Ladies and gentlemen, good day and welcome to the earnings conference call of Dalmia Bharat Limited for the quarter ended 31st March 2026. Please note that this conference call will be for 60 minutes. For the duration of this conference call, all participant lines will be in the listen-only mode. This conference call is being recorded. The transcript will be put on the website of the company. After the management discussion, there is an opportunity for you to ask questions. Before I hand over the conference to the management, I would like to remind you that certain statements made during the course of this call may not be based on historical information or facts and may be forward-looking statements. These statements are based on expectations and projections and may involve a number of risks and uncertainties such that the actual outcome may differ materially from those suggested by such statements. On the call we have with us Mr. Puneet Dalmia, Managing Director and CEO, Dalmia Bharat Limited, Mr. Dharmendra Tuteja, CFO, Dalmia Bharat Limited, Mr. Yatin Malhotra, CFO, Dalmia Cement (Bharat) Limited, and the other management of the company. I would now like to hand the conference call over to Mr. Prassan Goyal, Investor Relations Lead. Thank you, over to you. Thank you, Yashaswini. Good evening, everyone. We're happy to welcome all of you to the FY 2026 annual results investor call. As you would have taken note of already, this time we have made a change in the way we are holding our investor call. The purpose of this change is to present our investor deck during the call and share our perspectives and insights in an endeavor to make the overall interaction richer. Looking forward to a good discussion. Handing over to Puneet Sir to take this forward. Thank you. Thank you, Prassan, and good evening, everyone. Happy to be back with all of you. Let me start with some thoughts about the Indian economy. As we all know, the India growth story remains strong, and we continue to be one of the fastest growing major economies in the world, marching forward to become the third-largest economy in a few years. During the year, India's macroeconomic fundamentals have demonstrated confidence driven by robust consumption and investment demand. At the same time, supportive fiscal deficit and robust Forex reserves put India on a strong footing to navigate through any of the geopolitical geoeconomic headwinds. As India progresses to become a 5 trillion economy by 2028 and achieve the vision of Viksit Bharat by 2047, we will need substantial investments in infrastructure, and we are already beginning to see strong traction on this front. From industrial corridors and affordable housing to high-speed rail and smart cities, progress is visible across the country. Central and state CapEx has also been increasing year-on-year. We strongly believe that this momentum is going to accelerate in the years ahead. As India grows, so does the cement sector. I expect the cement demand to grow at a CAGR of 7%-8% in the medium term. Let me now touch upon costs and cement prices. As mentioned in our earlier calls, the cost trends for the cement industry were largely flattish in the recent past. However, the situation has changed due to the West Asia conflict. The industry is seeing cost impact in three key areas: power and fuel, packing bags, and both inbound and outbound logistics. Petcoke prices have soared to about $160 per ton, and rupee depreciation is an added impact. Supply crunch of bags and rising cost of PP granules has led to increase in packing costs. Fuel costs have also gone up, and there might be some more increases in the pipeline. Having said that, we are taking various measures internally to mitigate the impact of rising costs to the maximum extent possible. On the price side, we have seen improvements in the month of April in most of our key markets. We are optimistic that this positive momentum on prices will continue in the near term and could may well mitigate the impact of the cost increase. Moving on to the company overview. As you are all aware, we are the fourth-largest cement player in India with almost 50 million tons of cement capacity. In financial year 2026, we delivered our best ever EBITDA of INR 3,083 crore and a PAT of INR 1,157 crore. We have a diverse product offering catering to all consumer segments and are happy to share that we are adding a new premium product to our lineup called Weather 365. With this new addition, we are confident of strengthening our premium product offering to the end consumers and our channel partners. We take pride in the journey of Dalmia over decades. We began our operations in 1939 with just 250 tons per day of cement capacity in the state of Tamil Nadu, and today we serve over 23 states with our cement capacity close to 50 million tons. As you are all familiar with our geographical footprint, I will not go deep into that. In this slide, we have included the status of our limestone reserves. As can be seen, we have sufficient reserves across all our regions. In totality, we have 1.7 billion tons of limestone reserves at our operational plants. In addition to this, we have virgin mines across the country, which will support our future expansion into new geographies. We are progressively augmenting our reserves as we go along. I want to now spend some time on our strategic priorities. Maximizing ROC from all our assets has been one of the top agenda items for the company, and most of the management bandwidth is being deployed to drive this. Capacity expansion and becoming