Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 conference call of Bansal Wire Industries Limited. From the management, we have Mr. Pranav Bansal, MD and CEO, Mr. Ghanshyam Gujarati, CFO, and Mr. Manu Jain, Head Investor Relations, to take the discussion forward. We also have an investor relations team from Adfactors PR. 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. Before we begin, I would like to mention that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. Please note the disclaimer mentioning these risks and uncertainties are on the disclaimers slide of the investor relations presentation that has been shared earlier. I now hand the conference over to Mr. Pranav Bansal for the opening remarks. Thank you, and over to you, sir. Yeah. Thank you. Good morning, everyone. Thank you for joining us for the Bansal Wire Industries Q2 and H1 FY27 earnings call. I hope you had an opportunity to go through our financial results and investor presentations. Joining me today is our CFO, Mr. Ghanshyamdas Gujarati. I would also like to welcome Mr. Manu Jain, who has joined us recently as Head of Investor Relations and Strategy. I am extremely pleased to share that this has been a landmark quarter for Bansal Wire Industries. We have achieved our highest-ever quarterly revenue, EBITDA, and profit after tax. More importantly, our EBITDA margin has also reached its highest-ever level. This improvement has been supported by a combination of factors, including better operational efficiencies, improved cost management, and a favorable product mix. And of course, benefits of economies of scale that are gradually coming in and are visible as our expanded Dadri facility ramps up. Another important highlight has been our cash flow performance. Through our continued focus on working capital optimization and disciplined financial management, we have generated strong operating cash flow, coming close to achieving our full-year guidance within the first six months itself. And perhaps one of the most satisfying developments has been our improvement in our return on capital employed. We have consistently maintained that our near-term objective is to achieve 25% ROCE. Based on our second quarter performance alone, on an annualized basis, our ROCE stood at approximately 22%, bringing us significantly closer to that objective. What makes these achievements even more meaningful is that they came immediately after a challenging first quarter. We were able to overcome the operational challenges faced during the first quarter, including industrial gas disruptions and higher input costs. This demonstrates our ability to recover quickly and move closer to our strategic targets. I believe this quarter represents an important step in the evolution of Bansal Wire Industries, from a business focused primarily on capital and volume growth to one increasingly focused on higher profitability, stronger cash generation, and superior return on capital. Coming to our operations, we continue to see healthy demand across the various industries we serve. One of our biggest strengths of Bansal Wire has been our diverse presence across sectors such as automotive, infra, agriculture, power and transmission, and general engineering. We remain positive about the medium to long-term outlook for the steel wire industry in India, supported by increasing industry activity, infrastructure development, and growing demand for specialized wire products. Our strategy is to strengthen our market position by expanding our product portfolio, improving our manufacturing capability, and continuously developing new applications to capture the growth opportunities across the Indian economy. Our specialty wire business continues to progress well and remains an important part of our growth strategy. The OHT line is progressing as planned, and our steel cord line is also moving forward very well. Customer approvals and related processes are progressing within the expected timelines. Another area where we are making encouraging progress is our B2C business. Historically, we have largely been focused on industrial customers. Now we are expanding our reach into farming, fencing, poultry, and other retail-oriented applications. We have introduced several products, including grape trellis wires, poultry cages wires, and specialized farming and fencing products. Our objective is to build a stronger distribution network, reach new customer segments, and establish Bansal Wire as a recognized brand beyond our traditional industrial markets. Moving on the capacity front, our plans remain on track. We will add 60,000 tons of capacity at Dadri as brownfield expansion. Further, we are also progressing with our planned greenfield facility in southern Gujarat with approximately 90,000 tons. This facility will strengthen our presence in Western India and bring us closer to the customers and improve supply chain efficiencies. With these expansions, we expect our overall manufacturing capacity will increase