Ladies and gentlemen, good day and welcome to the Lloyds Metals and Energy Q1 FY 2026 earnings conference call hosted by DAM Capital Advisors. 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 this 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 Mr. Pratik Singh from DAM Capital Advisors. Thank you, and over to you, sir. Thanks, Shruti. Good morning, everybody, and thank you for joining us today. We at DAM Capital are pleased to host Lloyds Metals and Energy's first-quarter FY26 numbers. We have with us today from the management, Mr. Rajesh Gupta, Managing Director, Mr. Riyaz Shaikh, CFO, and Mr. Chintan Mehta, CIO. Without further ado, now I would like to invite Mr. Rajesh Gupta to initiate the proceedings for the call. Thanks, and over to you, sir. Thank you, Pratik. Good morning, everyone, and a warm welcome to the Q1 FY 2026 earnings call of Lloyds Metals. I would like to express our gratitude to DAM Capital and Dharmeshbhai for graciously hosting this call. To begin with, let's say this: Q1 has been a fantastic quarter of milestones for us. We have successfully commissioned the pipeline and the four million-tonne pellet plant in Konsari. Both are among the fastest execution in India. We have received the environmental clearance to expand the mining to 26 million- 55 million tons per annum, up from 10 million tons. We completed the acquisition of the Thriveni MDO operations, integrating cost efficiency and boosting long-term profitability and further strengthening our mining business performance and margins. Our construction of the steel plant in Ghugus is well underway, with the pre-commissioning of the DRI kiln has already started. To briefly touch upon the market scenario for iron ore and pellets, the domestic iron ore and pellet market remains strong, supported by strong steel demand and capacity expansions across the country. Steel demand continues to remain at 8%-9% growth. Industrial trajectory is driving sustained iron ore uptake, and therefore the pellet demand continues to grow, especially in the environmental advantages in steel making that pellet-making offers. The domestic demand remains the primary focus. Internationally, the iron ore in the international market, iron ore market has passed the worst, I believe, with index now poised to run between $102-$110 for the rest of the year. Coming to a few of the highlights for this quarter, we need to highlight the strategic investments in pellet plants. We have invested in two pellet plants. One is Mandovi River Pellets Private Limited. Limited, which is on the west coast near Goa, and one is Brahmani River Pellets Limited, which is on the east coast in Odisha. This strengthens our access to pellet markets across the country, east, west, and central, positioning us as one of the most formidable players in the Indian pellet industry. Last year, we were zero. Right now, we are 9.5, and next year we'll be 13.5 million tons capacity. We are now well geared to cater to both domestic and export markets for pellets. While the domestic environment is highly conducive, we are actively evaluating export opportunities. Our CapEx program is progressing at full swing, well planned, meticulously executed, and running simultaneously across three locations. As mentioned earlier, at Konsari, the pellet plant phase one has started, and phase two is on track with operations to be expected by the end of this FY. At Ghugus, the wire rod mill project is in advanced stages. All steel plants have been executed. Construction has started. The WHRB plans to start getting commissioned in this quarter. Having said this, we are still looking at growth, maybe even beyond iron ore. We are well looking at studying opportunities in other minerals and resources in various geographies to shape the next phase of growth. We will do it in a very phased and systematic way, the way we have developed our iron ore business, with a society-inclusive model and minimal leveraging, giving us the confidence. This will give us the confidence to replicate similar success in new resources. With these strategic developments, we are confident of delivering growth ahead, which will be similar, if not exceeding, our growth in the last four years. I thank all our investors for being part of our journey and for their continued trust and support. Now I will hand over to our CFO, Riyaz, who will walk you through the financial performance for the quarter. Thank you, Rajeshji, for the brisk and insightful strategic update. I will now take you through our quarter one FY 2026 financial and operational performance, along with key highlights on execution and capital expenditure. Starting with overall financial performance, the first quarter of FY 2026 has been marked by strong operational execution, translating into robust financial delivery. Our total income stood at INR 24,084 million, roughly flat year on year, but registering a sharp 99% increase sequentially. On the profitability front, EBITDA came in at INR 8,087 million, up 12% year- on- year, and an impressive 188% quarter on quarter. EBITDA margins expanded to 33.6%, reflecting both better iron ore realization and operational efficiency. Profit after tax stood at INR 6,346 million, up 14% year on year, and over three times higher quarter on quarter, with PAT margins of 26.35%. These numbers underscore the resilience of our integrated business model, even in the face of commodity price variation. Now, speaking on pertinent matters, to give a