a pan-India player is a key strategic priority. All our announced projects in South and West are progressing well. We are now working on new projects to reach the 75 million ton capacity milestone. We will share details of the same with all of you in the near future. Our balance sheet is our strength, and as we pursue our capacity expansion journey, we will be extremely mindful of continuing to maintain a healthy balance sheet in future as well. We are committed to have the highest corporate governance and a strong organization culture. Both of these will continue to guide our actions as we take Dalmia from strength to strength. I will now hand it over to Dharmendra to take you through the progress on our operating parameters. Thank you. Thank you, Puneetji. Good evening, everyone. Please pardon me for my sore throat today. Just to reemphasize what Puneetji just mentioned, delivering high returns on capital employed is a key strategic priority for us, and we are addressing this on multiple fronts. Delivering industry-leading volume growth backed up by a strong value proposition for our channel partners and customers is the key to higher capacity utilization. We have recently refreshed our brand identity and have adopted a new logo, keeping pace with the new Bharat of today and tomorrow. We are doubling down on our efforts towards premiumization at both product and price level. Various initiatives are being taken for better channel engagement and offering reliable delivery to our partners. We have also made positive stride on our cost leadership. In this quarter, we delivered the lowest quarterly total cost per ton in the last five years, which demonstrates our unwavering commitment to be one of the lowest cost producers. We will talk a bit more about cost in the coming slides. Now let me give you a brief snapshot of our ROCE performance. For ease of understanding the numbers, we have categorized our capital employed into core cement operations and non-core line items. The key components of non-core line items are CWIP of about INR 25 million crore, intangibles arising out of group restructuring, another about INR 21 million crore, and rest is largely treasury investments, partially mitigated by deferred tax liabilities. In financial year 2026, we have been able to improve our ROCE from core cement assets by more than 200 basis points, going up from 9.9% to 12.1%. As more of our projects get commissioned, the CWIP value will keep getting converted into core cement assets and start generating strong returns. Our ongoing expansion projects at Belgaum and Pune as well as Kadapa will take our cement capacity to 61.5 million tons per annum in the next 18 to 20 months. Civil work at Belgaum project is complete while P&M work has started. We are actually expecting commissioning a little ahead of our earlier announced schedule. Ordering for all key equipments at Kadapa project is already done. There have been some minor delays in Q4 2026, which have also resulted in lower than planned cash outflows during the quarter. We are confident that we will be able to commission this project somewhere between Q2 to Q3 of FY 2028. Progress on Pune GU and Chennai Bulk Terminal are also progressing satisfactorily. Total cash outflow on account of project CapEx has been about INR 3,200 crores in the last two financial years. With all projects picking up pace, we expect the expansion-led cash outflow in FY 2027 to be in the range of INR 2,200 crores, with the total CapEx outlook for FY 2027 being INR 3,200 crores-INR 3,400 crores. Moving to our performance for the year, we have closed the year with 2% volume growth and 6% revenue growth. We delivered ever highest EBITDA of INR 3,083 crores, up 28% versus previous year. Our PAT in FY 2026 was INR 1,157 crores, which is a jump of 65% versus previous year. Let me now cover each metric in the following slides. During the quarter, our sales volume grew 3% YOY to 8.8 million tons. Trade percentage for the quarter was 67%, and our premium product share was 24%. We'll continue to drive the agenda of premiumization aggressively in FY 2027 as well. Revenue from operations improved, driven by both realizations and volume growth. Our realizations appear flattish, it has actually improved by about 1.7% on a QoQ basis if you adjust the one-off incentive accrued last quarter amounting to INR 46 crores. Our incentive approvals during the quarter were INR 45 crores. Total incentives outstanding at year-end has increased to INR 839 crores, as collections for the quarter were subdued at just INR 14 crores. This was due to delays in payouts by a few state governments on account of elections. We expect this to normalize soon. Raw material cost per ton of production reduced by 1% YOY to INR 734 per ton. This is despite the additional levy of mineral tax in Tamil Nadu at INR 160 per ton. Compared to previous quarter, raw material cost has come down by 6%. Our blended ratio has improved to 83% during the quarter, which led to marginal improvement in CC ratio as well. The power and fuel cost per ton of production has reduced 6% versus previous quarter despite cost headwinds. We have been able to mitigate inflationary pressures with mix optimization and other initiatives. On full year basis, our cost per ton is flat. Share of renewable energy jumped from 39% in Q4 last year to 47% this quarter, while fuel cost stood at INR 1.36 per kCal. Given the volatile environment, we will continue to focus on all big and small initiatives to keep power and fuel cost in check to the extent possible. We continue