Jindal Stainless Ltd — Q4 FY26

Jindal Stainless Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=MG02ke6tLkU Published: 8 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to Jindel Stainless Limited Q4 FYI26 earnings conference call hosted by 0:09 9 seconds Ambbit Capital Private Limited. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions 0:17 17 seconds after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on 0:26 26 seconds your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 0:33 33 seconds Sakudep Jen from Ambit Capital Private Limited. Thank you and over to you Mr. Jen. 0:39 39 seconds Now, thank you operator. Uh good evening. Um and on behalf of Ambit Capital, I thank the management team of Jindel Stainless for the opportunity to 0:47 47 seconds host their Q Q4 FI26 earnings conference call. We have the following members of management with us today. Mr. Abu 0:55 55 seconds Jindel, managing director. Mr. Tarun Kulbe, CEO, CFO and wholetime director. 1:00 1 minute Mr. Capiloda, head of finance. Mr. Angut Kurana, head of investor relations. And Mr. Abhishek Dami who is the part of IR team. And now hand over the call to Mr. 1:10 1 minute, 10 seconds Angut Kurana. Thank you all and over to you sir. 1:14 1 minute, 14 seconds Thank you Sativ. Good day everyone and thank you for joining us for the company's Q4 FI26 earnings call. I hope 1:21 1 minute, 21 seconds you all had a chance to review the results and the accompanying presentation uploaded on the exchanges and on our website earlier. Our 1:29 1 minute, 29 seconds discussion call will follow that presentation. Before we begin, I would like to remind you that some of the statements made today may be 1:37 1 minute, 37 seconds forward-looking in nature and are covered by the disclaimer on slide two of the earnings presentation. Joining me on the call today is the senior 1:45 1 minute, 45 seconds leadership team who will take you through the key business developments and the performance for this quarter. 1:50 1 minute, 50 seconds After the remarks, we will open the floor for their questions. With that, let me hand it over to our managing director, Mr. Abadindal, to take you 1:58 1 minute, 58 seconds through the highlights. Over to you, sir. 2:01 2 minutes, 1 second Thank you, Angar, and a very good evening to everyone. I would also like to welcome you all to our earnings call. 2:08 2 minutes, 8 seconds I will begin by outlining the key business highlights for the quarter and year ending March 2026 and the progress 2:15 2 minutes, 15 seconds we continue to make across our priority sectors. Following that, Mr. Kulbe will take you through our operational and financial performance. 2:24 2 minutes, 24 seconds Continuing the positive momentum, our sales volume in FY26 grew by 8% yearon year, supported by sustained domestic 2:32 2 minutes, 32 seconds demand amid the volatility in the export market. In the domestic market, GSS performance was consistent uh underfined 2:41 2 minutes, 41 seconds by dem demand momentum from key sectors such as automotive, ornamental pipe and tube, industrial pipe and tube, railway, metro, lift elevator and white goods. 2:53 2 minutes, 53 seconds Last quarter, we had initiated a calibrated shift in our brand strategy to complement our strong B2B leadership 3:00 3 minutes with a sharper consumerf facing presence. The onboarding of Reanir Singh as the company's first ever brand ambassador and the launch of a 3:09 3 minutes, 9 seconds nationwide multimedia campaign marks a structural step step up for our natural brand presence. The general infinity 3:18 3 minutes, 18 seconds campaign focuses on authenticity and informed choice addressing long-standing issues of counterfeiting 3:27 3 minutes, 27 seconds and quality opacity in key segments such as pipe and tube while reinforcing stainless steel relevance. 3:35 3 minutes, 35 seconds In parallel, we have also associated with Sunrisers Hyderabad to leverage the cultural scale and emotional equity of 3:42 3 minutes, 42 seconds cricket to deepen engagement with younger and mass audiences. 3:48 3 minutes, 48 seconds Together, these initiatives will help strengthen top of- mind recall, support channel partners uh through co-branded outreach and enhance long-term brand 3:57 3 minutes, 57 seconds equity as consumption-led applications of stainless steel scale up across India. We believe the timing is 4:05 4 minutes, 5 seconds appropriate as we enter our next phase of growth with brand building acting as a strategic enabler of demand creation, 4:12 4 minutes, 12 seconds differentiation, and sustained value creation. 4:16 4 minutes, 16 seconds Table seat demand in the passenger code segment also increased traction from strong growth also saw increased 4:24 4 minutes, 24 seconds traction from strong growth. The modern AC coaches which use both shell and stainless steel lender frames will 4:32 4 minutes, 32 seconds contribute to the demand of stainless steel for coach manufacturing. 4:36 4 minutes, 36 seconds Higher activity in metro projects across the country also supported the strong delivery momentum going forward. and FI27. 4:45 4 minutes, 45 seconds Several new metro projects are slated to go onstream in Bengaluru, Mumbai, Gurugram and Delhi. With export demand 4:53 4 minutes, 53 seconds for India made metro coaches also picking up, the demand for stainless steel is expected to witness a jump of two to three times over the next 3 to four years. 5:03 5 minutes, 3 seconds The Indian lift and elevator industry is expected to witness steady growth in FI27 driven by urbanization, infra 5:11 5 minutes, 11 seconds development, rising demand for efficient vertical transportation systems. 5:17 5 minutes, 17 seconds Developments in Middle East continue to influence energy markets and global supply chains. The ongoing situation has 5:25 5 minutes, 25 seconds affected the availability of key industrial gases including propane, LPG, natural gas, ammonia. In parallel 5:33 5 minutes, 33 seconds disruption, shipping lanes have resulted in route diversions, extended transit periods and 5:41 5 minutes, 41 seconds intermittent cargo delays adding pressure on logistics and cost structure. We are monitoring the situation closely for improved clarity 5:50 5 minutes, 50 seconds around few allocations and the normalization of supply conditions. 5:56 5 minutes, 56 seconds On the export front, global trade sentiments continue to remain subdued due to ongoing trade and geopolitical uncertainties. 6:04 6 minutes, 4 seconds Despite these headwinds, GSL demonstrated strong execution capability, delivering higher export volumes on a quarter-on-quarter basis, 6:13 6 minutes, 13 seconds maintaining a focus on expanding into markets such as Japan, Korea, Taiwan, and Germany. 6:19 6 minutes, 19 seconds Inferior imported materials continue to enter India at a large scale. The temporary suspension of QCO is a matter 6:28 6 minutes, 28 seconds of concern and poses a discouraging setback for quality focused domestic industry players. We remain hopeful that 6:35 6 minutes, 35 seconds the government will strengthen and enforce frameworks that uphold quality standards to protect consumers and MSMES alike. 6:44 6 minutes, 44 seconds In this environment, Jinder standards retains its market share through its agility, cost competitiveness and a customer first approach. 6:54 6 minutes, 54 seconds On sustainability front, JSL continues its streak of ESG excellence, achieving an eco word score of 71 out of 100 in Q426 with a bronze medal recognition. 