Ladies and gentlemen, good day and welcome to the Third Quarter and Nine Months FY 2026 Earnings Conference Call hosted by Hindustan Zinc. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Raksha Jain, Director of Investor Relations of Hindustan Zinc. Thank you, and over to you. Thank you, Operator. And good evening, ladies and gentlemen. Thank you for joining us today to discuss the third quarter and nine months results of FY 2026. In this call, we will refer to our investor presentation available on our company's website. Please note that today's entire discussion will be covered by the Safe Harbor Clause mentioned on slide 2 of the presentation. Today, we have our CEO, Mr. Arun Misra, and CFO, Mr. Sandeep Modi. The management will be discussing the operational and financial updates for the quarter, followed by a Q&A session. Now, I would like to invite Mr. Arun Misra to present the results. Over to you, sir. Thank you, Raksha. A very good evening to all of you. Thank you for joining us today for the third quarter and nine months FY 2026 results briefing. Before we begin the presentation, with profound sadness and a heavy heart, let us share that during the quarter, we lost Kailash in an unfortunate incident at our Rajpura Dariba M ine. On behalf of the entire organization, I extend our deepest condolences to the bereaved family. We stand firmly beside them in these difficult times and assure them of our unwavering support. Such incidents are truly heartbreaking, particularly as we continue to strengthen our safety-first culture. Following a detailed investigation, we are implementing strong corrective and preventive measures with utmost urgency, and the learnings are being disseminated through the organization. The safety and well-being of every individual remains paramount, and this incident serves as a reminder of the need for constant vigilance and continuous improvement. The quarter has been one of our strongest. We achieved the highest-ever third-quarter mined metal production since the underground transition, along with record third-quarter refined metal production. This was delivered alongside the lowest zinc cost of production, including royalty in the last five years, securing our structural cost leadership and operational discipline. Advancing our sustainability journey, we flagged off 10 EV bulk trucks at our Debari Smelter in collaboration with Enviiiro Wheels Mobility Private Limited, which plans to scale the fleet to 40 vehicles. Further reinforcing our sustainability leadership, the company achieved a global milestone by securing number one ranking in the S&P Global Corporate Sustainability Assessment 2025 for the third year in a row in the mining and metal sector, with an industry-leading score of 90 out of 100. This recognition reflects our consistent commitment to the highest global standards of sustainability. Our efforts in corporate social responsibility have also been recognized with the Best CSR in Private Sector Award at the Mining and Metals Excellence Awards 2025, acknowledging our sustained focus on creating a meaningful impact on local communities. Moving to the market environment, India continues to stand out as one of the brightest spots globally, with manufacturing PMI firmly above 56 throughout the quarter. The nation's GDP growth for FY 2026 is projected at around 7.4% by the Reserve Bank of India. Against a highly uncertain global macroeconomic backdrop, commodity prices have stayed buoyant, supported by strong fundamentals. Zinc prices surged to around $3,350 per ton, the highest level since early 2023, driven by tight physical supply. Silver prices, in particular, witnessed a strong rally of around 75% year-on-year, even reaching an all-time high of over $93 per troy ounce in January. The inclusion of silver in the U.S. critical minerals list and its relative undervaluation versus gold and strong festive demand from India attracted robust investor interest. Despite such a strong rally, the outlook for silver remains bullish. Turning to the operational performance, we delivered mine metal production of 276,000 tons, our best-ever third quarter since the underground transition, taking nine-month production to a record 799,000 tons. We achieved the highest-ever third-quarter refined metal production of 270,000 tons, with the second-highest nine-month production of 766,000 tons. With the successful completion of debottlenecking at Chanderiya Smelter and the earlier commissioned debottlenecking at Dariba Smelter, we added 21,000 tons to the overall refined metal capacity. Earlier this year, we completed the commissioning of 160,000 tons per annum roaster at Debari, which has improved the overall plant availability. With this, we are comfortable in delivering the refined metal production