to deliver one of the lowest logistic costs in the industry and have further improved on that. During the quarter, our cost declined 6% YOY to INR 1,064 per ton, driven by multiple initiatives. We achieved highest-ever direct dispatch share during the quarter at 65%. As we move forward, we'll continue to balance the twin objectives of reliable service to our customers and cost excellence. During the quarter, other expenses increased by 4% YOY to INR 694 per ton, primarily due to increase in packing cost towards the end of the quarter. If you look at the total cost level, we have continued to deepen our position as one of the lowest cost cement producers. Happy to share that Q4 per ton cost is the lowest quarterly cost in the last five years for Dalmia. At reported cost basis, our cost per ton since Q1 FY 2025 has come down by INR 183 per ton, from INR 3,973 to INR 3,790. If we see on adjusted basis, that is after removing impact of Tamil Nadu mineral cess and fuel prices, the fall is even steeper. That is INR 211 per ton. On a full year basis, FY 2026 adjusted cost is lower by INR 100 versus FY 2025. As we look forward, we are confident of further improving on our cost trajectory. Since cost reduction is a continuous journey in a very dynamic environment, we don't want to guide the street. Internally, we'll always keep looking to deliver INR 50-100 cost takeout on an annual basis going forward. Our EBITDA has grown to INR 902 crores, driven by all key levers, that is volume, realization, and cost. The jump in EBITDA is 14% versus previous year and 50% versus previous quarter. EBITDA per ton was INR 1,023 against the reported Q3 number of INR 823. Adjusted for the one-off incentives of course, INR 46 crores last quarter, our EBITDA has improved by INR 260 per ton on a sequential basis. As Puneetji mentioned, balance sheet health is a key priority. Our net debt stands at INR 1,428 crore, translating to a net debt to EBITDA of 0.46 x, which is well below the threshold level of 2x as per our capital allocation framework. Sustainability is central to how we operate and grow as a company. Our net emissions has been one of the lowest among the cement companies globally at 471 kg. Our DJSI score has also significantly improved to 70 this year. We continue to scale up our renewable power capacity at a strong pace, adding around 180 MW this year. We will also be commissioning a 128 MW of RE capacity soon, which will take us to 576 MW renewable energy capacity. This will further increase our share of renewable power consumption and reinforce our commitment to sustainability. This is just a glimpse of some of the CSR interventions across our locations. We take immense pride in the impact we bring to the lives of people we touch. We'll continue our relentless focus in this area. Talking about governance, we have a strong board construct at the company, which brings diverse expertise and reputation. The layer below the board is the executive committee with seasoned professionals, bringing together diverse industry expertise and functional strengths. Some of the best names in the industry are engaged with us, either as auditors or giving us assurances and ratings on various parameters. Talking about contingent liabilities, our tax-related liabilities have come down drastically in FY 2026. There was increase in mining and mineral-related matters, details of which will be covered in our annual report. Our total contingent liability as percentage of equity is 6%, which is amongst the best in the industry. Last, on the key legal matters, one of the key positives this quarter has been the progress in the ED land attachment case. The alleged proceeds of crime have been substantially reduced from INR 793 crores to INR 93 crores, which is nearly a 90% reduction. The ED has also ordered for the release of the entire land parcels by substituting the same with a bank guarantee of equal amount of INR 93 crores. With this, I open the floor for questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, please use the Raise Hand feature available on Zoom. When it is your turn, you'll be unmuted and announced. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from Amit Murarka from Axis Capital. Please go ahead. Amit, please unmute. Yes, please go ahead. Yeah. Hi, thanks for the opportunity. Just, firstly on the volumes, like, this quarter you had some impact of the capacity, the kiln shutdown. Generally speaking, also in the last couple of years there has been a continued market share loss. What is the outlook that we can expect on volume and market share, let's say, in the coming couple of years? I think, as I've said earlier, you know, we want to look at, you know, profitable volume growth. This quarter, you know, we had an unexpected breakdown in East India and we lost, you know, some volume on account of that. We have commissioned new lines in Northeast, and we are also going to commission our line in Bengal this year. For all these new investments our CapEx, you know, priority remains to increase capacity utilization as fast as possible. I think, you know, we will continue to ensure that, you know, we are able to scale up the utilizations in the right markets. As I said, in some markets we have to improve the quality of sales, which we have been doing, and you've seen that in our profitability. You know, it's a work in process, and overall I think we are pretty happy with the progress that we are making. Okay. Sure. Thank you. Just, one more question on capacity. Like, usually, like, there was a chart talking about 70 million tonnes and, 110, 115. This time it's missing, so, how to read that and, what's the current targets on capacity now? As I said, I think our first milestone is, you know, by financial year 2028 we want to be 75. You know, we are continuing to work on that. Our long-term target also remains the same as we had outlined earlier. There is no change. Just to add on that, Yatin this side. I think Puneetji covered his opening remark that we are pretty much on our way to chase 72 million-75 million tonnes in the next 2 years by FY 2028. That is pretty much a milestone that we are achieving. It's not missing. 