Ladies and gentlemen, good day and welcome to the Himadri Speciality Chemical Limited Q1 FY 2027 conference call hosted by MUFG. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Chirag Bhatia from MUFG. Thank you, and over to you, sir. Thank you, Nisha. Good evening, everyone, and welcome to Q1 FY 2027 earnings conference call of Himadri Speciality Chemical Limited. Today on the call we have with us Mr. Anurag Choudhary, CMD and CEO, Mr. Somesh Satnalika, EVP, CTD & Strategy, and Mr. Kamlesh Agarwal, CFO. Before we proceed with the call, I would like to give you a disclaimer that this conference call may contain forward-looking statements about the company, which are based on beliefs, opinion, and expectation as of today. Actual results may differ materially. The statements are not the guarantee of the future performance and involve the risks and uncertainty that are difficult to predict. A detailed safe harbor statement is being given on page two of the investor presentation of the company, which have been uploaded on stock exchange and on the company website. With this, I now hand over the call to Mr. Anurag Choudhary. Over to you, sir. Thank you, Chirag. Good evening, everyone, and a very warm welcome to the Q1 FY 2027 earnings conference call of Himadri Speciality Chemical Limited. Thank you for joining us today. We look forward to taking you through our performance for the quarter ended 30th June 2026, the progress across our strategic priorities, and how we see the road ahead. Those who have followed our journey over the past few years will recognize that Himadri today has transformed into a different company from where it started. We began as a coal tar derivative company, and today we operate as a global advanced materials and application-driven solution organization. We are positioned at the intersection of material science, energy transition, and high- performance applications. At the core of this transformation lies a simple belief, the companies that will lead the future are those that can continuously reload themselves, execute, reinvest, scale, and repeat this cycle with discipline. This philosophy guides everything that we do. Over three decades, we have laid foundation, and today we are building a future, placing core platform for the energy transition economy, focusing on capturing a global opportunity backed with innovation-led growth. Let me briefly touch upon the financial picture for the quarter. On a consolidated basis, revenues stood at INR 1,432 crores. EBITDA was at INR 313 crores with a margin of 22%, and profit after tax was INR 228 crores, reflecting a PAT margin of 16%. This performance reflects both strong operational discipline and the continued shift in our product mix towards higher value segments. Yesterday, we announced two important initiatives that further strengthen our innovation-led growth trajectory. First, we successfully developed indigenous Carbon Nanotube technology through our relentless in-house innovation and research and development, marking another milestone in our innovation journey. Backed by a planned CapEx of approximately INR 70 crores, our upcoming 200 metric ton per annum CNT manufacturing facility targeted for commissioning in Q4 FY 2027 is expected to position Himadri among a select group of few global manufacturers serving this high growth market. CNT is a next-generation material with application spanning across lithium-ion batteries, semiconductors, electronics, sensors, polymers, coatings, aerospace, et cetera. With demand accelerating across these industries, we believe CNT represents a significant long-term growth opportunity for the company. The second initiative is our entry into Super Speciality Carbon Black. This is a structurally different high purity segment designed for high performance in highly specialized markets like lithium-ion batteries, engineered plastics, fabrics, fibers, coating, conductive black, and other niche application, delivering premium realizations. We are converting 6,000 metric ton per annum of existing capacity with a CapEx of INR 170 crores. This is a classic example of our compounding philosophy, leveraging the same integrated feedstock base and new infrastructure to produce significantly high value-added products. This enhances margins, deepens application reach, and strengthens our positioning in global specialty markets. Let me now turn to what will define the next phase of Himadri's journey, new energy materials. Global lithium-ion battery demand is projected to rise from around 1.6 TWh in 2025 to nearly 6.8 TWh by 2035. We are positioning ourselves for this opportunity with a fully integrated complex. On the anode side, we have commissioned our 200 metric ton per annum anode material facility at Mahistikry in April 2026. This capability is built entirely on overall decade of in-house research. The facility has been specifically designed with feedstock flexibility, enabling the use of in-house developed special engineered pitch. This backward integration gives us scalability, cost efficiency, and resilience within a self-reliant value chain. On the cathode side, we are building capabilities in lithium iron phosphate, LFP cathode chemistry, which is fast emerging as a preferred solution for mass market EVs and energy storage. Our initial 2,000 metric ton per capacity is expected to be commissioned in Q3 FY 2027, representing the first milestone under phase one of 40,000 metric ton per annum expansion plan, which form part our broader long-term vision to scale capacity to 200,000 metric ton per annum. What differentiates us is our integration from feedstock to materials. We are working towards building a self-reliant, scalable platform aligned with both global demand and national priorities. Sorry to interrupt you, sir. Yes. We are losing your audio. Can you please repeat? No, very loud. Sir, connect your line again. Very sorry, the lines were disconnected. Coming back to our commentary. On the cathode side, we are building capabilities in lithium iron phosphate cathode chemistry, which is fast emerging as a preferred solution for mass market EVs and energy storage. Our initial 2,000 metric ton per annum capacity is expected to be commissioned in Q3 FY 2027, representing the first milestone under phase 1 of our 40,000 metric ton per annum expansion plan, which forms part of our broader long-term vision to scale capacity to 200,000 metric ton per annum. What differentiates us is our integration from feedstock to materials. We are working towards building a self-reliant, scalable platform aligned with both global demand and national