more closer look at performance, for iron ore, sales volume for the quarter was 3.45 million tons, up 2% year- on- year and 107% quarter on quarter. Average realization stood at INR 6,061 per ton, up 6% year- on- year and stable sequentially. EBITDA per ton for iron ore improved to INR 2,223 and increased of 20% year on year and 46% quarter on quarter, driven by better grade and efficiency. Speaking about DRI, volume was 78,900 tons, higher by 3% year- on- year and 13% quarter- on- quarter. Realizations were muted, down 10% year- on- year and 2% quarter- on- quarter, given market price softness. On power front, it was quite muted. Volume remained stable year on year and quarter on quarter, though realizations were down 27% year- on- year due to lower merchant power prices. I would also like to spend some time on mentioning capital expenditure and execution. This quarter has been remarkable in terms of execution. Our CapEx program is progressing exactly as per schedule, with work happening simultaneously across all major sites. In quarter one FY 2026, we incurred INR 13,270 million of CapEx, following the INR 36,947 million invested in financial year 2025. Key projects include BHQ beneficiation, the pilot plant. Results are consistently showing results of over 63% efficiency. Pellet plant two at Konsari is expected to be ahead of schedule. Wire rod mill and steel plant at Ghugus, progressing well with civil and structural work underway. Then we have the slurry pipeline infrastructure, which improves logistic efficiency. The discipline and simultaneous execution across locations, mines, pellet plants, and downstream steel facilities positions us strongly for volumes and margin expansion. Update on the Thriveni MDO, that is, TEPL, Thriveni Earthmovers Private Limited acquisition. The acquisition of Thriveni's MDO operation through Thriveni Earthmovers Private Limited has been completed. This integration gives us direct control over a critical cost driver in mining and is expected to improve mining EBITDA margin on a consolidated basis. The TEPL acquisition will start getting consolidated into our financials from quarter two FY 2026 onwards, further enhancing earning visibility. Speaking about the balance sheet and financial strength, which remains core to our strategy, we continue to maintain a robust balance sheet with strong operating cash flows and prudent capital allocation. This financial strength ensures that our growth ambitions, both in core iron ore and pellet capacities and in new mineral opportunities, are fully funded without over-leverage. We have consistently delivered industry-leading shareholder returns over the last one year. LMEL shares have delivered a 117% return versus 24% for the NSE Metals Index, and over the last three years, shareholder returns stand at multi-fold, reflecting strong operational delivery and market confidence in our growth strategy. For my closing remarks, in summary, quarter one FY 2026 has delivered on both operational and financial fronts, underpinned by disciplined execution, cost control, and strategic investment. With the projects under implementation and the benefits from TEPL consolidation from next quarter, we remain confident of sustaining momentum through the rest of FY 2026. Now the floor is open for questions, and I look forward to having a good interactive session with all of 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 the 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. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Dixit from Goldman Sachs. Please go ahead. Yeah, hi. Good morning, everyone, and congratulations for a good set of numbers. Thanks for the opportunity. Just a couple of questions from my side. The first one is regarding your recent strategic investment. So while Brahmani River Pellets makes sense around 50%, but just wanted to understand the rationale for the acquisition of 19.4% stake in MRPPL. What is the rationale behind it? It doesn't give us any control over material or meaningful stake as well. So if you could explain the rationale behind it and whether these recent pellet strategic investments signify that we are going to be a meaningful player in the pellet market or later on, as our steel capacity develops, these can be back-ended to supply our steel plants. Could you give me the second part of the question? I couldn't understand it. Yeah, the second part of the question is that what is the final, what you're looking at basically for the acquisition, whether you want to be a meaningful player in the external pellet market or these pellet investment, essentially these pellet plants will feed into your own steel plant. Let me answer the first question, the second question first. With 25 million tons of regular mining and 26 million tons of regular mining and around 5 million tons of steel production, we'll always have a roughly 16 million tons excess pellet or iron ore. And that, if it is marketed in a blended way, it will always be the right strategy, number one. Number two, we would always be having pellet output as a long-term strategy. Number two is also that the BRPL asset would mostly be using iron ore from that area itself and marketing the pellet also in that area itself. There are also talks with the long-term consumers utilizing the pipeline and the pellet asset there. Number three, regarding the Goa, like you're aware, we had a foot in the door earlier by having a conversion contract. We are selling them iron