KEI Industries Limited — Q4 FY26

KEI Industries Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=nNtswOLlJVk Published: 8 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to KI industries Q4 FY26 earnings conference call hosted by Noama 0:09 9 seconds Institutional Equities. As a reminder, all participines will be in the listenon mode and there will be an opportunity for you to ask questions after the 0:18 18 seconds presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touchstone phone. 0:26 26 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. Achel Lohard from Noama Institutional Equities. Thank you and over to you sir. 0:38 38 seconds Yeah. Uh thank you. Uh good afternoon everyone. On behalf of Noama Institutional Equities, we are glad to host the senior management of Kia 0:44 44 seconds Industries Limited to discuss the Q4 SI 26 and FI2 earnings. We have with us Mr. 0:50 50 seconds Anin Gupta, chairman of managing director of the company and Mr. Raji Gusta, executive director of finance and CFO. Uh I will start the call with the 0:59 59 seconds opening remarks from the management and then move to Q&A session. Thank you and over to you sir. 1:06 1 minute, 6 seconds Okay good afternoon um friends uh I'm Anil Gupta uh CMD KI Industries Limited. 1:15 1 minute, 15 seconds I'll give brief about this financial results of this quarter as well as the full year. uh as you must have received 1:22 1 minute, 22 seconds all the this uh information already net sales in Q4 in FI 256 is grown is 2 1:30 1 minute, 30 seconds 3,476 cr uh with grown by around 19.27%. 1:37 1 minute, 37 seconds IA public net sales margin achieved is 12.21% as against 11.61% in the same 1:44 1 minute, 44 seconds period previous year. Profit after tax in this quarter is rupes 284.31 cr uh with a growth in pack uh with 25.5%. 1:56 1 minute, 56 seconds Profit after tax oblique net sales margin is 8.18% versus 7.77%. 2:03 2 minutes, 3 seconds So we improved could improve it by.5% for the same period over the same 2:09 2 minutes, 9 seconds period. uh domestic institutional cable sale B2B 2:17 2 minutes, 17 seconds uh is 84 crores uh up around 6% and uh 2:24 2 minutes, 24 seconds sales of extra high voltage cables B2B is rupees 188 cr in the fourth quarter against rupees 1145 cr last year with a growth of around 64%. 2:36 2 minutes, 36 seconds Export sales in this quarter is 443 crores. 2:41 2 minutes, 41 seconds Total um uh B2B sale contribution is 40% as against 46% in the previous year same 2:48 2 minutes, 48 seconds period. sales through uh dealer network distribution network is uh 1,936 2:56 2 minutes, 56 seconds cr in fourth quarter against 4,00 1,498 cr with a growth of around 29% in the uh 3:05 3 minutes, 5 seconds B2C sales u distribution contributed uh contribution 3:12 3 minutes, 12 seconds was for 56% in four fourth quarter as against 51% in the previous year same period 3:19 3 minutes, 19 seconds EPC sale other than cable is rupees 123 cr as against previous year same period 3:25 3 minutes, 25 seconds 72 cr. Out of the total sales of EPC extra high voltage cable EPC sale is 106 3:34 3 minutes, 34 seconds cr against rupees 32 cr in the same period last year. 3:40 3 minutes, 40 seconds Sales of stainless steel wire in Q4 is 55 cr as against 46 cr for the same period previous year. Now, now I will 3:48 3 minutes, 48 seconds give you a summary of the full year result, full financial year 2526. The 3:53 3 minutes, 53 seconds net sales in FY 2526 is 11,746 cr against previous year 9,735 4:02 4 minutes, 2 seconds cr with growth in the net sales is 20.66%. 4:07 4 minutes, 7 seconds However, our wire and cable segment in this terms or in terms of value in FY2526 has grown by 22 4:16 4 minutes, 16 seconds 32% against previous year. All our cable plants of Rajasthan uh were operating at peak capacity 4:24 4 minutes, 24 seconds during last financial year 2425 itself and capacity at our chinchada plant was 4:31 4 minutes, 31 seconds added in uh Q2 of last financial year 2425 which resulted in to a overall 4:38 4 minutes, 38 seconds volume growth in financial year 2526 by 15% for copper cables but aluminium was 4:46 4 minutes, 46 seconds flat so the net volume uh volume uh increase was 6.21%. 4:54 4 minutes, 54 seconds Uh for the current financial year 26 27 volume growth will come from chin pada for wire capacity and for cables the 5:03 5 minutes, 3 seconds growth will come from san plant. We are expecting uh 17 to 18% volume growth in 5:11 5 minutes, 11 seconds this current financial year. Uh which will mainly coming from SAN new facility. 5:18 5 minutes, 18 seconds Uh uh you are you are aware that our Saland uh you know plant was uh 5:25 5 minutes, 25 seconds commissioning of first phase was delayed by around 6 months. So we uh you know uh 5:32 5 minutes, 32 seconds commissioned the first phase in the December 20 December 25 5:38 5 minutes, 38 seconds and second and last phase is expected to be commissioned in the fourth quarter of FY20 2627. 5:49 5 minutes, 49 seconds In financial year 2526 average copper price increased by 16.85% 85% and average aluminium prices increased by 9.91%. 6:00 6 minutes During SY 2526 operating margin has improved to 10.46% uh against 10.18%. 6:12 6 minutes, 12 seconds IITA in this financial year full financial year is 1,387 cr uh up by 30.56% compared to last 6:21 6 minutes, 21 seconds year. ITA public net sales margin is 11.81% as against 10.92% in the previous year. 6:30 6 minutes, 30 seconds So the profit after tax in financial year 2526 is 918 cr uh with a uh bad margin of 7.82%. 6:43 6 minutes, 43 seconds uh domestic uh uh institutional cable sale 6:51 6 minutes, 51 seconds wire and cable uh has been 2,688 cr. However, the domestic institutional 6:59 6 minutes, 59 seconds cable sale of extra high voltage cable is 559 cr uh against 308 cr previouss year with a growth of 82%. 7:10 7 minutes, 10 seconds Export sales uh achievement is 1,833 cr uh against uh 1,26 1,267. 7:21 7 minutes, 21 seconds So the growth in export is 45%. 7:27 7 minutes, 27 seconds So the total cable institutional sale contribution is 42% which is at par with the year and sales through distribution 7:36 7 minutes, 36 seconds network uh is 6349 cr up by 25%. The total active working 7:45 7 minutes, 45 seconds dealers of the company as on 31st March 26 26 was approximately 2,125 7:53 7 minutes, 53 seconds uh dealer sale contribution is 54% uh in overall sales 8:00 8 minutes EPC sales other than cable is 311 cr against 343 cr 8:07 8 minutes, 7 seconds stainless steel wire sale in full FI 2526 is rupees 212 cr at par with the previous year. 8:19 8 minutes, 19 seconds Now I'll I will brief you the uh demand outlook and the uh uh uh future outlook 8:28 8 minutes, 28 seconds of the company. The demand outlook continues to remain strong. We are very hopeful that uh uh whatever we have 8:36 8 minutes, 36 seconds projected in the volume growth and plant utilization it will happen and uh uh we 8:44 8 minutes, 44 seconds are bullish about uh huge capex coming up in India in the power transmission and distribution sector, data centers, 8:52 8 minutes, 52 seconds uh institutional infrastructure projects like met rails and railways as well as the construction sector 9:01 9 minutes, 1 second comprising of commercial construction as well as real estate. Uh oil and gas sector will continue to 9:09 9 minutes, 9 seconds remain strong especially the power generation sector will see substantial growth in this in coming financial year. 9:18 9 minutes, 18 seconds Uh not only in the solar and solar and the wind but also in the thermal power uh thermal power generation. 