Ladies and gentlemen, good day and welcome to Jindal Stainless Limited Q3 FY26 earnings call hosted by Prabhudas Lilladher Private 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 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. I now hand the conference over to Mr. Tushar Chaudhari from Prabhudas Lilladher Private Limited. Thank you, and over to you, sir. Thank you, Puneet. Good evening and a very warm welcome to everyone. On behalf of PL Capital, I am pleased to welcome you all on the Q3 FY26 earnings call of Jindal Stainless Limited. We are happy to have the senior management of JSL with us for the next one hour. Management is represented by Mr. Abhyuday Jindal, Managing Director; Mr. Tarun Kumar Khulbe, CEO and Whole Time Director; Ms. Shreya Sharma, Head of IR; and other senior management team. We will begin with the opening remarks from the management, followed by an interactive Q&A session. With this, I hand over the call to Ms. Shreya. Over to you, Shreya. Thank you, Tushar. Good day, everyone, and thank you for joining us for the company's Q3 FY26 earnings call. I hope you all had a chance to review the results and the accompanying presentation uploaded on the exchanges and on our website earlier. Our discussion on this call will follow that presentation. Before we begin, I would like to remind you that some of the statements made today may be forward-looking in nature and are covered by the disclaimer on slide two of the earnings presentation. Joining me on the call today is the senior leadership team, who will take you through the key business developments and the performance for the quarter. After the remarks, we will open the floor for the questions. With that, let me hand it over to our Managing Director, Mr. Abhyuday Jindal, to take you through the highlights. Over to you, sir. Thank you, Shreya, and a very good evening to everyone. I would like to welcome you all to the Q3 FY26 earnings call. I will begin by outlining the key business highlights for the quarter ended December 2025 and the progress we continue to make across our priority sectors. Following that, Mr. Khulbe will take you through our operational and financial performance. Continuing the positive momentum, our sales volume in Q3 FY26 grew by 11% year-on-year and remained steady quarter on quarter, supported by sustained domestic demand amidst certainty in the export market. In the domestic market, JSL's performance was consistent, underpinned by the demand momentum from key sectors such as automotive, ornamental pipe and tube, railways, metro, lift and elevator, and white goods. Last quarter, we also launched the Jindal Saathi initiative for the stainless steel pipe and tube segment, a key step in our commitment to empower fabricators and retailers to verify products instantly and to reward their efforts in enabling product authenticity. Stainless steel demand in the passenger coaches segment also saw increased traction from design revisions in Vande Bharat and new orders from Vande Bharat Sleeper Class. The new thrust on Amrit Bharat coaches is expected to further boost stainless steel demand in the sector. Higher activity in metro projects across the country also supported the delivery momentum. I am pleased to report that our stainless steel has been accepted by ICF Chennai for the fabrication of external sidewalls of metro cars being supplied to the Kolkata metro. GST cut supported festive season demand from white goods segment, supporting strong deliveries during the quarter. Sequentially, the auto segment also saw strong volume growth driven by lower GST rates on ICE combustion vehicles. On the export front, global trade sentiments remained subdued due to ongoing uncertainties and the protectionist measures in key Western markets, particularly the United States and the European Union. In response, the company continued to strategically prioritize the domestic market with a focus on providing value-added solutions tailored to the needs of our long-term partners. On the import side, subsidized inferior materials continue to enter our country. The temporary suspension of QCO is definitely a matter of concern and poses a discouraging setback for quality-focused domestic industry players. We remain hopeful that the government will strengthen and enforce frameworks that uphold quality standards to protect consumers, MSMEs, and all. In this environment, Jindal Stainless retained its market share through its competitive pricing, robust distribution network, cost competitiveness, and customer-focused initiatives such as Jindal Saathi and QR code and loyalty incentive programs. On sustainability front, I'm happy to report that JSL achieved an S&P Global Corporate Sustainability Assessment score of 78 out of 100 for FY25, ranking us among the top 5% in the steel sector and securing fourth position globally. Securing one of the top global positions in the DJSI modeled ESG ranking is a very proud moment for us. Our significant improvement over the past year's course reflects our continued commitment to responsible growth grounded in transparency, innovation, care for our people, and the planet. In parallel, our renewable power utilization at Jajpur and Hisar facilities has steadily increased, now 56% of our total imported power in Q3 FY26, making a significant step towards cleaner and more sustainable operations. With this, I would like to hand over to Mr. Tarun Khulbe to