7:08 7 minutes, 8 seconds In parallel, our continued commitment towards a cleaner and more resil resilient energy mix saw the partial 7:15 7 minutes, 15 seconds commissioning of a 315 megawatt solar wind hybrid power project in collaboration with Oyster renewable 7:23 7 minutes, 23 seconds energy this quarter. At JSL, we remain steadfast and continue to march toward our long-term decarbonization goals. 7:32 7 minutes, 32 seconds With this, I would like to hand over to Mr. Kulbe to discard operational and financial performance. Thank you. 7:40 7 minutes, 40 seconds Thank you Abida. 7:42 7 minutes, 42 seconds Good evening everyone. Welcome to the call. I would like to begin by providing a detailed overview of our operational 7:50 7 minutes, 50 seconds and financial performance. Despite geopolitical headwinds, our Q4 FI26 7:57 7 minutes, 57 seconds deliveries were at 0.64 64 million tons remaining steady on a yearon-year basis. 8:06 8 minutes, 6 seconds Our Q4 consolidated AITA increased by around 37% yearonear and around 3% on quarteron quarter to rupees 1455 crores. 8:18 8 minutes, 18 seconds Our consolidated pack stood at 824 crores an increase of around 41% on year 8:26 8 minutes, 26 seconds one year and around 1% on quarteron quarter basis. For FI26, our deliveries 8:33 8 minutes, 33 seconds stood at 2.57 million tons with an increase of around 8% yearonear. 8:39 8 minutes, 39 seconds Consolidated AITA increased by around 19% yearonear to rupees 5,560 crores and 8:46 8 minutes, 46 seconds consolidated PA stood at rupees 3,185 crores with an increase of around 27% year-on-year basis. 8:57 8 minutes, 57 seconds We are pleased to report continued improvement in our balance sheet. 9:02 9 minutes, 2 seconds As of March 31, 2026, our consolidated net debt has further reduced to rupees 9:08 9 minutes, 8 seconds 3,40 K with a net debt to EITA ratio at 0.55X 9:15 9 minutes, 15 seconds comfortably below one and a net debt to equity ratio of 0.15X reflecting our disciplined approach to financial management. 9:25 9 minutes, 25 seconds This robust financial management continues uh continues to place in the better position to navigate ongoing macroeconomic challenges. 9:35 9 minutes, 35 seconds On our subsidiaries front, all subsidiaries have shown improvement and contributed positively to the group's overall aitar. 9:45 9 minutes, 45 seconds The announced GEX plan is progressing well and remains on track. The 1.2 2 million tons per random stainless steel 9:53 9 minutes, 53 seconds melt shop in Indonesia is successfully commissioned ahead of schedule taking the company's total melting capacity to 10:01 10 minutes, 1 second 4.2 million tons perom including 3 million tons perm in India. In parallel 10:08 10 minutes, 8 seconds downstream expansion projects in India are advancing as planned including the upcoming commissioning of a 1.1 million 10:16 10 minutes, 16 seconds tons peranom HR line and a 0 17 million tons per line at Jagpur. To 10:25 10 minutes, 25 seconds further strengthen downstream integration, the company announced an additional uh INR 900 K commitment towards 10:34 10 minutes, 34 seconds augmenting cold rolling capacities at Isar and Karakpur. With these investments, our value added capabilities will be enhanced 10:44 10 minutes, 44 seconds uh increasing CRA capacity to 2.67 67 million tons peranom by FY28 and aligning the expanded mel capacity with 10:53 10 minutes, 53 seconds downstream readiness. This integrated expansion will support our sales volume target of 3 and a half million tons perm 11:01 11 minutes, 1 second by FY29 translating into a robust doubledigit compounded growth over the next three years. 11:08 11 minutes, 8 seconds General Stillness Steelway Limited a subsidiary of JZ Group has commenced operation in its first stainless steel 11:15 11 minutes, 15 seconds fabrication at Patal Ganga near Mumbai built with an initial investment of approximately 925 cr. The facility marks 11:24 11 minutes, 24 seconds a strategic milestone in our journey towards offering integrated end-to-end solution for India's infrastructure sector. 11:34 11 minutes, 34 seconds This reinforces our positioning beyond material supply into value added fabrication while supporting sustainable 11:41 11 minutes, 41 seconds and long life infrastructure development. 11:45 11 minutes, 45 seconds I'm pleased to announce that in addition to interim dividend for FI26 of rupees 1 per share, the board has recommended a 11:53 11 minutes, 53 seconds final dividend of rupees three per share with a face value of rupees 2 each subject to approval of shareholders at 12:00 12 minutes the end at the Ming annual journal meeting. agreed to a payout of nearly 330 cr in total for FI26. 12:11 12 minutes, 11 seconds The quarter witnessed energy related constraints emerging amid geopolitical uncertaintities affecting West affecting 12:18 12 minutes, 18 seconds West Asia, a key sourcing region for industrial fuels such as propane, LPG and natural gas that are critical to stainless steel manufacturing. 12:29 12 minutes, 29 seconds Despite this, General Stillness remains committed to maintaining operational resilience and supply chain stability. 12:37 12 minutes, 37 seconds The company continues to proactively monitor global development and adopt its strategies to ensure sustained growth 12:44 12 minutes, 44 seconds [clears throat] and business continuity in the time ahead. 12:49 12 minutes, 49 seconds India's stainless steel demand remains resilient supported by robust fundamentals. A stainless state continues to have a bright future as 12:57 12 minutes, 57 seconds India's inevitable materiotic rise continues to unravel. With that, I conclude my remarks and invite the 13:05 13 minutes, 5 seconds moderator to begin the question and answer session. Thank you. Thank you very much, sir. 13:13 13 minutes, 13 seconds Ladies and gentlemen, we will now begin with the question and answer session. 13:17 13 minutes, 17 seconds Anyone who wishes to ask questions may please press star and one on their touchtone phone. If you wish to withdraw yourself from the question Q, you may 13:25 13 minutes, 25 seconds press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, 13:32 13 minutes, 32 seconds we will wait for a moment while the question assembles. 13:44 13 minutes, 44 seconds The first question is from the line of Parth Johnson from Anandrati. Please go ahead. 13:51 13 minutes, 51 seconds Yeah. Hi uh thank you for the opportunity uh congratulations on a good numbers despite you know gas 13:58 13 minutes, 58 seconds destruction. So my first question is pertaining to the guidance. I believe sir just gave a guidance of 2029. Uh is 14:06 14 minutes, 6 seconds it possible to give some volume growth guidance as well as aa guidance for 27 uh because that's like very immediate and considering the current global headwinds uh if you can give a guidance. 14:19 14 minutes, 19 seconds So in terms of uh volume growth for FY27 we're expecting at least 8 to 10% growth 14:26 14 minutes, 26 seconds 7 to9 sorry 7 to 9 10 7 to 9% growth in uh volume this year and for EITA per ton 14:34 14 minutes, 34 seconds looking at the kind of uncertainty there is till H1 of this year we giving a guidance of 18 to 20,000 uh EITA per ton 14:43 14 minutes, 43 seconds and uh depending on the situation maybe after 6 months we might revise is trigger also. 14:50 14 minutes, 50 seconds Okay. So you are you are actually sticking to that 18 20,000 range despite the overhangs from the Middle Eastern crisis. 