as committed. Our sellable silver production stood at 158 tons, up 10% sequentially. The contribution of the precious metal portfolio has increased to 44% of the profits, making it uniquely placed to ride the silver wave and unlock full potential. We delivered silver production of 451 tons in nine months. During the quarter, we achieved the five-year lowest zinc cost of production, excluding royalty of $940 per ton, better by 10% year-on-year and 5% sequentially. This achievement was in line with record operational performances, higher domestic coal usage, softened coal prices, and higher byproduct realization, and this was partly offset by higher mine development cost. Zinc cost of production, excluding royalty for the nine months, stood at its five-year lowest of $980 per ton, well within the guided level. The combination of lowest cost of production and record output resulted in all-time high financial performance for the quarter and nine months. During the quarter, we delivered record revenue of INR 10,980 crores and the highest-ever EBITDA of INR 6,087 crores. The profit after taxes for the quarter surged 48% sequentially to INR 3,916 crores, marking a new record for the company. With respect to two-year growth projects of 250,000 tons per annum, integrated zinc smelter at Debari and tailing reprocessing plant at Rampura Agucha, we have locked in key EPC partners and groundwork has started. Both the projects are set to be completed by the second quarter of FY 2029 and the fourth quarter of FY 2028, respectively. As we advance into the next phase of our growth journey, Hindustan Zinc stands on a foundation of scale, resilience, and disciplined execution. Our robust balance sheet, sustainably low cost of production, and best-in-class assets provide us with the confidence to invest through cycles and capture opportunities emerging from a favorable commodity environment. Guided by an unwavering commitment to safety, sustainability, and governance, we continue to strengthen our operational excellence while expanding our resource base and advancing strategic projects that will define our future growth. As global prices increasingly shift towards electrification, decarbonization, and energy security, our focused diversification into metals critical to the energy transition positions well. With a clear strategy, proven execution capabilities, and the dedication of our people, we remain firmly committed to creating enduring values for all our stakeholders. With this, I now hand over to Sandeep for an update on the financial performance. Thank you, Mr. Misra, and a very good evening, everyone. The global environment continues to see uneven growth and geopolitically driven volatility. However, India remains a clear outperformer. The RBI has projected India's GDP growth at 7.4% for the financial year FY 2026, significantly ahead of the global average, supported by strong domestic demand, sustained infrastructure-led CapEx, and policy continuity. While commodity prices are influenced by global macro sentiments in the near term, underlying fundamentals remain influenced by the global perspective. The recent rally in commodities reflects tightening supply dynamics and resilient demand, and we believe this positive price trajectory is well supported. Against this backdrop, our focus on cost leadership, operational discipline, and balanced strength positions us well to convert favorable macro and commodity trends into sustained value creation. Before moving to the financial performance, I am pleased to share that our integrated annual report of FY 2025 received the Platinum Award and the prestigious LACP Spotlight Awards for the first time. We were the number one among the Indian companies and the only Indian company in the global top 10, securing the sixth position worldwide, reinforcing our commitment to strong governance, transparency, and global best-in-class reporting practices. Turning to quarterly performance, this quarter marked a new milestone with record financial performance. We delivered the highest-ever quarterly revenue of INR 10,980 crores, up 28% quarter-on-quarter and 27% YoY, driven by higher production, a favorable commodity environment, higher byproduct realization, and rupee depreciation. We achieved record quarterly EBITDA of INR 6,087 crores, up 36% quarter-on-quarter and 34% YoY, while maintaining our industry-leading EBITDA margin of 55%. The EBITDA growth was supported by record revenue and five-year lowest quarterly zinc COP, excluding royalty of $940 per ton, driven by higher domestic coal usage, softened coal prices, increased production, and high byproduct realization. Importantly, this is the first time when we have also achieved the lowest third-quarter zinc COP, excluding royalty since the