Ladies and gentlemen, good day, and welcome to JSW Cement Limited Q4 and FY 2026 Earnings Conference Call for the quarter and year-end at March 31st 2026, hosted by PhillipCapital India 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 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. Vaibhav Agarwal from PhillipCapital India Private Limited. Thank you, and over to you, sir. Thank you, Danish, and good evening, everyone. On behalf of PhillipCapital India Private Limited, we welcome you to the Q4 and FY 2026 Call of JSW Cement Limited. On the call from JSW Cement, we have with us Mr. Nilesh Narwekar, Chief Executive Officer, Mr. Narinder Singh Kahlon, Director of Finance and Commercial, and Chief Financial Officer, Mr. Hitendra Jariwala, Chief Marketing Officer, and Mr. Kunal Mukherjee, Head Investor Relations. I would like to mention on behalf of JSW Cement Limited and its management that certain statements that may be made or discussed on this conference call may be forward-looking statements based on current management expectations and also something that relates to future expected business developments by JSW Cement management. Such statements are subject to a number of risks, uncertainties, and other important factors which may cause the actual developments and results to differ materially from any management prediction made on this call. JSW Cement Limited and the management of the company assumes no obligation to publicly update or alter these forward-looking statements, whether as a result of any new business development information or future event or otherwise. Also, participants can download a copy of JSW Cement's Q4 and FY 2026 result presentation from the company website or stock exchanges. I will now hand over the floor to the management of JSW Cement for their opening remarks, which will be thereafter followed by interactive Q&A. Thank you, and over to you, sir. Thank you, Vaibhav. Good evening to all, and welcome to the Q4 and FY 2026 Earnings Call of JSW Cement. I trust all of you have had the chance to review the results, the press release, and the investor presentation, which we uploaded a while back. With this, I will hand over the call to Mr. Nilesh Narwekar to take this forward. Thank you, Kunal, and good evening to all. I would like to start by looking back at FY 2026, which has been a landmark year for JSW Cement. Needless to say, the company listed in August 2025, which in itself is a major milestone for what is one of the youngest cement companies in India. We're even more proud that we have delivered on the key promise regarding our entry into the northern part of India. Very pleased to highlight that our integrated plant at Nagaur in Rajasthan, comprising of 3.3 million tonne of clinker and 2.5 million tonne of grinding capacity, started commercial operations in March 2026. This plant is being put up and is intended to serve the company's launchpad of basically company markets, which we intend to access in northern part of India, which is Rajasthan and Haryana primarily. We are very encouraged by the response we've received from the dealers and the customers so far. JSW Cement has a proven track record of delivering very strong CAGR of capacity, volumes, and earnings in the past decade, and our aim is to continue to deliver on this growth trajectory in the coming years as well. A few thoughts on the Indian economy, which we've outlined in our presentation as well. Stepping back a bit, we continue to remain optimistic on the Indian economy. The country's medium-term growth story remains intact, with RBI and other international agencies forecasting a strong growth in FY 2027 and beyond. As the economy grows, the country will continue to need substantial investments in infrastructure, urban and rural housing, roads, railways, airports, et cetera, which will underpin the demand for cement. Having said that, as all of you know, the West Asia crisis brings with it certain issues for the cement industry, namely packing bags, imported fuel, and more recently, the petrol and diesel costs have gone up. This creates a near-term uncertainty for overall economic growth and for the demand outlook for cement industry as a whole. We as a team, we are carefully monitoring the situation, tightening our belts wherever necessary and possible, and of course, we prepare to react quickly and be nimble in what is a fast-changing environment. The demand environment in April 26 has been relatively soft due to the inflationary pressures arising from the Middle East war situation. To add to that, shortage of labor and impact of elections in some of our key states, key markets of Tamil Nadu, Kerala, and Bengal have played out. We continue to be optimistic from here on with the activity coming back to normal. Let me now list a few operational highlights for quarter four FY 2026. On volumes, our total sales volume in quarter four FY 2026 increased by 7% YoY to 3.99 million tonnes. On a product level, cement volume sold was 2.35 million tonnes, increased by 12% YoY. We continue to deliver higher than industry growth rates. GGBS volume sold was 1.57 million tonnes, increased by 5.4% YoY. Slightly lower