9:29 9 minutes, 29 seconds The data centers will also be a big boosters 9:37 9 minutes, 37 seconds export for America. We have also commenced uh restarted our exports to United States uh after the lull uh in 9:47 9 minutes, 47 seconds last financial year because of the tariffs and we hope to uh do a a 9:55 9 minutes, 55 seconds substantial sale in US this year taking our export to around uh approximately 10:02 10 minutes, 2 seconds 20% of our total sales in the current financial year which which is as per our previous target. So this is a brief 10:10 10 minutes, 10 seconds summary uh uh from our side. Uh we now look forward to answering your questions. Thank you. 10:19 10 minutes, 19 seconds Thank you very much sir. We will now begin the question and answer session. 10:24 10 minutes, 24 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. 10:30 10 minutes, 30 seconds If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. 10:39 10 minutes, 39 seconds Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 10:49 10 minutes, 49 seconds First question is from the line of Sukrid de Patil from Pinre Private Limited. Please go ahead. 10:56 10 minutes, 56 seconds Uh good afternoon to the team. I have two questions. My first question to Mr. 11:00 11 minutes Anil Gupta is in your view how is unmuted. Please go ahead with your question. 11:06 11 minutes, 6 seconds Yes. Hello. Am I audible? Hello. 11:16 11 minutes, 16 seconds I audible. 11:22 11 minutes, 22 seconds As there is no response from the current questioner, we'll move to the next question from the line of Pulkit Putney from Goldman Sachs. Please go ahead. 11:30 11 minutes, 30 seconds Uh sir, thank you for taking my questions. So two questions. 11:34 11 minutes, 34 seconds [clears throat] 11:35 11 minutes, 35 seconds Firstly, are you witnessing any uh supply chain uh issues right now, supply 11:42 11 minutes, 42 seconds of PVC compound, XLP, any other sort of supply chain issue? 11:48 11 minutes, 48 seconds You did mention that freight cost on the TV interview, you mentioned freight costs have gone up quite meaningfully and you are sharing part of that uh with the customer in the export market. 11:58 11 minutes, 58 seconds anything else on that side that you would like to highlight in terms of costs and supply chain? 12:05 12 minutes, 5 seconds Uh thank you. uh uh supply as of now I think we none of our plant has suffered 12:14 12 minutes, 14 seconds uh because of the uh raw material issues coming through imports because of the good stocking by us as well as the 12:23 12 minutes, 23 seconds domestic availability and our uh only the imports of XLP from uh Middle East 12:32 12 minutes, 32 seconds especially uh Abu Dhabi is is not happening because uh because of the shipping problems. Also in March we 12:39 12 minutes, 39 seconds witnessed uh uh you know uh we were not able to ship our goods to Middle East 12:47 12 minutes, 47 seconds because no shipping line uh was ready to take the deliveries. Now in April it has 12:55 12 minutes, 55 seconds uh started a bit at a very high cost because the containers are now now going to Fizora and from Suzura port by land 13:04 13 minutes, 4 seconds to various destinations in Abu Dhabi and Qatar etc in other countries. So it is 13:11 13 minutes, 11 seconds uh it is a and in most of the uh uh customers are caring 50% of the 13:20 13 minutes, 20 seconds differential uh freight cost from from us and uh uh in cases where the our 13:28 13 minutes, 28 seconds prices were FOD there the entire freight cost is to their account but that has also started because they they need 13:36 13 minutes, 36 seconds material and uh so it was a of course in March we suffered we could have uh done 13:44 13 minutes, 44 seconds around 50 cr more 50 to 60 cr more exports which could not happen. 13:51 13 minutes, 51 seconds Fair point sir. So my second question is I mean historically we've done a very good job in meeting our guidance uh but 13:59 13 minutes, 59 seconds our guidance has always been in the high teens to early 20s in terms of revenue growth. You just mentioned right now 14:07 14 minutes, 7 seconds that 17 to 18% is the volume growth in FY27 that you are targeting from the san facility. If I was to just make the 14:16 14 minutes, 16 seconds assumption of where copper is likely to be based on what the last year uh prices was then we are talking about at least a 14:24 14 minutes, 24 seconds 10 to 15% upside that will just come from copper. So is it fair to assume both added together that we could look 14:31 14 minutes, 31 seconds at more like a 30% revenue growth this year or am I reading too much into this? 14:36 14 minutes, 36 seconds No, no, I I think uh if that what you are saying if that happens it it this will happen. It it could happen. 14:46 14 minutes, 46 seconds Okay. This is uh this is clear sir. 14:48 14 minutes, 48 seconds Thank you so much for taking my question. Thank you. 14:54 14 minutes, 54 seconds Next question is from the line of Pune Gulati from HSBC. Please go ahead. 15:01 15 minutes, 1 second Yeah, thank you so much and congrats on great performance. My question is if you can elaborate a bit on what has been the key drivers of your you know margin 15:10 15 minutes, 10 seconds expansion in this quarter especially when you you face some bit of challenges on the freight side and uh and the Middle Eastern supply side. 15:19 15 minutes, 19 seconds No, what he said is a freight side only related to the Middle East and our Middle East uh sale is uh practically 15:26 15 minutes, 26 seconds very very less. So it is uh no impact on the overall. 15:30 15 minutes, 30 seconds Uh what I said is the freight impact coming on the supplies to Middle East. 15:36 15 minutes, 36 seconds But that freight impact impact has come in April not in March because in March 15:43 15 minutes, 43 seconds uh the the supply could not happen because of the restrictions on the shipping. 