ore, and that continues there. So the asset purchase, if you might have noticed, is at a very, very low valuation, mostly at a book value, basically because it's a long-term thought process to have a foot in the door in the West Coast as well, especially when we look at the export market from there. Right now, export is unviable with $6-$7 premium over iron ore. Once that will change over a period, and then that asset will be more viable. Answering your first question, why only 19.5% or whatever is what was available for us? Okay, got it. Got it. The second one is essentially a prepared remark. You mentioned that the company might be looking for some other mining investment, maybe overseas. So if it is not too early, is it possible to give a drop ahead that what could these be, whether these would be? It is too early. Even internally, it is too early. We have been scouting, like I said, across metals and across geographies. It is too early to comment anything on that. Okay. So if I may squeeze in one more, and that is an offshoot from the last question. What kind of profitability we are looking at pellets, considering that our iron ore is of higher grade with low silica alumina content? So what kind of profitability you are working with? I mean, preferably, there would be some good buyers for it in the export market as well. Right now, our sales is totally in the Indian market. We have produced around 2.5 lakh-3 lakh tons until now in the last 40 days. And we have sold out till mid-September or so, mostly in the Indian market. The profitability is around extra from iron ore for around INR 1,500-INR 1,800 per ton on an EBITDA basis. Okay, got it. Thank you, and all the best. The advantage to that pellet plant is also the pipeline. So we save on the iron ore transportation as well. Yeah, of course. Of course. Thanks a lot. Thank you. Thank you. Our next question is from the line of Vikas Singh from ICICI Securities. Please go ahead. Good morning, sir, and thank you for the opportunity. So my first question, Patel, so our guidance of 22 million tons of iron ore mining, we did 3.5, and currently, monsoon is going. So our asking rate for the second half could be anywhere between 7 million- 8 million tons per quarter, assuming some impact for the monsoon in Tokyo. So just wanted to understand how confident we are on this and what is the evacuation plan because evacuating 8 million- 9 million tons in a last quarter would be difficult, right? Right. Having completed the two quarters, let's say at around 8 million tons, 7.5 million-8 million tons, we will be left with around 14 million tons in the two quarters. Out of it, 2 million tons will be evacuated, 2.5 million tons will be evacuated by pipeline to the consignee plant. We hope to sell some concentrate from there as well. The balance is around 12 million tons, 11.5 million-12 million tons, which leaves around 45,000-50,000 tons a day of transportation by truck to customers as well as by truck to the railway sidings. We have got three railway sidings fully operational with full-fledged stockyards near the railway siding. We have the trucking and the full network available to be able to do that. We have been doing, on good weather days, up to 60,000 tons. Per day. Per day on a stretch of three, four days. So right now, it's possible. We haven't achieved that quarterly figure, but daily, weekly figures have been achieved beyond this limit. Noted, sir. So my second question again pertains to your two strategic investments. Just wanted to understand, is there any clause already there which allows us to buy the remaining stake, or for the timing, is it just the minority stake which we are picking up? I couldn't understand the question. In these two strategic investments, basically, the MRPL and BRPL, is there any clause which allows us to take further stake in these companies at a later stage, achieving certain milestones, or this is the only transaction which we are doing, and there's no plans for further increasing the stake in these companies? Yes. See, currently, we were looking. We were trying to get in more and more whatever we could achieve, but we could achieve only 49%. The balance 50% remains with our partner, that is TMPL only. So it's more or less in the same group. Yes. If there is a requirement of taking over that, we will be able to do that. Just what about Mandovi? Yeah, you were saying something. Regarding Mandovi, because 19.4%, that being Goa where there is a low-grade availability, and you are predominantly dependent on export market to be good, while there's a lot of news coming that the Chinese capacity might get cut. So these low versus high-grade premiums might also shrink going forward. So I still didn't get the rationale why you've gone to that geography. Because you are already creating a good pellet capacity by yourselves. There was no basically exact reason for us to go for a small plant like that. See, the Mandovi asset has been purchased at book value, at their procurement value. And so that is a very low-price asset. We are supplying them iron ore. And it's a strategic investment. I mean, it's an investment you're not getting involved in the operations apart from what we are right now doing. The pellets if exported would be through us, like we have been doing earlier. So that would continue. It's an additional partnership with the promoters there. They would not be interested in selling more, like I mentioned earlier. And at the moment, we