Ladies and gentlemen, good day and welcome to KEI Industries Limited Q2 FY 2026 conference call hosted by Nuvama Institutional Equities. 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 touchstone phone. I now hand the conference over to Mr. Achal Lohade from Nuvama Institutional Equities. Thank you, and over to you, sir. Yes, thank you, Stanley. Good afternoon, everyone. On behalf of Nuvama Institutional Equities, we are glad to host the senior management of KEI Industries Limited to discuss Q2 FY 2026 earnings. We have with us Mr. Anil Gupta, Chairman and Managing Director of the company, and Mr. Rajeev Gupta, Executive Director, Finance and CFO. We'll start the call with the opening remarks from the management and then move to the Q&A session. Thank you, and over to you, sir. Good afternoon, everyone. I'm Anil Gupta, Chairman and Managing Director, KEI Industries Limited. Thank you for attending this investor conference call of KEI Industries. I'll give a brief about, although you have the brief of our Q2 results, I'll give a brief. Net sales in Q2 FY 2026 is INR 2,726 crore. Growth achieved is 19.38%. However, wire and cable segment has grown in this quarter by 22% over previous year, same quarter. EBITDA this quarter is INR 311.63 crore, with a growth of 31.2%. EBITDA/Net Sales Margin is 11.43%, against 10.4% in the same period previous year. Profit after tax in this quarter is INR 203 crore, against INR 154.8 crore last year. Growth in the profit after tax is 31.47%. The profit after tax/Net Sales Margin is 7.46%, against 6.78% previous year, same period. Domestic institutional cable sale, wire and cable is INR 581 crore in second quarter, against INR 615 crore last year. Domestic institutional cable sale, extra-high voltage cable is INR 128 crore, against INR 73 crore previous year. The growth in this segment is 76%. Export sales in this quarter is INR 472 crore, which, we have achieved all-time high export sales of INR 472 crore, against INR 241 crore last year, with an overall export growth of 96%. Total cable institutional sale, B2B sale contribution, including export, is 42%, as against 39% in the previous year. Sales through dealer network, which is B2C, was INR 1,475 crore in the second quarter, against previous year, same period, INR 1,258 crore. Growth is approximately 17%. The B2C sale contribution was at par with 54% in second quarter, as against 55% previous year. Sales of EPC division, other than cable, is INR 47 crore, against previous year, INR 80 crore. Sales of stainless steel wire is INR 53 crore, against INR 59 crore last year. Now, I will brief about the first half summary, six months. The net sales is INR 5,316 crore. The growth in net sales is 22.25%. EBITDA is INR 609 crore. Growth is 29.65%. EBITDA/Net Sales Margin is 11.46%, against 10.81% in the previous year, same period. Profit after tax is INR 399.26 crore, against INR 305 crore. Growth in the PAT is 30.88%. The profit after tax/Net Sales Margin is 7.51% versus 7.01%. Domestic institutional cable sale is INR 1,289.92 crore in this first half, with a growth of 9%. The growth in extra-high voltage sale is 61%. We have achieved INR 244 crore, against INR 152 crore last year. Export sale in first half is INR 846 crore, against INR 474 crore last year. The growth in exports is 79%. Sales through dealer network is INR 2,800 crore. The growth in B2C sale is 20%. The total active working dealers of the company as on 30th September is 2,100. The present order booking is INR 3,824 crore as on 30th September 2025. There is a strong demand for the wires and cables. We are seeing, witnessing very strong growth in our exports. The domestic market is equally strong, but we have shifted some of our domestic capacity to the exports, resulting into a little lower domestic growth. As soon as our new capacities, our new first phase of SANAN is operational by November 2025, more than 50% of the capacity will come on board from December, and which will add significant growth from fourth quarter onwards from SANAN to our existing operations. I don't see any slowdown in growth, demand growth in domestic markets because the growth is driven by the energy sector, especially solar and wind projects, transmission and distribution, data centers, and construction activity, which includes commercial and residential real estate and infrastructure projects. This is a brief from my side. I'll be ready to give any answers to whatever your queries you have. Thank you very much. 