15:50 15 minutes, 50 seconds Okay. So okay so no adverse impact there. So whatever 70 bits margin that you lost is is more uh sort of 16:00 16 minutes but but I can say that whatever whatever extra freight we are bearing in April that will be compensated by higher 16:09 16 minutes, 9 seconds exchange rates uh which we will get from our export revenue in those orders itself because the those orders were 16:18 16 minutes, 18 seconds priced at um anywhere between around 90 or 91 rupees. So, so if even if you are bearing some extra freight that will be 16:27 16 minutes, 27 seconds compensated by the extra revenue from the exchange exchange fluctuation understood and so 17 18% volume growth 16:35 16 minutes, 35 seconds that you guided from the Son plant that's effective from this this FI27 itself and then what sort of another 16:44 16 minutes, 44 seconds growth should we expect for FI28 based on the second phase sim similar growth 16:52 16 minutes, 52 seconds will continue to happen because the uh the capacity will keep on coming uh coming up and plant will keep on getting 17:01 17 minutes, 1 second stabilized uh with the more and more uh supplies going from that plant. We are 17:08 17 minutes, 8 seconds you know uh when we set up a new plant it takes a little while to get that plant appro specific plant plant specific approvals also from the 17:17 17 minutes, 17 seconds customers and uh uh so hence the ramp up uh is always gradual. 17:23 17 minutes, 23 seconds Okay. So if at 27 it is 17 18% 28 it could be a bit more gradual you that's yeah it will be it would be around 20%. 17:32 17 minutes, 32 seconds Yeah. 17:33 17 minutes, 33 seconds Okay. And lastly, if you can also talk about, you know, how do you think about margins for for the current year? 17:41 17 minutes, 41 seconds We u I mean on a conservative side, we can expect around 11 any anywhere between 10 and a half to 11%. 17:51 17 minutes, 51 seconds Okay, that's all from Thank you so much and all the best. 17:55 17 minutes, 55 seconds Yeah, thank you. 17:58 17 minutes, 58 seconds Next question is from the line of Achalari from Noama Institutional Equities. Please go ahead. 18:06 18 minutes, 6 seconds Just a quick clarification sir. When you are talking you said uh you know the uh wires growth will come from Sinwara and 18:15 18 minutes, 15 seconds the cables growth will come from plant 17 18% volume growth you said for the cables or the company as a whole. I presume company as a whole. Yeah. Okay. 18:25 18 minutes, 25 seconds Company as a whole. Yeah. Perfect. Uh the other question I had uh is uh you know in terms of exports if you could 18:33 18 minutes, 33 seconds elaborate a little bit as to where we are what kind of uh you know products we uh are uh you know currently exporting 18:42 18 minutes, 42 seconds and what incremental new product categories can we look at? If you could get a little bit more to us in terms of the export front growth as well as the 18:51 18 minutes, 51 seconds categories and the key drivers or geographies. 18:55 18 minutes, 55 seconds We are exporting mainly LTH and XI voltage cables. Apart from that we are also exporting control and 19:04 19 minutes, 4 seconds instrumentation cables for oil and gas refineries. So uh this is our product total product mix and uh export but 19:13 19 minutes, 13 seconds basket is not different from domestic uh domestic supplies. Look export uh basket 19:20 19 minutes, 20 seconds is in terms of products is similar to domestic. 19:27 19 minutes, 27 seconds Understood. And geographies if you could uh give us a sense uh FI26 export mix. 19:33 19 minutes, 33 seconds Our export major export destinations are Middle East, Australia, uh Africa and 19:39 19 minutes, 39 seconds now uh and as well as the United States and we are also exporting to Europe as well. 19:49 19 minutes, 49 seconds Understood. And uh would it be possible to know what kind of solar cables mix we have sir for FI26 at our company level? 19:59 19 minutes, 59 seconds Solar solar cables. Yes sir. 20:02 20 minutes, 2 seconds Solar cables we are manufacturing uh power cables and also now we are manufacturing uh solar wires by electron 20:12 20 minutes, 12 seconds beam process. So we have set up this electron beam facilities in our Son plant and which has started. 20:21 20 minutes, 21 seconds Got it. So the contribution will be relatively small at this stage. Right. 20:26 20 minutes, 26 seconds No, it will uh quarter after quarter it will uh keep growing. 20:32 20 minutes, 32 seconds So FI26 will be smaller and FI27 will uh will grow uh uh substantially. 20:41 20 minutes, 41 seconds Understood. And would this be a value added product sir in terms of margins or similar margins? 20:47 20 minutes, 47 seconds Yes. Yes. No. No. It you see uh it it will be a similar margins. I mean um we 20:54 20 minutes, 54 seconds when we talk of IITA margins we talk of uh you know all products averaged together. 21:02 21 minutes, 2 seconds Got it. 21:04 21 minutes, 4 seconds Uh got it. I I'll fall back in the queue for further followup. Thank you so much. 21:11 21 minutes, 11 seconds Thank you. 21:13 21 minutes, 13 seconds Next question is from the line of Balas Subramanyam from Aryan Capital. Please go ahead. 21:19 21 minutes, 19 seconds Good afternoon sir. Uh thank you so much for the opportunities. So my first question uh we have planned around 2,000 21:26 21 minutes, 26 seconds cr kind of investment over next 3 to four years post senate. I think we also 21:32 21 minutes, 32 seconds uh bought a bibi land around for 92 crores and we also bought a 70 acre land uh uh in Botaa. So I'm trying to 21:41 21 minutes, 41 seconds understand uh like what is the use case of this land uh and uh what kind of products uh we are going to uh target 21:49 21 minutes, 49 seconds for the investments is there we are we also planning backward integration into compounds uh I think you are currently uh highly importing high voltage compounds. 22:01 22 minutes, 1 second We are um um at the moment we are manufacturing PVC compounds and 22:09 22 minutes, 9 seconds low tension XLP compounds ourselves and but importing and or procuring domestically uh medium voltage compounds 22:18 22 minutes, 18 seconds and extra high voltage are all being imported. So extra high voltage will continue to be imported. However, we 22:25 22 minutes, 25 seconds will be um um working on manufacturing medium voltage compounds ourselves but 22:32 22 minutes, 32 seconds that this project will take more minimum two years because the uh the civil construction to the factory setup takes 22:41 22 minutes, 41 seconds time. Similarly, we are also considering manufacturing our own uh galvanized 22:48 22 minutes, 48 seconds steel wire, cable armor wire because we have a substantial consumption of close to 5,000 tons a month. So which makes it 22:57 22 minutes, 57 seconds economic sense to do that and the other products what we are uh uh we will be uh 23:05 23 minutes, 5 seconds whatever products in electrical side uh but in cable industry uh which we may be 23:12 23 minutes, 12 seconds missing we we'll continue to add uh those plus the new newer capacities in our uh new facilities what whatever will 23:21 23 minutes, 21 seconds come up in in the next two three financial Yes. 23:29 23 minutes, 29 seconds Okay. Sir, my second question is we have a active dealers of 2,125 but around 100 uh top dealers contribute 70 to 80% of 70 to 80% of sales. 