are very, very going to continue on the same basis. Yes, sir. So exactly that is why my concern was since we don't have control and ourselves is a very dominant player in that space, what was the need to just go and buy minority stake? Because I don't think that this would contribute significantly into our financials as well. It does not contribute to our financials. It's an INR 16.5 crore investment by a company which is worth INR 85,000 crores. And we believe that it's an investment which will pay in the long run, which strategically we have now a foot in both the coasts and the central part of the country. That is a very strategic decision. I mean, there's nothing else I can really say on this. INR 16.5 crores is the investment. There's no management stake. The marketing contract continues. What we are still doing is the export is through us only. We'll be doing that. We'll continue doing that. Noted, sir. That's all from my side for the timing. I'll join back to you for further questions. Thank you. Our next question is from the line of Parthiv Jhonsa from Anand Rathi. Please go ahead. Hi, good morning, sir. So my first question pertains to the entire cost optimization. Considering our per ton EBITDA has been better compared to the height in ESP or realization, is it fair to assume that we have started getting some benefit from Thriveni already, and this will continue going forward? Further, you have mentioned on one of the slides, if I'm not mistaken, slide 19, that once 85 km completely wraps up the slurry pipeline, you would have about 500-600 per ton kind of a cost saving. And captive logistics would be about 100-150 per ton. So is it fair to assume that this about 2,200 EBITDA per ton can easily be close to about 2,700-2,800 in the next two quarters? The benefit of Thriveni would come in automatically with the consolidated figures. The slurry pipeline advantage for 10 million tons out of 26 million tons will be there. So therefore, the advantage would be 500 into 10 by 26. So that would be a little lesser. I hope that answers the question. Yeah. So just wanted to understand, does this 2,200 EBITDA per ton include anything, or has it started including anything from the Thriveni benefit, or it will completely accrue in Q2? The Thriveni benefit will start coming in only in the next quarter, the running quarter, because the consolidation, it will be the consolidated numbers will show you that. Till now, it wasn't there. It was just an effect of the slurry pipeline, which we just commissioned for almost the end part of the last month of the quarter, and the realization as well as the work what we have been doing on the cost front. So all these things have helped us in improving our EBITDA. So, I comment on this logistics question. We have started in this quarter our logistics company, which would also be more in the Thriveni group of companies under Thriveni rather than directly under Lloyds. That will also. It will be a step-down. Step-down subsidy, and that will also add two things to the cost-saving exercise. One is reduction of cost by having internal control. Number two, the profitability of that company would remain within the group, within the company, and number three, the gentleman Vikas mentioned about the evacuation. That is also supported by that company, and number four, of course, is also the greening of the whole exercise, so logistics is a very, very serious aspect of us, and we are looking at all aspects to make sure that logistics are green, are saving money, and are efficiently evacuating the product. Sure. That's quite helpful, sir. So my second question is pertaining to the MRPPL 19.4% strategic stake. Right now, I believe it's about two million ton kind of capacity. Just because you are supplying a high-quality ore then, apparently, is there a possibility for them to hike this 2 MT to, say, 4-5 MT if the export opportunity or the domestic opportunity that built increases? Is there a good opportunity to increase the capacity there? Any idea on that? I believe that the company would be looking at beneficiation assets in that co-op because there are a lot of dumps that are being auctioned. And there is a beneficiation plant available with the Chowgule's owners, former owner of this company. So the strategy is to use that ore, beneficiate it in the Chowgule plant, and bring it to this pellet plant, and mix it with our, blend it with our ore and get a very acceptable quality of pellet for the domestic market. Yeah. And so if I may just squeeze in a quick one. You have given guidance till 27. Just wanted to understand, by 28, your BHQ 15 million ton would come on stream. That would give about close to 5 million ton of equivalent ore, right? So is that fair to understand that your iron ore production would drop down from 25, 26 guidance to, say, 20 number, and your BHQ would be 15? Is that understanding correct? We are accelerating our BHQ program from input of 15 million tons in the first phase to 30 million tons in the first phase. So that will give us 10 million tons output. And DSO sales would come down by same amount. So we will be able to continue the 26 million tons that is allowed under the EC for the life of the plant. 16 + 10, correct? 