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 touchstone 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. More than 50% capacity will come on board in the first phase. The first question is from the line of Natasha Jain from Philip Capital. Please go ahead. Thank you for the opportunity, sir. My first question is on the cable side. Can you break the number 22.5% in volume and pricing, please? The volume increase in wire and cable segment is 15%, and the rest is due to pricing phase. Sir, have we been able to pass this pricing benefit, or will it show in the third quarter? Yes, absolutely. I've been saying that all the retail segment pricing is revised every 15 days, and more than 54% sale is through B2C network. The B2B sale, whatever orders are there, we always keep inventory of copper and aluminum. Visible in our order book, either in booking or in the factories. A lot of orders from B2B segment have price variation clause available with us. We don't get any. You can see from our margins, EBITDA margins over the last 15 years, the commodity price goes ups and downs, but our margins are not impacted because of the increase or decrease in the prices. Understood. One more question. There was a notice in the exchange from the monitoring agency saying that there has been some fallback in terms of CapEx, and therefore, there is a delay. Can you help us understand how much delay in terms of phase I and phase II? Would that mean that in quarter three and four, we will be restricted at around 20% top line growth? The first phase delay is close to four months. It is mainly because of the challenges faced during increased tenure of rains in Gujarat and also challenges from the contractor's side because of the labor shortages. Now, the first phases, which contribute more than 50% of the capacity of the total plant, will be operational definitely by November. We have already started the trial runs, and by November, commercial production will come out. So far as phase II is concerned, which consists of mainly extra-high voltage cables and medium voltage cables, that is delayed by approximately nine months. It is mainly because of the complexities faced in construction of a vertical tower of 158 m. That is around 550 ft tower on which machines will be erected. This extraordinary construction activity was complex, and truly speaking, no architect or consultants or contractors had much experience in building, making this type of construction. Now the designs are set. They have already reached to approximately 32 m of the tower height, and now it is going smoothly. There won't be further delay what we have projected in our commentary. Understood, sir. At least the average of four months delay means at least the second half, which is usually stronger, would probably lag in terms of growth. Can you just help us understand what growth can we expect? Are we in line to meet our annual guidance, or could there be some fallback in terms of top line growth? We had guided 17%- 18% growth for FY 2025/2026, and I assure you that our growth will be more than that. We will definitely cross 20% growth over and above last year. Thank you so much, sir. Thank you. The next question is from the line of Anupam Goswami from SUD Life. Please go ahead. Hi, sir. Sir, with the process of now delay in SANAN plant, where our EHV and MHV and as well as LT cables, where do we see the mix in the next two years? Sir, beyond that, what sort of demand are you sustaining? What's your probable growth, or what are you seeing in the demand sustaining? Sir, this business will continue to grow for the next several years because of the infrastructure demand and growth in the energy sector. Energy growth in the solar, wind, and energy consumption sectors will continue to drive the demand of our products. You can see from the data that how much new capacities are planned in solar, wind, even thermal power generation, battery energy storage projects, which are linked with solar projects. Also, the projects which will use this energy. This energy has to be carried by cables only to the consumption projects, consumption centers, whether it is industrial or residential or infrastructure. The data centers will be a good growth driver for the cable industry. We hope that with the increased economic activity in the country, in India, as well as in the world, the demand for wire and cable, electrical wire and cable, will grow substantially. Sir, capacity mix after the SANAN plant, and what sort of revenue are we from the SANAN plant? What sort of revenue are we expecting FY 2026 and 2027, given the delay? See, once the full project is completed, we have estimated a revenue of around INR 6,000 crore from the full project, with the commissioning of the first phase of this first phase in SANAN in November 2025. Around 50% of the capacity will come on board, which means around INR 3,000 crore new capacity will come on board, which will be gradually converted into revenues from the fourth quarter onwards and in the next financial year because the capacity ramp-up and the stabilization of production will be gradual. The overall growth guidance, which we have given earlier, will remain the same in the current year