from 6.8 lakh tons and reach approximately 8.3 lakh tons by the end of next year. Our indicated annual capital expenditure remains in the range of INR 200-225 crores. However, I would like to emphasize that our approach to expansion remains disciplined. Our objective is not simply to add capacity, but to ensure that new investments contribute positively to profitability, cash generation, and return on capital. As communicated earlier, we are targeting cumulative operating cash flow generation of approximately INR 800 crores over FY27 and 28 combined. We remain committed to funding a significant portion of our future investments through internal liquids. We believe this approach will allow us to scale the business while continuing to strengthen our financial position. As we enter the second half of FY27, we remain confident about the opportunities ahead. Our priorities are clear, to strengthen our leadership in the steel wire industry, increase the contribution from specialty wire products, and expand our B2C business and execute our capacity expansions efficiently. At the same time, we will continue to focus on improving operational efficiencies, generating healthy cash flows, and working towards our near-term ROCE target of 25%. The performance of this quarter gives us confidence that the strategic initiatives we have undertaken are beginning to deliver tangible results. For us, the most encouraging aspect of this quarter is not just that we have achieved record financial numbers, but that we are seeing improvement across all parameters that matter for sustainable growth, profitability per tonne, cash generation, and capital efficiency. Our ambition is to build Bansal Wire into a larger, more profitable and capital efficient organization, creating sustainable value for all our stakeholders. With that, I will now hand over a call to our CFO, Mr. Ghanshyam Gujarati, who will take you through the financial numbers. Thank you. Thank you, Pranav sir. Good morning, everyone. Let me take you through the financial summary for the quarter and first half of 2027. Our revenue for the quarter is INR 1,308 crores, up 24% year-on-year. EBITDA for the quarter came in INR 105 crores, up 29% year-on-year, and net profit for the quarter is INR 53 crores, up 38% year-on-year. We reported highest ever EBITDA and EBITDA per tonne for the first half of FY27. Revenues to date INR 2,476 crores, EBITDA INR 162 crores and net profit INR 73 crores. As Pranav sir already mentioned, our sales volume for the quarter is to date at 129,000 metric tons compared to 114,609 metric tons in quarter 2 of FY26. Operations run at normal level in the quarter following the natural gas disruption in quarter 1. The demand across our end market was healthy. On the cash flow side, we generated operational cash flow of INR 218 crores during the quarter and INR 339 crores in first half, reflecting our continuous focus on generating healthy cash flow from the operation and improving the working capital cycle. This concludes my remarks. We can now open the floor for the questions. Thank you. Thank you, sir. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then 1 on the touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and then 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all, you may press star and 1 to ask a question. We will take the first question from the line of Parthiv Jhonsa, sir from Anand Rathi. Please go ahead. Hi. Good morning, sir. Thank you for the opportunity. Sir, before I begin my question, I just want to give a thumbs up to the team who actually prepared the presentation. It's actually one of the best presentations since listing, genuinely. Thank you. My first question is actually pertaining to all your value-added product portfolio, IHT, OHT, and your steel tyre cord. I believe you have already given for the trial runs as far as steel tyre cord is concerned. Number one, when is that expectation that will basically translate to some tangible top line and EBITDA? Number two, the 15,000 capacity once it happens for IHT and OHT. What is the kind of top line and EBITDA growth are we expecting? Is this possibility that this 15,000 by 2028 and 2029 also can grow from here on as well? That's my first question. Sure. On our specialized products, we have two streams that we are working on. One is steel tyre cord. Steel tyre cord we got our first trial order last quarter, and we are expecting that we will receive another trial order within the next 10, 15 days, hopefully. Yeah, that is that. I think that is from another customer. We'll have at least two customers who have given us trial orders. Other customers also, second stages of approval they've already started, and we are expecting some good results in the next one or two quarters. Hopefully, if everything goes well, we might be able to see some commercialization within this year itself. That is for steel tyre cord. Other stream that we are working on is on IHT and OHT wires. IHT wires has been performing