Ladies and gentlemen, good day and welcome to the Q4 & FY25 Earnings Conference call of Godawari Power & Ispat Limited, hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Lahoti from Emkay Global Financial Services. Thank you, and over to you, sir. Thanks, Pooja. Good morning, everyone. Welcome to Q4 FY25 Earnings Call of Godawari Power. We have with us today Mr. Abhishek Agrawal, Mr. Dinesh Gandhi, and Mr. Sanjay Bothra. I thank the management for giving us the opportunity to host this call. I now hand over the call to Mr. Gandhi. Over to you. Thank you, Amit. Good afternoon, ladies and gentlemen. Thank you for joining us today for Q4 & FY25 Earnings Conference call of Godawari Power & Ispat Limited. Our financial results, press release, and earnings presentation have been uploaded on our website, as well as on the Stock Exchanges' websites. I believe you have had a chance to review them. I will briefly take you through the operating performance and financial results, after which we will have a question-and-answer session. At the outset, I would like to mention that over the last five years, GPI has shown consistent financial strength with compounded annual growth of 10% in revenue, 14% in EBITDA, and 36% in PAT. Coming on the operational performance for Q4 FY25 and full year FY25, I'm happy to share that GPI has achieved highest-ever production in sponge iron and iron ore pellets, ferro alloys, and power in FY25. The company has fully met its FY25 production guidance for iron ore mining, pellets, sponge iron, while surpassing the target in ferro alloys and rolled products with 126% and 106% achievement. FY25 production of iron ore mining, iron ore pellets, HB wire, ferro alloys, galvanized products shown an increased iron ore pellets and sponge iron were almost flat. On quarterly basis, iron ore mining pellets and galvanized products shown consistent increasing trend, both on QOQ and YOY basis. The iron ore mining was also helped by the commencement of production in Boria Tibbu. For FY25, sale of pellets, sponge iron, and HB wire, ferro alloys shown a growth. On quarterly basis, iron ore pellets, galvanized products shown an increasing trend both on quarter one and YOY basis. As you would have observed in our results publication, FY25 realization for almost all products, excluding ferro alloys, was in the downturn, ranging between 1% to 8%. There was a fall in realization. On quarterly basis, realization of pellets declined, while the rest of the steel products were largely flat, except for ferro alloys, which saw an increase of 9%. YoY 5% quarter-on-quarter basis. Our ferro alloys division has also performed remarkably during the year, with Hira Ferro Alloys achieving an EBITDA of 80 crores. During the quarter, the company has resumed production in Boria Tibbu, which has helped improve iron ore mining production. The company has also started commercial production of rolled products in the form of structural steel in our newly commissioned rolling mill in our galvanizing division, which has reduced the dependence on market for structural steel for galvanizing division. The company is further awaiting approval of GPI steel billets for HT grade, that is grade E350, and once the PGCIL approval is received, GPI will be able to offer full range of galvanized products for PGCIL transmission projects. Coming to the volume guidance for FY26, the company expects iron ore mining and pellet production of 3 million tons each in FY26, sponge iron production of 5.94 lakh tons, steel billets 500,000 tons, rolled products 375,000 tons, and ferro alloys around 90,000 tons. Coming on the consolidated financial performance, in Q4, revenue increased to INR 1,464 crores on quarter-on-quarter basis, while decreased slightly on YOY basis due to drop in realization. EBITDA and PAT increased 44% and 53% respectively to INR 318 crores and INR 221 crores on quarter-on-quarter basis due to increase in production and sale volume of pellets, galvanized products, and rolled products. On a yearly basis, the revenue remained flat almost as compared to FY24 levels. The increased production and sales volume were offset by drop in realization. Fall in consolidated EBITDA and PAT was mainly due to decrease in realization. Despite challenges, EBITDA margin and PAT margin stood strong at 22% and 15% respectively. The company has a net cash flow of INR 863 crores as of March 31, 2025, with healthy balance sheet. The board has recommended a dividend of INR 1 per share, that is 100% of the paid-up capital of the company. I would now like to take you through the certain updates on the growth plans of the company. On the capacity front, approval for expansion in iron ore mining capacity is available in mines from 2.35 to 6 million tons. The same is expected by Q3 FY26. The approval is further delayed owing to compliance of an additional condition by the mining department. However, the company is confident on getting this final approval by Q3 FY26. The 2 million-ton mining pellet expansion is progressing as per plan and is expected to be commissioned in Q2 FY26. Additionally, the company plans to increase the capacity of the steel