priorities. We continue to strengthen our strategic investments in battery material ecosystem. Sicona, in which Himadri is a strategic investor, secured AUD 45 million funding to accelerate its next generation silicon-carbon anode technology commercialization. Additionally, we have increased our stake in International Battery Company, reaffirming our confidence across battery value chain, from materials to validation and deployment. Coming to Birla Tyres. Birla Tyres turnaround continues to make steady progress. Since commencing commercial operation on 29th of May 2025, the focus has been on rebuilding the business on a strong operational and technological foundation. Alongside recommissioning the plant, significant efforts are underway to modernize manufacturing infrastructure, upgrade equipment, and incorporate state-of-the-art automation across operations, thereby bringing the facility in line with contemporary industry standards and enhancing efficiency, consistency, and product quality. In parallel, a strategic transformation of the manufacturing footprint is being undertaken by progressively converting the existing truck and bus bias tire capacity towards off-the-road tire production in a phased manner that is in line with evolving market demand dynamics. This transition, along with modernization initiative, will be supported by additional capital expenditure and expected to be executed over the next three years, creating a stronger platform for long-term growth and profitability. As of today, the distribution network spans 49 distributors and over 1,000 dealers. Birla Tyres has been strengthening its portfolio across agriculture, mining, and commercial segments with the launch of SKUs across three new agriculture product lines during the quarter: Agri Bean, Agri Plus, and Agri Leap P40. This momentum is supported by a strong product development pipeline. With over 400 new SKUs under development across segments, Birla Tyres' next strategic milestone is the commissioning of passenger car radial facility by FY 2028, paving the way for its planned entry into EV and SUV tire segments. In Speciality Carbon Black, we continue to build on our technology at 50,000 metric ton capacity, including 130,000 metric ton of Speciality Carbon Black capacity. We operate across a product portfolio of more than 70 Speciality grades. Our integration from feedstock to final formulation gives us control over quality, cost, and consistency. Our approach remains lab first, plant later, ensures that capacity expansion is always backed by validated applications. Our Coal Tar Pitch business continues to anchor the company. We operate the world's largest single location, fully integrated carbon complex with 600,000 metric ton of Coal Tar distillation capacity. Our domestic market share continues to be over 65%. The commissioning of liquid Coal Tar Pitch terminal at Haldia and Mangalore has strengthened our ability to serve global markets. Our forward integration into Anthraquinone and Carbazole, with a total capacity of 5,300 metric ton, is progressing well with first commissioning targeted by FY 2028. Initially, phased capacity of 2,600 is set to commission in Q2 FY 2027. Balance capacity of 2,700 metric ton is to be added in Q2 FY 2028. This facility will be India's first commercial plant for its kind. Reducing import dependence and unlocking the export-led growth are right move towards Atmanirbhar Bharat. Let me now briefly explain how we are structuring our existing business. Our model has been three clear layers. At the core lies our coal tar derivatives, carbon black, Naphthalene, and oil of various grades, providing scale and feedstock security. Secondly, our specialty offering consists of products, Speciality Carbon Black, Super Speciality Carbon Black, CNT, niche engineered grades of Coal Tar Pitch, SNF, PCE, specialty chemicals such as Anthraquinone and Carbazole, which provide us customer stickiness and greater value realization. The third is new energy materials, anode and LFP cathode active material and silicon-carbon technology, placing us at the very heart of global energy transition value chain. What this structure allows us is to grow on earnings faster than revenue as we focus on value accretive businesses. Across all business initiatives, our capital allocations remains disciplined. The CapEx program is thoughtfully structured to balance scale with efficiency. It is entirely self-funded and deliberately calibrated between brownfield expansions, which enhance asset productivity and greenfield investments, where we are building new capabilities from the ground up. This approach allows us to pursue growth while maintaining balanced strength and capital discipline. Sustainability remains deeply embedded in our business model and operational philosophy. All our plants operate on a zero liquid discharge basis, reflecting our commitment to responsible manufacturing, resource efficiency, and economic stewardship. These efforts continue to gain recognition. The reaffirmation of our EcoVadis platinum rating continues to place Himadri among the top 1% of the companies globally assessed by EcoVadis. Increasingly, such credentials are not merely accolades, but important commercial prerequisites in global value chain. Our commitment to sustainable and responsible growth was further recognized during the quarter through several prestigious awards that belong to entire Himadri family. Our approach is very clear. We are diversifying to build resilience. We are shifting our product portfolio mix to drive profitability. We are executing things while maintaining balanced discipline. We are building a strong foundation that allows us to scale transformational growth while preserving financial discipline and transparency. I am confident that this combination of scale, integration, innovation, discipline will continue to deliver substantial value for all our stakeholders. With that, let me hand over to our Chief Financial Officer, Mr. Kamlesh Agarwal, who will now take you through the financial performance for the quarter in greater detail. Thank you very much. Thank you, Anurag. Good evening, everyone, and thank you for joining us today. I trust that everyone has had a chance to review our financial results and the latest investor presentation, which have been made available on both the stock exchanges and our company's website. Let me begin with the key financial highlights of the quarter. Our consolidated revenue for the quarter stood at INR 1,432 crore as compared to INR 1,118 crore a year ago, an increase of 28%. Our EBITDA stood at INR 313 crore as compared to INR 235 crore a year ago, with an increase of 33% and margin of 22%. Our profit after tax has significantly increased to INR 228 crore from INR 179 crore a year ago, a jump of 27% with margin of 16%. Our standalone revenue for the quarter stood at INR 1,274 crore as compared to INR 1,100 crore a year ago, an increase of 16%. Our EBITDA stood at INR 301 crore as compared to INR 234 crore a year ago, with a growth rate of 29% and margin of 24%. Profit after tax has significantly increased to INR 223 crore from INR 183 crore a year ago, a jump of 22% with margin of 18%. We remain committed to delivering strong value through our strategic priorities and operational rigor. Thank you once again for your continued support and engagement. Thank you. Yes, now you can open the floor for the question answer session. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sanjesh Jain from ICICI Securities. Please go ahead. Thanks. Thanks, Anurag. Good afternoon, Kamlesh. Thank you. Good afternoon. Thank you. I got a couple of questions. First, a numerical question. Let me finish that. On the other segment, the EBIT has fallen from INR 25 crore last quarter to around INR 1 crore this quarter. What has changed? Revenue number hasn't changed much. Why there is such a sharp swing in the EBIT margin for the other segment? Other segment last time consists of mining profit, which this quarter didn't take place. That was the reason of fall. What explains less change in revenue in that? What is compensating that? This quarter, we did not operate the mines. We're waiting for some licensing to happen, post that the mining operation will restart. That was the reason. Okay, it is not showing up in revenue. That means something else has picked up very sharply. No, because the Birla Tyres revenue has just gone up. Last quarter, if you see the Birla Tyres quarter revenue, our revenue was significantly low, and with the ramping up of capacity in Birla Tyres, the revenue is going up. That's the reason you don't find change in revenue, but you find change in the profitability. Clear. coming to the new CapEx that we have announced, which is the Carbon Nanotube and the Super Speciality Carbon Black. In Carbon Nanotube, what is an approach this will address India market, global market? What is the key application? You did say energy and semiconductor. Yes. Whom are we competing here and how have we benchmarked the product now that we are commercializing it? We would have done all that, right? how should we- Right this segment and what is the differential in the realization versus a Speciality Carbon Black and a Carbon Nanotube? That's one. Number two, we got the Super Speciality Carbon Black. What really is this? Carbon Nanotube I can still understand, when we say Super Speciality Carbon Black, what really are we trying to do here? These are the two on this question. Yeah. Thank you, Sanjesh. First of all, coming to Carbon Nanotube. Carbon Nanotube is a unique product where graphene is rolled into seamless cylinder that forms Carbon Nanotube. It's nothing but graphene, which we have developed through relentless R&D efforts of many, many years. If you look at the entire value chain, entire supply chain platform globally, there are only few companies in the world who are doing this, and we are the first in India. If you look at the product, to make it very simple, it is 100 times the strength of steel with the conductivity of copper. That's the game changer. Strength of steel and conductivity of copper, very light material. This opens the entire huge arena of application, right from lithium-ion batteries to semiconductors, to conductive film sensors, to industrial coatings, to lightweight high strength material for aerospace and automotive. Every day the usage is improving and increasing. That places Himadri in a unique position because the in-house technology we have developed and now we are putting it into scale. This is the first step with 200 metric tons. We'll stabilize the product, set up the facility, get customers in place globally. Today the market is very less in India. It's a global play. We'll be supplying to the global players, and this is a very high value-added product and with significant value over the existing products. Now coming to Super Speciality Carbon Black. I have been talking about the value-added products, the journey, and it's a journey. Every time you keep on working on it, you keep on developing, and you go one step up the ladder. We started with very low end of Speciality Carbon Black, just marginal in terms of Speciality Carbon Black. We are moving ahead. We are going up the ladder. With the new Speciality Carbon Black line coming up, we have moved up the ladder. Now the aspiration. I've been always talking about high value niche market for Speciality Carbon Black, which is not a very, very huge market, but it's a very, very prime and tailor-made Super Speciality market, where the value addition is multifold of the existing speciality. In terms of value addition, you cannot compare the two products. That's why you are seeing at only 6,000 metric tons, but the value addition will be very, very high. This is the product we are targeting now, and we have given FY 2028 as when we'll start the capacity, and this will be a very big game changer for the company going into a very, very niche market, high value-added market with a very strong ROC. My question is that we just started a Speciality plant. Why did we do that? We could have straight went into manufacturing this. Any which ways, we are converting the old plant, right? No, we are not converting the specialty plant. We are converting the commodity plant. Okay. You are converting the rubber side of the. Right. Because Specialty, why we went at. You cannot leave one market and focus on one market. The players buy specialty; they buy super specialty. You have to have the entire portfolio in your basket. It is not that I will sell you only the best product, high margin product. Others you buy from other. That never works. For that, you have to have the entire portfolio with the specialty is the stepping stone to go towards super specialty. That is why we have to strengthen our position, make us very strong in specialty. That gives the confidence to the customers that they have the ability. If you are not doing a specialty, tell a super specialty, first you do a specialty, then we talk of super specialty. That is it. I just want to understand, like conductive grade, it helps in improving the conductivity in the material. What property does this super specialty adding