110 million-113 million milestone, you know, we will be declaring more as we go along. You know, even that destination as a part of being a pan-India player is pretty much. Just a last question, if I may. So there has been a lot of cost inflation due to the West Asia crisis. How are you placed to combat that? If you could give like some guidance on the cost inflation that you expect in Q1 and Q2. Amit, we have done this assessment actually, you know. As you have seen, our cost numbers for the quarter have been, you know, really good. I think there are challenges, there are headwinds, as Puneetji mentioned, on power and fuel, on packing and, little bit on logistics also. Overall, if you were to see versus Q4 to Q1, we are expecting an impact of somewhere between INR 125- INR 150 per tonne. That is, you know, what's coming and, you know, something we have to handle. We are working on ways and means to mitigate this, in terms of our fuel mix, in terms of our, you know, other initiatives in the logistics to mitigate these impacts. We will see how the quarter pans out. Right now we are looking at a risk of INR 125- INR 150 on the horizon, and we are in the process of mitigating this. Well, thanks a lot. Thank you. Our next question is from Rajesh Ravi from HDFC Securities. Please go ahead. Good evening. Am I audible? Yes. Yeah. I wanted to ask, in the presentation you have mentioned the like-to-like cost, you know, OpEx-led efficiencies. That is INR 100 per ton, which is received, achieved in FY 2026. Is this reading correct? Sorry? Yes. Yes. Cost reduction in FY 2026 on the efficiency basis. Yeah. -achieved INR 100 cost reduction, right? Yeah. Yeah. On an annualized basis, year-over-year, INR 100 is the reduction. Yeah, annual basis. Yeah. what more is expected or targeted for FY 2027? You know, actually we guided roughly, I think, eight quarters ago, you know, on the path we have to take. We have lived that journey as we have shown. You know, if you were to look at Q4 to Q4, on adjusted basis, we are looking at INR 125-INR 130. As an organization, we are chasing cost reduction, I would say, on a continuous basis. Internally we are targeting, as Puneet Dalmia mentioned, somewhere between INR 50-INR 100 takeout every year. I think that's the way we want to see it. We don't want to see it like a permanent, you know, milestone. It's a moving target, we need to keep chasing more and more as we go on. Understood. The INR 125-INR 150 cost increase expected in Q1 over Q4, could you break it up between packaging and fuel cost? What sort of numbers you're looking at? I can give you an indication. I think, the entire industry is looking at the same numbers. Packing would be somewhere between, I mean, INR 80-INR 90 and the balance would be split between logistics and power and fuel. This power and fuel, the current inflated 30% odd or, factoring in the rupee depreciation, some 40% increase, if suppose the prices were to hold on at the current level, since when would that start hitting numbers? A part of it has already started hitting, but, you know, it's the question is how do we respond to those increases? I think we have been able to, you know, optimize our fuel mix to make sure the impact is mitigated, and that is exactly what we are looking at quarter one. It is not that the high costs have not started to impact us. It's alternative ways of sourcing and the fuel mix that is basically the lever to mitigate the impact. Can we work out the what was the fuel mix in Q4, At least Q4, and how you're looking to? Rajesh, we can speak offline, and I can give you those numbers. Sure, sure. Next question comes on the, you know, the CapEx you have spelled out, INR 2,200 crore CapEx for FY 2027. Incremental, this is only for the ongoing project. For full year, what sort of number, total CapEx for FY 2027 we are looking at? INR 3,000-INR 3,400 crores. Sorry? INR 3,000 crores-INR 3,400 crores range. Okay, okay. Sir, last question. Yeah, this is all the announced projects. They're INR 3,000 to INR 3,400. As, you know, we mentioned, we would be coming out with more, you know, announcements. Right soon revised. Okay. One last question. Rajesh, I request you to join back the queue, please, as we have participants. Sure ... waiting for their turn. Yeah, yeah. Yeah. Thank you. Sure. Thank you. Next question is from Satyadeep Jain from Ambit Capital. Please go ahead. Hi, can you hear me? Yeah, please go ahead. Hi. First question is on that 75 million ton that you mentioned. Can you come in the next two years. Can you talk about what options you're looking at? Where are you in the ordering stage? I think we can't talk right now. You know, we'll share with you whenever, you know, we are ready. Do you [inaudible] I'm sorry, we are getting some disturbance on the call. Just confirming that INR 75 million target by the end of FY 2028, right? That's the target. Yeah. We are pretty much chasing that. Amit Ji mentioned that. You know, give