melting shop by another 50,000 tons, bringing the total capacity to 575,000 tons. This expansion is expected to be commissioned by Q4 FY26. To support the power requirement of additional steel melting capacity, the company has decided to set up an additional 30 megawatts of solar power plant. Hence, the total capacity of the under-construction solar project increased to 125 megawatts, which is for meeting the requirement in additional pellet capacity, beneficiation plant at Ari Dongri mines, and steel melting expansion. The company has already acquired the land for the solar project and has finalized the contracts for execution of the project. Following this expansion, the overall solar power capacity will rise to 290 megawatts, entirely for captive use. On the decarbonization front, GPI has signed an MoU with Siemens in order to implement the waste heat recovery project, which is currently underway and targets its completion by March 26. Furthermore, a letter of intent has been issued to IIT Bombay for technology transfer for 5 tons per day carbon capture unit, also expected to be completed by March 26. These initiatives, along with replacing diesel and petrol vehicles with electric ones for internal transportation, mark important steps in our journey towards becoming net carbon zero by 2050. Our CO2 emissions per ton of steel shown a significant reduction in the last three years. The company has got approval from PGCIL for the supply of steel billets for structural steel manufacturers of galvanized products for transmission projects. This is further expected to improve our operating margin once the HT grade of billets are approved by the PGCIL, for which an inspection has already been done, and we are awaiting the approval shortly. I would also like to mention that during the financial year 2025, the company has acquired 43.96% stake in Jammu Pigments on a fully diluted basis. The company is engaged in recycling of non-ferrous metal, and JPL has expertise in processing a complex mixture of industrial waste of non-ferrous metal. Although the company had acquired a 51% stake in this company, however, this stake has gone down to 43.96% on account of the allotment of additional shares to the promoter of the company to repay their outstanding loans. The company was having a certain loan from the promoter, which has been converted into equity by raising additional capital. In FY25, the company has achieved a net sales of INR 860 crores, EBITDA of 79 crores, and PAT of 37 crores. In Q4 FY25, net sales was 237 crores, EBITDA of 34 crores, and PAT of 14 crores. The company is confident of growing volume in Jammu Pigments Limited and is actively engaged with the promoters and the company management to improve the productivity across the various units. JPL has also identified the land for purchase of capacity expansion and consolidation of operations to a single large location. The management believes that JPL will create substantial value for GPI shareholders. The company has received final approval from CECB for the consent to operate for the announced capacity of 195,000-594,000 tons. It may be mentioned that earlier, the approval was given on a provisional basis, and now the company has received the final approval. The company has also initiated ESG rating by appointing CARE to rate the company on the ESG score. It has given an ESG rating of 3, with a score of 51. The company is working towards improving the ESG score in consultation with the rating agencies. We still have reaffirmed credit rating of AA- stable and still A1- for long-term and short-term trade facilities of the company. Coming on the market outlook, on the international front, global iron ore prices have remained within a range of $95-$105 so far this year, currently hovering around about $100. The first half of the year was supported by weather-related production losses. The second half will see increased supply and might put pressure on the iron ore prices. The recent geographical tension continues to weigh on global demand-supply dynamics. There is a hope that China will continue to provide stimulus to support the economy. At the same time, post four or five years of decline, China's housing sector is also expected to stabilize. This, along with rising costs, will support the iron ore prices on decline. For FY25, we expect the iron ore prices to range between $90-$105, or maybe around closer to the average of $100. On the domestic front, iron ore prices and NMDC 64 Fe have been on an upward trend year to date, currently trading at approximately INR 5,500 a ton. This increase is driven by rising domestic demand in the domestic market, supported by the implementation of subsidies. Iron ore pellet prices have traded around INR 9,000-INR 10,000 a ton, with the current level of about INR 9,500. Going forward, prices are expected to fluctuate within INR 9,000-INR 11,000 range. The government, in its recent budget, has earmarked INR 11.23 million capital expenditure for 2025-2026, reflecting a 10% rise from the previous year. This major investment in infrastructure, including road, railway, and urban development support from the government