in, say, engineering plastic and EV, what really characteristic is this adding there? Because of competitive nature, I don't want to disclose all these technical details on a con call. We have clearly articulated which application is this, I don't want to go into technical details of the subject. Got it. That's fair enough. Second, what is the market size of, say, Carbon Nanotube globally and the Super Speciality? If you look at the Carbon Nanotube, it's evolving market. Today, it is around 30,000 metric tons, which is growing every year. What is happening, this product is getting more and more applications and user industry. It's a new product, new technology, which is working now. Over the years, you will find the users multiplying. The growth will be phenomenal. This is a growing industry, new age industry, advanced material industry. Coming to Super Speciality, the market is around 300,000 metric tons. Okay. Super Speciality is 300,000 metric tons. I thought Speciality is even. Speciality is very high. Speciality runs into INR 1 million. More than INR 1 million, that's our normal market. Got it. Coming to battery material. We are getting into anode LFP right now, then silicon probably soon. I want to understand LFP market, what is the size of the market today in China? How many players are there in this segment? How are we approaching this segment? If you look at the LFP market, today, 100% global capacity of LFP rests in China, is mainly dominated by top five to six players in China. They are the leaders with 75%-80% of the capacity. Globally, there's no other company manufacturing LFP as of now on a commercial basis. Entire capacity rests with China. Market, if you look at today, we are at 1.5, 1.6 TWh, in that, you can say probably 50% is LFP. If you look at 50% LFP, that brings you to 800 GWh. 800 GWh, that will consume around 1.6 million tons of LFP as of now. With the growing market, it is supposed to grow to 6+ TWh by 2035, majority, 70% of the growth is coming in LFP. Looking forward, the demand for this product is going to be big. Got it. What we are adding or aspiring to add 200,000, that's like we are talking of having a 10% market share of today's market. Correct? That's how we are approaching it. That's not the right way of looking at it because 200,000 we are projecting in next five to six years. By that time, the market will definitely change from what it is today. Actually, we are targeting at 2%-3%, which is hardly anything. Got it. Now, if I want to look at the same economics in anode, because I think there are some other players in India also who have announced anode capacity, how are we different? Again, what is the demand in the world? What is the contribution of China? If you look at the anode chemistry, unlike LFP, every lithium-ion cell needs anode. In cathode material, there are different chemistries. There is NMC, NCA, LFP, various chemistries. For anode, everyone needs anode. On a macro basis, 1,600 GW need 1.6 million ton of anode. Anodes are of different types, synthetic anode and natural graphite anode. If you look at 70% of the market is synthetic because of high capacity, stability, quality, sustainability, this product is there. What makes Himadri unique is that, see, it's not that everyone is talking about lithium-ion, Himadri has also started talking about lithium-ion. This has been our vision since last more than 10, 12 years. We have worked very hard on this to make it happen. Extensive amount has been invested in terms of research and development capabilities and innovation. We have spent, if you look at the last year's balance sheet, only INR 125 plus crore, we have spent 2.65% of our top line. Currently here also we are spending in the same fashion. Over the years, we have spent this money on R&D in different products, and we know the chemistry in and out. We have worked on it for years. We were the first company in the world to supply the precursor from pitch to the Huzhou of anode in China. I don't want to name any top five players in China. Before China could make coke-based precursors, we made it, and we supplied to them. We are very seasoned in this industry and strongly positioned, and only company who is talking of anode metal backward integrated. We have our own raw material. In addition to that, we have flexibility of using other raw materials. This brings Himadri in a unique platform. Other than that, we are working on natural graphite. We will also set up capacity for that. We will set up capacity for silicon-carbon. This again brings Himadri into a unique position where we will meet the aspiring and need of our customers, not only through synthetic but through natural silicon-carbon, hybrid Sorry to interrupt you, sir. Your voice is breaking. Can I repeat? Sorry to interrupt you, sir. Your voice is breaking. Can you please repeat your last statement? Sorry to interrupt you, sir. Management line. Let me reconnect you, sir. Ladies and gentlemen, thank you for your patience. We have the management line connected. Sorry for the disturbance. I don't know how the landline is getting disturbed. Anyways, am I audible now? Someone need to confirm, then I can start. Yes, sir. We are able to hear you, sir. I was talking about the strength and USP of Himadri. We are going to set up plant for synthetic, natural, and silicon-carbon. That puts Himadri into a unique positioning where we can supply hybrid material to our customers depending on their requirement. Sanjesh, I hope this answers your question. Hello? Yeah, Sanjesh? Yes, sir. Can you hear me? Yeah, I can hear you. Please. Okay. Sorry, I don't know what. No. I think they mute me because they were trying to connect you, but now you can hear me. Thank you. Yeah, please. That's perfectly clear, I think. Now we have started 200 metric ton of pilot plant, in last one quarter. What has been the response? How many samples we have sent? What is the discussion with the client we are having? If you can give us some color, that will be really helpful. Definitely. What happens from the pilot plant, we were allowed to give sample A. There are four stages, sample A, B, C, D. Now we have supplied sample B to many customers globally and in India. To all the customers in India and many customers, OEMs, and manufacturers globally. Once we have the response for sample B, then we go for sample C. Hello? Hello? Yes, sir. We can hear you, sir. Yeah. Sanjesh, tell me. Trying to understand how long this approval process goes. This process take one and a half years to two years. This entire process for us will take almost one and a half to two years. No, we have