or take a quarter here and there, give or take a few million there and there, I think that is what we are seeing. Okay. Sir, just on the CapEx investment, I know the share has also been dogged down by all these news around market coupling. What's your expectation on the remaining stake that you have? I think we have said that IEX is a non-core asset for us and we have to, you know, liquidate that asset. We are waiting for the right opportunity to do that, and we will see. We've already liquidated half our position. I think the balance position also we will liquidate, as and when we find the time being. Okay. Thank you so much. Thank you. Next question is from Prateek Kumar from Jefferies. Please go ahead. Give me a moment, please. Prateek Kumar, kindly unmute and go ahead with your question, please. Yeah. Good evening. congrats for great numbers. my first question is on your clinker utilization. can you give clinker utilization for the year, and if clinker utilization in specific regions impacted volume growth, for the quarter? Prateek, we don't share the capacity utilization for clinker and that too. We can guide. ... very little. We will not go there. I think we have made quite a lot of additional closures in this time are inverted, right? I think we do share our CC ratio. I think that can give you an indication of it. That is not a factor which impacted your volume growth this quarter? Sorry, can you repeat your question, Prateek? Is this not a factor which would have impacted your volume growth in peak quarter, which is this quarter? Yeah, we've already said that in our slides that, you know, there was about, you know, an unexpected one-off breakdown, which has resulted in a 3% YOY grow lower. Prateek, in quarter three we registered a 10% volume growth. I think we were able to, you know, exhibit performance a little ahead of the industry. Quarter four started on a high note. In the month of March, as you would have seen in our intimation to the stock exchange, we actually had a breakdown. We lost roughly 1.5 lakh ton of clinker and 300,000 of cement. That is the reason that, you know, you see subdued growth in Q4. I think in the long-term basis, I think we are very optimistic that we'll get back to our sale growth momentum and, you know, outperform in the industry in the coming quarters. Sure. Other question is on pricing. We talked about price increases in the month of April. Is enough to cover the cost inflation expected over next two quarters? Or how do you think about that? Look, we are in a dynamic world and, you know, nobody knows, you know, what the cost inflation will be. If I look at the first, you know, fortnight of April, so far, whatever are the cost increases, we've been able to pass on through the price increase. We are quite hopeful that this will sustain. Largely, you know, hopefully we should be able to protect the margins. Again, it's a dynamic world. We'll have to see how the, you know, prices behaves and will the energy prices pull off, will the, you know, supply chains become more reliable. We have to see all of that. As of now, I think, you know, the impact of cost has been passed. Sure. Thank you. These are my questions. Thank you. Next question is from Shravan Shah from Dolat Capital. Please go ahead. Hi sir. sir, is it possible to quantify both, trade, non-trade hike in your core operations of the regions in April? Do you want us to share what, sorry? Cement price hike, taken by you or the industry in April in your core regions? I think it's a, it's a moving number, you know. It's not that, you know, one market, one price is stable. But overall, as you know, Puneetji has mentioned, the pricing have happened and we are looking at recovering more than the cost part. That will be absolute. Okay. Sir, given that now for the expansions Kadapa, that previously we are looking at Q2 FY 2028, that now we are saying it could be a Q3 FY 2028 also, and at the same time, we are still not announced the next expansion to reach a 75 million tons, but still we are sticking to it. What gives the confidence? That's the one thing which is not even if when you announce and whether it will be, we will be able to reach a 75 million tons. Can you help us more there? I would just say that you have to take confidence from our confidence to do this. As I said, you know, this could be a couple of quarters here and there, a couple of million tons here and there, but just wait for, you know, us to come up with more announcement, and then we'll be able to share what is what. As of now, I think, you know, Kadapa one quarter, you know, we also said Belgaum is a little ahead of schedule. Sorry, can we get the others muted, please? Shravan, can you please mute your connection? There is a lot of background noise from your line. Yeah. Sorry, sir. Please go ahead. Yeah. As I said, you know, Kadapa might be a little delayed, Belgaum a little ahead of time. By and large, the story is intact. In the next eight to nine quarters, we are looking forward to reach somewhere between 70-75 million tons of. Sir, on the volume growth, I understand, in last two years also, just a 2% kind of a growth. Sir, is it possible to say that we are seeing 7%, 8% kind of a industry growth for couple of years, for us for FY 2027, 2028 how one can look at? Will it be still lower than the industry growth or at par or better than industry growth? We are aiming to deliver better than industry. Okay. The CapEx for FY 2028 would be, once we announce. Last time we said, 2027, 2028 put together would be close to INR 9,000 crore, that way