in terms of subsidies, is set to significantly boost steel demand. With our four decades of experience in the iron and steel industry, business leadership, and committed team, GPI stands on a strong foundation of expertise and resilience. Our solid cash position, combined with the advantage of captive iron ore mines, high-grade pellet production, provides a competitive edge in the market. The company's forward-looking capital expenditure plans, under consideration and strategic diversification into the recycling business, reflect our commitment to innovation and sustainability. In addition, our cost-saving initiative, investment in solar power plants, and many other environment-friendly steps to reduce carbon emissions demonstrate our dedication to responsible growth. Supported by all stakeholders, GPI is confident towards moving towards a future of sustainable and enduring success. We can now open the floor for questions and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Manav Gogia from Yes Securities. Please go ahead. Yeah. Hi, sir. Good afternoon, and thank you for the opportunity. First of all, congratulations on the good set of numbers for the quarter. So my first question is on the mining ECs for Ari Dongri. I just wanted to know that, looking at the FY26 guidance for iron ore mining, are we building in any part of the ore to start flowing through from Q4 onwards? Good morning, Manav, and thank you. So just to update on the mining part, so the current set of numbers which we have proposed for the FY26, we have partly considered a very small quantity for iron ore mining. So against last year to this year, we have considered iron ore mining at 2.7-2.8 million tons against 2.4 last year. So partly, we expect in Q4 January onwards, we should be able to develop the mining capacity. So that's why a very partial quantity has been considered. Plus, our second mine, Boria Tibbu, which has also started operations a couple of months back, some quantities will be consumed there as well. So put together, this year's mining target is about 2.7-2.8 million tons for FY26. Got it, sir. And the 3 million tons. 3 million. 3 million tons, sorry. Yeah, Boria+ the expansion and, of course, the old capacity, 3 million tons. Got it, sir. So additionally, I know, I mean, you guys are quite confident on getting the EPs. My question is, just in case the company faces any challenges where the EPs are not received, what would be a plan? No, just to interrupt. Just to interrupt, I do understand it's a very important question because there have been delays from past few quarters. So unfortunately, the LOI has been issued by the state government, which is part of the document, but there was a condition which we were not aware of where we have to do some more testing and finally give them a composite report by a third party. So now they want a report from a third party. Earlier, we had given them reports, but now they want a third-party report. So that is still another six to eight weeks. So that is why this delay. Otherwise, the process is on. We should be able to get this report by first half of June, and with that, we will start filing for the public hearing and filing the mining plan. So there's just a delay. We are very confident, and there is no need for plan B. I can assure you that. Sure. Sure. Thank you. That was really, really helpful, sir. So one more question. Yeah. I can show you the mine. Yeah, please. Yes, please. So early in April, we had received an update that the Boria Tibbu mine had gone out of operations, suspended, I think, temporarily. So we are back in production at that mine, right? We don't—No. So finally, okay, so there were some lapses in the renewal of Boria Tibbu as per IBM. So we have completed all the formalities now. We are waiting for the clearance from IBM. So that clearance, we should get this week. So from the end of May, the Boria Tibbu mine will be back in operation at full flow. Perfect. Perfect. Sure. Thank you, sir. So my second question is on the operational front. Those sponge iron production volumes saw a 39% fall on a quarter-on-quarter basis. So can you just highlight the factors behind the same? And I wanted to know that, did we meet the needs for billet production captively, or did we have to source the materials through the market for this quarter? Okay. So a couple of things. Firstly, so currently, the capacity of sponge iron we have is 5.94 lakhs. So we had achieved that same capacity by mid of February. So we had purposely planned a modification in a couple of furnaces along with the turbine. So we have changed to the more efficient turbine. So the entire shutdown period was planned because we had already achieved the capacity of 5.94 sponge iron, which we make. So there was no sudden breakdown. The volume goal is there because we have already achieved 5.94 in the past 11 and a half months. That is why. Because we can only produce 5.94. So you see, this quarter also, both the plants after modification have started in the first week of May. So again, the volume in Q1 will be less, but eventually, for the entire year, we will be able to achieve 5.94. So that's