growth in this quarter than you would have seen in previous quarters. I would like to point out that the GGBS volume growth in FY 2026 overall was still at a robust 12% YoY. During quarter four, however, there were some temporary slag availability issues with the Dolvi unit. As a result of which we had to reroute supplies to certain markets, certain of these markets that Dolvi would serve from our Vijayanagar plant. This, of course, had an impact. Of course, additionally, some of the RMC sites were closed in the western region early in the quarter due to pollution concerns. To summarize, we believe these disruptions are behind us and volumes are rising from mid-May post-election and we're getting back on track. On product ASP, cement realizations for Q 4 FY 2026 were at INR 4,673 per ton, increase of 4.8% quarter-on-quarter, with increases across all regions that we operate in. GGBS realization for Q 4 FY 2026 was at INR 3,682 per ton, slight improvement over quarter-on-quarter basis. Within cement, the trade mix improved to 51% versus 47% in Q3. Our clinker to cement factor remain one of the lowest in the industry at 51% in Q4 FY 2026. Lead distance has increased in Q4 FY 2026, primarily due to the GGBS dispatch alignment, which we had to undertake from the Dolvi plant to the Vijayanagar plant, which I have just highlighted earlier. Another point to highlight is the industry-best ESG profile, with JSW Cement having the lowest carbon dioxide emission intensity in the industry. The number was 268 kgs of carbon dioxide per ton of cementitious for FY 2026. I would also like to briefly update on our capacity expansion program. At Nagaur, work has substantially advanced on the additional 1 million ton grinding and waste heat recovery, and the commissioning is expected in the next few months. We will have 3.5 million ton per annum grinding capacity at Nagaur very soon. As you will have seen in our investor presentation, the board has approved an additional 2.5 million ton cement grinding capacity at Nagaur, taking the total grinding capacity at Nagaur to 6 million ton per annum. Let me explain the thinking behind it. As we were reviewing, we were seeing delays with regard to getting the EC at Mansa in Punjab. Actually with this view and with a view to enhance the Nagaur clinker utilization, we've chosen to add another grinding capacity at Nagaur at this point in time. The estimated investment for this project is INR 430 crores, and this unit is expected to commission by Q4 of FY 2028. The remaining capacity expansion plan remains on track and will take the company to a grinding capacity of 46 million ton per annum with a clinker of 13.04 million ton per annum. With this, let me hand over to Narinder Singh to take you through the key financial highlights. Thanks, Nilesh. Hi, good evening. I'll summarize the performance for Q4 as well as FY 2026. Firstly, in terms of our Q4 2026 performance, the revenue was INR 1,895 crores. That's an increase of 11% year-on-year. Operating EBITDA during the quarter improved by 46% year-on-year and was INR 365 crores. That's about INR 916 a ton for Q4, an improvement of 36% over last year. This Operating EBITDA improvement was driven by a combination of better volumes, improvement in cement realization, as well as better control over both variable and fixed costs. Our Operating EBITDA margin was 19.3% in Q4 2026, which is a jump of 460 basis points versus the same quarter last year. Total EBITDA, including other income, was INR 386 crores, an increase of 42% year-on-year. I would also like to highlight a few points in our Q4 2026 costs. First, as you all must be knowing, the INR depreciated a lot against the dollar in Q4. This sharp devaluation amounted to a net of INR 13. 50 Crores. Adjusting for this, we have delivered operating EBITDA of INR 378 crores or about INR 950 a ton. Second, as you would appreciate, we have been spending heavily in our North on manpower and marketing, including TV, print, hoarding, et cetera. Such costs amounting to approximately INR 23 odd crores for Q4 are a part of the employee and other expense heads, and we have not capitalized those. Keep in mind, the commercial operations for our Nagaur plant started only on March 30th 2026. PBT was INR 219 crores in the quarter, including positive contribution of INR 6 crores from our Fujairah JV. PAT for the quarter was INR 362 crores. Here I would highlight that the tax expense for Q4 2026 includes the one-time benefit of reduction in deferred tax liability. The number is INR 211 odd crores. Consequent to the company's decision to adopt the new tax regime from FY 2027 onwards. In terms of the major cost elements in the quarter, raw material and power and fuel showed slight increase quarter-on-quarter basis, primarily due to increase in the interplant transfer of raw material, mainly slag, and higher share of cement in the quarter. Blended fuel cost INR per Kcal for the quarter was stable at 1.49 as and this is similar to what it was in the previous quarter. Logistics. The lead distance increased by 16 kilometers quarter-on-quarter. This resulted in increase of logistic cost by around 6% quarter-on-quarter. This