discuss our operational and financial performance. Thank you. Thank you, Abhyuday. Good evening, everyone. Welcome to the call. I would like to begin by providing a detailed overview of our operational and financial performance. Our Q3 FY26 deliveries are at 0.65 million tons, with an increase of around 11% year-on-year. Our Q3 consolidated EBITDA increased by around 17% year-on-year and around 1% on quarter on quarter to INR 1,408 crores, while our consolidated PAT stood at INR 828 crores, an increase of around 23% on year-on-year and around 2% on quarter- on- quarter basis. For nine months FY26, our deliveries stood at 1.92 million tons, with an increase of around 11% year-on-year. Consolidated EBITDA increased by around 14% year-on-year to INR 4,106 crores, and consolidated PAT stood at INR 2,350 crores, with an increase of around 23% year-on-year basis. We are pleased to report continued improvement in our balance sheet. As of December 31, 2025, our consolidated net debt has further reduced to INR 3,451 crores, with a net debt-to-EBITDA ratio at 0.67, comfortably below 1, and a net debt-to-Equity ratio of 0.18, reflecting our disciplined approach to financial management. This robust financial management continues to place in the better position to navigate ongoing macroeconomic challenges. Turning to subsidiaries front, all subsidiaries have shown improvement and contributed positively to the group's overall EBITDA. Operationally, we are encouraged by the ramp-up at Chromeni and NPI, with both experiencing an increase in capacity utilization. Our SMS projects in Indonesia and aligned downstream capacity expansion in India are progressing well and remain on track as per the timelines. I would also like to inform that the Board of Directors have approved an interim dividend payment for FY26 of INR 1 per share, with a face value of INR 2 each, aggregating to a payout of nearly INR 82.44 crores. The record date for the purpose of payment has been set as January 29, 2026. To further develop the stainless steel ecosystem and capabilities, we have signed MOUs with four government industrial training institutes in Odisha, Uttar Pradesh, and Maharashtra to implement a 155-hour stainless steel fabrication course as a part of their curriculum. India's stainless steel demand is rising, in line with its economic and infrastructure growth. We are proud to support the shift towards this sustainable wonder metal. With that, I conclude my remarks and invite the moderator to begin the question and answer session. 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 Amit Dixit from GS. Please go ahead. Yeah, hi. Good evening, everyone, and thanks for the opportunity. Congratulations for a very steady set of numbers. I have a couple of questions. The first one is on essentially some kind of a protection mechanism. We have seen that in case of steel, finally carbon steel, the safeguard duty has been imposed. Now, we are also seeing an influx of imports. Though it has not surged, I mean, there was always a very steady high level of imports in the stainless steel industry. And I understand that we have been working with the government in making sure that we get some kind of protection, at least against the unfairly priced imports. So just wanted to get an update on that. Where are we? Is the government now more conducive considering that a step has been taken for carbon steel players? So, Amit, thank you for your question and all the good wishes. So yes, as we mentioned last time also, safeguard because of the reason you mentioned, there was no surge in imports in stainless steel, and it's been steadily at 30%+. That's why safeguard was something that they were not in favor of going ahead. Anti-dumping duty investigation is on. We are hopeful that the government will give us some relief. So those are the lines we're working on. And on the other side, absolutely, we are pointing to them that once this QCO relaxation was given, import surges further happened again in the last few months. So that is another area that we are constantly picking up with the ministries that a lot of circumvention is happening. Import surges happened. So QCO is definitely required for the entire industry. It will uplift the sentiment. It will increase more investment in this industry for us. So both sides are working. One is on anti-dumping duty, which we feel next few quarters we should get some positive response, and on this QCO relaxation should not be extended further. Great. That's helpful. The second question is essentially on the profitability and volume side. Now, if we look at the last quarter, particularly towards the end, nickel prices have been rising. Ferrochrome prices have risen. Do you see some kind of impact of this on the finished steel prices as well through increased surcharges? And therefore, what kind of profitability can we expect in Q4? And also, if you could briefly let us know. I know in prepared remarks you mentioned about the demand environment, but on the overall volume growth, how do we see it in Q4 and going ahead as well? Okay. So yeah, rightly, you indicated or you have said that the raw material prices on nickel in particular, which was otherwise has, in fact, on an average basis, have gone down in Q3, but towards December, and it started going up. And yeah, in the month of January also, it is on the high side. As all along, we have stated that normally in the stainless