how we have planned it. Sure, sir. Sure, sir. And just following up on the same thing, for pellets, I think this quarter we have seen a massive jump on the sales side of the things. So I wanted to know that usually we sell around 400,000 in the market, and the rest is used for the captive needs. So what were the reasons behind this jump? And were there any? Yeah. So if you remember, in Q3, there was a pile-up in 20 of pellets because of the subdued market conditions. Plus, my two bigger pellets, so almost for 45 days in this quarter, my captive consumption was only 40% for pellets. So the additional 60% of pellet volume for Q4, as well as the inventory in Q3, both were sold and cleared in this quarter. That's why you can see a big jump in the pellet sale volume. Otherwise, no specific reason. This is the only reason. It's a one-time thing. Got it. Got it. And did we export any of the volumes during the quarter, or was it? We did. We did. We did export one vessel during January month. Apart from that, everything is going domestic. And right now, everything is going domestic. Okay. Sure. Perfect. So I'll get back in the queue for more questions. Thank you so much for your time. Thank you. Thank you. Participants who wish to ask a question may press star and one. I repeat, to ask a question, please press star and one now. The next question is from the line of Rakesh Roy from Omkara Capital. Please go ahead. Yeah. Morning, sir. Sir, my first question is regarding, sir. Hello. Yeah. Very good morning. Yeah. Sir, my first question is regarding, sir, after Government of India just recently fixed the safeguard duties, so can we see any price increase from your side in pellets in Q1, or you have taken any price increase in Q1? Of course. So we know government has imposed a duty for six months with a minimum pricing mark. But we all need to understand the duty has been imposed on basically the HR coils or the other products, which are usually catered by the primary steel market, right? Because of sentiment, there was a slight increase in the pricing for two months, you can say, between 15th of March till, say, end of April, early May. But since second half of May, the market has again reversed. The market has again touched the same levels, which was in Q4. So there was a slight jump in the pricing owing to sentiment, but now since monsoon is approaching, so demand is quite weak right now. So the market has reversed. So not much of a difference, I would say, in the last two months. Okay. So my next question is. It went up about 8-10%. It came down 8-10%. So it's at the same levels now. So we have not taken any price increase. And for Q1, we can say for Q4 price or Q1 price is same for pellets? So, see, there will be a slight price difference, but what I mean is usually we have an order book of almost 45 days. So early Q1, there was a price jump, but in end of Q1, there'll be again a price low. So you can consider Q4 and Q1 prices on the same level for pellets. More or less. Right. And so my next question, sir, how much margin you are targeting for FY26 after this lot of prices in the global market is changing, daily or daily of iron ore coke? How much margin you are expecting for FY26? See, as per the current guidance volume for FY26, we are confident we should be able to achieve what we have achieved in FY25, which is about 20%-20% +. But of course, subject to how the market remains. But if you say today's market condition, we are confident we can achieve what we have achieved last year on a similar level. And for revenue side, sir, how much top line we are expecting? Sorry, come again. For revenue side, how much top line we are expecting for FY26? See, so there'll be two couple of things in this year. One is my new pellet plant will be commissioned by end of Q2 as we have informed everybody. So the additional volume of pellets will start giving us additional revenue. And secondly, my new structural rolling mill, which I just got commissioned last quarter, so that will give us an additional volume of about a lakh tons. So we can say roughly about 5-7 additional, probably 5%-7% of additional volume we can see this year in terms of top line. 5%-7%. Thank you, sir. Thank you so much. Ladies and gentlemen, in order to ask a question, you may press star and one. I repeat, to ask a question, please press star and one. The next question is from the line of Sahil Sanghvi from Monarch Networth Capital. Please go ahead. Yeah. Good afternoon. Thank you for the opportunity. I appreciate the volumes that you have done in pellet in just one quarter. Welcome home. Welcome to Dinesh, sir, also. My first question is, I see that the ore mining target is three million tons. We are also targeting a three million ton pellet production. So I believe we will require more than three million tons of ore. So just if you can break down your ore requirements with respect to Ari Dongri, Boria Tibbu, and some external buying for the pellet requirement. Yeah. This year, we have given a guidance volume of 3 million of pellets with additional 0.5-0.6 million coming from our new plant. So basically that and 3 million of mining, out