already advanced the process. By the time we have our plant in operation, we'll have the approvals in place. When are we looking that what would be the potential timeline? I know you haven't disclosed that. That's the reason I cannot disclose. No, that's fine. We will wait for it. You're telling generally it's a very long drawn process in terms of taking approval, correct? That's the reason we have started the sampling from our commercial grade 200 metric ton plant. That brings us in the forefront for getting approvals. Sorry to interrupt you, sir. You may rejoin the queue for a follow-up question. The next question is from the line of Deepak Poddar from Sapphire Capital. Please go ahead. Am I audible, sir? Yeah, you are audible. Please. Yeah, just wanted to understand on the anode side, what is the CapEx amount? We have already spent INR 120 crores. How much more to spend here? How much? I mean, how much more? I mean, this INR 120 crores the total amount for this? There's no more CapEx we have announced now. Once we formulate our plan for a bigger capacity, we'll come up with public disclosure for the investment. Okay. Got it. LFP phase 1, what's the timeline for commissioning? Two, three, FY 2027. That's only 2,000 metric ton, right? I was talking about phase 1, 40,000. Yeah. That will be operational FY 2028. That will come in FY 2028? Right. For this 40,000, we are spending around INR 1,125 crore, right? Right. Okay. On this five CapEx that we are doing in CNT, SSCB, anode, LFP, cathode, and carbazole and anthraquinone. Right. Do we have any kind of understanding, what can be the revenue potential from each of this segment at optimum utilization? That gives us some pictures, I mean, in terms of the overall revenue potential of your new age CapEx that we are doing. Yeah. See, 40,000 tons as per today's give you a INR 3,000 crore top line. Mm-hmm. Okay. For anthraquinone carbazole, depending on the value, it can give you anything between INR 250 crore to INR 300 crore of top line. Super Speciality Carbon Black, depending on, again, which segment we are targeting, this will be also 3x of our capital investment. Three times asset ratio. Three time asset ratio, that effectively means around INR 500 crore, right? I mean. INR 500 crores, right. Okay. What about CNT? CNT is a small capacity, 200 metric ton, so it will not be substantial. In the next phase, when we scale up, then the real revenue will come. Mm-hmm. Small in the sense what? I mean, INR 50 crores, INR 100 crores type? 400, 500. Huh? Yeah, in that kind of. Not 100. Less than 100. Okay. INR 50-70 crores is around about. The last thing is anode. Yeah. Anode, we have not announced any capital investment in terms of bigger capacity. This is a plant for approvals. Okay. This 200 metric ton, what is the revenue potential of this 200 metric ton? This gives us some understanding, I mean. Revenue potential for 200 metric ton may be INR 120-30 crores. INR 120-30 crores. Okay. I got it. In terms of, are we also in future have any strategy or planning towards going towards the cell manufacturing or something on those lines, the battery cell manufacturing? Do we have that plan as well or anything on boards on that? Not at all. We are a raw material component company focused on this for last many years. We want to continue in that direction. For cell manufacturing, we have invested in IBC. Idea is not to go for cell manufacturing. Idea is to have a commercial play in terms of our product being displayed commercially by using the cell manufacturing company, IBC. Today, Himadri product is no longer a laboratory product. It's a product which is commercially used in cells manufactured by IBC. Understood. This INR 1,100 crores bottom line by FY 2028 remains intact, that I think we have earlier mentioned, right? Definitely. Anything on FY 2027? I mean, any outlook? I think you have not shared any outlook. No, we don't give quarter and year guidelines, never. Okay. Fair enough. That would be it from my side. I would like to wish you all the best. Thank you so much. Thank you. Thank you. The next question is from the line of Ranvir Singh from Nuvama Wealth. Please go ahead. Yeah, thank you for taking my question. I think few of my questions have already been answered. Just to elaborate a little bit on cathode material plan. So, 40,000 metric ton by FY 2028 and 2 lakh metric ton is our ultimate target in next five years. I think by FY 2030, 2031, we are planning this 2-lakh metric ton would be around? Right. In five years from now. Right. Normally, what kind of CapEx is required to float this kind of capacity? We have already announced for 200,000, 4,800 crores of CapEx. Okay. When we talk 2 lakh metric ton, what would be the market share at that time? If you have any kind of analysis would be helpful. Global market share for LFP. Sorry? 2% to 3% of the global LFP market. Okay, 2% to 3%. Okay, fine. Here in the base business, in Coal Tar Pitch business, what is the capacity utilization of the existing capacity and plus what we have expanded, I think 70,000 metric ton. What would be the capacity utilization currently in both the segment? 80% capacity utilization. Looking forward during the year, we will be at 90%+. Taking it together or separately you are talking for new capacity? Together. Okay. That's it from my side. Thanks a lot. Bye. Thank you. The next question is from the line of Sagar Jethwani from PhillipCapital PMS. Please go ahead. Yeah. Congratulations on a good show. Is my voice audible? Yes. Please. Thank you so much. Continue. In terms of the LFP cathode, again, how are we competing with the Chinese players? Can you give some confidence there, and also insights on the price differentiation with the Chinese player? That is my first question. In terms of technology, we have developed our in-house technology for LFP through years of research and development. All these products, whether it is anode or cathode, it is always moving ahead. We started with gen one, gen two, gen three. It keeps on moving. We have to work hand in hand with the customers and keep on developing new qualities depending on their requirement. That is something which is a strength of Himadri. In terms of pricing, we are trying to price our product as same as China. Base is that we are trying to develop and set up the business. How does the economics work there? Because we are making considerable margins as well, and at similar time, we are also competing with Chinese players which have a humongous capacity, and we are priced at almost like at par. How does the economics work? Just trying to scratch my head over