increase in lead was primarily due to the GGBS dispatch realignment between plants, which I highlighted earlier. Moving to the FY 2026 financial performance. The sales volume increased by 11% year-on-year to 13.96 million tonnes, with cement and GGBS volume increasing 9% and 12% respectively. Revenue was INR 6,512 odd crores, an increase of 12% year-on-year. Operating EBITDA, including the effect of rupee depreciation, that's INR 1,240 odd crores, a 44% year-on-year jump, equating to INR 888 a tonne for the year. Total EBITDA, including other income, was INR 1,393 crores for the year. Adjusted PAT, which we define as PAT excluding the non-cash expense incurred on conversion of CCPS prior to the IPO, which we had briefed all of you during our past calls. The adjusted PAT was INR 668 crores for the year. Based on this adjusted profit after tax for the year, the board has recommended a dividend of INR 0.50 per equity share of face value INR 10 each. This is subject to the approval by the shareholders at the AGM. In terms of balance sheet, the net debt was INR 3,635 crore as on March 31st. This includes CapEx, including maintenance CapEx of INR 506 crore and INR 1,962 odd crore respectively, which was in line with the guidance we had given at the start of the year. Finally, I would like to thank all of you for your support in our first year as a listed company. We will now be happy to address your questions. Thank you. Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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'll wait for a moment while the question queue assembles. Our first question comes from the line of Siddharth Mehrotra from Kotak Securities. Please go ahead. Thanks for the opportunity and congratulations on a good set of results. Sir, just wanted to know your thoughts on the industry demand as well as how we see our growth within that, especially in the context that a few of our peers have highlighted slowing demand conditions and we have a new plant in a new region. How do we sort of build in industry growth and within that, our growth in particular? Yeah. Specifically with respect to Q4, as I had mentioned, the industry in our markets growth was 8% YoY, and the cement volumes grew 12% in the same space, resulting of course, in the geography that we operate in is basically increasing market share. Specifically in April, the demand was a bit soft. Of course, inflationary pressures being one, and of course, shortage of labor, the labor migrating from the respective states back to their home state for the election across three of our primary states of Tamil Nadu, Kerala, and Bengal, which has impacted the volumes in April. We're seeing the situation improve in May, I think normalizing, and we expect that to come back normal. On a YoY basis, you would sort of expect in line with GDP growth, perhaps a little higher? In FY 2027, what we forecasted is our performance would be in the mid-teens. I think that's the guidance that we'd given, mid-teens to high teens. We maintain our stance of that. This number is excluding the North, and we are actually working towards hitting that. Okay. Mid to high teens volume growth excluding the North. Any sort of ramp-up guidance for the North plant in particular? It's been our first full month of operation, and there's been good acceptance of the product. We've been positioned in the A Category brand, and the way it is stacking up and the way it is ramping up, we're pretty excited about our performance. The guidance that we had given was a 50%-60% utilization for the full year. Since the first month of operation, I think we'll be in a better position and a little more confident. You guys will also be a little more confident of our performance end of Q1. That's when we'll discuss the numbers in a little more detail. We maintain our guidance of 50%-60% utilization for the full year of 2.5 million tons in our grinding capacity. Understood. Sir, the second question, what is our CapEx guidance for, say, the next few years? In particular, if you could also highlight what CapEx has been spent on the Rajasthan plant till date. Yeah. As far as the guidance for FY 2027 and FY 2028 are concerned, we intend to spend about INR 2,300 odd crores in FY 2027 and about INR 2,200 in FY 2028. This is the guidance we are giving as far as the CapEx is concerned. Answering your question on the amount that we have spent in Nagaur, we have already done about INR 2,400 odd crores. Understood. This is out of the total CapEx cost of the revised number? Yeah. The total is INR 3,500 odd crores, including the 1 million additional grinding. Okay. The 430 comes on top of it, right? Yeah, that's on top of it. Understood, sir. This is very helpful. Thank you. Thank you. Thank you. Thank you. Ladies and gentlemen, you may press star one in order to ask a question. Our next question comes from the line of Harsh Mittal from Emkay Global Financial Services. Please go ahead. Good evening to the management. Thank you for the opportunity. My first question is on the GGBS. We saw around 5% YoY growth in this quarter. Just wanted to understand, given that in Q4 there was a good buoyancy in the