of which 2.4 million will be from Ari Dongri, about 0.35-0.4 million will be from Boria Tibbu, and about 0.2-0.25 million will be from our expansion of the EC, which is from the Q4 onwards. So that's how the breakup of 3 million of iron ore, which we are sourcing this financial year. The remaining fines, roughly say about 0.7-0.8 million, including our new plant capacity, we will be sourcing from the market. So right now, we do about 0.5 million annually. So, plus the additional requirement for my new pellet plant will be met initially. So, on the year ahead, you can consider about 0.7-0.8 million of iron ore will be bought from the market for FY26. Got it. Got it. Got it. And roughly, just wanted to understand the demand scenario. So monsoon right now will be a little weak. But otherwise, any kind of, I mean, any kind of slowdown are you seeing from the ground level? See, so market has reversed compared to probably in the month of April. The demand has gone down, definitely, at least for the secondary market, which has impacted the entire supply chain, right, from sponge iron, domestic coal, and even the pellet prices. So pellet prices have dropped compared to a high of INR 10,000 in last quarter to about, say, INR 9,400-INR 9,500 in this quarter at the moment, currently. So we have seen a little bit of downside about 5-7%. Monsoons are still away, I would say. They're still only in second half of May. Usually, monsoons arrive in July. So let's see how the market plays. Difficult to really insert right now. Right. And assuming that we have our approvals in place as you have guided with respect to the EC, are we targeting 4 million tons kind of iron ore mining from Ari Dongri for FY27? 100%. So FY27, we are targeting the entire capacity. So from 2.35 million, so we're targeting about 4 million of iron ore and 1.5 million of BMQ for my venture plant from FY27. Plus, FY27 will also give us the entire volume of the new pellet plant. Right. 4 million tons of iron ore and how much of BMQ? 1.5 million of BMQ. Okay. Okay. This is both from Ari Dongri or somebody? No, no. Both from Ari Dongri. So if I see a current EC expansion of Ari Dongri, we are saying 6 million iron ore, out of which 4.5 million is iron ore and 1.5 million is BMQ. Right. And do you also expect some contribution from Boria Tibbu in FY27? 100%. So this year, Boria Tibbu should do about 0.4, 0.35, 0.4 million. Next year, Boria Tibbu will ramp up to 0.5 million. That's how we have planned it. And eventually, third year onwards, we will want to get entire 0.7 million from Boria Tibbu as well. So next year, you can say 0.5 Boria Tibbu, 4 million from Ari Dongri, and 1.5 million BMQ from Ari Dongri itself. That's how we have planned it. 6 million tons is what you okay. Okay. Lastly, sir, I mean, we had some approvals awaited for the structural steel side of what we're doing at the plant. Any developments on that front? We were. You're talking about the new steel project at Tilda? You're talking about the structural mill we've just commissioned? Yes. Yes. Just tell me about the developments over there and any kind of further approvals we've got over there. Yeah. On the Tilda front, we have progressed well for the land allotment. Finally, the file has started moving. We are confident we should be able to get the land by next four to six weeks. Once the land is there, we should get the EC by a couple of months. As of now, we expect the EC. We should get the EC by Q2 of this financial year. Right. Right. Right. Right. And any further approvals on the customer level for the structural steel that we were trying to push? No. So basically, so there are two grades of transmission line towers. One is the MS grade, for which we have already got the PGCIL approval, where we have already started supplying to our end consumers. And for the second lot, which is the ST, the high-tension grade quality. The inspection has been done by the PGCIL team last week. We hope to get the approval by end of this quarter, which is June. And from July onwards, we will offer the entire range of PGCIL-approved products in the market to our end consumers. Got it. Got it. And my last question is on Jammu Pigments. If I have to see your numbers in Q4, they were really extraordinary as to the margins also and the revenue also. targets do we have for the growth on revenue and the margin that we are targeting on Jammu for FY26? Jammu Pigments? Dinesh, you. No, no. Sahil will not be able to give you the guidance on Jammu Pigments. But I can only tell you that we are actively engaged with the company. And a lot of improvements have been done over a period of last three months. And more improvements are on the way in terms of productivity improvement. And as the productivity improves, the margins and the volumes will definitely increase. That is what our confidence is based on our working so far in the company. And JPL really is on the right track as of now. And you will see the improvements over a period of time. But I will not be able to give you any kind of guidance on that company because we are still a lot of things we are trying to get hold of it before we can give any