14:58 14 minutes, 58 seconds Correct. Correct. We're still confident of delivering 18 to 20 and give at least a 7 to 9% volume growth in the entire year. 15:07 15 minutes, 7 seconds Okay. So just to to take this particular question forward uh I believe there would be some volume disruption uh due 15:14 15 minutes, 14 seconds to this entire crisis in the month of March, right? 15:17 15 minutes, 17 seconds uh what would be the volume disruption and what is the quantum of gas you have started receiving or the impact is there 15:25 15 minutes, 25 seconds uh you know especially for the first quarter so in terms of at least uh because availability has picked up at a higher 15:33 15 minutes, 33 seconds cost uh so we don't see availability as a challenge in the month of May but cost has significantly gone up 15:43 15 minutes, 43 seconds and what would be the impact uh sir from this one particular cost like the P cost increase on the AIA level. 15:53 15 minutes, 53 seconds So again it's the same thing we still stick to a blended guidance despite this cost going up you still confidence of delivering 18 to 20. 16:01 16 minutes, 1 second Yes sure quick question just if you can give a break up of the 200 300 400 series. 16:08 16 minutes, 8 seconds Yes, sure. Uh, so for Q4 FI26, 200 series was around 38%. 300 series was 16:16 16 minutes, 16 seconds around 43% and 400 series is around 19%. 16:23 16 minutes, 23 seconds Perfect. Perfect. Thank you so much. If any further question, I'll jump back in a few. Thank you. 16:30 16 minutes, 30 seconds Thank you. The next question is from the line of Aluk Dior from Motil Oswald. Please go ahead. 16:38 16 minutes, 38 seconds Uh hi uh good evening uh sir just had couple of questions. So first is on the export side uh so export uh proportion 16:46 16 minutes, 46 seconds has come down and it's uh lower than what we used to do uh you know in the normal state basis. So just wanted to 16:53 16 minutes, 53 seconds understand what's happening there and where can we see some normalization and if you can guide some export how much would be exports in FY27. 17:05 17 minutes, 5 seconds So export uh as uh we can see that for the uh EFI26 it is uh having a share of 17:13 17 minutes, 13 seconds 8% uh uh of of our total sales which was uh in FI25 it was 9%. So 1% lower but on 17:22 17 minutes, 22 seconds the expanded base. Now export market uh has different time having different 17:29 17 minutes, 29 seconds challenges uh we can say uncertaintity but as a company uh uh we are able to 17:36 17 minutes, 36 seconds still sail through and maintain our share. We still want to uh we are still able to manage with our important market 17:44 17 minutes, 44 seconds of Americas both North and South America. We are trying to develop new markets or trying to increase our 17:51 17 minutes, 51 seconds footprints into the neo markets and uh uh right now yes due to again this war the disruption happened but still we are 17:59 17 minutes, 59 seconds continuously working even with the sebam coming and creating disruptions with with whatever we have done and our relationship with the customers there we 18:07 18 minutes, 7 seconds are we are still able to manage a certain level of volume and with all these efforts we believe even with our 18:14 18 minutes, 14 seconds increased guidance of 7 to 9% % of volume increased guidance what we have given still we should be able to manage 18:23 18 minutes, 23 seconds a share of 8 to 10% of export in that increased uh volume 18:30 18 minutes, 30 seconds got it sir and uh sir on the beta per ton I mean 18,000 to 20,000 the range which we are giving for the 1H I mean we 18:39 18 minutes, 39 seconds are more than nearly 20 we comfortably above 20 in the current you know run rate basis 18:47 18 minutes, 47 seconds So is it that kind of pressure which we are seeing in the in the cost uh you know in the first quarter that you know 18:55 18 minutes, 55 seconds we are scaling down on the VITA guidance for basically it's basically the uncertainty see like I said the cost has gone up and 19:03 19 minutes, 3 seconds everything we are not able to pass on to our customers because our uh competitors importers uh I mean the people who 19:12 19 minutes, 12 seconds import material those companies in those countries the cost has not gone up. So, uh definitely because of this we feel 19:20 19 minutes, 20 seconds that 18 to 20 uh is possible for H1 and H1 and and we definitely review the 19:28 19 minutes, 28 seconds whole thing uh because this cost increase has been a very sharp and sudden and it is not only in fuel even in the 19:36 19 minutes, 36 seconds utilities like uh ammonia and assets uh all these consumables were also impacted. 19:44 19 minutes, 44 seconds Sure. Sure. Got it. Uh yeah that's all from my sir sir. Thank you and all the best sir. Thank you. 19:51 19 minutes, 51 seconds Thank you. 19:53 19 minutes, 53 seconds We'll take the next question from the line of Ahmed Dakshit from Goldman Sachs. Please go ahead. 20:00 20 minutes Yeah. Hi uh good evening everyone and uh thanks for the opportunity. 20:04 20 minutes, 4 seconds Congratulations for a good set of numbers this quarter. A couple of questions from my side. The first one is essentially the standard one on 20:13 20 minutes, 13 seconds regulatory involvement. While stainless steel demand outlook looks good. Uh but there has been I mean absolutely no I 20:22 20 minutes, 22 seconds would say measure from the government uh for controlling imports in fact QCO suspension all these are quite 20:31 20 minutes, 31 seconds detrimental for us uh and we are looking to expand further uh in Maharashtra and all. So just wanted to understand the uh 20:40 20 minutes, 40 seconds the thought process your thought process in particular uh given that you know we are in a dicautous situation where we 20:47 20 minutes, 47 seconds are expanding but government is not coming with any support uh so what gives gives us so much confidence to expand. I 20:56 20 minutes, 56 seconds mean that is uh my first question essentially. 21:01 21 minutes, 1 second So uh absolutely uh a very valid point and valid concern. Uh this is true that 21:07 21 minutes, 7 seconds this QCO uh which uh was uh to ensure a certain quality uh level of product 21:16 21 minutes, 16 seconds being produced and used within the country. Suspension of that opens uh the 21:23 21 minutes, 23 seconds uh the gate for the import of uh substandard uh product as well. So uh and this definitely impacts the 21:31 21 minutes, 31 seconds sentiments and creates a confusion amongst the among the stainless steel industry that what exactly they should 21:39 21 minutes, 39 seconds be doing because uh there there's a big portion of even MSMES and the small players uh who have spare capacities available with them. uh they were 21:48 21 minutes, 48 seconds believing that with the improved capacity capacity utilization they were also planning to expand and create more 21:56 21 minutes, 56 seconds capacity even this kind of uh sudden policy change even though it is for 6 months only creates definitely creates a 22:03 22 minutes, 3 seconds a bit of confusion. Now coming to we as a company okay we have uh these things definitely the sentiments and all these 22:12 22 minutes, 12 seconds things definitely impact but we also have our strength we are uh into working we have diverse portfolio of product we 22:21 22 minutes, 21 seconds work into each we we we produce we serve each area of the stainless steel uh stainless steel consumption and beyond 22:30 22 minutes, 30 seconds that also we have been seeing that uh uh there is also a mind mind shift I will 22:38 22 