quite well. We have reached a positive EBITDA last quarter from IHT wires, and we are now also moving fast on OHT. Hopefully within this year, we will be able to increase our total capacity of IHT, OHT to about 15,000 tons. Capacity utilization there is already good, and I am expecting that we will see some positive contribution within this quarter from IHT and OHT. Okay, sir. Any possibility to give some quantifiable number as far as EBITDA per tonne is concerned for IHT and OHT? Because blended business you are about INR 8,150, which is, I think, even surpass the 25 level. Is it possible to quantify that number? What this can quantify, and then we can build this particular number going towards a higher mark, basically. Yeah. The whole of speciality wire segment, I think, on an average for IHT, OHT, we can take about INR 15,000-INR 20,000 a ton kind of EBITDA number. Okay. Which we already see us generating. Okay, sir. Sir, my second question is pertaining to your volumes, right? Because I think you have guided for a 20% volume growth, which basically translates to almost about 550,000 tons on an annualized run rate for 2027. Now, considering that you have done about 240 in the first half, how confident are you? Because that is only about 43%, so you still have about 57% of the room to be filled in at a higher base also. So how confident are you, sir? So, sir, our infrastructure and our team is geared up to deliver 20% volume growth consistently, and that is still our target. Even after not delivering the best in the first quarter, I think we are still confident of achieving 20% kind of growth. There have been some issues. For example, right now there is an acute shortage in our raw materials. These are some concerns that we are struggling with. But I think in the medium term, I do not think that should hamper our production overall. So we would still target that 20% growth. Sir, is it possible to give some clarification on the raw material shortages? So in the last- What exactly are the shortages, sir? In the last one and a half, two months, a lot of our raw material suppliers have diverted their production from wire rods to TMT, creating a shortage in wire rod. There have also been some breakdowns at our suppliers end, creating some shortages in the whole industry. Although till September we were able to manage, this month, we have taken some hit on terms of non-availability of raw material. I think that's a small duration, and I think we are back again already. So yeah, these kind of small blips here and there we are facing right now. But, sir, I believe you carry two months of inventory right, on your books. One and a half to two months. Yeah. We carry about a month and a half of inventory, so therefore- Yeah September, we did not take a lot of hit, whereas the whole industry suffered in September. In October, in some of our plants, in some of our sections, we were lacking in our production, which is now up and running again. These are small things again. We still remain confident on 20% volume growth. Okay. Sir, last question. On your opening remarks, you mentioned INR 800 crores of CFO over 2 years or INR 700 crores? INR 800 crores for this year and next year combined. Okay. We have already done about INR 350 crores in the first half of this year. I think we will be able to surpass this very well. That sounds very good. Yeah. Thank you so much. Thank you. Thank you. We will take the next question from the line of Vineet Shah from Dalal & Broacha. Please go ahead. Mr. Vineet, please proceed with your question. Hello. Thank you for taking my question, and congratulations on a great set of numbers. My first question was related to the B2C segment. Could the management please clarify how much was the revenue contributions from the B2C segment from this quarter? We had already clarified that Q2 and Q3 are seasonally softer quarters, but just on a sequential basis, what has been the performance? We did about 10% to 12% of our total volumes in B2C, even in the last quarter, which is one of the lightest quarter there is for B2C. But we were still able to maintain our total volume. Even after an increase of about 15%, 20% in our total volume, we were able to push that in B2C last quarter. Okay. I just wanted to clarify, like a follow-up to the previous question. The 20% growth of volumes that we are anticipating, that is only for H2 of FY 2027, or the 20% guidance is for the annual volumes for the whole of FY 2027? No, I would say that is only for H2 of FY 2027. Whatever we lost in Q1, we cannot bring back, but at least for Q3 and Q4, our general volume should be higher by 20%. As you mentioned, it is more of a supply constraint right now. The demand looks really positive for us. So guidance will not be revised due to the demand issue, but if raw material availability issue pertains, then we might take a hit in our volume growth, correct? Yes, that is true. But through these years, we faced such issues before. This is temporary. This I