as well as for the further years also. Future year guidance was 20% to grow, so we will be maintaining that guidance. Okay, sir. Sir, your capacity mix after the SANAN plant? Capacity is because out of INR 6,000 crore, which Anil just has spoken, it's close to INR 1,200 crore belongs to extra-high voltage, and INR 4,800 crore will be for low voltage and medium voltage power cable over there. Okay, thank you. I'll send that. Thank you. The next question is from the line of Mr. Saumil Mehta from Kotak Mutual Fund. Please go ahead, Mr. Mehta. Due to no response, we will move ahead with our next participant. Now, I would like to invite Mr. Praveen Sahar from PL Capital. Please go ahead, sir. Yeah, hi. Thank you for the opportunity. My first question is related to the export because in this quarter, the export has been very good. Even in your media interaction, you indicated around 18%- 19% of our export contribution to be in the future. What we are going to. Hello. The thing is, your voice is not there. Your voice is cut. Hello? I think we are not able to hear. He was asking about export. His question was regarding export. I didn't hear the full question, so I don't know what was the question. Can you repeat the question, please? Mr. Mehta? No, Mr. Praveen. Mr. Praveen. Praveen Sahar from PL. Mr. Praveen Sahar from PL, Prabhudas Lilladher, sir. I'm sorry to interrupt. I believe he has left the chat. Moving ahead, now I invite Mr. Jay Chauhan from Trinetra Asset Managers. Please go ahead. Good afternoon. Thank you for the opportunity. Am I audible? Yes, yes. Sir, I was just trying to understand the value chain of the EHV and the prospects of the EHV for the current business. I just wanted to understand what is the current order book that we have for EHV? Just a moment. INR 636 crore is the current order book for the extra-high voltage cable as of now. Sir, what is the current capacity that we have for EHV? Current capacity is close to INR 650 crore. Okay. Can this extra-high voltage cables be made in the same plant that we have, and do we need any specialized thing that we are trying to make in SANAN? At SANAN, we are making the extra-high voltage power cable through the vertical tower. Here, we are making it through the catenary machines. The SANAN plant is for extra-high voltage cable and will be highly export-oriented. We have taken care of all the technical aspects of the cables which are required in the different export markets. It will also take care of all the technical requirements of the Indian domestic market as well, of the Indian customers up to 500 kV voltage rate. Understood, sir. Understood. Are there any specific certifications or pre-qualifications with large global utilities that you are currently underway to ensure suits ramp up once the facility operational in FY 2027? Sir, we already have a lot of pre-qualification and certification from many international countries for our existing extra-high voltage facility at Chopanki. For SANAN, the process of certification has been initiated. The same certification we have and experience we have for the existing plant will be relevant for the new plant as well. Understood, sir. Got it. My second question is, like you mentioned the past growth as well, that you have historically managed your competition well, and it's a good growing market. There's ample space for it. Have you, is there any, since several large and well-capitalized industrial groups are making significant investments, is there any change in your strategic thinking around pricing and dealer relationships over the medium term? No, sir. There is no strategic change in the mind. We are already enhancing our reach towards the dealer/distribution network. We are enhancing the reach towards the export market. That's how we are open. In the past, we have opened the U.S. and European countries. That's how these kinds of export results are there in the books because we are creating a new big capacity. We need to have extra market from the retail, from export, from institutions. That's how these are the processes to go and to increase our sales for future also. That's why the 20% growth rate we have projected for the next three to five years. These are the processes and going to the newer markets so that we will not miss from the growth perspective. Sure, sir. Understood. Thank you. That's it from my side, sir. Thank you. The purpose of the diversification of markets is that, even if there is a slowdown in any particular market, our company's growth is not slowed down. Thank you. The next question is from the line of Akshay Gattani from UBS. Please go ahead. Hi, sir. In your opening remark, you mentioned about data centers adding to demand. I just wanted to understand how much revenue currently coming from data centers and what types of cables are you supplying here in data centers? See, I