23:41 23 minutes, 41 seconds Basically 5%age of the dealers are bringing 70 to 80% of their sales and the dealer inventory is typically nearly 14 to 20 days. So I'm trying to 23:49 23 minutes, 49 seconds understand the remaining dealers are uh inactive or they are drinking uh they are the low low protective dealers and 23:58 23 minutes, 58 seconds what is yes sir what is dealer uh ch annually sir 24:04 24 minutes, 4 seconds see it's not inactive dealer the major part of 20% dealers which do 20% of the 24:12 24 minutes, 12 seconds total sale so the 20% uh those dealers are anywhere between uh 24:20 24 minutes, 20 seconds you know 50 lakh to 1 cr. So they are always meant first they are operating in the smaller towns 24:28 24 minutes, 28 seconds uh doing small town sales or retail sales and they are mostly operating in two uh uh 90 m wire segment because 24:38 24 minutes, 38 seconds there it you require uh dealers at every nook and corners. So you you need lot of 24:45 24 minutes, 45 seconds numbers uh then only the sale comes and so far the churning is concerned I 24:52 24 minutes, 52 seconds think every every year 10 to 12% is the churning of dealers some dealers leaves and some new are added. 25:05 25 minutes, 5 seconds Uh I got it sir. Thank you so much for the detailed explanations. All the best. Thank you. 25:12 25 minutes, 12 seconds Thank you. Before we move to the next question, a reminder to the participants to ask a question, you may press star N1. 25:21 25 minutes, 21 seconds Next question is from the line of Patanjali Shinwasan from Sundaram Mutual Fund. Please proceed. Hello sir, thank 25:29 25 minutes, 29 seconds you for the opportunity. Uh I had couple of questions. So firstly uh could you tell us like uh what is the increase in 25:36 25 minutes, 36 seconds terms of price and uh what is the volume growth for this quarter and uh on a yearon-year basis uh where do you see things for the next year? 25:47 25 minutes, 47 seconds So for the fullear basis the copper price increased by 16.85%. 25:53 25 minutes, 53 seconds And for aluminium it was increased by 9.91% for the full year basis. Overall 26:00 26 minutes portfolio we have grown for the copper production uh that is was by 15%. But 26:07 26 minutes, 7 seconds our almonium consumption was flat. So overall the uh the net volume growth for the metal was 6 to 1%. 26:18 26 minutes, 18 seconds Got it sir. So uh what is the price increase we had to take this year around 8 9% would that be the right 26:25 26 minutes, 25 seconds we are passing on we are working on the we are working on the passing on mechanism correct every price increase is basically pass 26:32 26 minutes, 32 seconds on mechanism because we are a tenderdriven business so whenever we are quoting we are quoting on a prevailing market size on that date accordingly we 26:41 26 minutes, 41 seconds are quoting the price got it in all the institutional orders it get faster 26:47 26 minutes, 47 seconds okay sir And uh we had mentioned that 15 to 17% volume growth can happen in FY27. 26:54 26 minutes, 54 seconds So this is only from the new plant or it's entire like even the existing plants put together and what would be 27:02 27 minutes, 2 seconds exciting like existing plants are of basically Rajasthan plants they are already 27:09 27 minutes, 9 seconds working on the peak capacity only the chinchara plant and the new plant of san they will add in the volume actually. 27:20 27 minutes, 20 seconds Yes sir. So in terms of growth uh you still stick to 20% growth for 27 over 26 or is there a slight uh is that 27:29 27 minutes, 29 seconds normally if the price remain if the price remain at this level and with the volume growth of 17 18% this value will 27:37 27 minutes, 37 seconds grow more but if the prices are going down then still we will be maintaining a 20%. because uh uh we are adding 17 18% volume. 27:47 27 minutes, 47 seconds uh but the except the last year except the last 25 26 if you go for the next uh previous five six seven years our volume growth 27:56 27 minutes, 56 seconds was close to 14 to 16% year after year then I can add here that if the prices 28:04 28 minutes, 4 seconds uh remains bullish of of the metals then definitely the revenue growth will be much more 28:13 28 minutes, 13 seconds got it sir no s just uh only doubt or concern is that the volume growth is a bit lower uh given that we had very 28:22 28 minutes, 22 seconds strong base for the last 2 three years and we are also bringing new capacities. 28:27 28 minutes, 27 seconds So will we see any uh challenges in terms of volume growth that is what the concern is sir? 28:33 28 minutes, 33 seconds No volume was uh uh based on the capacity addition. So whatever in the phase manner we are adding the capacity 28:41 28 minutes, 41 seconds so volume growth will be in this range only which will be resulting more than 20% value times growth. Got it sir. 28:50 28 minutes, 50 seconds Thank you so much sir. All the best. Thank you. Thank you. 28:57 28 minutes, 57 seconds Next question is from the line of Shirom Kapoor from Jeff. Please go ahead. 29:08 29 minutes, 8 seconds line for the current questioner got disconnected. We'll move to the next question from the line of Prain Sahai from PL Capital. Please go ahead. 29:17 29 minutes, 17 seconds Yeah. Hi. Uh thank you for opportunity and uh many congratulations for a good set of numbers. Uh first question related to the acceptance uh uh for uh 29:26 29 minutes, 26 seconds from the last Q3 and now the Q4 the acceptance number has been uh you know on the higher side. uh so how we will 29:35 29 minutes, 35 seconds read this the way forward like even the trade payable numbers I can see that's an increased for year uh y if I look at 29:43 29 minutes, 43 seconds so how to read this numbers the way forward where you want to see this number so this number will remain in this in this category only because the 29:52 29 minutes, 52 seconds prices of the metal has already increased so and the volume of the companies also increasing after after 29:59 29 minutes, 59 seconds the production so that's it this will uh this number will remain in this venue only. 30:05 30 minutes, 5 seconds So it's a factor of a pricing and uh that's where you are saying that's number to be here. 30:10 30 minutes, 10 seconds Yeah. And the new summon plant also because their inventory has increased. 