do not see as a long-term glitch in our system. Even if we lose 10 days of sales in one particular month, we will make up for this in the next month. I don't think that is also going to hamper our total volumes so much. Okay. My second question was related to the EBITDA program sustainability. We had given a range of INR 7,000-INR 8,000 quarter EBITDA margins, and we have surpassed even the upper limit of the margins. Do we think this is a sustainable margin way forward until the higher product mix kicks in? Sir, this EBITDA that we've received, that we've gotten this quarter, I think this is a mix of a lot of factors. One is a sustainable factor that is economies of scale. We are finally seeing the benefits of Dadri coming in. As the utilization ramps up, those economies of scale benefits are coming in. So those are some things that are sustainable and should only increase in the future. Apart from that, this has also come from a one-time stock inventory gain because the prices of steel have shot up. Some impact of that is also there in this. Third, we entered this quarter only with a higher margin. First half of Q1, we reduced our margins, but the second half of Q1 itself, we had these kind of margins. If the demand that we see in our industry sustains, I think this margin should be sustainable. Otherwise also, I mean, ₹500-₹600 a ton, here and there can always go. This is that. Sir, could you just quantify with a ₹7,500 goal number to assume going forward? Sir, our thought process is that we should maintain our margins at about ₹7,000-₹7,500. That has been our goal for this year. Okay, sir. Thank you. I will join back in the queue for further questions. Thank you. Thank you. We will take the next question from the line of Aditya Bhartia from Investec. Please go ahead. Hi, good morning to you all. Good morning. My first question is on EBITDA per tonne itself. We had almost ₹8,000 this quarter. What could be the inventory valuation gain in this quarter? If we kind of exclude that, then what is the number that we arrive at? Is it at the upper end of 7,000-7,500 range that you are speaking about? Sir, I would say inventory gain would be maybe ₹200 a ton in this. Not more than that. Okay. Rest of it has come from just better margins in the industry. Our Dadri facility honestly is also contributing a lot. In this, we are seeing those positive trends in all kind of costs in Dadri. As and when Dadri ramps up, I think that is something that is sustainable. In that context, when you are speaking about 7,000-7,500 per ton, do you think you are being fairly conservative and the numbers are likely to be higher than that, especially with slightly kind of improving mix? Sir, yes. We have delivered INR 8,000 of EBITDA this quarter. In this, a one-time stock inventory gain is only INR 200 a ton. We have still delivered INR 7,800, INR 7,900 here. If everything goes as it is, I think we should continue delivering this. Our own estimates or our own strategy has been at 7,000, 7,500. This is just something that we are getting. We have honestly not worked very hard to get this. Sure. Understood. What has kind of contributed to the 7,000 number you have been speaking about for a few quarters, but what has contributed to 7,000 moving more towards 7,800 plus in the last quarter? You have also mentioned about mix change. What exactly is the mix change? Is it only about B2C or is it also that we had higher proportion of high carbon wires? Actually, in last quarter, although our estimates or our strategy is that low carbon should be about 55%-60% of our total volumes. Last quarter, our low carbon was about 55%. So lower end of 55%-60% range. Because of that, at the lower end, our blended EBITDA is better. A better product mix was definitely one contribution. Within low carbon, our B2C segment has increased drastically. That is also contributing well in EBITDA because in the B2C segment, we see at least 50% higher EBITDA as compared to our general B2B segment. That is also a major contribution. I would say a healthier product mix coupled with Dadri ramping up. The second facility in India after Dadri would be at least one fifth of its size. We are definitely enjoying the economies of scale there. If you talk about electricity, if you talk about gas, if you talk about anything, labor cost, everything, Dadri is much superior, much better than any other facility that even we have. Sure. My second question is around the volume outlook. If we consider last year, fourth quarter was a pretty weak quarter with some challenges around gas supply, et cetera, as well. On that basis, the 20% kind of a growth outlook for second half looks to be slightly muted. Again, just want to understand that is it that you are being a little conservative, or we should be at least hitting the, let us say, 145,000, 150,000 kind of a run rate in the next two quarters? One thing is that if I am committing to you something, I should have the ability to do a little better. I will not want to