underground transition, underscoring the strength of our assets, effective use of technology, and our disciplined execution. In line with strong operating performance and EBITDA, we delivered our best-ever profit after tax of INR 3,916 crores, up 48% quarter-on-quarter and 46% YoY. On a nine-month basis, we delivered a historic high with record revenue of INR 27,300 crores, the highest-ever EBITDA of INR 14,415 crores, and the best-ever profit after tax of INR 8,799 crores. Zinc cost of production, excluding royalty on a nine-month basis, stood at $980 per ton, the lowest in the last five years, well below guided levels. Our free cash flow before growth CapEx as renewable energy investment for the quarter stood at INR 3,413 crores, taking the nine-month free cash flow generation before CapEx and RE investment to INR 7,225 crores. We achieved net cash position of INR 329 crores at the end of December 2025 in comparison to net debt position at the September end of INR 2,547 crores. It is prudent to note that in the last nine months, we contributed over INR 13,000 crores to the national exchequer, of which INR 4,000 crores were contributed to the State of Rajasthan, reflecting our continued role as a significant economic partner to both the State and the nation. Consistent with our track record, the company continues to deliver strong shareholder returns of 35% over nine months, outperforming the Nifty 100 and Nifty Metal Indexes. As of December 25 end, we ranked third in the Nifty Metal Index and 33rd in the Nifty 100, with a market cap of around INR 260,000 crores, compared to INR 195,000 crores at March 25 end. During the quarter, Hindustan Zinc delivered returns five times that of Nifty 100, reflecting our resilience, execution excellence, and sustained value creation for all stakeholders. Overall, the quarter underscores the strength and resilience of our operating model and the consistency of our financial performance, anchored by structural cost leadership and disciplined execution. Supported by technology-driven efficiency, continuous innovation, and a robust sustainability framework, we are well aligned with India's economic expansion and energy transition priorities. This positions Hindustan Zinc to deliver resilient growth and long-term value creation for shareholders, communities, and the broader economy. With this, I now hand over to the operator for Q&A. Thank you. 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 touch-tone 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. In order to ensure that management is able to answer queries from all participants, kindly restrict your questions to two at a time. You may join back the queue for follow-up questions. We'll take our first question from the line of Manav Gogia from YES Securities. Please go ahead. Yeah, hi. A very good evening. First of all, congratulations on the wonderful results for this quarter. So my first question comes, you know, particularly to want to understand how the premiums are working, especially for lead and silver, because they have been higher than what historically has been seen. So could you throw some light on the same? Because, you know, we have also had a good amount of volumes for silver, which were hedged at lower prices. So what sort of changes happened here? As far as the premiums are concerned, this is a part of our net sales realization, and we separately don't report the premium or whatever we earn to the LME. But what we can say, the premiums are in line with the market which we are getting in India. In case of lead, in a domestic primary lead market share, our market share is 90% plus. That is the thing on the lead. And silver, as you said, is quite volatile in the Indian market as well. It has been over the LME prices. It has been sometimes discount, physical delivery. It has been sometimes premiums as well. But we benchmark ourselves with the CRISIL, and we have been doing in line with whatever CRISIL has been publishing for the premium or discount for the market. Okay. And can we expect a similar sort of range to be in the upcoming quarters as well? Yeah, absolutely. Sure, sure, sir. And so, you know, second question would be, could you give us the number of hedged quantities for Q3 FY 2026? So hedged quantity for the Q3 FY 2026 was 47 KT for zinc, which got squared off, and 55 tons was the silver, which got squared off within the quarter three. Got it. And are we trying to hedge further quantities for FY 2027 at higher prices, or are we looking for spot sales over there? Manu, let me give the perspective. Hedging is not like playing with the prices in line with the global practices and Indian peers. Our objective has been for the last two, three years to continue to follow the consistency in the strategic hedging