16 + 10, yeah. Perfect. That's quite helpful. Thank you so much. Thank you. Our next question is from the line of Siddharth Gadekar from Equirius. Please go ahead. Hi, sir. Good morning. So first on the operational performance, can you give us a split between the fines and the lumps with quarter number volume and the realization? It was around 11% of lumps, and balance was fines. Realization for both? The realization was INR 6,500 crores, INR 6,500 for the lumps, and around INR 6,900 or 800, 900 for the fines. 5,000. So secondly, for this quarter, how are we looking at the realization? The markets have, I think, if I look at the average price, it will be little two or three INR more at the moment, our current market price. And we see that will continue. Nobody can really predict iron ore pricing, but given the fact that steel demand growth is 8%, 9%, 9%, production is similar 9%, and iron ore is up by 8%, we see the continuous gap increasing and also seeing it in the market by seeing that there is lesser exports, little more imports of iron ore and some pellets coming. So with all that, we think that the market would be quite strong for iron ore. Secondly, in terms of our volumes for H2, where we are guiding for around 14 million tons in the second half, so have we already started negotiations with the customers to actually supply the entire volume? Yes, we have. Our largest two customers have been getting 31%, 35%. From us that would continue in the same ratio, and that has been negotiated on some index basis. The other products are internally, like you said, pellet. Pellet is going to a brand new geography because earlier we didn't have enough lumps. So the pellets is going to the southern geography where there's a good demand. So that is actually taking away 2 million tons, going forward to 1 million tons of our pellet, of our iron ore away from the market, away from our sales liability and going to a brand new market. I see pellet and lump as competing with each other, so that's why we are very careful of that. The rest of the market basically grows in the same ratio, and we are very, very confident of able to evacuate the material and sell the material at similar margins, if not better, than the last quarter. Lastly, on our wire rod capacity, also, we have started any discussion with customers, any primary markets that we would be targeting for wire rod? This is the first plant in our area in the western region, in the Maharashtra region. We have a very clear-cut marketing strategy tied up. Number one is that we are doing three service centers in three different areas. One is very near the plant. One would be near Hyderabad again, and one would be near Bombay, Pune. So with these three service centers, we'll be able to sell a large quantity of TMT. Even though it is wire rod, we would sell it in coil form, and the service centers would be able to sell TMT. The wire rod itself, we are talking to some wire rope manufacturers as well as to LRPC manufacturers to be able to get into that field, especially LRPC is growing at the rate of around 20%-25%, and we want to partake in that. It will be very, very partnership-oriented marketing for that product. Thirdly is that we have three products that we'll be selling from our mill. One is wire rod, which is around 700 to 800,000 tons. TMT, both in wire rod form and in straight form, around 300,000 tons. And alloy steel structurals bars, carbon steel bars, which will be around 200,000 to 300,000 tons. So we have a whole range, very, very flexible thought process in our marketing and in our product mix, as well as the mill configuration. Support. So lastly, only on the CapEx for this year, how should we think about the CapEx, including the acquisitions that we are doing? I think for the acquisition, we have that cash flows are built in within the company internal approvals, plus some shares is what we have to be doing. So it will be an issue of new shares. And the balance cash CapEx, what we are already there in our pipeline, that is all the thing we've done around 1,300-1,400 crore rupees in the first quarter. And going ahead, we should be on an average doing over the next three years at around 7,500-8,000 crore rupees. And plus this, we have the 65% of the warrants which is pending. So around 1,770 crore rupees is pending on that. We should be getting that. Okay. Thank you so much. Thank you. Our next question is from the line of Bhavin Chheda from Enam Holdings. Please go ahead. Sir, congratulations on overall good set of numbers and getting EC raised to 26 million tons. Overall good presentation. Bhavin, sir, your voice is a bit low. Can you hear me now? Yes. Now it's better. Please go ahead. Yeah, yeah. So congrats on overall numbers and getting an EC limit to 26 million tons. So just a few questions. I think just a follow-up for the earlier one. Annual CapEx, you said INR 7,500 crores-INR 8,000 crores for next three years, next two years? Per year. Or projects which are already going on? Per year, yeah. That would be per year. Okay. So for the projects which are already going on for expansion of steel and pellet, so we are spending, it would get over in 24 or INR 1,000 crores. Correct. Right. And this includes Greenfield 4 million pellet CapEx also, Ghugus, which is there in the presentation right now? Yes. Yes. And the new slurry pipeline? Hello? Yes, yes, sir. Yes. Okay. Second question, I just missed out on the 14 million evacuation plan for second half you had mentioned. I just missed out two or three points there. Can you repeat that, sir? Okay. Around 2.5 million tons would be evacuated by the pipeline, leaving around 11 and a half million tons. If you divide that by 180 days, it leaves around 50,000 