minutes, 38 seconds say uh in the in in the user that earlier like there was a the we could see that earlier people used to make 22:47 22 minutes, 47 seconds their consumption decision based on the L1 basis lowest cost now we see that life cycle cost is normally uh people 22:56 22 minutes, 56 seconds are considering life cycle cost for the for making a decision while choosing a product and there stainless steel uh 23:04 23 minutes, 4 seconds gets an advantage Ed and we could see many new application where stainless steel is getting accepted and being used 23:11 23 minutes, 11 seconds even in the infrastructure and we believe that this trend should continue because people are interested in 23:18 23 minutes, 18 seconds creating uh products which are uh when it comes to mobility which are lightweight and more energy efficient 23:26 23 minutes, 26 seconds when it comes to infrastructure which is longlasting maintenancefree. So this kind of acceptance also gives us a 23:33 23 minutes, 33 seconds confidence that going forward style will grow even beyond the natural growth whatever it is having and uh we as a 23:43 23 minutes, 43 seconds company we believe that we should be ready to serve these requirements in the future. 23:49 23 minutes, 49 seconds Absolutely Amit like Mr. KBE said you know and dialogue with the government is consistently on. So already like he said 23:57 23 minutes, 57 seconds that uh we are approaching the government as an industry that the MSME sector the producers who are willing to 24:03 24 minutes, 3 seconds expand and increase their capacity they will be negatively impacted you know so QCO was protecting our borders from 24:11 24 minutes, 11 seconds substandard material was giving confidence to MSME to expand further we as a company as we always share we're always at the higher end of the 24:20 24 minutes, 20 seconds stainless steel value chain supply chain and we continue to be present there and grow that market share as well. And the other side apart from QCO, we are also 24:29 24 minutes, 29 seconds working on anti-dumping. So, uh they are appointing verifiers uh in Q1 this this 24:37 24 minutes, 37 seconds quarter and that anti-dumping investigation process should also continue. 24:43 24 minutes, 43 seconds Okay, that's great to know. Uh the second one is essentially on defense. 24:48 24 minutes, 48 seconds Now you have highlighted in the press release that there have been couple of you know uh we have been supplying in defense sector. Now typically defense 24:56 24 minutes, 56 seconds sector involves a long approval process and it's very heartening to know that you have crossed the bridge. Uh just wanted to ask you know because the 25:05 25 minutes, 5 seconds defense prospects are quite bright in the country with lot of domestic platforms being built. uh so just wanted to understand that you know what uh what 25:14 25 minutes, 14 seconds are the other new products or you know new uh grades of steel we are developing uh if possible to share what kind of 25:22 25 minutes, 22 seconds platforms we would be engaging in and also if you have in mind something of like I know it's currently very small 25:30 25 minutes, 30 seconds but let us say five years hence what could be the portion of revenue from defense segment 25:38 25 minutes, 38 seconds so Amed you know defense being such a critical area. I would not like to on a open forum share what kind of uh 25:45 25 minutes, 45 seconds products or applications we're working upon. Uh but it's in a variety of areas from land systems uh to air systems to 25:54 25 minutes, 54 seconds drones in every area to our always with our satellite launches we're all part of and if I can say more focus is more 26:02 26 minutes, 2 seconds towards aerospace uh that's where we see good traction coming in and we see good volumes coming in. uh and depends like I said already 26:10 26 minutes, 10 seconds land systems good work is happening. So because being a very strategic and very critical uh uh I would not like to share but what 26:19 26 minutes, 19 seconds I can say is this year also we will be showcasing some very interesting uh products made out of ginder stainless materials. 26:29 26 minutes, 29 seconds Okay, sure. Maybe I will discuss with you oneon one on this. 26:33 26 minutes, 33 seconds One-on-one is better. Little critical and they also request us not to share. No, no, fair fair enough. Sure. Great. 26:41 26 minutes, 41 seconds Uh, thanks for the opportunity and congratulations for good performance and best of luck. 26:47 26 minutes, 47 seconds [clears throat] 26:50 26 minutes, 50 seconds Thank you. The next question is from the line of Riches Sha from Invest. Please go ahead. 26:57 26 minutes, 57 seconds Hi sir, thanks for the opportunity. Congratulations for good set of numbers. 27:00 27 minutes So I have a lot of questions. Uh uh so first is our balance sheet is in the best of shape. Uh how should we look at 27:07 27 minutes, 7 seconds incremental growth capex? Uh specifically Maharashtra if you can also qualitatively help us understand how you 27:14 27 minutes, 14 seconds are planning to start from downstream then upstream uh land acquisition. I think that's the first question. Uh 27:22 27 minutes, 22 seconds second question uh sir I'll just wait over here. I'll I'll let you answer then I'll come to the second question. 27:28 27 minutes, 28 seconds Yeah. So, absolutely like you said uh exactly the first process is on of land acquisition and a substantial portion 27:36 27 minutes, 36 seconds has been uh acquired already but we still expect uh most of this year to go in land acquisition and then we will 27:45 27 minutes, 45 seconds start like you mentioned first we would like to put up downstream capacity and subsequently very fast come up with upstreaming as well you know but I would 27:54 27 minutes, 54 seconds still we still every day this is being worked upon on and probably we need another few months to come out with a 28:02 28 minutes, 2 seconds clearcut plan but absolutely as of now land acquisition is in full force in Maharashtra at the moment. 28:11 28 minutes, 11 seconds Uh great sir. What should be the capeex number that one should bake in for 27 and 28? Uh 28:18 28 minutes, 18 seconds overall at the company level not per Maharashtra you're saying you're paying overall now 28:25 28 minutes, 25 seconds for FI27 is around 2800 2800 for FI2700 28:33 28 minutes, 33 seconds 2600 for FI27. Yeah. answer for 28. 28:41 28 minutes, 41 seconds We we will come back to you with that one. 28:45 28 minutes, 45 seconds Sure. Uh so just moving to the second question. Uh uh how should we look at the profitability of RKF? Uh I think uh 28:54 28 minutes, 54 seconds it would be throwing amazing cash flows right now. Uh possible to give some color over here its contribution at the AIDA level. Uh how should we read into 29:03 29 minutes, 3 seconds it? That's the second question. first part and the second question second part is uh 1.2 2 million ton slab uh from 29:11 29 minutes, 11 seconds Indonesia. Uh basically how should we look at uh the contribution on the numerator and the denominator when we look at uh incremental aida pattern. 29:23 29 minutes, 23 seconds So, RKF business that is the nickel business even in the past we have discussed that uh when we had made the investments I mean strategy just to 29:32 29 minutes, 32 seconds recall that strategically it is more for the raw security but yes from the return point of view uh it's a it's a bit 29:40 29 minutes, 40 seconds volatile business in the past we had given a guidance that anything from $500 to $1,500 per ton of nickel kind of a 29:48 29 minutes, 48 seconds IITA we can expect but with the sharp sharp increase of nickel in the last quarter. 