steel, the prices are governed by the movement in the raw material prices. So definitely aligned to that, we could see the movement in the prices of the stainless steel, not only in India, globally as well. So there is a price movement into that. So far as our profitability part is concerned, whatever guidance we have provided for the year, INR 19,000-INR 21,000 per metric ton is what we had given. We have delivered in nine months an average of around INR 21,300, and we believe that this year, on an average basis, around this number we should be closing. Yeah, so whatever guidance we have given in terms of volume growth and EBITDA per ton, we are extremely confident of meeting those numbers. It is still because of certain of the geopolitical situation, QCO relaxation. We would like to stick to this guidance only. Understood. Thank you. Thanks a lot and all the best. Thank you. Thank you. Our next question comes from the line of Alok Deora from Motilal Oswal. Please go ahead. Good evening, sir, and congratulations on decent numbers. Sir just had a couple of questions. One is on exports. So if you could highlight why the sharp drop in export contribution to the volume and how do we see that going ahead? And second is on any change in the mix in terms of HR and CR in the overall. Because there also we are looking at some improvement in the mix. So if you can just comment on that. So, definitely, as we are all aware, export is a very uncertain situation because of the geopolitical factors. Nothing to do with the company. We are still sticking to our supply chain. We are still supplying our customers. It is more from our customer side because of this lack of clarity that is there, whether Mr. Trump every day wakes up, announces something new, plus CBAM is on our head, that even in December they changed certain rules or nomenclatures. So it's the uncertainty that is not letting our customers book further orders. We are absolutely geared up. We have been supplying, catering to them for decades now, and we will still continue to do that. And on the other side, as a company which I've always stated, our goal is for EBITDA maximization, creating more shareholder value. If we are seeing that in the domestic market, whether it's good demand, then we would be more than happy to cater to the domestic market. Export is more on account of global geopolitical situations. To your second question, CR output has definitely increased. Maybe Mr. Khulbe can add to that. Yeah. Just to add to whatever you have given, because even on CBAM, just to add that towards the year-end only or towards the December-end only, eventually they came out with the threshold levels and calculation methodology. But still, who will be verifying it and the verification methodology of this tax calculation has still not come out, which is again holding customers some of confusion or uncertainty into their mind. Now, coming to the mix of HR and CR, two ways we can look at it. If we look at our overall CRAP percentage of the overall sales, so now it is at around 55%, which was at around 50% a year before. But then if you look only at HRAP and CRAP ratio, then I can give you a three-year trend. In Q3 FY24, it was around 40% HRAP, 60% CRAP, which changed to 35% and 65% CRAP. This financial FY26 Q3, it is 30% and 70%. Somewhat our investments into the downstream, our acquisition of Chromeni, all that has helped us in improving this percentage of CRAP. Sure. Thanks for that. Just one follow-up on the export side. So whatever volume guidance we are, whatever volume we are expecting for FY27, so even if exports were to be lower at, say, 5%-6% in terms of contribution to total volume, we don't expect to have any major slippage in terms of overall volumes. Not at all. Absolutely not. Got it. That's all from my side, sir. Thank you and all the best. Thank you. Thank you. Our next question comes from the line of Parthiv from Anand Rathi. Please go ahead. Hi. Thank you for the opportunity. I hope I am audible. So actually, my first question is just a very generic one. Just wanted to get a breakdown between the cities if Shreya can help us out. Yeah. So Parthiv, I just read it in order of 200, 300, and 400. So in Q3, it was 38%, 45%, and 17%. And for the nine months, it was around 36%, 47%, and 17%. Perfect. That's quite helpful. Thanks, Shreya. Yeah. So my first question is just taking a couple of points or the comments forward from the previous analyst. If you see right now, our blended ASP for quarter three was about 161, which was a fall of almost about 4%-4.5%, whereas your blended stainless steel market was down by about, say, 2%. I believe there is some aspect of export which plays out. But just wanted to get your understanding for, say, FY26 for the last quarter and for FY27. How do you expect the stainless steel prices and realizations to improve going forward? Okay. So I think we have to look at it from the two angles. So first question, you had asked to Shreya that what is your series mix. So the series mix, if you look sequentially quarter-on-quarter basis, then there was an almost 4% drop in 300 series and almost equal increase in the 200 series. This is one of the factors that there was a shift in the series mix. Another point is, as we are always stating, that stainless steel prices, that is the realization, also eventually governed by the raw material movement. And already, as we all can see, that the