one can look at? I think last time we said that for the next two years we're looking at INR 3,000-INR 3,500 every year. I think that's pretty much we are, what we are saying today also, pre new announcements. That math will not tell if we want to reach or add another 10 odd million ton to reach that we need to do a decent CapEx. At least INR 6,000-7,000 crore to reach that. Let's wait for the next announcement. We have said this is the CapEx without any new announcements. Okay. Okay. Thank you. Thank you. The next question is from Siddharth Mehrotra from Kotak Securities. Please go ahead. Thank you for the opportunity. Sir, I just wanted some sense of the breakup of the CapEx guidance for 2027. Roughly this, INR 3,200 crore-INR 3,400 crore odd, if you could help me understand different projects, maintenance CapEx, any other CapEx such as renewables, that would be very helpful, sir. That's my first question. Well, I think Dharmendra Tuteja covered that, you know, INR 3,200-3,400, the overall guidance. Roughly INR 2,200-2,300 would be on account of the expansion projects underway. I think balance is by and large, you know, our regular CapExes and plants. Yeah. That's the way it is. Any further details, we would rather avoid, I think, our balance sheet will keep talking rather than when we spend good time. Okay. The INR 1,000 crore which is over and above the projects announced, maybe we can split them half into maintenance CapEx and half into efficiency projects. Is that the correct way to think about it? Also some land also. This 50/50 is not the right way, but I think we can keep it at that the INR 1,000 crore would be for our regular rotations. Understood. This will be a mix. You know, this is a moving thing. You know, there are return CapEx. Yeah There are expansion, you know, some small futuristic CapExes and maintenance CapExes. We don't want to split hair beyond. Understood, sir. Out of this total CapEx of like INR 6,800 odd crore for the two announced projects already, roughly what proportion of CapEx is pending? CapEx is pending? Yes. What proportion of this INR 6,800 crore of CapEx is pending for us pertaining to these projects which have already been announced? We won't have that percentage handy. You know, the way the projects keep running and the payment cycles keep coming, you know, after a while. What cash output happened versus what is the progress done on the project are two different numbers. We won't have that handy. I don't think we should worry about that. Just look at, you know, the commissioning outlook for the organization. We are on track, as we have said, and that's, you know, where we would want to leave it. Got it, sir. Thanks for this. Just one small sort of query. Absolutely. Do we sort of expect any meaningful change in fuel mix to happen over the next, say, two or three quarters? Like, is that something which is possible? If yes, what would be the possible quantum of the shift? Can you repeat the question, please? sir, are we expecting a meaningful change in the fuel mix to happen, say, away from petcoke, maybe higher coal mix, higher AFR? If that is the case, maybe can we sort of, quantify what sort of, change in mix will happen, the fuel mix? Yeah. Situation is quite dynamic, region to region, plant to plant. I think any kind of guidance may not hold true after that point. Directionally, you know, as Petcokes get more expensive, we have to look at alternatives. That's exactly what we are doing. Wash coal and local Petcokes and alternatives. That's directionally what we are doing. Got it, sir. Thank you. Thank you for your time. Thank you. Thank you. Before we take the next question, we'd like to remind participants, to ask a question, please use the Raise Hand feature. Next question is from Jainam Shah from Insig Securities. Jainam, please go ahead with your question. Jainam? We are unable to hear you. Since there is no response, we'll move on to our next question from Saket Kapoor from Kapoor & Company. Please go ahead. Saket, can you please unmute your connection? Yeah. Namaskar, sir. Hope I'm audible. Yes. Yes, sir. Yeah. Thank you, sir. Sir, firstly, if you could give some color on the capacity addition for the industry as a whole for the year ending March 2026, and what is envisaged as the capacity addition for the current year. Which are in the pipeline year, sir. Yeah. Saket, Prashant Tripathy here. If I just, you know, broadly talk about the entire industry, I think, the cement industry is adding somewhere around 160 to 160 million tons of cement capacity. Sir, your audio is not very clear. Saket, just to repeat again, I'm saying that for the industry as a whole, the cement industry are expected to add somewhere around 160-170 million ton of capacity between 2026-2028. Out of that, around 40-odd million ton has been commissioned in FY 2026 so far. Somewhere the balance of around 110-120-odd million tons of the capacity is expected in the next two years. Correct, sir. Sir, in terms of the average utilization, if you could just give some color on how the utilization for the industry has been for year ending March 2026? As of now, most of the companies are yet to announce their results, it would be a little difficult to estimate that. Broadly, we have seen as a trend, industry, you know, somewhere operates between 60%-70% of utilization. We believe that that will be of a similar ballpark number in this year as well. Sir, as you alluded in your presentation about the benefits that we have garnered out of the cost reduction exercise, now with the inflationary trends