Ladies and gentlemen, good day and welcome to APL Apollo Tubes Q4 and FY 2026 earning conference call hosted by Emkay Global Financial Services Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinion, and expectation of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant line will be in the listen only mode, and there will be an opportunity for you to ask question after the presentation conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Akhilesh Kumar from Emkay Global Financial Services Limited. Thank you, and over to you, Mr. Kumar. Good morning, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Rahul Gupta, Director; Deepak Goyal, Director Operations; Anubhav Gupta, Chief Strategy Officer; and Chetan Khandelwal, Chief Financial Officer. I shall now hand over the call to the management for their opening remarks. Over to you, sir. Thanks, Akhilesh. Thanks for hosting us. We also have our Chairman and Managing Director, Mr. Sanjay Gupta, on this call. Good morning, everyone, and thanks for joining in. We hope you have reviewed the results and we'll now walk you through the key highlights for the quarter four FY 2026. It was such an exciting quarter with the rollercoaster ride. Things looked so good till 28th of February, and then the Middle East crisis started, which impacted our performance towards the end of the financial year. Despite that, we could pull off with very strong performance for the quarter four FY 2026. If you look at the full year results as well, key highlights being, number one, 9% increase in our quarterly volume on a YoY basis. EBITDA per ton at upward of INR 5,500 per ton for the Q4. Our 37% ROC for the full year, closing FY 2026. Negative working capital cycle for the full year. Operating cash flow generation of INR 20 billion and free cash flow generation of INR 13 billion for the full year. We closed the year with net cash balance of INR 15,000,000,000+ in the books. In today's environment, the way things are changing, it's becoming very difficult to predict sales volume on a month-on-month basis. Since the war started, there have been lot of upsides and downsides for the global economy and the Indian economy, which is impacting our business in a lot of ways. Number one being the shortage of raw material steel from the Indian mills, and also the global supply chain got disrupted. Our Dubai operations are operating at 40% utilization right now because of the ongoing crisis there. Then there is a fear of price correction in the raw material prices because steel prices have gone up so much in the last three months, four months. There is a destocking from our channel partners as well. Energy crisis in India did impact our volumes in the month of March. Things have got stabilized, but then there is always a sword which can come up and, like, which can again impact if at all there is shortage of fuel, et cetera in the country. Of course, because of heat and elections, there was labor shortage also for the time being, which also impacted our operations directly and indirectly as a lot of construction sites went for the halt. Our focus right now is to protect our profitability and margins when we know that volume prediction becomes challenging in this environment. The APL Apollo is a market leader and because of our very strong brand positioning, we are able to improve our margins significantly. This is what we demonstrated in our March numbers as well. Despite April month being slow in terms of volume, this beginning of May is also kind of similar to what trend we saw in April. In terms of profitability, in terms of EBITDA per ton, we are doing much better than what we had ever guided for. We will try to protect our full-year target numbers in terms of absolute EBITDA, which we had guided in our previous calls. Hopefully things will become better as we move forward. Given the current atmosphere, our focus is on profitability rather than just pushing volumes. Our long-term plan of 8 million ton capacity by FY 2028 remains totally on track. Our CapEx commitments, new land acquisition, new product development, distribution announcement in East India, that everything remains on track. So that whenever things recover, we are quickly able to recover our lost volume and demonstrate good performance. That's all from our side. We'll like to take questions now. Thank you so much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star 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. Our first question comes from the line of Neha from Nuvama Wealth Management. Please go ahead. Hi. Good afternoon, team. I mean, good morning, team. Just a couple of questions from my end. Firstly, you said Dubai is operating around 40% utilization. Just wanted to take an update on galvanized tubes because last time we were facing some gas shortages. How is the operating level at this point of time in those color-coated as well as galvanized tubes? Neha, I mean, the domestic operations, they were majorly hit for few weeks in month of March. Obviously things became a bit