for 10%-20% of the volume, and that's for the whole year. That's how we have been going on. For FY 2027, we are hedged by 66 KT of the zinc and silver by 56 tons at $58 per troy and zinc at $117. That is for FY 2027. For FY 2026, we are hedged at silver for 68 tons at the price of $39, because that is the most thing we hedged in the month of June and July itself. For the quarter four, we are hedged for zinc 53 KT at $2,900. That is also the earlier hedged price only. Okay, okay. No, that is quite helpful. Just one last question. I just wanted to know, would it be possible for you to give the targeted silver volumes for FY 2027, and how will the silver volumes look in Q4? Because Q3 has seen a good pickup from the earlier first half. Traditionally, we do our best in Q4. So I'm hoping that the same trend will continue, because, one, of course, all shutdowns are cleared, and we'll have more availability of equipment running, as well as the temperature, weather, and ambient conditions are favorable for both mine as well as smelter. So you can expect better than what we have reported in Q3 kind of a number if possible. Second is, with the same, can we throw some light on next year? I think let us carry our business plan sessions first. That's what we are undergoing now. And I think by April or May board meeting, we should be able to give you the guidance for the next year. Sure. That is quite helpful, sir. Thank you so much, and all the very best. Thank you. Next question is from the line of Pallav Agarwal from Antique Stock Broking. Please go ahead. Yeah, good evening, sir, and congratulations on the good performance. So a couple of questions. First one was on the COP. You gave some reasons for the low cost of production. So how can we, how much of this is sustainable, and going forward in Q4, can we expect a similar level of COP? So, Pallav, Sandeep here. And this COP, if you see the last quarter also, we say it should be a sustained basis. As we said earlier, the sustained COP should be between $950-$1,000. That is a sustained level which we can do. On a quarter basis, it may be depending varying upon the volume, grade, or some of the byproduct realization, or any other items. But on a year basis, you should be assuming $950-$1,000 on a sustained basis. Of course, this year, we expect to perform well below the guided. Sure, sir. Also, you know, so now that we probably reached our net cash position in Q3, so can we expect that March also should be a strong quarter? So if there are no further dividends, then we probably can expect a net cash position at the end of Q4 as well. And what is the maturity of debt is there in the fourth quarter? So, Pallav, the maturity of debt is not very large, so INR 1,300 crore Q4. So that's not a big issue. And I'm sure with the current, the Misraji has said volume normally remains. We delivered quarter four is the best quarter within the year. And also this bond prices and the structural cost reduction, we should be in this direction. Only one thing, the growth CapEx is, which is $180 million till now, till December we have spent. As we move for the 2X, a lot of partners we have to lock in. So we may be having around $300 million total year growth CapEx. So that is something which you can factor for the full year, incremental say $120 million extra spend in the growth CapEx. Sure, sir. What will be the maintenance CapEx? Maintenance CapEx is routine, which will be around $90 million-$100 million for Q4, and the whole year should be $400 million. Okay. Okay. Thank you, sir. Thank you. We'll take our next question from the line of Anirudh Nagpal from JM Financial. Please go ahead. Anirudh? Your line is unmuted, Anirudh. Can you use your handset mode, please? Sure. Is it better? Yes. Please go ahead. Yeah. So, so congrats on a great set of numbers for the quarter. So my question was actually answered, but I just had another question. So can you please tell us if you're maintaining the FY 2026 guidance for mine metals and for silver? So are we expecting any rise in the silver volumes in 4Q, or 680 is the guidance for FY 2026? So, I think we revised the guidance in October to 680 plus minus 10 tons. We should be closer to the silver guidance. One thing which I would like to also highlight is that during the quarter, the company also sold a concentrate, the lead concentrate, given that there was a tightness in the market globally, and at the same time, the silver prices were quite higher. So it was a right good strategy from getting the realization of the inventory and the realization of the EBITDA. So that we sold 21 tons equivalent to silver during the quarter three. So you will have to, so from the guidance EBITDA point of view, you should be adding that number in my view. Got it, sir. Thanks. Thank