nickel in quarter three was a bit softer, and that is where that also impacted the realization. All right. So you expect this to cross or stay over, say, right now it's around blended is about 190,000-191,000 a ton. You expect that to stay or go around similar level for the remaining part of the quarter? So it all depends. If the nickel remains on the higher level, the level at which it is, it will definitely lift the average realization than what we attained in quarter three. All right. That's actually helpful. So my second question is on CBAM. We understand there were new threshold calculations which came out. There are certain ways we should look into it. However, just going by a couple of articles, whether it would be in India globally, we have some calculation as far as the carbon steel manufacturers are concerned across the globe, right? Whether it be China, India, so on and so forth. Have you done any calculation for our company? What is our CBAM impact? What is on a per ton basis? Yes, absolutely. We are tracking that very closely. And like I had announced, which I can repeat, we are actually scoring very high in most of the criteria. Like in the S&P Global Corporate Sustainability Assessment, we scored 78 out of 100. That puts us in the top 5% globally in the steel sector with the fourth position. And in DJSI ESG model ESG ratings, we have secured the top position in the global. So whatever is available, whatever is an S&P or a well-approved body, we're already moving ahead. Whatever is required for Indian ratings like BRSR or by SEBI, we are doing all of that. So as a company, we are absolutely geared up. Everything is in place. It is more clarity that is required from the European Union that who is the verifier, when will the verifier come. All that clarity from their side is required. But as a company, we are absolutely geared up. We're increasing our renewable capacity month on month. We've invested in green hydrogen. We are already a scrap-based company. So everything is there in place to ensure that CBAM does not impact us in a very negative manner. All right. So do you expect this to get some clarity within, say, next maybe a quarter or two, or it will be on that? My guess is as good as yours. We are also waiting. And like I said, it is from the European Union to decide when they can send the verifiers. But the expectation is this quarter, they should be because they were supposed to start from January, and we're already in the middle of the month. So I'm expecting this quarter, more clarity should come. All right. And sir, if I may just squeeze a very quick one. I think after a couple of articles, the Indian stainless steel imports is hovering about 20%-25%, 22% to be precise of the production in last year. So just wanted to get some clarity on it. Do you expect this to go down or remain around the same level? Because I think as a series, 300 Series is the largest. We import the maximum under 300 Series. So just wanted to get your overall picture on this, especially on the import front. Without any government intervention, I don't see these import numbers going down. Because again, what everyone has to understand and what we are trying to push to government is that globally, every country is trying to protect their manufacturers, trying to protect their borders, and India is relatively open. So I don't see this number going down without some kind of government intervention. But despite imports going down or going up, whatever we are committing to, whatever we have announced, we are very confident of achieving that. Okay. And just circling back to the CBAM question again, you don't have any numbers in mind, right? Or have you calculated any given number? We have calculated all the numbers. It is, again, like I'm saying, we are waiting on EU to clarify how they want us to calculate and show. So that's why those verifiers are required. Otherwise, like I mentioned, DGSI, S&P, SEBI numbers, BSI, they're all based on certain calculations, certain metrics, which we have already proven and shown. Absolutely. So is it possible to share a certain range, whatever is your internal understanding? I'll ask the team to get back to you if you are allowed to. Then they definitely will. Sure. Sure. Thank you so much. Appreciate it, and best of luck. Thank you. Thank you. Our next question comes from the line of Vikas Singh from ICICI Securities. Please go ahead. Good evening, sir, and thank you for the opportunity. I just wanted to understand a little bit longer-term growth path. Looking at our capacity and probable 2.6 million tons of the volume mandate, we would have another year of 10% kind of the volume growth, and then we would probably have to wait until our Maharashtra plant picks up. Just wanted your thought process that do we have a plan to continue to grow at least 10%-15% for the next three years or another 10% growth in the next year, and then we have to wait a couple of years of waiting time for the next three months? No. Definitely, definitely we don't have to wait after this time for, let's say, till our Maharashtra project comes up. We're already firming up our plans of further downstream investments. And if you just give us one more quarter, then by Q4, I will come out with, let's say, next two, three-year volume growth target and plans. Understood, sir. So just waiting one more quarter, we will definitely come with that announcement. Noted. So