easy in terms of gas availability and our plant also moved to alternate fuels. Things have improved significantly. Yes, like I said, there is always a sword handy when the crisis can again hit the industry. I would say, like, because of that fear factor, we would be operating at 80%-85%. If we know that crisis is fully gone, of course there could be 15%-20% increase in the production from the current levels. Understood. Anubhav, you also said about the demand weakness or probably destocking. Could you actually bifurcate that into whether it's a actual demand weakness on ground and has government spending actually picked up in any way? Is it the mere destocking which is taking place and, you know, we are short, you know, looking at a rebalance here in terms of demand? That's one, and any changes in the guidance, because of the current situation that you may want to give out. Good morning, Neha. Sanjay this side. You know, this type of atmosphere, we can't say this is a destocking or this is a demand slowdown. I mean, this takes some time to analyze these things. Whatever we give the yearly guidance in terms of volume and the profitability, I think volume due to the, say, current scenario, but we are trying to keep our margin intact. Volume, we are not focusing on our volume. We are focusing on margin. Atmosphere steel shortage. We are focusing on the volume and margin. Current scenario, maybe quarter-on-quarter, month-on-month guidance. Yearly targets, we are intact. Understood, sir. That was really helpful. Thanks. Thanks a lot, team, and all the very best. Thank you. Thank you. Our next question comes on the line of Angad Saluja from UBS Securities India. Please go ahead. Yeah. Hi. Thank you for taking my question. Sir, just one question. I think obviously guidance is difficult to give in the current scenario, but if you look at realizations and obviously then EBITDA per ton, how are we looking at that, you know, given HRC prices have also gone up, but, you know, the risk from Patra also remains, you know, to sort of take away some volumes. How are we, you know, managing the margin bit in this scenario, even though, you know, volumes are slightly volatile right now? Boss, the Patra segment, I'm also talking the last call also. [Non-English content] volume less than 30%. [Non-English content]. Dubai volume, but margins are better. Okay. Got it. What is driving this margin? Mainly is it better realizations that is driving it? Mainly, boss, you can say market leadership, product innovation, and supported by the shortage of steel also. Got it. Got it. Got it. Sir, one last question. I think, CapEx absolute amount, how much are we expecting to spend in FY 2027? CapEx. Total CapEx plan pending for 8 million ton is around INR 1,400 crore-INR 1,500 crore CapEx plan total. [Non-English content] Got it. Okay. Got it. Thank you. Thank you. Thank you. Our next question come from the line of Vikas Singh from ICICI Securities. Please go ahead. Good morning, sir, and thank you for the opportunity, and congratulations on a decent set of number in a very challenging time. Just wanted to understand the sustainability of 5,500 tons margin going forward, considering that the patra and the primary gap is higher, and this quarter you would have benefited from the shortage of material in the galvanized segment. Plus, Dubai is also not picking up. Could you give us a little bit more insight into this? First, yes, margin sensitivity pay, if you say from INR 5,000 per ton- INR 5,500 per ton, the, yeah, to long term basis system could agree. Maybe INR 6,000 + come up with try current situation may yes, sustain. [Non-English content] right now, [audio distortion] Sir, any portion of the inventory gains would have been involved in this because the prices rise so sharply. Of course, inventory hanging up the inventory. Yeah, we have our books made at old rate maximum price increase 1 April. 1 April almost INR 4,500 price product. Book inventory, yeah, we have old rate. Inventory, if you see our balance sheet, we are almost 25 days inventory level. Scrap branches in stock pending orders OEM and export pending order. I can say key free inventory. Noted, sir. Sir, in the past, we have seen when the prices rise so quickly, we usually had a problem securing the raw material. Anything, that sort of problem you're facing right now? Or also considering that some of the capacities would have been curtailed, like ArcelorMittal. Yeah. April raw material shortage. I think in the month of May, raw material portion ease. Raw material portion ease, push. To be frank, April portion name out of Mark name out of buyer. We just remain margin focus. Now, May raw material portion ease. We are also trying to push our volume. Let us see. Too early to say. Yearly commitment or guideline, no doubt. Noted, sir. Sir, last capital allocation policy question. Cash generation is far exceeding our capital requirement. What dividend? Of course. [Non-English content] [cross-talk] once Q1 or Q2 liabilities, no doubt dividend buyback. We