don't have at the moment exact figures about data centers, but this is, I can say it is substantial. In data centers, mainly, it is a combination of cables, right, from extra-high voltage cables which are required to feed incoming power to a big data center, and then the medium voltage cable for mediocre level data centers. Inside the data centers, they are mostly copper cables, which are mostly copper flexibles and copper power cables, as well as copper control cables. I can't, I mean, I'm not a data center expert that we can explain the combination of it, but all kinds of cables what we manufacture go into a data center. Generally, the cost of projects of data centers require around 8%- 9% of the wire and cable cost. Got it, sir. Are all these whole 8 to 9% SKUs available with KEI Industries Limited? Yes. Oh, yes. Second, last question, sir, on the export business, how much revenue is coming from newer geographies which you have added, and what will be the broader product mix for exports? Like, is it EHV and HT heavy, or it's across all the products? It is mainly in the export market. We are supplying cables, which is extra-high voltage, medium voltage, high-tension cables, and also low-tension cables. A bigger chunk is for control and instrumentation cables, which is used in the oil and gas sector, fertilizer plants, and process plants, like chemical plants. That is our big chunk segment of export. From the newer geography, almost 25% of the total exports came in this year. Got it. Thank you. Thank you. Yeah, thank you. Thank you. The next question is from the line of Pulkit Patni from GS. Please go ahead. Sir, thank you for taking my questions. My first question is, as I look at the total active dealer, typically, you see about 30, 40 increase quarter- on- quarter. This time, you have 250 dealers that have increased between Q1 and Q2. Any special drive that we are doing to sort of grab dealers before there's more competition coming in? Maybe I'm reading too much into it because I see the number at 2,343, which is actually 250 dealers more than what you had last quarter. That's question number one, sir. Sir, even in March also, there were 2,082 dealer/distributors. As of now, we are having only 2,400 dealer/distributors. No, sir. 2,343 is what I see active working dealers. That's why the question. 2,100. Okay. Maybe there's something wrong in my understanding. I saw 2,343. My second question is, you know, FY 2026, very clear, there's a quarter delay. Guidance remains unchanged. You've done well in the first half. When I look at FY 2027, where there's going to be a bunching up of a lot of this new capacity that gets added, I don't see why your growth should not have been better than just the 20%. Any sort of incremental color that you would want to throw on that? Also, sir, I just checked the presentation. Actually, it says 2,343. Maybe there's a mistake in the presentation. Oh. Sorry, go ahead, sir. No, that is 2,343 is the value, not number of dealer. No, the total active working dealer of the company as on 31/03/2025 was 2,343 numbers. That's why. I will correct you because that is the value. That is the value. INR 2,343 crore is the revenue, and INR 2,100 crore is the dealer, basically. Okay. Okay. Sir, on the FY 2027 growth number. Your question was about the higher growth in FY 2026-2027. Yes, sir. Once this new capacity comes up, our aim will be to achieve higher growth. At this moment, we are committed for a guidance of 20% growth in FY 2026-2027. As the projects plant start, our aim will be to, you know, adding production and markets may take little time. You know, you can build a plant and capacities in one go, but creating markets may take some time. Very fair point, sir. Thank you. That's it from my side. Thank you. The next question is from the line of Praveen Sahar from PL Capital. Please go ahead. Yeah, hi. Am I audible? Yes, yes. Hello? Yeah, yeah. Sorry about the last time. Go ahead. Yes. Sorry about the last time. My question is, sir, related to the export. As on the YoY side, if I look at 11% of our contribution reached to 17%, and also, you highlighted the extra-high voltage and control cables are the major product you export. Even all these, like 11%- 17%, even the product is extra-high voltage, your cable declined for a quarter. How to read that? If I look at extra-high voltage and control cables clubbed together, that is also together, revenue is declined YoY. How to read this number, if you can explain? I think it is mainly because of a lot of uncleared finished goods, which could not be dispatched due to the reasons attributable to the customers. That's the only reason. Basically, Praveen, year-on-year comparison, last year, we were not having sufficient sale in EHV, so that EHV capacity was utilized for ST power cable. Right. Right. Okay, sir. Second thing, if you