you. Next question is from the line of Pinakin from HSBC. Please go ahead. Yeah, thank you. Thank you very much. My first question is, can you give us a sense of the cost of production without byproduct credits? I mean, we're just trying to understand how has the underlying COP moved ex of byproduct? You should reduce around $100-$120 per ton from this thing. Because if you have to compare from the historical past, then you will have to use different data. But at this point of time, if you have to compare like to like, you may have to reduce $60-$70 reduction. Okay. Would the impact of byproduct realization, there would have been a similar reduction in COP? Yeah, yeah, absolutely. And that's why I have said that on a constant basis, you should be assuming $950-$1,000 cost of production. Understood. My second question is, and maybe I missed it during the call, so the cash profits were roughly INR 5,000 crore in the quarter. How were they utilized in terms of spending? In terms of, so we generated a free cash flow around $3,400 crore, free growth CapEx, and out of which the growth CapEx was invested. So I'm not able to understand what do you mean by cash profit. No, if I just add the net profit plus depreciation, right, that would be around INR 4,700-INR 4,800 crores. That comes to 4,700, out of which 800 crore has been invested in the sustaining CapEx, and 500 crore has been invested in the growth CapEx. 1,300 crores was invested out of the 48. So there was a INR 3,400 crore net cash accretion? Absolutely. Understood. Got it. Thank you very much, sir. Thank you. Before we take the next question, we'd like to remind participants to ask a question. Please press star and one on your phone. Next question is from the line of Sumangal Nevatia from Kotak Securities. Please go ahead. Yeah, thank you for the chance. So first question is, could you share what were the grades for this quarter versus last year or some previous comparison? So this quarter, the grade was 7.3%, and last quarter, similar period was 7.4%. So grade overall for the nine months, it has been 7.4%. Okay. So the silver production guidance of 685 ± 10 KT, are we confident of achieving it? Because the ask rate suggests some 230 odd tons of requirement in the fourth quarter. So is the mining sequence and the seams what we are having a visibility now, given one month we are into January mid? So are we confident of achieving it? So if you look at silver now, since we were unable to utilize all the concentrate in our smelter for various reasons, so if you look at the silver number that way, we have sold silver in concentrate up to 21 tons, and we have produced refined silver 451 tons. So two together would be 470 tons, 472 tons. So that is the number. If you look at that, and in quarter four, normally it is much better than quarter three, and one of the highest in the year. So I think we'll be close to our guidance that we gave. No, I just want to add, historically, except the FY 2018, we have been running every year some of the lead mode certain months. Correct. This year will be the full zinc and lead mode first year after 2018. In 2018, we delivered some 560 tons of the silver, and this year, whatever extra we are doing, that is with the zinc and lead mode. I think that is the operational efficiency and the recovery and other parameters has been supporting us. Understood. Understood. Sir, and what would be the RE mix in terms of overall power contribution for this quarter and your guidance for 2027? This quarter, we were 20% for the RE power, and we should be exiting at 25% as the wind capacity getting installed. For the next year, we should be between 35%-40%, and after the next year, 70%. That has been our stated statement earlier as well. Because the battery storage and wind is now getting commissioned. Okay. And sir, in terms of cost saving from, say, 25% this year to 75% in FY 2028, so incrementally 50%, what would be the cost saving in, say, rupee crores or something or dollar per ton? So $20-$25 per ton saving will be through RE power, but there will be like as we go deeper to the mines and greater differentiation also happen. So as I said, that's why we should be assuming between $950-$1,000 per ton of the cost. But if you ask only from the RE power point of view, we should be saving annually with this incremental almost 250-300 crore annually. Understood. And just one last question on our hedging strategy. You said 10%-20%. When did we, I mean, have we been doing since last two, three years hedging? I thought it is more of a this year phenomenon. No, if you see the last three years, we have been doing before that year and before that year also we did it, and this has been consistently 10%-20% of the hedging. Silver, we started hedging in the