can expect good dividend going forward for this year. I can say yes. Thank you, sir. That's all from my side. All the best for future. Thank you. Thank you. Our next question comes from the line of Bharat Shah from [BCS] Capital Ideas Limited. Please go ahead. [Non-English content], Sanjay Ji. [Non-English content] Bharat. [Non-English content]. [Non-English content] [Non-English content] Sanjay Ji, first of all, most delighted at this quarter results. More than the quantum of the growth, it is the outstanding quality of the growth, which is really impressive, I must say. I think the focus on the profit pool, focus on maintaining the hygiene and strength of the sales, which has been there for last several quarters, is finally showing up in a remarkable way in our operating results. What really impressed me was end of December quarter, our net cash on the balance sheet was INR 550 crore. End of March 26, it is INR 1,510 crore. Which means INR 1,000 crore almost cash is being added in a single quarter. While profits have been net profit of INR 350 crore in the quarter. Net cash added on the balance sheet is being almost INR 1,000 crore. I think this is truly remarkable. Thank you, Bharat. Thank you. Yeah. Anubhav, would you like to throw light on that? Sure, Bharat bhai. There are two factors, three factors. One is that during our Q3 call, we had said that we are taking some steps to further rationalize our inventory churn. Okay. Some of the SKUs we wanted to start manufacturing at a single plant rather than being spread out. Which leads to inventory hold-up, raw material inventory hold-up at multiple plants. That strategy actually worked pretty well, where we could almost reduce our absolute Inventory in terms of tonnage by 30,000 tons-40,000 tons. Okay. I mean, if you look at the inventory levels as at 31st December and 31st March in absolute value, there is a INR 250 crore reduction, despite the fact that steel prices went up. You can imagine that in terms of absolute volume, the reduction is much more. That strategy of inventory rationalization actually worked. Yes, there were because there were some better payment terms from the creditors that also helped our cash flow generation. Then, yes, like you said, INR 350 crore of cash flow generation for the quarter four, which helped in kind of piling above the cash. Now, truly remarkable, I must say this. The whole team deserves congratulations because single quarter cash addition of INR 1,000 crore is a really, really remarkable number. Given also lot has happened in a quarter. I mean, these days lot happens every day. In a quarter, so many things have happened and the business has delivered. This is really remarkable. The target after the residual INR 500 crore liability once they are retired, maybe in the first quarter also in the current quarter, I think the target to reach negative working capital remains intact, right? That's right. Okay. Finally, Sanjay Ji, when you said the year in entirety, the targets remain intact. Just to refresh my memory on that, are we saying about 20% volume growth, which if I'm not mistaken, we were Bharat bhai, I tell you the last quote to 15%-20% growth. 15%-20%. 15%-20% growth and 20%-25% EBITDA growth. Okay. 25%-30% PAT growth. Okay, fantastic. Okay, that is the guidance that we are talking which remain intact. Yes. Yes. Yes. Yes. Yeah. Volume main I think 20% [Non-English content]. Right. We are mainly targeting 15%, but margin point of view pe we are very confident abhi bhi still ki we can achieve much better. No, absolutely. Absolutely. I think that focus on maintaining and enhancing actually the quality of the performance rather than- Yes. Just the quantum of growth. This is our, this is our main focus area. Yeah, it is really remarkable. 40% + ROC, which I think will go even higher in the- Yes. fiscal 2027 net cash balance sheet, and yet having global size addition to the capacity and through the challenging time achieving all that, truly remarkable. Hearty congratulations, Sanjay Ji. Thank you, Bharat bhai. Okay. Thank you, sir. Our next question come from the line of Akshay from AK Investment. Please go ahead. Hi, sir. Thank you for taking my question. First of all, congratulations for the great set of number. Sir, my question is currently for the application-wise, our segment, housing is contributing the maximum as 64%, the second number is the commercial buildings, the third number is infrastructure, 13%. Over the next two years, three years, do we expect that infrastructures and commercial buildings will be share will be higher, due to the government CapEx and all these things? Definitely there should be some improvement in infrastructure and commercial. Commercial has been doing pretty well for last two years, three years, so that mix continues to improve. Infrastructure from the government side has been on slowdown for two years. That's why the residential sales mix improved in the overall pie. Yes, we do expect government to start spending heavily. If it does so there could be 2%-3% improvement in mix from infra side. Otherwise, housing will keep on taking the lead. Okay, sir. All right. Rest of the questions are heavily answered. Thank you so much, and all the best. Thanks. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may please start on one. Our next question comes from the line of Darshan Mehta from Dolat Capital. Please go ahead. Yeah. Thanks, thanks for giving me the opportunity. My first question was, can you provide us a share of SG Premium to overall volumes in Q4? So it's between- Okay. It's between 8%-9%. 8%- 9% of total volumes, right? The total volume, yes. Okay. Okay. Not general products, total volumes. Yeah. Also our other expenses, I think, have grown 13% QoQ. Just wanted to know, is there any specific reason for this, or is this in line with normal operating activity? There are two things, three things here. One is, the freight cost. The outward freight cost was a bit higher in the quarter four, okay, on QoQ basis because there was a shutdown of our operations in a few plants, right, because of gas shortage. We had to feed the market from the other plants. That's why, the outward freight was a bit higher. Secondly, we did some branding expenses in the quarter four, that was higher on QoQ basis. These are the two main factors. Okay, okay. Just wanted to understand. Let's say if the war had not broken, but still, let's say we would have seen the same increase in steel prices, the sporadic rise that we have seen in steel prices between Q3 to now. In that scenario, could we have made EBITDA ton in excess of INR 5,500? Why I'm coming on this question is, if you would have lost some volumes, that means that operating leverage would not have really kicked in in your numbers, but still you were able to make INR 5,500. Just wanted to understand, is this purely because of lower HRC price that you would have seen in your inventory that has actually kicked in EBITDA ton or is there anything else? Hello? Darshan, I mean, during our quarter three call, we had guided for around near about 1 million ton of sales volume in quarter four with INR 5,300-INR 5,500 EBITDA, okay, for the full quarter. Till 28 February, we were pretty much on track to achieve these numbers. When the crisis started, this whole disruption started to hurt the operations in Middle East, in India because of gas shortage and then in steel shortage and steel price hike. Yes, I mean, if war had not started, we would have met our guidance, which we had given in the quarter three. Understood. irrespective of the rise in steel price that we are seeing. I'm not talking about Q4. Let's say when in Q1, assuming steel prices are where they are currently, and do we think that in terms of- Darshan, sorry. Hmm. It is tough to say, you know, that steel prices increased, pretty much after war also. There was some increase during January, February. Hmm. January and February, but after war, the acceleration in steel prices, was pretty high. Understood. Okay. Understood. Understood. Fine. Thanks. Thank you. Our next question comes from the line of Amit Murarka from Axis Capital. Please go ahead. Yeah. Hi, good morning. Just wanted to understand, like, your market share movements. I believe these kind of disruptions that we are seeing, let say the issue around fuel availability, around metal availability, is it fair to say that this is structurally positive for you wherein you gain market share from the unorganized players? Amit, which we did, definitely, okay. Like, we have demonstrated this similar trends during COVID times, okay? The industry leaders, the strong players, they always benefit from the like disruption which impact the overall industry. Yes, I mean, it that the resilience of our business model that we can maneuver our strategy based on the conditions which keep on coming and going. Yes, I mean, at the same time we wish that things become back to normal so that whatever guidance we have given for the full year, we are smoothly able to achieve that. I wanted to understand more the market behavior honestly here. Like we have seen in other industries also generally high inflation sometimes also lead to downtrading and actually some gains to the unorganized players. In that context, I wanted to understand, like, is this current situation that way positive for you on a structural basis, or would you see fear some downtrading to happen because of the high inflation? See, I mean, Amit, see this disruption is not gonna stay for more than like six months, okay? I mean, any expert you talk about, people keep on saying that, it's been two months. No, it was, it was earlier two weeks, honestly, but it's been stretching quite a bit. We don't know. That's what. Yeah, we don't know. Yeah, that's what. Yes. If it is for, say, four months put together, two months have been passed and another two months, then whatever benefit we could get, we have already achieved that, right? In terms of market share gains, in terms of pricing power, in terms of margin improvement. Okay, but yes, if it goes