29:55 29 minutes, 55 seconds Uh the actual IITA has come around $3,000 per ton. But these things keeps on 30:03 30 minutes, 3 seconds changing very fast because Indonesian government also they keep on adjusting the nickel or prices also accordingly there also formula keeps on changing. 30:12 30 minutes, 12 seconds But this is the current position on it. 30:14 30 minutes, 14 seconds uh the the current financial numbers are now so far as uh uh our uh uh this u 30:23 30 minutes, 23 seconds mesh shop is concerned. So we intend to bring the slabs over here and process uh uh uh in India uh in a way uh I mean 30:33 30 minutes, 33 seconds it's like that putting up a mesh shop there and play over here strategically placing ourself uh in order to be where 30:40 30 minutes, 40 seconds where the to be at a place where the nickel is. So uh that uh whatever guidance we are providing that will all 30:48 30 minutes, 48 seconds that will have the value chain including from the yeah so taking taking that into account also we've given the 18 to 20 uh for H1 guidance. 31:01 31 minutes, 1 second Sure. And sir, uh Kulf just to uh uh just to get a clarification on the $3,000 per number. Uh I I understand 31:10 31 minutes, 10 seconds please correct me if I'm wrong. 200 KT 14% nickel content. So are we looking at 28 KT 3,000 31:17 31 minutes, 17 seconds into our stake of say 50%. Is there a right way to it varies I mean like it depends upon 31:26 31 minutes, 26 seconds the see the over quality also keeps on changing and accordingly the nickel output also keeps on changing but whatever the nickel production comes out 31:35 31 minutes, 35 seconds it is uh for the last quarter it was around $3,000 per ton right sir what I'm trying to appreciate is the underlying AITA per ton uh if we 31:44 31 minutes, 44 seconds had to strip out this nickelled volatility uh so that's that's what I was trying to if you could help uh understand that. 31:55 31 minutes, 55 seconds So this I think uh uh I'll get right back to you with this calculation. 32:02 32 minutes, 2 seconds Sure. Sure. Uh just coming to the next question. Uh sir, you did indicate uh on incremental HR and CR capacities. 32:10 32 minutes, 10 seconds uh are we looking at some imbalance uh over the next 6 months till the HR facility comes up in Jpur or if could 32:18 32 minutes, 18 seconds help us with the timeline on both uh by month for uh HR as well as CRP just to appreciate the mass balance. 32:26 32 minutes, 26 seconds Yeah. So uh one thing uh uh I appreciate your concern but uh uh some of our 32:33 32 minutes, 33 seconds equipments what we have invested in the past they have the capability of uh doing both HR as well as CRP. So that 32:40 32 minutes, 40 seconds gives us a flexibility and also depending upon requirement our investments in Indonesia gives us a 32:48 32 minutes, 48 seconds flexibility even to get the coils in place of flap. So that also the possibility remains with us. So we we 32:56 32 minutes, 56 seconds are confident of balancing our needs uh uh as the uh as the as the market as the market demands. 33:06 33 minutes, 6 seconds Sure. And just last question I'll squeeze in uh uh sir you indicated a lot of gases uh in your starting remarks uh 33:13 33 minutes, 13 seconds which potentially had some impact on the operations. Uh how are we looking to mitigate this assuming uh the Middle 33:21 33 minutes, 21 seconds East situation doesn't improve? any any mitigation measures that you would like to highlight uh that would be already a lot of effort is happening Mr. 33:30 33 minutes, 30 seconds K. 33:30 33 minutes, 30 seconds Yeah. So it is like this. I mean uh when this disruption happened uh uh uh post the as soon as the war started at that 33:39 33 minutes, 39 seconds moment uh we uh our primary uh gasous fuel in both our uh indicated steel 33:47 33 minutes, 47 seconds plant at Jagur uh was uh propane and LPG whereas in our 33:54 33 minutes, 54 seconds chromeni Mundra plant natural pipe gas we use as a fuel. Then what we realized 34:00 34 minutes that uh on the LPG the government straight away put a ban because they wanted to keep it or they they allocated 34:08 34 minutes, 8 seconds uh those quantities for the public use not for the industrial use and uh but on the natural gas there was a disruption. 34:16 34 minutes, 16 seconds They reduced the quantity but never stopped and they very quickly we found them you know increasing the availability of the natural gas. Looking 34:24 34 minutes, 24 seconds at this we realized that we need to diversify ourselves. So in our jackpot plant already we have worked on uh using 34:32 34 minutes, 32 seconds natural gas also and uh a portion of it which which in fact we have started using it which we will gradually 34:40 34 minutes, 40 seconds increase we are working on it. uh plants also we are looking in the longer term what can be done and even in Jagpur and 34:47 34 minutes, 47 seconds at other places uh coal gasification plants and s gas these are also east India east India we will look 34:53 34 minutes, 53 seconds towards coal gasification and sin gas uh pipe natural gas wherever we can include and also to replace ammonia uh we're 35:02 35 minutes, 2 seconds going for green hydrogen so already in Jajpur 600 nmcq plant will be up and running in June July and his also at 90 35:11 35 minutes, 11 seconds will increase to 400 almost in the next few months. So that way in all fronts uh 35:17 35 minutes, 17 seconds to not ensure or to ensure that this uh impact doesn't come we're already working on it even in our Gazyabad plant 35:25 35 minutes, 25 seconds we are now working on the pipe gas for Gajabad also so so in a way we have we are we have started taking actions on multiple 35:33 35 minutes, 33 seconds fronts so that in future we you know we are not impacted by any disruption or at least our risk is security on this 35:43 35 minutes, 43 seconds perfect sir thank you so much for elaborate answers. Thank you so much. 35:46 35 minutes, 46 seconds Thank Thank you. The next question is from the line of Pinakin from HSBC. Please go ahead. 35:55 35 minutes, 55 seconds Yeah, thank you very much. Given the 1.2 million ton Indonesian uh JV has now been commissioned. Uh can you again walk 36:03 36 minutes, 3 seconds us through how the uh how that facility will be utilized whether you'll bring it to India or set it from there and how the accounting will work? I mean should 36:12 36 minutes, 12 seconds we assume that entire flow through into eida and then a minority interest going out or a 50% attributable uh just trying 36:20 36 minutes, 20 seconds to understand that so at this stage our intent is to bring the slabs to India and then process them 36:28 36 minutes, 28 seconds over here and from the accounting perspective since it is a subsidy so it will get 36:36 36 minutes, 36 seconds line by line consolidated in our numbers and as per the accounting standard the minority share will be calculated and shown separately. 36:44 36 minutes, 44 seconds Uh understood. Uh so does the uh FI27 guidance of 8 to 10% and 18 to 20,000 rupee aida per turn uh built into uh 36:53 36 minutes, 53 seconds some volumes from this uh from this capacity facility. 