institutional business, it seems to have underperformed compared to the cement business. Any reason for the same, sir? During my introductory narrative that I put forward, I specifically mentioned about that there was slight availability related challenges at Dolvi, which serves the western region for us, and around 120,000 tons of volumes is what got impacted. While we tried to cover up through resourcing it from Vijayanagar plant, but we did lose some demand. On top of it, what compounded the thing was, if you remember, there was a lot of pollution related municipal ramping, which happened with the closure of RMC plants during that window, and that serves a direct customer in terms of GGBS. Whatever slowdown that we saw in Jan and Feb, we saw a recovery in March and we expect this number to go positive going forward in this quarter starting May. Sure, sir. My second question is a bookkeeping question. What was the total clinker production in FY 2026 and the clinker sold in the UAE geography? Yeah. We sold about 2.14 million for the year under FY 2026 clinker production, total clinker production. I'll give you the number. Just a quick one. Sorry. Total clinker production in India is 4.1. This is quarter four. You're asking for the quarter, right? No, sir, for the full year, FY 2026. Full year FY 2026. Just a second. No, that's okay. Total clinker production within the country, Nandyal and Shiva, is 3.72 million. 3.72 million. This is for FY 2026? 3.74 in FY 2026. Okay. In Fujairah, we produced 0.62 million. 0.62 million tons. Sir, how much have we sold there? We do sell there in that geography as well, and then we kind of buy it in Dolvi from them. What is that? That being a JV, we don't capture it. I really don't have the data numbers directly available with me. Okay. The total clinker that we sold there was about 2.59 million. 2.59. Yeah. That includes what was sold to India operations. Got it. Thank you, sir. These were the questions. Our next question comes from the line of Pulkit Patni from Goldman Sachs. Please go ahead. Sir, thank you for taking my questions. I have a couple. After the expansion that you've announced further in Rajasthan, which will take your capacity over six, where does the additional clinker for your Punjab plant get sourced as and when the approvals and permissions come through in the Punjab plant? That's question number one. Yeah. Should I answer or you-? Yes, please. No, please go ahead. I'll ask the second one. You have a very valid question. See, the current 6 million that we are going to have in Rajasthan, that will consume the entire clinker, 3.3 million tons that's getting produced today in Rajasthan. The moment we have the EC in place, we will probably have to start thinking on putting up a second line in Rajasthan. That decision is not yet taken. Of course, that's the only solution. Sure. That's clear. My second question. Just keep in mind that we have more than 600 million of limestone reserves with us in four limestone blocks. We have enough land and all the approvals in place to put up probably three lines, 10,000 TPD each. That much we can do there. Yes, as I said, because Punjab is getting a bit delayed, it's not going to come up by FY 2028, which we had indicated earlier. This will definitely get shifted. Please keep in mind that there are elections due in Punjab sometime since February next year, so things are a bit slow on the government side. We expect this EC to be a bit delayed. As and when that happens, we will take a call on the second line, probably in Rajasthan. Sure. That is clear. My second question is, fair to assume that in this particular quarter that you reported, there is no volume contribution coming from Rajasthan. There is no cost related to Rajasthan except the INR 23 crore of promotion and other expenses, which you said you have not capitalized, but you have taken it in the P&L. Is that the right understanding? Yes. Very small revenue. Very small number. March 30th is when we capitalize, we announce the COD. Whatever revenue is there is the sales that would have happened in the last two days of the year, but the number is very small. Just curious to understand, why would you then not capitalize this promotion cost and other cost and take it to P&L? I mean, just curious to understand. The practice is varied. Some people prefer capitalizing, but we prefer not doing things which are against the stated accounting norms. Not everything can be capitalized, like branding spend, et cetera, is something that cannot be capitalized. That's through our accounting policies that we follow, and hence we preferred charging them off. Okay, very clear. Thank you so much, sir. Thank you. Thank you. You may press star and one to ask a question. Our next question comes from the line of Prateek Kumar from Jefferies. Please go ahead. Good evening. Sir, my first question is on your cost savings. We've talked about 400 million tons, I think one year back or one and a half years back. How much of that is now realized and how do we stand there for the remaining savings? We’ve achieved about more than 50% of what we had forecasted across the various levers that we had