beyond like four months, right? Obviously the weaker players, right, they may not be able to run their plants because of gas shortage. Obviously larger players have access to resources. We have seen that in other industries, similarly in building materials. Yes, I mean, whenever disruption takes place, stronger companies, larger companies, organized players, they will definitely benefit at the cost of weaker players. Yes, I mean, to answer your question, I mean, if things get wrong, like more than what anyone is expecting, then obviously the benefits will keep on accruing more and more for stronger players. Got it. Got it. That's all from me. Thank you. all from me. Thank you. Thank you. Our next question comes from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Hi, good morning. Am I audible? Yes, sure. Yeah, congratulations to the team for a good set of numbers. My first question pertains to, you know, the inventory which has come down significantly materially low, and I think this was as per guidance. Just wanted to understand the sustainability of the current levels, or is it like, this was also an impact of some destocking or there will be a turmoil? Rajesh, Sanjiv's mission is to bring it further down, okay? That's what he has given mandate to the relevant team to keep on bringing the inventory levels down and down and down. Yes, I mean, whatever we have achieved as at March 2026, it is highly sustainable. Great. That's really nice to hear. On the EBITDA front, Sanjiv, sir mentioned around 20%-22% EBITDA growth and in which you are factoring close to 15% for the volume growth and margin expanding of on that close to INR 5,500. Is this understanding correct? For FY 2027? For FY 2027, EBITDA guidance. FY 2027 our volume growth is very clear, we are targeting 15%-20%. Correct. EBITDA growth is 20%-25%. Correct. PAT growth is 25%-30%. Yes. Yes. Great. Just wanted to understand the structure of- Rajesh, in this scenario you can cut the lower side 15%, 20%, 35%. If the things better, you can take the higher side. Great. Just wanted to understand this INR 5,500 odd which works out to be at least on the EBITDA margin. You know. Yeah. What would drive this? Is it the better product mix or, what? Better product. Better product mix. Cost of mark of this quarter because of the low volumes. This is a better product mix. Better product mix is what will drive up your margins. Okay. Yeah. Sir on the April you mentioned that the volume growth had been muted or volume had been muted. What does this mean? This is low single-digit growth you are indicating or flattish. How should we read into the April and May volume coming through? Of- In general, what is the construction level impact? very frankly, 2.5 lakh ton. Mm-hmm. May, early two days, three days [Non-English content]. Yes. 7.92 lakh ton. 2.5 lakh ton, 2.75 lakh ton or 3 lakh ton 2.5 lakh ton plus 3.25 lakh ton. It's 75% of them. [audio distortion] Okay. Understood. Understood. Okay. Next two months you're looking at May and June, better traction to happen. Yeah. [Non-English content]. We are now a little bit aggressive in the market. Maybe we can do 3 lakh ton and June we are back on track with 3.5 lakh ton. Super. This margin performance of March quarter, you believe that this could be repeated in? Yeah, this is sustainable. [Non-English content] Great. Lastly, you said, I just wanted to, you know, that you mentioned that the surplus cash beyond, whatever, you know, short-term liabilities you want to, reduce. Yeah. Whatever surplus is there, you will use that to either increase dividend or do a buyback. Yes. Great. That's all from my side. All the best. Thank you. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on the touchtone telephone. Our next question comes from the line of Onkar Ghugardare from Shree Investments. Please go ahead. Good morning, sir. My question is regarding whatever the commentary you have given, it looks like there are more headwinds than the tailwinds currently. Given whatever the situation on ground is, that's the correct understanding? Yes, of course. I mean, whatever happening, globally and, in the domestic markets, yes, you have assessed it pretty right. I mean, I've, I have to say then this is only and only because of the war-like situation, right? Before the war broke out, you were quite bullish. I mean, in fact, you raised the guidance as well in the quarter three. Whatever is. Yeah. Yeah. We are not reducing our guidance as of now, right? For the absolute EBITDA. Correct. Correct. Okay. Yes, I mean, like, we were discussing on the previous call, every disruption brings some opportunities for the better companies, and we try to grab that in our favor. Yeah, like, Another question regarding this was like, now you have a good amount of cash. With the financial strength you have on the balance sheet, like how can you capture more and more market share from the competitors given the current situation? Because they must be also suffered quite a lot. If the biggest player is suffering, I mean, giving