lower market opportunities. 5:07 5 minutes, 7 seconds In spite of headwinds in exports, we are still very strong in that creating sustainable long-term value for 5:16 5 minutes, 16 seconds our states all stakeholders. We believe the structure performance is underway and good India position the company is strong for the next ph of growth. 5:27 5 minutes, 27 seconds I would like to now invite our CEO to discuss operational performance for the quarter and the whole year in general. 5:36 5 minutes, 36 seconds Thank you. Thank you sir. 5:40 5 minutes, 40 seconds Good afternoon everyone and thank you for joining us on phone call today. 5:44 5 minutes, 44 seconds Building on the chairman's perspective regarding the company's strategic transformation. I would like to take you through the operational and financial highlights of Q4 and FY26. 5:56 5 minutes, 56 seconds During Q4 A FY 26, company delivered a healthy operational performance despite a challenging industrial envir 6:03 6 minutes, 3 seconds environment, consolidated revenues for the quarter stood at around 1097 Core. 6:09 6 minutes, 9 seconds More importantly, profitability witnessed strong improvement during the quarter reflecting the increasing contribution from value added and 6:17 6 minutes, 17 seconds engineering focused business. Abitar registered a strong year on year growth with AITA margins expanding to above 10% 6:26 6 minutes, 26 seconds a double digit figure supported by a better product operational efficiency and improved realization in specialized product category. 6:36 6 minutes, 36 seconds Profit after tax for the quarter increased by 34% year to year to more than rupees 56 cr demonstrating the 6:45 6 minutes, 45 seconds improving earning profile of the company for the full financial year by 26 company costs consolidated revenues of 6:54 6 minutes, 54 seconds over 4,100 while delivering strong growth in profitability growth significantly outweighs revenue 7:03 7 minutes, 3 seconds growth highlighting the operating leverage. is an event in our business model and benefits of our strategic 7:11 7 minutes, 11 seconds focus on specialized engineering solutions. 7:15 7 minutes, 15 seconds As we all know energy and defense are the two pillars around which global economy is moving. In terms of product, 7:23 7 minutes, 23 seconds we have already added defense vertical to be part of new global arms race. The military builder worldwide reflects transformation of the international 7:32 7 minutes, 32 seconds order as nations rely on hard powers and diplomacy to secure their future. Since 7:38 7 minutes, 38 seconds World War II, military spending has surged to 2.89 trillion US dollar. 7:45 7 minutes, 45 seconds Military spending worldwide is 2.5% of global GDP. 7:50 7 minutes, 50 seconds I mean to all these figures, this is all there. These all figures only show we 144 people need more military power to 7:58 7 minutes, 58 seconds defend our people. Private participation is likely to scale to 50% in comparison to 30% as it has been in the last year. 8:07 8 minutes, 7 seconds Today as for honorable Mantri of India uncertainty and sense of insecurity has given birth to rearm 8:16 8 minutes, 16 seconds golf and latest replenished US. So we at good luck are in right direction to grab this opportunity 8:24 8 minutes, 24 seconds already producing heavy caliber shells to the tune of 1 lakh 50,000 numbers and augmenting the capacity to four lakh shell a part of it to become part of 8:33 8 minutes, 33 seconds supply chain of aerospace industry putting up the investment. We want to be ahead of the competition and our teams 8:41 8 minutes, 41 seconds are group plotting to grab all those new technologies and as I have already said this is the energy and defense which are defining 8:50 8 minutes, 50 seconds the world to secure energy defense equipments are required as the USA world is showing on front of energy renewable 8:57 8 minutes, 57 seconds energy solar energy has been in focus and we have improved 33% sale to our solar vertical in this year India is at 9:07 9 minutes, 7 seconds 500 Gawatt plus new capacities are adding every year. We hope we will improve our utilization future in this division. 9:17 9 minutes, 17 seconds Construction is the second area where word is concentrating as destruction is going on and construction is waiting in arms to rebuild for the to rebuild this. 9:26 9 minutes, 26 seconds For this our hydraulic tube a major part of the construction equipment is in production. Ramping is safe already 50% 9:34 9 minutes, 34 seconds ramp up is there and in coming months we would like to ramp up it to 60 to 70%. 9:41 9 minutes, 41 seconds And the infrastructure definitely a darling of share market as well. It's the area that is the backbone of every 9:48 9 minutes, 48 seconds transformation. Gaty Shaki emphasizing further high speed train where your company is a major player in terms of business transmission. It is being 9:57 9 minutes, 57 seconds discussed in newspapers nowadays because the solar energy is being wasted because transmission infrastructure is not available but your company is there. 10:07 10 minutes, 7 seconds Your company has got sufficient export order as well as domestic orders to fulfill this sector demand. Our poing 10:14 10 minutes, 14 seconds business is in good shape as oil and gas infrastructure is damaged in this US war and good supply orders are in are 10:22 10 minutes, 22 seconds awaited on urgent basis. Our unit is ready to cope up this demand. Our legacy business is being transformed as per our 10:30 10 minutes, 30 seconds ear guidelines. Future is waiting for your company. So diversified product with a moderate capacity is likely to 10:38 10 minutes, 38 seconds reward your company. Hope your encouragement and support will drive us to the top. With this we would like to 10:46 10 minutes, 46 seconds open or I would like to uh give the mic to Mr. Sanjay Mantala CFO. 10:53 10 minutes, 53 seconds Good afternoon. I also CFO on behalf of Good Luck. Welcome. Welcome you all for 11:00 11 minutes joining us for the conference on performance of the company in Q4 and full year of FYI 2016. 11:09 11 minutes, 9 seconds Uh regarding Q4 performance standalone sales was at rupees 1,61.46 11:17 11 minutes, 17 seconds K against 1,14.62 62 Kores during Q4 of previous year. 11:25 11 minutes, 25 seconds However, AIA for the quarter increased by 11.70 K70% 11:31 11 minutes, 31 seconds is stood at 104.19 Kores as against 93.25 K. The profit after tax including 11:39 11 minutes, 39 seconds other comprehensive income was at 48.53 Kores in Q4 of current year as compared to 42.12 K in Q4 of previous year. 11:52 11 minutes, 52 seconds Earning per share has been at rupees 16.42 per share in Q4 of current year as 12:00 12 minutes against 13 rupees 13.26 26 per share during Q4 of previous fiscal. The 12:08 12 minutes, 8 seconds performance stand alone during financial year 26 was in line with the expectations. Sales increased by 3.4% at 12:17 12 minutes, 17 seconds rupees 4,67.71 K as compared to 3,935.89. 