tons per day. We have been doing 60,000 tons regularly on dry days in the rainy season as well after the EC. And we are very confident that we can complete the 22 million tons that is the capacity allowed by the EC in this financial year. Right, and the last question on BHQ grade, the CapEx, what we are doing, as you said, now phase one, you are doing 30 million ton at one go, and how would it be commissioned in phases? The 30 million tons would be six trains. Six trays. There were three modules or three trains each, so nine modules, and there are three modules or three trains each, so there are nine trains. We are going ahead with six trains in the first phase. Means we'll give you a total of. Each train would be commissioned, say, let's say every month, every 15 days, or one month, two months. The overall infrastructure will be ready for the 30 million ton input and 10 million ton output. Okay. And the first train should be next year? No, by the end of the financial year. So by March 2027 or so, or January 2027? No, no. Yes. One minute. December 27. FY 2026. FY 2026. FY 2027, yes. FY 2027. Yeah. Sorry. Okay. Okay. Thank you. Thank you, sir, and best of luck. Thank you. A request to all participants. Please restrict your questions to two questions per participant. We request you to rejoin the queue in case of more questions. Our next question is from the line of Vinit Thakur from Plus91 AMC. Please go ahead. Good morning, sir. I had a couple of questions. Could you tell me about what are IPS benefits will come on stream? Will it be from this year or next year? The IPS paperwork has started. We will be able to credit the IPS for the pellets in this year itself. Sir, how much are we expecting? I don't have the figures on hand, but essentially, the pellet plant divided by 12. And also the DRI plant when it gets commissioned. Okay, sir. Thank you. And sir, I had one operational question. So we completed our pellet plant in 18 months, whereas industry standard is around three to four years. What gives us the motive to complete the plant in such a fast pace? One of the reasons is focus, focus, focus. Number two is we have got our own internal company, when I say internal, meaning Lloyds Engineering and their associate, LICL, which has hired all the equipment, which owns all the equipment for the pipeline as well as the erection. Many of the employees, the workers are employed by this company. So it's essentially like a full-fledged construction company itself. We are depending on ourselves rather than anywhere else in the outside. And number three is the total support from the local authorities as well as equipment suppliers because all that is very important. Number four is continuous cash flow is going without any hiccups. So all these things add to this execution strategy, which will continue for all our projects. Okay, sir. Thank you so much. Thank you. Our next question is from the line of Divya Agarwal from Pycom Family Office. Please go ahead. Yeah. Hi, sir. Thanks for taking my question. And congratulations on the great set of numbers. So sir, firstly, in Q1, our total production was around 4 million tons. And in Q2, due to monsoon, it was expected to be around 2 million tons. So we are left with around 16 million tons, which translates to around 2.7 million tons per month. So my question is, do we have the capability and the resources or the machinery to produce 2.7 million tons per month? Actually, it is 4 million tons in this quarter as well. This question has been answered earlier, including the pipeline and the fact that we have done 50,000 to 60,000 tons on a single week, on a daily basis. We are very, very confident that we can evacuate the full 22 million tons that is required under the EC in this financial year. Sir, that was helpful. And secondly, sir, I just wanted to know about the price hike. So were there any price hikes in this quarter, or do we expect any price hikes in coming quarters as well? There has been a price hike around 15 days back when the quarter started. And like I said earlier, I cannot predict what the price hike would be like. The market has a supply-demand issue for iron ore. And so we are hoping to succeed in that way. Just if I can squeeze in one, so what are the margins for Brahmani Pellets and MRPL? What kind of synergies do we expect from these acquisitions that Lloyds can incur? Like I mentioned earlier, BRPL is looking at a long-term agreement where at one end, the mine is available with one company, and at the other end, there is a steel plant. So we are looking at that conversion type of agreement, which will make it consistently INR 600-INR 800 margin, well within the investment area that we have. MRPL is a little more troublesome, and that's why we have only 18%-20% stake in that. Sir, sir, thanks. Thanks a lot. And all the best. Thank you. Our next question is from the line of Harsha from Seven Rivers Holdings. Please go ahead. Hi, good morning, sir. Sir, first question is that we are envisaging investment of around INR 600 crore in Dubai. So if you can elaborate about the timeline and what kind of opportunities are we focusing there? We were just, as Riyaz has also mentioned, we are looking into other geographies and other minerals and all those stuff, what we are looking for expanding. So this is just a preparation for that. We can maybe incorporate a company. And if any opportunity is available, then we can go through it on a quicker note. That's why this