a flattish kind of growth or low single digit kind of growth, so their situation would be even worse. So how can you use the financial strength to gain even more market share from competitors? This is what if you look at our market share in FY 2026 versus FY 2025, our market share has improved to 60%, 65% from 55%. Okay. This can continue to improve if disruption continues to hurt our competition more than, than the larger player like Apollo. I mean, what kind of steps you are taking to gain that kind of market share, given the strength you have financially? One is the capacity building. Okay. The CapEx is fully funded from internal cash flows. We were not present in East India much, right? Putting up two plants in East India will help us compete intensively with the local smaller players there. That results we will start seeing in next one to two years as our both plants become operational. Second, we are building capacities for lighter structures in South India, where again, we believe that we have that we can gain more market share, okay, if we increase our capacities there. Our new Bangalore plant, which we call it Mandur 2, that we are going to build up over the next two years. That again is on the back of strong balance sheet where my large CapEx will be funded from operating cash flows. Balance sheet can only help fund CapEx right, without spending without leveraging. This is what we are building, capacity building. Second, branding also with better margins. We will spend a bit extra on branding this year, which will again help us gain market share. This capacity building, exactly as you are saying, is like more of a mid to long term kind of a thing, right? Immediately in the short term, like what you are doing in this war-like situation to gain from the competitors, given the strength you have financially. mainly working on SKU management and branding. These are the two things we are doing. Okay. I mean, like more dealerships or something like that, you are doing anything with the dealers you are doing? Dealership and existing territories are fully leveraged. I mean, there is no scope to add new dealers in the existing territories. New markets where we are going, there we are developing new network. Okay. All right. Thank you, sir. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, press star then one. Our next question comes from the line of Renjith Sivaram from Mahindra Manulife Mutual Fund. Please go ahead. Hi, sir. Just wanted to understand, like, was there any impact from this LPG shortage or anything in your overall operation? Can you be a bit louder, please? Yeah. Am I audible now? Hello? Yeah, go ahead. Was there any impact from this LPG shortage in our business and do you have any backup plan for that? Definitely month of March, two of our product categories in India, the rust proof pipes and coated products, they faced temporary shutdowns at few locations. Our plants moved to alternate fuel. There was disruption of 10 days-15 days. Yes. There was definitely some disruption because of that. Okay. Going ahead, what is your backup plan that you have now kind of mitigated this thing? Right. Alternate fuels have helped the capacity ramp up at those locations. It's just that, I mean, that fear of energy crisis coming back is always there. Okay. Things have become much better than what they were for those two weeks in month of March. Still, because of fear factor, we would say that we are operating at 90% level, not 100% levels. Okay. the 15%-20% growth guidance which you are giving is factoring in this, right? Of course, yes. I mean, unless things become really worse from here. If there is like shortage of fuel to run vehicles, cars, automobiles, then it will be like extraordinary situation which will make us reconsider our business plans. Like, in the near demand industries where you supply these, so they will be also facing similarly such issues in terms of shortage and do you see the demand will be enough to support this kind of a growth? It is the market share gains? It will be combination of both, right. Our material goes at the construction sites, right? Construction sites got halted for multiple reasons, labor shortage. All raw material prices at construction sites went up. Steel, tiles, plumbing pipes, paints, right? Many construction materials. Contractors, they try to delay the purchases. Okay. Once things settle down, contractors will renegotiate pricing with their customers, right? Things will start coming back on track. This pent-up demand will come back and we are hoping that we will be able to take share from that. And that's why we are giving that 15%-20% volume guidance. Yes, of course, if things become further worse from here, okay, then we'll see. Then we'll evaluate again. Right now, talking to, like whatever is happening, around us, it looks like things should settle down quickly and we will be able to achieve our volume guidance. Okay, sir. Thanks, and all the best. Thank you. Our next question comes from the line of Devarshi Jani from