commit to you some number and then at the end of the next quarter or later come to you that, okay, these were the reasons. That is not something that we want. We would rather be a little conservative than risk not delivering on our guidance. That is definitely the case, but still, I would say 20% is a reasonable number. I am not talking about 20% increase from H1, I am talking about year-on-year increase. Second half of last year as compared to second half of this year. We would still be able to see 20% volume growth. We have not entered the second half with a very good experience. The first month of the second half, we are experiencing raw material shortages. There are some negative factors at play from the initial time. But we will try to rectify this, and we will try to overcome this in the future. Perfect. The last bit around steel cord. You mentioned that we may see some commercialization sometime during this year itself. If you could just kind of guide us on how things may play out, how is it that you are seeing it today, how the ramp-up around steel cord is likely to play out over the next two years. Sure. One of our main customers that we are working with, we had already received their trial order, which is already gone, and we are expecting a second round from them very soon, hopefully within a month, or maximum two. That customer is progressing well. We have already started making supplies for another customer who we are awaiting a formal PO from, which should be here within the next 10, 15 days, hopefully. We have already made a product. Their team has already visited us, given us an approval of supplies. That is that. That is an encouraging development that we were able to do last quarter. Our samples have also been approved with a third customer, with which the trial process is not very long. Because of that, I feel confident that out of these three developments, at least one of them should be able to click within the next six months, if not sooner. As the commercial production starts, is it that the particular customer starts procuring a fairly large chunk of their requirement straight away, or is it a very slow ramp-up? Sir, I would say that the first two quarters would be a little slow, because that depends on if we are only supplying to one customer or two customers. But for one customer also, I think the first two quarters would be a little slow, but after that, we should see a good ramp-up. Also, we do not want to depend entirely on one customer. Even we would not want to supply more than 20%, 25% of our total sales to one customer, because there need to be room for me to do trials and supplies to other customers for the larger project that we want. Perfect. Understood. Thank you so much for that. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Vishakha Jain from Veritas. Please go ahead. Hi. Thanks. Thank you. Congrats on good set of number. My question was regarding to the split. Sorry. Regarding the split that has happened, can I know the rationale, if you are okay with? Sure. The thought process behind the split was to increase our family. Just to increase our number of shareholders. That was the main thought process. Liquidity, we thought that if it is at a better price, we would be able to get more and more shareholders in the mix. That was the only thought process. Okay. Even from the retail perspective, because I believe this price is not that high for the retail also. Yeah. That is the main thing, to get more retail shareholders because our total public or retail holding is very less in our stock. Okay. Thank you. We saw room of improvement there. Okay. Thank you so much. Thank you. We have the next question from the line of Pujan Shah from Molecule Ventures. Please go ahead. Hi, sir. Thanks for the opportunity. My first question pertains to the steel cord. Basically, we have one customer that is in the approval stage and we are also planning to supply and also start the trial production for the third customer. Sir, I just wanted to know your view in terms of capacity addition. We have already done a 20,000 metric ton of capacity addition as a pilot project. Do we see as and when we move ahead and as in demand from end customer improves, we see our incremental demand as we plan 2 lakh ton, which should come by FY 2028 or 2029 with the visibility of getting strong orders? Our goal is definitely 2 lakh tons. There is no changing that goal. We have been a little delayed because of the fire incident that took place. That did hamper our growth in this product for about 6-8 months. But now, we are back and we have seen very positive response from all our customers. As and when we get approvals, I think in the last 2 years, we have prepared our company to execute a bigger project for steel cord. Right now, if you see even last quarter's result, in the first 6 months itself, we have reduced our debt by 40%. So our total debt today stands at about INR 300 crores with about 0.2 debt to equity. I think we are very