there. See, economics works, basically, we are not dependent on China for anything in this. We are not dependent on raw material. We are not dependent on anything. Our raw material source is different. Our production base is India, so we have cost advantage, compared to China in many particular aspects. Given the technology that we are using, have some cost advantage altogether. That will put us in an advantageous position compared to Chinese players. Is there any client commitment regarding the supplies of LFP cathode once the capacity becomes live from Q3 FY 2027, and also once we are completed 40,000 of capacity? What gives you that visibility? Is there any client commitment? Can you share some thoughts? Yeah, definitely. Clients were very encouraged by our samples, and that is one of the reasons. The best example for all of that is the IBC. We supplied our LFP sample to IBC, and they were so encouraged by seeing that the quality of the LFP we supplied, that they came to us and we formed a strategic partnership, because this will put IBC in a unique position where technology is developed outside China with supply chain positioned outside China. This is one of the such example. Other than this, we are having very strong relationship and the sample A has been approved. Now, sample B trial will start from once we have our 2,000 metric ton capacity in place, then sample C will go, sample D. That's the reason instead of setting up 40,000 in the beginning, we have set up 2,000 so that the CapEx is different and we don't have to wait for the orders for plant to commission. By the time we have 40,000 metric ton plant, we have all the approvals because the commercial grade plant is operational, and then 40,000 plant is up and running in full steam. Yeah. Just small follow-up on that. Okay. Now, actually, I had a different question on CNT also. What kind of potential revenue in your INR 30,000 crore of revenue guidance that you gave in next five to six years, are you baking in that or is it excluding that? What is the margin profile? What rate market is growing? Some insights on those lines. CNT INR 30,000 we gave for lithium-ion component. Which includes 100 GW of capacity for anode, cathode, and part of it, silicon-carbon. CNT, the market is evolving. We start with 200 tons. We see the market, we evaluate the market, very high potential product with very high growth, and depending on how it goes, we will announce our next CapEx plan for that. These are high-valuated margin products. Understood. Okay. Thank you for the chance. Thanks. Thank you. The next question is from the line of Parth Sodha from Trinetra Asset Managers. Please go ahead. Hello, am I audible? Yes. Please. First of all, thank you for the opportunity. You have guided towards INR 1,100 crore PAT by 2028. After Q1, are there any assumptions underlying that roadmap that have changed, either positively or negatively? See, there is nothing negative. By God's grace, things are moving in the right direction. Things are positive only. I don't want to comment or change my projections. I'll remain at INR 1,100 for next year. Let the quarter speak of itself what happens. We are very positive and optimistic about the business. Okay. Thank you so much. Thank you. The next question is on the line of Harsh Motika from SKP Securities Limited. Please go ahead. Hello. Good afternoon, sir. Congratulations on a great set of numbers for the quarter. Sir, given the West Asia situation that we had in April and May predominantly, how did that affect our realizations per ton and profitability in our core businesses? The best thing is to see the resilience in supply chain, which Himadri has built over the years, which is clearly depicted by the numbers we came up with. Even going through such deep crisis globally, geopolitical situation, we have been able to post strong numbers. This itself shows there is no dependence on West Asia for our functioning and working. In addition to that, what is something special about Himadri, even though being a chemical company, but we are not dependent at all on China for any of our product. That what happens with China, what happens with their pricing, their dumping, no dumping. That is something we have built over the years. Sir, staying on the same point, we do notice that there has been a decline in sales volume for the quarter, but revenue as a total has gone up. How much of that can be attributed to a change in our sales mix towards higher value products, and how much is on the account of passing over the raw material costs? See, the raw material has gone up because of this, the finished product prices has gone up. That is definitely one of the part. It's a journey in which we are transforming our product into higher value-added product. That is at the same time we are continuing. Every quarter you see, we are improving in terms of bottom line, but with not similar improvement in terms of top line. The reason being, we are more focused on our bottom line rather than top line. The intermediate products are used in-house and converted into finished product and value-added product. You see the value addition coming. This quarter you have seen top line growth. Again, next quarter coming, you'll see top line growth from both volume and value. Sir, from the other expenses for the quarter, if we remove the Forex loss that we have booked, the other expenses stand at similar to INR 148 crores, while the same number excluding Forex losses in Q4 was about INR 172 crores. Can you please shed some light on what has led to this decline in other expenses? Freight outbound is part of other expenses, which has come down, which has helped us to reduce this cost. Plus, we are working on a cost optimization on all the expenses, which is helping us to reduce the cost. Sir, just one last question on the new businesses that you've announced during the quarter. You've already given us a ballpark idea of what the revenues would look like. Can you also give us an idea of what the margins would be from this business, whether it be CNT or SSCB? I don't want to disclose the margins at this point of time. At right point of time, the numbers will speak. Thank you, sir. Thanks a lot. Thank you. The next question is from the line of Rohit Sinha from Sunidhi Securities. Please go ahead. Yeah. Thank you for taking my question, sir, and congratulations for good set of numbers. Most of my questions are already answered. Just one or couple of from my side. One is on the IBS side, we have increased our stake recently to around 19%. Going forward, is there any target we have internal to take up