guidance. Sure. Sure. Sure. But just, are other Q4 margins sustainable, or should we assume that's more of a quarterly economic? Quarterly volatility will continue to be there depending on the product mix, etc., because there are various products other than billets like TMT, CTD, zinc, these kinds of value-added products. We are focusing on those products. And certain assets have also been commissioned. So those products will give a substantially higher margin than what we are getting on the billet. So yeah. But that margins will depend on the product mix and final output. Sure. Sure. Sure. Thank you so much. Thank you. Thank you. Thank you. Participants who wish to ask questions may press star one at this time. The next question is from the line of Aditya Welekar from Axis Securities. Please go ahead. Yeah. So thanks for this opportunity. My question is on the ferroalloy realization. So it has bucked the trend. So basically, we have seen in this quarter, steel price realizations have fallen, but ferroalloy realizations have improved on a quarter-on-quarter basis. So any outlook on the prices on ferroalloy and the kind of guidance we have for ferroalloy is slightly less than what we have achieved for FY25. So we have achieved 1 lakh tons, and the guidance is slightly lower at 0.9. So any color on that? See, for the ferroalloys, yeah, the margins have slightly improved compared to Q3 because Q3 was quite subdued in terms of the entire steel market. And ferro alloy is definitely a part of the supply chain. Q4, the market improved, and Q1, the market remained stable compared to Q1. So we can see the realizations on the similar levels as Q4 for Q1. On the volume side, yes, we posted 1 lakh tons. This year, the guidance is slightly less because we are planning some energy-efficient systems to be modified in the system regarding the new pollution equipment, the new pollution norms. That's why the guidance is slightly on the lower side. If we're able to achieve the modification well in time, we are sure we can produce as per last year's volume. So that's why we have given a little conservative volume depending on our modification work. Nothing else. Sure. And so the drop in the sponge iron production in this quarter, so have we sold our pellets externally, means directly to the third-party market? Yes. That's why the sales of pellets in Q4 is much higher compared to Q3 because of the shutdown on sponge iron. Okay. Got it. Yeah. That's it from my side. Thank you. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star one to ask a question. The next question is from the line of Divya Agrawal from FICOM Family Office. Please go ahead. So thanks for taking my question. So I just wanted to know, the iron ore pellet realizations have declined by 4% quarter on quarter and 6% year on year. So do you expect the realizations to improve from here on? What was the reason for that? How were the realizations in the international markets? Were they above, or were they more as compared to domestic market, or it was on similar lines? See, currently, so last year, I would say most of the year, the export market was quite subdued compared to domestic market. The domestic prices were much, much higher. So if you see the entire pellet volume going out of India last year was much lower compared to a year before that. And right now also, the export market of pellets is quite subdued. To give you a delta, so currently, the delta is almost at $15-$20. So domestic is much realization of domestic is about $15-$20 more compared to the international market. Looking at the current trend, it seems to be on a similar line. That's why the export volumes from our company was close to nil last year. That is one. Secondly, on the pricing side, see, 4-6% is not a big number because eventually, it's a commodity. And steel demand does play a big factor in terms of deciding the pricing as well. So 4-5% is, I think, much acceptable. And this year, as well, so if you say April was good, again, May is still better. But June onwards, you can see the demand and the pricing is on the lower side. So a guidance of 5% plus minus is, I think, it's quite acceptable. No major reason for that, I would believe. Fair enough. Fair enough. And in terms of domestic market, what kind of scenario are you seeing? Are there new capacities, oversupplies? How is the demand-supply situation in pellets in the domestic market? See, you have to consider region-wide. If you see the eastern market, which is Bengal and Odisha, there is oversupply of pellets because of additional capacity being installed. Plus, limited sources of lumps available, which is mainly the Odisha market. But for the Raipur market, the demand is much more because of the DRI capacity which has been added in the last two, three years since COVID. So abnormal capacity of DRI has been added in the Raipur market in the last two, three years because of which, for us, the pressure of selling is very seldom. Probably once in four, five months, we will feel the pressure of selling the pellets. Otherwise, it's a cakewalk for us. Right. I got it. That's all from my end. All the best. Thanks. Thank