company is helping. Okay, and sir, we have raised. Nothing specific at the moment, yes. Sorry, can you come again? Nothing specific at the moment. Sir, we are raising INR 2,500 crore through debentures, and last year, we had taken enabling. We expect the remaining part of INR 2,500 crore also to come in sometime in the current year. I will interrupt. Harsha? We are not looking for any further dilution as such. This is the NCD. What we felt should be more than enough for taking care of all our projects, the volatility associated with the industry. So we are just going in for 2,500. So as of today, it is only this much. If anything comes up, we'll be letting you know. Okay. Okay, sure. Thank you so much. Thank you. Our next question is from the line of Aditya Agarwal from Finavenue. Please go ahead. Good morning, sir. Am I audible? Yes. You're very audible. Yeah. So sir, I have two questions. First is we are projecting our top line to be somewhere around 40,000 crore in a matter of four, five years down the line. So coming on to our backward integration, that is slurry pipelines and the acquisition of Thriveni. And today, as of now, our EBITDA margins were somewhere around 33% in the quarter. So do we expect this operating margins to be somewhere north of around 40% by in next four, five years? No, I think the steel margins would normally be much lesser. I don't have the figures offhand. Yes, sir. But it would be the margin cost saving. With all the cost-saving steps what we are taking, we are trying to achieve if not beyond 40, close to 40. Close to 40%. We will compound these figures more properly as the industry is progressing. Yes, sir. And sir, second is on the pellet pricing, so are we planning to supply pellets towards Raipur market as well? I mean, from the industry sources, there is a lot of DRI capacity that is coming over there. So do we have any plans to supply pellet over there, or will we be looking for a different location for supplying pellet in the market? We have already started our pellet output, mostly in the south part of the country because there was a bigger supply-demand gap there, and a lot of DRI units are there also. We do not exclude Raipur from our thought process. At the moment, that market is a little more crowded, and we look at geographies which give us the best realizations without disrupting the overall market. Yes, sir. Yes, sir. And sir, coming on to our overall production and the pipeline that we are having, so are we optimistic on the steel pricing, overall market outlook? I mean, iron ore is pretty stable. So coming on to pellet, do we expect pellet to be stable somewhere around INR 9,000-INR 10,000 per ton in the near term? Right now, expect here around 8,700, 8,500, and we see that moving with the iron ore market going forward. I think the worst of the pellet industry, as well as the smaller steel players, suffer a lot in the rainy season, so I think in the next nine months, we foresee a very steady demand for pellets, and pricing should reflect based on iron ore. Iron ore pricing, like I mentioned earlier, cannot be predicted by anybody. Sir, our top-line guidance of 40,000 crore remains intact for next four years? We have given such a guidance? I don't think so. In the May 24 last year. 4.2 million-ton steel plant itself gives you INR 25,000 crores, and 10 million tons of the iron ore gives you the balance. So that's where that INR 40,000 crore top line comes from. Yeah, it does. The projects are all online. Yes, sir. Okay. I will be joining back on the queue, sir. Thank you so much. Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. I repeat, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our next question is from the line of Tanmay Choudhary from Ventura Securities. Please go ahead. Hi, sir. Thank you for the opportunity. I just have a follow-up question on the iron ore production. We are guiding for 22 million ton in 2026. So correct me if I'm wrong. 4 million ton is going for pellet plant. 15 will be going for DRI. So we are left with around 17.5 million ton for the open market side, right? A little more because it's not 4 million tons. It's annualized 4 million tons. Around 2.5 million for the pellet and around 800,000 tons for the DRI. For the DRI? 800,000 tons. So we are left with 3.3- around 18 million tons. We are not seeing any issue on the demand side, absorption side over there? No, I am not seeing that at all. Okay. And sir, one more question. Over the DRI part, just wanted to know how do we see going forward because we have seen realization have come down in spite of volume going up. So can you just comment or how do you see it? DRI and the steel sector is undergoing its annual problem of the rainy season. Unfortunately, it started a little before that because of the international problems of China. Now, I'm seeing the DRI is still under pressure, and margins are still under pressure. Still positive over and above iron ore price or pellet price for that matter, but under pressure. Margins will remain under pressure for the next six to eight months, I see. Yeah, pellet is more stable and demands are better. The demand of steel has gone up by 8% over the last two years, three years. It was a little more in the two years back, and now this year is around 8%-9%, which is still a very, very strong demand. The problem is that the supplies are even stronger. The supply growth is even stronger. It will take some time to stabilize till the steel market