12:28 12 minutes, 28 seconds During the previous year 2025 was at rupees 395.80 12:35 12 minutes, 35 seconds K as against 326.79 K registered a increase of 21%. 12:43 12 minutes, 43 seconds P during FY26 was at 173.44 44 K as 12:48 12 minutes, 48 seconds against 161.74 K during previous year registering a growth of about uh 7%. 12:57 12 minutes, 57 seconds Earning per share stood at 53.82 per share during current fiscal as 13:03 13 minutes, 3 seconds against 8 uh registering a growth of 8.3% over previous year. Performance 13:11 13 minutes, 11 seconds consolidated during financial year 26 was again very good. Total income increased by 4.2% at rupes 4,100.25 13:22 13 minutes, 22 seconds crores as compared to 3,935.89 cr during previous year. AITA was at 13:30 13 minutes, 30 seconds rupees 418.49 K as against 332.16 K registering a increase of about 26%. 13:43 13 minutes, 43 seconds where during uh current financial year 26 was at 182.58 K registering a growth of 10.20%. 13:55 13 minutes, 55 seconds Earning per share stood at 56.07 per share during uh FY26 as against 14:04 14 minutes, 4 seconds 50.66 66 per share during previous years registering a growth of 10.70% 14:11 14 minutes, 11 seconds over previous years. On financial front, our interest cost and other expenses has gone up due to increasing level of 14:18 14 minutes, 18 seconds activity during financial year 26 as compared to previous years. Thank you very much. 14:26 14 minutes, 26 seconds Now we are open for question and answers. 14:29 14 minutes, 29 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. 14:40 14 minutes, 40 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies 14:49 14 minutes, 49 seconds and gentlemen, we will wait for a moment while the question Q assembles. 15:02 15 minutes, 2 seconds We'll take our first question from the line of Deepak Podar from Sappire Capital. Please go ahead. 15:08 15 minutes, 8 seconds Hello. Hello. Yes, go ahead please. 15:13 15 minutes, 13 seconds Yeah, I'm audible sir. Yeah, thank you very much uh for this opportunity sir. 15:17 15 minutes, 17 seconds So I just first up wanted to understand um our execution in FI26 in defense was close to 30 35 crores. Would that be a right number? 15:27 15 minutes, 27 seconds So it is a 46 cr 46 crores. Okay. Okay. And and what sort of AIA we could generate on this 46 crores in FI26 15:35 15 minutes, 35 seconds 29 49 29 cr. 15:40 15 minutes, 40 seconds Yeah that that is what was confusing. I mean how could we generate so high a bit margin? I mean uh because I think we have mentioned we have around 25 30% kind of a bit margin in defense rate. 15:51 15 minutes, 51 seconds Basically this project uh we got licensed in October and production got started only in January February. 16:00 16 minutes So what has happened the depreciation and the interest it has increased the ITA. So the ITA margins of 68% or 70% 16:08 16 minutes, 8 seconds these are not long sustaining in the coming years what the what the guidance we have given of 30 35% it will prevail. 16:17 16 minutes, 17 seconds This is the first year and working was uh only for two three months that is why you are seeing this this dissimilarity in the results. Oh, I mean is is there 16:26 16 minutes, 26 seconds any cost mismatch? I mean the revenue has come the cost has come in earlier quarter something like that because of which uh I mean depreciation and interest cost has come 16:34 16 minutes, 34 seconds from the earlier quarters because plant is started in October but we talking on EIT front right of October but we are talking on EITA depreciation 16:43 16 minutes, 43 seconds and interest comes post EITA 6 months no depreciation and 16:50 16 minutes, 50 seconds lying our some material is also lying at the port now because due to this wall material could not be moved it moved moved only in April. 16:58 16 minutes, 58 seconds Uhhuh. 17:00 17 minutes So top line what you are seeing if the material would have been transferred from the port to the ship then it would have been more. So you have mismatch 17:09 17 minutes, 9 seconds what you are seeing it would not not have been here. 17:12 17 minutes, 12 seconds Okay. Okay. And no sir just a clarification this depreciation interest you are saying that comes post EITA right? I mean so so still I mean it's 17:19 17 minutes, 19 seconds not clear why you have 29 crores AIA in defense from 46 crores revenue. 17:26 17 minutes, 26 seconds I have just told you that it is for 6 months from October to March. This is the 17:33 17 minutes, 33 seconds depreciation and this is the interest what has been acured in your depreciate in your uh EITA margins. But in the 17:41 17 minutes, 41 seconds coming coming quarters what you will see when there is the sales will be sales will be uh sufficient. So these beta 17:49 17 minutes, 49 seconds margins will come to what as per our guideline 35 30 to 35%. 17:55 17 minutes, 55 seconds 30 to 30. Okay. Sure. Sure. I understood. And what is exe what sort of execution we are expecting in FI27 from defense? 18:03 18 minutes, 3 seconds We are expecting almost our capacity is 1 lakh 50,000 and we expect almost 75 to 80% execution this year. 18:11 18 minutes, 11 seconds 75 to 80% execution. So so what I mean that would come to around 250 300 crores. Would that be a right number? I mean, 18:19 18 minutes, 19 seconds it should 25 to 250 to 300 crores revenue. Okay. 18:23 18 minutes, 23 seconds And it can be more but today we can give only this guideline. 18:27 18 minutes, 27 seconds Okay. Understood. And and on the steel front I mean we are already at what close to 90 95% kind of a capacity 18:34 18 minutes, 34 seconds utilization rate for the for the for the steel segment. So what will drive growth there for us? 18:43 18 minutes, 43 seconds Ladies and gentlemen, we've lost the management connection. request you to stay connected. Please Deepak, please stay connected. 18:49 18 minutes, 49 seconds Yeah, sure. [music] 18:56 18 minutes, 56 seconds [music] 19:03 19 minutes, 3 seconds [music] 19:10 19 minutes, 10 seconds [music] 19:18 19 minutes, 18 seconds [music] 19:23 19 minutes, 23 seconds [music] 19:30 19 minutes, 30 seconds [music] 19:35 19 minutes, 35 seconds [music] 19:40 19 minutes, 40 seconds Ladies and gentlemen, we have the management team connected. Deepak, can you repeat your question please? 19:46 19 minutes, 46 seconds I Yes, sir. I was just asking on the steel segment. Uh we we are already running at 95% capacity utilization. So, 19:53 19 minutes, 53 seconds so what will drive the growth for us in steel segment in FI27 and further? 19:59 19 minutes, 59 seconds We are in the we are in the process of adding up the capacity. Uh as in in one division we are adding the GI condute 20:06 20 minutes, 6 seconds pipes and in our precision tubes or CDW division we are adding the fork tubes. 