30:17 30 minutes, 17 seconds Right. Okay. And the second questions are related to the housing wire and winding wire and we had observed in the 30:24 30 minutes, 24 seconds last uh 3 years continuously increase in the contribution. So now it's uh for FI 26 33% of contribution. So and further 30:33 30 minutes, 33 seconds you are guiding for the change board uh there is a wire uh production which will further add to the volume. So where you 30:40 30 minutes, 40 seconds want to see this uh contribution to go uh from here 33%. 30:46 30 minutes, 46 seconds I think dealer distribution uh contribution is already 54% and whatever cable capacity is increasing in SAN so 30:53 30 minutes, 53 seconds we hope that 53 to 55% contribution from the dealer distributor will remain 31:00 31 minutes okay so as our this contribution also to housing wire and dealer 31:08 31 minutes, 8 seconds yeah so basically the housing wire goes through the dealer only so the housing w sale is increasing but the cable is also 31:15 31 minutes, 15 seconds increasing now because of the final plant. 31:20 31 minutes, 20 seconds Okay. Okay. Okay. So, we will maintain this number uh at this level. Yes. 31:24 31 minutes, 24 seconds Uh the the another question is related to the order book. Uh so, so the if you can give the bifurcation of the order 31:32 31 minutes, 32 seconds book EPC and extra high voltage domestic. 31:37 31 minutes, 37 seconds So uh we have the uh as on 31st March 2026 order book of EPC division is 309 31:45 31 minutes, 45 seconds cr rupees. Extra high voltage power cable order book is 625 K rupees and we have also L1 in extra high voltage power 31:54 31 minutes, 54 seconds cable order book of 233 cr another order and cable domestic institution order 31:59 31 minutes, 59 seconds book and around 2,154 K and cable export order is 497 32:06 32 minutes, 6 seconds cr put together all order book is close to 3,585 cr and whatever order book uh 32:14 32 minutes, 14 seconds from the dealer distributor that is not reflecting it here because they are the orders which we supply within 3 to 4 32:20 32 minutes, 20 seconds days time or maybe at that uh 1 week time that's it right sir and one clarification like uh 32:29 32 minutes, 29 seconds volume growth for a quarter is uh 12 and a half%. 32:33 32 minutes, 33 seconds No no volume growth for the quarter was close to 2%. Uh uh and the full year basis the net volume growth is uh uh I'd say 6.2%. 32:45 32 minutes, 45 seconds Okay. Oh, thank you sir and all the best. Thank you. 32:52 32 minutes, 52 seconds Next question is from the line of Shria Kjiwal from Manesta Capital. Please go ahead. 32:59 32 minutes, 59 seconds Uh hello sir, congratulation on your results. So my question was regarding the EPC. So EPC contributes like around 33:06 33 minutes, 6 seconds 2.6% uh as we saw in FY26 revenue. So does the company plan to scale this up or keep it as a supporting business like what's your view on that? 33:16 33 minutes, 16 seconds No since last three four year before we have guided that EPC business will go down towards the 2 3% only. So as per 33:25 33 minutes, 25 seconds the guidance because there the working capital is very long in EPC. So because of that we are increasing the retail where the working capital is very low 33:34 33 minutes, 34 seconds that how it is our plan. It is it is mostly a supporting uh business uh to support our extra high high voltage 33:42 33 minutes, 42 seconds cable projects where cable cable value is more than 80%. 33:49 33 minutes, 49 seconds Okay sir and my uh I have one more question regarding the QIP proceeds uh I feel that around 400 to 500 K remain 33:57 33 minutes, 57 seconds unutilized. So any specific deployment plan or timeline for this capital? 34:03 34 minutes, 3 seconds The second phase uh of the extra high voltage power cable in San will complete by Q4 of the current financial year. So 34:10 34 minutes, 10 seconds the whole 385 cr unutilized QIP money will be utilized in the current financial year. 34:18 34 minutes, 18 seconds Okay. Thank you sir. So much. Thank you. 34:25 34 minutes, 25 seconds Next question is from the line of Ashish Shagaral from Indasen Nepon live. Please go ahead. 34:32 34 minutes, 32 seconds Uh yeah thanks uh sir uh uh two questions from my side. What is the capex plan now for FI27 and will it include capeex in 34:42 34 minutes, 42 seconds incrementally in biari also? And secondly yeah sorry. 34:47 34 minutes, 47 seconds Yeah please. And secondly just wanted to understand on the EHV side uh uh this year we have seen a substantial growth 34:56 34 minutes, 56 seconds on the EHV revenues almost close to 66% growth u given our new capacities for EHV only 35:05 35 minutes, 5 seconds will be coming towards the end of this year how should we look at the growth on the EHV side yeah thanks 35:15 35 minutes, 15 seconds this year uh in EHV segment And we expect a growth of around 20%. Uh little little bit from our existing factory 35:24 35 minutes, 24 seconds because we are already operating at almost full capacity and uh and some uh some portion of growth will will come 35:33 35 minutes, 33 seconds from SA and with regards to the capex investment every year we will be doing around 600 35:40 35 minutes, 40 seconds to 700 cr capital expenditure for next two to three years continuous. 35:47 35 minutes, 47 seconds Got it. Thanks. Thanks a lot. Thank you. 35:54 35 minutes, 54 seconds Next question is from the line of Christopher Hardco from Victet. Please go ahead. 36:02 36 minutes, 2 seconds Hey, thanks for the call. Just a follow-up question on the quarterly volume growth if I may. Is it fair to say that you were still capacity 36:09 36 minutes, 9 seconds constrained or how do you explain the the discrepancy or the difference to some of your peers volume growth and what was San's contribution in the 36:18 36 minutes, 18 seconds fourth quarter in terms of volume growth in Son quarter sale was very less it was 36:25 36 minutes, 25 seconds less than 100 cr rupes because the ramp up takes times but now from the first quarter onward for the current financial year u the sale from 36:34 36 minutes, 34 seconds salam will be visible to that extent as energy was just spoken about the uh current year growth will be 36:41 36 minutes, 41 seconds coming from the far and and 36:48 36 minutes, 48 seconds the first part of the question the volume growth in the fourth quarter was that still 36:55 36 minutes, 55 seconds or how should we yeah it was mainly because of the capacity constraint actually got it okay thank you very much thanks Thank you. 37:08 37 minutes, 8 seconds Next question is from the line of Rahul Lagarval from Ike Asset. Please go ahead. 37:17 37 minutes, 17 seconds Hi sir. Uh very good afternoon. 37:20 37 minutes, 20 seconds Welcome sir. Two questions. Firstly I see reduction on the receivable ballot 37:28 37 minutes, 28 seconds on the receivable side on the balance sheet. uh overall we see some changes to inventory and criter 37:37 37 minutes, 37 seconds because of uh some transit export delays which will normalize in first quarter. 