you. Thank you. Ladies and gentlemen, in order to ask a question, you may press star and one. I repeat, to ask a question, please press star one. The next question is from the line of Hitesh Popat, who is an individual investor. Please go ahead. Thank you for taking my question. Many congratulations to the management. The way GPI is setting up as a responsible ESG company with green initiatives not only benefiting stakeholders on cost level but also being environmentally sustainable. Thank you so much. Sir, I would like to know details on the loans we have extended, which is reflected in our balance sheet. Along with that, if we do have any intercorporate loans, whether taken or extended. Dinesh, you? Bothra, you? Hello. Hello? Dinesh, you? Can you please? Yeah. Yeah. The loans which includes on the long-term side, there are two parties, INR 118 crores. On the short-term basis, we normally it is a part of the treasury management. the short-term period, we get a substantially higher rate of interest as compared to the rate offered by the banks. As a part of treasury management, some loans have been given, which is to the external parties in the form of intercorporate deposits. Total exposure will be in the range of INR 200-250 crores, including long-term loans. Okay. It will be a mix of long-term and short-term loans. Yeah. Yeah. Yeah. If I am able to understand correctly, we are planning a fresh borrowing for the expansion we are pursuing. Am I correct? Yeah. This INR 300 crore borrowing, which we have proposed and took the approval of the board, is in order to manage the cash flow. In fact, our actual requirement may not be there to the extent. We may draw some amount. We may not draw. But in order to maintain the cash flow and have some cash balance with the company because otherwise, our cash balances are tied up with the current expansions in the plan. So just took an approval for 300 crore from the board, and we will take the sanction also. We'll draw as and when it is required. Okay. Thank you. Yeah. Thank you. A reminder to all participants that you may press star and one to ask a question. The next follow-up question is from the line of Rakesh Roy from Omkara Capital. Please go ahead. Yes, sir. So my first question regarding the industry was, for new pellet plants for FY26, we are expecting 0.5 million tonnes for FY26. Right. Correct. Correct. Correct. And for rolling mill, we are expecting 0.5 lakh by 50,000. No, no, no. So see, see. So there are two expansions. One is the new pellet plant. Second is, we have taken an additional approval from the board to expand the steel capacity from 5.25 lakhs to 5.75 lakhs. So that is the 50,000 tons. And from the new structural rolling mill, which we have commissioned, so this year, we had a production of 1.5 lakh tons. 1.5 lakhs. So totally put together, the rolling capacity will be 3.75 lakhs, out of which 2.25, 2.3 will be wire rods, and 1.5, 1.75 lakh tons will be the structural, which we just commissioned in the last quarter. Yeah. So put together, about 3.7 by 4 lakh tons of rolling. Yeah. Yeah. But totally, it's 3.75 lakhs. Yes. Yes. Put together both the products, both the mills. Okay. Okay. Right. And sir, one more question regarding, sir. Sir, suddenly, sir, we see some in every north or western part, we have seen some unexpected raining happening. So do you see also any problem in Raipur on unexpected rain, or you have faced any problem in the operation? No, no. See, see. So we have spent well in the infrastructure because the monsoon in Raipur usually is quite good. It's from July till mid of October. So basically, we have spent well in the infrastructure. So even if there is an untimely monsoon, we are very well prepared and it doesn't harm our operations at all. And achievement of production guidance year on year clearly shows that. Okay. And sir, last question, sir. As you say, sir, you get the EC by Q3 FY26 for my mining business, no? Yes. Yes. Very much. Very much. Yes. And the mining operation from next year, FY27? No. So you can see a slight ramp-up from Q4 onwards. But yeah, majorly, you can see an incremental volume happening from FY27. But you can see a slight increment from Q4 onwards. Okay. Okay. Okay. Thank you, sir. Thank you. Thank you. Before we take the next question, participants who wish to ask questions may press star and one. The next follow-up question is from the line of Manav Gogia from Yes Securities. Please go ahead. Yes. Thank you, sir. So one question I wanted to ask on the high-grade pellet premiums. Considering a drop in the pricing for pellets, are the premiums getting impacted as well? No, no, no. So we ensure that the premiums are always basis the commercial pellets. So our premiums remain the same. Plus, INR 100 is not a big number. But majorly, our premium remains constant for the entire year. We base it on the commercial pellet. That's how we have marketed in the product because of the quality and other parameters. Okay. Okay. Sure, sir. But so, for example, today, for example, the pricing is INR 9,500. So our pellet will be at INR 10,000, INR 11,000. The pricing becomes INR 9,000, so our pellet will be