36:57 36 minutes, 57 seconds Yeah. So our business plan is accordingly built. So the guidance of 7 to 9% on the volume and 18 to 20 on the beta per. 37:06 37 minutes, 6 seconds Thank you. Uh my second question is on Indonesia, right? There has been a lot of uh noise and news about policy intervention from the government whether 37:15 37 minutes, 15 seconds it is on nickel whether it is on coal uh how sure what is the company's view of the regulatory outlook uh or the framework over there uh and what are are 37:24 37 minutes, 24 seconds there any potential risk to the Indonesian operations from any change in policy? 37:30 37 minutes, 30 seconds No. So that is exactly why if you see our timing was uh uh absolutely on point because we already started hearing 37:38 37 minutes, 38 seconds Indonesian government uh talking of restrictions, talking of duty which is why at stage one we went and invested in 37:45 37 minutes, 45 seconds our RKE. So that Indonesian government was talking about banning nickel or export. So that way we invested in NPI. 37:53 37 minutes, 53 seconds Now already government is talking about further valuation should happen in Indonesia. further restrictions like you yourself are saying could come which is 38:01 38 minutes, 1 second why we took that step and went and invested in a steel melt shop there also stainless steel melt shop there also and now even government of India is 38:09 38 minutes, 9 seconds encouraging these kind of investments because they have realized that nickel is not available in the country 70 to 38:16 38 minutes, 16 seconds 75% of the world's nickel supplied comes from Indonesia so it was absolutely 38:22 38 minutes, 22 seconds logical step for a company of our size uh to go to Indonesia And because you've taken these measures, 38:30 38 minutes, 30 seconds we feel no restriction from Indian government or Indonesian government should come on general status. 38:38 38 minutes, 38 seconds Got it. This is very very helpful. Thank you very much. 38:42 38 minutes, 42 seconds Thank you. The next question is from the line of Vikas Singh from ICICI Securities. Please go ahead. 38:50 38 minutes, 50 seconds Hi sir, good evening and thank you for the opportunity. So my first question is after all this renewable power thing 38:59 38 minutes, 59 seconds which we are doing how should we look at our products uh acceptability in the European market which currently going 39:07 39 minutes, 7 seconds through the CBM process. Have we got any you know data or the like steel got 75 39:14 39 minutes, 14 seconds kind of the CVM cost. Have we got anything like that? 39:19 39 minutes, 19 seconds That is a similar I think the default value they're putting on all metal companies. So on steel stainless steel at the moment is uh similar kind of 39:27 39 minutes, 27 seconds value like you're saying apart from that I think we all are waiting for verifiers to get appointed by urban union that is 39:34 39 minutes, 34 seconds something that uh the step has to be taken at their end we as a company are completely geared up already uh uh 85% 39:43 39 minutes, 43 seconds plus on scrap moving more and more to renewable energy green hydrogen uh working with our uh suppliers already 39:51 39 minutes, 51 seconds to work on their uh supply chain to add more green products. So we are absolutely ready as a company. Uh we 39:58 39 minutes, 58 seconds have already gone and got scores of various agencies domestic and international. So we're actually waiting 40:05 40 minutes, 5 seconds for European Union to give us some more information, show us more uh uh uh I 40:12 40 minutes, 12 seconds would say show us more light of the way forward because we as a company have done pretty much everything or most 40:20 40 minutes, 20 seconds things are in the pipeline at the moment. 40:24 40 minutes, 24 seconds Noted sir. Sir my second question pertains to our basically miss if I'm not incorrect previously we were 40:32 40 minutes, 32 seconds supposed to get the Indonesian slab get it rolled it here and then sold in the market. However considering your 40:39 40 minutes, 39 seconds guidance uh it doesn't seems like that either we are utilizing that facility fully or the domestic facility to the 40:46 40 minutes, 46 seconds full extent. So just wanted to understand the shop has just melt shop has just come online right 40:55 40 minutes, 55 seconds now. So any melt shop does take time to stabilize and to uh give uh output. So that's why we quite confident in our 41:03 41 minutes, 3 seconds balancing I would say Mr. Pulp can add and we have that combo line. 41:07 41 minutes, 7 seconds Uh so we are if the way the market demands we are quite flexible to change our product range also. 41:16 41 minutes, 16 seconds notice. So let me put it in other way. 41:19 41 minutes, 19 seconds So if I should look at including the Indonesia capacity and the timelines between your Maharashtra facility may 41:26 41 minutes, 26 seconds come up. Shall we assume that for the next 3 to 3 to four years we would probably more likely 9 to 10% volume 41:34 41 minutes, 34 seconds growth story uh before the Maharashtra comes in even though the international situation normalizes. 41:42 41 minutes, 42 seconds So we have already given uh already given the statement that by FI 29 we are targeting to be a player of around 3 and 41:51 41 minutes, 51 seconds a half million which takes which answers practically all your questions. Three and a half million sales. 41:56 41 minutes, 56 seconds Yeah. three and a half million sales because all our capex whatever we have announced they are aligned to that and 42:04 42 minutes, 4 seconds uh this uh this is after taking care of all our investments uh declared in the 42:11 42 minutes, 11 seconds past and recently what we have announced and all all that is going to take care of it. 42:18 42 minutes, 18 seconds No that's all from my side and all the best for future. Thank you. 42:23 42 minutes, 23 seconds Thank you. The next question is from the line of Ranjit Saram from Mahindra Manual Life Mutual Fund. Please go ahead. 42:31 42 minutes, 31 seconds Yeah. Uh, hi sir. Just wanted to understand like what are the cost pressures if you can just give us some color on that? What's our dependent on 42:40 42 minutes, 40 seconds dependence? How much of LPG or natural gas are we dependent on how how much uh 42:47 42 minutes, 47 seconds have the cost of these increased and uh is there any contextation to that? 42:55 42 minutes, 55 seconds So I mean in terms of cost like we mentioned has gone up close to 2.5 to 3x uh of what we were paying. I'm not 43:03 43 minutes, 3 seconds understanding the first part in terms of how much do we consume you are asking. 43:08 43 minutes, 8 seconds Yeah. Yeah. Yeah. So that we are able to quantify that you you told that no I don't honestly I don't have those 43:16 43 minutes, 16 seconds figures with me right now and that is something that uh possibly we would not like to share. That's why we even with 43:24 43 minutes, 24 seconds this cost increase and giving you the AIA per ton guidance of 18 to 20 factoring in this cost increase. 43:32 43 minutes, 32 seconds So we are able to pass on these prices. That's what you mean to say. 43:35 43 minutes, 35 seconds No, I'm not saying that also. I'm not saying that also. Some cases we are, some cases we are not. Uh and we have to look at the our competitors in mind 43:45 43 minutes, 45 seconds also. So leading to all these factors like I said sometimes we are sometimes we're not and uh that's why the blended 43:53 43 minutes, 53 seconds rate is something that we're quite confident of achieving at least and there's so much uncertainty that you 43:59 43 minutes, 59 seconds don't know what will happen okay sir thanks 44:07 44 minutes, 7 seconds thank you thank you next question is from the line of sativ jan from Ambbert Capital please go ahead 44:16 44 minutes, 16 seconds Hi, thank you. Um just a uh some follow-up questions to some of the earlier questions have been asked. So uh 44:22 44 minutes, 22 seconds the um Indonesia SMS is now up and running the the charge HR will come 44:30 44 minutes, 30 seconds certain uh later in the year. So you do have the capability to maybe get some call just trying to understand the uh scenarios you're looking at for FI27. 