an individual investor. Please go ahead. Hello. Please go ahead. Yes, sir. Okay. Thank you for opportunity. I'll just one thing about the value-added, a related question. You have reported the value-added sales mix of 25% in Q4. It's down only, down slightly from 57% in Q3. Despite this, EBITDA per ton rose to a record high. It's like INR 5,525. Can you bridge with this gap? Was it driven by the inventory gap or better spread in your general category which saw a jump to INR 3,405 EBITDA per ton, or a specific cost efficiency at Raipur plant, sir? There were two reasons. Number one is the APL Apollo brand premium, okay, which led to better pricing in general category. If you remember that we had increased the pricing for Apollo General segment in January of 2025, okay, by almost INR 1,500 per ton. Yes. That increase, that price hike is straightaway coming to our EBITDA for the general product. That's why from INR 2,000 per ton EBITDA level, we are at INR 3,500 per ton plus level in general. This is the main driver of the profitability. The second, yes, of course, cost rationalization steps we keep on taking 24/7. Some measures keep on delivering results. Okay, my next question related to ESG and decarbonization. Now that you have achieved the SBTi validation, what is the incremental CapEx required annually to meet 25% emission reduction targeted 2030? Will it impact manufacturing cost per ton significantly? No. In fact, whatever, I mean, whatever steps we take, for better ESG compliance, it actually results in lower costs. For example, you invest into renewable energy, right? That brings down your overall cost per ton, power cost per ton, right? Mm-hmm. In fact, we are experiencing opposite, that you invest into ESG compliance, it actually end up yielding better results for you in terms of cost optimization. Okay. Thank you so much, sir, for answering, sir. Rest of the question already answered. Thank you all. Thank you for opportunity and best of luck for next quarter, sir. Thank you. Thank you. Our next question comes from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Sir, just a follow-up question. Given the current steel prices and, you know, how would be the realization number looking sequentially even versus Q4 with the current prices? Rajesh. Yeah. Rajesh, can you please repeat? Yeah, yeah, sure. I'm saying, based on the current steel prices which are significantly higher and have been rising even in April. You know, in this scenario, I'm sure not everything would have been captured in Q4 numbers in realization. What sort of price increase on an average, you know, is your current sense versus Q4 average? Prices like if you look at the HRC prices, in the market, they are up by around from March to May, or I would say from April to May, they are up by around INR 3,000 per ton. Mm-hmm. Yeah. That much price hike we took Rajesh. Okay. That is what would be reflected even in your realization and cost number. Cost, yes. Okay. Okay. You know, just last, responding to Rishab from this inventory gain. I believe somewhere during the call you mentioned you have 10 days- 15 days of finished goods inventory, you know, obviously, which is quite clean. Finishing inventory, Rajesh. Raw material. Raw material inventory is 15 days. Raw material, okay. HRC rather. You know, the HRC prices which is going up, would you have to mark up your inventories and would have that led to some inventory gain in Q4? Rajesh, what happens is that since our overall inventory churn is less than 30 days, and in India steel prices are revised once a month, okay? By the time next cycle comes up, we are already out of our previous cycle. Okay. Correct? That's why the mark to market is not significant. It's like very, very minuscule. Right. Net inventory days, are higher than 30 days, then there will be mark to market, in my balance sheet. Understood. Understood. Basically, none of your numbers would have any pileup of inventory. In case if steel prices were to again come back, you won't have any issues over this. That's right. It only happens when there is significant drop in steel prices. Sometimes like what we have seen, like, there will be like a time when steel price are revised twice in a month, okay, which happens once in a decade, okay? There could be like, you know, some gains or losses, okay, which would be significant. Otherwise, 11 out of 12 months, steel prices are revised once in a month. That doesn't hurt us. Agreed. Agreed. Yeah. Great. That's all from my end. Thank you and all the best. Thanks. Thank you. Ladies and gentlemen, that was the last question for today. I'll now hand the conference over to the management for the closing remarks. Thank you, and over to you, team. Thank you everyone for joining us, and thanks, Emkay team for hosting us. Look forward to see you in the next quarter. Have a good day. Thank you so much, sir. Ladies and gentlemen, on behalf of Emkay Global Financial Services Limited, that concludes this conference. 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