our stake in this business? No. It's a strategic investment. It's not a financial investment. We will remain at where we are. IBC has developed prismatic lithium-ion cell technology out of China in their AI-based R&D center in California, and they have their manufacturing facility in Seoul in South Korea for 50 MW, which is a full commercial plant operating. Now with this integration with IBC, the Himadri product can be seen commercially used in cell. They have already come up with a new cell like double 2,000, double 3,000, where Himadri LFP and anode will be used. Double 3,000, where Himadri silicon-carbon and anode material will be used, hybrid material will be used. They are setting up facility through their technology in India for 7 GW. The work is in progress and expected to commence operation by Q4 FY 2027. Where IBC is giving the technology to set up the plant in which Himadri raw material will be used. Got it. In future also, would we be looking to raise our stake if at all required? No, we are not looking to raise stakes. Okay. Secondly, sir, just from the mining side, as you have highlighted, this quarter, there was no as such revenue from the mining. How the licensing progress we have and, from coming quarter, any kind of number we can get on the mining side? No, we have applied for environmental clearance. It takes time, so we don't have the visibility. Okay. That will take time. It will take time. Got it. It can take three months, it can take six months. Got it. That is from my side, sir. Thank you. Thank you. The next question is from the line of Isha Agarwal from VT Capital. Please go ahead. Hi. Good evening, sir. My first question is regarding the big swing that we had seen in forex change from a profit to a loss this quarter. What's driving it? Is there any change in the hedging policy? There is no change in the hedging policy. Because of the huge volatility in the currency, this happened, and this is done with. If you see last quarter also, there was a loss. This quarter, again, there's a loss. From next quarter, there will not be any impact on account of FX, negative impact. This is the last quarter for this. Because of so much of volatility in the currency, this happened, looking forward, it's not going to happen. Sir, second question related to this. Last year we had seen good foreign gains, which led to higher other income component. Sir, this quarter, we are again seeing a higher rise in the other income portion. What is driving that? What component led to such growth if FX was a loss this quarter? This quarter, if you see, two, three factors. One, we have deployed a lot of funds in terms of interest in FDs. We have borrowed from bank and CPs and deployed in FDs, which gives us a delta. That helps to have interest earning on our investments. Plus, we have made investment in IBC, Sicona, NCDs of Birla Tyres. Mark to market of that is also helping us to. That was the reason for other income. Sir, this is the usual run rate that we should presume from now onwards when it comes to other income? This will vary 30%-40% quarter-on-quarter. Okay. Sir, last question, the new CapEx that you have announced. Are we planning to take any incremental debt or in FY 2027, the free cash flow will cover that? Yeah, definitely, the free cash flow will cover that. There is no question of any incremental debt. Okay. Thank you so much, sir. That's it from my side. Thank you so much. Thank you. The next question is from the line of Bhavin Shah from NM Holdings. Please go ahead. Hi. Yeah. Congratulations on excellent number and very exciting projects over the next five years. What would be the year-wise CapEx, if you can guide for next two or three years? So if we are- Total consolidated. Yes. Total CapEx we have announced is around INR 2,000 crores. INR 1,125 crores for LFP. INR 368 crores announced yesterday. That brings to around INR 1,500 crores of CapEx plus INR 500 crores of CapEx this year in Birla Tyres. Total INR 2,000 crores. Out of this, we expect around INR 1,000 crores of CapEx happening this year and INR 1,000 crore next year. INR 2,000 crores. Coal Tar Pitch, you are at 600,000 tons, there no CapEx is happening? There is no CapEx is happening. Right. Distillation, no CapEx. INR 1,000 crores this year and INR 1,000 crores next year. Right. Right. Birla Tyres, I think I heard on your CNBC interview, your quarterly sales was INR 127 crores? Right. Okay. That's EBITDA positive? Not yet. Now Birla Tyres is reflected on Dalmia Refractory balance sheet. Right. Once it becomes part of Himadri, then the numbers will come. It is through our subsidiary that we are selling tires. That revenue is recognized in Himadri. The difference between consolidated sales and standalone sales is largely Birla Tyres? Is largely Birla Tyres, yes. Okay. In case of the core business, coal tar and carbon black, these margins are sustainable? Definitely. The way we have built up the business over the years is on sustainable value margins. If you look at Coal Tar Pitch, we supply material to our customers at the lowest price globally. Hello? Ladies and gentlemen, the line for the management has dropped. Please stay on line while I connect them. Ladies and gentlemen, thank you for your patience. The management line is connected. Yeah. Very sorry. I don't know what is happening. We have shifted from PN landline to mobile line. Is the voice clear, Puja? Yes, sir. Loud and clear. I think echo is there. Sir, it's from Bhavin's line. Hello. You can hear me? I can hear you. Please. Did you hear my answer? I think you said INR 1,000 crore CapEx this year, next year margins are sustainable, and after that, any follow-up, I think the line was dropped out. More or less that only. I don't know why the line is getting disconnect. Okay. I said last question on the tire ramp-up, if any guidance there? We are ramping up quarter-on-quarter. If you see, compared to the last quarter, this quarter is higher in terms of volumes, in terms of sales. We continue this trajectory, and in next four to five years, target is to reach INR 3,000 crore of top line in Birla Tyres. What is the EBITDA break-even level for the turnover? We'll reach EBITDA break-even in this financial year only. We will be cash positive. Next year. Yeah. We'll be cash positive. Okay. Thank you, sir. Thank you. Thank you. The next question is on the line of Tanvi Warekar from Anand Rathi Institutional Equities. Please go ahead. Hi, sir. Good evening. Just a follow-up on the LFP cathode pricing, where it was said that your pricing is competitive versus China. Just wanted to know that from our workings, we