20:11 20 minutes, 11 seconds So it will increase our capacity and uh the balance capacities in our infrastructure we are adding some balancing equipment. So capacity 20:19 20 minutes, 19 seconds constraint will not be there for increasing the turnover in the coming year or the growth in the coming year. 20:26 20 minutes, 26 seconds We are in the process. So we are increasing capacity to how much metric t from current five lakh and and by when? 20:33 20 minutes, 33 seconds We are aiming it to increase to six lakh but in this year how much it will be added up then we will let you know. 20:40 20 minutes, 40 seconds Okay. Okay. And timeline deep I request you to join back the queue please as we are participants waiting for their term. 20:46 20 minutes, 46 seconds Uh yeah just the last thing this timeline. So by by what timeline we are adding to six lakh that the two items which I have just 20:54 20 minutes, 54 seconds told you it should take almost 9 months to 12 months this financial year it should be added up these two items. 21:03 21 minutes, 3 seconds Okay. Okay. Understood. Sure. That would be it from my side. Wish you all the best. Thank you so much. 21:08 21 minutes, 8 seconds Thank you. Ladies and gentlemen, in order to ensure that management is able to answer queries from all participants in the queue, kindly restrict your 21:16 21 minutes, 16 seconds questions to two at a time. You may join back the queue for follow-up questions. 21:20 21 minutes, 20 seconds The next question is from the line of Disha from Sapphire Capital. Please go ahead. 21:26 21 minutes, 26 seconds Hello, you're audible. Please go ahead. 21:30 21 minutes, 30 seconds Yeah, thank you so much for the opportunity. Couple of questions sir. 21:34 21 minutes, 34 seconds Firstly, just wanted to get your sense on what do you see the impact of the West Asia was sir given the supply chain disruption and the rise in commodity 21:41 21 minutes, 41 seconds prices. How much of that will be the pass through and what of export contribution can we expect in F27? 21:49 21 minutes, 49 seconds Basically this West Asia crisis it's a definitely a breaker for every industry because supply chain has disturbed 21:58 21 minutes, 58 seconds drastically and uh it has no uh it has no alternates because for the gas for 22:04 22 minutes, 4 seconds the oil we have no alternate but uh fortunately we are having PNG in our all our plants. So we got disturbed in March 22:13 22 minutes, 13 seconds but in April May we are having uh sufficient supply of this PNG. However the other products yes there is a there 22:21 22 minutes, 21 seconds is a price increase of all the consumables and we are trying to pass it on to the customer but it is always with a time lag. 22:30 22 minutes, 30 seconds So it may take 3 months to one quarter to two quarter to pass all these increases. 22:38 22 minutes, 38 seconds But we are in the meantime our USB is product shuffling and market reshuffling. So our teams are dope plotting and we are trying to find the 22:46 22 minutes, 46 seconds new product find the new markets where we can have more prices where we can have diversified product. So in that way 22:53 22 minutes, 53 seconds we are trying to minimize this impact but impact is definitely there. 23:00 23 minutes So sir yeah please. Yes please. 23:05 23 minutes, 5 seconds No no no sir please continue. And the as far as the exports are concerned exports because the time duration taken in 23:12 23 minutes, 12 seconds reaching the consignment it is taking more time. [clears throat] So it may in fact some 5 10%. But we hope the matter 23:20 23 minutes, 20 seconds will not be long for 12 months. It may be it may be solved in next 15 20 days. 23:25 23 minutes, 25 seconds So that uh uh that impact can be taken care. 23:31 23 minutes, 31 seconds So, so it'll be fair to assume so for the first two quarters we see some margin impact but with the share of higher value added products we can see 23:39 23 minutes, 39 seconds margins. So what sort of margins can we look at for FR27 as a whole? 23:47 23 minutes, 47 seconds As far as we are concerned, I have told we have a USP. Our business model is very resilient. We are doing the reshuffling of product and market. So 23:56 23 minutes, 56 seconds margin impact should not be there. We are trying our level best that the margin depreciation of the currency that the margins are not impacted. 24:06 24 minutes, 6 seconds If it is there, it will not be significant. 24:09 24 minutes, 9 seconds Okay. Okay. And so with this I request you to join back the queue please. I'm your participant waiting for the time. Thank you. 24:17 24 minutes, 17 seconds Next question is from the line of Shubam from CA Financial Services. Please go ahead. Hello. Am I audible? 24:25 24 minutes, 25 seconds Yes please go ahead. Okay. Thank you for the opportunity sir. 24:28 24 minutes, 28 seconds My first question would be uh you had guided a 15 to 20% revenue growth whereas we have only achieved around 4 to 5%. Is it mainly due to the impact of 24:38 24 minutes, 38 seconds the West Asia war or do we see any softness in domestic demand as well and would there be any guidance moving forward for FI27 and 28? 24:49 24 minutes, 49 seconds Basically this software this uh this four five% against 15%. One main reason is the HR prices steel prices have got 24:59 24 minutes, 59 seconds down from April 25 to April 26. There is a decrease in the steel prices which has impacted it. Number two, West Asia crisis, it has come in last one month. 25:10 25 minutes, 10 seconds So it has impacted our uh dispatches and as far as the future our future 25:16 25 minutes, 16 seconds guidance we are still hopeful that we will get uh at least uh what we had given earlier it was 15 20% but seeing 25:25 25 minutes, 25 seconds the geopolitical condition we still hope that we can be at the lower lower or 14 15% growth we still hope that we will 25:34 25 minutes, 34 seconds get okay sir thank you and uh the about the shell realizations, the recent order you 25:43 25 minutes, 43 seconds got right now. Uh do we expect the shell realizations to be in the same range of this order and what sort of margins are we going to make in this uh order? 25:54 25 minutes, 54 seconds Actually due to the current geopolitical factors we want to avoid giving these prices because it all depends on the supply and demand and the geopolitical 26:03 26 minutes, 3 seconds conditions are very important. Earlier it was not there but in in terms of shells uh the product of shell it is definitely it will definitely be 26:12 26 minutes, 12 seconds impacted. So we will let you know in the coming phone calls how you can always connect to us for taking the updates. 26:21 26 minutes, 21 seconds Okay sir. 26:22 26 minutes, 22 seconds Thank you Shubam requested to join back please. Thank you. Next question is from the line of Rahul Mishra from RL investment. Please go ahead. 26:33 26 minutes, 33 seconds Yeah, thanks for taking my question and just following up on what the earlier participant asked. The recent order win that you have of about 20,000 shells is 26:42 26 minutes, 42 seconds broadly at 26,100 rupees per shell. Uh should we broadly work with this number for that 75 to 80% capacity utilization that you spoke about? 