FY 2025 as well. Okay, so this is the second year. Okay, and going forward. Yeah, zinc, it's the third year. Silver, it's the second year. Understood. And going forward, this is the range we should expect, right? I mean, irrespective of whatever our view on commodity is, we would be maintaining 80% spot and 10%-20% hedge. Yeah. So 20%, we so wanted to give again the perspective. Whenever we start the business planning internally from the board of directors and the consensus which is published by 25-50 bankers, if we see that prices trading and which we are getting in the market are better than business plan and the consensus, that's how we did the hedging. And that's how we will be continuing. Because the remaining 80%-90% volume will always remain available for the market to be anything. But more from our certain margin lock-in, this is the right strategy we believe. And this has been being done across the globe for the last years. Understood, and if I may squeeze in one more, sorry. Can I ask one more question? Yeah, yeah, please go ahead. Please go ahead. Yeah, yeah. No, I had a question on free cash, but it is covered. All right. Thank you so much. Thank you. Thank you. Next question is from the line of Tarang Agrawal from Old Bridge. Please go ahead. I have a couple of questions. One, while the zinc cost of production has been the lowest in the last five quarters, but if I look at overall cost of production, that's actually in step. I think in the opening comment, Misra alluded to some mine development cost being higher. So say on a year-on-year basis, what would that number be, incremental mine development cost? No, I think he was saying it's getting offset with the mine development rate because there has been certain positive and there is certain. As the mines go deeper, if you see, that will be always such kind of scenario. So mine development, YoY last year was 14km, this year 15 km. 15 km additional mine development. So that impact will come. Then the inflation of the mine development rate, that also comes up. But that is the operational excellence company continues to do. If there is a one way cost is increasing, the other way is to decrease. So that is a major cost reduction is happening in the power cost where due to three things. This year we had 50% this quarter we had 58% domestic coal utilization. Second, our imported coal prices were lower, and third, RE power shares. So all these things put together offsetting the power cost, and our volume was also YoY better. That also gives the benefit of the better cost. So these gets offset, and then remaining comes to the what you were saying, byproducts and other things. Sir, if I look at it on a year-on-year basis, I mean, employee cost, power and fuel, all of them are lower on a per ton basis, right? But mining royalties obviously increased because our realizations have stepped up materially. But there's this line item which is other expenses including manufacturing. That metric has stepped up by almost $150 on a year-on-year basis. So I was just curious what are the factors that have contributed to this growth? When I'm talking on the delta, I'm talking on a per ton basis. So in other expenses, you will see one of the key reasons is the revenue since our royalty is linked with the turnover. So in case the turnover is increasing YoY, it will be also increasing. So it remains 3% of the turnover, but it remains in terms of absolute value, it will increase. Okay. And sir, you spoke of hedging. So in Q3, did I get it right? Almost 55 KT of silver was hedged? Q3 is 60. Q3, 55 metric ton was hedged with 5 squared off. Q4 is 68 ton. 55 was hedged at what price, sir? 37. Okay. But, sir, against our general policy of 10%-20%, 55 is almost 30% of our output. You have to see the annual. So when you say 68 at 39, it's cumulatively for FY 2026, is it? No, no. It's separately. When I say the 10%-20% of the hedging, so silver was hedged for 20% of the total volume, that has to be seen on annual volume. Okay. So technically, if you're looking at about 680 tons, so to say, in FY 2026, between Q4 and Q3, almost 125 tons is done, right? Yes. So basically, are we suggesting that most of the hedging actually happened only in Q3 and Q4? Is that the right way to look at it? Hedging was done in the month of June and July for the quarters of quarter three and quarter four. Got it. Got it. And sir, last question. Sir, what is the net debt on books as on 31st December? It's a net cash at INR 329 crore. Okay. Perfect. Okay. Thank you. Thank you. Next question is from the line of Pallav Agarwal from Antique Stock Broking. Please go ahead. Yeah. Good evening and thank you for the opportunity. So just want to update on the tailings project. What sort of progress have you made on that? The