44:40 44 minutes, 40 seconds You're also looking at a possibility that you get some slab and give it on job work basis till the HR come and is that part of the guidance you're looking at for FI27. 44:51 44 minutes, 51 seconds So FI27 guidance volume guidance already uh we have provided uh which is 7 to 9% 44:58 44 minutes, 58 seconds and that takes care of all these uncertaintities but uh already we made a statement that uh we have equipments uh 45:06 45 minutes, 6 seconds which can do both HR as well as on one hand and also we are having the possibility of getting the calls uh from outside uh directly from Indonesia. 45:18 45 minutes, 18 seconds So basically um you've given a beta pattern guidance for one edge but if you look at um the entire year this getting 45:26 45 minutes, 26 seconds slab because you have the capability will not impact a beta pattern on those volumes right just trying to understand 45:34 45 minutes, 34 seconds volumes are there but there will be no yeah so volume we have given a bit H1 purposely uh when Mr. Jindel was giving 45:43 45 minutes, 43 seconds he also stated that so much of uncert uncertaintity of the cost movements this gas availability and movements and that 45:52 45 minutes, 52 seconds is why we said that while we are providing uh uh this volume uh uh guidance for the whole year and a bit 45:59 45 minutes, 59 seconds guidance for H1 but then we'll be reviewing it at the H1 and then basis the situation we can revise the yeah 46:08 46 minutes, 8 seconds okay and the 3.5 million t you've guided to for FI 29. Um if we look beyond FI 29 46:16 46 minutes, 16 seconds also um do you need Maharashtra for further volume growth beyond 29 or with the existing capacity? How do we look at 46:24 46 minutes, 24 seconds volume growth beyond 29? Um definitely definitely after FI29 Maharashtra is going to be our major 46:32 46 minutes, 32 seconds focus but that doesn't mean that if there is any delay uh at Maharashtra level then we will not be able to add 46:40 46 minutes, 40 seconds further equipments in Hisar and Jajpur or even Mundra now. So we feel quite comfortable uh that we'll be able to 46:48 46 minutes, 48 seconds maintain our market share in the future as well. Yeah, we'll we'll keep on evaluating the situation and this is the there is potential to grow in other 46:56 46 minutes, 56 seconds plants but we would prefer that most of the growth after FI29 comes towards Maharashtra but uh uh we are open to all 47:04 47 minutes, 4 seconds kind of options and lastly what's the status of the blast is 47:11 47 minutes, 11 seconds so that is not part of uh uh JSL so we don't really discuss that on this call 47:18 47 minutes, 18 seconds okay thank you so Thank you. 47:21 47 minutes, 21 seconds Thank you. The next question is from the line of Rajesh Majunar from 361. Please go ahead. 47:29 47 minutes, 29 seconds Yeah, good evening sir and thanks for the opportunity. Uh uh so my question is two part. Firstly for FY26 what is the breakup between 200 300 and 400 series? 47:43 47 minutes, 43 seconds Yes. 47:45 47 minutes, 45 seconds Uh for break up. So for FYI 26 200 series was around 37%. 300 series was 46% and 400 series is 18%. 47:57 47 minutes, 57 seconds Yeah. So my second part is that if you look at the 400 series which I think couple of years ago you're talking about as a very fast growing space and the 48:06 48 minutes, 6 seconds infrastructure series uh and we were quite optimistic on that. If you look at it over the years it has come down from 48:12 48 minutes, 12 seconds 27% to 18%. Now uh while you highlight the infrastructure products etc in your presentations is that a matter of 48:20 48 minutes, 20 seconds concern that this 400 series is falling over the years? 48:25 48 minutes, 25 seconds Well uh 400 series uh definitely we wanted to grow but at the same at the same time as the business evolves as as 48:33 48 minutes, 33 seconds the market requirements and demand evolves that also you know accordingly we also have to change our product mix. 48:42 48 minutes, 42 seconds So under the current uh uh products what we are dealing with under the current market uh demand what we have and as you 48:50 48 minutes, 50 seconds can see that 92% of our market share is from the is is from the domestic uh yeah that is not allowing us to go very 49:00 49 minutes aggressively on the on the 400s but uh eventually but our first priority is to 49:07 49 minutes, 7 seconds meet the requirements but we'll keep on working and if you see already like small example but already year average 49:15 49 minutes, 15 seconds was 18 but already Q4 400 series has picked up to 19 to 20 you know so as a 49:22 49 minutes, 22 seconds company our focus is a bit maximization and we have to fulfill the requirements of the domestic market and customers and then always development efforts are 49:30 49 minutes, 30 seconds towards 400 series auto is uh picking up infra will pick up also in the next few years and just to add uh uh while in in terms 49:39 49 minutes, 39 seconds of percentage for FI 25 the 400 series was 17%, and for FI 26 it is 18. So 49:47 49 minutes, 47 seconds while you see only 1%, but this increases at a higher volume. 49:52 49 minutes, 52 seconds Yeah. On on the larger base. So that is also uh the situation. 49:59 49 minutes, 59 seconds So would it be safe to assume that we can assume a creeping increase in this percentage over a period of time? Is that the effect? Yeah, absolutely. 50:08 50 minutes, 8 seconds We seeing that in our performance also and that would be a positive for our per right. 50:16 50 minutes, 16 seconds Absolutely. Like I said if it is not going to add value to our repita per ton then we would not do it only. 50:24 50 minutes, 24 seconds Okay sir. Uh thanks uh for that. My second question was uh you've talked about general defense and aerospace uh 50:32 50 minutes, 32 seconds separately this time in a commercial order. Now I was going through the website of this company and it has a lot of potential. Uh what is the size of 50:40 50 minutes, 40 seconds this company and uh are we looking at and do we have any plans differentity you know that that is not it's not a different entity it's part of 50:47 50 minutes, 47 seconds GSL only. So it's not a company that we've created it was just given to create a more of a presence and a 50:55 50 minutes, 55 seconds branding kind of play. So uh it's part of the whole entire JSL setup. So it's a it's not a separate company. 51:05 51 minutes, 5 seconds Oh, okay. Thanks. Thank you. [snorts] Thank you. 51:10 51 minutes, 10 seconds The next question is from the line of Mayul Puani from 40 cents. Please go ahead. 51:17 51 minutes, 17 seconds Hello sir. Thank you so much for the opportunity. Sir, what is the expected timeline and ramp up curve and the cost 51:26 51 minutes, 26 seconds advantages which we have from the India mission plant? 