26:55 26 minutes, 55 seconds So basically the price is not very important what you have read in this paper because demand and supply they are 27:01 27 minutes, 1 second very dynamic right now. So I cannot give any [clears throat] guidelines any guidance for what the prices will be in 27:09 27 minutes, 9 seconds future what the prices of this order I am not connected but definitely my guideline of 30 to 35% AI are it remains 27:17 27 minutes, 17 seconds intact I hope we will get this understood sir and secondly on this uh capacity 27:25 27 minutes, 25 seconds uh increase to 400,000 uh is it fair to assume that this will all be online in F28. 27:37 27 minutes, 37 seconds Sir defin we hope so that we will be able to do it uh in your estimated time period but definitely again today 27:46 27 minutes, 46 seconds uncertainty is the main factor but we hope that as per the guideline they will be able to do this. 27:54 27 minutes, 54 seconds Thank you. 27:55 27 minutes, 55 seconds Okay sir I'll come back in the next question is from the line of Harish Vasa from SBI securities. Please go ahead. 28:03 28 minutes, 3 seconds Uh thank you for the opportunity and congratulations on a good set of numbers sir. So my question was so what was the exit capacity utilization of the hydro 28:11 28 minutes, 11 seconds tubes plant and what two do the capacity utilization of uh uh in this financial year and the second question was that so could you just elaborate once again on 28:20 28 minutes, 20 seconds the capacity expansion from five lakh to six lakh like uh I couldn't get that. Okay. 28:28 28 minutes, 28 seconds Basically what uh as per our in the last year we have come to 50% capacity utilization of the hydraulic tubes and 28:36 28 minutes, 36 seconds in this year we we we hope that we will be able to do it to 65 to 70%. Number 28:43 28 minutes, 43 seconds one and your next question is from five lakh to six lakhs. So five lakh to six lakh I have just told you their capacity addition in your condute GI pipes and 28:52 28 minutes, 52 seconds capacity addition in your front pock tubes it will be almost 35 to 45,000 tons and the balance capacity addition 29:01 29 minutes, 1 second we will take it is in plan but we have not executed so far so in the next coming in the next in this coming 29:08 29 minutes, 8 seconds financial year we will be doing almost 40 to 45,000 capacity addition 29:15 29 minutes, 15 seconds Okay. So that so you mentioned DIP sense what is the second one? 29:20 29 minutes, 20 seconds Uh it is a front for tubes in our uh CDW tube section of precision tube section. 29:26 29 minutes, 26 seconds Okay sir. Okay. Thank you sir. 29:30 29 minutes, 30 seconds Thank you. Next question is from the line of Manisha Ques from IC securities. Please go ahead. 29:38 29 minutes, 38 seconds Thank you sir for the opportunity. I have some few questions regarding FEX and there may I request you to use your handset 29:46 29 minutes, 46 seconds mode please. The audio is not very clear. Okay. Uh now I am audible. 29:56 29 minutes, 56 seconds Yes please go ahead. 29:57 29 minutes, 57 seconds Yeah. Uh so thank you sir. So I have a questions regarding capex and debt. So the actual capex for the year came out 30:05 30 minutes, 5 seconds higher at 340 crores whereas the guidance was given at 250 crores. So why such a sharp increase and also s the 30:14 30 minutes, 14 seconds debt also came out higher this year. So can you just give us the reason why such a higher payment for the year? 30:23 30 minutes, 23 seconds Basically as far as your this uh investment part is concerned I hope you you have to check you please check your 30:30 30 minutes, 30 seconds figure because it is uh what capex we have done or what is in the VIP it is almost 232 course 30:37 30 minutes, 37 seconds so you just please check your figure and uh as far as uh your second question can you please repeat 30:45 30 minutes, 45 seconds the debt also came out higher this uh year long-term debts around 200 30:53 30 minutes, 53 seconds that that has increased. Our working capital has increased and there is a very obvious reason because we are going under geopolitical turbulence and that 31:02 31 minutes, 2 seconds has slowed down the total economy because exports have reduced and that total pressure has come on the domestic cycle. So when the domestic there is a 31:11 31 minutes, 11 seconds uh there is a glut. So for that glut our inventory has increased our realization has slowed down and it is 31:20 31 minutes, 20 seconds beyond our control but now we are trying to again reshuffleling the market reshuffling the product. So we are 31:28 31 minutes, 28 seconds trying to adjust it and we are trying to reduce it in the coming uh in the in the coming quarters. We assured we will do it. We are hopeful we will do it. 31:40 31 minutes, 40 seconds Okay sir. And lastly sir what will be the capex guidance for fi 27 31:46 31 minutes, 46 seconds capex guidance for the for the current year it is the the wip which is in the which is in the mode of execution that 31:54 31 minutes, 54 seconds will be completed and other than in our good luck defense and deos space uh we have a plan to augment our capacity 32:02 32 minutes, 2 seconds which has a capital outlay of 400 course but it will be spoiled maybe in the in this financial year or it may get It may 32:11 32 minutes, 11 seconds be carried forward to the next financial year also. So we will come out with the right figure in the next quarter or you can connect to us anytime. 32:20 32 minutes, 20 seconds Okay sir. Thank you so much sir. 32:24 32 minutes, 24 seconds Next question is from the line of Vatsel Sha from Anantaya Financial Services. Please go ahead. 32:32 32 minutes, 32 seconds Hello. Uh please use your handset mode. 32:42 32 minutes, 42 seconds Hello. Am I audible? Yes, please go ahead. 32:46 32 minutes, 46 seconds Thank you for the opportunity. Ma'am, there are few questions. Uh the first one is regarding the defense IPO like 32:53 32 minutes, 53 seconds you're guys going to plan the IPO for the next uh I'm sorry. 33:02 33 minutes, 2 seconds Can you just repeat the question? You were sounding Hello. Hello. 33:08 33 minutes, 8 seconds Yes, Watsell, please repeat the question. 33:11 33 minutes, 11 seconds Yes. Uh you guys are planning for the IPO uh for the upcoming like FY28 or FY29 uh in the defense uh your company. 33:20 33 minutes, 20 seconds So uh the IPO that uh you're going to plan is for OS or fresh issue. Can you just give me a title for that? Basically 33:28 33 minutes, 28 seconds on this issue I will prefer no comments because it is done by wheels and we will and we will let you know the when the right time comes. 33:39 33 minutes, 39 seconds Okay sir and uh the other question is that uh given the company's ongoing expansion and the finance cost why does 33:48 33 minutes, 48 seconds the manual expect to reduce the repayment of the debt obligations? 