well-placed in terms of taking a bigger CapEx whenever required for steel tyre cord. As and when we get customer approvals, we would definitely be going in for that. And there is a good demand in the market. We are still sitting at 2.5 lakh to 3 lakh tons of demand in the country, the majority of this being met by imports. So we definitely see a good opportunity here, and that is why we have been very focused on this product. As and when we get approval, we will definitely start immediately after that with our CapEx. Got it. We might have some good numbers or some good news for you in the coming 2 quarters. Yeah. Got it, sir. If you look at one of the competitor, which is Bekaert, is also expanding. As industry is growing at 8%-10% only, are we confident enough to place our 2 lakh tons of capacity within the market? The total market size would be, at that point of time, would be 3 lakh-3.5 lakh tons. Sir, we see that the market is growing at a very good pace because in steel tyre cord, we are getting, A, the tyre industry growth, and second, the radialization also that is happening, because this is only a product that is used in radial tyres and not in bias tyres. Today, in the truck and bus segment, especially, the radialization in India stands at about 60%. There is a good room there. If you see developed markets, they are almost 100% radial. There is a good room of growth in the tyre industry, and this is what we have witnessed in the last two, three years also. That is one. Second, yes, there is domestic competition here, but that domestic competition is also not expanding as well as the market is. In the last five years or six years, if you see, they have expanded by maybe 20%-30% overall. That is a big company, a multinational company which has focus on a lot of different segments in a lot of different countries. India is just one of that. Whereas for us, India is everything. We will be a little more aggressive here. Of course, there being no Indian company in the country today also gives us a good room for growth. Got it, sir. Got it. Sir, coming to the second question, which is on LRPC and we have already started commission LRPC, hose wires, and bead wire. Just to get a sense on EBITDA per tonne, could we assume the EBITDA per tonne for LRPC and hose wire could be around INR 12,000-INR 15,000 range and bead wire could be around INR 15,000-INR 18,000? Sir, LRPC, generally, it gets around INR 5,000-INR 7,000 or INR 8,000 a ton. Yes. But that also varies quite a lot. Right now, LRPC is not a good product for us because there is excess capacity in the country. Today, we are not making much money in LRPC. Bead wire, yes, I think, generally, this is a good range to consider for bead wire, INR 12,000-INR 15,000 is, I think, good enough. For hose wire, we are looking at a better number because this comes in with our steel tyre cord. Steel tyre cord and hose wire, both we are looking at a similar number. Okay. Got it. Sir, just to better explain it, IHT and OHT, we have already mixed up both the wire. We have reached to 15,000, in which IHT would be 9,000 and OHT would be 6,000. That's the correct split? And we are expanding that 9,000 IHT to 15,000. Sir, we have today only installed IHT, that is at 9,000. We are in the process of installing OHT, which will be 6,000 tons, taking the 9,000 total to 15,000 within the next one or two quarters. Got it. Total, IHT and OHT included, everything together will be at 15,000 tons. Got it, sir. Just to get a sense on the gas prices, right now also, how is the availability situation right now? Do we have any contractual agreements for the certain volumes at a certain price or that the daily basis we have to pass through? Because ultimately we also take a one-month forward booking, which ultimately fix the prices. Just want to know on that sense. Sir, gas, we have always had annual contracts with all our suppliers because we do not depend on cylinders. We have direct lines from the companies in our facilities. Consistency has always been maintained. In the last two quarters, yes, there has been a disruption. Today, in terms of availability, we do not see any challenge. There has not been a challenge for the last one quarter in availability, for sure. Prices definitely are still increasing. Right now it is almost 2.5 times our regular price that was earlier in this situation. It has increased gradually, so that has also been passed on to our customers. That hit we took in the first quarter of this year itself. Got it. So basically in 3-4 years, we are in steady state assuming, considering obviously no assumption in terms of inventory build, we could do easily of INR 7,000-INR 8,000 type of EBITDA per tonne. Yes, sir. I think we are. Broad and next year we can do more or less because as and when IHT and OHT comes into place then obviously the steel cord will start ramping up, hopefully. So that will inch up the EBITDA to a much higher pace of, let's suppose, INR 8,000-INR 10,000 kind of a range. Yes, sir, you are right. I think we are fairly confident of delivering INR 7,000-INR 8,000 a tonne of EBITDA this year, provided there is no other massive or major change in the geopolitical situation or elsewhere. I think we are good to go here. In the long run, yes, we would definitely look at INR 8,000-INR 10,000 or higher than INR 10,000 kind of range once our speciality wire numbers also start coming in. So that is definitely going to be the long-term target. Got it, sir. Thank you so much for explaining each of my questions. I will join back in. Thank you so much. Thanks a lot, sir. Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Yeah. Namaskar, Bansalji. Hope I am audible. Yes, sir. Hello. Yes. Sir, firstly, pertaining to the capital work in progress closing balance of INR 177 crore, if you could just outline to us what it is attributed to, which of the product line, and what is going to get capitalized in the second half of the year? So, sir, there are two things that we are working on right now. One is the 6,000 tons addition of OHT wire, which is to come in hopefully in the third quarter or if it stretches, maybe in the fourth quarter. Apart from that, we are also working on 60,000 tons of additional capacity in Dadri. In which most of the work has already been done, that is why you see the CWIP. I think in the next quarter or by the end of fourth quarter, I think all of this should be capitalized. For the Dadri unit, what would be the key products that will attribute what the volume addition will be? Sixty thousand tons is going to come in from low carbon and high carbon wires. Apart from that, 6,000 tons would come from OHT wires. This is one side, and the second side is also the Sanand facility that we have started working on for the 90,000 tons of capacity of stainless steel as well as low carbon wires. Already, sir, we have spent, already done CapEx for the Sanand facility that is there in the closing work, sir, CWIP balance? No, sir. Some part of this is there in the CWIP section. Majority of this is coming from Dadri, not Sanand as of now. Sanand, you will see something coming from next quarter or the quarter after that. And, sir, how much have we outlined for the project there, including the land investment? What would be the total CapEx and what would be the asset turnover? Sir, we are looking at about INR 150 crores of CapEx there apart from land. Land we have already taken about a year back. From now, I think we are looking at INR 150 crores of CapEx there in stainless steel as well as low carbon wires. In the asset turnover at optimum level? Sir, generally, I think our company maintains around 4 to 5 times of asset turnover in general, so I think that should also be the case there. Yeah, I think similar numbers, I think you can take. In general, sir, our thought process of expansion is about INR 200 to INR 250 crores of CapEx every year. That we will continue doing, which will come from our internal accruals. Okay. Secondly, if you could outline for us the capacity for both the steel cord and the bead wire segment, what have we outlined and how the ramp-up process would be? Second question is, what would be the realization for the steel cord and your application, your customers are in which categories? Sure. In steel cord our total capacity is about 20,000 tons, which we will, as and when required, and when we get our approval, we will take to 2 lakh tons. That's the end goal. In bead wire, our nameplate capacity is about 30,000 tons, although some balancing equipments are still to be placed there. So right now we are running at about 10,000-15,000 tons annual capacity in bead wire. Both of these products go in the tire industry. Bead wire is used at the side of the tire, whereas steel cord is what makes the tire. Steel cord, in percentage, is consumed more as compared to bead wire. What should be the realizations for steel cord? Do you find steel cord in application in the conveyor belt and other applications also, or it is only attributable to the tire segment for us or other industrial numbers? What we are working on is steel tyre cord, which is only for the tire industry. The conveyor belt application is basically more of a fine cord or a rope, that you can say, that goes in the conveyor cord industry, which is a very small application in general. But these are two very separate products. Okay. For the realization part, can you give an understanding how the steel cord realization goes for? The steel cord average pricing should be about INR 130, INR 140 a kg as of now. Okay. Two small points. Firstly, about the LRPC margin profile, you yourself mentioned that margins are on the lower side, and we also see that one of the major players is either exiting or lowering the mix in the total profile. Out of the total revenue mix, what is the contribution for the LRPC and what is our thought process for the way ahead? Sir, LRPC right now we are doing less than, I would say, 1% of our total sale. This is just a product that