tailings groundwork has started, which is ground clearing, setting it up for construction. So that has started. Also, we have to go through the various regulatory clearances. So basic work has started on the ground. Sure, sir. Also on the 2X expansion, so specifically on the lead and silver portion, sir, how has the progress been over there? Sure. We are not doing 2X in form of lead and silver. It's all because our mine is zinc and lead mine. And both are separately lead mine and separately zinc mine. So we'll be expanding, if you look at it, expansion-wise. Expansion at RD Mine and expansion at Zawar, are the two big components. They will add maybe some amount of silver, but the fact that the volume will double, automatically the silver quantity, even if we say take even today's worst silver PPM, if I make it 650, then also we'll have 1300 tons. And if we say at this current position, we can make up to 700 tons, then we are looking at a 1400 tons of silver. Just because of the volume impact. Sure, sir. So more on the lead smelting part, sir, I think the silver would be a byproduct from there. So I think. Yeah, yeah. Absolutely correct, sir. So automatically, the silver, our lead current 200 KT production will go up to 400 KT production. So automatically, the silver also because our Pantnagar Refinery is already capable of 800 tons of silver, maybe we'll have to expand it by another 600, 700 tons there, or we can put up a 600-ton silver facility in our existing locations. Sure, sir. So okay. So along with the smelting, even the silver output should go up. Of course. Of course. Right. Yeah. Okay. Thank you. Thank you. Next question is from the line of Vikas Singh from ICICI Securities. Please go ahead. Good afternoon, sir, and thank you for the opportunity. Sir, just wanted to understand our strategy here. On one hand, we are selling lead and silver concentrate in the market, and at the same time, you yourself said that at least one quarter, you usually run at a lead-heavy pyro mode, which is not happening this time, so they didn't understand why we are doing so, or is this something to do with this other? We are currently running the pyro in the lead plus zinc mode because we are having a very good zinc price as well. So if I just go into lead mode, we do that when the zinc prices are say $2,000 or $2,200 a ton, and the silver prices are around $30 a troy ounce, then it makes economic sense not to produce so much of zinc, but produce more of silver. The lead quantity remains same in both the cases. So right now, with the zinc prices, there is no reason that we should convert everything to lead mode only. Second, what have we sold? The lead concentrate produced by the RD Mill, which was in the beginning in the commissioning stage, they were lead concentrate, but the concentrate grade was poor. So it is better that our smelter, as it is, we are lacking in capacity. Why would we overburden that smelter with this poor grade of concentrate? So that is the choice we made. Noted. So by that account, means even at the current silver prices, the barter is more towards the lead production higher. Is that understanding correct? No, no. Zinc plus lead mode. That means we'll produce more zinc at the same time, the due amount of silver. Okay. So just let me rephrase this way. So given the current zinc prices, for next year also, the most likelihood of future. Most likely we'll continue in the lead plus zinc mode only because we will have a surplus MIC at the end of the year, zinc MIC, and we want to run through it in the month of April, May, and if the zinc prices also remain stable at that 32, 33, then why should we not produce zinc? We'll keep on producing zinc and try to see what debottlenecking of lead production facility we can do so that we can increase silver production. That we are working on this business plan, and I think once the board approves, then we will let you know what is that incremental facility in lead production we will do. Another thing to add is that it is not like by choice we can do because zinc and lead is a joint product which gets produced as part of the mining. So if I run zinc lead mode, then lead concentrate will get piled up. If I run on the lead mode, the zinc concentrate will get piled up. And we are not in the business of selling the concentrate. It was only an opportunity which we got during this time where the lead silver prices were also better. But strategically and technically and operationally, we would like to run in the zinc and lead mode only. Noted, sir, and sir, just one more thing. Any update on the fumer, sir, which? Current fumer is operating. We had some trouble as far as the Chinese and all that, but our engineers have got trained. I think this year, in nine months, we have added