33:54 33 minutes, 54 seconds Not clear sir not clear. What do you want to know? 33:58 33 minutes, 58 seconds Hello. Uh I want to know about the repayment schedule sir like uh the date is uh increasing. So what guys are you 34:06 34 minutes, 6 seconds planning to you know uh reduce the dates and repay at by what time? By what time? 34:14 34 minutes, 14 seconds There by 26 during current financial year it will be 54 K and uh again 34:22 34 minutes, 22 seconds financial year 28 uh it would be 51 K. 34:29 34 minutes, 29 seconds H so accordingly that will be reduced. 34:33 34 minutes, 33 seconds Okay thank you so much sir. Uh actually I have one more question. I request you to join back please. 34:40 34 minutes, 40 seconds Thank you. 34:43 34 minutes, 43 seconds Next question is from the line of SRO Raidani from SRO ENT. Please go ahead. Hi sir. 34:52 34 minutes, 52 seconds Hello. Hi. Hi sir. Yeah. 35:03 35 minutes, 3 seconds explosives and good luck defense 35:10 35 minutes, 10 seconds and even we have taken some uh land in Raji uh sorry in uh this also 35:20 35 minutes, 20 seconds that is in a separate company good luck ASA limited and uh that question is not connected to this control of good luck 35:28 35 minutes, 28 seconds India so you can ask us separately Okay. Uh what about the s when you're 35:35 35 minutes, 35 seconds looking for good luck defense subsidies and 35:42 35 minutes, 42 seconds so like why so I will request you to 35:49 35 minutes, 49 seconds connect us uh we should now concentrate only on this good luck India concourse and for all these questions you can connect to us separately we will be happy to answer. 35:58 35 minutes, 58 seconds Okay. Thank you. Thanks. 36:01 36 minutes, 1 second Thank you. Next question is from the line of Kesha from Rakan Investors. Please go ahead. 36:07 36 minutes, 7 seconds Uh yeah sir on shells you've mentioned uncertainty is the reason due to which it's difficult to guide on the utilizations on the expanded four lakh 36:16 36 minutes, 16 seconds capacity. So can you help understand a bit more because uh the defense expenditure is going up and the demand seems to be there. So are we referring 36:24 36 minutes, 24 seconds to logistical uh bottlenecks caused by the war or any demand side issues such as the client's sources sourcing 36:32 36 minutes, 32 seconds strategy changing due to the uh different dynamics of the modern warfare? 36:38 36 minutes, 38 seconds You are very correct that your question is very uh right demand there's no bul of demand because the whole world is 36:46 36 minutes, 46 seconds experiencing this uncertainty and fear factor is driving up uh driving up the 36:53 36 minutes, 53 seconds uh basically they everybody wants to purchase this everybody want to store up this and I have already told in my speech that there is rearm 37:02 37 minutes, 2 seconds gulf and the latest is replenish us so demand is not a concern But definitely due to this West Asia crisis movement 37:10 37 minutes, 10 seconds logistics has become issue and uh as far as demand is concern it is very very strong. 37:18 37 minutes, 18 seconds I don't see any let up in the demand and that is why we are putting up this 4 lakh shell because we think whatever order load we have today or whatever 37:26 37 minutes, 26 seconds inquiries we have we can only commit to those inquiries only whenever this new plant comes otherwise we are we cannot 37:33 37 minutes, 33 seconds supply from this plant. demand is so much at this time. 37:38 37 minutes, 38 seconds Sure. And sir secondly u I mean two straight quarters of gross margin improvement. Is there any transitory 37:47 37 minutes, 47 seconds element or is this something that can be sustained going forward because we've uh moved from almost 28% uh 27 28% uh to 37:56 37 minutes, 56 seconds almost 33% yearonear. Uh so would this sustain going forward or do you see um something some product mix that was 38:05 38 minutes, 5 seconds different that might change going forward also? 38:09 38 minutes, 9 seconds There is no worry growth margin will be sustained. It is a sustainable margin what we have given. 38:18 38 minutes, 18 seconds Okay great sir I'll come back in the queue. Thank you. 38:23 38 minutes, 23 seconds Next question is from the line of Anirut Shetty from Solidarity Advisor. Please go ahead. 38:29 38 minutes, 29 seconds Hi, thank you for the opportunity. Two questions from my side. First question is uh so for FI27 you gave a rough 38:37 38 minutes, 37 seconds indication of a topline growth of say 14 15%. Uh you know what could the profit growth be as you share of hydraulic uh 38:46 38 minutes, 46 seconds pipes and defense goes up which are you know higher margins. 38:52 38 minutes, 52 seconds Basically the guideline we have given for your uh total uh total turnover and 38:59 38 minutes, 59 seconds as far as the share of hydraulic tubes and our defense it will remain high. 39:04 39 minutes, 4 seconds What it has been in this financial year it will be more in the coming financial year. 39:11 39 minutes, 11 seconds As we have indicated earlier also our margin our share of value added 39:18 39 minutes, 18 seconds product will keep on increasing quarter on quarter and year year after year 39:25 39 minutes, 25 seconds how much it will increase it depends on how the situation pans out. 39:33 39 minutes, 33 seconds Okay. 39:36 39 minutes, 36 seconds And uh so my second question was just to get a sense around the margin of the segments that we're entering into. You 39:43 39 minutes, 43 seconds mentioned the uh GI condute pipes and precision tubes. What is the AIDA margin that one can expect there on a you know 39:52 39 minutes, 52 seconds you know full scale basis condute pipe is basically for export to USA. It's a highly profitable item with an IITA of 30%. 40:06 40 minutes, 6 seconds 15 and the front tube it is running at it 40:16 40 minutes, 16 seconds will be at the CDW tube and which the I beta margin of 15 16% we will continue 40:23 40 minutes, 23 seconds got it got it sir thank thank you for answering my question thank you next question is from the line 40:30 40 minutes, 30 seconds of harsh saja from Columbus capital please go ahead Hi sir, am I audible? 40:39 40 minutes, 39 seconds Yes, please go ahead. Yeah. 40:40 40 minutes, 40 seconds Hi. Uh sir, congratulations on a decent set of numbers. What exactly are the products that we will be doing in solar 40:48 40 minutes, 48 seconds as you mentioned in your opening remarks? 40:51 40 minutes, 51 seconds In the solar we are making the solar structures uh which is the base structure for putting up your panels and the transmission tube basically for 41:00 41 minutes putting for making up the movable panels. So it is all the structures we are supporting to put up the panels 41:07 41 minutes, 7 seconds whether it fix or whether it is single in both the parts we are giving the material. 41:13 41 minutes, 13 seconds Okay. And so what sort of competition are you seeing in this I mean is it is it like a commoditized steel product market or is it something high value? 41:20 41 minutes, 20 seconds Just want to know from your end sir to this to answer this you have to just see to the India growth we are 500 41:27 41 minutes, 27 seconds gawatt plus last year we have done almost 51 gawatt and this year again we are going to add up 41 to 45 gawatt so 41:37 41 minutes, 37 seconds yes competitor may be there people may be there but demand is outpacing the growth in the production so we are having no doubt 41:46 41 minutes, 46 seconds okay sir so you've started receiving like customer orders or like firm commitments for these products. 