INR 10,500. So the delta between both the grades is constant. Got it. Got it. Sure, sir. So one question, can you just let me know what was the landed cost of coal for us during Q4, and how do you see it shaping up during Q1? See, for Q4, the landed cost of coal was close to about INR 11,750, the imported coal. And for Q1, the pricing will be somewhere about INR 11,000, a slight reduction. But from Q2 onwards, we can see a sharp drop of almost 10% because even the international market has corrected quite a bit. Got it. Got it, sir. That was helpful. So one more question is going to be on the CapEx expectations, right? What would be a number that we can see for both FY26 and FY27 going ahead? See, FY26, with the current pellet project, mines verification, mines expansion, and a few other energy incentive initiatives, we envisage the total outflow will be about, say, INR 850 crores for this year. And next year, hopefully, we are able to start work on a new steel plant. So if that happens, then, of course, the numbers have to change. But still, it will be difficult to give you a right number right now. This year, it will be about INR 800-INR 900 crores. No, no. We have given the number on the CapEx plan for the current year in our presentation, that is CapEx sheet. More or less, all these expansion projects are likely to get commissioned in the current year. That is in the range of about INR 1,000 crore remaining CapEx. There is a pending CapEx for expansion plan, there is a CapEx of INR 150 crore. Pellet plant, there is INR 334 crores yet to be spent. All these numbers are based on March 25. Solar power project, there is a INR 380 crore requirement. Energy efficiency project, INR 56 crores. Altogether, INR 950-INR 1,000 crore, approximately. Sure. Perfect. That was very, very helpful. Sir, on the new steel plant that is right now under discussion, do we have any idea on that we can get whether it is going to be a greenfield expansion or probably a brownfield expansion at the current capacity? No. So the steel plant at the new complex will be definitely a greenfield expansion. There won't be a brownfield. As I said, we're waiting for the land approval and hence the EC, which should be able to get it in next three to four months. Our plan is more or less ready. But once till the time the board doesn't approve it, we really can't come into the market. So we're waiting for the EC to get approved. Once we have approval, we will definitely share with you. But it's going to be a greenfield complex. Okay. Okay. Sure. And will it be for flats or longs? No. So it won't be flats. So structural is so it will be more on the section mill side, the structural side. So the whole idea is what we have commissioned in Arasmeta is a light to medium structural mill. And the remaining products, which is medium to heavy structural mill, we want to establish in this complex so that Godawari can offer full range right from light to heavy in the longer term. That's the whole idea. Got it. Got it. So that is quite helpful. I think that's all from my side. Thank you so much for the opportunity and all the very best, sir. Thank you. Thank you. We'll take our last question from the line of Aditya Welekar from Axis Securities. Please go ahead. Yes, sir. Thanks for the opportunity again. My question is on the macro front. So currently, what is the kind of differential between CFR China iron ore prices versus our domestic iron ore prices? And at what level of differential does it impact our pellet prices? Means if the iron ore prices decline in future, then what will be at what level it will start pinching us? So I want to understand from that perspective. See, to be honest, the impact of the international iron ore market compared to previous years, there is a lot of dilution because earlier, we were doing a lot of export volume, so there was a direct impact. But in the last couple of years, the dynamics have changed because additional DRI capacities have been added in the region for which the pellet demand has gone up exponentially. So that's why you see from the last 18 months, we have hardly exported any vessels. So I don't see in the longer term any major change in iron ore will have a big impact on the pellet pricing. As per today, this year's guidance by all the big agencies like Goldman Sachs and all, iron ore should be between $90-$100 levels this year as well. We don't see much change unless there is a drastic change in the economics. So yeah. Yeah. Understood. That's helpful, sir. Thanks a lot. And all the best. Thank you. Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for closing comments. Yeah. Thank you. We would like to express our heartfelt appreciation for joining this conference call. And we are confident that we have adequately answered all your queries. Should you have any further questions or need additional information, please feel free to reach out to us or our investor relation agency, Go India Advisors. Once again, we sincerely thank you for your participation and your unwavering support. Thank you very much. Thank you. Thank you. Thank you. On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.