can give some color on the domestic volume as well because the cable, you had said, a 15% overall volume growth. How is the domestic? Oh, domestic market is also very strong along with the export because export, we have created last year new geography. To maintain that geography, as Anil Gupta has said, he allocated the capacity towards export because that is a newer market for us since we are going ahead with a large capacity addition. Additional market need to be there. That's how this capacity was sold to export market more than the domestic market. This doesn't mean that our domestic market is anyway weak. It is a very strong market. We are having close to INR 2,100 crore order book, a pending order book as of date from the domestic institution market. Market is very strong. Okay. Last question, sir, related to the housing wire and the winding wire, where the contribution reached to around 33%-34%. Do we see this contribution in the coming years to increase further? Sir, always, as we communicate to you, the difference between the geographies, like sometimes export will be higher, sometimes retail will be higher, sometimes institution will be higher. The same case with the product-wise. Sometimes EHV is low or EHV is higher. Sometimes wire is low, wire is higher. Sometimes LT, ST is low and higher. These kinds of interchange, intermix will always be there in future also. Overall growth target which we have given this year for 17%, 18%, we are already surpassing those targets. For the future years, we have guided already that next three to five years, we will be maintaining a 20%+ CAGR growth. Still, we will be maintaining a 20% CAGR growth. Right. On the individual market-wise, we can't comment. Right, sir. Got it. Thank you and all the best. Thank you, sir. Thank you. The next question is from the line of Mr. Saumil Mehta from Kotak Mutual Fund. Please go ahead. Yeah. Thanks for the opportunity, sir. Two quick questions from my side. When I look at this particular quarter, the domestic business growth seems to be very muted at about 3% growth. Now, even if I adjust, I mean, and adjusting for that, the price increase, the volume would have actually been flattish or even a decline. Is my understanding correct, and was this more consciously led given you would have, you know? I will brief you. First of all, volume driven by the copper and aluminum. Sometimes aluminum order is more, sometimes copper order is more. As Anil Gupta said, that in export, majorly they are asking for the copper. In this quarter, copper increased by 18% and aluminum increased by 3%. Copper price is 3x higher than the overall with the aluminum. That's why the production got increased in value terms by 22%. It will remain. Okay. Okay. Okay. Okay. The combination mixing, which was aluminum was earlier 58% and copper was, copper cable was 42%. Now, the copper has reached to 45% and aluminum has gone down to 55% overall product mix. This kind of interchanging in the mix will always be there, as I said earlier, within the product, within the segment, and within the geographies also like export and India. Because we don't know which one from where the order is coming and which customer is taking what. It doesn't cost. There will always be a variation in this. For us, important is how to utilize the capacity and maintain the growth. There is no question of domestic market being mute. It is only we have allocated more capacity towards export because we had opportunities, and it is important to create new geographies because of the upcoming new capacities we are having in SANAN. We have to create the markets overseas so that our capacities are utilized. Absolutely clear. In that case, when you mentioned a 15% volume growth for the quarter, would it be possible to quantify a ballpark what would be for the domestic? No, no, sir. We cannot quantify the domestic anywhere because in domestic, we are having the value terms now. Overall volume growth in the first six months is around 15%. 15%. Okay. My second question is, sir. The copper and aluminum mix change. Perfect. Perfect. Sir, going into 2027, how should we look at margin? The idea of asking this is while our exports and EHV are growing, obviously, that is, I believe, a slightly better margin compared to other products. Going into 2027, the base will also become unfavorable, and there seems to be some delay at SANAN as well. I mean, what kind of margin expansion should one build going into 2026, 2027? Sir, 2026, 2027, the same kind of margin will be there, we will be having. The kind of margin we were having in 2024, 2025, and 2025, 2026. The same margin will be there, but the growth will be more than 20%. More than around 50% of the capacity will be on board by November this year in SANAN. Perfect. Perfect. Last thing, any margin expansion, if at all, will be more in 2028 once