in petcoke prices and even industrial diesel prices being hiked earlier, are these gains will be waned out in the times to come, or what should be our trajectory in terms of cost reduction per ton? I think so we did some very good numbers last year. Where do we see ourselves placed for the current year in terms of the inflationary trends which we are witnessing currently? I don't know, Saket, how to answer this question. We have said we are chasing INR 50-INR 100 reduction internally versus our initiatives. What happens externally is something that we will have to see and, you know, bake in our numbers as and when they come. That's where we'll have to leave it. For any modeling that we want to do, I think both these line items have to be modeled. Sir, I didn't understand. Come again, sir. I am saying we are chasing internally, as we said, INR 50-INR 100 cost take out every year. That's internally what we want to chase. What happens as an external impact in terms of inflation and headwinds, we will have to factor in as and when they come in. No, sir. You are correct there, what I was trying to make sense is, how have the inflationary trends affected our gains that we have booked last time because of the cost reduction exercise? With the type of inflationary trends currently we have, how much have that been mitigated? I think you can look at the right-hand side of the chart where you have shown, you know, adjusted numbers for the Tamil Nadu cess and Petcoke. I think that is the right way for you to understand our operating performance. As Yatin Malhotra covered in his remarks also earlier that, we expect about INR 100, INR 20, INR 50 increase in the coming quarter, which is imposed on us by the environment. Right, sir. Thank you. Okay, sir. Thank you. [Foreign language] Next question is from Indrajit Agarwal from CLSA. Please go ahead. Hi. Hi, sir. Thank you for the opportunity. I have one question. Actually, two questions. One, how has the demand trend been in April so far? I know it's too early, but given the price hikes across commodities, are you seeing any weakening of, mainly IHB demand? I think, you know, demand in April seems to be holding up. You know, in cement we have usually seen based on our past experience that even if there is a slowdown, it takes some time to, you know, feel the slowdown in the industry. Mm-hmm. Existing projects keep getting completed, the new projects could get deferred. Similarly, you know, when the economy picks up for acceleration, maybe time. I think it's too early to decide whether there's a slowdown or not in April. I think the effects, in my view, will get, you know, visible in probably a couple of quarters only. Month to month, I don't think we can conclude anything. I think maybe H2 will be the real test of, you know, what's going to happen. It's too early to say right now. As Puneetji mentioned, for the full year we're looking at a decent demand. We are hopeful. Anyhow, we had a little lower investor base also last year in quarter one and quarter two on account of high base. Let's see. We are optimistic on the demand for that. Sure. We are confident of growing ahead of the industry for FY 2027, right? Yes. My second question is on availability of key raw materials like, let's say, Petcoke, which is imported, or PVC granules. Are you seeing any issues with that? Pricing aside, is availability of some of these raw materials a concern, no? The cost has gone up, and supply disruptions, we have been able to overcome through timely interventions. We have not faced issues in terms of availability, and I don't foresee that problem to come. Actually, cost cannot be controlled like this. Sure. One more, if I may. What would be the sensitivity of freight cost to diesel price increase? Let's say if there's a 5% diesel price increase, pump price increase, for how much could the freight cost go up? Typically, I think if you have to use a formula, every 5% jump is INR 15 per ton cost, roughly. That's the ballpark. 5% rise in diesel price is INR 50 per ton in cost? 15. 1, 5. Yeah, yeah. 15. All right. Thank you. That's all from my side. Just to the first point what Dharmendra ji said, you know, I think the situation in March was a little tough for the industry. I think we take a lot of pride in the way we have been able to navigate the month of March and, you know, without, you know, taking too much pressure on cost, at the same time ensuring regular supply. I think we have played this game well, and I'm very confident that we'll continue to. Sure. No, this is very helpful. Thank you so much. Thank you. Next question is from Harsh Mittal from Emkay Global. Please go ahead. Harsh, please unmute yourself. Yes, please go ahead. Thank you. Thank you for the opportunity. The first question is that on the slide number 11, we have mentioned that our limestone is more than 48 years in the southern region. Sir, as per public data, we have seen that Dalmia has been selected as the preferred bidder in multiple mines in Tamil Nadu in the month of February this year. Does these reserves include the reserves won recently? Yes. Yes, sir. Sure. What would be the quantum of the reserves which we have added, if you can share that data? Quantum, I don't have it offhand, Harsh, but maybe we can share with you separately. Okay. Okay. Second question, sir. Our cement and clinker, there is a mismatch in the, particularly in the Northeast region. Do we expect any grinding capacity addition in the Northeast region as part of your 72-75 million tons plan? Yes, Harsh. I think you can expect that. Let