41:54 41 minutes, 54 seconds Basically this market everybody wants the commitment but we can only commit what we can produce and what we can 42:00 42 minutes supply. So I I again see there's no dul of demand. It is only the execution which you can do. 42:08 42 minutes, 8 seconds Okay. So just one last I request you to join back the ques as we are part of this meeting. Thank you. 42:16 42 minutes, 16 seconds Next question is from the line of Mayul Panchani from OTS. Please go ahead. Hello sir. 42:23 42 minutes, 23 seconds Thank you so much for the opportunity. 42:25 42 minutes, 25 seconds U with the last uh two months uh April and May uh whatever disruptions we have 42:32 42 minutes, 32 seconds seen and uh that was impacted at Q1. But uh if if the West Asia crisis is uh uh 42:40 42 minutes, 40 seconds if you consider it as uh done now I mean I'm not saying that it is done but just in case if it is resolved in the next couple of weeks. So would we have a uh 42:50 42 minutes, 50 seconds normal Cuban or will we will be still impacted? I mean how are the first two months April and May? 42:56 42 minutes, 56 seconds It is still premature to answer this question because we all know Trump. 43:02 43 minutes, 2 seconds So uh better we keep this answer for some future time but definitely if it if it is resolved to the acceptance of 43:11 43 minutes, 11 seconds everybody so quarter results will be improved and at least second quarter will be improved. It is for everybody 43:20 43 minutes, 20 seconds right sir and sir what kind of uh uh when contribution are we going to see uh from defense I may have missed the 43:29 43 minutes, 29 seconds commentary because I did not join earlier for FI27 what will be the contri contribution of defense 43:38 43 minutes, 38 seconds we have already some questionnaire some people had asked and they expecting almost 30 250 to 300 crores so I agree 43:46 43 minutes, 46 seconds to that Thank you. 43:54 43 minutes, 54 seconds Next question is from the line of Nikil from Kizuna wealth. Please go ahead. 44:00 44 minutes Yeah. Hi. Hi sir. Thank you for giving me the opportunity. Am I audible? Yes, please go ahead. Yeah. 44:06 44 minutes, 6 seconds Yeah. So sir my first question is on the lines of you saying that HC prices have caused a topline growth but from the 44:13 44 minutes, 13 seconds December 2025 to till now May it has rose 10,000 per ton from 48,000 to 58,000. 44:21 44 minutes, 21 seconds So how I I couldn't correlate the assumption that choice price is going down is impacting our topline growth. 44:27 44 minutes, 27 seconds That is the first question and the second question like how much impact on the margins are you expecting in your first question is not clear. Can you repeat it? It is a voice is very slow. 44:38 44 minutes, 38 seconds So can you hear me now? Is my audible? Yes. Yes. Yes. No, please. 44:43 44 minutes, 43 seconds Yes sir. So my first question is on the line of HRC prices. You said that HRC prices falling cost growth impact. But 44:51 44 minutes, 51 seconds when I look at HRC prices from December 2025 till uh May 2026 the HRC prices have rose from 48,000 to 50,000 per ton. 45:01 45 minutes, 1 second So I couldn't correlate that mismatch. 45:03 45 minutes, 3 seconds And so my second question would be on your margins like how much impact on the margins are you expecting due to this commodity price inflation in quarter 1 45:12 45 minutes, 12 seconds and quarter two actually what you are saying I can only 45:18 45 minutes, 18 seconds answer that the steel prices have so but our production has not gone down if you will see our production numbers have 45:26 45 minutes, 26 seconds gone by 11%. If you see our sales it has improved by 5.4%. 45:31 45 minutes, 31 seconds As far as selling is concerned, there is no issue. But definitely due to this West Asia crisis or any other crisis, 45:39 45 minutes, 39 seconds the movement of the goods, it has impacted. But as far as our long-term guidance is concerned, we have we are 45:46 45 minutes, 46 seconds very much hopeful that the idea we have given just that idea we will be able to cope up in this uh financial year. 45:57 45 minutes, 57 seconds Okay. So that's that's really great to hear. My s second question. Yeah, go ahead please. 46:04 46 minutes, 4 seconds Yes. My second question would be on the lines of art shell production. Uh one of our competitors have come out with a 46:11 46 minutes, 11 seconds capacity of five lakh shells production perom and some of other small smaller PS are getting the native orders ranging 46:18 46 minutes, 18 seconds from 100 crores to 600 crores. So my uh I want to understand like how are uh how are our orders looking at and from where 46:26 46 minutes, 26 seconds they're coming from. And the second would be like uh like what kind of orders are we expecting and how the demand and supply dynamics are going on 46:33 46 minutes, 33 seconds right now because capacity is also uh keeping up with the demand as my understanding. 46:40 46 minutes, 40 seconds So the the answer is only this because as for however no data is available no doubt no data we can bounce for but 46:49 46 minutes, 49 seconds whatever is available on in the market data the demand today is 8 to 9 million 46:55 46 minutes, 55 seconds shares where is the quantity available or quantity to be started in next one or two years it may be 2 to 3 million. So 47:05 47 minutes, 5 seconds the basic difference is the basic question is not what 3 million or 9 million because we cannot vouch for the data but yes we can vouch for the data 47:13 47 minutes, 13 seconds what is whatever is being produced and whatever is likely to be produced that is not matching the demand because 47:20 47 minutes, 20 seconds demand is today and as the world market as the word geopolitics says that this these type of conflicts are increasing. 47:29 47 minutes, 29 seconds So demand pattern is more demanding and it is outpacing the growth and any plant which has come or which is likely to 47:37 47 minutes, 37 seconds come if you go for Europe it will take minimum 2 years. So putting up the capacity getting it executed and 47:46 47 minutes, 46 seconds supplying to the required party there is a large gap but we are at the right time 47:53 47 minutes, 53 seconds with the right capacity to give to fulfill this demand and that is why we have only planned for augmentation of the capacity and we are very much 48:02 48 minutes, 2 seconds confident that we will sell our product we we have the orders that we can supply to for up to two years but what is the fund in having capacity after 3 years. 48:13 48 minutes, 13 seconds So capacity has to be right now and that is why we have decided for this demand. 48:18 48 minutes, 18 seconds There is no d of demand. Supply will always be constrained in next four five years. My perception is supply will be constrained. Demand will not be a problem. 