arrived at you won't be making any money. We are arriving at a negative gross spread on this if we compare the China pricing versus the input cost calculation. Just wanted to know where are we sourcing the lithium carbonate, because that is like the major driver for the spreads on LFP. Do we have any advantage over there? See, I'll suggest that it is not possible for you to calculate my cost on Excel sheet and come to a conclusion It took a long time for us to come to a conclusion and see how to make profit. On Excel sheet, by seeing a few prices, you cannot determine what is the margin. We are confident we'll work on it. I cannot disclose my sources. That is confidential. Thank you. Okay, sir. Okay. Yeah. Thank you. The next question is from the line of Bhavika from Niveshaay. Please go ahead. Hello, am I audible? Yes, please. Yeah. Basically, most of my questions have been answered. I need to know, as we continuously emphasize that we are shifting our product mix and that will lead to a higher profitability. Can you tell us what's the product margin mix from the current CapEx which we are doing? If you can broadly explain. Or in terms of pricing difference, if you can explain that, if not possible, with the margins. See, pricing difference, as we move up the ladder, we go for the niche product. All the CapEx we have announced yesterday has significant high margins and significantly differently priced altogether. There will be no comparison between what we are doing, what pricing we are doing, what margins we are having today, and what margins will these products bring. How do you expect our blended EBITDA margin to go over the next two to three years? You calculate on the basis of what we are performing. Sorry, I didn't get it. You calculate on the basis of our results, what we are performing. Okay. Okay, got it. Also, sir, as we are talking about the anode side, the pilot plant which we have, as per my understanding, we are doing with mesophase coke technology, which is different than other players in the market. When we look at the other players, they have been doing the pilot plant since years. How confident we are that we will be able to onboard customers for our anodes pilot plant? Are we seeing the traction from the customer that they are getting the confidence on our product as compared to the- See, first of all- Yeah. First of all, no one is doing this product before Himadri. Himadri is a pioneer in this. There's no other plant in India who has pilot plant before Himadri. Himadri has set up 200 plant now, but pilot plant is there for last many, many years. We are doing it on different types of raw material. Our raw material is one of it, other raw material. We have all the varieties of finished product available with us. Depending on the appetite requirement and specific uses of the user industry, we'll produce the anode material and supply to them. Depending on what price they give, depending on what quality they want, we will do it. Are we currently seeing any traction from the customer that they are? Definitely. on this. There's a huge traction from the customers. Because of the quality what we are producing, there is great interest from customers in India and globally. Got it. What's the timeline we can expect them getting converted on the full-fledged commercialization at a large scale? If you can guide on that? I have not made any public disclosure on that. On a call, I don't want to make any public disclosure. Once we come up, we'll come up with a Okay. We'll come up with the announcement, formal announcement for the capacity. Okay. Sir, just last one clarity on the Super Speciality Carbon where you have mentioned. Can you explain how this different from the Speciality Carbon? You have already explained a bit, but I want to know in terms of application, how it differs in terms of application and how big the market TAM is for the particular Super Speciality Carbon Black we are talking about. Yeah. I told the market is not very big, very specialized, 300,000 ton market, very niche application, very high value-added applications. I don't want to go into details of application as such, if you look at margins, the margins are significantly higher than a Speciality Carbon Black. There is no comparison between Speciality margin and Super Speciality margins. These are significantly higher. Okay. Sir, in the previous answer, you once mentioned that you are also focusing on the natural anode, like synthetic anode you were talking about. Natural anode you were talking about. Why we are going for the natural? I want to understand from where we are seeing the traction in the market, in the industry. Some customers need low-value anodes. Some need medium value, some need high value. Depending on customer appetite, we should have all the products available with us. Some need blend anodes, natural, synthetic silicon. As an anode producer, we will showcase a unique proposition to our customers having all types of anode material. What's our plan in the natural side? Natural also. Yeah. Natural, already we are producing natural anodes. Synthetic we are producing. Silicon-carbon, our partner is producing. All will be integrated in Himadri over a period of time. Okay, got it. Okay, that's all, sir. Thank you so much. Thank you. Thank you so much. Thank you. Due to time constraints, we take that as the last question of the day. Now I hand the conference over to Mr. Anurag Choudhary for closing comments. Thank you. Thank you so much. Let me close by thanking each of you for joining us today, and for your continued interest, and for thoughtful engagement we continue to receive around Himadri. I hope our discussion has given you a clear sense, not just of where we stand today, but of the direction in which we are building the business. As I mentioned at the outset, we are pursuing our ambition with discipline, funding it from our own balance sheet, and building it on firm foundations of safety, sustainability, and trust. I remain confident that the decisions we are taking today will compound into meaningful and lasting value over the years ahead. We would like to thank all our stakeholders and partners for their continued trust, and to the entire Himadri family, thank you for your dedication and commitment that makes all this possible. Our investor relations team remains available for any further questions and would look forward to staying engaged in quarters ahead. Thank you once again, and I wish you all a very good evening. Thank you. On behalf of Himadri Speciality Chemical Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.