mentioned. We expect in FY 2027 for that number to jump up to close to 25% more to be added across power cost, logistics, and premiumization, primarily. Within power cost, it’s primarily going to be our green energy trust, which is going to take it up from the current numbers that you see probably for FY 2026 at around 24%, all the way up to 63% and beyond. Instead of percentage, can you highlight numbers. Basically, you are saying INR 100 savings in FY 2027 and INR 100 remaining in FY 2028. Is that what does that mean? Yes. Around INR 100 in FY 2027, and the balance would be FY 2028. Right. If I was to give you across power cost, logistics, and premiumization, broadly around INR 69, INR 70 on power, around INR 36 in logistics, and around INR 4 in NSR. Okay. This is related to your total by total cost, right? Not like particularly related to cement. Is that correct understanding? This is on cement. If you want to take it at a company level, you'll have to weight it on the volume. Some benefit of power will definitely flow to GGBS also. Yes. That's not considered as part of the market. At cement level, it'll probably be INR 50-INR 75. Oh, sorry, total company level INR 50-INR 75 for this year and maybe similar next year. That's right. Yeah. INR 70 to next year. Okay. Other question on tax regime, new tax regime assumption from this year. Next year onwards, we should assume 25% tax rate for our modeling purpose. Yes. Lastly, on your dealer strategy in North India, what do you think you have targeted the multi-brand dealers in North or you have used some of your JSW Steel dealers expanding their scope of work to cement or can you comment something on that, kinds? Let me take that question. This is Jariwala here. Our strategy in the North and the dealer expansion and onboarding has as of now been core cement dealers, with approximately 25% of them being exclusive dealers for us and 75% being multi-brand dealers. This is across Haryana and Rajasthan. We have as of now not yet leveraged on the strength of steel. Very few number of dealers from steel have onboarded in this entire lot of 1,000 dealers. We are yet to embark on that journey for taking help from the steel network and the paint network in the North. Thanks. These are my questions. Thank you. You may press star one in order to ask a question. Next question comes from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Hi, sir. Good evening. Am I audible? Yes, you are. Yeah. Sir, could you share some housekeeping numbers? What would be the RMC revenues in Q4 and what was the premium product sales share in Q4? What would be the incentives that you're targeting for FY 2027 flowing through revenues? RMC revenue during the quarter was INR 184 crores. Okay. For the year is about INR 574. Sorry, missed your number. For the year, RMC revenue is INR 574 crores. Okay. For the quarter, it was INR 184 crores. Understood. Yeah. Incentive accrued in this quarter through P&L? Incentive accrued is a very small number. It's only INR 3.47 crores in the quarter. For the Nagaur plant next year, what is the expected distribution on full year basis? Come again. For the Rajasthan plant. Incentive? Incentive. What you are targeting? Rajasthan, we will be approving the incentive as approved by the state. It's going to be INR 50 crores towards the capital subsidy, and there will be some number on electricity duty waiver. Okay. Will this flow through your revenue or? Revenue. Understood. Sir, on the CapEx, what is the guidance for full year FY 2027 you're looking at? INR 2,300 crores. INR 2,300. The Dubai grinding unit, UAE. grinding unit will be operational by end of FY 2027. Is this understanding correct? No, because of this war, it's delayed by a month. We are hoping by April end that should be. Okay FY2027. Understood. Right. Sir, last question on the GGBS. Given the steel prices have shot up by more than 20%, how is your GGBS cost and your margin getting impacted, selling price and margin getting impacted in Q1? No, for us, the slag prices, we are governed by a contract. This is a five years contract where there's a mechanism every two and a half years this price discovery will happen. Please keep in mind that slag prices from most of these other sources outside India are today quite low. The reason being that the freights are very high. Even today, while I was speaking, there is an inquiry from UAE looking for some slag out of India. When I was doing some comparison, the landed cost of slag in UAE out of China is about $36, $37 CFR, but the freight is in excess of $32, $33, even $34. FOB out of China is today anywhere $3-$5. We are not seeing a situation where slag prices are going to go up very high. Of course, JSW Steel is free to do a price discovery every two and a half years of the contract. Our contract started from October 2024. Whenever that two and a half years is over, they will be doing a price discovery. But there is a mechanism, we will get back to you on that once that happens. Understood. You are telling prices can move in line with the market pricing. Would that mean that you will have a windfall gain for next few months or next few quarters? No. For us