about three tons of additional silver only through running the fumer. And so. So in case of fumer, we have been running at a 60% capacity utilization. Eight tons we have added in nine months, and we will continue. At least now, shutdowns are over, then fumers will operate far better in Q4 as well. Noted, sir. That's all from my side. Thank you. Thank you. We'll take a next question from the line of Ashish Kejriwal from Nuvama Wealth Management. Please go ahead. Yeah. Hi. Thanks. Good evening, everyone. And many congratulations for the results. Sir, my question is regarding the FY volume guidance. You are not changing your guidance, assuming that fourth quarter normally is a seasonally good quarter, and we normally see higher volume. But at the same time, if you look at we are not changing the pyro mode, and obviously then how I don't know how silver volumes will be higher as more than 200,000 tons, even if I am assuming lower end of the guidance, as well as if I add 20,000 of lead concentrate which you sold in the quarter if I am putting that also. So from 158 to more than 200,000 tons without changing the pyro mode, are we seeing any higher PPM in this quarter, or how do we try to justify that? And secondly, even in terms of refined metal, asking rate is much higher than what we have seen earlier. So what changes which we are making which will make us comfortable for this volume? No, sir. One of the debottlenecking which is pushing in higher current in the electrowinning processes at both Debari as well as Chanderiya, they have been completed, and they are stabilized, working absolutely to the capacity. We have got a capability of adding 25,000 tons per annum capacity, so we will use that. At the same time, of course, fourth quarter always sees better grades in terms of selectively we will ensure that we have to get more silver. So all the silver recovery processes in the mills, we have already commissioned a graphite prefloat process in Agucha, which was not there in quarter two or first part of quarter three. So those initiatives are in place. At the same time, we are very confident of quarter four being exceptional numbers, and hence we'll be meeting the guidance or maybe close to the guidance on matters of silver. Okay. And sir, secondly, in terms of hedging for next year, as our policy of 10%-20% of the volume we normally hedge, and as far as even if we assume 720 KT for next year, we have hedged around 8% of the silver volume now. And now silver price is $93 per ounce. So do you think that we are going to hedge more in next one or two months so that at least FY 2027 we will be comfortable with those numbers? So, Sandeep here, so it will remain dynamic. So we also watching the market. We also have the in-house experts who will keep advising us. So depending upon that, we'll be hedging. And it's not like when we hedge, we hedge on the day one a complete quantity. It's like a staggered manner. So whatever quantity I have said, this is for mostly for April to October. So remaining five months, we'll see when we move near to February and March. So what's your view, sir, in terms of silver as well as zinc price? Do you think that these prices may sustain for a while also or may increase, or do you think that it's a right price to hedge a little more? So, as I say, that hedging is not for the purpose of this playing with the prices. It is more about having the locking in margin when it is more than business plan or consensus prices. That's how we have been doing. So, I just want to make it clear because it's being heard that hedging is being done at a right price. No, there is no right price. So, price is only where we believe that as a management that its margin should be locked in at certain level of the business plan or consensus prices. So, especially on the silver, I unfortunately don't have any price views. Given the volatility which is going through the market, so many geopolitical tensions, one statement makes the prices down or prices up. I think it's very, very difficult to comment upon the silver prices. Zinc, we believe that given the maybe a bit of the surplus maybe in the calendar year 2026, but still I think the prices should be in the range which is going on $3,300-$3,200. Sure. Thank you so much and all the best. Thank you. Thank you. Ladies and gentlemen, we'll take that as the last question for today. I now hand the conference over to Ms. Raksha Jain for closing comments. Over to you, ma'am. Thank you, operator. Thank you, everyone, for joining us today on this call. If there are any follow-up questions or any clarifications required, please feel free to reach out to the investor relations team. Thank you. Thank you. On behalf of Hindustan Zinc, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.