37:42 37 minutes, 42 seconds So overall on a sustainable basis the company should be between 85 to 90 days of networking capital cycle over the 37:50 37 minutes, 50 seconds next 2 three years. Is that understanding correct? 37:54 37 minutes, 54 seconds Yeah. networking sector cycle is uh uh because of receivable to the B2C 38:01 38 minutes, 1 second business is already reducing year after year. So because of that the working capital cycle is decreasing actually 38:11 38 minutes, 11 seconds is that that is purely because of channel financing. 38:16 38 minutes, 16 seconds Yeah that is mainly purely because of channel financing. 38:20 38 minutes, 20 seconds Okay. So, incrementally this 57 days of sales of you know receivable days that should remain flattish or it should further decline. 38:31 38 minutes, 31 seconds Uh this that may further decline to as of now it has uh reduced from 2.2 months 38:37 38 minutes, 37 seconds to 1.88 months. It may reduce to 1.75 months. 38:45 38 minutes, 45 seconds Got But almost now the overall inventory plus data minus citor is close to 2.97 months as against last year it was 3.39 38:53 38 minutes, 53 seconds months right I get that and secondly uh Rajiv G I mean you talk about capex of 8 900 39:02 39 minutes, 2 seconds crores a year uh your operating cash flow is going to be similar every year you know based on the group guidance you're giving 39:10 39 minutes, 10 seconds so the cash lying in the balance sheet right almost 1,300 crores net cash how do we reinvest this in the business then 39:18 39 minutes, 18 seconds because the entire capex is going to get funded from your approvals itself. So what is the thought there sir we will be doing all future capex 39:27 39 minutes, 27 seconds from the internal approval only because whatever capex we are acrewing year after year we will be allocating 39:34 39 minutes, 34 seconds close to 60 70% for the capital expenditure for the incremental capacity addition to grow at a cgr of 20%. And 39:44 39 minutes, 44 seconds because of we are growing more than 20% so we need to add some additional working capital. So balance 30% of 39:51 39 minutes, 51 seconds approval will be kept for the incremental working capital requirements. So that is our overall plan to uh use our cash flow for the next 3 to four years. 40:04 40 minutes, 4 seconds Sir, I was actually talking about you know the cash remaining in the balance sheet even after using working capital even at 90 days of sales you need 5 600 40:13 40 minutes, 13 seconds crores of working capital and you need sometime 40:19 40 minutes, 19 seconds normally the the size of the company 500 to 600 cr cash will always be carried 40:27 40 minutes, 27 seconds only the only the additional two 300 cr cash it may go up it may go down depending on the receivable and the 40:34 40 minutes, 34 seconds inventory cycle because it cannot be remain same in on month-to-month basis. 40:40 40 minutes, 40 seconds On an average it is there but on month to basis it may increase or decrease. If suppose sudden jump in the raw matter 40:47 40 minutes, 47 seconds price then for that particular month it will increase substantially. So cash will not be there at that time. So 40:54 40 minutes, 54 seconds because of that we need to have the cash at 500 to 600 K level at any given point of time in the balance sheet. 41:04 41 minutes, 4 seconds Got it sir. 41:05 41 minutes, 5 seconds Because we are running because we are running a debtfree company and with this guidance we will be continuing running as a debtfree company for next four to 41:14 41 minutes, 14 seconds five years with a topline growth of 20% CAGR depending on the capacity we are going to add. 41:23 41 minutes, 23 seconds Got it sir. Got it. And this just to double click on this fourth quarter volume growth you said 2%. How do you 41:31 41 minutes, 31 seconds read this in terms of your own expectations in the quarter? I understand there have been lot of fluctuations on a Q basis month basis. 41:39 41 minutes, 39 seconds Environment is not normal. But what are how is the performance? 41:45 41 minutes, 45 seconds Sir there are two aspect to this. First is the capital allocation. If we are allocating the capital of 60 70% toward 41:53 41 minutes, 53 seconds the capex and 30% for incremental working capital requirement considering we will be growing a C of a 20% plus 42:02 42 minutes, 2 seconds okay so if the value is increasing and the volume is also increasing then we may be requiring more additional working 42:10 42 minutes, 10 seconds capital also no so by saying 30% 40% is very easy but to 42:17 42 minutes, 17 seconds arrange the capital for that also we need some allocation. So if we have already allocated to the capital expenditure then we need to have the 42:25 42 minutes, 25 seconds borrowed. So as at all as of now we are not borrowing and whatever capacity we are creating we are creating a capacity 42:31 42 minutes, 31 seconds with a volume growth of 17 18%. Because last year in san the 6 month was delayed because of that that volume could not be 42:40 42 minutes, 40 seconds added into the sales. So because of that the volume growth was not there because otherwise our all the Rajasthan plant 42:47 42 minutes, 47 seconds even in 2425 they were running at a peak capacity. So whatever capacity increase in the inpala plant in the second half 42:56 42 minutes, 56 seconds of the 2425 that has contributed only towards the volume growth. So because of that the last year the copper has copper 43:05 43 minutes, 5 seconds metal consumption has grown by 15%. But aluminium metal consumption was flat because the salmon was not operative at 43:12 43 minutes, 12 seconds that time. Now the now the aan is operative and the chinchala is having the capacity for the wire. So so then we 43:19 43 minutes, 19 seconds will be operating again back to the 17 18% volume load. 43:26 43 minutes, 26 seconds Very clear sir. Very clear. Thank you so much and wish you all the best. Thank you. Thank you. 43:34 43 minutes, 34 seconds Next question is from the line of Omang Mata from Kotak Securities. Please proceed. 43:40 43 minutes, 40 seconds Hi uh thanks for the opportunity. So I just wanted to clarify something earlier we had given a number of around 2,700 43:47 43 minutes, 47 seconds crores from Sanan plant in F27 are you still sticks to that and if he has then the 43:55 43 minutes, 55 seconds and 18% volume would actually be slightly higher if actually you do 2700 crores u 44:04 44 minutes, 4 seconds is the question and the second clarification will come not only from sanam but from kpal also for the buyer have that is 44:13 44 minutes, 13 seconds mainly for copper understood and just to reconfirm something you said to Pulkit earlier 17 44:20 44 minutes, 20 seconds 18% volume plus if prices sustain where they are then on an annual basis we are looking at 25% plus uh topline growth uh 44:29 44 minutes, 29 seconds that's correct right as of as of now if the prices may increase the value will automatically uh 44:37 44 minutes, 37 seconds will be there but we can't say the value will the price will increase or decrease at at this moment of time. 44:45 44 minutes, 45 seconds Sure sir. The price decrease also. 44:49 44 minutes, 49 seconds Sure sir. Thank you so much. These are my questions. Thank you. 44:58 44 minutes, 58 seconds Next question is from the line of Akshai Gatani from UBS. Please proceed. 