the entire capacity gets commissioned in SANAN? Would that be a fair assumption, sir? Definitely, there will be a margin expansion by 1%- 1.5%. Okay. Perfect, sir. Thank you so much, and all the best for subsequent quarters. Thank you, sir. Thank you. The next question is from the line of Balas ubramaniam from Arihant Capital. Please go ahead. Good afternoon, sir. Thank you so much for the opportunity. The HPDC opportunity is significant, but it required at least a two-year pre-qualification process. I just want to understand what are the specific technical and certification milestones for the next four quarters we have planned, and which global projects or utilities we are targeting for initial HPDC cable supply upon successful certifications. Sir, my first question is. Normally, these are the processes we are going through since the last 20 years in the company. We have grown various projects in the past. The same way we will be doing this project also. These are the regular ongoing processes to add new customers, new approval, new geographies. For us, these are not the new ones. These are the regular processes. That's why we are continuously repeating that the growth rate of 20%, which we have given you earlier, we will be maintaining. Okay, sir. Sir, B2C contributes nearly 51% of sales and growing at 20%. This institutional B2B channel is growing even faster, nearly more than 30%. What kind of optimal medium-term to long-term mix between these two segments? How does this align with higher margin potential from institutional and export segments? Sir, normally, with respect to margin, in our case, only 0.5% margin is higher in the case of retail. So margin is not really different, sir. Normally, with our kind of organization, we are happy to maintain a 50% sales through retail and 50% sales through institutions, including the export market. Sometimes it will be a little higher or a little lower, but normally, the 50/50 will be there. Okay, sir. Sir, our SANAN facility is majorly focused on export side, but our current export side, if you look at in the U.S., are nearly INR 152 crore-INR 160 crore kind of range we have exposure. Now, based on the current uncertainty in tariffs, which are the specific geographic regions we are targeting, like Middle East, Australia, Africa, or Europe? Which other regions are prioritized over the next 12 to 18 months? What are the concrete go-to-market plans for each region? Sir, for us, the matter is how we are utilizing the capacity. Whether we are selling to domestic market or we are selling to export market, that is the second part. Our first priority is to grow 18%- 20% range. That's how we are focusing on all the markets, whether it's exports or retail or domestic institutions. From where we get the order first, we are utilizing our capacity there only because margin is only 0.5% differential. For that, we are not very fussy about that. We will only export or we will do only the retail. We are going ahead with all the markets. From where we are getting the order first, we have to execute the first. For us, more important is to utilize the capacity. Okay, sir. Sir, and lastly, EPC segment side, I think in this quarter, we have seen significant degrowth. Is there any, are we planning to completely exit this business or want to maintain minimal percent for strategic reasons? Normally, 2%- 3% is the exposure and the revenue is coming from EPC. Our aim is to maintain INR 400 crore-INR 500 crore sales in the EPC segment. That is our goal on a yearly basis. Okay, sir. Okay. Thank you. Thank you. The next question is from the line of Rahul Agarwal from Ikigai Asset. Please go ahead. Hi, sir. Good afternoon. Sir, three questions. Firstly, on margins, I mean, people always ask you that how will the margins behave going forward? You've been very vocal about it, that margins will improve going forward once the mix improves and new plant comes up. Just wanted to understand, even though when we've such quarters like just gone by, where we see more exports, more housing wire growth, lesser of NST growth, HTLT contribution is lower, our margins are still hovering around 10%. Any comments on this? Like, despite mix change, margins don't really change. Sir, as we already spoke to in the past also, because something or other thing is happening, this kind of margin, 10%- 10.5%, will remain there. Once the EHV and the full operational of the SANAN plant is there, then 1%- 1.5% margin, EBITDA margin will get improved mainly because of economy of scale. Got it. Second was on housing wire. I think we are soon reaching INR 1,000 crore run rate in sales per quarter. You know, our brand spends, when I see last year, you incurred INR 50 crore. Incrementally, you know, building this brand on the wire side, obviously, you have done a commendable job in terms of scaling up this business