my second question pertains to our subsidiary performance. Given the nickel prices have come down, usually thought process was the standalone would have been lower and subsidiaries probably with the same volume should have been maintaining the performance. The reverse has happened. Standalone performance was better, while subsidiary seems to be a little bit on a dip. So if you could give us some idea what has happened, it would be really helpful. No, not really. I don't see any. All our subsidiaries have actually done better from our service center to lifestyle, so any particular subsidiary you're talking about, then I can discuss, but if I see the results of most of the subsidiaries from the international ones and the domestic ones, they have done better. Sir, I'm talking about on a sequential basis. For example, JUSL from EBITDA of INR 205 crore went down to INR 190 crore basically, which is even lower than the YOY basis. So anything which has happened in the JUSL? Yeah. So in JUSL, there was a shutdown, and there was, because this subsidiary essentially worked on a job work model. So the volumes were lower. And that is one of the reasons. But at the same time, if you look at the number that EBITDA per ton and all that, you'll find that there the things have in fact improved. This shutdown had been over, right? So we brought back to normal. Yeah. Now it is over. Yeah. Correct. Noted, sir. And, sir, just lastly, on our debt side, basically, given there's still some time on the large CapEx to take place, what is our assessment in terms of the net debt at the end of FY26 or maybe FY27? Our net debt as of now, at the end of the quarter three, is INR 3,451 crore. Now, when we had provided a guidance at the beginning of the year, we had estimated to be closing the year in the range of INR 3,500-INR 3,700 crore. Now, looking at the current situation, we believe that this year we should be closing somewhere around where we are already, or maybe a bit even lower than what net debt position we have at the end of quarter three. So no further reduction in what is causing that? Because overall cash inflows seems to be pretty healthy for Q4 as well. Because usually volume-wise, that is the best quarter. So. So, I've already stated that that could be even slightly better position than where we are. Because it also depends some of the. I mean, we have to look at some of the possible payments and all that. Okay. Just let me rephrase this. How much of the CapEx we have spent in nine months, and what is the fourth quarter target? Okay. So we had given a guidance of INR 2,700 crore as a CapEx for the whole financial year, FY26. INR 2,200 crore we have already done. And we are on course of completing or ending with INR 2,700, around INR 2,700 crore of CapEx in the FY26. Noted, sir. That's all from my side. Yeah. Thank you. Our next question comes from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. Just another follow-up question on CBAM. So what I'm trying to understand is, it seems that you've not got the emissions verified. So whatever you're sending will be default emissions that the importer will have to use. Is that the current status? And given the order pipeline that you have, just trying to see how much shifting of imports from Europe or your exports to Europe could be in the next quarter or two. No. What we said that in CBAM, the European Union has come out with threshold levels and calculation methodologies, but what they have not yet come out with the verification methodology and who is going to verify the calculations. Now, in the absence of that, we have seen that a lot of changes, frequent changes, are being done even with whatever they have suggested so far. We have found them changing, so that is why we are also waiting for this process to be absolutely clearer. Let them clarify that how the verification will be done. Let them say who will be authorized to verify it, and then probably we'll be making better discussion when all this happens. Just wanted to discuss this. Because in the document that CBAM put out, they seem to suggest that many companies during the transition phase, it's been a two-year transition, did get their emissions verified. So you are stating that there was nobody who reached out, "Your emissions are not verified." Anybody who's importing JSL steel into Europe will have to use default emissions till the emissions get verified. Just trying to. That is the situation for every market. It is not that somebody in India has been verified and we have not been verified. There has been no verifier that has been appointed till now. So that is what we are waiting for. Okay. And there is no import order as the imports have totally dried up from Europe in the last few weeks. Is that given? We are still supporting to our customers. Absolutely. Okay. And on the volume growth for FY27, just wanted to understand. First half, the HRAP towards the end of next year, given you'll have maybe shortage of HRAP throughout the year because the expansion comes in later part of the year, what kind of volume growth is realistic to assume for FY27? And let's say whatever excess SMS you have, how do you sell it if the HRAP comes up? So, like Mr. Jindal already stated, that for FY27, give us some more time. And when we get onto the next call, we'll be providing the guidance of FY27. But we are definitely aware of all the situations which constantly we are evaluating within the organization. What best can be done? Management is taking all those measures and possibilities and working on all these things. And we'll come back to you with the numbers. Okay. Thank you so much. Thank you. Our next question comes from the line of Ritesh Shah from Investec. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, a couple of questions. One is, how are we looking at metal and scrap procurement in the marketplace? Given LME is high, we don't have much sense on physical market premiums on nickel. If you could highlight that. And a related question, given we are procuring something at a higher cost, how do we get comfort on the spreads into the next fiscal? If you could highlight what percentage of our volumes have a cost-plus mechanism inbuilt. That's the first question, sir. So Ritesh, most things, as you know already, we pass on to the customer with maybe a lag of 30-45 days. So whatever cost and we do in our raw material buying, it's always a back-to-back hedging that we try to ensure. So most of these disruptions are taken care of over the course of the entire year. I don't know if I'm answering your question correctly. Maybe Mr. Khulbe can further add. No, I think you have answered it. I mean, that's what is apprehension is that right now the nickel is on the high and all, how are we taking care of it? But you rightly said that we always this is what we have been over the years we have been stating that in stainless steel, this raw material prices movement, they get passed on to the product to the consumer. So that's what we get back this time. I would say most of them are on those lines only. So sir, would it be fair to assume that 90% of whatever we sell will be back-to-back? Or if you could quantify that number? So difficult to quantify, but most of the nickel-bearing grades, definitely we can commit. Maybe not in the non-nickel-bearing grades, but most of the nickel-bearing grades is back-to-back. Okay. That's helpful. Sir, second question was related to the SMS Tsingshan. I think the timelines over there, I think earlier we had indicated first half FY27. So what is the progress over there? That's one. Second is, I presume we will move that slab from Indonesia to probably Odisha, and then if we have to get something on CR to Gujarat. Now, given the processing time over here will be longer versus what traditionally we have been doing, how would we look to hedge the commodity risk over here given the turnaround time specifically for this movement or this volumes will be larger? So two things. First, to answer your question, Ritesh, that it is on course. And I think very soon we'll be announcing the commissioning of the melt shop. It is definitely on track or in fact slightly better. So far as your next question concerns, see, you have to look at the situation like this, that whether we bring slab, otherwise we would have to bring in either scrap or NPI. And in that case, also everything would have gone to Odisha till we get any other melt shop. And then things would have come to Chromeni. So it is more or less the same situation. It is not changing just because we are bringing in slab. In fact, it will help in reducing the cycle time a bit even shorter because nickel will be coming in the form of slab. Because in India, nickel is not available. For nickel, we have to import scrap, NPI, or slab, in any of the form. I think more or less the situation is very similar for us. Just bringing in slab is not changing any equation. Sir, please correct me if wrong because there will be procurement time in Indonesia, processing time at SMS, and then transit time by sea to get to Odisha. I would presume it will add at least a few days over here. Given the volatility in nickel pricing, what you're referring to is basically there is no change in turnaround time. Yeah. I'm saying that if I don't bring in slab, then I'll have to bring in a scrap. And the scrap also then will come either from Europe or U.S. or from any other country, then the scrap will come. And in that case, the scrap will have to reach Odisha plant, then will have to be converted into slab, and then the process will start. So here, one step we are taking before. Basically, end-to-end time would. Remain the same. Okay. So the third question is more you explained it briefly, but sir, are there any timelines specifically on ADD and clarity on QCO? QCO, they had given an extension till March. I would expect definitely by next month, we should be hearing something on whether they're extending it or not. On ADD application, the investigation is on. Investigators have been appointed. I think in the first half of this year, we should get some clarity. Generally, they try to take around a year's time to implement. We all know how slow the Government of India can be. We expect first half of this year because we applied for it in July last year, I believe. Sure. And sir, last question very quickly. If you can highlight utilization levels for Chromeni, RATI, and RVPL? And what are the plans going forward? Chromeni is around, I would believe, 75% right now. RATI is close to 85%. And the target as always is to further increase them to at least 90%-95% this year. And RVPL? RVPL is maybe at a lower number at the moment because certain changes in our strategy we are working towards. Sure. This is all. Thank you so much. This is only the finishing lines that we are running right now. So no