45:04 45 minutes, 4 seconds Hi. Uh thank you for the opportunity sir. uh earlier you commented export revenue share guidance of around 20% of 45:11 45 minutes, 11 seconds revenue for FI 27 and if you assume even a 20% company level revenue this implies export revenue growing more than 50%. So 45:19 45 minutes, 19 seconds a large part of 16 to 18% volume growth is supported by export. So is there any identified geography which is contributing big to this? Any particular 45:27 45 minutes, 27 seconds product which will drive increase in exports? 45:31 45 minutes, 31 seconds Products and geographies geographies will remain same where we are exporting. 45:36 45 minutes, 36 seconds It will increase volume will come from the same geographies and similar type of project. 45:44 45 minutes, 44 seconds Okay. So this is more of a broad-based uh rising acceptability of Indian product in the export market we can say. Yes. 45:52 45 minutes, 52 seconds And on the volume growth uh front s volume volume growth is accelerating from 6.5% in FY 26 to 16 to 18 27. So 46:01 46 minutes, 1 second how would this impact operating leverage and do you expect any pre-operative expenses for fees two of Sanen uh EHV 46:10 46 minutes, 10 seconds sir already we have guided that from 2728 when the san will be at full capacity so that will be the first year 46:18 46 minutes, 18 seconds in 2728 so another half% uh ITA margin will get improved because of economy of 46:25 46 minutes, 25 seconds scale in the in the current financial year already operating margin has improved from 10.18% to 10.4 46%. And 46:34 46 minutes, 34 seconds another 2025 gives point it will further increase year after year because of the economy of the scale and having more export and more uh uh B2C business. 46:47 46 minutes, 47 seconds Got it. Got it sir. This is very helpful. Thank you. Thank you. 46:54 46 minutes, 54 seconds Next question is from the line of Anacha from Philip Capital. Please go ahead. 47:02 47 minutes, 2 seconds Uh hi good afternoon sir. Uh congratulations to the entire team of KI industries for delivering good set of numbers. Uh actually just wanted to 47:10 47 minutes, 10 seconds reiterate you know the breakup of the current order book uh that you had mentioned. Actually I had missed it. So if you could just give us you know the breakup of the current order book there that would be great. Thank you. 47:20 47 minutes, 20 seconds Yeah the EPC order book is 309 K. Extra high voltage power cable order book is 47:26 47 minutes, 26 seconds 625 K. Domestic cable order book is 2,154 47:32 47 minutes, 32 seconds K and export cable order is 497 K. Put together all is 3585 47:38 47 minutes, 38 seconds K. As of 31st March 2026 and L1 on EV another order is 233 K. 47:49 47 minutes, 49 seconds Okay sir. Thank you so much sir. Thank you. Thank you. 47:57 47 minutes, 57 seconds Next question is from the line of Pav Sha from Metaquities PMS. Please go ahead. Hello sir. 48:04 48 minutes, 4 seconds To the entire team. I want to understand about export business particularly in a US since you said you are looking good 48:12 48 minutes, 12 seconds tractions can be come from US. So what kind of orders product or business that you are expecting from US business? I 48:21 48 minutes, 21 seconds want to know about particularly from the data centers area. Thank you. 48:28 48 minutes, 28 seconds [clears throat] See uh uh data centers I think we uh we expect to supply them 48:37 48 minutes, 37 seconds mainly HD cables and uh and also some copper flexible I but presently our our 48:44 48 minutes, 44 seconds our market what we have built for data center is only for the medium voltage HD cables through us and uh we are working 48:53 48 minutes, 53 seconds out that uh what other cables can be sold in the data centers because when we 49:00 49 minutes sell to data centers we have to face competition from their American domestic industry as well. So um 49:09 49 minutes, 9 seconds because of theization of uh US market last year uh the progress in market development was 49:17 49 minutes, 17 seconds stalled which has restarted now we'll uh we'll be able to let you know about it 49:24 49 minutes, 24 seconds in the in in our next right right so I want to know about what kind of order book is uh currently from 49:33 49 minutes, 33 seconds a US side and approximately ly what kind of uh margin that we are taking from US business. 49:46 49 minutes, 46 seconds What is the typically uh in US market close to uh 50 49:54 49 minutes, 54 seconds 60 cr rupees order book as of 31st March 2026 was there but uh as energy is saying that now this market has opened 50:03 50 minutes, 3 seconds after the uh tariff has reduced. So now this uh our marketing team is traveling over 50:10 50 minutes, 10 seconds there and they are recapturing their our existing customers and adding new customers. So in future this will be 50:17 50 minutes, 17 seconds adding up. So up till August last year we have reached close to 40 cr rupees per month sales. So in 3 months time we 50:26 50 minutes, 26 seconds will try to reach first at that level then it will be further adding to our [clears throat] business. 50:33 50 minutes, 33 seconds Right. And this is uh this is our evaluated product area. Every product is evaluated product. 50:42 50 minutes, 42 seconds I want to know about uh the the AIDA margin of uh US market. Sir, average margin is close to 11% for all exports. 50:52 50 minutes, 52 seconds Okay. Okay. 50:54 50 minutes, 54 seconds Okay. Thank you and all the best to get in. Thank you. Thank you. 51:02 51 minutes, 2 seconds Next question is from the line of Ankit Sony from Miraet Sher Khan. Please go ahead. 51:08 51 minutes, 8 seconds Uh yeah. Hi sir. Um congratulations for a good set of numbers. 51:12 51 minutes, 12 seconds Um just wanted to be having a two to three questions. U so the san facility second phase was I believe earlier 51:20 51 minutes, 20 seconds operational in around August or sec September month. Uh so has it got to delayed to quarter 4? Uh so am I reading it right? 51:28 51 minutes, 28 seconds Already the whole san get delayed by 6 months. So the ban also got delayed by 6 months. So the in phase also will get 51:36 51 minutes, 36 seconds delayed by 6 months because the construction will be in progress. So by March 2027 the XI will be power cable production. 