us wait for more announcement. Yes, you are right. We might be looking at a grinding capacity distribution soon. The size of the grinding capacity, sir, if you can, will it be 2 million tons, 3 million tons, 4 million tons? Any capacity, if you can just share. Harsh, I would suggest just wait for the opportune time to have a chat on this. Sure, sir. Thank you. These were my questions. Okay. Thank you. Next question is from Rajesh Ravi from HDFC Securities. Please go ahead. Hi, sir. Two questions. One, am I audible? Yes, please. Yes. Yeah. If I look at the change in the assets on the annual basis, I see a number of, you know, much higher number of around INR 3,500 crore, whereas in the CapEx outflow has been close to INR 2,000 crore for the full year. Could you reconcile why there is a sharp difference of INR 1,500 crore between the two numbers? Rajesh, I think there is one more line item that you need to look at, the other financial liabilities. A lot of CapEx that we have incurred during the year is still standing as payable in our books. That is actually one reason that, you know, the guidance we gave earlier in terms of the cash out to CapEx is much lower in this quarter. You know, we all know towards the end of Feb., you know, this entire geopolitical situation started. I think we have just deferred our cash flows a bit, and that is sitting in our liabilities, and that should get sorted in the next couple of a few months and quarters. Understood. This INR 3,300 crore CapEx outflow which you're targeting for FY 2027, that includes this one or this will be over and above the? You know, INR 1,000 crore or whatever number, which is sitting as liabilities in FY 2026, and. Next year number includes the liability of this year, which will get paid up next year. Okay. In fresh CapEx amount would be much lower. Is this understanding correct for FY 2027? This would be cyclical. You might, we would actually see the opening closing in a similar way. Okay. Okay. Last question from my end would be on the recent, you know, news going on. That is, SFIO, you know, has tried to reopen the mutual fund case, and I think MCA has initiated or have instructed relevant bodies to reinvestigate. Could you please throw some light if there is any progress or if you have, as a company, received any notice from the relevant authorities? Yes. We can't be responding to rumors. If there's anything that has to be reported, it will be reported in the proper manner. Right now, we will not comment. Nothing has come at a company level? We cannot receive any communication. Okay. Understood. That's, that's nice. Yeah, that's all from my end. Thank you. Thank you. Next question is from Hiten Boricha from Sequent Investment. Please go ahead. Hiten, please unmute your audio. Am I audible now? Yes. Please go ahead. Yeah. Sorry, I was on mute. I have only one question, and most of the questions have been answered. Sir, you mentioned we have took a price hike in April, which all the cost has been passed on. If you can quantify what is the total price hike we have took in April so far? We are still in the middle of April. I think we have already said that, you know, so far we have been able to pass on the cost increase through price hikes. Hopefully we should be able to maintain it and there should be no margin compression. At the top of the process. Okay. Okay. Understood. Understood. Thank you. Thank you. Ladies and gentlemen, we request you to limit your questions to two at a time, please. Next question is from Shravan Shah from Dolat Capital. Please go ahead. Hi. Sir, our CC ratio, if I look at last two years of almost, it has declined from 1.7 to now 1.6. Any specific reason, and will it remain here or we will try to increase? I think again, it's a dynamic situation. We will take a call market to market. Our long-term goal is to increase the CC ratio and, you know, decrease our cost. Quarter-on-quarter, I don't think we can look at this. This has to be looked over a sheet of five years. Our endeavor will be to improve it over a period. Yeah. I look at for last two years. In two years it has, from FY 2024 till FY 2026, in almost three years it has declined. That's what I asked you. I am not looking at on QOQ. No issues. Last, sir, incentive for FY 2027 in terms of booking would be around INR 200 odd crore? Yes, please. Okay. Okay. Got it, sir. Thank you and all the best. Thank you. Thank you. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to Mr. Puneet Dalmia for closing comments. Over to you. Thank you. I think we've had a, you know, very good year in terms of profitability and a good quarter also. We've done the highest ever EBITDA, over INR 900 crore this quarter, and we've crossed INR 3,000 crore for the first time. Our CapEx is ongoing. We are, you know, very optimistic about the future of the Indian economy, we will continue to invest behind the growth in India. There will be headwinds along the way, I've always said that this is not a straight road to paradise. There'll be bumps along the way. We will navigate those bumps as we've shown resilience over the last 80 years. You know, we've never been more excited about the future as we are now. I'm also very happy that our Executive Committee and our team is coming together very well. Thank you for your interest, and I look forward to continuing this conversation in the coming quarters. Thank you. Thank you, members of the management team. On behalf of Dalmia Bharat Limited, that concludes this conference. Thank you for joining us, and you may now exit the meeting. Thank you.