51:32 51 minutes, 32 seconds See Indonesian plant is uh it was purely to go for nickel uh resources and nickel 51:40 51 minutes, 40 seconds bearing rates. That was the reason we went to Indonesia with all the restrictions we foresee coming uh 51:49 51 minutes, 49 seconds and now they are like the world leaders in nickel production. 51:58 51 minutes, 58 seconds Hello Can you question again? 52:01 52 minutes, 1 second Yeah. So, sorry. Yeah. I I was actually trying to understand how will it impact our data per turn and margins over the next 12 months. 52:11 52 minutes, 11 seconds You already guided with everything in encompassing our Indonesia investment, our domestic investments, expansion, all 52:20 52 minutes, 20 seconds of that. We're giving a guidance of 18 to 20 till H1 of this year you know and then closer to H1 of this year again we 52:27 52 minutes, 27 seconds will come back with a fresh guidance if we see a big so Indonesia shop is factored in in this 52:36 52 minutes, 36 seconds time so basically so because I'm new to tracking this company so what kind of uh 52:43 52 minutes, 43 seconds time per benefit we'll see in the next 6 months 18 to 20,000 AITA Patan for the entire 52:53 52 minutes, 53 seconds stainless steel stainless steel business 18 18 to 20 uhan 53:00 53 minutes is the guidance for the entire stainless steel business. 53:04 53 minutes, 4 seconds Okay. answer u um I would maybe suggest you spend some 53:11 53 minutes, 11 seconds time with the IR team uh to get up to speed with all other things you know otherwise uh understanding will take 53:20 53 minutes, 20 seconds some a little longer time appreciate that sir thank you so much sir 53:26 53 minutes, 26 seconds thank you thank you the next question is from the line of Rakkesh Roy from Boring AMC 53:34 53 minutes, 34 seconds please go ahead Yeah. Hi sir. My first question sir can you light on the your rati performance for whole year and Q4 53:42 53 minutes, 42 seconds in term of it revenue and yeah rati uh for the whole year uh was 53:50 53 minutes, 50 seconds uh operating uh operated at around 80 85% capacity utilization and uh uh in 53:58 53 minutes, 58 seconds this plant uh we as we had spoken in the past that we intend to produce more of rebar is 54:06 54 minutes, 6 seconds tendency rebars which uh for the last quarter uh has was was around 25% of the 54:12 54 minutes, 12 seconds total volume and this we are increasing uh gradually even at the we are finding 54:20 54 minutes, 20 seconds uh even within the uh various agencies the the policy level decisions as well as coming uh for making uh in the 54:29 54 minutes, 29 seconds coastal area uh usage of uh rebars is mandatory And uh yeah otherwise uh so 54:39 54 minutes, 39 seconds far as uh uh uh the overall uh performance is concerned RTI is also a 54:47 54 minutes, 47 seconds part of the total uh business uh a bit per ton whatever we have given all that is included into that subsidies we have 54:56 54 minutes, 56 seconds not been discussing separately right just just to know person or Q4 before. 55:07 55 minutes, 7 seconds Yes. Yes. A bit positive. Yeah. Company is a bit positive. Yeah. 55:13 55 minutes, 13 seconds Okay. Right. Next question. Uh just to know due to the shortening of sulfur or the rise in sulfur prices any impact on 55:20 55 minutes, 20 seconds our Indonesia business or in term of production or anything? 55:25 55 minutes, 25 seconds No. So in our business of nickel production sulfur is not uh directly used. Okay. not direct to you sir. Right. 55:35 55 minutes, 35 seconds Okay. Thank you sir. Thank you. 55:40 55 minutes, 40 seconds The next question is from the line of Kan Ma from Baruda P BNB Pariba Mutual Fund. Please go ahead. 55:48 55 minutes, 48 seconds Thank you sir for the opportunity. 55:51 55 minutes, 51 seconds I wanted to understand the model that we want to pursue after the Indonesian slab becomes operational. We have been sort of utilizing around 85% scrap and that 56:00 56 minutes gives us sort of the green advantage. At the same part of time we are also now thinking about sort of bringing the slab into India and use them in our process. 56:08 56 minutes, 8 seconds So what what is the intended scrap utilization pl post Indonesia becomes fully operational. 56:18 56 minutes, 18 seconds So the idea of going to Indonesia was because globally around 70 75% of stainless steel even today is produced 56:26 56 minutes, 26 seconds using NPI as an input nickel in the form of NPI and of course 30% uh approximately produce scrap as an input. 56:36 56 minutes, 36 seconds We as a company now have both the possibilities because in India we have the capacity and capacity to use this craft as much as possible and now we 56:44 56 minutes, 44 seconds have uh our this possibility of bringing in slabs from the Indonesia through NPI rule. So we will we'll be balancing the 56:53 56 minutes, 53 seconds two and uh as depending upon our customer requirements accordingly we can use the product and produce the product. 57:03 57 minutes, 3 seconds So we may not necessarily bring the entire 1.2 2 million T slab into India that and in that case if we don't bring 57:10 57 minutes, 10 seconds it to India then what would be the alternate route of monetization and what kind of AIA we'll make on that because that will be on top of the 18 to 57:19 57 minutes, 19 seconds 20k correct at this stage our plan is to bring in it has started so right now we whatever our 57:26 57 minutes, 26 seconds plan is to bring the quantities to India right what kind of sort of the 57:33 57 minutes, 33 seconds utilization levels we are looking for H I'm sorry to interrupt you sir. So that will be the last question. 57:40 57 minutes, 40 seconds It's a follow up on the screen. Okay. Please ask. Please ask. It's okay. 57:46 57 minutes, 46 seconds No no I was just checking in terms of the what kind of then out of the 1.2 million utilization what kind of the throughput level that we are assuming 57:54 57 minutes, 54 seconds for FY27 for the Indonesia melt facility. 57:59 57 minutes, 59 seconds So now the ramp up has started. We believe that gradually the ramp up will take place and up to 70 80% of the capacity should ramp up uh in the in this in this year. 58:11 58 minutes, 11 seconds Sure. Thank you. Okay. Thank you. 58:16 58 minutes, 16 seconds Ladies and gentlemen, we'll take that as the last question for today. I now hand the conference over to Mr. Abu Dhund for closing comments. Thank you and over to you sir. 58:27 58 minutes, 27 seconds Thank you everybody. In closing, I'm proud to share that we achieved a stable and resilient performance despite the challenges of a dynamic external 58:35 58 minutes, 35 seconds environment. Resilient demand across key sectors coupled with a sharp focus on value added products and unwavering 58:43 58 minutes, 43 seconds customer focus drove our achievements this quarter. Despite uncertainties in global trade, we remain committed to our 58:50 58 minutes, 50 seconds long-standing customer relationship across the globe. Our agile business model continues to differentiate us and 58:57 58 minutes, 57 seconds help us deliver sustained growth in a volatile geopolitical environment. I hope that we've been able to answer all 59:05 59 minutes, 5 seconds your questions satisfactory. Should you need any further clarification or would like to know more about the company, please feel free to contact our investor 59:13 59 minutes, 13 seconds relations team. Thank you once again for joining. Thank you. 59:17 59 minutes, 17 seconds Thank you. Thank you everyone. Thank you members of the management. 59:22 59 minutes, 22 seconds On behalf of Ambbit Capital, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.