other production on the P&D side. Yeah. Okay. That helps. Thank you. Thank you. Thank you. Our next question comes from the line of Rajesh Majumdar from 361 Capital. Please go ahead. Yeah. Good evening, gentlemen. I had a couple of questions. So one was on the line of the questions from other participants in terms of the net debt. I mean, barring the Maharashtra project, I mean, if you look at our debt today and the kind of cash flows we're likely to have in the next six months to one year, we will largely be net debt-free by FY27 given our normal CapEx of, say, INR 1,500-1 INR,800 crore. Is that a correct assumption? We will not be absolutely without debt. But yes, for sure, our position would only be improving. It won't deteriorate. Sir, secondly, my question was on the NPI venture. With nickel prices having moved to $18,000, what is the kind of profitability swing that we can expect once the venture is fully operational in terms of on an event basis, either through captive consumption or through sales? What is the kind of benefit that we can look at in terms of the NPI venture? So nickel has remained quite volatile. In fact, in the recent past, it was rather very subdued prices, but of late just from December onward, it has again, nickel prices have gone up. But still, we had indicated for our nickel venture, we had given a guidance of around $500-$1,500 range, this dollar per metric ton of nickel. And quarter three, we have hit somewhere around $900. And we expect if the nickel prices remain high, so we should be on the higher side of this range. What is the nickel equivalent of that NPI venture? I mean, I know the total capacity, but what is the nickel equivalent in terms of tonnage that we can take for calculations? Nickel equivalent, the plant capacity is around 28,000 tons of nickel design capacity. Because we have around 50% or 49% of share. Okay, roughly 14,000 tons at the 100% capacity utilization. That's helpful, sir. Thank you so much. Thank you. Thank you. Our next question comes from the line of Ritwik Sheth from OneUp. Please go ahead. Hi. Good evening, sir. Sir, just two questions. So what is the timeline for downstream expansion at Jajpur? So, like we said, Ritwik, just give us till next quarter. We are in the middle of planning our expansion for downstream. So by next quarter, I will be announcing. Or when I travel to Bombay, then we can meet and I can also give you the answers. But I think we still need maybe another few weeks before. Okay. Sure. Sure. And. Just to add, whatever the projects we had announced before, on them, we have announced some [audio distortion]. They should get operation or should get commission in the middle of quarter. End of next year. And end of. End of FY27. End of FY27. The target is Q3 in Jajpur. Right. Yeah. And then in the same quarter, the HAPL also will start getting the commissioning activity. Should get initiated. And beginning or Q4, I think it should start ramping up. I mean, it should start producing. This is what is expected. Yeah. So just to add, I'm actually sitting in Jajpur plant right now just to work out on all these things. So full work is happening. And definitely, we'll have a bigger plan and more clarity in the next few months. Right. So another way to look at it is in H1, FY27, the SMS plant from Indonesia will be commissioned, and then the ramp-up will happen. And then the downstream expansion at Jajpur gets commissioned. So by FY27, we should be ramping up both these units, right? Would that be a reasonable understanding? Yes. Absolutely. Sure, so we can have volume growth beyond that of 1 million tons also, depending on the demand also. Not in FY27, but yes. After that, we definitely will. But that's why I'm saying, give us till next quarter, then all these questions will be answered by then. Got it. One last question. What is the maintenance CapEx for our current asset base on an annual basis? So Ritwik, maintenance. Yeah. Okay. Shreya? Go ahead. Yeah. It's around INR 500 crore that we have it for all the plants. Yeah. Okay. Sure. Okay. Thank you and all the best. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Ms. Shreya Sharma from Jindal Stainless Limited for closing comments. Yeah. I request Mr. Jindal to please close the call. Thank you, Shreya. And thank you all. In closing, I'm proud to share that we achieved a stable and resilient performance despite the challenges of a dynamic external environment, strong demand across key sectors, growing momentum in our value-added products, and our unwavering customer focus. Combined with the breadth of our sector presence, drove our growth this quarter. Despite uncertainties in global trade, our long-standing customer relationship and differentiated value-added offering hold us in good step. We continue to closely monitor evolving tariff clarity and market developments while continuing to serve the sustained growth and demand in the domestic market. I hope that we have been able to answer all your questions. Should you need any further clarification or would like to know more about the company, please feel free to contact our investor relations team. I thank you all for listening in and joining in, and hope to see you all physically next time. Thank you. On behalf of. Thank you. On behalf of Prabhudas Lilladher Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. And thanks, Prashad. Thank you. Thank you. Thank you, everyone. Thank you.