48:29 48 minutes, 29 seconds Two years. Thank you. Thank you for doing that. 48:32 48 minutes, 32 seconds Unfortunately, thank you. Next question is from the line of Pratik Dalwatkar from Smith Institutional Equity. Please go ahead. 48:42 48 minutes, 42 seconds Yeah. Uh apology is your handset mode. There's lot of disturbance on your line. 48:51 48 minutes, 51 seconds Am I audible now? Yes, please go ahead. 48:54 48 minutes, 54 seconds Yeah. Yeah. Uh so thanks for the opportunity sir. I just wanted to ask a question on raw material sourcing. So what is the raw uh situation in the raw 49:02 49 minutes, 2 seconds material sourcing as in March and April there was a shortage of raw material especially the HRC and that is because 49:09 49 minutes, 9 seconds the other competitors of the steel pipes have lowered their guidance for steel pipes. So just want to understand the raw material part is the is that come 49:18 49 minutes, 18 seconds back to normal or the situation still persist it remains that's the one question remains. 49:25 49 minutes, 25 seconds Okay. Okay. Uh so and my second question on on the capex for FI27 sorry I missed earlier. So what was the capex guidance for FI27 sir? 49:36 49 minutes, 36 seconds So capex guidance I have already told you that the we have already taken two jobs uh our two projects one is our 49:45 49 minutes, 45 seconds condute gip and one is our fun tubes. So that is going on and the new new plan and this augmentation of our capacity to 49:53 49 minutes, 53 seconds four lakh we are not very much sure that it will be covered in this in this financial year or it may spawn to the next financial year. So we will let you 50:02 50 minutes, 2 seconds know the fin the final four figures uh in future in the coming quarter we will 50:09 50 minutes, 9 seconds let you know. Thank you so much. And my last question is uh I request you to join by the Q please as we participants waiting for their turn. 50:18 50 minutes, 18 seconds Thank you. 50:19 50 minutes, 19 seconds Next question is from the line of Ishan Goyel, an individual investor. Please go ahead. Hello. Am I audible? 50:28 50 minutes, 28 seconds Yes, please go ahead. 50:30 50 minutes, 30 seconds Uh so thank you for the opportunity. Uh we have successfully increased the earnings from the past year. 50:44 50 minutes, 44 seconds Hello. Yes. Isan can repeat. Am I audible now? Yes. 50:51 50 minutes, 51 seconds Uh so first of all, thanks for uh we have successfully increased our AITA margins from the previous year. We are focusing more on the value added 50:59 50 minutes, 59 seconds products. Uh so do we keep improving our AITA margins for the per year or what what are the guidancees for the future year? 51:06 51 minutes, 6 seconds Sure. Sure. We are always we are always on improving the this IITA margins in future and we are very much confident 51:13 51 minutes, 13 seconds that we will do it whatever may be the conditions we will put up our efforts to improve it further. 51:21 51 minutes, 21 seconds Uh can you quantify just in numbers like we have closed about 10.2% 2%. So would that be better to accept expect that 12 to 15% in further? 51:33 51 minutes, 33 seconds So basically this is the this is what uh this is what you can expect but as far as in these uncertain conditions we 51:41 51 minutes, 41 seconds cannot define any number. I can only say there will be significant improvement we will try for a significant improvement in our habit margin numbers. 51:53 51 minutes, 53 seconds Okay sir. Thank you. And another question was about the can you give about the numbers for order book segment wise is this possible and not if not 52:01 52 minutes, 1 second then overall order book what we have currently order book our order book is healthy I 52:08 52 minutes, 8 seconds can say that inan all segments including 52:18 52 minutes, 18 seconds our order book is healthy I can tell you that. 52:26 52 minutes, 26 seconds Okay sir. Thank you. Okay sir. Thank you. Thank you. Thank you. 52:30 52 minutes, 30 seconds Next question is from the line of Harasa from SB Securities. Please go ahead. 52:35 52 minutes, 35 seconds Uh thank you for the follow-up question sir. Can I have FI26 and 4K FI26 segment wise capacity utilization. 52:44 52 minutes, 44 seconds So for this year capacity utilization has been 94%. And in the coming year with the addit capacity 52:52 52 minutes, 52 seconds it will it will come down definitely because the new capacities are coming but I cannot give the exact number right now. Let the production come and we will 53:01 53 minutes, 1 second let you know. No uh sir that was helpful but I just wanted segment wise is that possible. 53:08 53 minutes, 8 seconds No not clear. I'm not clear what you are asking. So I'm saying order like the capacity utilization segment wise segment. 53:16 53 minutes, 16 seconds Yeah. Yeah, segment wises normal in our legacy 53:23 53 minutes, 23 seconds business you can connect with our team. They can give you the exact numbers. I'm not having the exact numbers right now. 53:34 53 minutes, 34 seconds Overall number I have told it is 94% but my team will let you know the exact numbers. Okay sir. Thank you. 53:41 53 minutes, 41 seconds Thank you. 53:43 53 minutes, 43 seconds Next question is from the line of Shashank Canoria from ICICA securities. Please go ahead. 53:49 53 minutes, 49 seconds Yeah, good afternoon sir. So just wanted to check you have been grading from 500 course of cex for second phase of defense vertical right. So have you frontloaded any capex and spent anything in this fiscal itself? 54:00 54 minutes Oh this is a this is not 500 this is 400 and we have yet to start it. We've not 54:07 54 minutes, 7 seconds we have not started so far because sir uh we have been guiding for 250 crores of capex at the console level 54:15 54 minutes, 15 seconds and your cash flows shows 350 crores of capeex spent for this fiscal year. So numbers are not reconciling that to that 54:22 54 minutes, 22 seconds extent very small. We have incurred for 54:30 54 minutes, 30 seconds very small capex that what is going on for the machining purpose we have done some capex because it is helping us in 54:37 54 minutes, 37 seconds our current currentation also but the major capex is yet to come. 54:44 54 minutes, 44 seconds Okay. And second sir uh you know uh is there any uh metal movement from standalone to defense vertical? So because the reason I'm asking is if I do 54:53 54 minutes, 53 seconds a state mass of console minus standalone this should give me a defense vertical revenues right and this is something like 3300 33 crores which is gring for 46 crores. So can you help us consult? 