over the last three years. Any thoughts in terms of incremental branding and spend? How would you want to go about this? Sir, same type of branding expenses will be there. Almost 0.5% we are spending on the brand. The same kind of spending in 0.5% of the revenue will be there. IPL sponsorship, and any other thought in terms of getting more customer mindset? We are continuously doing since last nine years, and IPL sponsorship will be continuing. Okay. Lastly, just on the renewable consumption of electricity at your own manufacturing plants, I am not aware of what is the ratio right now. Just wanted some comments on how you are looking at the SANAN plant? As of now, over all the plants, we are having the rooftop energy through the solar. That is there. Just wanted to know, for the SANAN plant, is there something where we should see some savings on electricity? Because over there also, is there a higher proportion of renewable you're using? Sir, renewable will be only through the rooftop only, or unless and until we connect some through the solar developer. We are working on a tie-up with some solar developers for a combination of wind, solar, and wind power for a period of next 15 years- 20 years agreement. I think that we will conclude those such agreements in the next two to three months. That will save us the power cost. Okay. Okay. Got it, sir. Thank you so much for answering my questions. Anil Gupta, Rajeev Gupta, wish you a very happy Diwali. Thank you, Rahul. The best. Thanks for having the trust. We will be maintaining your trust always. Thank you. The next question is from the line of Sachin Shetty from HSBC. Please go ahead. Good afternoon, sir. Am I audible? Yes, yes. Good afternoon. Sir, can you give the order book breakup that you usually give? My first question is that. I will. Sir, EPC order book is INR 484 crore. Extra-high voltage power cable is INR 636 crore. Cable domestic institutional order book is INR 2,068 crore. Export cable order is INR 636 crore. Total order book is INR 3,824 crore. Okay. Thank you, sir. One thing, one question. On the order book, sir, it has been fairly flat for some time now. Any thoughts on that? Will we see growth in the coming quarters? Sir, because capacity is there. Sir, 54% of the business, which is done through B2C, such orders are executed maximum within 15 days. Those orders are never added in the order book. Order book is only for institutional B2B sale and EPC. Okay. Understood. Sir, one last question. This quarter, we have very good exports. What would be the key end markets for the exports business? Like, where does export cable go into? Our exports are majorly going to Australia, Middle East, especially Abu Dhabi, Kuwait, and all of the Middle East. We are exporting to Africa. We are exporting to now we have developed a few customers in Europe as well and U.S. You know, U.S., we did last year around INR 160 crore of exports. We are sure that once this tariff matter is resolved, our export to U.S. will recommence this time. Got it, sir. Thank you, and wishing you a very happy Diwali. Thank you, sir. Thank you. Thank you, sir. Thank you. The next question is from the line of Dhruv Chen from Ambit Capital. Please go ahead. Thank you for the opportunity, sir. Sir, just one question. If you could just give us the data for the existing plant capacity utilization and for FY 2027, how much of the growth could come from the existing setup apart from the SANAN plant? Sir, capacity utilization was 78% in cable division and 65% in houseware division, 85% in access wire division, and 46% in the communication cable. Sir, I mean, incrementally for next year's growth that you're talking about, the 20% growth that you're talking about, broadly, 5%- 7% would incrementally come from the existing capacity. Is that understanding correct? Yes. Because wire, etc., is in SANAN. Wire is only in the Silvasa plants. Okay. Okay. Sir, just one clarification. This order book that you spelled out, what's the execution timeline for that? Normally, cable orders we execute maximum within four months. EPC orders are, there's a timeline now, normally 18 months. Okay. This order book, you know, incrementally will start building up as the SANAN plant comes on screen, right? Is that understanding? Yes, sir. It will be mostly B2B wire and cable orders of B2B institutional sale and also the extra-high voltage (EHV) orders. Okay. Great, sir. Thank you so much and all the best. Thank you, sir. Thank you. The next question is from the line of Kunal Sheth from B&K 361. Please go ahead. Yeah. Hi, sir. My questions are related to Nuvama Institutional Equities. Sir, thank you so much, and wishing the KEI team a very happy Diwali. Thank you. Thank you. The next question is from the line of Nikhil Purohit from Fident Asset Management. Please go ahead. Hi, am I audible? Yes, Nikhil. Yeah. Thanks. Thanks