stabilizes. DRI is a factor of the steel market. Okay. Thank you. Thank you so much. That's all on my side. Thank you. Our next follow-up question is from the line of Vinit Thakur from Plus91 AMC. Please go ahead. Hi, sir. One more question I had is since we have moved towards 100% green mining, are there any plans to venture into green steel as well? The definition of green steel is not fully understood by me. The taxonomy devised by the Government of India, our steel plant would be the five-star rating. Okay, sir. Thank you. Thank you. Our next follow-up question is from the line of Parthiv Jhonsa from Anand Rathi. Please go ahead. Hi. Thank you for taking the question again. So my first question is pertaining to the couple of coal blocks which were auctioned in the nearby vicinity. I believe those blocks are not yet operational. So any chances those would come out for re-auction, and you would be able to participate in that because they are in very close vicinity to the existing mine? Or coal? Or iron ore? Iron ore. There were six blocks which were auctioned in the past. I have no exact status of what is the exact status of that. Those were exploratory consolidated blocks. I have no idea what is the status of those blocks. Okay, sir. And sir, my last question is pertaining to the CapEx. I believe you said that your yearly CapEx for next three years is about INR 7,500 crores-INR 8,000 crores. Just wanted to know in the near term you're going to receive some amounts from the warrants, and just wanted to check, would we be open to take debt just to fund these CapEx, or will it completely be from internal accrual? So we have taken some debt. We have taken some debt in the last year also, this year also. Wherever we feel there is a shortage or wherever we feel there will be a stress, is when we are planning and going ahead with debts. Now, we've taken an NCD approval of 2,500 crores. This is something which we are looking at over the next two years. It should give me a buffer. It should be a long-term type of a thing is what we are targeting at. And it should be a buffer which should be taking care of all our debt requirements till the time of the CapEx, what we have announced. Perfect. Perfect. Thank you so much. Thank you. Our next question is from the line of Amish Alda from Purnartha Investment Advisers. Please go ahead. Hi, sir. Thank you for the opportunity. So I just had a question on Thriveni Earthmovers India Private Limited. So I just wanted to understand whether we will be using this company for our capital purposes, or will it also have its own outside business? It already has outside contracts. We are operating in Odisha for iron ore around 14 mines, in Jharkhand with the NTPC mines, in Indonesia, in Andhra in two mines, one mine in Barbil. So we are already doing that. We continue to do that, and we'll also continue to look at other MDO opportunities and any international assets as well. If we go into that, the asset will be owned by Lloyds Metals, and the MDO would be done by Thriveni. So we have the double engine growth for future projects is what we are planning. Sir, what kind of margins does the company earn on these contracts, and what kind of revenue expectations do we have from this company for the rest of the year? Roughly, the revenue currently is around last quarter was around INR 7,500 crores. Okay. And the margins, sir? One minute. Sorry. 750 crores. The difference between millions and crores, I got confused. Sorry. Maybe just 90%. It's around 33% of that. Going forward, the tonnage of Lloyds Metals would be added in this year for sure, which would take it up from INR 750 per quarter to around INR 1,100 crore per quarter. Okay. So before this, we were not a client of Thriveni Earthmovers? We were the clients of Thriveni Earthmovers. We were also the yeah, we were not this particular company. This is a breakup from the original company. That structure is explained in our previous presentations as well. Sure. Sure. Thank you so much, sir. Thank you. Thank you. Our next question is from the line of Pratik Singh from DAM Capital Advisors. Please go ahead. Hi, sir. Just a last bookkeeping question and following up from the earlier question. So earlier, when we had announced acquiring 80% in Thriveni, so we had given projections for the next few years based on existing business operations. So are we at a point where we can give a new estimate if we have won any new order wins, or should we still assume the same numbers given earlier? Since the last quarter, they have not won any new contracts. They are all busy in consolidating these two companies and getting the right mix of people, and the integration of two big companies is always not an easy job, so we are all busy there. Sure. Understood. So we'll take the last numbers. That integration process is well underway, and we are very happy with the way the integration is going, and we are looking for new opportunities, and new opportunities are being looked at. Understood, sir. Thanks. Thanks. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Over to you, sir. Thank you, everybody. Hope we have replied to all your questions, all your queries. If anything else remains pending, you can always get in touch with us. Mr. Tanay Tata, he's the Investor Relations Officer. You can always get in touch with him, and he'll be providing with you all the replies. Thank you. Thank you. On behalf of DAM Capital Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.