also, it's not that just because steel prices have gone up, GGBS prices are going to go up. They probably have no correlation. While when we sell to our customers, who are primarily RMC buyers. Right RMC manufacturers. RMC guy will look at our design rate and compare the cost between OPC, GGBS, and PPC fly ash. It's not that I'm going to get a windfall. Windfall can only come if OPC prices go through the roof. Probably that's a situation where we would be doing that. That's still some time to go before such a situation happens. We'll wait and watch. Today, I'm answering you directly, there's not going to be any windfall just because steel prices are up. Great. That's nice and clear. Coming to the last question on the premium cement. Yeah Our overall volume was about 52% during the quarter. Okay. During the quarter. Thank you, sir. I'll come back again to you. Thank you. Our next question come from the line of Raghav Maheshwari from Equirus Securities. Please go ahead. Yeah, hi. Congratulations, sir, on a good set of results. Thank you. Just one thing I want to understand, the INR 23 crore which we spent on Nagaur or the North operation, is it a one time? How much is in the percentage is one time in this, or is it a regular expense which we incurred but the revenue is not good because we have the done for these sales volume? Raghav, this you can consider it one time, but it is not one time. It's going to be a regular expense because most of it has gone towards hoarding and branding, et cetera. This is a routine affair that we'll have to follow every probably wherever we have put up the hoardings outside the shops. They may need to be replaced every two years, three years, probably. Yes, these are routine expenses, which we will have to incur with the branding et cetera. Is it fair to assume against this expenditure, we have not booked any major revenue or the profitability in the last quarter? Is it the correct understanding because the operations started the last? Yes, you are very correct. As I stated earlier, March 30th is when we announced the COD, the sales were very small numbers. Even if there is a revenue, the revenue may be INR a couple of crores, that's it. Got it. Basically, we can consider this is like the 1 time because we have cut down our main EBITDA due to the non-revenue booking for the same operations. Yeah. Sir, just last one question from the UAE side. One grinding unit which we announced into our subsidiary. What is the understanding? It's the volume coming for the cement, it is coming to the main JSW Cement, our revenue and EBITDA will go into the consol one, and JV will continue selling at their clinker. Whatever the clinker is spare, they will remaining other than this one, grinding unit requirement. Is it the understanding correct? Yes. JV will continue to sell as it does business today. It may be selling and it will sell probably clinker to the grinding unit, whatever the grinding unit's requirements are. That transaction will happen at arm's length. When it is about the subsidiary, this grinding unit, the entire number gets consolidated into the parent. Got it. Sir, any plans to merge that JV into the consolidation? Not as of now. Probably going forward in next two, three years, we will have a look, because there is a financial investor sitting there, we'll have to provide exit to him. That's some time to go, but we'll take that call maybe a couple of years down the line sometime. Thanks, sir. Got it. Thanks. All the best, sir. Thank you. Thank you. Our next question comes from the line of Gaurav Jain from ICICI Bank. Please go ahead. Yeah. Hi, it's not bank, it's Mutual Fund. Thank you for the opportunity. Sir, just one question from my side. On this pollution issue in some cities of Western India and subsequent closure of RMC unit, is that issue completely behind or do you still see some impact of that? This issue, see, this was mainly on account of the aggregate manufacturers and the RMC plant. It started off with Mumbai, where it is well behind us now. Majority of the RMC plants, commercial plants, as well as the dedicated plants are all online, and everything is behind us. Pune, which started in the last week of March and extended up to the end of April, even that is behind us now, and all the RMC plants across are up and running now. It is well behind us now. Got it, sir. Thank you, sir. Thank you. Our next question comes from the line of Rajesh Ravi with HDFC Securities. Please go ahead. Sir, on this UAE grinding unit, just wanted to understand the flow of things. When this plant is operational, it will source the clinker from the JV clinker unit which you have over there. What we understand, that unit is selling approximately 1 million tonnes in open markets, which is not consolidated in our. The remaining around 1 million tonnes or something like that, they ship to India, which is used in India. Is this understanding correct? How will this change when that grinding unit is operational? No, your understanding is correct. Probably the numbers are a bit off. Okay. Like I stated earlier, we sold about 2.6 million tonnes in UAE out of that unit. Okay last year. Probably 2 million