55:06 55 minutes, 6 seconds I will ask my team to connect to you because the numbers you are asking for numbers so they will be better equipped to 55:13 55 minutes, 13 seconds just take basic things from standalone is there any material movement to reference vertical 55:20 55 minutes, 20 seconds no no there's no any material movement from is there any movement yes forward just a moment 55:28 55 minutes, 28 seconds we will let you know we will let you know I'm not much clear what you are asking because it is a number Yeah, there are three four things still 55:36 55 minutes, 36 seconds ambiguous to the community. First is your margin which is there for the defense vertical for this quarter the cape spends. So I would really request 55:44 55 minutes, 44 seconds the team to come back to us for this thing. 55:48 55 minutes, 48 seconds For the ITA margins I have already told that the coming year margins will be in the as our guidance of 30 35%. This year 55:57 55 minutes, 57 seconds it has been exorbitant the the year which has gone but by 2526 it has been exorbited because plant 56:06 56 minutes, 6 seconds started in October but production came from only 2 three months 56:26 56 minutes, 26 seconds product that is after details you just connect my team will connect to you because these 56:33 56 minutes, 33 seconds numbers I hope on this platform we should not discuss my team will discuss you sir thank you so much 56:41 56 minutes, 41 seconds thank you next question is from the line of Pratik Mandari from Art Ventures please go ahead 56:48 56 minutes, 48 seconds yeah hi sir thanks for the opportunity two questions from my end uh what is the net debt position as on March 26 Six and 56:56 56 minutes, 56 seconds you mentioned that for the condute GI pipes that you will be exporting to US we're targeting the margins in the range 57:03 57 minutes, 3 seconds of 30%. Can you can you specify some more details about it? Is it 30 or is it 57:10 57 minutes, 10 seconds in the range of 2530 and how is it yes I will I will clarify basically what 57:18 57 minutes, 18 seconds you want to know uh condute pipe condute for the condute pipe the margins are normally in 15 to 25% range what we have 57:27 57 minutes, 27 seconds so what we have said that is the highest margin that may be there but for the calculation purpose you can always take 57:33 57 minutes, 33 seconds it will again be in 15 to 20% margin always but as The word is word demand is today is very high. So those kind of 57:42 57 minutes, 42 seconds margin what Mr. has said that that he has predicted but for the calculation purpose you take it from 15 to 20% 57:49 57 minutes, 49 seconds margin which will be sustainable in future and the other question was net debt position is on March 26 57:58 57 minutes, 58 seconds net debt position on the it is net debt position working capital loans 58:04 58 minutes, 4 seconds is 800 cr and uh term loan is 200 cr total 1,000 58:13 58 minutes, 13 seconds And cash cash mean cash and bank balance balance. 58:22 58 minutes, 22 seconds Cash and bank balance is about uh 300 uh 3 crores. 58:30 58 minutes, 30 seconds Three K sorry 50 K including deposits it is 50 K. cash and bank balances in current 58:40 58 minutes, 40 seconds account and cash balances about 3 cr. So total is uh 50 crores. 58:47 58 minutes, 47 seconds Okay. And I I also request the management I requested to join back the QP just just just if I can add up to I also 58:55 58 minutes, 55 seconds request the management to give some you know pinpoint and uh clear answers because uh you know I believe that there 59:02 59 minutes, 2 seconds is a lack of clarity on lot of points which are not even available in the PPT as well. So this will certainly help everyone who are tracking the company. 59:14 59 minutes, 14 seconds So uh you can put your questions to our IT. They will clarify what the pointed pointed price point you want. 59:21 59 minutes, 21 seconds But the management should specify the answers on the corn call I believe. 59:26 59 minutes, 26 seconds Okay. You put your question, we will answer. 59:31 59 minutes, 31 seconds Thank you. Next question is from the line of Lokesh Kashikar from Smith's Institutional Equities. Please go ahead. 59:40 59 minutes, 40 seconds Yeah. Hi. Uh congratulations on the good side of numbers sir. Uh I believe you have basically I have a couple of questions. Uh I believe you have guided 59:48 59 minutes, 48 seconds for around 15% topline growth for 27 but if I back calculate considering the defense revenue let's say your top line 59:57 59 minutes, 57 seconds would be closer to around 4,400 in the steel business that basically translation to around 9 to 10% growth in 1:00:04 1 hour, 4 seconds the steel business. Now when you look at the realization or the HRC prices that have increased during December to March, 1:00:12 1 hour, 12 seconds it had more than 15 to 20%. So that uh indirectly specifies that there would be no volume growth for 27. 1:00:26 1 hour, 26 seconds Your question is not clear. What do you want to say? 1:00:30 1 hour, 30 seconds So I just wanted to know the volume growth for a 27 in the steel business because as per your guidance you know on 1:00:38 1 hour, 38 seconds the revenue 95 it shows the decline. 1:00:41 1 hour, 41 seconds Volume the volume growth in terms of production in in FY 26 it has been 11%. However the 1:00:50 1 hour, 50 seconds sale growth has been almost 5%. And this is FY 27. We hope that this West Asia 1:00:57 1 hour, 57 seconds crisis is solved and our volume growth it will be 14 to 13 to 15% in this uh 1:01:05 1 hour, 1 minute, 5 seconds coming financial year for the steel business what you are asking particularly. 1:01:10 1 hour, 1 minute, 10 seconds Okay. But the revenue growth would be much better because HRC prices has increased. So therefore the realction growth should be better. Correct. 1:01:18 1 hour, 1 minute, 18 seconds So definitely in the coming quarters it will be it will be very evident. Now things are in very you can say in very fluffy condition. Nothing can be 1:01:27 1 hour, 1 minute, 27 seconds predicted right now because everything is behavingally. 1:01:34 1 hour, 1 minute, 34 seconds Okay. Okay. Fine. Secondly on sir uh your inventory days has increased uh and I believe that is because of the delay 1:01:42 1 hour, 1 minute, 42 seconds in dispatches. So it has normalized currently or how is the situation? 1:01:49 1 hour, 1 minute, 49 seconds Not yet. It has not normalized so far but we hope with all the paper statement that it will normalize and it will be 1:01:57 1 hour, 1 minute, 57 seconds reduced. We also hope so what you are hoping we are also hoping this. Okay. 1:02:04 1 hour, 2 minutes, 4 seconds Thank you ladies and gentlemen. We'll take that as the last question for today. I now hand the conference over to management for closing comments. Over to you sir. 1:02:16 1 hour, 2 minutes, 16 seconds We are we are thankful for all the investors for all the analysts who have joined this concord and we hope uh their 1:02:23 1 hour, 2 minutes, 23 seconds queries we have answered. If they have any query we are our I team is open they can send their queries to them and they will answer them. Thanks. 1:02:33 1 hour, 2 minutes, 33 seconds Thank you members of the management team. On behalf of Good Luck India Limited that concludes this conference. 1:02:39 1 hour, 2 minutes, 39 seconds Thank you all for joining us and you may now disconnect your