Thanks for the opportunity. My first question is, sir, with phase one of the SANAN facility coming on stream and around INR 1,000 crore of the CapEx being deployed this year, which will, of course, significantly expand the gross loss, how should we think about the step-up in fixed costs, such as overheads, maintenance, and other expenses? Over the next year or so, how might that trend look like? Next year, we are utilizing the capacity. All the expenditure and overhead will be recovered from that. Next year, we are planning to take the top line of more than INR 2,000 crore-INR 2,500 crore from the SANAN. How would these other expenses and employee, like, how would the employee costs be increased? It will be the same. It will be the same. It will be the same because we are already a distinct manufacturer of the wire and cable, and we will be adding the manpower depending on the utilization so that we will not incur extra overhead. Okay. For the full year, what ratio do we see for exports to domestic as a percentage of total change in this year and next year? Normally, this year, close to 13%-14% we are trying to reach our export. No, no. More than that. We will be aiming close to 18% of our sales through exports in the next financial year. For FY 2027, you said? Yes. Okay. Okay. Can you give me the volume growth individually in wires and individually in cables for this quarter? I mean, I think wires was. Sir, we have the mixed plants now. Individually, the product-wise volume cannot be given because we have the metal consumption actually. On that basis, we are giving you the data. The copper and aluminum that you talked about earlier? Yes, yes. Because within the same plant, we are manufacturing wire and the cable both now in our Silvasa. Okay. Got it. Is the cable to wire breakup in the B2C, is that possible to give the breakup or cables to wires, B2C segment, the distribution segment? B2C segment, almost 55% is the wire and 45% is the cable. Sometimes it's reverse also. Okay. This time, it is 55%, 45%? Almost. Almost Almost it is in the range of 50/50, but sometimes 5% either wire higher or sometimes 5% cable higher. Okay. Got it. Got it. Those are all my questions. Thanks. Thank you, sir. Thank you. Thank you. The next question is from the line of Vijayant from Bharti AXA. Please go ahead. Hi, sir. Sir, we have seen some moderation in domestic volume growth, right? Is it just capacity constraints? You know, once we expand capacity, that should pick up again, or is there something else here? Sir, it's only a capacity constraint. That's why we are growing 15%- 20%. Now, 15%- 20%, whether we can grow from domestic or we can grow from export or we can grow from retail, it does not matter to us now. Ultimately, we have to grow. Which market, it does not matter. It is not the case that the demand is weak. Demand is very strong in the current market because the other companies are also working in the same market now. Everyone is growing. Sure. If you can just help me with the capacity utilization numbers, I may have missed that. Capacity utilization is 78% in cable division, 65% in houseware, and 85% in access wire division. Sir, the utilization levels, could domestic growth not have been higher? I mean, you are still flat, right, in terms of capacity? You see, capacity percentage is calculated in terms of kilometers. When the higher volume, like extra-high voltage goes, then the capacity in terms of the kilometer will be low as compared to when more cable sales go through the low-tension and medium voltage. It is not the exact reflection of the sale because this calculation is on the basis of the kilometer. Extra-high voltage power cable rate will be six times higher than the low-tension or maybe more than that, 10x higher. That's why the value growth is important in the case of the wire and cable industry. Understood, sir. All right, thank you. Thank you, sir. Thank you. The next question is from the line of Pulkit Patni from GS. Please go ahead. Sir, just a follow-up. I'm not sure if I heard that right. Sir, 15% volume growth is for second quarter, or is it for first half? First half. First half is 15%. Your first quarter, from what I have in my notes, it was 28%- 30%. That's right? Yes. Okay. Very clear. Thank you. Pulkit G, volume depends on aluminum and copper, actually, no? No, no. That's why I, yeah. Combination. Completely. Clear, sir. Clear. Thank you, sir. Thank you very much. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Over to you, sir. Thank you, dear colleagues. Thank you very much for joining this conference call. I hope that we are able to answer your queries. If you have any other queries, please feel free to reach out to us. Thank you so much for trusting us. Thanks, everyone. Thank you. On behalf of Nuvama Institutional Equities, that concludes this conference.