odd is what would have got sold there itself. Okay. Balance, now plus minus something has come to India. Okay? The production, that unit runs almost 100% + every year since inception, so it will still continue to produce about 2.6 Hello. Hello. Yes, Rajesh, you may please proceed with your question. Yeah, I could not hear the last part, sir. Would you please repeat? Although I can't hear anything. Over to you, sir. Yeah. Sorry, sir, missed your last point. You mentioned around 2.6 we operate utilization and 0.6 odd was shipped to India or sold to India. Right. Now, as we speak. Yeah. As we speak see, that plant runs at full capacity. Right. It always produces more than its rated capacity, nameplate capacity. Now, as we speak, see, for the current year, I have clinker tied out of a Japanese source at fixed price, and this price we had fixed before the war. Okay? For me today, that's the best case scenario. A very advantageous situation compared to the others. Even for me, the coal, whatever happens to coal prices, as far as the Japanese supplier is concerned, the price is locked. When this UAE unit, the JV, is producing clinker 2.6, some volume is definitely going to come into India going forward also. 1 million odd would be, and slightly more than that, probably 1.5 million would get sold to the grinding unit from the JV in UAE, and the balance would be sold to third parties. Understood. That makes it clear that in terms of clinker availability, there won't be any issue at the UAE unit. No. Just if I have to make it known to all of you, this war situation, though it continues there and there's a lot of uncertainty around it, for me, as far as getting clinker for Dolvi unit, till December of this year, I am sorted. I have enough clinker tied up from other sources at fixed price. Yes, sir. This fixed price is pre-war. Okay. Thank you. Ladies and gentlemen, we'll take the last question from Raghav Maheshwari with Equirus Securities. Please go ahead. Sir, just last one thing. Can you please tell full year GGBS realization per ton and gray cement realization per ton number? Just a second, Raghav. Full year, this is for Raghav. That's okay. Presentation. Yeah. The full year GGBS realization is INR 3,683 per ton. FY 2026. Sir, for gray cement? INR 4,667 per ton. Okay. Thank you. Okay, great. Thank you. Ladies and gentlemen, that was the last question for today. I would like to hand the conference over to Vaibhav Agarwal for closing remarks. Thank you, and over to you, sir. Yeah, thank you. Sir, just one question. You said that in Punjab, there could be a delay in terms of the grinding expansion, what you are kind of envisaging in that market. Is your Rajasthan announcement basically to compensate for the delay or what is the thought process there? How can one read that? Yeah, Vaibhav. Yeah. Yes, you're right. Because of the uncertainty around the timelines for the Punjab grinding unit. That leading to suboptimal operations of the kiln, of the clinkerization line. Right performance. Collectively as a management unit, we believe this is the most prudent thing to do, and one unit, we're just setting it up here and ensuring it stacks up for the entire sale and we have all the benefits of setting it up here at a much lesser CapEx, plus it coming up one year in advance if you were to start setting it up there. In all aspects, it does stack up more favorably. Hence, that's what it is. Right. That's what actually, sir, I also kind of anticipated. Second question was on the call also, Gaurav asked from ICICI Prudential Mutual Fund that regarding the ban on the, or the restrictions on the RMC units in Maharashtra, now that you have said that it's behind us. As far as GGBS is concerned, are we looking at the original guidance or is there a change? Does that impact our annual guidance in any ways or do we anticipate this issue to crop up again or any change there? Just wanted to check that. No, no, we hold on to our original guidance. Okay. These are temporary blips, and this will not change. We probably are targeting kind of 7 million tonnes of volumes of GGBS this year. Is that fair or 6.5 million tonnes of volume from GGBS? Yes. Around the same number. Just last thing, sir, our capacity guidance stays intact. There's no change. Obviously, minor changes would be there because of the Punjab thing, but the broader guidance of touching the 43 million ton mark by FY 2030 remains intact, right? Yes. Yes. We are just replacing Punjab, which was 2.75 with 2.5 of Rajasthan. Yeah. That's the only change. That's the only change. That's just 0.25. Nothing. No major change. Yeah. 43.5 guidance for FY 2030 remains intact. That's what I'm reconfirming. Yes. Okay. Thank you, sir. These were my questions. We don't have any further questions from participants. On behalf of PhillipCapital, I would like to thank the management of JSW Cement for the call, and also many thanks to the participants for joining the call. Thank you very much, sir. The management will conclude the call. Thank you. Thank you so much. Thank you. Appreciate it. Thank you, team. On behalf of PhillipCapital India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.