is good to have in our range. The thought process behind this has been that, in general, our company tries to diversify as much as we can, so that there are always some products that are doing very well, some products that are not doing well. That is what makes us very consistent in our results. LRPC is also just one of those products that we added. Right now it is not doing well, but there will be a time when we will be able to make some good EBITDA in LRPC and when LRPC will support our other segments. The good thing about us is that most of our equipments are made by us. Yeah. Our investment per ton is very less as compared to the industry. Even at a lower EBITDA, we are still able to make decent return on our capital. Okay. Lastly, sir, in the presentation, if going ahead, we can put forward the revenue mix product-wise also, that would give us further understanding. As you mentioned about this 1% only contribution, are these facilities fungible? I mean, as you mentioned, that whenever the demand picks up, that will start contributing. Because having 1% in the portfolio, how does it make any difference? Just to get my understanding clear. Sir, we have 3,500 products. There are products that are 0.1% of our total portfolio also, and those are still meaningful products for us, and that is how we've structured our organization in the last 85, 90 years. We do not depend on one single product for a big number, which is one of the main reasons why we've been very consistent in our numbers. Even if there are 10 products that are not doing well, there will always be 100 other products that will do well. LRPC, even though it is a 1% in our business, it is still a meaningful number for all of us. That is that. Yes, of course, we will try and give separate numbers of revenue per tonne or revenue in total for all our segments in the future. Right. Just to confirm for the bead wire, as you mentioned that we have current capacity of 30,000. Have we commercialized our unit there, and what is the tonnage expected? In terms of customer entanglement, have we got the major OEMs also registered? Our facility is in Delhi, in that vicinity itself, or if you could just give some more color of the- Bead wire is in North India. What is the road map for bead wire segment ramp-up? Bead wire plant for us is in North India. It is part of our Dadri facility. We have a small campus for bead wire there. Honestly, bead wire is a product that we have not really focused on in the last one and a half years because we were facing challenge in ramping up our capacities. When we are facing those kind of challenges, we were focusing on our existing products rather than getting into newer applications. Right now, although in the last quarter we have been able to ramp up our Dadri facility well. In the future, maybe in the next one or two quarters or three quarters, we will start focusing on bead wire and sales there. In terms of approvals, I think right now we are supplying to the cycle market and some non-OEM tire customers. Right now, we have not started the approval process, but it is not as long as steel tank was. Whenever we start, I think we will get some approvals in the first six months or so. But honestly, we have just not been focusing on it. Okay. Sir, even if we eliminate the benefit of this one-time gain of inventory of INR 200, is it correct for investors to extrapolate these numbers for the second half as a base? Or since we have a bad quarter one because of some unforeseen reasons, does this EPS of INR 50 hold good for the remaining part of the year, that is H2 also, we can look over it as a base or? Sir, for second half What would be the factor in, yeah. Yeah. As a company, sir, our range is about INR 7, INR 7.5 per kg or INR 7,500 a tonne, is our EBITDA range. This is what we are confident on delivering. We were able to do a better quarter, we will hope for similar results. As far as my commitment goes, I think INR 7, INR 7.5 is what you can consider for the second half. Sir, you mentioned about the volume growth. Can you reiterate once again? What is the volume growth expected for H2? 20%. On top of what we have- 20% over H2 of last year. Year-on-year, 20%. Over H2, okay. Thank you, sir. Thank you. A reminder to all the participants, you may press star and 1 to ask a question. I think most of our questions are answered. I think we can close it here. Sure, sir. Ladies and gentlemen, that will be the last question. I now hand the conference to the management for the closing comments. Thank you everyone for joining us on our call. I hope we have answered all your questions. If there is still anything that is remaining, please get in touch with us and we will try to get you all the answers as much as possible. Thank you. Thank you, members of the management. On behalf of Bansal Wire Industries Limited, we conclude this conference. For any queries, you can connect with Adfactors PR IR team. With that, you may now disconnect your lines. Thank you very much.