51:45 51 minutes, 45 seconds Okay. And so uh I believe first phase u will be fully operational for financial year 27 will be giving you a growth of uh volume growth of around 17 to 80%. 51:56 51 minutes, 56 seconds And the second phase which will be operational by around quarter 4 would open up what sort of volume growth of financial 28. 52:06 52 minutes, 6 seconds It will be another 17 18% volume growth will be there. Okay. Another 17 18%. 52:12 52 minutes, 12 seconds Sure. And uh so with respect to uh the price hikes uh so have we taken all the price hikes in relation to what was the 52:21 52 minutes, 21 seconds raw material increase uh maybe till March 31st or maybe till uh here are we taking another price hike going forward? 52:30 52 minutes, 30 seconds That is that is our business model. 52:33 52 minutes, 33 seconds Whenever price increase we are increasing the price of the cable. can never decrease we are decreasing the price of the table. So there is a no 52:42 52 minutes, 42 seconds issue for the pass on since last four five years if you see our balance sheet you will not find a fluctuation in our market. 52:50 52 minutes, 50 seconds Okay, sure. And if you can just let me know what was the price hike we took in financial year 26. 52:58 52 minutes, 58 seconds In every order we price hike now, it's a order to order basis because we are quoting in a day at least 10 to 15 53:06 53 minutes, 6 seconds tenders. So these kind of uh price are getting passed on on every day basis not on month basis. Only in the case of 53:15 53 minutes, 15 seconds retail the price is revised twice a month. But in the institutional sales we are order to make sale is there. Every 53:22 53 minutes, 22 seconds day we are quoting in every day we are quoting on a prevailing market price. 53:27 53 minutes, 27 seconds Sure. Okay. Got it sir. That should be my Thank you. 53:35 53 minutes, 35 seconds Next question is from the line of Nikil Purohit from Fid asset management. Please proceed. 53:42 53 minutes, 42 seconds Hi thanks for the opportunity and congrats on a great set. Uh most of my answers uh most of my questions have been answered. I just had one question 53:49 53 minutes, 49 seconds uh in this uh institution business uh and uh the distribution business. Can you tell me the cables versus wire share uh in in both of these segments? 54:02 54 minutes, 2 seconds Major share in the institutional is for the for the aable only and for the dealer distribution business there is 54:09 54 minutes, 9 seconds almost 55% business belongs to buyer and close to 45 to 50% business belong to the cable 54:17 54 minutes, 17 seconds okay so buyers was stronger this quarter right wire is always going to the dealer 54:26 54 minutes, 26 seconds through dealer network we sell cables as well as that's why I said Almost 45% to 50% we are selling to cable and 50 50 to 54:35 54 minutes, 35 seconds 55% through dig distributor we are selling our buy product. Correct. 54:41 54 minutes, 41 seconds Got it. Okay. Thank you sir. Thank you. 54:48 54 minutes, 48 seconds Next question is from the line of Dishi Chani from who is an individual investor. Please go ahead. 54:55 54 minutes, 55 seconds Uh hello sir. First of all the congratulations for the good setup number. I just one want to clarify the 55:02 55 minutes, 2 seconds one doubt stop for entire total institutional share including the experts increased by around 19%. But the 55:10 55 minutes, 10 seconds share of the total revenue is somewhat decreased. Could you explain the EHV strate segment strategy? Uh this quarter 55:18 55 minutes, 18 seconds domestic sales increased from 115 to 1HPR. Is the uh is this where you 55:25 55 minutes, 25 seconds anticipate the main future institutional growth? 55:30 55 minutes, 30 seconds The institutional sale belongs to the domestic market as well as to export market. So with the constraint in the capacity if the export is increasing 55:39 55 minutes, 39 seconds then the domestic sale to institution will go down. So only that was the reason otherwise the market size in the 55:47 55 minutes, 47 seconds uh domestic front is also very strong and in export market is also we are improving year after year 55:53 55 minutes, 53 seconds in extra power cable because in 2425 the sale was less. So because of that in 25 56:01 56 minutes, 1 second 26 it is increasing it is showing increasing actually. 56:06 56 minutes, 6 seconds Okay. Okay. Got it. Rest of the questions are already answer. Thank you so so much for the opportunity and all the best for future. 56:14 56 minutes, 14 seconds Thank you sir. Thank you. Thank you. 56:19 56 minutes, 19 seconds Next question is from the line of Archett Sha from 360 capital. Please proceed. 56:25 56 minutes, 25 seconds Yeah I thank you for the opportunity uh and congratulations for the good set of numbers. Sir just one question could you give a split in volume growth for annual 56:34 56 minutes, 34 seconds and for 4Q versus cables versus wires the 2% and 6% split sir volume is not available for separate 56:43 56 minutes, 43 seconds because in our factories of Silvasa and Tinpala we are making uh within the same factory we are making the buyer as well 56:50 56 minutes, 50 seconds as okay but uh would it be directionally uh right to say that cables volume would 56:58 56 minutes, 58 seconds have output of wires or because the volume is depend on the capacity actually. 57:05 57 minutes, 5 seconds So we were not having the capacity for cable actually. 57:09 57 minutes, 9 seconds Okay. Okay. So this 2% was mainly led by buyers you're saying the market is market is so strong market is so strong demand is so strong in our 57:18 57 minutes, 18 seconds Indian market and in overseas market whatever capacity we are having we are able to sell easily. So because our san 57:26 57 minutes, 26 seconds plant get delayed by 6 month. So because of that the sale planned with from the salmon was not happened in 2526. So 57:35 57 minutes, 35 seconds because of this we have grown in terms of value because of prices has increased but in terms of volume we could have 57:43 57 minutes, 43 seconds grown only from the uh our silvas kinpala plant actually. Okay. Okay. Got it. Got it. Got it sir. 57:51 57 minutes, 51 seconds Thank you. Thank you so much. 57:54 57 minutes, 54 seconds Thank you ladies and gentlemen. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments. 58:06 58 minutes, 6 seconds So um thank you very much for joining this conference call. Um I hope that we have been able to answer most of your 58:14 58 minutes, 14 seconds questions. If still you have any queries, you can refer it back to us. Thank you. 58:21 58 minutes, 21 seconds Thank you sir. On behalf of Noama Institutional Equities, that concludes this conference.